A team of six advisors have launched an independent firm in Birmingham, Alabama, having left Merrill Lynch.
The breakaways have partnered with Dynasty Financial Partners to launch Fairvoy Private Wealth, a fiduciary firm operating on a fee-only basis. The multidisciplinary team of veteran advisors managed $550 million in client assets at their old firm.
Leading the firm as managing partner and senior private wealth advisor is Stephen Davis, who is joined by Neal Carroll as chief operating officer and senior private wealth advisor; Ashley Davis as chief financial officer and senior private wealth advisor; H. Alan Word, director and senior private wealth advisor; Claudia Johnston, vice president and private wealth advisor; and Alma Maric, vice president and associate wealth advisor.
Davis said the decision to leave the wirehouse environment for independence with Dynasty was the result of "years of research on all our options, and the realization that Dynasty's technology positions us to communicate easily with clients and provide customized planning focused on their immediate and long-term needs.”
The Fairvoy team believe clients will benefit from the greater personalization that independence allows, and this view is endorsed by Leo Kelly, a veteran of Merrill Lynch who told InvestmentNews earlier this year why he gave up his esteemed role as one of the firm’s Thundering Herd of financial advisors more than a decade ago for independence.
“We don’t have the conflict of interests that exist in the wirehouse,” Kelly said. “And not only is it more fun to run the business, but it’s easier to grow the business. Our relationship with the client has also deepened in a way that I don’t think we had when I was at Merrill.”
For Dynasty, the addition of the Alabama-based team continues the network’s growth to 55 independent firms with more than 370 advisors managing over $87 billion on its core technology platform.
The firm recently welcomed Tim Oden, most known for his tenure of senior leadership at Schwab, as an executive-in-residence for 2024.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
