SHELTON, Conn.–(BUSINESS WIRE)– Procyon, a rapidly growing independent registered investment advisory firm, today announced its acquisition of Wooster Corthell Wealth Management, a Connecticut-based boutique advisory managing approximately $600 million in client assets. The strategic acquisition expands Procyon’s northeastern footprint and brings total assets under management to approximately $8 billion.
“We are thrilled to welcome the Wooster Corthell team to Procyon,” said Phil Fiore, CEO and Co-Founder of Procyon. “They share our client-first values, commitment to holistic family wealth planning, adherence to the utmost fiduciary standards and belief in the power of building strong, long-term relationships. Together, we are stronger, and we are proud to bring their decades of experience and trusted client relationships into the Procyon family.”
For Matthew Corthell, CEO of Wooster Corthell Wealth Management, the merger enhances what his firm already does well. “For over 30 years, we have built Wooster Corthell around deep relationships, thoughtful planning, and unwavering independence. In Procyon, we found a partner that not only shares our philosophy but also enhances our ability to serve clients for generations to come.”
Wooster Corthell’s Glastonbury, Conn., office will continue full operations, with three advisors and five staff members joining Procyon’s growing team. The combined organization now encompasses 56 professionals across Connecticut, New York City, Long Island, Tennessee, and Maryland.
The addition of the Wooster Corthell team strengthens and builds upon Procyon’s expertise in retirement planning, customized wealth strategies, and multi-generational advisory services—helping families manage wealth, legacy, and life transitions. It also advances the firm’s plan to create a national platform that delivers institutional-quality services without sacrificing the firm’s client-first values.
“We are continually striving to make our clients’ lives easier by delivering more value in one place including integrated planning, investment management, and tax expertise within a single, trusted platform,” said Mr. Fiore. “This acquisition is another step forward in fulfilling that promise.”
Dynasty Investment Bank served as exclusive financial advisor to Procyon on this transaction.
About Procyon
Procyon is an independent registered investment advisor with a dual focus on retirement plan/participants and private clients. With offices in Connecticut, NYC, Long Island, Tennessee and Maryland, the firm manages about $8 billion in client assets.
As a private wealth advisor, Procyon helps high-net-worth individuals, families and business owners identify and implement effective financial strategies for managing their investments and achieving their family’s financial goals.
On the institutional side, the firm helps companies and organizations design, manage, and enhance their retirement and health plan offerings while also educating plan participants on how to effectively prepare for their retirement.
Procyon operates and is proud to partner within the Dynasty Financial Partners Network of independent wealth-management firms.
For more information, visit https://procyon.net/
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Disclosure: Dynasty’s Investment Bank is operated through Dynasty’s wholly owned subsidiary Dynasty Securities LLC (“Dynasty Securities”) is a U.S. registered broker-dealer and member FINRA/SIPC.
SHELTON, Conn.–(BUSINESS WIRE)– Procyon Partners, a fast-growing registered investment advisory (RIA) firm known for delivering personalized, fiduciary-driven wealth management solutions, today announced that Constellation Wealth Capital (CWC), an alternative asset management platform, has acquired a minority stake in the firm. The strategic investment marks a new chapter of growth and opportunity for Procyon Partners, enabling it to scale operations, attract top-tier talent, and expand its geographic presence.
“This is a transformative moment for our firm,” said Phil Fiore, Procyon Partners CEO and Co-Founder. “CWC shares our commitment to client-first values, innovation, and long-term partnership. With their support, we’re positioned to accelerate our growth while continuing to deliver the exceptional, independent advice our clients have come to trust.”
The minority investment from CWC represents a strong vote of confidence in Procyon Partners’ differentiated model and future potential. The capital and strategic resources provided by CWC will allow Procyon Partners to broaden its capabilities, enhance advisor resources, and open new offices in key markets across the country.
“We are excited to support Procyon Partners’ vision and momentum,” said Karl Heckenberg, President and Managing Partner at Constellation Wealth Capital. “Their team has built a compelling, advisor-driven business with a clear growth trajectory. We look forward to partnering with them as they continue to redefine excellence in independent wealth management.”
Procyon Partners remains independently operated and committed to maintaining its entrepreneurial culture, fiduciary focus, and deep relationships with clients, and is further supported by its back-office partner Dynasty Financial Partners. The partnership with CWC reflects a shared belief in the value of long-term collaboration and innovation in serving the next generation of investors.
Houlihan Lokey served as the investment banking advisor to Procyon Partners for this transaction. Dynasty Investment Bank supported the management team of Procyon Partners on this transaction.
About Procyon Partners
Procyon Partners is an independent registered investment advisor managing over $8.0 billion in client assets, with offices in Connecticut, New York City, Long Island, Tennessee, and Maryland. The firm specializes in institutional retirement consulting and private wealth management, helping clients design, manage, and optimize their financial strategies.
