Dynasty offering insurance

Dynasty Financial Partners LLC has launched a new service, Dynasty Insurance Services, to support its network of 18 firms in writing fixed-life-insurance, and annuity, disability and long-term-care contracts. With wirehouse advisers going independent, “what a lot of them are doing is maintaining ... a hybrid model so they have the ability to do insurance [on] a commission basis,” said Austin Philbin, director of Dynasty Insurance Services. “Part of what we're looking to do is to provide them an avenue to continue that type of business model” by providing access to carriers through two insurance brokerage partners, Ash Brokerage Corp. and PKS Financial Services Inc., an affiliate of Purshe Kaplan Sterling Investments, he said. Peter Katt, founder of Katt & Co., a fee-based insurance adviser, said Dynasty's offering doesn't seem unusual. “How are they different?” he wondered. Dynasty executives want to provide a turnkey solution. Mr. Philbin stressed clients' desire for simple explanations for their insurance needs.

PROVIDING OPTIONS

“What we're trying to do is provide them with clear, distinct options [that] fit within a client's entire plan,” he said. Advisers on the Dynasty platform who handle insurance do a lot of traditional term products and fixed-life policies, as well as lesser amounts of disability and long-term-care insurance, he said. Dynasty said its adviser network also will be able to use its own experts, along with consultants at Ash Brokerage and Barnum Financial Group, an office of MetLife Inc.