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September 2019 in News & Press

FinancialPlanning | Schwab again? Why recent Dynasty-backed breakaways are going with the same custodian

By Great Diamond Partners

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.