A conversation with Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial
In November of 2017, this show was launched with the intention of doing a handful of episodes to answer the most frequently asked questions about independence. Less than 3 years and 80 episodes later, we’ve surpassed 100,000 downloads—a milestone that a true testament to the ever-growing interest in the independent space and the evolution of the wealth management world at large.
Shirl Penney, President and CEO of Dynasty Financial Partners, Jim Dickson, CEO and Founder of Sanctuary Wealth, and Rich Steinmeier, Managing Director and Divisional President of LPL Financial, join Mindy to share their individual perspectives on a landscape that seems to be evolving at an even faster pace in recent years.
That comes as no surprise because, as these guests share, the interest in models that provide greater freedom and flexibility has never been greater. As such, firms like Dynasty, Sanctuary and LPL are constantly in the labs, identifying gaps and creating options to answer this call.
And their models of supported independence are thriving as a result, becoming popular down-the-middle destinations for top advisors.
In this episode, each shares their perspectives on the evolving landscape, including:
- What’s driving the growth of independence—and how changes at the wirehouses have served as powerful motivators.
- Why the supported independence model is such a popular option amongst breakaways—and how the notion of being “independent but not alone” has driven each firm’s growth.
- The similarities and differences between the Dynasty, Sanctuary and LPL models—and how each solve for things like access to capital, platform, compliance and technology.
- How the volatility of 2020 has impacted their firms and advisors—and why they see an even greater interest in independence amongst advisors as a result.
- What each of these leaders sees as “the next big thing”—and how their unique visions are driving change at their firms.
The notion of being “independent but not alone” has served as a powerful force behind the growth of the supported independence model. Freedom and flexibility combined with community and turnkey infrastructures have created an easier path from “there to here”—a way for advisors to achieve their entrepreneurial dreams without having to deal with the heavy-lift and unknowns associated with migrating from the employee role to independent business ownership.
It’s a unique opportunity to hear from each of these three extraordinary leaders in a single forum—candid accounts from those blazing new trails of opportunity for advisors at all levels.
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What’s driving the momentum towards independence – and will it continue? with Shirl Penney, Dynasty Financial Partners
How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox with Jim Dickson, Founder and President of Sanctuary Wealth Partners
LPL Reinvented: Going Beyond the Traditional Broker Dealer Model with Rich Steinmeier and Marc Cohen of LPL Financial
Shirl Penney is the founder of Dynasty Financial Partners. He currently serves as president and CEO of Dynasty and is a member of the Board of Directors. Dynasty is a leading integrated platform services company for independent wealth management advisory firms. Dynasty has received many industry awards and recognition for its impact on the wealth management industry since its launch in 2010. Shirl is a frequent speaker at industry events, often quoted in various financial publications, and was named to Investment News’ 2015 list of 40 most influential people in wealth management under the age of 40. Shirl was also named to the 2016 inaugural list of Icons and Innovators in wealth management by Investment News.
Prior to Dynasty, Shirl worked at Citi Smith Barney in various leadership roles including director of private wealth management and head of executive financial services.
He is from Eastport, Maine, a graduate of Bates College in Lewiston, Maine, and currently lives in Saratoga Springs, New York with his wife Mary Ann and his two daughters. Shirl and his wife are active in various charitable causes with a focus on education, poverty, ALS, and veteran services.
Shirl is a Fellow of the inaugural class of The Aspen Institute’s Finance Leaders Fellowship and a member of the Aspen Global Leadership Network.
Jim is the President and Founder of Sanctuary Wealth Partners and serves on the Board of Directors of Noyes Group, LLC. He is the visionary behind Sanctuary Wealth Partners. He led the founding, development and launch of this innovative, partnered independent division of Noyes. Having spent 20 years building and leading advisor teams, he knows what successful advisors need — and what they want.
As an entrepreneur and investor with multiple successful startup businesses, Jim possesses unique experience leading and building organizations of all sizes. He knows the importance the right leadership can provide as well as the stability and infrastructure the right firm can deliver. The network of independent advisors teams serving high-net-worth clients with a partner that handles day-to-day compliance and operations is the model of the future.
