MiB: Overcoming “Inertia and Complacency to become an Independent RIA

 

 

What do you do if you are an advisor at a large brokerage firm and want to “stand up on your own” as an go independent?

You probably with speak with Shirl Penney, the founder and CEO of Dynasty Financial Partners. Dynasty has assisted 250 advisors in 50 advisory offices (RIAs) managing over $60B in assets how to do just that via the Dynasty platform.

Penney tells of his humble roots, being raised by his step-grandfather in a fishing village in Maine. After college, he interviewed at Smith Barney, and experienced a series of firsts: His first escalator, first revolving door and first airplane flight. He stayed at Smith Barney for more than a decade; he was recently named to Investment News’ “40 under 40” list.

Penney explains the four businesses Dynasty runs, the largest of which is being the back office for all of those RIAs. The firm handles everything from payroll, compliance, marketing to investing for these firms. This allows the advisors to focus on what they do best, while letting professionals handle the administrative functions. They have become the leading platform provider for breakaway brokers. He likens what they do to “the Staples easy button,” enabling advisors to simply and easily exit the large wire houses and become fully independent.

His biggest competitor? He states it is “Inertia and complacency.”

A list of his favorite books is here; A transcript of our conversation is available here.

You can stream and download our full conversation, including the podcast extras on iTunesSpotifyStitcherGoogleBloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with John E. Schlifske CEO of Northwestern Mutual. The firm underwrites over $2 trillion in life insurance, and has about $300 billion in client assets. Schlifske joined Northwestern Mutual in 1987 as an investment specialist, and climbed through the ranks, becoming CEO 11 years ago. The firm announced a record $6.2 billion dividend in 2021.

 

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