Dynasty Financial Partners will consolidate all of its operations in its headquarters in downtown St. Petersburg.
The company will close its New York office by November, according to a report in Citywire RIA, an online news source for registered investment advisors. That office, in midtown Manhattan, was Dynasty’s headquarters until it moved to St. Petersburg in 2019.
The company currently occupies about 15,000 square feet at 200 Central, where about 50 employees work.
“We love St. Pete, quality of life, cost of living, really like our home in 200 Central, and are committed to being here for the headquarters going forward per previously announced,” CEO Shirl Penney told the St. Pete Catalyst. “Everything that we have hoped for in the move has been confirmed to the positive with our move to St. Pete!”
Dynasty provides wealth management and technology platforms for independent financial advisory firms. About 25 people work at its New York office, including employees in operations, technology and sales, Citywire said.
Many companies, including financial firms, transitioned to a work from home environment for their employees during the Covid-19 pandemic. That played a role in the decision to leave New York, Ed Swenson, Dynasty’s chief operating officer, told Citywire. It no longer made sense to keep that space, he said.
“I think it accelerated a move that was already underway, to be honest. I think the pandemic accelerated what the game plan was,” Swenson said.
Swenson said he expects some of the New York staff to continue working from home and others to move to St. Petersburg.
“More people from New York City will come to St. Petersburg, but those that want to stay in New York City and work remotely are welcome to do so. We’re not cutting people, only real estate,” Penney said.
He said the company is continuing to hire with about 10 positions open now. Dynasty has hired 35 employees in St. Petersburg in the past 18 months.
Some of the registered investment advisors Dynasty works with also are considering a move to Florida, Texas or other low-tax states, Swenson said.
Raymond James Financial (NYSE: RJF), a St. Petersburg-based financial services firm, also has said it is looking at its real estate portfolio in efforts to identify efficiencies. But Raymond James is a much larger firm than Dynasty, with owned and leased properties nationwide, and also has been cutting staff, unlike Dynasty which is adding workers.