Dynasty seals deal with Octagon, a top sports management firm

Company provides financial planning, investment advice and lifestyle services, including bill payment, to athletes and entertainers
MAY 02, 2013
Octagon Financial Services Inc., a sports and entertainment management company, will use the wealth management and technology platform of Dynasty Financial Partners LLC to serve its clientele of professional athletes and celebrities. Part of The Interpublic Group of Cos. Inc., an advertising and marketing giant, Octagon provides financial planning, investment advice and lifestyle services, including bill payment, to athletes and entertainers. The firm is a registered investment adviser. “Our clients generate a lifetime of earnings over a short period of time,” Jan Plewes, managing director of Octagon, said in a statement. “For 30 years, we have helped them manage their wealth, from first contract signing through retirement and beyond.” Dynasty will help Octagon with insurance, trust services, loan management and investment management, while the agency will handle the conciergelike services on its own. “This is a firm with a good flow of opportunities,” said Shirl Penney, chief executive of Dynasty. “We give them scale and access to things that would be tough to get on their own.” With athletes being a frequent target for unscrupulous financial advisers, Mr. Penney suggested that they represent a sizable business opportunity for RIAs. “You hear a lot of horror stories about athletes. I think many are gravitating to advisers who follow the fiduciary standard,” Mr. Penney said. “They want advisers paid only for their advice, and not for products they sell,” he said. Among Octagon's 160 clients are former Pittsburgh Steelers coach Bill Cowher, former basketball player Moses Malone, L.A. Clippers point guard Chris Paul, Olympic swimmer Michael Phelps and U.S. snowboarding Olympian Ross Powers. The deal is the first announced by Dynasty this year and the 17th since the firm was launched in December 2010. Octagon didn't disclose the amount of assets it manages, but Dynasty spokeswoman Sally Cates said the company more than met Dynasty's threshold of $300 million in assets under management for bringing on new clients. Dynasty has more than $15 billion in assets under advisement.

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