Shirl Penney, President and CEO, Dynasty Financial Partners joined Julie Cooling, founder and CEO of RIA Channel, to discuss how advisors can grow their business using an integrated technology platform.
Dynasty Financial Partners differentiates its service offerings through technology. Penney is passionate about technology and its potential to enable and liberate advisors. Dynasty builds technology for business owners who happen to be financial advisors.
Penney explains there are three legs of the technology stool. First, there is technology to run the business, including marketing tools, business analytics, and an outsourced chief financial officer (OCFO) function. Next comes the asset management vertical with trading tools and a turnkey asset management program (TAMP). Finally, the business tools need to be integrated with client connectivity tools, such as CRM and financial planning software.
Penney believes there has never been a better time to be in the RIA industry, as the demand is growing while supply is shrinking. On the demand side, wealth creation is at an all-time high, as American millionaires have increased from 7 million to 23 million over the last 20 years. Simultaneously, the supply of advisors has been shrinking.
RIA firms are experiencing a rapid professionalism of CEOs and Presidents. Dynasty works with MIT Sloan to present the “Advisor to CEO” program, a leadership development program for financial advisors who aspire to become president or CEO of their firm.
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