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Shirl Penney

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72
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2021-04-01
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2021-04-01
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  1. “Yeah, thanks for that question. I am a very loyal person, and maybe it's in part my background. But a lot of the firms that backed us when I was in my garage with a business plan, that says a lot, it means a lot to me. And one of those firms was investment. And, you know, Judd Bergman, who we all lost too soon was a very close personal friend of mine, as well as Ed Swenson and some of the other co-founders here. And Bill Crager, longstanding, you know, very close personal friend. And we had talked over the years about finding more ways that we could work together. We utilized some of their technology on our TAMP. What we decided to do was to launch something that we're calling the Advisor Services Exchange, which is a joint”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “That alignment got misaligned, right? With shareholders and management and advisors and clients. But we've brought a lot of that purity of the alignment back, which I think culturally is a huge competitive advantage for us”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Competitive advantage is something I mentioned earlier, is that everyone who works at dynasty, they're all an equity owner. They either bought equity in the firm or we have options and equity program every single person's an owner, so they act like an owner. And they wake up every morning and understand that we have one fundamental job, which is to work for and support our advisors. And if a transition doesn't go well, that will set that advisory firm way back sets us back. We'll get fired, right? The philosophical alignment is the, you know, we work for the advisor and the advisor works for the end client. We're comfortable standing and delivering on behalf of our client, the advisor, just like they have to do for their client. And I think a lot of ways, and this really started 25, 30, 40 years ago with some of the old partnerships, you know, Barry on Wall Street starting to go public.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Phone, and when everything goes from red to green across, and we're the staples easy button. We find your real estate, negotiate the lease, design your name, your logo, your branding, your marketing, your PR strategy, your launch strategy, helping you on the legal strategy around the move, setting up your client documentation, helping you select your custodian, doing all the paperwork in transition, training your staff on the new tech. You name it, we do it. And we've done a lot of it. So like a lot of things in life, there's no substitute for experience. We have at this point a lot of experience. And we've tech enabled, we've invested given the success of our business and people in the professional development of those people who support the advisors. And perhaps our biggest”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Early days, you're in startup mode. Everyone's kind of doing everything to get clients in and to actually get to a point where you have a business. And then once you have a business, then it's how do you make that business better? How do you professionalize it? How do you scale it? And we've really focused on the last five years in particular, the technology enabling of all aspects of our business. So to your question, what's different today? an advisor who's joining up with us to do a transition today, there's a lot more digital support, technology support, a lot of practice management around a transition. We have our own proprietary app where we have the 150 steps that you'll go through in the transition, all laid out in detail in a password protected app that an advisor would have on his or her.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Look, I'm biased when I say this, Barry. Obviously, but if you were to talk to a lot of third party players, custodians, et cetera, in our space, I think they would say that dynasty has the best transition process really of anyone in the space. We've done it more than anyone. We've onboarded and broken away. If you talk about breakaway advisors, over the past just under a dozen years, over 150 significant teams, some of which we help them launch their own firm, some of which we help tuck in or join or subaggregate other firms that we had on our platform, we do an extensive debrief on every single one, thinking about how we can get better. And I would say like a lot of businesses that are north of 10 years in, there's a huge focus on the professionalization of the business.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “When we were an idea of this new concept and we said, trust us, we understand it's your life's work and we're going to execute on your behalf. But we're going to jump out this window together. And that handshoot's going to go up and it's going to work and you're going to have that safe and soft landing. It was obviously very stressful times with the first five, six, seven transitions. But knock on wood, those all went well and they continued to go well since. But our original first handful of clients will always have a special place in my heart because all we were was a business plan, a new concept, and they trusted us that we'd make it work for them. And thankfully, we did.