Dynasty Financial Partners, the St. Petersburg, Fla.-based RIA service platform and network of independent advisory firms, announced it has partnered with Boulevard Insurance Strategies (BIS) to expand its ability to deliver wealth planning and risk protection products and services to ultra-high-net-worth clients.
BIS is a Beverly Hills-based life insurance planning partner for advisors to the ultra-wealthy. It also serves attorneys, accountants, and other professionals that cater to its high-end clients.
“As independent advisors grow their practices and increase the sophistication of their offerings, the importance of specialty partnerships is critical,” said BIS founder Matt Celenza, in a statement.
A squad of 14 BIS specialists will provide Dynasty’s clients with assistance across the entire protection life cycle, from case design and point-of-sale support to underwriting and implementation, the company said.
“Our goal is to simplify the complex, allowing clients and advisors to receive the best advice, support, and execution for their insurance needs while maintaining clear alignment with existing and future financial planning,” Celenza continued.
Dynasty co-founder and CEO Shirl Penney said he had been keeping an eye on BIS for the past five and a half years before deciding to partner.
“Given [BIS’s] understanding of the Dynasty Network,” explained Penney in a statement, “we see this partnership ramping up quickly, providing immediate enhancements to our collective offering.”
Dynasty, which was launched in 2010, filed last year to raise about $100 million through an initial public offering. But the IPO was subsequently withdrawn. Reasons given for the contemplated IPO were to raise growth capital and provide liquidity for initial investors. Reasons for the withdrawal were related to unfavorable conditions in the stock market.
Dynasty services a network of some 47 RIA and wealth management firms nationwide on its platform, representing more than $72 billion in client assets, according to a press release. It provides member firms with a technology platform and a host of other business services and support solutions, specializing in independent advisors who serve high-net-worth clients. Dynasty prides itself on facilitating the movement of assets from traditional brokerage channels to independent wealth-management channels.
“Dynasty is constantly building on its strategic partnerships to ensure its member firms, and their clients, get the best products and services available,” Celenza added.
Penny went on to say that BIS and its professionals “have strong backgrounds in private wealth management [and] are uniquely situated to collaborate ‘peer to peer’ in helping advisors anticipate and meet their clients’ high-end planning needs.”