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Specialty Firm Plans Expansion with Dynasty’s Help

By Thomas Coyle March 9, 2017

Crescent Wealth Management, a 15-year-old life-insurance consultancy in Atlanta, recently added investment advice to its toolkit through Dynasty Financial Partners, an infrastructure outsourcer to private-client RIAs.

The tie-in with Dynasty could also help Crescent expand its footprint organically as well as through acquisition.

Though long in the business of helping wealthy families manage risk and plan for life transitions, Crescent says linking with Dynasty — which has about 40 affiliates in its network of independent RIAs — gives it a chance to meet its existing clients’ needs by providing a more complete service roster.

“When there’s a family-business sale or other milestones in life, we like to be able to say ‘We got a guy,’ when clients ask if we can do something for them outside of insurance and planning,” Tim Wyrobek, a co-principal of Crescent, tells FA-IQ. “Dynasty answers the can-you-guys-do-that question around investments like we’ve always done around other aspects of their financial lives.”

Adds Wyrobek: “We’re re-structuring our business so we can be the first people our clients call for help.”

According to Dynasty CEO Shirl Penney, Crescent has “extraordinary experience in working with wealthy clients and their families on developing long-range planning strategies.” In this light, he adds, it makes sense for them “to leverage their deep connections with their clients to expand their business into asset and investment advisory services.”

Practically speaking, Crescent will use Dynasty’s integrated third-party technology platform to link its custodian, Fidelity Investments, with Addepar for reporting and Callan for investment-manager research.

Besides these investment-centric aspects, Crescent plans to use Dynasty’s consulting services in a bid “to optimize the organic growth of their RIA, and position Crescent as a desired destination throughout the southeastern U.S., for advisors to join and grow their wealth-management practices,” Dynasty says in a press release.

Meanwhile, Wyrobek, who runs Crescent with Jeff Taylor, says such “expansion has always been in the back of our minds.”

On the inorganic side, Crescent sees access to Dynasty’s platform as an incentive to individual FAs looking for new perches and to existing firms that want to boost growth or resolve succession issues.

But Crescent also hopes to help firms bridge the divide between insurance and investment-centric wealth services, as Dynasty has helped it do.

In the U.S. Southeast region, Wyrobek thinks Crescent could figure as a merger partner for investment-oriented wealth firms looking to expand their offerings in planning and insurance. Equally, it could appeal to insurance consultancies that work with wealthy clients but lack the investment piece to provide them with holistic services.

When there’s a family-business sale or other milestones in life, we like to be able to say ‘We got a guy.’
Tim Wyrobek
Crescent Wealth Management

For Dynasty, adding Crescent shows it can equip firms outside the wealth management mainstream to compete as broad-based wealth service providers at a time when, as Penney says, “many banks and insurance companies are seeking to enter the RIA market.”

Previous examples of Dynasty’s experience in this realm include sports agency Octagon Financial Services in McLean, Va., and the multifamily office unit of Austin, Texas-based asset manager Risk Paradigm Group.

“We are selective,” says Penney. “We will partner with firms we think can grow their wealth business the right way, and are committed to growing their wealth business.”