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Speaker 1: M This is Mesters in Business with very renaults on

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Speaker 1: Bluebird Radio. This week on the podcast, I have a

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Speaker 1: special guest, Sheryl Penny. Uh comes from the most humble

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Speaker 1: of all roots, and really we want to talk about

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Speaker 1: a Horatio Alger story of a person who um essentially

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Speaker 1: picked himself up by his bootstraps and and built a

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Speaker 1: um career and turned that into a powerhouse business. He

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Speaker 1: runs Dynasty Financial Partners, which has over sixty billion dollars

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Speaker 1: on its platform. His story is really, i want to say,

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Speaker 1: pretty unique in in Wall Street, very very humble origins

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Speaker 1: UH and and very much a self educated person who

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Speaker 1: was fascinated with finance from when he was younger and

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Speaker 1: use that fascination really a motivation to uh self educate

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Speaker 1: autodidact is the term for that, and really become one

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Speaker 1: of the most impressive CEOs in the financial industry space.

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Speaker 1: This is a little inside baseball. It talks about what

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Speaker 1: happens when advisers and brokers at big firms like Morgan

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Speaker 1: Stanley or Mari Lynch or Ubs decide they want to

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Speaker 1: go independent and leave those big firms to set up

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Speaker 1: their own shop. What Dynasty does is provides a pathway

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Speaker 1: to do that, either so that the person can become

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Speaker 1: independent or the person ends up on um Dynasty's platform. Uh,

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Speaker 1: this is a pretty fast growing space. We've seen major

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Speaker 1: changes in the financial services industry over the past twenty years.

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Speaker 1: Most of that acceleration took place after the financial crisis,

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Speaker 1: where I think the once mighty brands no longer carry

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Speaker 1: the same cash because of their involvement in in what

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Speaker 1: took place with subprime and CDOs and all that not

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Speaker 1: so much fun stuff. Anyway, if you're at all interested

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Speaker 1: in financial services, registered investment advisories, anything along those lines,

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Speaker 1: I think you'll find this to be a fascinating conversation. So,

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Speaker 1: with no further ado, here's my discussion with Dynasty Financials

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Speaker 1: Ryl Penny. This is mesters in Business with very results

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Speaker 1: on Bloomberg Radio. Ryl Penny, Welcome to Bloomberg and Barry's

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Speaker 1: so great to be here. I am a huge fan

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Speaker 1: of the show, so I'm thrilled to be a part

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Speaker 1: of it. Thanks so much for the invite. Well, my pleasure.

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Speaker 1: This is this is long overdue. We're gonna talk about

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Speaker 1: Dynasty in a little while. I want to start discussing

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Speaker 1: your background because in the world of finance, your story

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Speaker 1: is kind of unique. Would you mind sharing a little

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Speaker 1: bit about your background with us? Sure, I'm happy to look.

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Speaker 1: We're we're all living our own unique version of the

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Speaker 1: American dream. But I'll tell you a little bit about mine.

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Speaker 1: So I'm from a little fishing village the easternmost point

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Speaker 1: in the United States in Maine called Eastport, Maine, population four.

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Speaker 1: I was raised there by my step grandfather. When I

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Speaker 1: was eleven years old and my grandfather was in his

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Speaker 1: early seventies, the house that we were living in was condemned,

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Speaker 1: literally fell down around us, and for three years when

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Speaker 1: I was eleven twelve thirteen, we were homeless, lived with

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Speaker 1: various neighbors. Obviously very cold in winters in Maine, but

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Speaker 1: a great motivator when you're cold and hungry at times.

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Speaker 1: And always had great love and support of my my

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Speaker 1: step grandfather, but was fascinated by by numbers, was always

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Speaker 1: good and math. Convinced my high school teachers to have

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Speaker 1: the stock market game added at the school. And I

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Speaker 1: used to tell people, you know, someday I'm going to

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Speaker 1: go to college and U and head off to Wall Street,

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Speaker 1: and people kind of chuckled because not only had no

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Speaker 1: one in my family ever gone to college, no one

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Speaker 1: from that part of the state had ever gone off

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Speaker 1: to New York to build a career in finance. I

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Speaker 1: used to ask a lot of the tourists who would

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Speaker 1: come visit to bring me copies of financial publications. And

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Speaker 1: I was self taught, just always fascinated by finance and

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Speaker 1: wealth management and was determined to somehow, some way find

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Speaker 1: my way to building a career and in finance. And

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Speaker 1: my grandfather always told me, look, you can do anything,

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Speaker 1: even though he only had a fifth grade education. He

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Speaker 1: always told me can do anything you want in life

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Speaker 1: if you work hard enough towards it. And and I

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Speaker 1: believed him. And it's been quite a journey. So you

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Speaker 1: go to not the usual Wall Street feeder schools. You

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Speaker 1: end up at Bates College, which is a small liberal

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Speaker 1: arts school. How did you find your way into the

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Speaker 1: financial services industry from that education? We are blessed in

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Speaker 1: the state of Maine with three great lebo art schools,

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Speaker 1: Bates and Bowden and Colby. Many people would know those schools.

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Speaker 1: Part of going to Bates was I could stay in

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Speaker 1: Maine and thankfully, very the day before I graduated from college.

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Speaker 1: My step grandfather, who had raised me and meant so

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Speaker 1: much to me, as you can imagine, he died in

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Speaker 1: my arms, and I had the opportunity to give him

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Speaker 1: my diploma before he did pass. I bought a suit

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Speaker 1: for thirteen dollars at the Salvation Army UH and I

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Speaker 1: wrote a bus a couple of days past my graduation

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Speaker 1: to New York City and I interviewed at Smith Barney, which,

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Speaker 1: as many of your listeners will know, is now part

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Speaker 1: of Morgan Stanley. And I had interned my junior year

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Speaker 1: at Dates at the branch location in Portland, Maine at

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Speaker 1: Smith Barney, so I got to know some people there.

