Envestnet Inc., a Chicago-based company that develops and markets computer software for financial advisors, has become the first outside investor in Dynasty Financial Partners LLC, a wealth management and technology firm headquartered in St. Petersburg, Fla., according to spokespersons for both firms.

As part of their new partnership, the two firms will launch their Advisor Services Exchange to benefit Envestnet advisors, while the capital raise will give Dynasty the financial resources to invest in its platform and personnel, leading to a better client experience, according to Ed Swenson, Dynasty’s chief operating officer.

“The partnership with Envestnet is the continued validation of our model and what we offer to the marketplace,” he said in a January 9 e-mail.

Since Dynasty was founded in New York in 2010, it has assisted breakaway wirehouse advisors with high-net-worth and ultra-high-net-worth clients to become independent by offering them wealth management services and technology platforms. Today, more than 45 independent firms are affiliated with the Dynasty Network Advisory platforms, representing more than $40 billion in client assets under management.

By partnering with Dynasty through its minority stake in the firm, Envestnet will be able to provide its advisors with access to the same value-added services, such as growth capital, business management tools, marketing services and outsourced CFO services, previously available only to Dynasty network firms.

“We’re doubling down on our commitment to—and investment in—financial advisors, and we’re proud to partner with Dynasty to fulfill it,” said Aaron Bauer, head of wealth strategy at Envestnet, in a news release. “Through the Advisor Services Exchange, we believe Envestnet’s clients will be able to save time on day-to-day business management activity and bolster their services to deliver comprehensive, unified advice.”

Shirl Penney, CEO of Dynasty, said that his firm had worked with Envestnet since its early days and through a decade of growth.

“We look forward to further leveraging and integrating [of] our combined capabilities,” he said in a news release.

Financial details of the transaction were not disclosed.