Dynasty Financial Partners scores Fortress Investment Group backing in latest funding round

Dynasty Financial Partners has brought in a new minority investor in a fresh capital raise, extending a long-running bet by some of Wall Street’s biggest names on the independent RIA ecosystem.

On Thursday, the St. Petersburg, Florida-based RIA platform announced that Fortress Investment Group, the New York-based alternative asset manager, has participated as a new investor in the successful closure of a new minority capital raise.

The latest funding round also drew support from its existing community, including employees, clients and resource partners, along with long-standing backers such as the Charles Schwab Corporation, BlackRock, JPMorgan Asset Management, Abry Partners, Glick Family Office and Dynasty chair Harvey Golub.

It is the sixth capital raise since Dynasty’s launch in 2010. Dynasty did not disclose the size or valuation attached to the new investment, but reporting by Citywire indicated that the investment round places the RIA platform giant at a $1 billion valuation.

The firm’s last minority capital raise happened in October 2024, in which it first brought in BlackRock and JPMorgan Asset Management as new strategic investors alongside Schwab and existing board members.

The firm followed that up last year with a $125 million corporate credit facility – which it said it hasn’t tapped into yet – supported by a syndicate including UMB Bank, Flagstar Bank, JPMorgan, Citibank and Goldman Sachs Bank USA, giving it multiple levers to finance growth and advisor-facing initiatives.

Dynasty said proceeds from the latest round will be used to deepen support for its network of partner RIAs, with a particular focus on technology, talent and capital solutions. Planned uses include further integrating its Dynasty Desktop and core services, bolstering its private investment and outsourced chief investment officer lineup, extending growth capital for network M&A, and expanding Dynasty Investment Bank, its financing and consultancy arm dedicated to M&A in the financial advisory space.

The firm also framed the deal as part of an effort to reinforce what it calls a “fortress” balance sheet to act on future opportunities.

Shirl Penney, Dynasty’s founder and chief executive, tied the investment to the continued shift of advisors into the independent space and the outsourcing trend among existing RIAs. Penney said in the statement that Dynasty is “investing in the best technology, talent, and resources” and aiming to give advisors “every opportunity to build better businesses while delivering remarkable care for their clients.”

Dynasty’s model is built around RIAs that retain control of their equity, economics and client experience while relying on the platform for infrastructure. The firm’s partner network includes 58 firms representing more than 500 advisors and over $125 billion in platform assets, according to the announcement. Those firms tap Dynasty’s technology stack, turnkey asset management program, digital lead-generation services, capital solutions and investment bank, which the company positions as a way to offer scale advantages without giving up independence.

Golub, the former American Express chief executive who serves as Dynasty’s chair, framed the new raise as another data point in the RIA movement’s trajectory. “This most recent investment round signals the incredible momentum of the independent movement within the financial advisory industry,” Golub said, adding that “the growth of the RIA space is driving positive change for advisors and their clients.”

The deal caps a period of steady expansion for Dynasty, which in the past year has invested in an AI-driven equity compensation platform, Grantd, and teamed up with advisor recruiting firm Diamond Consultants on a breakaway-focused investment banking initiative for billion-dollar-plus teams. For advisors weighing independence, the latest capital infusion suggests Dynasty is continuing to build out the toolkit it offers around technology, capital and complex transition support.