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Leading Pittsburgh-Based Wealth Management Firm, D.B. Root & Co., Launches as a Fully Independent Advisory Firm
Focus on Training Next Generation of Financial Advisors & Targeting Entrepreneurs
NEW YORK, NY, October 6, 2015 –Dynasty Financial Partners today announced its partnership with D. B. Root & Co., the most recent independent advisory firm to leverage Dynasty’s industry-leading platform of integrated wealth management services and technology.
Founder and CEO David B. Root launched D. B. Root & Co. as an independent advisory firm after leaving Commonwealth Financial Network. The firm was established in 1994 and joined the Commonwealth platform in 1997. Charles Stout, Senior Advisor, David Hoffmann, Vice President, Steve Kohler, Senior Financial Advisor, Michael Aroesty, Financial Advisor, and Lynne Hoffay, CPA, also join from Commonwealth along with nine members of the support staff.
With client assets of more than $650 million, D. B. Root becomes one of the largest independent advisory firms in Pittsburgh. The firm works with corporate executives, professionals, business owners and entrepreneurs in Pittsburgh’s burgeoning technology sector and growing energy segment. D.B. Root leverages an extensive professional network in Pittsburgh for tax, estate planning and insurance needs.
The firm also focuses on education: specifically, training, educating and mentoring the next generation of the firm’s employees. Since half the firm is under 40 years old, D. B. Root leverages the tech-savvy professionals to fully engage in technology and social media. As a result of the in-house training and mentoring program, D. B. Root ensures the continuity of the business and smooth transitions over time, as well as a cadre of professionals who can tap the next generation to develop and grow new business.
“Our partnership with Dynasty to become an independent RIA enables us to offer better technology, better statements, better investment opportunities, better execution and expanded access to the world’s capital markets and a widening array of products and services on behalf of our clients,” said David Root, CEO of D. B. Root.
“David and the D. B. Root team are setting the stage for the future. David is a leader in training and mentoring the next generation of advisors and working with entrepreneurs,” said Shirl Penney, President and CEO of Dynasty Financial Partners. “We look forward to partnering with them as they build their business and we are proud to add them to our Network of truly independent advisors.”
Investment Process
D.B. Root’s investment process is repeatable, objective and process-driven in order to maximize returns while managing the critical areas of fees, taxes and risk for clients. The firm has three investment models plus one called ‘four seasons’ to address different risk/reward profiles.
D.B. Root is the most recent independent investment advisory firm to leverage Dynasty Financial Partners’ industry-leading platform of integrated wealth management services and technology. The company will access Dynasty’s groundbreaking investment platform, which integrates industry-leading proprietary research from Wilshire Associates and Callan Associates and Envestnet’s state-of-the-art portfolio tools and reporting technology. Schwab will provide custody services.
Life Plan 20/20 Financial Planning Services
To provide clients with innovative financial planning services not found elsewhere, D. B. Root & Co. designed Life Plan 20/20® to offer a wide-range of financial strategies for all areas of a client’s personal and business lives. The advising firm has taken portfolio management, estate and retirement planning, tax and insurance advice and other important financial services and combined them into one comprehensive program designed to help keep their clients’ life goals on track. Life Plan 20/20® brings clarity to their financial situation, and begins with an in-depth analysis of the stage in life, the goals and the potential for success of D. B. Root’s clients.
This process is focused on performance while managing risk, securing retirement while maintaining lifestyle goals as well as sustaining financial independence. The result is a tailor-made strategy to fit a life plan managed by an experienced and knowledgeable advisor backed by a professional network of some of the most respected experts in the industry.
For more information, please visit www.dbroot.com.
Biographies
David B. Root
Chief Executive Officer
As Founder and CEO, David concentrates his firm’s efforts on helping families and institutions with comprehensive wealth management. He directs the firm’s Life Plan 20/20® Financial Planning service, asset management through partners John Mazur and Howard Cunningham, analysis, research and review of all client programs and is the driving force behind the firm’s reputation for superior quality in services.
During his 32-year-long tenure, Mr. Root’s distinguished career in wealth management has brought him considerable recognition. Recently, he was awarded a 2014 Diamond Award from the Pittsburgh Business Times as one of Pittsburgh’s Best CEOs. He is an active participant in local and national forums designed to educate the public on the broad spectrum of investment possibilities and the overall importance of sound financial planning.
Prior to establishing D. B. Root & Co. in 1994, David was President of Bill Few Associates, a Pittsburgh-based investment and financial advisory firm. He also held various management positions with Muhlenkamp and Company, a money management firm, after graduating in 1982 from the University of Michigan with a B.A. in economics.
Howard W. Cunningham
Investment Partner, Co-Founder & Chief Investment Officer, Cunningham Investment Management, LLC (CIM)
Howard Cunningham is one of the driving forces behind D. B. Root & Co.’s advanced technology and investment process. Mr. Cunningham is the developer of a proprietary investment approach called Dynamic Asset Allocation (DAA) which helps to reduce portfolio risk without sacrificing long term performance.” The DAA approach seeks opportunity across a broad range of diversified investments while employing active risk management to reduce the potential for significant losses during volatile market periods. D. B. Root & Co. utilizes the DAA approach in its Metis Global Dynamic Strategies.
Compared to similar alternatives, Metis offers our clients the benefits of low fees, transparency and liquidity as a key component of our Investment Process. Metis participates in market sectors through investment in exchange-traded funds (ETFs). The Metis Global Dynamic Strategies utilize an active indexing approach which is flexible and adjusts portfolio allocations and risk with changing market conditions. Prior to starting his own investment management business, Cunningham Investment Management, Mr. Cunningham spent two years learning money management from renowned Market Wizard Ed Seykota.
