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The Daily Brief

Dynasty Recruits $400M Wisconsin Team From Northwestern Mutual

Leverty Financial Group, a newly formed RIA boasting $400 million in AUM, is the second team recruited from Northwestern Mutual in less than a year.

St. Petersburg, Fla.-based Dynasty Financial Partners has recruited a seven-member, $400 million AUM team from Northwestern Mutual.

Leverty Financial Group is made up of two lead advisors and specializes in financial planning for C-suite executives and families as they make the transition to retirement.

Leverty Financial is the second firm Dynasty has recruited over the past year from Northwestern Mutual, part of a strategy to broaden its reach to advisors on IBD platforms. Traditionally, Dynasty has focused on helping wirehouse brokers go independent.

"We are seeing an increasing number of advisors coming from large IBDs choosing the road to independence," Dynasty founder and CEO Shirl Penney said. "In many cases, the advisors have outgrown that platform and are ready to graduate on to more sophisticated capabilities."

Michael Leverty said his practice, which had grown and become more complex over the years, was seeking an  “enhanced operational investment platform” with “portfolio management and research, cutting edge technology” and access to elite industry practice management consultants,” and found it in Dynasty.

Leverty was able to maintain its existing custodial relationship with Pershing on Dynasty’s multicustodial platform, enabling the new RIA shop to provide continuity with its clients during the transition.

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