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Speaker 1: Basically traded a summer's worth of work for an interview

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Speaker 1: in New York. I rode the bus sixteen hours, and

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Speaker 1: my biggest challenge that morning, Barry was making my way

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Speaker 1: through a revolving door, which I had never seen at

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Speaker 1: point in my life, getting up an escalator which I

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Speaker 1: had also not seen again being from a very small town,

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Speaker 1: you know, fishing village in Maine, making my way through

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Speaker 1: multiple elevator banks, and arriving there at my interview, which

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Speaker 1: I was a half hour early four uh, And I

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Speaker 1: just said, look, you know, I'll here's my my main roots.

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Speaker 1: And I had a job since I was ten years old,

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Speaker 1: had to and just said, look, you know, I may

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Speaker 1: not be the smartest person in the room, but out

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Speaker 1: work everyone. I'm self taught, and I had studied a

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Speaker 1: lot about you know, Sandy Wile and City Group and

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Speaker 1: Smith Barney. And they said, look, come back next week

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Speaker 1: for a second round interview. And I said, you understand

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Speaker 1: what I had to go through to get here. I

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Speaker 1: gotta go all the way back to Maine and come back.

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Speaker 1: And the first time that I ever flew on an airplane,

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Speaker 1: Barry was. They bought me a flight to come back

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Speaker 1: the following week for the second round interview, which went well,

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Speaker 1: and I was hired and and off I went to

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Speaker 1: New York, not knowing anyone but to start my career

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Speaker 1: in finance. So tell us a little bit about your

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Speaker 1: experience at Smith Barty. What did you do, what roles

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Speaker 1: did you hold, and and how long did you stay there.

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Speaker 1: The punchline is I, before starting Dynasty Financial Partners, I

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Speaker 1: spent a little over ten years at Smith Morning and

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Speaker 1: it was a great place to learn the business. I'm

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Speaker 1: a huge believer in mentorship by committee. I had some

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Speaker 1: great mentors when I was there. I moved around the country,

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Speaker 1: which was fantastic. I went to l A, I went

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Speaker 1: to San Francisco. I helped open some private wealth offices there.

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Speaker 1: And I tell a lot of people that are looking

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Speaker 1: to build careers and finances stay close to the field.

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Speaker 1: I think some of the challenges that some of the

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Speaker 1: larger firms have right now is management has not ever

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Speaker 1: really spent any significant time in the field to really

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Speaker 1: understand where the rubbery hits the road in terms of,

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Speaker 1: you know, the advisor client relationship. You know, I've had

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Speaker 1: the good fortune very my whole career the lens through

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Speaker 1: which I see the world as I work for advisors.

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Speaker 1: And I've been fortunate enough that advisors have entrusted me

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Speaker 1: over the course of my career to be their partner

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Speaker 1: in their life's work, to help them get new clients,

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Speaker 1: take care of their best clients, grow their business. Uh.

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Speaker 1: And that mentality I've brought you to to this new

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Speaker 1: business here. I was pushed a lot at Smith Warney

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Speaker 1: and given a lot of responsibility again understanding, you know,

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Speaker 1: I was homeless kid from from Maine who you know,

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Speaker 1: was on welfare and food stamps and trying to work

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Speaker 1: odd jobs and my granddad worked odd jobs to make

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Speaker 1: ends meet. And now, at the age of twenty seven,

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Speaker 1: I think five years into my career, I was actually

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Speaker 1: put in charge of private management, which big responsibility of

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Speaker 1: introducing the firm's top clients and prospects to Sandy while

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Speaker 1: and the senior executives in the firm and showcasing, you know,

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Speaker 1: all of the capability of the organization. Sitting there with

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Speaker 1: these billionaires and advising them on what to do with

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Speaker 1: their money. When you know, seven or eight years prior,

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Speaker 1: I'm standing in line and the sticks of main berry

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Speaker 1: waiting for a block of government cheese. So pretty profound, uh,

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Speaker 1: in terms of you know, uh, you know where my

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Speaker 1: life went in a short period of time. I was

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Speaker 1: working very hard, you know, seventeen eighteen nineteen hour days

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Speaker 1: sometimes because I'm reading all night, trying to come up

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Speaker 1: the learning curve with all these various concepts. And what

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Speaker 1: I realized early on is that we had remarkable experts

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Speaker 1: in all the different disciplines of wealth management, whether it

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Speaker 1: was a state planning, capital markets, investment, banking, asset management,

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Speaker 1: traditional alternatives, cetera. But we didn't have a lot of

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Speaker 1: people who understood how they all fit together in the

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Speaker 1: support of an advisor and in the support of a

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Speaker 1: large sophisticated client. And that was, you know, over twenty

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Speaker 1: years ago, the early formation of these wealth management divisions

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Speaker 1: and then private Wealth Management, and I said, I want

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Speaker 1: to be the person who is more than conversationally competent

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Speaker 1: and all of the disciplines and helped tie it together

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Speaker 1: and that really helped me, you know, grow my career

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Speaker 1: pretty quickly. So ran Private Wealth, ran the Executive Financial

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Speaker 1: Services division, which focused on all the firm's top corporate

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Speaker 1: executive clients. Uh, this is you know in the early

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Speaker 1: nineties and early two thousands where executive compensation was really

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Speaker 1: taking off with stock options and that was a big

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Speaker 1: business for us. So had an opportunity to run that.