He holds a B.S. degree in Finance from Oklahoma City University and an MBA from the University of Nevada, Reno. He holds the National Futures Association (NFA) Series 3 and Financial Regulatory Authority (FINRA) 65 licenses.
John Mazur
Investment Partner
John Mazur is an independent research analyst and value manager with extensive experience managing equities for accounts with an extended time horizon. His vast experience in investment management provides the foundation for D. B. Root & Co’s Mazur Dividend Income Builder Strategy.
John started his career as a lawyer, first at a major Pittsburgh law firm (Reed Smith) and then in the corporate law department at H. J. Heinz Company where his primary responsibilities were investor relations and pension fund management. Later, he became the Treasurer and Chief Investment Officer at Carnegie Mellon University, responsible for overseeing the management of the university’s endowment. While there, he helped design and implement the investment policy that significantly improved returns during his seven years at the university.
For more than 15 years John has been a Director and the Treasurer of the Eden Hall Foundation and currently manages the foundation’s endowment fund, which is currently valued at $203 million.
Charles J. Stout, AIF®
Senior Advisor
With over 30 years of experience in the financial services industry, Mr. Stout’s role is to help clients increase their overall wealth and assure their long-term financial security. He is the architect of D. B. Root’s Financial Planning Service, Life Plan 20/20®, he was also instrumental in the development of D. B. Root’s Executive Financial Counseling Service, which focuses on providing busy corporate executives help and guidance in the areas of tax planning, retirement, insurance and estate planning. Prior to joining D. B. Root in April 2010, he spent 25 years with Ayco/Goldman Sachs as Senior Vice President of the Pittsburgh regional office, providing financial counseling to senior corporate executives. He also spent three years with the Pittsburgh Foundation as a Senior Development Officer (2007 to 2010).
Mr. Stout earned his B.S. in Business Finance from Miami University (Ohio) and a J.D. from Capital University Law School.
David Hoffmann, CFP®, AIF®
Vice President
David, a CERTIFIED FINANCIAL PLANNER™ has been a financial advisor with D. B. Root since 1998 and concentrates his practice on helping families with comprehensive wealth management, as well as small- and mid-sized businesses with corporate retirement plans. He is an Accredited Investment Fiduciary® and a licensed insurance agent. David counsels clients in the areas of investment management, retirement planning, life, disability and long-term care insurance, and estate planning. With his AIF® designation, David assists businesses with implementing proper fiduciary practices, policies and procedures. David also continues to be involved with buyouts of practices of advisors who are planning to retire from the financial industry.
Prior to joining D. B. Root, David was employed as a financial advisor with Waddell & Reed. David has been featured as an expert contributor on WPXI (NBC affiliate) and KDKA (CBS affiliate) Pittsburgh-area television news programs, along with PCNC’s “Night Talk” show. He has also been quoted and/or featured in several publications: USA Today, Investment News, Senior Market Advisor, GEICO Direct Magazine, and Pittsburgh Tribune Review. David was named to Pittsburgh Magazine’s 2010 “40 Under 40″ in recognition of his positive impact on the region’s development and success in his profession*.
He graduated cum laude with a B.A. degree from Dickinson College, and also holds a master’s degree in public and international affairs from the University of Pittsburgh.
Steve Kohler, CFP®, AIF®
Senior Financial Advisor
Mr. Kohler is a CERTIFIED FINANCIAL PLANNER™ professional and possesses an Accredited Investment Fiduciary® designation, which furthers his commitment to implementing proper fiduciary practices, policies and procedures. He works with clients in the areas of wealth management, retirement planning, tax and estate planning, and insurance evaluation.
Mr. Kohler holds an accounting degree from Duquesne University. He has worked in the financial industry for over 15 years, starting as a senior customer representative for Dreyfus Investment Services. In 1998, he joined Federated Investors as a mutual fund wholesaler in the bank broker/dealer sales division. In 2001, he pursued an opportunity with Confluence Technologies, a software company specializing in performance calculations for mutual fund companies. He has been with D. B. Root since 2003.
Michael Aroesty, CFP®
Senior Financial Advisor
Mr. Aroesty, a CERTIFIED FINANCIAL PLANNER™, joined D. B. Root & Co. in July 2010. He holds the Series 7 and 66 securities registrations through Commonwealth Financial.
As a financial advisor with D. B. Root & Co., his mission is to provide individuals, families, and non-profit organizations with comprehensive and unbiased financial planning and wealth-management services. Using a team approach, he and his colleagues help provide solutions to individuals’ goals such as retirement, education, estate, tax and generational wealth planning.
He graduated from Williams College in 2003. Prior to D. B. Root, Mike worked for 7 years at the Taft School, a co-educational boarding school in Western Connecticut.
Lynne Hoffay, CPA
Tax and Accounting Specialist
For over 18 years, Ms. Hoffay has been an integral partner with D. B. Root, while maintaining her own private tax practice. Her expertise is an added enhancement to D. B. Root’s clientele in the areas of tax consulting and preparation.
She graduated with an accounting degree from State University of New York and has been a certified public accountant since 1985. Lynne began her career with Coopers & Lybrand upon graduation, and eventually transitioned to a smaller public accounting firm previous to starting her own practice.
About Dynasty Financial Partners
Dynasty Financial Partners is the premiere integrated platform for the wealth management industry’s top advisors. Dynasty develops, sources and integrates wealth management capabilities, solutions and technology into its open-architecture platform to help independent advisors protect and grow their clients’ wealth. Dynasty’s core principle is “objectivity without compromise”, and the firm is committed to crafting solutions that allow investment advisors to act as true fiduciaries to their clients. For more information, please visit www.dynastyfinancialpartners.com and follow us on Twitter @DynastyFP.
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