February 6, 2012

Morgan Stanley’s Larry King Joins Dynasty in Indie Partnership

Dynasty Financial Partners platform integrates Callan Associates research with Envestnet technology

Larry King leaves MSSB to form King Wealth Management Group in partnership with Dynasty Financial Partners Larry King leaves MSSB to form King Wealth Management Group in partnership with Dynasty Financial Partners

In the latest news of Dynasty Financial Partners' growing network of independent advisors, noted wealth manager Larry King announced Monday that he is leaving Morgan Stanley Smith Barney to go independent on the Dynasty platform.

By joining Dynasty, King, a provider of wealth management services in Saratoga Springs, N.Y., for 22 years, will now use a platform that integrates the proprietary research of Callan Associates with Envestnet’s tools and technology.

King’s announcement reflects the growing trend of high-profile investment advisors who break away from traditional wirehouse brokerages to join a network of independent registered investment advisors. With this move, King and his team form a new company called King Wealth Management Group and become the ninth advisor business to use the Dynasty platform.

“Our partnership with Dynasty Financial Partners provides our firm with the highest quality infrastructure, research and advisory services," said King in a statement. “But no one owns us.  Being fully independent gives us the autonomy, objectivity and flexibility to always act in our clients’ best interest.” 

King earned a Top 1000 Financial Advisors rank by Barron’s magazine in 2009, numbering 85th among New York’s top 100 advisors. While building his practice through a career at Merrill Lynch, Prudential Securities and then Morgan Stanley Smith Barney, King served on the board of directors for the Portfolio Management Institute in Denver. In addition, he helped found the Academy of Certified Portfolio Managers. 

“Dynasty has become a partner of choice for top-tier advisors like Larry King, who want to operate without limitations or compromise,” says Shirl Penney, president and CEO of Dynasty, in a statement. “King Wealth Management Group is the quintessential example of an elite wirehouse wealth management team that can take its services to a new level by going independent on the Dynasty platform.”

Penney was formerly the director of business development for Global Wealth Advisory Services at Citi Smith Barney and previously head of executive financial services and director of Private Wealth Management at Smith Barney. During his tenure at Citi Smith Barney, his High Net Worth Group catered to the firm’s clients with $50 million or more investable assets.

Read Alexandra and Jim Lebenthal Sign On With Dynasty Open-Architecture Platform at AdvisorOne.com

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