A conversation with Caitlin Douglas, Director, Head of Transition Services – Dynasty Financial Partners
Caitlin Douglas, the head of transition services at Dynasty, shares details about transitioning to independence. What advisors need to know about the supported independence model, tips on preparing for a move, key milestones, and much more.
NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.
About this episode…
Back in 2010, Shirl Penney launched an exciting concept: A firm that sought to help breakaway advisors start their own independent wealth management businesses—but with the support of a team focused on assisting them to drive success, plus a top-notch platform to rival what the advisors left behind in the brokerage world.
It was a solution that filled a needed gap in the industry—and a wildly successful one at that.
As of the recording of this episode in July 2023, Dynasty Financial Partners boasts some 49 network firms across the country, with 319 advisors and nearly $74B in assets.
Dynasty’s success speaks to advisors’ strong desire to gain freedom and control and reap the rewards of becoming an entrepreneur—all while having access to everything they need to start up and run their businesses, plus access to a community focused on continual growth.
Because the reality is that making the leap isn’t easy. And advisors on the Dynasty platform and other supported independence platforms like it extols the benefits of having a partner in the transition process to handle the things necessary to start their own firm and ongoing support as needed.
But what do advisors really need to know when considering a transition?
Caitlin Douglas, the head of transition services at Dynasty, joins the episode to share the details gleaned from her experience at Dynasty and her previous business life at Keeney Financial Group, plus nearly two decades in the financial services world.
She and Louis Diamond discuss all things related to making the break, including:
- Preparing for the transition—and what advisors need to know before considering a leap to independence.
- The role a supported independence model like Dynasty plays—and how they can streamline an advisor’s transition vs. launching an RIA from scratch.
- The heavy lift of breaking away from a major firm—and why even the thought of doing so stops so many advisors in their tracks.
- The major milestones of launching an RIA—and what advisors should prepare for at each juncture.
- The timeline of a move—and what advisors can expect when setting their sights on a launch date.
- The characteristics of an efficient move—and how to avoid significant failure points along the way.
No doubt, entrepreneurialism has fueled change in the wealth management industry—and those with the desire to gain greater freedom and control are amongst the biggest benefactors when it comes to solutions available to make the leap more efficient. Caitlin shares thoughtful guidance for those considering independence: Actionable advice around the essential details to be aware of and the preparation required to make the transition a smooth one.
What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners
An insider’s guide to what it takes to get from here to there in the independent space. Listen->
Update on Transitions: Communicating the “Why” of a Move to Your Clients
A financial advisor’s move should be to improve client service—because it’s the clients who ultimately drive business growth and value. Here’s how to communicate “what’s in it for them” so they fully understand the positive impact the change can bring. Listen->
What Can Go Wrong in a Transition: How to Avoid “Murphy’s Law”
7 ways a financial advisor’s move can take an unexpected wrong turn—and ways to prevent that from happening. Read->
Head of Transitions
Ms. Douglas joined Dynasty from Keeney Financial Group where she served as the Director of Client Services for over six years. While there, Caitlin was responsible for managing the firm’s transition from an independent broker–dealer to a Hybrid RIA platform. She has 17 years of experience in the financial services industry, including working directly with clients and overseeing advisors, as well as support staff. Caitlin graduated from Ohio University with a Bachelor of Business Administration degree in Finance where she also played Division 1 Lacrosse. She resides in Baltimore, MD with her husband Ryan and son Tucker.