Dynasty snags a Schwab big to head RIA business

Dynasty Financial Partners LLC has hired Loren Morris as director of RIA services.
APR 15, 2011
Dynasty Financial Partners LLC has hired Loren Morris as director of RIA services. Mr. Morris, who starts April 15, is also a partner of the firm. Most recently, he was national head of the consolidator segment for Charles Schwab Advisor Services. Mr. Morris "will be participating in initial [recruiting] calls that Dynasty has with adviser teams," said Will Briganti, a spokesman for Dynasty. "His efforts will really begin once an adviser joins" Dynasty, Mr. Briganti said, by providing transition help and ongoing service to the ultra high-net worth advisers Dynasty is targeting. Dynasty is a solutions provider for independent advisers. "Charles Schwab is an important partner for Dynasty, and we believe Loren will make that partnership even stronger," said Dynasty chief executive Shirl Penney in a statement. "Loren was known for his ability to make even the largest custodian feel like a small boutique for many of their top RIA firms," said Dynasty chief executive Shirl Penney in a statement. Dynasty was officially launched last December by Mr. Penney and Todd Thomson. Both are ex-Smith Barney managers. At that time, the company announced that it hired Michael Brown from Bank of America's U.S. Trust unit, as director of wealth management. Mr. Brown's team at U.S. Trust reportedly handled $5.9 billion in client assets. Dynasty investors and board members include William Donaldson, former chairman of the Securities and Exchange Commission, and Harvey Golub, the former American Express Co. chief executive.

Latest News

No succession plan? No worries. Just practice in place
No succession plan? No worries. Just practice in place

While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.

Research highlights growing need for personalized retirement solutions as investors age
Research highlights growing need for personalized retirement solutions as investors age

New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.

Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones
Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones

With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.

Insured Retirement Institute urges Labor Department to retain annuity safe harbor
Insured Retirement Institute urges Labor Department to retain annuity safe harbor

A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.

LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors
LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors

"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.