Home Financial Advisor Ex-Boston Personal Chief Launches PUREfi Wealth, Faucets Dynasty As Accomplice

Ex-Boston Personal Chief Launches PUREfi Wealth, Faucets Dynasty As Accomplice

Ex-Boston Personal Chief Launches PUREfi Wealth, Faucets Dynasty As Accomplice


Paul M. Simons, previously the president of Boston Personal, has launched a Boston-based registered funding advisor, PUREfi Wealth, and partnered with Dynasty Monetary Companions for expertise, instruments and operational assist, in line with a Dynasty assertion. Simons was a former veteran advisor with Merrill Lynch and Credit score Suisse,

Though PUREfi’s Type ADV didn’t checklist any belongings on the time of the submitting, Simons spent 18 years at Merrill Lynch, and 4 at Credit score Suisse as co-head of personal banking earlier than racking up two brief stints at regional corporations, certainly one of which, Ditto Commerce in Chicago, was terminated by the SEC effectively after Simons’ nine-month tenure, in line with BrokerCheck.

In 2018, Simons joined Boston Personal as president, main the personal banking, wealth and belief enterprise till the agency was acquired in 2021 by Silicon Valley Financial institution, the Dynasty assertion mentioned.

“Over the subsequent 12 months, PUREfi Wealth plans to increase strategically in key markets by attracting skilled advisors who’ve shared values, embrace a fiduciary customary of care, and imagine that true independence is finest for his or her shoppers,” the assertion mentioned.

Simons, who’s founder and CEO of PUREfi, didn’t return a name for touch upon his imaginative and prescient for his agency by the point this text was filed. He’s joined in his new enterprise by Charles Corkery, an authorized monetary planner previously of SVB Wealth and Morgan Stanley. Corkery will function chief compliance officer.

In line with the PUREfi web site, a bunch of Dynasty workers will serve in different capacities: Bob Shea as CIO, Angela Gingras as COO, Justin Weinkle as CFO and Caitlin Douglas as director, transition companies, to call a couple of.

Simons’ new agency will supply monetary planning companies and portfolio administration for people and companies, in line with its Type ADV, filed in October. The ADV additionally specified that PUREfi will cost a proportion of belongings underneath administration, hourly fees and stuck charges for its companies.

In line with the agency’s brochure, PUREfi has a contractual relationship with Dynasty via which Dynasty will cost PUREfi shoppers a “platform payment” separate from PUREfi’s funding administration payment of 1.5%. PUREfi will even cost hourly or flat charges for monetary planning and consulting companies, the brochure said, with the hourly price not being greater than $1,000 and the flat payment for monetary planning starting from $1,500 to $10,000. As well as, retirement plan consulting might be billed via flat charges starting from $1,000 to $250,000, relying on the scope and complexity of the shopper’s state of affairs, the brochure said.

Dynasty Monetary Companions, situated in St. Petersburg, Fla., is a supplier of expertise and operational and back-office assist for impartial monetary advisory corporations serving high-net-worth and ultra-high-net-worth shoppers, the agency’s assertion mentioned. The assertion additionally mentioned that the agency has greater than $80 billion in shopper belongings on its platform and that “Dynasty is among the high liberators serving to advisors achieve their independence whereas supporting them with the instruments to construct higher companies and higher care for his or her shoppers.”

Andrew Marsh, Dynasty’s vice chairman, mentioned within the assertion that he sees this partnership in  the context of broader traits within the advisory business. “The transfer to independence is accelerating, and we’re seeing senior executives and complex groups selecting independence as the trail that finest advantages advisors and their shoppers,” he mentioned. “We see PUREfi constructing one of many business’s most dynamic wealth administration corporations, and we worth our partnership with them.”



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