A team of Minnesota-based siblings have left their wealth management roles at Northwestern Mutual to fulfill “their dreams” of owning their own firm, establishing High Note Wealth, an independent firm in partnership with Dynasty Financial Partners.
At Northwestern, the duo managed $500 million in client assets, but according to High Note Wealth co-founder and CEO Katherine Forrester Schneewind, she and brother Michael Forrester wanted a “fully independent RIA business,” and conducted due diligence for more than a year before deciding to partner with Dynasty.
“It’s not well-known that Minnesota has a significant number of female-owned businesses, and I’m personally excited to be adding to the ranks of women-led firms in the North Star State,” she said. “In addition, 17 Fortune 500 companies are based here so we see a lot of potential to expand our business by continuing to grow our high net worth comprehensive wealth management business given our expanded platform and capabilities to service our growing client base as an RIA powered by Dynasty.”
By partnering with Dynasty, the firm will have access to Dynasty’s Core Services platform and turnkey asset management program; additionally, the firm will be utilizing Schwab as custodian (reports today indicated that Schwab will likely be acquiring TD Ameritrade in a $26 billion deal). High Note Wealth works with high-net-worth individuals, families and business owners, and Michael Forrester expressed hope that the business would be able to soon grow by “adding advisors who fit the culture of the firm we are building.” Dynasty Director of Network Development for the Central Division John Sullivan said the firm was “thrilled” to welcome the firm, which includes six employees in addition to the brother/sister advisory team.
“Katherine and Michael, as siblings and highly credentialed financial advisors, bring a unique perspective to the individuals and families they serve,” he said. “Their planning-based practice will thrive as they transition to the fully independent model supported by Dynasty, and we expect to see significant growth of their business.”