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Dynasty Financial draws new investor, creates new platform

Margie Manning

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Shirl Penney, co-founder and CEO, Dynasty Financial Partners, speaking at the Women's Network event in St. Petersburg. (Photo credit: Dynasty Financial)

A major player in the wealth management business is now an investor in Dynasty Financial Partners in St. Petersburg.

Marty Bicknell, CEO of Mariner Wealth Advisors, and his family-owned investment company, 1248 Holdings, invested in Dynasty through their partnership, BFFV20 LLC, a news release said.

They joined Dynasty’s legacy investors and Envestnet (NYSE: ENV), a Chicago company that provides technology for wealth managers, in the most recent capital round conducted by Dynasty, which provides wealth management and technology platforms for independent financial advisory firms.

Shirl Penney, co-founder and CEO, Dynasty Financial Partners

“I have known Marty a long time and feel he has been one of the best entrepreneurs and investors in the independent space over the last 10+ years in terms of his operating businesses with his RIA, his former asset management businesses, and on behalf of his clients. We were thrilled when he wanted to join our most recent investment round,” said Shirl Penney, CEO of Dynasty.

The investment by Bicknell coincides with a partnership between Dynasty and Mariner, a $36 billion registered investment advisor, to launch a new initiative called Mariner Platform Solutions, a national wealth management platform for registered investment advisors.

The new platform is designed to attract breakaway representatives from wirehouses, independent broker-dealers and other advisory firms, according to InvestmentNews. Advisors that join the platform will run their own independent business, with the option to use the Marina name.

Dynasty will supply the middle- and back-office infrastructure and will collect part of the platform fee paid by advisors, InvestmentNews said. Dynasty will provide an advisor desktop interface that includes financial planning software and customer relationship management, as well as a client-facing portal for clients to access their financial information. Dynasty also will provide advisor support for digital marketing, research and other options, InvestmentNews said.

Mariner Platform Solutions combines the strength of both firms, Penney said.

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