A US firm that provides services such as outsourced CIO expertise for independent financial advisors is, it says, growing rapidly as it heads for its fifth year in the business.

Dynasty Financial Partners, a business that develops, sources and integrates wealth management capabilities for independent advisory clients, says it has added seven new clients to its platform this year, growing to 24 firms as it heads towards its fourth birthday.

The firm was founded in December 2010 and its firms collectively advise on $22 billion.

“We have another 10 firms signed and committed to join the platform over next 12 months thus far into next year and our inquiry levels and pipeline have never been better,” a spokesperson for Dynasty told this publication. “We are seeing an increasing number of larger teams ($700 million and up) looking seriously at independence.  The firm has doubled revenue every year since it launched in 2010,” the spokesperson continued.

Dynasty chief executive Shirl Penney has, the spokesperson said, noted that the fastest growing business for Dynasty is the Outsourced CIO model which taps into the firm’s investment committee's recommendations.

The spokesperson added: “Two-thirds of the teams we meet with have the stated goal of growing through tuck-ins. The M&A activity is a much larger number than reported. A large number of tuck-ins and acquisitions are not announced.”

In October, this publication reported that some former Wells Fargo advisors in Kansas City launched NovaR Wealth Advisors via Dynasty Financial Partners. In September, Dynasty Financial Partners hired two new executives: Kara Valentine as director of marketing and Janessa Biller as vice president of relationship management.