Dynasty Financial Partners sells minority stake to Envestnet
January 9, 2020 - Envestnet (NYSE: ENV), a Chicago company that provides technology for wealth managers, has taken a minority stake in Dynasty Financial Partners, a St. Petersburg firm that provides wealth management and technology platforms for independent financial advisory firms. A spokeswoman for Dynasty confirmed that it’s the first outside investment in the company, which moved its headquarters to St. Petersburg last year. The size of the stake was not disclosed. The two companies announced the investment in a news release. They also said they would launch the Advisor Services Exchange later this year. The Exchange will provide Envestnet clients with the ability to leverage value-added services currently available to Dynasty network firms, such as access to growth capital, business management tools, marketing services and outsourced CFO services.