Ed Friedman, once at Elliot Weissbluth's left hand, becomes right-hand man of Shirl Penney after two years of cooling his heels after departure from HighTower

December 3, 2013 — 7:03 PM UTC by Brooke Southall

6 Comments

Dynasty Financial Partners hired Edward Friedman as its new director of strategic relationships. Put another way, the New York-based firm is no longer going to market to RIAs simply by answering inbound calls.

The outsourcer of all advisor software and services under one umbrella now has 24 employees, 20 firms in its network and 60 advisors who advise and oversee about $19 billion.

But most of that business resulted from an early slew of unsolicited referrals — an approach that president and chief executive Shirl Penney would no longer like to leave to chance. Friedman, in his newly created position, will be charged with entering Dynasty into a more fluid relationships with the big RIA custodians. See: What exactly is Dynasty Financial Partners and why is the Smith Barney execs’ startup gaining so much attention?.

“We’ve never make any outgoing calls — and our clients come mostly from referrals from custodians or direct inquiry,” Penney says. “Now we’ll be a little more proactive working with custodians.”

Been there

Friedman left Hightower Advisors, the big Chicago roll-up, in 2011. There, he was involved with bringing over 18 teams, including a heroic extraction in Watertown, NY in a blizzard. He was part of founding management there in 2008. See: HighTower veteran helps Morgan Stanley Smith Barney team break away upstate New York style.

After competing against Dynasty, Friedman is pleased to be joining his former foe.

“They have proven over and over that they provide the industry-leading platform for advisors seeking independence or to RIAs looking for a growth partner,” he says in a release. See: HighTower shifts into high gear with a three-team, $1.2 billion AUM in-three-weeks spree.

Dynasty works mostly with the big custodians and recently did one big deal with Pershing. See: Pershing, Dynasty and Envestnet gang-tackle Credit Suisse and jolt loose $1 billion duo.

It did a second biggie with Fidelity Institutional Wealth Services right after that. See: Dynasty Financial leads a second $1 billion-range team — now Fidelity RIA — out of Wall Street in as many weeks.

Asset-based hire

Friedman is expected to also take over certain duties relating to clients from Penney and Edward Swenson, chief operating officer of Dynasty, creating a practice-management program for advisors and implementing expense controls, vendor selection, organic and inorganic growth strategies, and succession planning.

Dynasty made a good hire in Friedman, according to David DeVoe, chief executive of DeVoe & Co.

“Ed will be an asset to Dynasty. His background is tailored for the role — few have a breadth of experience that includes managing wirehouse branches, consulting to RIAs, and helping advisors make the move to independence,” he says.


Mentioned in this article:

Dynasty Financial Partners
Consulting Firm, Specialized Breakaway Service, RIA Set-up Firm
Top Executive: Shirl Penney



Share your thoughts and opinions with the author or other readers.

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Stephen Winks said:

December 3, 2013 — 8:36 PM UTC

With the addition of Ed Friedman, Dynasty is beginning to create a true4 advisory services infrastructure rather than just extrapolate the conventional brokerage advice model which sells advice as a product.

Will Dynasty be the first firm to create large scale institutionalized support for advisory services where advisor have control over their value proposition, cost structure, margins and professional standing? This requires an expert prudent process (asset/liability study, investment policy, portfolio construction, monitoring and management) that makes expert fiduciary standing safe to acknowledge , a functional division of labor (Advisor, CAO, CIO) that makes advice scalable easy to execute and manage as a high margin business at the advisor level, advanced technology that supports continuous comprehensive counsel, streamlines cost and a more modern approach to portfolio construction as required for fiduciary standing?

If dynasty can distinguish itself fro a brokerage firm in support of fiduciary standing in the consumers best interest it will have created a compelling option for brokers and advisors who have no choice working for brokerage firms or limited by the support of cstodians which are agnostic in their support of advisory services.

SCW

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Jeff Spears said:

December 4, 2013 — 1:22 AM UTC

GREAT HIRE – Ed has a proven track record of success and also understands how to position Dynasty versus the roll-up firms like HighTower

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Michael Mainardi said:

December 4, 2013 — 3:05 AM UTC

Ed, congratulations! When you’re settled in I’d enjoy the opportunity to connect. Differentiation in an increasingly competitive marketplace is king.

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Stephen Winks said:

December 5, 2013 — 9:34 PM UTC

It might not be fair to place the expectation of transformational innovation on Ed without the requisite corresponding resources necessary to execute. There have been many instances in the industry where there was the responsibility to execute with out the latitude to execute entailing corporate policy, resources and assets.

Ed’s new position carries with it the humility of Dynasty’s limited but self imposed ability to execute.

SCW

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