Dynasty Financial Partners today announced that it plans to acquire St. Petersburg, Fla.-based TruClarity Management Solutions.

The company said it has entered into an exclusive non-binding letter of intent with the practice management firm that provides comprehensive transition and business operations support to advisors seeking independence. Founded in 2017, TruClarity has $727 million in assets under management, according to its most recent ADV.

Upon completion of the transaction, the release said TruClarity president and CEO Pamela Stross will join Dynasty as a consultant. Dynasty also intends to acquire TruClarity’s intellectual property and add select team members to the Dynasty team, the release noted.

“I am excited for the opportunity to partner with the amazing team at Dynasty Financial Partners. They have been leaders in wealth technology, platform services, capital, and business practice management offerings in the RIA space for over 12 years now. I look forward to working with them to continue to help power the independent movement, and in particular, to help inspire more female advisors to find their way to the independent side of our business,” said Stross.

Dynasty, also based in St. Petersburg, Fla., is a provider of technology-enabled wealth management solutions and business services for financial advisory firms. It services a network of 49 RIA and wealth management firms nationwide on its platform, representing more than $72 billion in client assets.