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Speaker 1: And then what I realized is all the firm's top

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Speaker 1: clients who sat across the table for me and and

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Speaker 1: all these V I P meetings that we did with them,

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Speaker 1: for the most part, they were entrepreneurs. And I began

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Speaker 1: thinking about, how do I go from this side of

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Speaker 1: the table to that side of the table? How do

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Speaker 1: I take all of this knowledge and skill set that

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Speaker 1: had built up around building platforms for leading advisors, UH,

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Speaker 1: and do it in a way that allows me uh

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Speaker 1: to be not an employee but an entrepreneur and start

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Speaker 1: my own business. UH. And that was the realization of

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Speaker 1: of Dynasty. And when I decided to launch, it was

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Speaker 1: April of O eight, which in hindsight was both a

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Speaker 1: very good and bad time UH to launch. We're headed

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Speaker 1: into obviously, the financial crisis later that year, so it's

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Speaker 1: very difficult to raise capital. But there was a lot

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Speaker 1: of challenges that the large Wall Street brands would face

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Speaker 1: over the next several years. So from a timing perspective,

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Speaker 1: it worked out really well for this new business model

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Speaker 1: that we created in launch, which was to provide an

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Speaker 1: integrated platform service model for high end independent advisors. The

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Speaker 1: timing was right to bring that on sept to market.

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Speaker 1: Really interesting. So let's talk a little bit about what

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Speaker 1: Dynasty does. UM. What are your core services? What's the

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Speaker 1: short version of of the UM product solution that you offer? Okay, thanks, Barry.

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Speaker 1: The short version of what Dynasty does. We're in four businesses.

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Speaker 1: One is a consulting business that advises advisories based upon

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Speaker 1: where they are in their life cycle. If they want

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Speaker 1: to launch a business, we help them do that, you know,

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Speaker 1: breaking away from a wire house, etcetera. If they are

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Speaker 1: thinking about succession planning, if they're thinking about selling their business,

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Speaker 1: will help them with those types of things as well.

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Speaker 1: So that's our consulting business. Our second business is our

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Speaker 1: core services running all of the middle and back office

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Speaker 1: for an advisory practice. So technology, compliance, billing, reporting, all

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Speaker 1: the things that most advisors don't like to do that

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Speaker 1: freese up their time UH to take care of their

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Speaker 1: clients and get new ones. They're outsourcing that middle and

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Speaker 1: back office to us in what we call our core

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Speaker 1: service package. Third business is our investment platform. Many people

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Speaker 1: refer to that as you mentioned earlier, the TAMP turnkey. Yes,

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Speaker 1: that management platform, separate managed account access u M as

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Speaker 1: advisor as portfolio manager, trading tools, access to alternative managers,

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Speaker 1: feeder funds, structure products, access and investment banking network that

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Speaker 1: advisors can refer business to for the business owner, clients, etcetera.

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Speaker 1: That is an ala carte business. UH. The advisors can

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Speaker 1: choose to use it or not on behalf of their clients.

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Speaker 1: And as you reference, we have about twenty seven billion

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Speaker 1: UH now making us a top six UH tamp uh

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Speaker 1: in the in the independent space. UH. And then the

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Speaker 1: last business is our capital business, Dynasty UH Capital Services,

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Speaker 1: which is both a debt and inequity UH offering to

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Speaker 1: advisors and oftentimes that capital gets used by advisors looking

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Speaker 1: to launch a business to fund succession. A lot of

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Speaker 1: the capital gets deployed if somebody wants to do a

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Speaker 1: recap kind of practice what they preach, take a few

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Speaker 1: chips off the table, or if they want to grow

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Speaker 1: inorganically UH and drive their business by acquiring other advisors.

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Speaker 1: We have a whole m and a team in house

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Speaker 1: that will go out source a deal, help get the

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Speaker 1: deal done, do the transition, the onboarding, and finance that transactions.

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Speaker 1: What will probably do twenty m and a deals across

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Speaker 1: the fifty firms or so over the course of this year.

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Speaker 1: And the last thing I think that's unique that that

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Speaker 1: people UH sometimes don't understand about our business where that

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Speaker 1: little intel sticker buries. So the advisors own the vast

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Speaker 1: majority of the equity in their business, if not all

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Speaker 1: of it, and Dynasty works for them. We are an

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Speaker 1: integrated service provider that provides all the infash structure and

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Speaker 1: capital consulting in support, but all of the enterprise value

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Speaker 1: and growth of that which the advisors can monetize and

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Speaker 1: a tax efficient way down the road is owned by

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Speaker 1: the adviser themselves. Very interesting. So, so let's talk about

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Speaker 1: when you launched, how did you find the first team

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Speaker 1: that joined the platform. Tell us a little bit about

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Speaker 1: what that process was like in the early days when

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Speaker 1: when you're when you're taking that leap of faith and

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Speaker 1: launching a brand new business. Who who comes along at

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Speaker 1: the very beginning. Yes, so obviously when you're starting a business,

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Speaker 1: you know, signing up those first few clients is a

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Speaker 1: bit more difficult than it is today with you know,

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Speaker 1: sixty billion and a longstanding track record that that we

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Speaker 1: have our first r I a outside client. UH is

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Speaker 1: a firm called Pact the Lists there in the DC

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Speaker 1: market run by a gentleman name Alan Harder. I had

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Speaker 1: known Alan because he was at Smith Barney, so we

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Speaker 1: had had a previous relationship, you know, working together there UH,

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Speaker 1: and he launched his firm a little over ten years ago.

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Speaker 1: He's had remarkable success growing the business organically and adding

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Speaker 1: new clients and and and new services. But it was

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Speaker 1: a tremendous leap of faith. And it's not lost on us.

