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Inside the RIA Ecosystem: Dynasty Financial Partners

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A121389
Submitted by lina.zuluaga on Mon, 11/12/2018 - 15:48

Inside the RIA Ecosystem

Dynasty Financial Partners

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Shirl Penney, Founder, President & CEO, Dynasty Financial Partners

Dynasty works primarily with the advisors that want supported independence.  And what we found is a lot of advisors want to be independent, but not alone. They want to be part of a community. They want to be around likeminded advisors that they can share and collaborate with and share best practices, so Dynasty creates that type of community. They also want to free-up as much of their time as possible. They don’t want to spend 50-, 60-, 70 percent of their work week on middle and back office-related activities. They want to spend that time out taking care of clients and getting new clients.

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Entrepreneurs serve entrepreneuers.

One of the great things I think about the RIA ecosystem is you have entrepreneurs that are servicing other entrepreneurs, which creates this ultimate sense of accountability. If we don’t deliver a world class service for our advisor client, we get fired, as we should.  Just like if an advisor doesn’t deliver for their client, they do, as well. So it’s not an employer/employer-type relationship, it’s a service relationship with all of these businesses that have been created in the RIA ecosystem providing services to RIAs. It’s allowed for the whole capability set now to be delivered, I think, in a truly differentiated way, but in a way that holds those service providers very accountable to the underlining RIAs that they serve.

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Acheiving the American dream.

As I think back of all the stories of those 47 firms that we have on the platform and how we’ve helped them live their American dream, and we talk very much about we get to live our American dream at Dynasty by empowering others to live theirs.  We love all of our children the same, but if I reflect on it, there’s a few that I’m particularly proud of, and I think about we have three advisors that are on our platform now that are over the age of 70, and in some cases worked at their previous employer for 35 or 40 years. And they inspire me and they inspire us that at this stage of the career they see the future of the industry on the independent side and they’ve made the leap to start their own firm, and have been very successful.

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The RIA support ecosystem is a robust resource—attracting a record number 
of sophisticated teams. 
Is yours next?

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Information as of November 16, 2017.

Information included during this video is intended to be an overview and is subject to change.

Experiences expressed by advisors may not be representative of the experience of other advisors and are not a guarantee of future success.

Schwab does not supervise third-party firms and takes no responsibility to monitor the services they provide to you. Experiences expressed are no guarantee of future performance or success and may not be representative of your experience.

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Independent investment advisors are not owned by, affiliated with, or supervised by Schwab.

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