Procyon Partners, a registered investment advisor based in Shelton, Conn., with about $7 billion in client assets, has hired Rich Franchella as senior vice president of business development. Franchella previously served as an advisor recruiter at Baird.
Procyon, part of the Dynasty Financial Partners network, created the new position as it ramps up recruiting top advisors in private wealth, institutional consulting, employee benefits, tax and risk management. Franchella will report to Procyon Chief Revenue Officer Harry Kirkpatrick and be based in the firm’s Fulton, Md. office.
“Rich has been a trusted colleague for the better part of my career,” Procyon co-founder and CEO Phil Fiore said in a statement. “His leadership and strategic insight will play an instrumental role in scaling our business and continuing to attract exceptional talent across all our verticals.”
Prior to joining Baird, he was a national sales manager at Wedbush Securities. He also spent nine years at Morgan Stanley, running the firm’s central eastern Pennsylvania Complex.
Procyon Partners was founded in 2017 by Fiore with the support of Dynasty. Fiore previously built one of the most prominent institutional consulting groups at Merrill Lynch and then UBS before going independent. And while much of the RIA’s $7 billion business is now private wealth, the institutional DNA still runs through it.
The RIA has more than 50 employees across its offices in Manhattan, Shelton, Conn., Melville, N.Y., Fulton, Md., and Virginia Beach, Va.