An RIA recently launched by the two owners of an insurance agency has joined the Dynasty Financial Partners network.
Atlanta-based Crescent Wealth Advisory, founded by Tim Wyrobek and Jeff Taylor, becomes the 41st firm to join Dynasty's platform, which has over $20 billion of client assets, according to Dynasty.
Crescent is the latest signing in an increasingly heated rivalry between Dynasty and HighTower Advisers as they
Crescent's RIA, which opened in December, stemmed from requests by the high-net-worth and ultrahigh-net-worth clients of the partners’ insurance agency, Crescent Wealth Management, Wyrobek says.
SQUARING THE CIRCLE
“We think that this is going to allow us to square that circle, to be a lot more comprehensive for our clients,” says Wyrobek, 41. “We want to be sure that we’re that first call for our clients and make sure we have that capability for whatever it is they’re asking for.”
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The platform provider added a breakaway RIA to score a victory in its battle with rival HighTower.
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The boutique firm focuses on ultrahigh-net-worth entrepreneurs worldwide.
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The planner, joining from Robertson Stephens, also has worked for UBS and Merrill Lynch.
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The planner-turned-RIA owner is an industry veteran of nearly four decades.
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The RIA listed $13 million in assets under management across 60 accounts in SEC disclosure documents. Clients are “not obligated to effect securities transactions through Crescent Wealth Management, Inc. or purchase insurance product offerings,” according to its ADV form.
The RIA is a “complementary service to what we do on the wealth transfer side for our clients,” Wyrobek says. The firm is “not constrained or influenced by policies and procedures that restrict large brokerage and asset management firms who have inherent conflicts of interest,” according to its website.
Wyrobek and Taylor both started their careers in Boston with John Hancock’s Signator Investors in 2000, according to FINRA BrokerCheck records. They moved to Lincoln Financial Advisors in Fort Wayne, Indiana, the following year, starting the Atlanta life insurance agency in 2003.
“It’s a natural evolution for them to leverage their deep connections with their clients to expand their business into asset and investment advisory services,” Dynasty CEO Shirl Penney said in a statement. “Many banks and insurance companies are seeking to enter the RIA market and we are very selective when choosing our partners.”
Wyrobek says he went on three to five conference calls a day for about three months before he began preliminary discussions with Dynasty last June. Crescent plans to grow throughout the southeastern region under the partnership with Dynasty, according to Wyrobek.
