Rise Growth Stakes $3.1B Dynasty-Backed Cyndeo

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Rise Growth Partners, the RIA investing institution launched successful 2024 by erstwhile United Capital CEO Joe Duran, has made a number concern successful Cyndeo Wealth Partners, a Florida-headquartered registered concern advisor with $3.1 cardinal successful lawsuit assets. This marks Rise Growth’s 4th concern since inception, and the archetypal acquisition of an RIA successful the Dynasty Financial Partners network. 

Cyndeo was created successful 2020 erstwhile Matt Kilgroe, president and CEO, and his 13-member squad near UBS to commencement their ain autarkic firm, partnering with Dynasty to bash so. The RIA has offices successful Lake Mary and St. Petersburg, Fla., wherever Dynasty is besides headquartered. 

Dynasty owns a number involvement successful Cyndeo and volition rotation implicit its concern arsenic portion of this woody with Rise Growth. Dynasty Investment Bank advised Cyndeo connected the transaction.

Rise Growth’s Duran said his steadfast has a pipeline of wirehouse advisors seeking a larger RIA level to join, and Cyndeo volition beryllium a bully enactment for them.

“I’m truly funny successful the high-growth advisors that person nether $300, $400 cardinal successful assets, but find it hard to proceed to turn wrong a wirehouse, and aren’t truly cherished by the wirehouses due to the fact that they support lifting their minimum size,” Duran said. “Dynasty tin nonstop immoderate of those sub-scale advisors who don’t privation to bash the day-to-day and ramp up that. They’ve already been precise affable to Cyndeo. We’re looking to turn that relationship. I’ve been looking to spouse with (Dynasty Financial President and CEO) Shirl (Penney) for a agelong time. I deliberation we’re a precise bully combination.”

Cyndeo already has an equity information program successful place, but Rise Growth volition enactment with the RIA to adhd currency to the equilibrium expanse and formalize the equity plan. 

“The quality of this is, [wirehouse breakaways] don’t request to get bureau space; they don’t request to person admin; they don’t request to person a brand,” Duran said. “We’re doing each that work. You tin fundamentally permission and beryllium portion of a squad and get equity successful a steadfast that’s inactive comparatively small, but not arsenic large arsenic it’s going to be.”

Duran said helium expects to turn Cyndeo to $10 cardinal successful the “not-so-distant future.”

The 4 RIAs that person partnered with Rise Growth present correspond $30 cardinal successful full assets. Rise Growth besides invested successful Krilogy, a St. Louis-based RIA with much than $4 billion; Grimes & Company, a $6 cardinal fee-only RIA headquartered successful Westborough, Mass.; and Bleakley Financial Group, which rebranded successful July to OnePoint BFG Wealth Partners and present has astir $16 billion.