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Yeah, so obviously, when you're starting a business, signing up those first few clients is a bit more difficult than it is today with $60 billion and a longstanding track record that we have. Our first RIA outside client is a firm called Pactalis. They're in the DC market run by a gentleman named Alan Harder. I had known Alan because he was at Smith Barney. So we had a previous relationship working together there. And he launched his firm a little over 10 years ago. He's had remarkable success growing the business organically and adding new clients and new services. But it was her tremendously buffeted. And it's not lost on us. We love all our clients, obviously, but in particular those early”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “A lot of the capital gets deployed if somebody wants to do a recap, kind of practice what they preach, take a few chips off the table, or if they want to grow inorganically and drive their business by acquiring other advisors. We have a whole M&A team in-house that will go outsource a deal, help get the deal done, do the transition, the onboarding, and finance that transaction as well. We'll probably do 20 M&A deals across the 50 firms or so over the course of this year. And the last thing I think that's unique that people Sometimes don't understand about our business. We're that little Intel sticker, Barry. So the advisors own the vast majority of the equity in their business, if not all.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “That as you mentioned earlier, the TAMP turnkey asset management platform, separate managed account access, UMAs, advisor as portfolio manager trading tools, access to alternative managers, feeder funds, structured products access, and investment banking network that advisors can refer business to for the business owner, clients, et cetera. That is an a la carte business. The advisors can choose to use it or not on behalf of their clients. And as you reference, we have about $27 billion now making us a top six tamp in the independence space. And then the last business is our capital business, Dynasty Capital Services, which is both a debt and an equity offering to advisors and oftentimes that capital gets used by advisors looking to launch a business to fund success.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Okay, thanks, Barry. The short version of what Dynasty does, we're in four businesses. One is a consulting business that advises advisors based upon where they are in their life cycle. If they want to launch a business, we help them do that, breaking away from a wirehouse, et cetera, if they are thinking about succession planning, if they're thinking about selling their business. We'll help them with those types of things as well. So that's our consulting business. Our second business is our core services running all of the middle and back office for an advisory practice. So technology, compliance, billing, reporting, all the things that most advisors don't like to do that frees up their time to take care of their clients and get new ones. They're outsourcing that middle and back office to us in what we call our core service package. Third business is our investment platform. Many people refer to”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “How do I take all of this knowledge and skill set that I built up around building platforms for leading advisors and do it in a way that allows me to be not an employee but an entrepreneur and start my own business? And that was the realization of dynasty. And when I decided to launch it, it was April of 2008, which in hindsight was both a very good and bad time to launch. We were headed into obviously the financial crisis later that year. So it's very difficult to raise capital. But there was a lot of challenges that the Large Wall Street brands would face over the next several years. So from a timing perspective, it worked out really well for this new business model that we created and launched, which was provide an integrated platform service model for high-end independent advisors. The timing was right to bring that concept to market.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Of a large sophisticated client. And that was over 20 years ago, the early formation of these wealth management divisions and then private wealth management. And I said, I want to be the person who's more than conversationally competent in all of the disciplines and help tie it together. And that really helped me grow my career pretty quickly. ran private wealth, ran the executive financial services division, which focused on all the firm's top corporate executive clients. This is in the early 90s and early 2000s where executive compensation was really taking off with stock options, and that was a big business for us. So had an opportunity to run that. And then what I realized is all the firms top clients who sat across the table for me and all these BIP meetings that we did with them, for the most part, they were entrepreneurs. And I began thinking about how do I go from this side of the table to that side of the table?”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Of the organization sitting there with these billionaires and advising them on what to do with their money, when seven or eight years prior, I'm standing in line in the sticks of main barry waiting for a block of government cheese. So pretty profound in terms of where my life went in a short period of time. I was working very hard 17, 18, 19 hour days sometimes because I'm reading all night trying to come up the learning curve with all these various concepts. And what I realized early on is that we had remarkable experts in all the different disciplines of wealth management, whether it was estate planning, capital markets, investment banking, asset management, traditional alternatives, et cetera. But we didn't have a lot of people who understood how they all fit together in the support of an advisor and in the support.