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Content tagged "Shirl Penney"



Nick Georgis: We're told by our clients that they're not getting this help anywhere else.

What tidbits jumped out of Schwab's business update to Wall Street -- including the two underscored advantages relating to Schwab Advisor Services
Braving 'ahems' from Fidelity and Pershing, Bernie Clark claims Schwab is now the preferred vendor to roll-ups and Nick Georgis says Schwab stands alone as a business consultant to RIA firms

Monday 8.4.14
Shirl Penney: The whole idea is to make it engaging and for the most pressing questions to be asked.

Fidelity, Pershing and Schwab custody chiefs will get grilled by a mega-client in Las Vegas
Mike Durbin, Mark Tibergien and Bernie Clark will field questions from Shirl Penney at MarketCounsel event -- and he's promising not to toss softballs

Thursday 7.10.14
Erik Strid will head the new company and execute under a new brand and plan after what he calls a decade of pseudo independence.

Schwab wins $350-million Philly RIA from Wells Fargo Profit-Formula program with Dynasty Financial's help
The Main Line Strids set the stage for a succession plan and a new round of growth from a King of Prussia perch

Thursday 2.20.14
Ron Sallet: I am delighted to now be able to talk to these advisors as a fellow entrepreneur.

Dynasty snatches a top 'road warrior' from FiNet
The former Smith Barney, Wells Fargo recruiter will now prey on his own kind

Wednesday 1.22.14
Bill Johnston: Our plans are to work with Pershing to bring private banking solutions to the RIA community in a structured, tailored, thoughtful manner.

BNY Mellon is arming Pershing's RIA unit to the teeth with banking products for ultra high net worth clients
Clients of Pershing RIAs can get jumbo mortgage loans -- a good lure for breakaways used to cross-selling like mad at wirehouses

Wednesday 12.11.13
Ed Friedman started at Morgan Stanley in 1985 as an advisor and made his name in a blizzard in Watertown, N.Y.

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

Tuesday 12.3.13
Jonathan Blau: We never knew there was a way to partner with someone like Dynasty.

Dynasty Financial leads a second $1 billion-range team -- now Fidelity RIA -- out of Wall Street in as many weeks
Fusion Family Wealth LLC presumed the economics of buying top research wasn't there -- but was shown otherwise

Wednesday 11.13.13
Jamie McIntyre: The out-of-pocket fees can be almost zero because we've embedded it into the investment management fees for research.

An LPL-ified Fortigent bursts back on the scene with new software, new pricing and a surge of growth
After a tense waiting period, the outsourcer is unveiling alternatives to six-figure research contracts and the launch of an online portal for all services

Monday 10.14.13
Tom Petrone is back in the game, but this time he'll be squaring off against his old charges.

After several quiet months, Dynasty Financial hunts a big ex-Citi head to unblock the sales process and make good it's original promise to corner-office prospects
By luring Tom Petrone out of Greenwich hibernation, the NYC platform company can tell would-be breakaways that their offering is strictly hard-bodied

Wednesday 9.25.13
Mike Papedis: For reasons unknown, it hasn't translated to movements.

Deal-making momentum is AWOL 'for reasons unknown,' but HighTower Advisors wins an outsource deal with a fresh $500 million Morgan Stanley breakaway
This deal looks pretty normal, but the Alabama sign-on looks like a pioneer in this eerily quiet market

Wednesday 9.18.13
Cara Williams: We do really want to be relevant in the retail space.

Mercer finally makes its 25,000 investment strategies available to RIAs with HighTower as its first big client
Once institutional-only, the New York giant sees greener pastures on the lower (retail) alps of the investment business

Thursday 7.11.13
Bill Crager: The content race will be on and we'll open up a whole new competitive landscape for asset management.

Having won advisor assets, Envestnet's next -- more Google-like -- play is for their smarts
The Chicago outsourcer will soak up and synthesize information from 23,000 advisors and distribute it in real time in an effort to create one big giant brain out of an atomized industry

Friday 5.10.13
Andrew Marsh: It's a way for them to manage the account and get paid on it.

A $15-billion roll-up-like venture in Canada gets a US foothold with a Dynasty Financial deal -- and vice-versa
With the deal, born on a frozen lake in Montana, both companies are attempting to keep assets from crossing their borders

Wednesday 5.1.13
Jud Bergman: I think institutions are seeing this as a way go participate in large trends.

As Envestnet shares soar, the firm extends its offerings further beyond RIAs with $33-million deal
With the Chicago-based outsourcer's stock now up about 75% in the past year, it picks up a Prudential unit that has sweet ties to trust companies

Monday 4.15.13
James Maher: From a conflict standpoint, it was very awkward.

Merrill Lynch team breaks away from Bank of America (yes, ironically) to get better access to bankers
James Maher is forming Archford Capital Strategies as a wealth manager that needs capital galore to unlock his clients' billions in assets from illiquidity

Tuesday 4.2.13
In a deal that rocked the RIA world, David Hou (pictured) and Mark Sear sold Luminous for a staggering $125 million in cash to a San Francisco bank.

