Paul M. Simons, previously the president of Boston Non-public, 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 record 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 companies, one among 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 Non-public as president, main the non-public banking, wealth and belief enterprise till the agency was acquired in 2021 by Silicon Valley Financial institution, the Dynasty assertion stated.

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

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 number 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 providers, to call a couple of.

Simons’ new agency will provide monetary planning providers 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 share of belongings beneath administration, hourly expenses and stuck charges for its providers.

In line with the agency’s brochure, PUREfi has a contractual relationship with Dynasty by way of which Dynasty will cost PUREfi purchasers 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 providers, 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 will likely be billed by way of flat charges starting from $1,000 to $250,000, relying on the scope and complexity of the consumer’s scenario, the brochure said.

Dynasty Monetary Companions, positioned in St. Petersburg, Fla., is a supplier of expertise and operational and back-office assist for unbiased monetary advisory companies serving high-net-worth and ultra-high-net-worth purchasers, the agency’s assertion stated. The assertion additionally stated that the agency has greater than $80 billion in consumer belongings on its platform and that “Dynasty is without doubt one of the high liberators serving to advisors acquire their independence whereas supporting them with the instruments to construct higher companies and higher care for his or her purchasers.”

Andrew Marsh, Dynasty’s vice chairman, stated 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 complicated groups selecting independence as the trail that greatest advantages advisors and their purchasers,” he stated. “We see PUREfi constructing one of many business’s most dynamic wealth administration companies, and we worth our partnership with them.”