A near $16B TAMP grows in Tampa (no pun intended), as Dynasty Financial Partners taps local talent for first poach--21-year RayJay veteran Angela Gingras
New on the Tampa/St. Pete scene, Dynasty CEO, Shirl Penney is pushing the 50% of $32-billion in assets that generate strong revenues
6 min read- Dynasty Financial Partners expands TAMP operations from its new Tampa headquarters.
- Dynasty poached Angela Gingras, a 21-year Raymond James veteran, to oversee TAMP operations.
- TAMP assets managed by Envestnet surpassed $15 billion in 2018, available only to Dynasty clients.
- Dynasty considers acquiring a smaller TAMP to enhance capabilities and client services.
Brooke's Note: "Plastics" may have been the only word Benjamin Braddock needed to know in the classic 1967 movie "The Graduate." But more and more these days, most RIA businesses are also being driven by a single, whispered word--"talent." Firms are targeting their strategic efforts to attract maximum human ability and output -- ironic in the robo-advisor era -- at the best price. Likewise, most acquisitions are about who--not what--you are buying. Improved technology, new initiatives, nicer office buildings, better training, more scale -- and yes, moving the headquarters to a high-quality-of-life state -- are all about luring, attracting, retaining and buying talented people who can get to work grabbing in the land-grab wealth-management business. We've already written about Dynasty Financial's move to Florida, and its plans to soak up the local talent. But the Tampa-St. Pete talent pool is so deep, Dynasty is already making big local hires to fast forward big, aggressive plans -- in this case, buoying its TAMP as a stand-alone that might hold its own in scale.
Dynasty Financial Partners is starting to walk like a TAMP, talk like a TAMP, grow like a TAMP and hire like a TAMP -- all from its new Tampa-St. Pete home (no pun intended, well, maybe). See: Shirl Penney flies south, taking Dynasty Financial Partners to St. Petersburg in advance of a hiring spree, but won't kiss-off the Big Apple just yet
The former New York City outsourcer and agent 'of outsourcers, now headquartered in downtown St. Pete, just hired Angela Gingras from nearby Raymond James to oversee operations at the firm’s turnkey asset management platform (TAMP). In 2018, Dynasty's TAMP surpassed $15 billion in assets.
The TAMP is administered by Envestnet, and the assets are reported as part of Envestnet's ADV holdings. But it is, for now, only available to Dynasty clients who use its wider bundle of middle- and back-office services. See: Attack of the killer app: Dynasty targets the corner-office broker by combining Envestnet and Callan
Dynasty is open to buying a small TAMP to augment its capabilities and also expects more organic growth to the management-of-managers, aided by Callan Associates research, says Shirl Penney, CEO of Dynasty Financial Partners.
"On the M&A front, at the holding company level, we are looking at buying more of the supply chain and looking at opportunities to add additional services for our advisor clients' benefit. A smaller tamp acquisition could make sense if covers similar clients," he says.
Raymond James poach
Gingras, who spent virtually her entire 20-plus year career at Raymond James, reports to Joe Dursi, head of the investment platform and the TAMP on the operations side along with Scott Welch, who oversees investing.
“We anticipate that Angela will have a significant impact on the firm as we continue to expand our business. We are delighted to welcome her as the inaugural hire in our new headquarters,” Penney said in a statement.
What exactly is Dynasty Financial Partners and why is the Smith Barney execs' startup gaining so much attention?
Gingras will be located in the firm’s 200 Central Avenue building in downtown St. Petersburg.
Marcus Wilson, who has been with Dynasty since the firm’s inception and previously led the operations team, is being promoted to Senior Vice President of Investment Platforms.
He'll also report to Dursi and help oversee strategic relationships, including searching for new partnerships, services and technology, and ensuring the proper delivery of the platforms to the Dynasty network.
“Marcus has done a great job of building and leading our operations function over the past several years. I’m excited for him to take on this next challenge to enhance our rapidly growing suite of Investment Platforms,” Dursi says in a statement.
Employer beware
Story Timeline
Penney means no offense to Raymond James, the biggest financial advisory firm in his newly adopted home. That said, he will allow the chips to fall where they may in hiring about 50 people by year's end.
"We are not targeting any company, and people are coming to us in response to openings," he says.
"Specific to Raymond James we have tremendous respect for what they have done in the community over the years both on corporate and philanthropic front and are excited to be joining the St Pete community with them.
Attack of the killer app: Dynasty targets the corner-office broker by combining Envestnet and Callan
Raymond James had 12,700 employees by the end of 2017 and it lists 7,800 advisors on its website.
Gingras had worked for Raymond James since 1997 primarily geared toward independent financial advisors. Most recently, she was vice president, operations and custody compliance, responsible for the compliance oversight program of the broker dealer operations, clearing and custody functions.
But Gingras liked the headroom and broad horizons she saw at Dynasty, enough to leave her career.
“It’s incredibly exciting to be part of Dynasty’s ambitious business plan for expansion, while also advancing the success of top independent advisors utilizing the integrated turnkey asset management platform.
Dynasty’s impressive partner network, innovative technology and emphasis on client service makes them a leader in the independent wealth management space,” said Gingras said in a statement.
Big foot, small town
The all-purpose outsourcer and nerve center for 47 big RIA firms with a combined $30 billion of AUM is renting space in the heart of the business district.
The building, known as Priatek Plaza or One Progress Plaza, is a 28-story skyscraper designed by Jung Brannen Associates. It was completed in 1990. See: What exactly is Dynasty Financial Partners and why is the Smith Barney execs' startup gaining so much attention?
“We have spent a year looking for an ideal location that provided economic leverage, a high quality of life for our team, a robust infrastructure and a strong talent pool." Penney said in a Feb. 19 statement announcing the move.
"We also wanted a location that was in the heart of a thriving and growing financial services market – and St. Petersburg was a stand-out on all fronts."
“The real estate footprint expansion will now allow us to invest more aggressively in people, resources and tools to better serve our growing client base,” he added.
The company will make the move beginning in the second quarter, but will continue to maintain a presence in New York in its midtown office, as well as their client service locations in Chicago and San Francisco.
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