10 most influential RIA figures going into 2013 and how they're reshaping the industry, Part 1
2012 was a year of drama as sweeping deals of unexpected size were struck and the industry took to the Hill to fight against FINRA overlords

Friday 3.8.13
Mike Papedis: Partnership is not for all advisors.

It won't be long before HighTower's fee-for-service channel revenues draw even with its partner firm revenues
Chicago aggregator is in talks with 50 firms about signing up with the newly unveiled Network and Alliance options

Monday 3.4.13
Frank Zecca: We do so much for our athletes. We don't have a lot of time to figure out how to run our business.

How exactly a sports super agency plans to use Dynasty Financial to extend its dominance to the RIA business
Octagon has 800 employees, Michael Phelps and the like as clients but it wealth management arm is not so major league, yet

Tuesday 2.26.13
Shirl Penney: We're keeping the numbers small.

Dynasty Financial turns two, picks a new long-term goal and shows off $2 billion of SMA assets
The New York corner-office outsourcer guys leave plenty of room to grow but will never have Smith Barney numbers

Monday 12.17.12
Mark Sear says that referring clients to outside lenders was not working well for his firm.

First Republic pays a staggering sum for Luminous Capital, sources say, and shifts the breakaway and M&A games in the bargain
Recruiters are getting renewed interest from big wirehouse teams and the $125 million deal shows that breakaway brokers can realize big enterprise value in short order

Thursday 11.8.12
Shirl Penney (l.) and Elliot Weissbluth (middle) take their turns listening as Rudy Adolf (r.) explains his firm's impressive M&A feats.

What exactly the CEOs of HighTower, Focus Financial and Dynasty Financial revealed when they shared a stage in Las Vegas
Aggregator honchos appeared together under the unloved roll-up tag to highlight differing and evolving facets of their firms

Tuesday 9.25.12
Jonathan Morris has seen it all after having been at Lehman during the collapse.

Dynasty Financial hires a heavy-hitting lawyer to oversee a sea of contracts
A former Barclays and Lehman gun, Jonathan Morris will handle the myriad of deals the platform provider forms with vendors and advisors alike

Thursday 9.20.12
Knut Rostad demanded to know what Elliot Weissbluth meant by 'zero conflicts of interest.'

The two dramatic moments everyone was buzzing about at the MarketCounsel conference
Elliot Weissbluth, Knut Rostad, Charles Goldman and Joe Duran helped show us why thought leadership begins when sparks fly

Tuesday 9.18.12
Elliot Weissbluth wowed the MarketCounsel crowd in Las Vegas with the news that HighTower will take on Dynasty Financial head-to-head

HighTower throws open its doors to non-partner firms who want service and/or brand
The Chicago-based consolidator announces in Las Vegas that it is gambling that it can deliver a business model similar to Dynasty Financial Partners

Friday 9.14.12
The M Resort is a sufficient RIA magnet -- though it shares characteristics with a suburban metroplex

'Ocean's Eleven'-grade RIA sharpies set to play Vegas at MarketCounsel's 2012 Summit
A remarkably varied lineup of industry A-listers are odds-on to spark lively conversation at the compliance confab

Friday 8.31.12
New York not the center of the RIA world? Fuhgeddaboudit!

Why the slow-evolving metro New York area is still on course to be the capital of the RIA business
The city's sheer wealth and jungle-like powers of regeneration alone mean that it can stomp San Francisco

Wednesday 8.8.12
John Sullivan: At some point, there was no turning back.

Dynasty Financial recruits another field general from the Citi-Smith Barney army
John Sullivan will do some of the heavy lifting from Chicago on advisor service and be a subject matter expert for lending

Wednesday 7.25.12
Michael Hull: There's no question we were going to be together.

Brothers reunite as a $3.8 billion ex-Graystone team forms its own RIA
Morgan Stanley Smith Barney's elite consulting unit pushed out the older brother based on alleged wrongdoing and his younger brother spearheaded a breakaway to rejoin him

Wednesday 7.11.12
Independence doesn't have to be thought of in terms of bayonets and bandages, or does it?

Dynasty fetes its RIAs with bottles of bubbly on the Fourth -- but with an anti-revolutionary message
Popping a cork to celebrate newly independent advisors is a grand idea. But is it revolution or evolution?

Thursday 7.5.12
David Westcott broadcasted to 20,000 advisors and now he's bringing his powers to bear for Dynasty RIAs.

Dynasty Financial Partners launches a branding and marketing subsidiary peopled by ex-Citi execs
The New York-based virtual corner office provider now has wirehouse talent at virtually every level -- from advisors to PR folks to CEO

Thursday 6.28.12
Steve Prostano: [SFOs] still don't want to invest in the business.

How WilmerHale is positioning its $3.3B-AUA RIA as outsourcer and owner in a $750-billion market
Silver Bridge, backed by the high-power law firm and headed by a former JPMorgan Chase division president, is exploiting the need of single-family offices to gain scale without merging to become multifamily offices

Monday 6.25.12
Monique Miller knows alternative investments from her days with Caxton Associates.

