Dynasty Financial Partners will close its New York City office effective November 1, according to news reports.
The company said in February 2019 that it was moving from New York to St. Petersburg, Fla., but would maintain its New York offices in midtown Manhattan, the Tampa Bay Business Journal writes. However, the Covid-19 pandemic accelerated the move and also played a “major” role in the decision to shutter the New York office altogether to stop maintaining expensive real estate in the city, according to the publication.
"More people from NYC will come to St. Petersburg, but those that want to stay in [New York] and work remotely are welcome to do so," Dynasty CEO Shirl Penney tells the Business Journal in an email. "[We’re] not cutting people, only real estate."
The New York office has around 25 staff, mostly in operations, technology and sales, the publication writes. Some of them will keep working from home while the rest will move to downtown St. Petersburg, Dynasty says, according to the Business Journal.
Dynasty has hired 35 employees in St. Petersburg over the past year and a half, and their downtown office now has 50 employees, according to the company, the publication writes.
"We plan to continue to hire here," Penney says, according to the Business Journal. "We love St. Pete, [the] quality of life, [the] cost of living, really like our home at 200 Central [Ave.], and are committed to being here for the [headquarters] going forward per previously announced."
A Dynasty spokesperson tells the publication that many RIAs affiliated with the firm are considering moving to low-tax states such as Texas and Florida.
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