Dynasty Financial makes 'critical' hire as it prepares nationwide quick-strike forces to make its 55 RIA clients tuck-in magnets for a 'not obvious' growth opportunity

Dynasty Financial Partners is starting to turn its 55 RIA clients into 55 tuck-in magnets using corporate SWAT teams to swoop in to close deals – from closer by. 

The St. Petersburg, Fla., RIA platform is hiring to field teams in all three U.S. time zones. They will arrive at RIA clients' offices for a full-court press to encourage a higher throughput of breakaways to join that firm.

Typically, the so-called “tuck-ins” are from broker-dealers. Tuck-ins are more plentiful and differ from classic breakaways. They want to join an RIA but don't want to run their own RIA.

“This team will fly in and close your tuck-in,” says Shirl Penney, Dynasty Founder. “Or even meet with a [prospective ultra-high-net-worth] client.”

The fresh Dynasty attention on tuck-ins came to light this week when the company hired Kevin Monaco, a veteran Morgan Stanley business development executive.

Monaco most recently worked at Oppenheimer in Los Angeles, where he's stationed, and will be part of an effort to build out quick-response team on the West Coast.

Bed hopping

Penney says the buildout of mobile recruiting teams follows a pilgrimage he made in the first half of 2025. He visited 50 of the 55 RIAs in the Dynasty network and decided that he needed to build more visits into the corporate modus operandi.

“A lot of where the magic happens is in the client office,” he says. “A lot of executives lose sight of that.”

Penney says he is, in effect, re-enacting his firm's origin story where he went full Willy Loman to get to know his clients and sign them on.

"At least 15 of my first 30 clients, I literally slept in their guest beds.” he says.

Lumpy mattresses aside, Dynasty is playing a strong hand that will yield a more obvious harvest of people and assets because it's building on its niche dominance.

“My observation is that Dynasty is achieving a somewhat dominant maturation,” says Philip Waxelbaum, principal of Masada Consulting, a recruiting firm. "We will see some very important adds to the intentionally exclusive UHNW membership list. 

“What won’t happen is Dynasty will not morph into a bring-me-your-huddled-masses Statue of Liberty structure,” he adds. 

"I think some of the recent moves of adding seasoned talent like Tim Oden and service value partners like Goldman hint at the business plan." See: Goldman Sachs custody unit gets coveted foothold with Dynasty Financial, but no assets yet in a move that still threatens Schwab and Fidelity, recruiter says

Goldman Sachs targets big sophisticated RIAs, often with ultrahigh net worth clients, and Oden is famed for 37 years at Schwab and getting close to its premier RIA clients – many with a similar mindset.

Penney emphasizes in a follow-up email that the tuck-in strategy isn't slowing his usual avenues of growth.

“We are still launching RIAs, bringing RIAs on who want to outsource to grow, and now doing more M&A support work for our network firms that are M&A ready.”

He adds: “This week we signed a new breakaway, a new RIA who is outsourcing tech and investments to us, and we signed a tuck-in. And it's only Tuesday!”

Nationwide network

These new Dynasty quick-strike teams will encompass a spectrum of expertise – service, technology, business development and investments –  that an advisor needs to serve clients. Those teams will also help service existing RIAs in their territories. 

Penney says that establishing the teams across the United States will encourage the team to hop-to and book the needed trips.

The new strategy builds on a previously disclosed effort to rebuild the St. Pete headquarters into a place where a prospect gets immersed in the company and its people. 

It's an answer to the wirehouse "home-office visit or HOV. See: In part to re-create the RIA version of the 'HOV,' Dynasty Financial refreshes plan for power-HQ to woo Wall Street brokers into becoming RIAs

The plan to attack tuck-ins regionally makes sense, says Waxelbaum.

"Dynasty has some great platform partners in the West, but yes, it has been much stronger down the Atlantic seaboard – a [phenomenon] true to its NYC and now Florida roots. 

“The part not obvious is the distribution of ‘tuck-ins’ across the country. The pins appear more radiant than concentrated when viewed that way. The goal now is to build that radiance from both coasts and from the middle out.”

Critical asset

Dynasty's 55 RIA clients have 500 financial advisors and $120 billion in platform assets. Dynasty itself has 180 employees.

Tim Oden, Dynasty's chief growth officer, spoke to the strategic aspect of the Monaco hire as a director of business development. See: Tim Oden departed Schwab after 37 years and was flooded with industry offers, but Shirl Penney made one he couldn't refuse -- a seat at the table

“Kevin’s deep experience, reputation as a strong leader, and regional expertise make him a critical asset as we expand our presence in the western U.S.,” he said in a release.

Monaco will be responsible for recruiting top-tier independent advisory firms, developing business partnerships, and serving as a local resource for existing Dynasty Network Partners, the company said.

Exciting time

The ex-Oppenheimer staffer is reporting to Oden who worked at Charles Schwab, largely based in LA for 37 years, but is among the better known RIA business development executives in the industry. 

Oden is now tasked primarily with supporting advisors under the title, Chief Growth Officer. 

Monaco likes what he's given to develop business.

“This is an exciting time to be joining Dynasty as they continue to redefine the independent advisory space with cutting-edge technology, high-end investment products, a top-tier investment bank, and lead generation capabilities that elevate the client experience and support growth-oriented clients,” he says in the release.

The moves come three years after Dynasty raised $100 million …, but more raises may be in the cards, according to Waxelbaum. See: Shirl Penney lands hot cash in cold market, raising $100 million (says source) to 'charge onto the offensive' as competitors 'hunker down' under debt

“I suspect there is more capital coming as well,” he says.