A team of six advisers has left Merrill Lynch to start their own registered investment advisory backed by Dynasty Financial Partners. The advisers, who previously managed $550 million in client assets, have launched Fairvoy Private Wealth in Birmingham, Ala.

The firm is led by Senior Private Wealth Advisor Stephen Davis, Senior Private Wealth Advisor and Chief Operating Officer Neal Carroll, and Senior Private Wealth Advisor and Chief Financial Officer Ashley Davis. They are joined by Director and Senior Private Wealth Advisor H. Alan Word, Vice President and Private Wealth Advisor Claudia Johnston and Vice President and Associate Wealth Advisor Alma Maric.

Fairvoy will operate as a fee-only firm and has selected Fidelity as its custodian. RIA also recently joined the Protocol for the Recruitment of Intermediaries to facilitate the transition from the office.

In an interview with WealthManagement.com, Carroll said the team began exploring its options coming out of COVID, as counselors got used to working from home. They then spent two years completing due diligence on potential partners to help them become independent.

Dinasty provided the back office support, transition support, technology stack and investment options they were looking for, Carroll said.

“Dynasty's administrative support, advanced technology and deep investment capabilities led us to this opportunity to stay at the forefront of a rapidly changing industry while aligning our interests with those of our clients at every turn,” he said in a statement.

In January, another team based in Birmingham, Ala launched their RIA, Steadmont Advisors, in partnership with Dynasty. That team of four advisers, which managed $420 million in assets, also left Merrill Lynch.

On track to reach $100 billion in platform assets this year, Dynasty has helped launch dozens of independent firms breaking out of the wirehouse channel and currently has more than 55 such partners and 370 advisors. It manages more than $87 billion on its leading technology platform.

after filing for an IPO last year, Dynasty abandoned her plans amid a poor market for public offerings and new capital raising from Charles Schwab and private equity firm Abry Partners. According to CEO Shirl Penney, the company still expects to go public at some point.