Paul M. Simons, formerly the president of Boston Private, has launched a Boston-based registered investment advisor, PUREfi Wealth, and partnered with Dynasty Financial Partners for technology, tools and operational support, according to a Dynasty statement. Simons was a former veteran advisor with Merrill Lynch and Credit Suisse,
Although PUREfi’s Form ADV did not list any assets at the time of the filing, Simons spent 18 years at Merrill Lynch, and four at Credit Suisse as co-head of private banking before racking up two short stints at regional firms, one of which, Ditto Trade in Chicago, was terminated by the SEC well after Simons’ nine-month tenure, according to BrokerCheck.
In 2018, Simons joined Boston Private as president, leading the private banking, wealth and trust business until the firm was acquired in 2021 by Silicon Valley Bank, the Dynasty statement said.
“Over the next 12 months, PUREfi Wealth plans to expand strategically in key markets by attracting experienced advisors who have shared values, embrace a fiduciary standard of care, and believe that true independence is best for their clients,” the statement said.
Simons, who is founder and CEO of PUREfi, did not return a call for comment on his vision for his firm by the time this article was filed. He is joined in his new venture by Charles Corkery, a certified financial planner formerly of SVB Wealth and Morgan Stanley. Corkery will serve as chief compliance officer.
According to the PUREfi website, a host of Dynasty staff will serve in other capacities: Bob Shea as CIO, Angela Gingras as COO, Justin Weinkle as CFO and Caitlin Douglas as director, transition services, to name a few.
Simons’ new firm will offer financial planning services and portfolio management for individuals and businesses, according to its Form ADV, filed in October. The ADV also specified that PUREfi will charge a percentage of assets under management, hourly charges and fixed fees for its services.
According to the firm’s brochure, PUREfi has a contractual relationship with Dynasty through which Dynasty will charge PUREfi clients a “platform fee” separate from PUREfi’s investment management fee of 1.5%. PUREfi will also charge hourly or flat fees for financial planning and consulting services, the brochure stated, with the hourly rate not being more than $1,000 and the flat fee for financial planning ranging from $1,500 to $10,000. In addition, retirement plan consulting will be billed through flat fees ranging from $1,000 to $250,000, depending on the scope and complexity of the client’s situation, the brochure stated.
Dynasty Financial Partners, located in St. Petersburg, Fla., is a provider of technology and operational and back-office support for independent financial advisory firms serving high-net-worth and ultra-high-net-worth clients, the firm’s statement said. The statement also said that the firm has more than $80 billion in client assets on its platform and that “Dynasty is one of the top liberators helping advisors gain their independence while supporting them with the tools to build better businesses and better care for their clients.”
Andrew Marsh, Dynasty’s vice chairman, said in the statement that he sees this partnership in the context of broader trends in the advisory industry. “The move to independence is accelerating, and we are seeing senior executives and sophisticated teams choosing independence as the path that best benefits advisors and their clients,” he said. “We see PUREfi building one of the industry’s most dynamic wealth management firms, and we value our partnership with them.”