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

This week on the podcast I have a special guest.

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

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

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

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

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

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

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

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

in the financial industry space.

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

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

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

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

or the person ends up on Dynasty's platform.

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

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

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

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

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

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

...