A duo of Connecticut-based monetary advisors managing $585 million in belongings is becoming a member of DayMark Monetary Companions, an Ohio-based Dynasty Monetary Companions member agency.
Thomas Hofstetter and Daniel Baron co-lead the Southport, Conn. Hofstetter Baron Group, and are becoming a member of DayMark from Wells Fargo. The duo works with high-net-worth people and households, with Baron saying that becoming a member of DayMark and Dynasty will assist strengthen the “in-depth” planning their purchasers want.
“The RIA area has matured to the purpose we are able to supply our purchasers much more than they’ve come to anticipate,” Baron mentioned.
Hofstetter and Baron each have many years of expertise within the business. In keeping with SEC data, Hofstetter entered the business in 1993 with Salomon Smith Barney, with multi-year stints at UBS, Morgan Stanley and Wells Fargo earlier than touchdown at DayMark. Baron joined Bear Stearns in 1997, with stops at Charles Schwab, UBS, Morgan Stanley and Wells Fargo, in keeping with the SEC.
DayMark relies in Cincinnati, with roughly $2.5 billion in managed belongings earlier than the acquisition whereas custodying with Constancy and Schwab. The agency started in June 2022, when seven Wells Fargo advisors broke away from the wirehouse to kind the agency. The advisors labored at Wells’ Cincinnati workplace, collectively managing about $1.4 billion in belongings. However they quickly determined to go unbiased, opting to hyperlink up with Dynasty to assist with middle- and back-office assist, advertising and marketing, custody, compliance and tech wants.
Wells Fargo didn’t take the departures kindly; the wirehouse sued Steven Satter, a former in-house counsel for the agency, in September 2022 for allegedly serving to the seven advisors to depart and begin DayMark. (In keeping with the declare, he additionally joined them to work there; DayMark’s web site lists Satter as a managing associate.)
The advisors arrange store in an workplace a number of miles from their former Wells Fargo location, in keeping with the lawsuit swimsuit. The wirehouse additionally claimed it will open arbitration proceedings in opposition to the advisors (the newest motion on the case was between the events battling twin motions to dismiss claims in opposition to the opposite in early 2023).
Dynasty founder and CEO Shirl Penney mentioned the agency was on observe to hit $100 billion in belongings throughout its associate corporations by July 2024 final yr throughout Dynasty’s annual investor discussion board. Dynasty’s community presently stands at 55 unbiased corporations (with extra then 370 advisors), and $87 billion “on its core know-how platform,” in keeping with a Dynasty spokesperson.
In February, the agency employed Tim Oden, a former managing director of enterprise growth at Schwab Advisor Providers, as its 2024 executive-in-residence; Oden left Schwab final yr after greater than three many years. Final month, a six-person crew of advisors with $550 million in collectively managed belongings left Merrill Lynch to create the Birmingham, Ala.-based Fairvoy Personal Wealth with Dynasty’s backing.
