Two advisory teams from the Merrill Lynch Private Client Group have created True Private Wealth Advisors LLC in Salem, Ore., and joined Dynasty Financial Partners as an independent investment advisory firm.

True Private Wealth has been created by partners Steve Altman, formerly a branch manager with Merrill Lynch Private Client Group, and Brett Davis, and the team of Todd Gescher and Jason Herber. The two sets of partners will remain as separate groups under the True Private Wealth Advisors name.

True Private Wealth is the 15th independent advisory firm to join the wealth management platform of Dynasty, based in New York City. Also joining True Private Wealth will be Rebecca Engeln and Deborah Parosa from Merrill Lynch. Altman and Gescher are founding partners of True Private Wealth.

The new firm has a client base of entrepreneurs and small and mid-sized companies. They advise on retirement planning, college funding, business succession planning, philanthropic interests and capital preservation for high-net-worth clients.

"The power of our partnership as an independent firm will ensure that our clients will get uncompromised advice, outstanding service and access to leading investments," says Altman. "We also believe there is tremendous potential for expanding our business, particularly in the Pacific northwest."

"What is unique about the launch of True Private Wealth Advisors is that we have two successful teams coming together to form one firm with greater scale and broader expertise than than each team would have on its own," says Tim Bello, partner and director of strategic implementation for Dynasty.

-Karen DeMasters