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Speaker 1: We we love all our clients obviously, but in particular

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Speaker 1: those those early clients when we were you know, an

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Speaker 1: idea of like this new concept and we said, you know,

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Speaker 1: trust us, we understand it's your life's work. Uh, and

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Speaker 1: we're going to execute on your behalf. But we're going

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Speaker 1: to jump out this window together and that handshoots gonna

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Speaker 1: go up, and it's gonna work, and you're gonna have

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Speaker 1: that safe and stoff landing. Uh. You know, it was

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Speaker 1: you know, obviously very stressful times with the first five, six,

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Speaker 1: seven transitions, but you know, knock on wood, those aul

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Speaker 1: went well and they continue to go well since. But

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Speaker 1: you know, our original you know, first handful of clients

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Speaker 1: will always have a special place in my heart because

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Speaker 1: all we were was a business plan, a new concept,

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Speaker 1: and they trusted us that we'd make it work for him,

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Speaker 1: and thankfully we did. So it's now twelve years later.

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Speaker 1: How has the process changed? What have you learned over

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Speaker 1: those dozen plus years? How different does that onboarding new

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Speaker 1: advisor relationship look today versus when you were first starting out? Yeah, look,

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Speaker 1: I'm biased when I say this very obviously, but if

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Speaker 1: you talk to a lot of third party players, custodians,

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Speaker 1: et cetera in our space, I think they would say

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Speaker 1: that Dynasty, uh, you know, has the best transition process

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Speaker 1: really of of anyone in the space. We've done it

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Speaker 1: more than anyone. You know, We've onboard it and broke

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Speaker 1: broken away. If you talk about Breakaway advisors over the

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Speaker 1: past you know, just under a dozen years, over a

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Speaker 1: hundred and fifty you know, significant teams, some of which

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Speaker 1: we help them launch their own firm, some of which

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Speaker 1: we helped tuck in or join or sub aggregate other

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Speaker 1: firms that we that we had on our platform. We

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Speaker 1: do an extensive debrief fund every single one, you know,

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Speaker 1: thinking about how we can get better. And I would say,

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Speaker 1: like a lot of businesses that are you know, north

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Speaker 1: of ten years in uh. You know, there's a huge

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Speaker 1: focus on the professionalization of the business. In the early days,

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Speaker 1: you're in startup mode, everyone's kind of doing everything to

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Speaker 1: get clients in and to actually get to a point

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Speaker 1: where you have a business. Uh. And then once you

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Speaker 1: have a business, then it's how do you make that

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Speaker 1: business better? How do you professionalize it? How do you

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Speaker 1: scale it UH, and we've really focused on the last

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Speaker 1: five years, in particular the technology enabling of all aspects

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Speaker 1: of our business. So if you know to your question,

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Speaker 1: you know what's different today a an advisor who's joining

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Speaker 1: up with us to do a transition. Today there's a

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Speaker 1: lot more uh digital support, technology support, UH, a lot

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Speaker 1: of practice management around a transition. We have our own

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Speaker 1: proprietary app where we have the hundred and fifty steps

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Speaker 1: that you'll go through in the transition, all laid out

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Speaker 1: in detail, uh, in a password protected app that an

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Speaker 1: advisor would have on his or her phone. And when

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Speaker 1: everything goes from red to green across I mean and

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Speaker 1: we were were the staples easy button. We find your

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Speaker 1: real estate, negotiate the lead, design, your name, your logo,

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Speaker 1: your branding, your marketing, your PR strategy, your launch strategy,

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Speaker 1: helping you on the legal strategy around the move, setting

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Speaker 1: up your client documentation, helping you select your custodian, doing

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Speaker 1: all the paperwork in transition, training your staff on the

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Speaker 1: new TEP like you name it, we do it, uh,

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Speaker 1: and we've done a lot of it. So, like a

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Speaker 1: lot of things in life, UH, there's no substitute, you know,

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Speaker 1: for experience. We have at this point a lot of experience. UH.

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Speaker 1: And we've tech enabled, We've invested, given the success of

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Speaker 1: our business and people UH in the professional development of

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Speaker 1: those people who support the advisors. UH. And perhaps our

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Speaker 1: biggest competitive advantage UH is something that I mentioned earlier

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Speaker 1: is that everyone who works at Dynasty, they're all an

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Speaker 1: equity owner. UH. They either bought equity in the firm

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Speaker 1: or we have a UH and options and equity program.

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Speaker 1: Every single person an owner, So they act like an

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Speaker 1: owner and they wake up every morning and understand that

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Speaker 1: we have one fundamental job, which is to work for

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Speaker 1: and support our advisors. UH. And if a transition doesn't

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Speaker 1: go well, that will set that advisory firm way back,

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Speaker 1: sets us back. We'll get fired, right. The philosophical alignment

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Speaker 1: is the advice. You know, we work for the advisor

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Speaker 1: and the advisor works for the end client. We're comfortable

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Speaker 1: standing and deliver delivering on behalf of our client advisor,

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Speaker 1: just like they have to do for for their client.

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Speaker 1: And I think a lot of ways and this really started,

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Speaker 1: you know, for years ago with some of the old

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Speaker 1: partnerships you know Bury on Wall Street starting to go public.

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Speaker 1: That alignment got misaligned right with shareholders and management and

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Speaker 1: advisors and clients. But we've brought a lot of that

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Speaker 1: purity of the alignment back, which I think, uh culturally

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Speaker 1: is a huge competitive advantage for us. So so last

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Speaker 1: year Investment took a minority share with you, guys. I

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Speaker 1: assume that capital is going to give you some serious

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Speaker 1: firepower to do some things with. What are the plans

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Speaker 1: to to use that that capital um to fund your

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Speaker 1: future growth? Yeah, thanks for that question. I am a

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Speaker 1: very loyal person and maybe it's in part my my background,

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Speaker 1: but you know a lot of the firms that backed

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Speaker 1: us when I was in my garage with the business

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Speaker 1: plan that says a lot. It means a lot to me.

