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.
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.
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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.
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