October 20, 2025
Louis Diamond Quoted
By Diana Britton
Through the partnership, the firms will advise $1 billion-plus wirehouse teams on transitioning to other W-2 firms, launching independent RIAs, selling, merging and raising growth capital.
Dynasty Financial Partners, the St. Petersburg, Fla.-based services firm for registered investment advisors, has launched an investment banking initiative aimed at wirehouse breakaways with $1 billion or more in assets. The company’s partnering with Diamond Consultants, the advisor recruiting firm, on the new venture.
“We see a growing need for investment banking services from large, sophisticated teams looking to evaluate their strategic options versus taking a recruiting check from a wirehouse or accepting a buyout offer,” Shirl Penney, founder and CEO of Dynasty, said in a statement. “Our mission is to empower independent RIAs and, as advisor teams become more advanced, we are uniquely positioned to help them professionalize, operationalize and de-risk their businesses sooner.”
The Breakaway Investment Banking Initiative seeks to combine Diamond’s industry relationships and experience transitioning wirehouse teams to independence with Dynasty’s RIA investment banking expertise. They provide advice to elite wirehouse teams on multiple paths, including transitioning to another W-2 firm, launching an independent RIA, selling, merging and raising growth capital.
Dynasty launched its investment bank in 2023 and advised on 15 M&A and capital-raising deals last year. That includes cross-border public company M&A, domestic sell-side transactions, strategic recapitalizations, valuations and capital raising.
Diamond has transitioned over $400 billion in assets under management over the last 10 years.
