Lehman Bros.' binding ties and culture spur another $1B team -- that stayed at their posts as Lehman burned -- to flee Stifel-owned Barclays for RIA
Newly created Summit Trail, with a Shirl factor, allows the Lehman swagger, kinder and gentler, to reassert itself in 2015 after seven years of smoldering
Summit Trail’s search illustrates the limitations of a conventional brokerage format in supporting advisory services. Dynasty has emerged as an attractive candidate, yet there is extraordinary room for innovation. Recruiters are swift to sell what they have (triggering a transaction and their compensation) and are rarely introspective concerning the advisor. There is a difference in a firm acting in fiduciary capacity as a money manager (which is geared to avoiding fraud) and an advisor rendering individualized advice fulfilling their many ongoing fiduciary duties. The industry’s primary focus on asset management has ignored the advisor’s principal fiduciary duties in rendering ongoing individualized advice, which is presently not supported by anyone for fear of fiduciary liability. This is not a good thing. The key to authenticity and reliability in advisory services (and market share) is the authentication (back to statute) and support of expert advisory services. This is beyond the challenging asset management/portfolio construction function. As Summit Trail discovered there is not a single brokerage firm, including Lehman, or a rollup that has distinguished themselves in being accountable for every recommendation their advisors have ever made, achieving continuous comprehensive counsel required by statute of all those rendering “individualized” advice (acting as advisors). This is an industry wide problem, yet for those that embrace the requisite innovation in the best interest of the investing public, market share is theirs for the taking.
Shirl Penney hands over 'front end of the house' to Andrew Marsh as Dynasty reboots -- post-$100-million raise, post-IPO withdrawal and post-Schwab partnering
The Dynasty CEO is handing over sales, custody relations, breakaways and M&A sales to the un-retired Canadian -- and wildly promoting from within.
September 21, 2023 at 1:53 AM
After 13 years in the Shirl shadow, Ed Swenson gets a mandate to grow a $20-billion corporate RIA as old AIG IBD unit, Advisor Group, reorganizes and seeks new brand identity
The Dynasty veteran is key man in Jamie Price effort to take Advsior Group and finally streamline and up-RIA it for a new era.
June 6, 2023 at 1:46 AM
Dynasty Financial hires 'real deal' TD Ameritrade RIA sales talent who left after Schwab deal; he'll again mine for RIAs on Florida's Gold Coast--first big news since IPO disclosed
The St. Peterburg, Fla., technology outsourcer made its 10th Florida hire since start of year but first one on the state's Southeastern Coast
February 17, 2022 at 2:50 AM
Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product
The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.
July 23, 2020 at 1:42 AM
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Top Executive: John Furey