New York registered investment advisory CJM Wealth Management said Tuesday it joined Dynasty Financial Partners.
CJM Wealth Management CEO Charles Massimo, who founded the firm 15 years ago, said the Long Island-based RIA sought to partner with a firm like Dynasty to help it grow while maintaining quality service to clients.
The firm currently manages over $400 million in client assets and has expertise working with doctors in the process of selling their medical practice and families impacted by autism. In addition to Massimo, the firm also includes Peter Anastasian, managing director and advisor and three employees.
Massimo said Dynasty will help his firm with practice management and marketing, which he said are difficult to do well while running a business and will help CJM grow inorganically.
Massimo said he already identified teams of advisors he would like to work with, but that the process of mergers and acquisitions is time-consuming.
Most of CJM Wealth Management’s clients are on Long Island and in the greater New York City area, but others are in South Florida, where Massimo said he’d like to expand the business.
Dynasty and other consolidators have said recently that the independent advice channel of the industry is ripe for consolidation, as firm valuations run high and others look for ways to scale their businesses.
Before starting CJM Wealth Management, Massimo worked for Merrill Lynch, Citigroup Global Markets and Royal Alliance. His two sons are on the autism spectrum and having experienced first-hand the challenges that it brings to a family “regardless of wealth,” he has become an advocate for those with autism.
Massimo founded the not-for-profit Long Island Autism Community to develop integrated housing opportunities for young adults with autism. He also was named a member of New York Governor Andrew Cuomo’s first Autism Spectrum Advisory Committee, which was created in November 2016.