Dynasty Financial hires an expert to help it build an alternative-investments inventory
Monique Miller brings her Caxton expertise and Dynasty is also poaching Austin Philbin, overseer of 100-plus MSSB advisors,

Friday 6.1.12
Robert Matthews: We look to most people as much like an RIA as a bank.

Bank founded by ex-Merrill chiefs spurs RIA arm to $3 billion after hiring a former Citi chief as CEO
Fieldpoint took off after hiring Robert Matthews who's attracted advisors from US Trust, Morgan Stanley Smith Barney, Goldman, Bank of America, JPMorgan and Wilmington Trust

Tuesday 5.29.12
Chad Clary (l.) and Dane Crunk channeled their West Texas clientele who run entrepreneurial businesses poised to capture the new oil boom.

Merrill Lynch PBIG team breaks away in tumbleweed country to better pursue next-gen oil fortunes
Chad Clary and Dane Crunk are bringing Dynasty Financial's technology to UHNW folks with dusty boots, deep tans and around $800 million of assets

Tuesday 5.8.12
Michael Araiz: We realized this was more than a meet and greet.

A hungry NYC-based firm takes aim at a bigger future by signing on with Dynasty Financial Partners
Further Lane kept hearing about the vendor of vendors -- then paid a visit, and also put Black Diamond and Callan in its cart

Friday 5.4.12
Chip Roame sees a coming explosion of discount brokerage branches.

8 notable takeaways from the spring 2012 Tiburon CEO Summit
The breakaway movement still depends more on Wall Street's moves than Main Street's moxie

Wednesday 4.18.12
Tony Wood: We may be a minority owner, but we want to manage the firm and develop a business growth plan for them.

Dynasty is on the ground floor of a roll-up-like venture grabbing RIAs inside the largest accounting firms
Atlanta-based Method will parachute in to take over operational and management control of wealth managers providing advisory expertise their CPA-firm parents may lack

Thursday 4.12.12
Jerry Eberhardt: I know a lot of people [from Smith Barney] who may be appropriate to look at the independent space.

Extracting a mentor from retirement, Shirl Penney continues to make Dynasty look more like Smith Barney than Smith Barney
Jerry Eberhardt oversaw Citi's wirehouse for the Western U.S. and now he's eager to help advisors looking to transition from the big branded firms

Thursday 4.12.12
John Copeland: We've been having a number of terrific conversations articulating our growth proposition to independent advisory firms.

AMG makes a dramatic entry into wealth management arena, buying majority stake in $10B Veritable
Veritable LP is the first in a series of very big RIAs the giant asset management firm has its eye on

Wednesday 3.21.12
Shirl Penney and Todd Thomson: The reason to [go independent] is that you want to build equity in something that's yours."

The top 10 people to watch in the RIA business in 2012, Part 2
Keeping an eye on those gaining the most ground in the fleet-footed RIA industry

Tuesday 3.13.12
Larry King: No one owns us...It's really the best of all worlds.

Dynasty adds Larry King, a cornerstone advisor of legacy Smith Barney's family wealth unit
At Morgan Stanley Smith Barney, the Saratoga Springs team had about $1.2 billion

Monday 2.6.12
Michelle Smith is looking for ways to handle growth.

Dynasty Financial and Black Diamond combine to pick off a big family office helmed by women
Alexandra & James Wealth Management uses the duo to replace Fortigent as it nears $1 billion of AUA

Friday 1.20.12
Scott Welch says his company's success can be attributed to putting manager research and reporting under one roof.

How Fortigent got $50 billion on its platform by treating an RIA pain-point
The Rockville, Md.-based company was early in the high-end of the market but other outsourcers are catching on

Monday 9.12.11
Timothy Bello was hired to ride shotgun with advisors

Dynasty Financial Partners brings on Timothy Bello from SkyBridge Capital
A big part of the new hire's job will be to make sure RIA clients make good use of the Dynasty platform

Monday 9.12.11
Shirl Penney: They want more wallet share.

Dynasty Financial nabs a big Florida RIA as a client, pulling closer to Schwab
The New York start-up has known Cypress since a conversation in 2008

Friday 7.22.11
Alan Harter: Nobody looks at me like I have three heads.

Why an elite Morgan Stanley Smith Barney advisor jumped ship and plans 10 offices around the globe
Breakaway is using high-profile startup Dynasty to access key vendors

Tuesday 2.8.11
Shirl Penney: We are very satisfied with the terms of the agreement.

Dynasty Financial Partners ends legal squabble with Bank of America, clearing deck for growth
The high-profile startup may have passed up chance to win its case, an attorney says

Tuesday 1.25.11
Shirl Penney: We wanted [the company] built to last rather than built to flip.

What exactly is Dynasty Financial Partners and why is the Smith Barney execs' startup gaining so much attention?
Some combination of a bold business model, powerful backers and good PR -- lawsuit aside -- made for a good break out of the gate

Monday 12.13.10

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