As part of an initiative to expand, New York-based wealth manager Dynasty Financial Partners announced Monday it hired Michael C. Brown as a partner and director of wealth management.
Brown, who was formerly a managing director and wealth advisor at U.S. Trust, a unit of Bank of America Merrill Lynch, brough with him to Dynasty other member of the wealth management team he worked with at U.S. Trust, including Charles Britton who Dynasty hired as a wealth management partner.
Brown, who will also serve on Dynasty’s board of directors, has over thirty years of experience in the financial services industry. Last year, Brown’s team was ranked 28th in the Barron’s listing of the Top 100 Financial Advisors.
“Mike and his team are widely recognized as among the best wealth management advisors in the country, and we are extremely excited about them joining Dynasty,” said Shirl Penney, Dynasty’s president and chief executive officer. “The firm, our senior advisory team, and the independent advisors who partner with Dynasty will benefit greatly from the depth of knowledge and experience Mike and his team have advising sophisticated clients.”
In conjunction with the hiring, Dynasty launched a platform of wealth management solutions for independent financial advisors serving higher net worth clients. Dynasty uses an open architecture approach to offer advisors reporting, investment research, trusts and estate planning, insurance, capital markets, and custodial products and services.
According to data compiled by Cerulli Associates, since 2004 independent advisors have increased their assets by 52% or $1.7 trillion. Cerulli also estimates that the percentage of investment advisors who are independent will grow from 10% to 18% by the end of 2014.