Dynasty Rolls Out Team to Aid $1B-Plus RIAs
CEO Shirl Penney says the aim is 'to help billion-dollar-plus RIAs check all of these boxes so that they may reach $5 billion, $10 billion and beyond.'
Dynasty Financial Partners says it is launching a new group to help partner firms of registered investment advisors with more than $1 billion in client assets. The Dynasty Enterprise Group will focus on the business growth opportunities and challenges facing larger RIAs and be led by Ed Friedman and Gordon Ross.
The group will stage its first best-practices workshops in July. The series of events aim to help firms with at least $1 billion boost the scale and efficiency of their businesses, according to Dynasty, which supports a middle- and back-office platform for 45 RIAs and over $30 billion in assets under advisement.
“It is no secret that the tectonic plates beneath our industry are shifting, and that both advisors and client assets continue to migrate towards independence,” said Dynasty President and CEO Shirl Penney, in a statement. “DEG’s mission is to help billion-dollar-plus RIAs check all of these boxes so that they may reach $5 billion, $10 billion and beyond.”
The firm says that five member RIAs are now part of DEG, such as Summit Trail Advisors, which has some $5 billion in client assets. (Other Dynasty partners have over $1 billion in assets but are not yet working with the new unit.)
Friedman has been Dynasty’s director of strategic relations for the past 4 1/2 years, according to his LinkedIn profile; prior to that, he worked for rival HighTower Advisors for about three years. He spent the bulk of his career, 1995 to 2008, as a branch manager for Morgan Stanley.
For his part, Ross has been with Dynasty since 2015. Earlier, he worked for BBR Partners (2012-2014) and Atlantic Trust (2010-2012) in the U.S. and Bestinvest in London (2001-2008), his LinkedIn profile states.
“In working with the industry’s elite independent advisory firms, we at Dynasty have been given a glimpse into how the DNA of a RIA evolves as it approaches and surpasses the $1 billion AUM threshold,” explained Dynasty COO Ed Swenson, in a statement. “We have tapped Ed and Gordon to run this specialized division because their combined experience working with some of the industry’s most well-run advisory practices will enable them to provide customized services to these larger RIAs, helping them further professionalize, scale and grow their businesses.”
— Check out Why It Pays to Focus on Short-Term Growth Goals on ThinkAdvisor.