Three Texas Advisors Break Away Into Mega-RIA

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Three Texas wirehouse advisors managing a combined $750 million broke away from their employers to form a giant RIA, Dynasty Financial Partners announced on Thursday.

Two long-time Morgan Stanley advisors, Mark McAdams and Steve Schwarzbach, have joined forces with Blake Pratz, a UBS veteran, to form Icon Wealth Partners, an independent advisory firm in Houston.

“We all feel passionately that we can serve our clients’ needs better as an independent firm,” said Scwarzbach in a released statement. “There is a tremendous potential for us to now broaden our existing relationships and develop new ones. We believe strongly that the independent model is the best way for us to grow our business, both organically and inorganically.”

Dynasty Financial Partners advised the Icon team on its transition and will continue to provide assistance with technology, operations, investments and branding, the company said.

Icon becomes one of the largest financial advisories in Texas and the partners plan to recruit additional breakaways into the firm, according to Dynasty CEO Shirl Penney.

Icon also announced that it is working with Fidelity Institutional Wealth Services, Black Diamond and Callan.

The partners will serve a clientele of high-net-worth individuals, business owners and professionals, with particular expertise in working with law partners, according to Icon.

“We plan to build upon our successful program working with attorneys and their firms, helping them plan for the specific financial challenges they face,” said Pratz in a released statement. “As an independent firm, we can now offer them customized services and personalized financial plans.”