In a move perhaps underscoring how old financial capitals face competition, the wealth management group is leaving its NYC headquarters.

Dynasty Financial Partners, the US wealth management group, is moving its headquarters to St Petersburg in Florida, leaving New York City in the second quarter of this year, a move that chimes with recent moves and entrants into the Sunshine state by other firms.

The firm will continue to be present in New York with its midtown office as well has having service locations in Chicago and San Francisco.

“There is a rising group of talented financial services professionals in Florida as a result of other financial firms based there. Dynasty is a young, innovative company with cloud-based technology systems doing things differently - not a legacy firm locked into any one location,” Shirl Penney, chief executive and president, said.

“We have spent a year looking for an ideal location that provided economic leverage, a high quality of life for our team, a robust infrastructure, and a strong talent pool. We also wanted a location that was in the heart of a thriving and growing financial services market – and St Petersburg was a stand-out on all fronts,” he said.

Dynasty said it intends to hire professionals in St Petersburg in a variety of areas including business development, relationship management, technology, operations, client service, investments, human resources, legal and compliance.  

The firm’s business model – building networks of wealth firms – has developed at a time of ferment in the US wealth management space. Dynasty now has more than $15 billion of assets on its turnkey asset management platform. Overall, the firm works with 47 RIAs with assets collectively of more than $30 billion. Family Wealth Report has interviewed the firm about its thoughts on industry trends.