Matt Kilgroe, an advisor to sports and entertainment professionals in St. Petersburg, Fla., has left UBS to start his own registered investment advisory, partnering with Dynasty Financial Partners to do so. He and his 13-member team, which manage $1.2 billion in client assets across approximately 400 households, will now be known as Cyndeo Wealth Partners.
Kilgroe, located in Dynasty’s hometown, said he and his high-profile clients wanted more flexibility than the wirehouse model could provide.
“There are a lot of limitations that you are saddled with in a wirehouse environment such as not being able to work with or advise clients on their assets that are not held with you,” he said. “For example, if someone is still working and they have a 401(k), you’re not able to advise on those assets.”
Kilgroe’s clients also wanted his opinion on nonproprietary products and different investment strategies. “We weren’t able to give a blessing or a thumbs down,” he said. Those limitations were in addition to not being able to use products like new wealth technology beyond what UBS offers.
Kilgroe is joined by his team of seven advisors, including Pete Frantzis, Eric Branson, Tommy Kidwell, Ryan Quinty, Adam Hess, Nate Johnson, and David Lackore, and six support staff.
(L-R) Nate Johnson, Angela Sundstrom, Stephen Galiardo, Porsche Sanders, Adam Hess, Pete Frantzis, Matt Kilgroe, Ryan Quinty, Julie Battaglia, Eric Branson, Dave Lackore, Tommy Kidwell
Cyndeo, playing off the Greek word syndeo, which means connect, launched with Dynasty’s support. As a member of the Dynasty network, Cyndeo receives transition services, and middle- and back-office support. Dynasty moved its headquarters to St. Petersburg last year.
Kilgroe said his firm is looking forward to using Dynasty Desktop, an integrated platform that acts as a hub for client engagement, financial planning, investment management, research and business management tools, so he can use Black Diamond, a client data management tool.