Five teams managing almost $9 billion in assets have left wirehouses and opened RIAs with Dynasty Financial Partners this year. What custodian have they selected? Charles Schwab — every time.
It’s coincidental, according to Jon Morris, Chief Legal and Governance Officer at Dynasty. “We are agnostic to which custodian a firm uses or selects,” he says.
In some cases, advisors picked Schwab first. “Oftentimes, the custodians bring the advisor opportunity to Dynasty,” Dynasty CEO Shirl Penney said in an email.