BlackRock and J.P. Morgan Back Wealth Management Solutions Provider Dynasty

Dynasty Financial Partners has closed a minority capital raise, saying it will use the proceeds from this investment round to enhance its technology-enabled wealth management solutions and business services.

The round was supported by new investors BlackRock and J.P. Morgan Asset Management, existing investor The Charles Schwab Corp., and several long-standing investors and members of Dynasty’s board of directors, the company said in a Tuesday (Oct. 8) press release.

Dynasty will continue to make “significant investments in technology, talent and capabilities” to better serve clients, Dynasty CEO and founder Shirl Penney said in the release.

“In addition, enhancing our fortress balance sheet will allow us to provide more capital in support of our clients who are looking to grow their businesses via M&A or achieve succession planning goals,” Penney said.

Together with its strong balance sheet, Dynasty has access to growth capital via a $50 million unused credit facility, according to the release.

The company’s offerings include integrated technology, services, turnkey asset management program, digital lead generation services, capital solutions and investment bank, the release said.

Its customers include clients who own and operate independent registered investment advisories (RIAs) and its network currently includes 58 network partner firms representing 400 advisors with $100 billion in platform assets, per the release.

Dynasty Chairman of the Board Harvey Golub said in the release that the roster of backers participating in the company’s latest investment round includes “one of the largest custodians, asset managers and banks in the world.”

“I feel it speaks to the remarkable growth of the RIA space and innovative companies like Dynasty who are driving positive change in the industry for financial advisors and their clients,” Golub said.

In another recent development in this space, wealth management platform Envestnet said in July that it plans to go private in a deal with Bain Capital. Envestnet entered into a definitive agreement to be acquired by Bain Capital in a transaction that values it at $4.5 billion.

Also in July, Earned Wealth raised $200 million for its business that advises doctors on their professional and personal finances. Earned Wealth provides one interconnected platform that doctors can use to consult with wealth management experts on topics like financial planning, tax planning, wealth management and investing.

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