Shirl Penney hopes next Fourth of July will mark a significant milestone in the history of independent financial advisors.
That's the date the Dynasty Financial Partners founder and CEO has penciled as a conservative target for reaching $100 billion in assets.
There are currently 52 registered investment advisors on Dynasty's network, and more than $85 billion sitting on Dynasty's technology, Penney said in a virtual meeting with reporters during the firm's annual Investor Forum. More than half of those assets, $45 billion, are also on Dynasty's outsourced investment platform.
Internally, the company is already planning for its $100 billion party. Not even recent market turbulence has slowed the movement of advisors breaking away from wirehouses or leaving independent broker-dealers in favor of the RIA space, he said.
"We probably have the best pipeline that we've ever had with advisors continuing to come," Penney said. "I would not trade our position in the high-end RIA ecosystem with anyone, and shame on us if we don't take full advantage of it."
While the number of advisors coming to Dynasty has remained steady, what has changed is the size of teams that are moving, Penney added. When Dynasty launched 14 years ago, a large breakaway would have been managing $250 million. In the last few years, Dynasty has helped dozens of multibillion-dollar teams go independent.