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Speaker 1: And one of those firms was Investment, UH. And you

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Speaker 1: know Judd Bergman, who you know we we all lost

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Speaker 1: too soon, was a very close personal friend of mine,

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Speaker 1: as well as Ed Swinson. You know some of the

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Speaker 1: other co founders here H and Bill Craigor uh longstanding

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Speaker 1: you know, very close personal friend and you know we

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Speaker 1: had talked over the years about finding more ways that

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Speaker 1: we could work together. You know, we utilized some of

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Speaker 1: their technology on on our camp and what we decided

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Speaker 1: to do was to launch something that we're calling the

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Speaker 1: Advisor Services Exchange, which is a joint venture. It's run

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Speaker 1: by Ed Swinson, who's the president of that entity, is

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Speaker 1: also the chief operating officer of Dynasty. Where we're bringing

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Speaker 1: value ad business service is to r as that our

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Speaker 1: current clients of investment, so helping them run more efficient businesses,

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Speaker 1: more tech enabled businesses, helping them outsource things that are

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Speaker 1: not core strategic to their firm, helping them manage their

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Speaker 1: expenses to build more profitable p n l s, which

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Speaker 1: ultimately result in more valuable businesses, etcetera. And we're off.

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Speaker 1: You know, we've launched that about six months ago. We're

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Speaker 1: off to a great start. There's been We built the

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Speaker 1: whole technology interface around data, so the advisors can use

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Speaker 1: the data around their business to make better decisions on

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Speaker 1: how they want to run their business, to do business planning.

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Speaker 1: They can leverage our capital programs, compliance marketing, UH, they

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Speaker 1: can outsource aspects of their investments to us. Again, all

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Speaker 1: designed to create scale and efficiency in the business. The

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Speaker 1: other things that yeah, and and and it's great and

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Speaker 1: it's a fast growing l of of our business because

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Speaker 1: a lot of advisors are looking to outsource the non

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Speaker 1: core things. I mean, the biggest difference very If we

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Speaker 1: were to look at a billion our average r A

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Speaker 1: is about a billion two. If you were to look

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Speaker 1: at a billion to advisor, let's say that we've launched

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Speaker 1: as a breakaway versus the average billion to r i

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Speaker 1: A that's already independent coming to us to outsource on average,

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Speaker 1: which I find fascinating. The advisors that we broke away

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Speaker 1: and stood up on average over five hundred basis points

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Speaker 1: more profitable, and they tend to grow faster. The biggest

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Speaker 1: reason for that, when you really peel back the numbers

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Speaker 1: and do the analysis, is because on average the billion

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Speaker 1: two firm that we set up has three less people.

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Speaker 1: The legacy are a because the custodians are really good

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Speaker 1: in the back office, but don't really do you know,

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Speaker 1: the work in the middle office have had to higher up.

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Speaker 1: When you can get synthetic scale and outsource to a

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Speaker 1: firm like Dynasty, you don't have to hire as many people.

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Speaker 1: And yes, you know with the vendors and the resource

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Speaker 1: partners with sixty billion, we get them a little bit cheaper.

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Speaker 1: But the real delta comes from personnel savings. UH, and

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Speaker 1: then not having to manage those people, which free up

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Speaker 1: more time. And if you assume a multiple of seven

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Speaker 1: or eight times and sometimes higher UH in terms of

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Speaker 1: valuation times five basis points, you can extract late that

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Speaker 1: out to say, the firms on our platform are almost

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Speaker 1: the third more valuable because of the enhanced earnings that

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Speaker 1: we're able to help to help to help drive. So

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Speaker 1: that was a big part, yeah, and that was a

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Speaker 1: big part very why they did the investment. The other piece,

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Speaker 1: real quick is because a lot of the and this

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Speaker 1: gets into our enterprise group, which is servicing institutional clients,

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Speaker 1: a lot of the larger independent broker dealers that investment

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Speaker 1: is servicing. UH. One of the biggest challenges they're facing

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Speaker 1: is their largest advisors are starting to graduate off of

430
00:25:58,720 --> 00:26:02,560
Speaker 1: their platform and go fully independent and a little bit

431
00:26:02,680 --> 00:26:04,680
Speaker 1: back to the future here. What you know, I did

432
00:26:04,680 --> 00:26:07,840
Speaker 1: fifteen years ago helping to build the private wealth division

433
00:26:07,840 --> 00:26:10,760
Speaker 1: at Smith Barney for that same reason, the top advisors

434
00:26:10,800 --> 00:26:13,359
Speaker 1: were looking to leave. We had to build a client

435
00:26:13,480 --> 00:26:18,000
Speaker 1: segmentation strategy, a dedicated firm within a firm for the

436
00:26:18,040 --> 00:26:21,359
Speaker 1: elite advisors covering the firm's top clients. That's what a

437
00:26:21,440 --> 00:26:24,240
Speaker 1: private wealth division is You're going to start to see

438
00:26:24,280 --> 00:26:28,240
Speaker 1: these high end private client or private wealth divisions popping

439
00:26:28,320 --> 00:26:31,879
Speaker 1: up at the independent broker deal and some of those

440
00:26:32,400 --> 00:26:36,119
Speaker 1: I believe will decide to outsource that to invest Net

441
00:26:36,240 --> 00:26:41,080
Speaker 1: and Dynasty because we already have that integrated platform. We

442
00:26:41,160 --> 00:26:43,520
Speaker 1: you know, we understand and have the DNA around how

443
00:26:43,560 --> 00:26:46,680
Speaker 1: to develop a private wealth division. So I think you'll

444
00:26:46,680 --> 00:26:49,640
Speaker 1: see some of that work coming into the market, which

445
00:26:49,680 --> 00:26:52,040
Speaker 1: is great for us because it's groups of advisors and

446
00:26:52,359 --> 00:26:55,400
Speaker 1: billions of assets at a time coming on our platform.

