The former SVP at Merrill Lynch partnered with Dynasty Financial Partners to form the new Delaware-based wealth manager.

Wealth advisor Michael Henley has partnered with Dynasty Financial Partners to form a Delaware-based independent wealth management firm called Wyeth Private Wealth. 

Henley, founder and chief executive of Wyeth Private Wealth, previously worked at Merrill Lynch for ten years as a senior vice president and wealth management advisor. 

There are seven professionals joining Wyeth from Merrill Lynch:

Alison Brooks - co-founder, chief operating officer and private wealth advisor;
Steve Maconi - founding partner, chairman and private wealth manager;
Tracy McGuire - founding partner and private wealth manager;
Mark Jackson - founding partner and private wealth advisor;
Brittany Kalsky - chief compliance officer and private wealth relationship manager;
Erin Yake - senior private wealth associate; and
David Clark - private wealth associate.

The firm will work with high net worth individuals and families and use Dynasty’s integrated platform for independent advisors which includes institutional research from Callan Associates. The firm will have access to technology including Dynasty’s proprietary advisor desktop, in-house specialists and home office support. 

Such a launch continues a trend of industry figures breaking off from established business to forge new firms, sometimes working with groups such as Dynasty for specific services they cannot perform in-house. This publication recently interviewed Dynasty about how it provides capital to certain types of RIA, for example. The wealth sector has seen its share of M&A activity as well as launches of new players and expansions. Other recent newly-launched firms include Dakota Wealth, EPIQ Capital Group and Sanctuary Wealth Partners.

“The core of our practice is built around low-cost evidence-based investment portfolios, sophisticated tax planning, retirement cash flow planning, and optimizing family and charitable gifting,” said Henley. “By partnering with Dynasty Financial Partners, we are able to upgrade, improve, or enhance all services that we provide to wealthy families.  We feel strongly that we owe it to our clients to make this significant transition with our clients in mind as the ultimate beneficiary. They entrust us to manage their financial affairs in the most objective and unconflicted manner—and transitioning to independence will allow us to take our fiduciary commitment to our clients to the next level.”