Dynasty Snags $900M Chicago Team, Including CIBC AlumsDynasty Snags $900M Chicago Team, Including CIBC Alums
XXI Wealth’s clients include athletes and business professionals and have “extensive operational backgrounds,” according to Dynasty CEO Shirl Penney.
A team of advisors (including three from Canadian Imperial Bank of Commerce’s U.S.-based RIA) collectively managing $900 million in assets is joining Dynasty Financial Partners.
The team is forming XXI Wealth, based in Chicago. It is opting for Schwab and Fidelity as custodians, and its clients include athletes, business professionals and entrepreneurs.
The four-person team includes Managing Partner and Wealth Advisor Kurt Newsom, as well as senior vice presidents and client service managers Kathleen Merke and Elizabeth Sadler.
All three come from CIBC Private Wealth U.S., based in Chicago.
According to SEC records, Managing Partner and Director of Investments Matt Cavanaugh joined the team after a brief spell at MAI Capital Management.
Cavanaugh said the team decided on the name XXI Wealth because the number symbolizes “positivity, transformative change and expanded horizons.”
“With our newfound independence, we will be able to offer our clients innovative investment solutions on a more efficient technology platform, allowing us to expand our level of service and offerings to fit their exact needs,” he said in a statement.
According to a statement from Dynasty CEO Shirl Penney, the XXI Wealth team has “extensive operational backgrounds,” and is “very familiar with the never-ending puzzle of which technology and processes are needed to improve efficiency and ultimately the client experience.”
Late last month, Dynasty added its largest RIA team yet with the $6.4 billion SageSpring Wealth Partners, a Nashville, Tenn.-based 45-advisor group formerly affiliated with Raymond James.
Merchant Investment Management is a minority owner in SageSpring and will continue to be so after the Dynasty deal, while Fidelity is the firm’s chief custodian. According to SageSpring President Jeffrey Dobyns, the agreement means SageSpring will be able to grow via acquisition for the first time and expects to announce an acquisition soon.
The St. Petersburg, Fla.-based Dynasty has nearly doubled its assets in the past several years as it focuses on larger RIAs departing their broker/dealers.
According to SEC filings, in 2022, the firm considered an initial public offering but withdrew that exploration at the end of that year. Last month, Dynasty hired Raymond James veteran Lindsey Strawhecker as its new director of transitions to manage the onboarding process for advisors.
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