Pivotal Planning Group LLC, a registered investment advisor with $400 million in client assets, will merge with Procyon Partners, a financial advisory firm with offices in Shelton, Conn., and New York City, the companies announced in a news release.
The newly merged firm, operating under the Procyon Partners brand name, will have a combined total of $4.5 billion in client assets.
Established in 2000 to provide investment management and family office services to clients in the New York City tri-state area, Pivotal Planning Group has six employees, including four financial advisors: managing partner John Marchisotta and partners Michael J. Desmond and James P. Diver, based in the firm’s Melville, N.Y., headquarters, and partner Michael Kelly, working out of the firm’s Virginia Beach, Va., branch office.
Financial details of the transaction were not disclosed.
Both firms are members of the Dynasty Financial Partners network, which played matchmaker to the two teams at its annual summit in South Carolina two years ago, when Marchisotta and his Pivotal Planning team first met Procyon Partners CEO Phil Fiore and his Procyon team.
“Over time, we realized that our two firms fit together culturally and professionally,” Marchisotta said. “Procyon has strong leadership, a comprehensive offering, and multiple areas of strength. We believe that our clients will now receive all the benefits of a large institution with reduced conflicts, while enjoying a boutique client experience.”
Marchisotta also said that Procyon had a robust private client and institutional business that would benefit his clients immediately.
“At Pivotal, our sweet spot was retirement plans from $3 million to $50 million,” Desmond said in the news release. “The merger allows us to move up market and become competitive with larger institutional plans. Procyon has a great offering and executes well in this space.”
Fiore said in the release that each firm brought something to the table that the other did not have.
“We were both at a point in the growth of our firms that we had to consider bringing in additional staff and resources to continue down the paths that we were on,” he said in the news release. "At Procyon, we pride ourselves on bringing in very talented people who can add value to the services and resources we provide to clients—not expanding for the sake of expansion.”
Headquartered in St. Petersburg, Fla., Dynasty Financial Partners provided M&A support to both Procyon and Pivotal Planning.
Once the transaction is completed, the new firm will have a total of 24 employees working in offices on Long Island, N.Y., Virginia Beach, Connecticut and New York City.