A number of firms have set up for the first time in Florida, opened offices there and added teams. This particular organization is based in St Petersburg, the same place in which partner firm Dynasty has its new HQ.

A veteran wealth advisor, Matt Kilgroe, has launched a new business in southern Florida, partnering with Dynasty Financial Partners which also now operates from its headquarters in the Sunshine State. The business is located in St Petersburg.

Kilgroe and his team previously managed $1.2 billion in client assets. Prior to launching Cyndeo Wealth Partners, Kilgroe worked at UBS.

“There were a number of compelling reasons for us to launch Cyndeo Wealth Partners. We had keen interest from our clients for more flexibility surrounding investments and service than we could provide in the wirehouse setting,” Kilgroe said. “In addition, we followed the evolution of the independent space - particularly on the technology side, and wanted to tap into the advanced capabilities.  And we wanted to create a strategy around succession planning.”

The move also underscores how Florida has become a wealth management hotspot. More than a year ago, Dynasty relocated its HQ to St Petersburg from New York City. 

Cyndeo (the name comes from the Greek word ‘Syndeo’ meaning ‘connect’) has clients in almost 40 states of the US. Clients include executives, business owners, land owners and professional athletes.

Cyndeo has selected Fidelity Institutional as its custodian and it is also part of the Dynasty Financial Partners network. Via Dynasty, the firm uses capital markets and investment banking capabilities, as well as investment research and consulting, technology and proprietary analytical tools, and an online research center.

Joining Kilgroe from UBS are the following professionals:

Pete Frantzis, director of business development; Eric Branson, director of investments; Tommy Kidwell, vice president of wealth management; Ryan Quinty, vice president for financial planning; Adam Hess, vice president; Nate Johnson, vice president; David Lackore, director of operations; Angela Sundstrom, senior client relationship manager; Julie Battaglia, senior client relationship managers; Porsche Sanders, client relationship manager; Paula Labrake, client RM; Stephen Galiardo, client RM.

 A number of wealth firms have set up offices in Florida. Hamilton Capital, a Columbus-based registered investment advisor with more than $2.5 billion in assets under management, has opened an office in Palm Beach. The Glenmede Trust Company, which formed a transatlantic pact with a multi-family office, opened a new office in West Palm Beach, Florida – the firm’s first office in the state. Boston Private has opened a new office in downtown Miami.

Among other firms expanding in Florida are Goldman Sachs, which has added hires in its private wealth management business; Rockefeller Capital Management, which has made a raft of hires in recent weeks, and named the first person to join its newly-opened office in Florida; Evercore Wealth Management opened a new office in Palm Beach; Landsberg Bennett Private Wealth Management launched in 2019 in Punta Gorda, Florida; and Boston Private appointed advisors as part of its work with a Florida-based firm. SunTrust Bank added a team of four wealth management professionals to its business in Naples. In 2019, the personal finance website WalletHub put Florida as one of the states with the highest return on investment in terms of its tax burden and provision of public services.