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Dynasty Financial Partners drops its passive-referral strategy and hires a ex-HighTower talent to engineer proactivity

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

Author Brooke Southall December 3, 2013 at 7:03 PM
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Ed Friedman started at Morgan Stanley in 1985 as an advisor and made his name in a blizzard in Watertown, N.Y.


Stephen Winks

Stephen Winks

December 3, 2013 — 8:36 PM

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.


Jeff Spears

Jeff Spears

December 4, 2013 — 1:22 AM

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

Michael Mainardi

Michael Mainardi

December 4, 2013 — 3:05 AM

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

Stephen Winks

Stephen Winks

December 5, 2013 — 9:34 PM

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.




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