For more information, visit http://www.procyonpartners.net/
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About Constellation Wealth Capital
Constellation Wealth Capital (CWC) is an alternative asset management platform dedicated to the wealth management sector. CWC provides flexible, long-term capital solutions, and strategic advisory support to scaled wealth management platforms. CWC leverages its deep industry experience and relationships for the benefit of its partner firms. Learn more at www.ConstellationWealthCapital.com
SHELTON, Conn.–(BUSINESS WIRE)–Procyon is making a bold move to elevate its investment capabilities with the addition of Massimo Santicchia as Senior Vice President, Head of U.S. Equities, and Katherine Gallagher as Senior Vice President, Senior Portfolio Manager. More than top-tier hires, Santicchia and Gallagher are an investment team that has been developing innovative portfolio strategies and delivering strong results for clients since 2012.
“I look forward to developing innovative equity strategies that drive performance while managing risk in meaningful ways. We’re not just adding talent, we’re adding a team with a track record of success,” said Phil Fiore, CEO and Co-Founder of Procyon. “Massimo and Katherine bring a dynamic partnership that blends deep quantitative expertise with real-world investment acumen. Their experience, expertise, and collaborative approach are primed to take our research and portfolio strategies to higher ground.”
Katherine Gallagher
Katherine Gallagher specializes in multi-asset investing, asset allocation, and manager selection, with 20 years of experience managing ETFs, mutual funds, and proprietary equity strategies. She was named “Manager of the Decade” by PSN Informa four years in a row, most recently in 2024.
“Procyon is positioned to deliver institutional-quality portfolio management to a broader client base,” said Gallagher. “I’m excited to enhance our research capabilities and build sophisticated investment solutions tailored to the specific needs of our clients.”
Massimo Santicchia
Massimo Santicchia has over 30 years of experience in quantitative investing, portfolio construction, and factor-based research. He has developed investment strategies across mutual funds, unit investment trusts (UITs), and separately managed accounts (SMAs) and was recognized by PSN Informa as “Manager of the Decade” for four consecutive years, including 2024.
“Our strong track record across various equity styles reflects our disciplined and systematic investment process developed over more than 20 years of research. These strategies are now available to both Procyon’s advisors and their clients and on several external platforms,” said Santicchia. “I look forward to developing innovative equity strategies that drive performance while managing risk in meaningful ways.”
Procyon is part of the Dynasty Financial Partners Network, leveraging Dynasty’s technology, investment platform, and business solutions to enhance its advisory services.
“Procyon continues to attract top-tier talent, and Massimo and Katherine will be key drivers of the firm’s growth,” said Gordon Ross, Chief Client Officer, Dynasty Financial Partners. “Their expertise strengthens Procyon’s capabilities and deepens the firm’s value to its clients. Procyon has shown a tremendous track record of expanding both geographically, but also expanding the range of services and expertise they provide to clients.”
About Procyon
Procyon is an independent registered investment advisor managing over $8.0 billion in client assets, with offices in Connecticut, New York City, Long Island, Tennessee, and Maryland. The firm specializes in institutional retirement consulting and private wealth management, helping clients design, manage, and optimize their financial strategies.
For more information, visit https://procyon.net/
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Diana Britton | Jul 22, 2024
While many in the financial advice business have for years focused on retail clients, some firms are finding that institutional clients, such as pensions and foundations, can pay off in a major way.
When advisor Phil Fiore started his career at Prudential Securities in the 1990s, the most common way to build a book of business was to “dial for dollars,” cold-calling complete strangers hoping to convince them to hand over their assets and invest in the latest preferred stock.
“How many times am I going to do that? How many times you get punched in the face?” he said.
He had a better idea—if he could land a client with a larger pool of assets, say, a retirement plan, he could access the people within that pool. A $20 million retirement plan client, for instance, could provide 200 participants as warm leads for his private wealth business.
Fiore has followed that thesis for three decades and now leads Procyon, a Dynasty Financial Partners-backed registered investment advisor with $7 billion in total assets, about $4.5 billion of which are institutional.
To be sure, the wirehouses
have been building their institutional consulting businesses for many years. In fact, Fiore built one of the biggest institutional consulting groups at Merrill Lynch and then UBS before going independent. Morgan Stanley’s Graystone Consulting has roots dating back to 1973 and is still going strong.
There have been some early adopters in the RIA space, such as Captrust, which oversees more than $800 billion in assets, and SageView Advisory Group, which advises on over 1,900 defined contribution, defined benefit and deferred compensation plans.
However, many in the RIA business are only now beginning to discover Fiore’s premis for themselves and making concerted efforts to serve the institutional market.