Jim began his career at Ernst & Young and then joined Merrill Lynch. At Merrill Lynch he quickly advanced into executive leadership after building a successful practice serving clients. He served as a Managing Director and held many national roles, including five years as Division Executive for the 13-state Greater Midwest Division. After 20 years at Merrill Lynch, Jim accepted the opportunity to join Noyes as its President and part owner to help lead it into the future.
Jim has been recognized in both Indianapolis Business Journal’s Forty Under 40 and Butler University’s Top 50 under 50. He serves on the board of the Zionsville Baseball Club, coaches in the Indiana Bulls Baseball Organization and volunteers as a judge for the national FFA convention each year.
Since 2014, Jim has served as a Trustee for Butler University, where he earned his B.S. in Accounting, attending on a baseball scholarship. Jim and his wife, Allison, have four children and reside in Zionsville, Indiana.
Rich Steinmeier is managing director and divisional president, Business Development, responsible for the firm’s overall growth strategies. In this role, he has responsibility for recruiting new financial advisors and institutions to LPL and to existing advisor practices, while also exploring new markets and M&A opportunities. He also leads the team responsible for onboarding new advisors to the firm.
Prior to joining LPL Financial in 2018, Mr. Steinmeier was the head of Digital Strategy and Platforms for UBS Wealth Management Americas. He joined UBS in 2012 as managing director and head of the Emerging Affluent Segment and the Wealth Advice Center.
Prior to UBS, he held a variety of leadership roles at Merrill Lynch, including director of Strategy and Analytics and director of Business Development. He also spent six years at McKinsey and Company.
Mr. Steinmeier graduated from the Wharton School at the University of Pennsylvania with a BS in Economics in 1996. He received his M.B.A. from Stanford University in 2002.
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WHAT OUR LISTENERS ARE SAYING…
EVERY advisor should go through due diligence to ensure they are at the best place to serve their clients the way they see fit. This podcast is a great place to start dipping your toes in and hearing real life success stories!
Dylan RipleyCedarwood Financial Partners
If you are in doubt or questioning the Independent Advisory space, this podcast by Diamond Consultants is a fantastic place to start.
John AraneoCEO, Crescent Harbor Private Wealth
I listened to every episode before making my transition. Hearing the mindset and tactics of the industry’s best advisors was amazing. Perspective is so important and that is what you consistently bring to your audience.
Matt BlockiCEO, Equilibrium Wealth Advisors
Your podcast helped me a ton during my due diligence. There is no replacement for hearing from others who were successful leaving the wires. You are doing great things for the industry.
I love the fact that you are talking to a diverse group of people in our industry and educating us all. We are all doing our own thing, so it’s helpful listening to other interviews and hearing about different approaches to the business.
Brock MoseleyFounder, Miracle Mile Advisors
I didn’t realize what I could do until I heard what other advisors were doing. Then week after week, it was like the gaps were filled in. Without it, I wouldn’t have had the confidence to go independent. Even after transitioning, I still can’t wait for Thursday mornings to hear the latest interview.
Jerry DavidseCEO, Presilium Private Wealth
Best new resource I have come across in a long while.
Daniel GudeSenior VP at LPL Financial
I would say one of the best things I ever did was listen to your podcast. I listened to it a thousand times. There are so many aspects to explore. You’re driving blind until you actually engage a professional.
Michael HenleyFounder & CEO, Brandywine Oak Private Wealth
This is outstanding. Every team considering independence should listen.
Chris CookeManaging Partner, Cooke Financial Group
Every advisor at a brokerage firm should listen to this podcast. I’m convinced that most advisors don’t realize their real value. Do your research. You deserve your true value and going out on your terms. It’s your life’s work. Even if you don’t transition to independence, know your value and options in order to make an educated decision.
Robert HarrisSenior Wealth Advisor, Avidian Wealth Solutions