The Most Disruptive Man in Wealth Management (Josh with Shirl Penney)

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 24 June 2019

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Who is the most disruptive person in wealth management? It's not a robo founder. Or an index ETF CEO. Or a blogger. In fact, it is Shirl Penney, the founder of Dynasty Financial Partners, whose platform for breakaway brokers who want to become independent advisors and own their own firms has now amassed almost $40 billion in client assets over the last ten years. Shirl has changed the way wirehouse brokers and other captive financial advisors at large firms have looked at independence. He's built a machine that began under the radar but is now on the verge of pushing the incumbents into allowing a degree of entrepreneurial freedom that would have previously been unthinkable. Josh and Shirl first met during the Investment News 40 Under 40 Summit the year they both made the list. Check out this video to learn about the biggest trends in the wealth management and financial advisor business, and how Shirl is upending some of the most bedrock conventions within the industry by working harder and smarter than his competitors. You can learn more about Dynasty's solutions for breakaway brokers who want to become advisors and launch their own firms here: https://dynastyfinancialpartners.com/ Shirl will be giving a keynote address to the advisors in attendance at this September's inaugural Wealth/Stack conference in Scottsdale, Arizona. Details here: https://finance.knect365.com/wealth-s... 1-click play or subscribe on your favorite podcast app Subscribe to the mini podcast on iTunes or Spotify Enable our Alexa skill here - "Alexa, play the Compound show!" Talk to us about your portfolio or financial plan here: http://ritholtzwealth.com/ Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer: https://thereformedbroker.com/terms-and-conditions/ Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi I'm Josh Brown I'm here with my friend Cheryl Penny founder of Dynasty Financial Partners
0:05.2	I've referred to Cheryl as the most disruptive man and wealth management
0:10.4	Cheryl's gonna tell us all about what's happening on Dynasty, one of the fastest growing, largest platforms in the wealth management business.
0:18.0	It's a great story. Stick around, you're going to love this. Okay, first of all, thanks for being a part of this nice office. Thank you
0:24.7	Josh I appreciate you coming all the way uptown to be. Yeah yeah I came 17 blocks
0:28.8	for this so make it good. So first of all for people that that aren't familiar, how do you explain Dynasty?
0:35.0	I talk about Dynasty as being a platform service company to High-In REAs.
0:39.0	Just quickly, we do four things. We have a consulting consulting business which we can help somebody
0:43.5	launch a new business we can help them plan for succession etc that's the first
0:47.5	business second business is we provide capital both loans and equity we buy a
0:51.8	revenue stream in firms.
0:54.2	Third business is we provide an integrated middle and back office.
0:57.4	So we have our own proprietary desktop technology,
1:00.2	integrates all the financial planning software, CRM, we do billing, reporting, etc.
1:06.4	So all the kind of variable cost components of an RIA that advisors don't like to do.
1:10.5	We do all that to free up time for them to be with clients. And then our last
1:13.8	business is our investment platform. Think of that as a TAMP, SMA's, UMA's, etc. And then perhaps the
1:19.4	most important thing we do is we give advisors a community because what I found is even the largest
1:24.1	most successful RIA principles want to be independent but not alone they want to be
1:29.1	around like-minded CEOs so to back up the RIA side of the investment business is booming. Breakaway
1:37.9	brokers are leaving the large firms but they've been accustomed to a certain level of back office service and help and they're not set up to like make all these hires and build all this middle office back office so you are like a great solution for
1:57.0	the team that says you know what we're really good at we love our clients
	...

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