One of the biggest RIAs in the country, Mariner Wealth Advisors, acquired two institutional consulting firms, AndCo Consulting and Fourth Street Performance Partners, in early February, adding $104 billion in assets and 100 employees. The two firms will combine to form the foundation for Mariner Institutional. Mariner’s existing retirement plan services team, which manages about $5 billion in defined contribution assets, will also be rolled up into that new vertical.
Marty Bicknell, president and CEO of Mariner, said his firm’s M&A strategy is primarily about talent acquisition, and the institutional expertise was “a gaping hole in our offering.” However, this new development also gives Mariner advisors access to the participants of those institutions to help them plan for retirement, he said.
“The institutional consultant very frequently will get asked, ‘Is what you’re doing available to me, or is it available to any of the participants that might be on the retirement side?’” Bicknell said. “And from AndCo’s perspective, they always had to answer ‘no,’ because they did not have a wealth offering. And so this gives us the ability for them to respond ‘yes.’”
But these are still only the initial stages of what will likely be a growing trend of RIA firms looking to connect institutional businesses with retail wealth management firms, said Lew Minsky, president and CEO of the Defined Contribution Institutional Investment Association.
“I think we’re at the early days of this next level trend, which is RIA aggregators purely in the wealth management side saying, ‘Well, having a connection to the retirement side, that institutional market can be a valuable way for us to diversify our business and create a pipeline into the wealth management business as well,’” he said.
While Captrust has a history in the retirement plan space, the RIA has recently acquired more traditional institutional consulting firms that serve defined benefit plans, endowments and foundations. In 2022, it picked up Portfolio Evaluations Inc., a Warren, N.J.–based firm with more than $107 billion in assets and several hundred clients. In February 2021, it added Cammack Retirement Group, with $154 billion in assets under advisement, and in August 2021, it acquired Ellwood Associates, with $85 billion in AUA.
Creative Planning’s acquisition in 2021 of the retirement plan business of Lockton, an independent insurance brokerage, which added $110 billion to the RIA’s assets, is another example.
Minsky said one factor driving the latest wave into the institutional space is the recognition that the retirement plan and wealth management businesses complement each other.
“You can get a pretty significant pipeline of potential wealth management clients through the institutional plan relationships and at a relatively low cost, and then potentially create through that pipeline, create higher margin wealth management business and ultimately create enterprise value,” he said.
This is a sentiment echoed by Fiore.
“Some of the current people that are coming in are just looking at the outright demographics and saying, ‘Hey, there’s going to be a load of money retiring in the next half a decade to a decade,’” Fiore said. “The best way to get in there is to have been doing the work on the 401(k) to begin with, and that will provide the ultimate entrée, I believe.”
Dick Darian, founding partner of Wise Rhino Group, which provides M&A advisory services for firms focused on the retirement and wealth advisory space, said wealth advisors used to go after individuals’ 401(k) rollovers, but a lot of those rollovers aren’t happening at the pace they used to. Either folks are leaving money in plans because it’s cheaper than having an advisor manage it, or the Captrusts of the world are getting to the participants first through the c-suite relationships, he said.
“If you are already in the c-suite, and you’re providing institutional retirement consulting to a company—defined as you’re helping companies design their plans, administer their plans, invest the money, communicate with employees—you’ve already got one foot in the door,” Darian said. “You might as well kind of keep going and begin to figure out how do I engage the employees and participants in these companies in a way that I can begin to have wealth conversations with them?”
That’s essentially what RIAs like Captrust, Mariner and Creative Planning are hoping to do. But these firms are using more sophisticated approaches to “worksite engagement,” Darian said.
Fiore said he’s not just going into a boardroom and talking shop with the board of trustees of the retirement plan. Instead, his team engages onsite with participants via group meetings or webinars.
“We’re active in the demographics of the participants, and I think that’s why we’ve been so successful at that,” he said.
In addition to engaging participants, Bicknell said the acquisitions of AndCo and Fourth Street Performance Partners provided an opportunity to bring the new services to Mariner’s existing retirement plan clients. In fact, they already have 900 institutional clients.
Darian said Mariner’s existing retirement plans clients typically have $20 million and 500 participants on average, whereas AndCo is working with much larger plans.
“Marty could be thinking, ‘Well, look, that service could be migrated down market so we can provide a better product for smaller plans because now we have a more sophisticated firm that’s providing services in a different segment,’” Darian said.
Beacon Pointe was another RIA early to the institutional game. In fact, the firm started as an institutional consulting business when it lifted out a team from Canterbury Consulting in 2002. It had about $1 billion in AUA at the time, with a small base of private clients. The firm has about $6 billion in institutional business. Its retail business grew rapidly from the beginning.
The RIA went in reverse order than the industry has trended, building its wealth management business off the back of its institutional business. But Mike Breller, managing director, institutional consulting at Beacon Pointe, said the evolution of traditional consulting has driven more RIAs into the business, and in particular, the rise of the OCIO (outsourced CIO) model.
