Procyon Partners, an RIA managing $7 billion in client assets as part of the Dynasty Financial network, is looking to bolster its growth efforts with a new leadership appointment.
On Monday, the firm announced the hiring of Rich Franchella as senior vice president of business development, a newly created role aimed at driving growth across its private-client and institutional business lines.
Based in Fulton, Maryland, Franchella will oversee recruitment efforts for top firms and advisors across sectors including private wealth, institutional consulting, and employee benefits.
Aside from helping companies design, manage, and enhance their retirement and health plan offerings while educating plan participants, Procyon helps high-net-worth individuals, families and business owners with investment management and achieving their financial goals.
“Rich has been a trusted colleague for the better part of my career,” Phil Fiore, Procyon’s CEO, co-founder, and partner said in a statement Monday. “His leadership and strategic insight will play an instrumental role in scaling our business and continuing to attract exceptional talent across all our verticals.”
A veteran of the industry, Franchella built up a lengthy 37-year career in financial services, with early positions at Merrill Lynch and PaineWebber according to his BrokerCheck profile. More recently before joining Procyon, he also held roles at RBC, LPL, and Wedbush Securities.
Franchella will report to chief revenue officer Harry Kirkpatrick, aligning his efforts with the firm’s broader strategy to expand its capabilities and geographic presence. Employing more than 50 professionals, the firm currently has footholds in Manhattan; Shelton, Connecticut; Melville, New York; Fulton, Maryland; and Virginia Beach, Virginia.
“Procyon Partners’ rapid growth and commitment to innovation make it an ideal platform for driving meaningful impact and fostering success,” said Franchella. “By connecting top advisors and firms with Procyon’s state-of-the-art platform, fostering long-term relationships that will fuel our shared success.”
Nearly three quarters of US households hold tax-advantaged retirement accounts as IRA assets reach $18 trillion.
Robinhood is adding Cortex for Advisors across TradePMR, bringing AI-powered portfolio analysis and tax insights to advisors, while executives say regulatory constraints still prevent AI from directly managing client assets.
As Americans transition from saving for retirement to spending in retirement, new research suggests sustainable income matters more than account balances.
The agreement marks the end of a four-decade sub-advisory partnership while giving Wellington a scaled distribution platform for financial advisors.
CEO Rob Nance says the industry's first purpose-built transitions platform can compress months-long moves into days, effectively removing a key barrier to independence.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
