Ex-Merrill Lynch FAs with $1B in Assets Go Indie
A team of Merrill Lynch financial advisors has jumped ship to launch a new independent wealth management practice, according to a press release from Dynasty Financial Partners, with whom the team has partnered.
Matthew Celenza and his team previously managed $1 billion at Merrill Lynch’s Private Banking and Investment Group. Celenza’s new RIA, Boulevard Family Wealth, will provide family office services to the ultra-affluent, multi-generational families and entrepreneurs from offices in Beverly Hills, Calif., Dynasty says in the press release.
The firm will custody with Charles Schwab and use Dynasty’s technology platform, including its client-facing reporting software, and have access to the private offerings and research services of Callan Associates through Dynasty Investment, according to the press release.
Celenza, who’s been an advisor for close to 20 years and with Merrill Lynch for six of them, says the decision to go independent was prompted in part by the ability to access “a greatly expanded selection of investment capabilities, lending platforms, sophisticated insurance products, planning resources, capital market solutions, and alternative manager opportunities.”
Dynasty has been attracting breakaways from large brokerages in recent months. In June a team of UBS advisors overseeing $8 billion in institutional assets and $400 million in private wealth joined Dynasty Network. A Merrill Lynch team managing $300 million went independent in March and used Dynasty for transition support, as reported previously. Dynasty’s also attracted indie firms to the platform, with $750 million RIA Next Capital Management joining in April. Merrill Lynch, meanwhile, has lost some veteran advisors recently. Earlier this month, a pair of 20-plus vets left the firm for First Republic Private Wealth Management.