The $129B Blockbuster Move: Shirl Penney On Why This Transition Marks A New Era For The Industry The Diamond Podcast For Financial Advisors podcast

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The $129B Blockbuster Move: Shirl Penney on Why This Transition Marks a New Era for the Industry

3d ago 38:43

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With Shirl Penney—President and CEO, Dynasty Financial Partners, Hosted by Louis Diamond

Overview

The $129B OpenArc breakaway marks a watershed moment for wealth management. In this Rapid Reaction episode, Louis Diamond and Shirl Penney unpack what it means for the RIA model, advisors, and the future of industry competition.

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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

About this episode…

When the news broke that a team managing $129B in client assets left Merrill to launch OpenArc Corporate Advisory, the headlines focused on the sheer scale of the move—and the ensuing legal firestorm. However, this transition represents even more: a defining moment for the independent wealth management movement and a demonstration of the industry’s evolving landscape.

For years, independence has been steadily chipping away at wirehouse dominance. Yet OpenArc is proof that even the most elite and institutionally focused advisor teams see greater opportunity in starting their own firm.

That’s where Dynasty Financial Partners comes in. Under Shirl Penney’s leadership, Dynasty has become synonymous with enabling large, complex teams to make the leap to independence, providing the scale, capital, and infrastructure needed to compete at the very top of the industry.

And with OpenArc, Dynasty has helped one of the biggest breakaways launch a new enterprise built for the future.

Yet getting the team to this moment was a decade in the making, with Mindy Diamond and Louis Diamond guiding the growing team through an educational journey on an ever-changing landcsape of possibilities.

In this special Rapid Reaction episode, Louis and Shirl offer their perspectives on:

Why the OpenArc deal is such a watershed moment.
What it signals about the evolution of the RIA model and the industry at large.
How it may influence other large teams contemplating their own futures.

They also highlight key learnings for advisors watching this transition closely—and what it reveals about the next chapter of industry competition.

It’s a rare inside look at a landmark deal in wealth management—and the insights it offers for advisors and firms across the industry.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Related Resources

Transition Announcement: $129B Merrill Team Launches OpenArc Corporate Advisory with Support from Dynasty, Schwab, and Diamond Consultants
It’s a hallmark transition from Merrill, with more than a decade of consulting and guidance from Diamond Consultants.

Transition Announcement: $5.5B UBS Mega-Team Leaves for RBC
One of the top teams in the industry, led by the largest female advisor at UBS, Leslie Lauer, moves to RBC Wealth Management.

Shirl Penney
President and CEO

Shirl Penney is the founder, CEO, and member of the Board of Directors of Dynasty Financial Partners, one of the leading advocates and platforms for independent wealth advisor firms. Since its launch in 2010, Dynasty has grown to nearly $115B assets under management.

Shirl is recognized throughout the industry for his thought leadership and insight on key trends and issues impacting the rapidly evolving wealth management landscape. Investment News named him to its 2015 list of ‘40 Most Influential People in Wealth Management Under 40,’ as well as to its inaugural list of ‘Icons and Innovators in Wealth Management’ the following year.

In 2019, Dynasty relocated from New York, NY, to St. Petersburg, Florida, and Shirl quickly became a leading voice in the city’s business community, embracing local causes and giving back to organizations serving the area where Dynasty employees live and work. In 2023, he was named ‘Florida Entrepreneur of the Year,’ and in 2024 the Tampa Bay Business Journal selected him for its ‘Power 100 List’ of the area’s most influential business leaders.

Prior to Dynasty, Shirl worked at Citi Smith Barney in various leadership roles including director of private wealth management and head of executive financial services.

Shirl is from Eastport, Maine, and graduated from Bates College. He and his family live in St. Petersburg where they are active in numerous charitable causes focused on education, poverty, ALS, and veteran services. He is a Fellow of the inaugural class of the Finance Leaders Fellowship, a member of the Aspen Global Leadership Network, and a member of the Young President’s Organization of Florida.

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The $129B Blockbuster Move: Shirl Penney on Why This Transition Marks a New Era for the Industry

The Diamond Podcast for Financial Advisors

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published 3d ago

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