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Advisors have entrusted me over the course of my career to be their partner in their life's work to help them get new clients, take care of their best clients, grow their business. And that mentality I've brought to this new business here, I was pushed a lot at Smith Warney and given a lot of responsibility, again, understanding I was homeless kid from Maine who was on welfare and food stamps and trying to work odd jobs and my granddad worked odd jobs to make ends meet. And now at the age of 27, I think, five years into my career, I was actually put in charge of private wealth management, which big responsibility of introducing the firm's top clients and prospects to Sandy Weil and the senior executives in the firm and showcasing all of the capabilities.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Punchline is before starting dynasty financial partners. I spent a little over 10 years at Smith Borney and it was a great place to learn the business. I'm a huge believer in mentorship by committee. I had some great mentors when I was there. I moved around the country, which was fantastic. I went to LA, I went to San Francisco, I helped open some private wealth offices there. I tell a lot of people that are looking to build careers and finances, stay close to the field. I think some of the challenges that some of the larger firms have right now is management has not ever really spent any significant time in the field to really understand where the rubber hits the road in terms of the advisor client relationship. I've had the good fortune, Barry, my whole career, the lens through which I see the world is I work for advisors. And I've been fortunate enough.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “I ever flew on an airplane, Barry, was they bought me a flight to come back the following week for the second round interview, which went well and I was hired. And off I went to New York not knowing anyone, but to start my career in finance.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “I rode the bus 16 hours, and my biggest challenge that morning, Barry, was making my way through a revolving door, which I'd never seen at that point in my life, getting up an escalator, which I'd also not seen, again, being from a very small town fishing village in Maine, making my way through multiple elevator banks and arriving there at my interview, which I was half hour early for. And I just said, look, here's my main roots. I had a job since I was 10 years old, had to, and just said, look, I may not be the smartest person in the room, but I'll work everyone self-taught. And I've studied a lot about, you know, Sandy Weil and City Group and Smith Barney. And they said, look, come back next week for a second-round interview. I said, you understand what I had to go through to get here? I got to go all the way back to Maine and come back. And the first time that...”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “We are blessed in the state of Maine with three great Liberal Arts schools, Bates, Bowden and Colby. Many people would know those schools. Part of going to Bates was I could stay in Maine and thankfully the day before I graduated from college, my stepgrandfather who had raised me and meant so much to me as you can imagine. He died in my arms. And I had the opportunity to give him my diploma before he did pass. I bought a suit for $13 at the Salvation Army. And I rode a bus a couple days past my graduation to New York City. And I interviewed at Smith Barney, which, as many of your listeners will know, is now part of Morgan Stanley. And I had interned my junior year at Bates at the branch location in Portland, Maine, at Smith Barney. So got to know some people there and basically traded a summer's worth of work for an interview in New York.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “People someday I'm going to go to college and head off to Wall Street. And people kind of chuckled because not only had no one in my family ever gone to college, no one from that part of the state had ever gone off to New York to build a career in finance. I used to ask a lot of the tourists who would come visit to bring me copies of financial publications and was self-taught, just always fascinated by finance and wealth management and was determined to somehow some way find my way to building a career in finance. And my grandfather always told me, look, you can do anything, even though he only had a fifth grade education. He always told me you can do anything you want in life if you work hard enough towards it. And I believed him, and it's been quite a journey.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Sure, I'm happy to look, we're all living our own unique version of the American dream, but I'll tell you a little bit about mine. So I'm from a little fishing village, the easternmost point in the United States in Maine called Esport, Maine, population 1, 1400. I was raised there by my step-grandfather. When I was 11 years old, and my grandfather was in his early 70s, the house that we were living in was condemned, literally fell down around us. And for three years, when I was 11, 12, 13, we were homeless, live with various neighbors, obviously, very cold in the winters in Maine. But a great motivator when you're cold and hungry at times and always had great love and support of my stepgrandfather, but was fascinated by numbers, was always good in math, convinced my high school teachers to have the stock market game added at the school. And I used to tell.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Barry, so great to be here. I am a huge fan of the show, so I'm thrilled to be a part of it. Thanks so much for the invite.”

    2021-04-01 · Masters in Business · Shirl Penney on Building a $100 Billion RIA Platform (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source