That model has allowed advisors to move from non-discretionary to discretionary management, a more scalable and higher-fee model.
Under the traditional consulting model, the consultant would advise the institution’s committee on recommendations for the portfolio, and when the consultant leaves, the committee would have to vote on those changes to approve them, Breller said. Then, the executives would have to go to their custodian and execute on those trades themselves. They only meet on a quarterly basis.
Under the OCIO model, the handcuffs are off, and the consultant has the discretion to make changes to the portfolio and execute those trades as ideas come up.
“This OCIO business segment represents a really large and fast-growing portion of every institutional opportunity that’s out there,” Breller said. “Being able to scale this institutional business that’s now set on OCIO model portfolios based on higher fees than the traditional consulting model, that’s more attractive for larger RIAs and wealth management firms today than it was in the old model.”
Breller said he’s now able to build a service offering that can be used by Beacon Pointe’s wealth advisors across the country. Because the firm has discretion, its portfolio management decisions are all centralized, so advisors, whether they have that institutional background or not, can add that distribution channel.
“If it’s $100 million and you’re in New Jersey, you’re probably going to refer it to our group and we’ll do it all. If it’s $10 million and it’s in New Jersey, that group now has all of our back-end potential to market, close, manage the portfolio. All you have to do is service it,” he said.
While some firms, like Procyon and Beacon Pointe, have chosen to build an institutional business themselves, it can be difficult to do so from scratch, given the long sales cycle. The quickest way is to buy into the space.
In fact, Wise Rhino has made about 150 deals over the last five years, and almost all of them have helped retirement advisory businesses sell to retirement and wealth aggregators. That activity has been driven by buyers coming in with massive private equity money looking to expand or by sellers looking for a succession plan, Darian said.
In 2010, his firm was doing five to 10 deals a year in the retirement plan space; it started to boom in 2018, 2019, and 2020, and by 2021, those accounted for over 75 of 252 total RIA transactions.
Once the deals close, Mariner Institutional will have 40 institutional consultants, and Bicknell wants to double over the next three years through a combination of acquisitions and traditional recruiting.
Breller said Beacon Pointe is also exploring acquisitions of one or more institutional OCIO businesses to expand its expertise in that area further.
Another way to enter the space is to lease or outsource the work to someone who specializes in it. In fact, Procyon offers just that, where advisors can white-label its “Total Benefits Solution.” Procyon’s consultants do the work behind the scenes, administering the plan and executing the portfolio, while the RIA manages the relationship with the client. The firm currently has five individual RIAs and two large institutions it serves with that model.
Partnering with another RIA means more than merely hooking up, according to Phil Fiore, CEO of Procyon. It’s essentially a wedding between wealth managers.
“You’re literally marrying another entity that you may not have married from the beginning,” said Fiore. “This is a whole new change as to how the firm works and what the direction will be.”
And like any marriage, it could head in the wrong direction – and quickly – if those partners enter into the arrangement for the wrong reasons, or without being forthright from the very beginning.
Fiore and four partners launched Procyon in 2017 with $2B in AUM in a single Shelton, Connecticut office. Today they manage $7B across six offices and have a team of 50 employees.
Finding the right partner, one that fills respective voids, takes time, says Fiore. In his view, getting the culture correct upfront is far more important than finding someone that will expeditiously cut a check.
“The ones that went wrong in the aggregate are the ones that were not culturally aligned,” said Fiore. “I’ve been independent for seven years, but in the seven years that we’ve done this, the successful ones are those that really understand where the partner fits, and the people that just go about it relative to a check, well, I usually see those unwind.”
So with all that in mind, what should one look for before saying ‘I do’ at the RIA altar?
The number one thing, says Fiore, is making sure the potential partner is organically growing year over year. And more than that, the ability to prove it when opening the books. Number two, if a firm has grown through M&A, then one needs to make sure those tuck-ins are accretive and profitable.
“And at the end of the day, you want to know if the business is run profitably according to EBITA,” said Fiore.
The alternative to partnering up for growth of course is selling out. And in the current market there is no shortage of large suitors backed with stacks of private equity cash seeking yet another roll-up.
As enticing as it sounds, don’t simply go for green, says Fiore.
“From a sales standpoint, you have to reconcile in your mind that what you built cannot continue in the way it has without some larger entity rebranding and refocusing the efforts there,” said Fiore.
And don’t forget about the clients either, whether the growth path is via partnership or sale.
“I think irrespective of whether or not you sell-out in the aggregate or partner up, the firm needs to align with you culturally. It needs to align with how you treat your clients,” said Fiore. “If you align with someone that’s worried about profits and just profits, and cutting, cutting, cutting, that’s a misalignment. You’ve got to spend a lot of time again being patient, making sure that the values align.