447
00:26:55,440 --> 00:26:57,879
Speaker 1: It will be good for those firms to create a

448
00:26:57,920 --> 00:27:01,399
Speaker 1: division that an advisor can graduate into as opposed to

449
00:27:01,440 --> 00:27:03,720
Speaker 1: off of their firm. And it would be great for

450
00:27:03,760 --> 00:27:08,639
Speaker 1: Investment because you know twenty rule to talk of the

451
00:27:08,680 --> 00:27:11,439
Speaker 1: advisors at the ibd s have the bulk of the

452
00:27:11,440 --> 00:27:14,840
Speaker 1: assets and create the revenue, which then obviously flows back

453
00:27:14,880 --> 00:27:18,560
Speaker 1: to Investment as a technology and asset management partner to

454
00:27:18,640 --> 00:27:21,320
Speaker 1: those independent broker dealers as well. So it was really

455
00:27:21,320 --> 00:27:24,440
Speaker 1: those two reasons why they made the investment. We added

456
00:27:24,440 --> 00:27:28,200
Speaker 1: Bill Cregor to the board, remarkable perspective that he brings

457
00:27:28,240 --> 00:27:31,119
Speaker 1: from the industry, and it's just been a great partnership.

458
00:27:32,240 --> 00:27:35,879
Speaker 1: So a number of firms have relocated out of the

459
00:27:35,960 --> 00:27:42,120
Speaker 1: tri state region towards greener pastures. You moved from New

460
00:27:42,200 --> 00:27:46,840
Speaker 1: York City to UH St. Petersburg, Florida. Tell us about

461
00:27:46,880 --> 00:27:50,760
Speaker 1: the motivation for the move. What why exit New York?

462
00:27:51,359 --> 00:27:53,960
Speaker 1: So we officially moved to St. Petersburg two years ago,

463
00:27:54,040 --> 00:27:59,160
Speaker 1: but we started the journey on deciding if we were

464
00:27:59,160 --> 00:28:02,200
Speaker 1: going to move and king at various cities about three

465
00:28:02,280 --> 00:28:05,280
Speaker 1: years ago. So we spent a full year. I personally

466
00:28:05,320 --> 00:28:09,720
Speaker 1: made very thirty five trips UH to various cities, primarily

467
00:28:09,800 --> 00:28:13,560
Speaker 1: up and down the East Coast because it was and Marianne,

468
00:28:13,600 --> 00:28:17,080
Speaker 1: my wife, went with me, other senior executives. Because when

469
00:28:17,080 --> 00:28:20,360
Speaker 1: you're asking we have a very diverse leadership team by

470
00:28:20,359 --> 00:28:24,560
Speaker 1: financial service standards. When you're asking people to make a

471
00:28:24,600 --> 00:28:28,159
Speaker 1: move out of Manhattan UH and to dislocate, you know,

472
00:28:28,240 --> 00:28:30,679
Speaker 1: their their family. You want to make sure that you

473
00:28:30,680 --> 00:28:32,760
Speaker 1: have extreme conviction that it's the right thing for the

474
00:28:32,800 --> 00:28:35,240
Speaker 1: business and the right thing for the for the team.

475
00:28:35,320 --> 00:28:37,680
Speaker 1: So you can imagine we took that took that very

476
00:28:37,920 --> 00:28:40,800
Speaker 1: very serious. UH and ultimately for us, you know, we're

477
00:28:40,840 --> 00:28:44,560
Speaker 1: middle middle office, back office company. The closer you are

478
00:28:44,560 --> 00:28:48,080
Speaker 1: to the impliant. Uh, the less large im pressure you have.

479
00:28:48,240 --> 00:28:50,920
Speaker 1: I mean, advisors are feeling it a little bit, but

480
00:28:51,160 --> 00:28:54,120
Speaker 1: we feel it more in the middle office. Obviously custodians

481
00:28:54,120 --> 00:28:57,360
Speaker 1: in the back office feel it even more. But for us,

482
00:28:57,560 --> 00:29:00,800
Speaker 1: you know, I find that the businesses that do the

483
00:29:00,960 --> 00:29:04,600
Speaker 1: hard things when things are really good, uh, to put

484
00:29:04,640 --> 00:29:07,320
Speaker 1: them in a position to win disproportionately when things are

485
00:29:07,360 --> 00:29:10,640
Speaker 1: more challenging are the ones that win, you know, more

486
00:29:10,720 --> 00:29:14,360
Speaker 1: disproportionately over the long term. So for us, things are great.

487
00:29:14,440 --> 00:29:17,920
Speaker 1: This was several years ago. We obviously ended up you know,

488
00:29:18,720 --> 00:29:21,960
Speaker 1: being a bit lucky in terms of being here when

489
00:29:22,000 --> 00:29:26,000
Speaker 1: the pandemic hit. But the result is, you know, for

490
00:29:26,080 --> 00:29:29,560
Speaker 1: us being here very uh seventy percent cheaper real estate,

491
00:29:30,000 --> 00:29:34,360
Speaker 1: personnel costs or cheaper, which allows us you know, to

492
00:29:34,400 --> 00:29:37,520
Speaker 1: take those savings build a more profitable business, also make

493
00:29:37,600 --> 00:29:42,840
Speaker 1: more investments and technology and people uh to service our clients. Uh.

