Dynasty Financial Partners is making its first acquisition ever by acquiring TruClarity Management Solutions, a wealth management consulting firm that helps breakaway advisors set up independent practices.

TruClarity’s transition business is spinning off from its existing registered investment advisor. Although Dynasty’s back and middle office platform has over $72 billion from 49 registered investment advisors, it does not operate as a corporate RIA, so the RIA was spun off.

TruClarity Wealth Advisors, its RIA business, is expected to be sold separately to One Seven, a firm that broke away with the help of TruClarity Management Solutions, according to Dynasty.

Dynasty chief executive Shirl Penney said he is acquiring TruClarity because of the technology, the business under development and the people, including President and CEO Pamela Stross, who will join Dynasty as a consultant. Dynasty also plans to acquire TruClarity’s intellectual property and boost the team.

“Pam is one of the most seasoned and experienced executives in the whole RIA ecosystem,” Penney said. “She is coming on as a senior consultant who will focus on sales, relationship management and working with our Advisor-to-CEO program.”

TruClarity, which, like Dynasty, is based in St. Petersburg, FL, was founded in 2015 with backing from family office Sembler Investments Capital Group.