St. Petersburg, Fla.-based Dynasty Financial Partners. has partnered with Nasdaq Private Market to give private company shareholder clients access to Dynasty's wealth management and advisory services.
NPM clients will now have direct access, within the company's NPM SecondMarket Liquidity Platform, to services through Dynasty Connect, a network of independent RIAs with experience working with private company employees. For NPM, the partnership enables the company to round out its services and give clients participating in private company secondary liquidity events access to investment advice and tax planning.
MKP offers secondary liquidity solutions for private companies, employees and investors. Its SecondMarket Employee Direct program, for example, facilitates qualified private company employees and investors participating in company-sponsored tenders with transaction fees of 1%. It launched that feature in October.
The partnership with Dynasty marks the first investment management team to join NPM's Wealth Connect initiative to help provide advisory services directly to private equity holders of employees. They will be able to use Dynasty Connect to find RIAs or advisory firms.
“It only makes sense that investors who build wealth through the NPM platform have the opportunity to protect it with an independent and unbiased advisor who puts their needs first,” the founder and CEO said in a statement. of Dynasty, Shirl Penney. “We look forward to growing this partnership and introducing even more individuals to the benefits of working with an independent RIA.”
“This partnership will help NPM better serve our clients by providing them with some of the best-in-class tools, education and advisory services to help them achieve their long-term financial goals,” he added. NPM CEO Tom Callahan in a statement. “Our partnership with Dynasty underscores our commitment to helping entrepreneurs preserve and build wealth beyond the tender.”
The deal is the latest in a slew of announcements from Dynasty. Last month, that officially launched a model portfolio program for its network of independent consultants called Model Select. In October, the dynasty has received minority investment from BlackRock and JPMorgan Asset Management that valued the company at $800 million, according to a Bloomberg report. A month ago, Dynasty announced the appointment of Tim Oden, formerly of Schwab Advisor Services, as chief growth officer.. To date, 58 firms representing more than 400 advisors with over $100 billion in platform assets have joined Dynasty.
NPM has executed more than $55 billion in transaction value in 760+ company-sponsored liquidity programs for private venture-backed companies, as well as over 200,000+ shareholders and individual investors. NPM's core business lines include enterprise solutions, its SecondMarket trading marketplace, transfer and settlement, and DTM tape data and analytics.