494
00:29:42,880 --> 00:29:47,320
Speaker 1: The infrastructure that's here is fantastic, uh in terms of

495
00:29:47,360 --> 00:29:50,000
Speaker 1: the ability to get anywhere with the St. Pede Airport,

496
00:29:50,040 --> 00:29:53,440
Speaker 1: the Tampa Airport, the quality of life. We found a

497
00:29:53,440 --> 00:29:56,440
Speaker 1: lot of our employees, you know, retired of commuting an

498
00:29:56,480 --> 00:29:59,320
Speaker 1: hour and a half and having the ability to walk

499
00:29:59,400 --> 00:30:02,560
Speaker 1: to work and in St. Pete most walkable city in America.

500
00:30:03,560 --> 00:30:09,000
Speaker 1: Has great culture here, entertainment, arts, the pro sports team,

501
00:30:09,000 --> 00:30:11,680
Speaker 1: they seem to win everything in a last a couple

502
00:30:11,680 --> 00:30:14,120
Speaker 1: of years. I'll take a little credit because that wasn't

503
00:30:14,120 --> 00:30:16,600
Speaker 1: the case when we first moved here. But it's happened

504
00:30:16,680 --> 00:30:22,320
Speaker 1: that it's happened since. But I was gonna say it's

505
00:30:22,360 --> 00:30:24,640
Speaker 1: funny you picked Yeah, I was gonna say it's funny

506
00:30:24,680 --> 00:30:29,000
Speaker 1: you picked St. Petersburg. Um. I've been spending a week

507
00:30:29,080 --> 00:30:33,480
Speaker 1: or two each winter down there, and but for the pandemic,

508
00:30:34,120 --> 00:30:36,240
Speaker 1: we would have been down there for a month or

509
00:30:36,280 --> 00:30:40,720
Speaker 1: so this year. Um. And and you know, everybody kind

510
00:30:40,720 --> 00:30:43,800
Speaker 1: of got stuck in place. We weren't going to uh

511
00:30:44,040 --> 00:30:46,040
Speaker 1: try and do it in the middle of the pandemic.

512
00:30:46,080 --> 00:30:49,480
Speaker 1: But I find that whole area on the Gulf Coast

513
00:30:49,560 --> 00:30:53,680
Speaker 1: to be absolutely charming. It's it's a very different headspace

514
00:30:53,720 --> 00:30:58,600
Speaker 1: than the East coast of Florida, places like Miami or

515
00:31:00,080 --> 00:31:02,720
Speaker 1: any of the other big cities along Fort Laradale, anything

516
00:31:02,760 --> 00:31:07,240
Speaker 1: else that's along uh the Atlantic coast. We looked at

517
00:31:07,280 --> 00:31:09,880
Speaker 1: some of those locations, and you're right, it is. It

518
00:31:10,000 --> 00:31:13,560
Speaker 1: is charming. We found that the delta in terms of

519
00:31:13,600 --> 00:31:15,760
Speaker 1: some of the cost savings could be a little bit

520
00:31:15,840 --> 00:31:19,520
Speaker 1: higher here. But really what cinched it for us is

521
00:31:19,560 --> 00:31:22,280
Speaker 1: every time I came here, Barry, it felt like I

522
00:31:22,320 --> 00:31:26,960
Speaker 1: was getting a community bear hug every everyone from you know,

523
00:31:27,000 --> 00:31:30,840
Speaker 1: the mayor Rick Christman and the economic development team that

524
00:31:30,960 --> 00:31:35,120
Speaker 1: was here, to multiple ceo s to the owners of

525
00:31:35,160 --> 00:31:39,160
Speaker 1: the sports teams that are here. Everyone really wanted to

526
00:31:39,200 --> 00:31:43,560
Speaker 1: partner with us. And you know, Raymond James UH is

527
00:31:43,600 --> 00:31:46,400
Speaker 1: here and I'm friendly with Paul Riley who runs Raymond

528
00:31:46,480 --> 00:31:50,440
Speaker 1: James UH. They were very supportive. Uh. Even though we're

529
00:31:50,520 --> 00:31:53,800
Speaker 1: in finance, we're not obviously directly in their space, which

530
00:31:53,840 --> 00:31:58,920
Speaker 1: is primarily an employee wealth management business. But the last

531
00:31:58,960 --> 00:32:01,920
Speaker 1: couple of years, what's interest thing, Raymond James has been

532
00:32:01,960 --> 00:32:04,960
Speaker 1: one of the top asset gathers in the employee channel

533
00:32:04,960 --> 00:32:07,720
Speaker 1: and we've been the top asset gather on the independent

534
00:32:07,760 --> 00:32:11,160
Speaker 1: side in Both of those firms are located in headquartered

535
00:32:11,160 --> 00:32:14,760
Speaker 1: in St. Petersburg, So that to me really highlights the

536
00:32:15,080 --> 00:32:18,560
Speaker 1: you know where we are now as an industry with technology,

537
00:32:19,280 --> 00:32:23,360
Speaker 1: availability of talent, product access, you know, you can really

538
00:32:23,400 --> 00:32:28,480
Speaker 1: build a large scale, successful business in finance anywhere in

539
00:32:28,520 --> 00:32:31,080
Speaker 1: the country. And I would say the last plug for St.

