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Podcast

Independence for Financial Advisors

What’s Driving the Momentum Towards Independence and Will it Continue? With Shirl Penney, Dynasty Financial Partners

Posted by Mindy Diamond

An insider’s guide to what it takes to get from here to there in the independent space.

Shirl Penney, President and CEO of Dynasty Financial Partners, joins Mindy to share insights from his own unique entrepreneurial mindset, and vast industry knowledge and experience as the founder of Dynasty.

Shirl Penney, Dynasty Financial Partners

Together they discuss:

  • The role service providers play in supporting both breakaway advisors and established RIAs.
  • The options for advisors who want the freedom of independence while also accessing capital.
  • The benefits of separating financial advice from custody and product.
  • Common fears and misconceptions advisors have about independence.
  • Why UHNW advisors – and their clients – are increasingly turning down the brand names of traditional brokerages for the RIA space.
  • His thoughts on the future of independence and its role in the growth of the wealth management industry.
  • And much more.

Shirl’s knowledge of the independent space – specifically what it takes to get from here to there – is exceptional, and his backstory unique and inspiring. He paints a compelling picture about what’s driving the momentum toward independence. As he describes it, a level playing field with respect to the ability to build a customized client-centric firm, the expanded role of the custodians, the acceleration of product access, and the unprecedented value creation opportunity has generated the perfect storm for breakaway advisors and independent business owners.

And it’s a storm that’s not likely to end anytime soon.

 

Podcast: Play in new window | Download (Duration: 38:24 — 35.2MB) | Embed

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Related Resources

The Real Beneficiaries of Independence: Your Clients
While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read->

Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->

What Every Advisor Wants: The 4-Legged Stool
Independence has become the industry’s hottest ticket, solving 4 key requirements with a level of stability that advisors are growing increasingly comfortable with. Read->

What compels breakaway advisors to go around “the wall”?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Read->

About Shirl Penney: 

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.


This podcast is also available on…

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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    WHAT OUR LISTENERS ARE SAYING…

    • 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.

      Rory O’Hara
      Founder, Senior Managing Partner – Ausperity Private Wealth
    • A fantastic bundle of wisdom from one of the very best Curators of all things Wealth Management.

      Jim Dickson
      Founder - Sanctuary Wealth
    • I love the fact that you are talking 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 Moseley
      Founder, 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.

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    • Best new resource I have come across in a long while.

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      Michael Henley
      Founder & CEO, Brandywine Oak Private Wealth
    • Fantastic Podcast and a must-listen for anyone considering Independence!

      Robert Walter
      President, Sanctuary Wealth
    • This is outstanding. Every team considering independence should listen.

      Chris Cooke
      Managing 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 Harris
      Senior Wealth Advisor, Avidian Wealth Solutions

     

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