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Masters in Business

Shirl Penney on Building a $100 Billion RIA Platform (Podcast)

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.42.2K Ratings

🗓️ 1 April 2021

⏱️ 68 minutes

🧾️ Download transcript

Summary

Bloomberg Opinion columnist Barry Ritholtz speaks with Shirl Penney, who is the founder of Dynasty Financial Partners, a leading integrated platform services company for independent wealth-management advisory firms. Penney currently serves as Dynasty's president and CEO and is a member of its board of directors. The firm has over $60 billion in assets on its platform.

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Transcript

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0:00.0

This is Mesters in Business with Barry Reynolds on Bloomberg Radio.

0:07.0

This week on the podcast I have a special guest.

0:12.0

Cheryl Penny comes from the most humble of all roots and really we want to talk

0:19.0

about a Horatio Alger story of a person who essentially picked himself up

0:26.0

by his bootstraps and built a career and turned that into a powerhouse business.

0:33.0

He runs Dynasty Financial Partners which has over $60 billion on its platform.

0:40.0

His story is really, I want to say pretty unique in Wall Street, very, very humble origins

0:49.0

and very much a self-educated person who was fascinated with finance from when he was younger

0:56.0

and used that fascination really as a motivation to self-educate,

1:03.0

auto-diedact is the term for that and really become one of the most impressive CEOs

1:10.0

in the financial industry space.

1:13.0

This is a little inside baseball. It talks about what happens when advisors and brokers

1:20.0

at big firms like Morgan Stanley or Merrill Lynch or UBS decide they want to go independent

1:26.0

and leave those big firms to set up their own shop.

1:30.0

What Dynasty does is provides a pathway to do that either so that the person can become independent

1:36.0

or the person ends up on Dynasty's platform.

1:41.0

This is a pretty fast-growing space. We've seen major changes in the financial services industry

1:49.0

over the past 20 years. Most of that acceleration took place after the financial crisis

1:56.0

where I think the once mighty brands no longer carry the same cashier

2:02.0

because of their involvement in what took place with subprime and CDOs and all that,

2:07.0

not so much fun stuff. Anyway, if you're at all interested in financial services,

2:13.0

registered investment, advisories, anything along those lines, I think you'll find this to be

...

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