In part to re-create the RIA version of the 'HOV,' Dynasty Financial refreshes plan for power-HQ to woo Wall Street brokers into becoming RIAs

Dynasty Financial Partners was always about extracting “corner office” wealth managers from wirehouses and planting them in RIA soil – by artifice and fighting Wall Street with its own muscular tactics.

Now, the St. Petersburg, Fla., platform for 55 RIAs with $110 billion in assets under advisement has a ground zero to execute on its vision – a sort of RIA bat cave – where it can create all the excitement of the hallowed home office visit (HOV). See:  What exactly is Dynasty Financial Partners and why is the Smith Barney execs' startup gaining so much attention?

The new project – “Empire State Building of St. Pete” – is a reload from a previous vision. It will feature 301 luxury condo units, 60,000 square feet of ground-floor retail and restaurants, and 900 parking spaces. 

Two towers will house residential units in one and offices in the other, and will be connected. Dynasty is the sole tenant for the commercial building and will have two corporate apartments in the residential building for guests. 

Other Dynasty employees are buying their own units. 

Dynasty will get a 15-year lease and invest $10-million-plus in leasehold improvements. It doubles the current Dynasty footprint to accommodate 300 staff.

Strength showcase

The wow factor comes from the 15,000-square-foot rooftop terrace with fire pits and bay views, visitor apartments, and guest offices for advisors who want to work while they half-vacation in Florida.

“This is more than a lease; it’s a defining moment in Dynasty’s evolution and is a testament to the remarkable growth of the RIA space,” said Dynasty CEO, president, and founder Shirl Penney in a release.

The company has strong cash flow and capital to draw upon to complete the project after raising $100 million in 2022, Penney adds. It added a follow-up round last year that included JPMorgan, BlackRock and Schwab. The company's liquidity, he adds, is bolstered by an untapped credit line backed by a syndicate of banks.

“Our deals are getting bigger and bigger. It's a showcase of strength," he added in an RIABiz interview. “Wait until you see the second half of the year.”

In the interview, Penney explained that a prospect, vendor, partner or investment banking client – or big-mae athlete client of an RIA – will be in Dynasty care from getting picked up at the airport until departure.. 

If the person doesn't want to be seen at hotels or restaurants in town, they can live entirely in the self-contained Dynasty mixed-use ecosystem. See: Dynasty Financial now has a serious 'investment bank' for RIA deals but only after Liz Nesvold officially and indefinitely got pre-occupied as a one-shop buyer

“They don't need to worry about being questioned or seen,” Penney says.

Red carpet treatment

It lays the groundwork to execute a culminating recruitment event known as the HOV in Wall Street parlance. The bulge bracket firms have employed HOVs for decades to add ceremonial energy to demonstrate that newcomers are part of something big and great.

HOVs are a time-honored roll-out of the red carpet. Top brass showers the prospects or deal partners in brass-and-glass corporate attention and personal time with c-suite members.

The building at 400 Central Ave. will also have rooftop “Dynasty” signage visible to passengers flying into the city. Construction is underway, with Dynasty's move slated for Nov. 2026. 

Doubling size

When Dynasty announced it was leaving Manhattan for St. Pete in early 2019, it listed 47 big RIA firms with a combined $30 billion of AUM. See: Shirl Penney flies south, taking Dynasty Financial Partners to St. Petersburg in advance of a hiring spree, but won't kiss-off the Big Apple just yet

Dynasty's offices have been located in heart of the business district at 200 Central Avenue. The building, known as Priatek Plaza or One Progress Plaza, is a 28-story skyscraper designed by Jung Brannen Associates. It was completed in 1990.

The new headquarters is not Penney's only redo building project.

Penney, who had his home largely destroyed in a 2024 hurricane, said he also signed off this week to rebuild that house. See: Shirl Penney won J.P. Morgan and BlackRock backing the same day Hurricane Helene brought down his house and libig firm gives fted his faith in friends, family and coworkers