Financial Planning – $300M Team Goes Indy With Dynasty

An advisor team led by two brothers went independent with help from Dynasty Financial Partners.

OneWealthTeam

Image: Kevin Cohen, David Steele, Megan Kelsey, Alexander Schmitz, Sam Stephens, and Jonathan Steele.

Financial Planning BY ANDREW WELSCH  FULL ARTICLE

An advisor team that managed $300 million in client assets at J.P. Morgan Securities went independent with help from Dynasty Financial Partners, a spokeswoman said.  Brothers David and Jonathan Steele will serve as CEO and CIO respectively of their new firm, One Wealth Advisors, based in San Francisco.

“Our move to independence is driven by our desire to offer our clients flexibility, responsiveness, opportunity and the ability to offer a far more complete and tailored approach,” the firm’s CEO said in a statement.

Also joining the team from J.P. Morgan are Alexander Schmitz, director of financial planning, Kevin Cohen, director of operations, and Samuel Stephens, senior client service associate.

The team’s clients include corporate executives, small business owners and foundations, according to Dynasty.

David Steele had been with J.P. Morgan since 1997, according to FINRA BrokerCheck records. Dynasty says he also owns several restaurants in or near San Francisco. His brother joined the firm in 1998.

Advisor Schmitz joined Bear Stearns in 2007 and stayed through its acquisition by J.P. Morgan. Dynasty has recently helped several large teams go independent. Among the larger moves was an advisor group that oversaw $3 billion in assets at Barclays.