The very millennial reason Shirl Penney snagged Merrill Lynch’s 34 year-old Ayco-killer and his $1B team and why Focus Financial lost out
Louis Diamond Quoted
By Brooke Southall
It’s one of Shirl Penney’s most sparkling recruiting triumphs and one of Merrill Lynch’s more excruciating poaching losses. A team of mostly millennials broke away to become an RIA with nearly $1 billion in assets.
Michael Henley, 34, and only nine years into his career, signed on with Dynasty Financial Partners — where Penney, 41, presides as CEO — to form Wyeth Private Wealth in Chadds Ford, Pa.
The decision to keep their equity and brand was an act of self confidence, says Louis Diamond, principal of Diamond Consultants, who ultimately brokered the transition.
“They decided to bet on themselves.”