Both firms are members of Dynasty Financial Partners Network of Independent Advisors; combined entity will have approximately $4.5 billion in client assets
ST. PETERSBURG, Fla.–(BUSINESS WIRE)–CT-based Procyon Partners today announced that they have partnered with leading independent advisory firm Pivotal Planning Group, LLC. Both Procyon Partners and Pivotal Planning Group, LLC are members of the Dynasty Financial Network of independent advisors. The two firms are merging under the Procyon Partners’ brand.
The combined entity will have 24 employees in four offices in Shelton, CT, Melville, NY, New York City, NY, and Virginia Beach, VA.
Pivotal Planning Group, LLC, a New York-based private wealth management firm with an additional office in Virginia, manages $400 million in individual and 401(k) assets. Pivotal Planning Group, LLC has a total of six professionals including four advisors:
Based in Melville, New York office:
- John Marchisotta, CFP®, ChFC, AIFA® is the Managing Partner of Pivotal Planning Group, LLC.
- Michael J. Desmond CIMA®, AIF® is a Partner and the Director of the firm’s Retirement Plan Services division. With over 25 years of experience, he is a Senior Financial Advisor & member of the firm’s Investment Policy Committee.
- James P. Diver, CFP® is a Partner and the Director of Technology and Operations at the firm. He is a Senior Financial Planner, Investment Advisor & member of the firm’s Investment Policy Committee.
Based in Virginia Beach, Virginia office:
- Michael Kelly, CFP® is a Partner and the Director of the firm’s Virginia Beach, VA office. With over 21 years of experience, he is a Senior Financial Advisor & member of the firm’s Investment Policy Committee.
According to Mr. Marchisotta, “We met Phil and his team over two years ago at Dynasty’s annual summit in South Carolina. Over time, we realized that our two firms fit together culturally and professionally. Procyon has strong leadership, a comprehensive offering, and multiple areas of strength, including a robust private client and institutional business that our clients will immediately benefit from. We believe that our clients will now receive all the benefits of a large institution with reduced conflicts, while enjoying a boutique client experience.”
“We were both at a point in the growth of our firms that we had to consider bringing in additional staff and resources to continue down the paths that we were on,” said Procyon Partners’ CEO Phil Fiore. “At Procyon, we pride ourselves on bringing in very talented people who can add value to the services and resources we provide to clients – not expanding for the sake of expansion. I am thrilled to welcome John and the entire Pivotal team to Procyon Partners. Their deep planning and family office expertise will significantly expand the services and resources that Procyon’s private wealth group specializes in.”
Mr. Desmond added, “At Pivotal, our sweet spot was retirement plans from $3 million to $50 million. The merger allows us to move up market and become competitive with larger institutional plans. Procyon has a great offering and executes well in this space.”
Shirl Penney, President & CEO of Dynasty Financial Partners, said, “This is the ultimate partnership of three firms – Dynasty, Procyon Partners and Pivotal Planning Group, working together to create an RIA with approximately $4.5 billion in assets, powered by Dynasty. Dynasty’s vision remains the same in powering large scale successful RIAs that take great care of their clients while building significant enterprise value in their RIAs. Given the strength and closeness of our Dynasty Community, it’s only natural that succession planning and M&A would occur between Network members. We congratulate both Procyon and Pivotal on this transaction.”
Dynasty’s M&A team provided support to both Procyon and Pivotal in connection with the merger.
Based in Shelton, CT and New York City, Procyon Partners is an independent Registered Investment Advisor (RIA) with a dual focus on retirement plan/participants and private clients. Procyon Partners is a Dynasty Financial Partners Network firm.
Pivotal Planning Group has been a fiduciary advisory firm for over 20 years. The firm has two distinct service groups:
- One group serves high-net-worth families seeking comprehensive financial planning and investment management including retirement planning, tax planning, cash flow planning, estate planning, risk management and family office services.
- The second group serves small to mid-sized businesses with less than 1000 employees, where Pivotal acts as a fiduciary advisor to their company retirement plan.
About Pivotal Planning Group
Pivotal Planning Group, LLC is a SEC Registered Investment Advisor and Fiduciary to high-net-worth families and retirement plans. The firm is dedicated to helping individuals, plan sponsors and trustees achieve their goals through education, prudent planning, and unbiased advice.
About Procyon Partners
Based in Shelton, CT and New York City, Procyon Partners is an independent Registered Investment Advisor with a dual focus on retirement plan/participants and private clients. On the institutional side, the firm helps companies and organizations design, manage, and enhance their retirement plan offerings while also educating plan participants on how to effectively prepare for their retirement. As a private wealth advisor, Procyon helps high-net-worth individuals, families and business owners identify and implement the most effective financial strategies for managing their investments and achieving their financial goals. For more information, please visit www.procyonpartners.net.