This transaction agreement for an undisclosed sum is a reminder of how busy the wealth management M&A arena remains in North America.
Dynasty Financial Partners has agreed to buy fellow Florida-based firm TruClarity Management Solutions for an undisclosed sum.
Based in St Petersburg, Florida, TruClarity was founded in 2015; it provides solutions for financial advisors that want to go independent.
When the transaction is completed, TruClarity president and chief executive Pamela Stross intends to join Dynasty as a consultant. Dynasty intends to acquire TruClarity’s intellectual property and add select team members to the Dynasty team.
“The firm has unique capabilities in the independent space, impressive team members, [who] are deeply committed to servicing their RIA clients,” Dynasty’s head of corporate development, Sam Anderson, said.
Making a point about women’s interests in wealth, Stross will help drive efforts in this space. In early February 2023, the Dynasty Women’s Network hosted more than 100 women from the Dynasty network in St Petersburg, Florida, for two days of networking, professional development, and ejoyment to help raise awareness of the RIA space being a positive place for women in finance.
Dynasty said it will continue to examine acquisitions where appropriate.
TruClarity creates customized, branded business engines that provide the tools, services and startup capital breakaway advisors need to obtain independence without having the of cost of running back-office operations. The TruClarity incubator provides technology platforms and support; access to custodians and other premier service providers; marketing and branding assistance; and full back-office services such as accounting, billing, payroll, and regular reporting.
The start of 2023 has seen a number of wealth management firms, including that of US multi-office business Tiedemann Group, complete acquisitions. See here for a summary of January's activity.