Shirl Penney, President and CEO, Dynasty Financial Partners joined Julie Cooling, founder and CEO of RIA Channel, to discuss Dynasty’s approach to supporting independent advisors to grow their practice and build community.
Independent advisors like to be independent, but not alone, says Penney on Dynasty’s emphasis on community, collaboration and education. Beyond integrated back office solutions and investment management capabilities, the rapidly growing wealthtech platform offers independent advisors access to a network of hundreds of advisors nationwide, the ability to meet and share ideas at in-person conferences and industry leading training on business management and leadership development skills.
Penney explains that there has never been a better time to be a financial advisor. While market volatility is increasing demand for financial advice, the number of advisors is declining. Advisors who can reduce the time spent on middle and back-office tasks can create free time to meet with clients and prospects.
A key trend today is the growing allocation to alternative investments, with many advisors becoming more comfortable moving client allocations from 5% to 15% or more. Alternative investment managers are increasingly adapting their message, moving beyond institutional language to provide education and access that resonates with advisors.
Given the strong demand for financial advice, it makes sense for advisors to leverage technology that will allow them to serve a greater number of clients.