Former Boston Private President, Paul M. Simons, has recently launched his own independent registered investment advisory firm. Simons aims to recruit advisors who cater to high-net-worth and ultrahigh-net-worth clients and want to be part of a fiduciary, partner-based model. This new venture, named Purefi Wealth, will provide support services through Dynasty Financial Partners.
Creating Opportunities for Advisors
Simons recognizes that there are many talented advisors with strong, multigenerational client relationships who are looking for a different path. Purefi Wealth offers a unique opportunity for advisors to become partners in an independent firm without having to start their own operation from scratch. By joining Purefi Wealth, advisors will receive equity in the business and benefit from a supportive and collaborative environment.
Simons explains, “There are advisors who want to be part of an independent firm but aren’t necessarily inclined to venture out on their own. These advisors don’t have as many great options available to them.” With Purefi Wealth, Simons aims to fill this gap in the market and provide a compelling solution for experienced advisors looking for a new path.
The Rise of the Independent Sector
The independent sector within wealth management has been experiencing rapid growth over the past decade. Clients have increasingly turned to registered investment advisory firms, while advisors have chosen to leave national brokerage firms in favor of starting their own RIAs. This trend is expected to continue according to research firm Cerulli Associates. In fact, 71% of advisors express a preference for the independent model, while only 44% are currently independent (according to a 2022 report by Cerulli Associates).
The consistent revenue generated by RIAs and their growth potential have also attracted attention from private-equity firms. These firms have been acquiring stakes in RIAs and consolidating them into larger entities. The launch of Purefi Wealth exemplifies this growing interest in the RIA sector.
In summary, Paul M. Simons’s new independent registered investment advisory firm, Purefi Wealth, seeks to provide a partner-based model for advisors serving high-net-worth and ultrahigh-net-worth clients. This move aligns with the increasing popularity of the independent sector within wealth management and presents a compelling opportunity for experienced advisors seeking a collaborative and supportive environment.
Purefi Wealth Launches with a Focus on Independence
Boston-based Purefi Wealth has recently launched with the goal of maintaining its independence. Founded by industry veteran Simons, the firm has intentionally chosen to obtain backing from private individuals rather than private equity. This strategic move allows Purefi Wealth to stay true to its mission and maintain control over its operations.
To ensure that the firm can hit the ground running, Simons has partnered with Dynasty Financial. As part of this collaboration, Purefi Wealth will have access to Dynasty’s platform, cutting-edge technology, wealth management tools, and comprehensive services. Dynasty Financial has a proven track record of assisting advisor teams in transitioning from large national brokerages to establish their own independent firms. In addition to this support, Dynasty also offers a turnkey-asset-management program (TAMP).
Simons has emphasized the importance of providing advisors and their clients with seamless functionality from day one. He believes that Purefi Wealth should be able to exceed the offerings and services that advisors and clients had access to previously. This commitment to excellence has been a driving force behind the firm’s development.
Simons brings a wealth of experience to his role at Purefi Wealth. With a career spanning several decades, he began his journey at Merrill Lynch in 1988 before moving on to Credit Suisse in 2006. At Credit Suisse, he served as co-head of Private Banking USA. In 2018, Simons joined Boston Private and continued with the firm even after its acquisition by Silicon Valley Bank in 2021. However, due to the recent regional bank crisis that led to Silicon Valley’s collapse, Simons decided to take this opportunity to launch Purefi Wealth.
As part of its growth strategy, Purefi Wealth plans to hire advisors in key markets over the next year. Simons’s extensive experience with large organizations has given him unique insights into their strengths and weaknesses. His goal is to offer clients an alternative that avoids the complexities and limitations often associated with larger firms.
In summary, Purefi Wealth has entered the market with a clear vision of maintaining independence and providing exceptional services to advisors and clients alike. With Simons at the helm, the firm is poised for success in the coming years.
