Procyon Partners, a Shelton, Conn.-based registered investment adviser with approximately $7 billion in client assets, has hired Rich Franchella as senior vice president of business development. Franchella previously served as a recruiting consultant at Baird.
Procyon, part of the Dynasty Financial Partners network, created the new position as it ramps up its recruitment of top advisors in private wealth, institutional advisory, employee benefits, tax and risk management. Franchella will report to Procyon Chief Revenue Officer Harry Kirkpatrick and will be based in the firm's Fulton, Md. office.
“Rich has been a trusted colleague for the better part of my career,” Procyon co-founder and CEO Phil Fiore said in a statement. “His leadership and strategic insight will play an important role in scaling our business and continuing to attract exceptional talent across all of our verticals.”
Prior to joining Baird, he was a national sales manager at Wedbush Securities. He also spent nine years at Morgan Stanley, leading the firm's East Central Pennsylvania Complex.
Procyon Partners was founded in 2017 by Fiore with backing from Dynasty. Fiore previously built one of the most prominent institutional advisory groups at Merrill Lynch and then UBS before going independent. And while much of the RIA's $7 billion business is now privately held, institutional DNA still runs through it.
RIA has more than 50 employees in its offices in Manhattan, Shelton, Conn., Melville, NY, Fulton, Md. and Virginia Beach, Va.