MiB: Shirl Penney, Dynasty Financial Partners

 

 

 

This week, we speak with Shirl Penney, founder and CEO of Dynasty Financial Partners. Penney has a somewhat unusual background; he was recently named to 40 under 40 list. Dynasty has 50 RIA offices, 250 advisors + over $60B in assets on their 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 explains the four businesses Dynasty manages, the largest of which is running the back office for 50 RIAs. The firm handles everything from payroll, compliance, marketing and investing for these firms. This allows the advisors to focus on what they do best, while letting Dynasty 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. Penney describes his biggest competitor as “inertia and complacency.”

Last year, the firm sold a minority non controlling stake to Envestnet (ENV) and launched a JV called the Advisors Services Exchange (ASx). The deal allows Dynasty to offer more technology enabled services to its clients, and gives Envestnet a source of additional revenues and services for both their RIA clients and Independent Broker Dealer clients.

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

You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, 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.

 

 

 

Shirl Penney’s Favorite Books

How I Invest My Money: Finance experts reveal how they save, spend, and invest edited by Josh Brown and Brian Portnoy

Tribe of Mentors: Short Life Advice from the Best in the World by Tim Ferriss

 

 

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