Dynasty Financial Partners said Thursday it entered into an exclusive non-binding letter of intent to acquire TruClarity Management Solutions, a breakaway advisor consultant based in St. Petersburg, Florida.
TruClarity was founded in 2015 and has served as an "incubator" for U.S. advisors seeking independence from wirehouses and other large advisory firms, Dynasty noted. TruClarity has "guided dozens of financial advisors to successful breakaway outcomes" since it started, according to Dynasty.
Dynasty didn't say how much it agreed to pay for TruClarity or when it expects the transaction to be completed by and didn't immediately respond to a request for comment.
After the transaction is completed, Pamela Stross, TruClarity CEO and president, plans to join Dynasty as a consultant. In addition to adding Stross, Dynasty "intends to acquire TruClarity's intellectual property and add select team members to the Dynasty team" but didn't specify how many.