Dynasty Financial Partners’ Baltch On The M&A Environment For Advisory Firms

Harris Baltch, Managing Director, Head of Investment Banking at Dynasty Financial Partners joined Julie Cooling, founder and CEO of RIA Channel, to discuss investment banking for advisory firms.

While Dynasty Financial Partners is affiliated with 55 RIA firms with $90 billion in assets under advisement, its business model differs from aggregators.  Dynasty takes minority stakes in advisory firms, allowing the advisors to continue to act independently and keep their own ADV.  Dynasty can provide advisors with outsourced middle and back-office support as a wealth management technology provider, offering practice management, marketing, technology, and a TAMP. 

With 5 to 10 people at the average RIA firm, an affiliation with Dynasty leverages a team of 125 people.  An advisor team can focus on servicing clients while gaining scale and efficiency by outsourcing everything else to Dynasty.

As an investment banker, Baltch can assist advisors in many ways, including as a buy-side advisor, a sell-side advisor, or an investor in their firm.  Dynasty can assist advisory firms in preparing for M&A, either as a buyer or a seller.  Buyers are becoming more selective, so advisors need to explain their value proposition and how they serve clients in a differentiated way.  Fee-only advisors growing organically at high single digits across full market cycles can still command premium valuation multiples. 


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