A firm founded by wealth adviser Michael Leverty has launched as an independent RIA by joining forces with Dynasty Financial Partners.
The business is a Northwestern Mutual breakaway firm.
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Leverty earlier worked for 18 years at Northwestern Mutual.
Dubbed Leverty Financial Group, the new RIA is headquartered in Hudson, Wisconsin.
The seven-member team of the new RIA oversees $400m in client assets.
The business will serve corporate executives and their families.
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By GlobalDataIts focus will be on helping clients transition into retirement.
Leverty noted: “As our practice has grown and become more complex, we decided that we needed a more customised approach.
“The transition offers an enhanced operational investment platform, including portfolio management and research, cutting edge technology for both our team and clients, along with access to elite industry practice management consultants.
“We are looking forward to working with Dynasty in taking our practice to the next level.”
Dynasty director of network development in the central division John Sullivan is optimistic about Leverty Financial Group’s independent RIA model.
Sullivan believes that the model will support “significant growth” at the RIA in the near term.
Pershing will serve as the custodian for the new RIA.
Black Diamond and eMoney are its technology partners.
Pershing is Northwestern Mutual’s clearing and custody firm, thereby ensuring continuity for clients.
Dynasty developments
In July this year, a father-son team, who previously managed $420m in client assets at Morgan Stanley, launched an independent RIA with the help of Dynasty.
The team includes wealth adviser Lawrence Durso, his son Michael Durso along with adviser Michael Lombardi.
They have now formed their own RIA ShoreHaven Wealth Partners, based in Red Bank, New Jersey.
Earlier this year, wealth tech provider Envestnet agreed to buy a minority stake in Dynasty.
The deal formed part of the companies’ broader plans to introduce the Advisor Services Exchange (ASx).
