St. Petersburg, Fla.-based Dynasty Financial Partners has formed a partnership 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 via 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 and tax planning advice.
NPM provides secondary liquidity solutions to private companies, employees and investors, and has facilitated company-sponsored tender offers for about a decade. More recently, in October, it launched the electronic SecondMarket Employee Direct program, which connects private company employees with investors who want to buy and sell shares in private companies with 1% transaction fees.
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 company employee equity holders. They will be able to use Dynasty Connect to find RIAs or advisory firms.
“It simply makes sense for investors who are creating wealth through NPM’s platform to have the opportunity to safeguard it with an independent, impartial advisor who puts their needs first,” Dynasty founder and CEO Shirl Penney said in a statement. “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 offering them some of the best-in-class tools, education, and advisory services to help them achieve their long-term financial goals,” added NPM CEO Tom Callahan in a statement. “Our partnership with Dynasty highlights our commitment to helping entrepreneurs preserve and build wealth beyond the tender.”
The deal is the latest in a flurry of announcements by Dynasty. Last month, it formally launched a model portfolio program for its network of independent advisors called Model Select. In October, Dynasty received minority investments from BlackRock and JPMorgan Asset Management that valued the company at $800 million, according to a Bloomberg report. A month earlier, 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 transactional value across 760+ company-sponsored liquidity programs for venture-backed private companies as well as 200,000+ individual shareholders and investors. NPM’s primary business lines include company solutions, its SecondMarket trading marketplace, transfer and settlement, and tape DTM data and analytics.