540
00:32:31,120 --> 00:32:34,560
Speaker 1: Pete to your earlier point, I think over the next

541
00:32:34,560 --> 00:32:38,920
Speaker 1: ten years, one of the hottest cities, fastest growing, where

542
00:32:38,960 --> 00:32:42,480
Speaker 1: you're going to see remarkable uh, you know, economic development

543
00:32:42,600 --> 00:32:47,280
Speaker 1: in technology, finance, UH, in other key industries is right

544
00:32:47,320 --> 00:32:50,000
Speaker 1: here in St. Pete. So I would encouraging any business

545
00:32:50,040 --> 00:32:52,400
Speaker 1: owner that is looking at this part of the country

546
00:32:52,400 --> 00:32:54,560
Speaker 1: to look at St. Pete because there's some pretty remarkable

547
00:32:54,600 --> 00:32:58,480
Speaker 1: things happening here. So so you're kind of pointing at

548
00:32:58,600 --> 00:33:01,680
Speaker 1: at something that I think is the one of the

549
00:33:01,760 --> 00:33:05,680
Speaker 1: takeaway lessons from the pandemic. But let me ask it

550
00:33:05,760 --> 00:33:09,880
Speaker 1: to you this way. What what lessons have the pandemic

551
00:33:10,160 --> 00:33:14,760
Speaker 1: taught you about running a firm remotely? And does this

552
00:33:15,720 --> 00:33:22,240
Speaker 1: give wirehouse advisors an even greater incentive to depart? Well,

553
00:33:22,920 --> 00:33:25,480
Speaker 1: great questions. So I would say, you know, to the

554
00:33:25,560 --> 00:33:28,479
Speaker 1: first piece, UH, you know, we support advisors, and I

555
00:33:28,520 --> 00:33:33,240
Speaker 1: think what our advisors learned is that being a proximate

556
00:33:33,920 --> 00:33:38,760
Speaker 1: and over communicating uh and proactive. I mean, this was

557
00:33:38,840 --> 00:33:41,880
Speaker 1: the over the past year, Barry, it's been the advisor

558
00:33:41,960 --> 00:33:45,120
Speaker 1: super Bowl, UH. And and those that that have done

559
00:33:45,160 --> 00:33:49,000
Speaker 1: those things are growing fast. I mean it's you know,

560
00:33:49,040 --> 00:33:51,160
Speaker 1: one of the one of the rare times when literally

561
00:33:51,200 --> 00:33:54,600
Speaker 1: everyone wants to talk to a financial advisor, UH, and

562
00:33:54,600 --> 00:33:57,920
Speaker 1: those that took advantage of that opportunity, and we have

563
00:33:58,040 --> 00:34:01,840
Speaker 1: just seen remarkable organic growth of the firms that we

564
00:34:01,920 --> 00:34:05,479
Speaker 1: support in terms of our business and the home office

565
00:34:05,520 --> 00:34:09,239
Speaker 1: that's supporting the the advisors means similarly, you know, the

566
00:34:09,280 --> 00:34:14,440
Speaker 1: importance of over communication, being proximate with our clients has

567
00:34:14,480 --> 00:34:19,239
Speaker 1: been critical. Some of the challenges that we've seen, UH

568
00:34:19,760 --> 00:34:23,880
Speaker 1: is around hiring new people. Training. The onboarding is challenging

569
00:34:24,080 --> 00:34:26,759
Speaker 1: in this environment. I mean, we have some employees that

570
00:34:26,800 --> 00:34:29,480
Speaker 1: have gone six months that are new team members that

571
00:34:29,560 --> 00:34:32,760
Speaker 1: haven't had the chance to meet you know, the broader

572
00:34:32,800 --> 00:34:37,520
Speaker 1: team members. UH. Culture, which is so important within a business,

573
00:34:37,960 --> 00:34:41,440
Speaker 1: is very difficult to to to drive I find remotely

574
00:34:42,000 --> 00:34:45,880
Speaker 1: UH efficiency sometimes. I mean there's no substitute to walking

575
00:34:45,920 --> 00:34:48,920
Speaker 1: around the corner and tapping a colleague, you know, on

576
00:34:48,960 --> 00:34:50,719
Speaker 1: the shoulder and saying, hey, how do I do this?

577
00:34:50,840 --> 00:34:52,759
Speaker 1: Or what do you think here? You know, now it's

578
00:34:52,760 --> 00:34:56,120
Speaker 1: an email or you know, a zoom call and maybe

579
00:34:56,120 --> 00:34:59,439
Speaker 1: the person is not immediately available. So some of those

580
00:34:59,440 --> 00:35:02,040
Speaker 1: things are a little bit more challenging, but I think

581
00:35:02,040 --> 00:35:05,920
Speaker 1: they'll get worked out as businesses get back into you know,

582
00:35:05,920 --> 00:35:08,880
Speaker 1: maybe a hybrid or what I call sometimes the styborg

583
00:35:08,960 --> 00:35:12,280
Speaker 1: ing of the business, which is leveraging technology with the

584
00:35:12,360 --> 00:35:15,000
Speaker 1: with the human element. I think we'll end in a

585
00:35:15,000 --> 00:35:17,920
Speaker 1: place where it's one plus one equin three. Uh to

586
00:35:18,000 --> 00:35:23,640
Speaker 1: the question about advisors breaking away, without question, our business

587
00:35:23,760 --> 00:35:27,719
Speaker 1: is springloaded right now. Uh, we're going to have uh,

588
00:35:28,000 --> 00:35:32,040
Speaker 1: just a fantastic U two thousand twenty one, in large

589
00:35:32,040 --> 00:35:35,480
Speaker 1: part because the breakaway advisor movement is accelerating, a lot

590
00:35:35,520 --> 00:35:39,239
Speaker 1: of advisors historically in wire houses have thought that a

591
00:35:39,280 --> 00:35:41,719
Speaker 1: big part of what they give up for the of

592
00:35:41,719 --> 00:35:44,919
Speaker 1: the revenue that they give to the wirehouse, a big

593
00:35:44,920 --> 00:35:47,080
Speaker 1: part of that value is real estate, which they're now

594
00:35:47,120 --> 00:35:50,160
Speaker 1: not getting, and they've now realized that they don't need

595
00:35:50,239 --> 00:35:53,840
Speaker 1: that real estate as part of the servicing infrastructure to

596
00:35:54,000 --> 00:35:58,320
Speaker 1: their clients. Uh. They also have more free time because

597
00:35:58,320 --> 00:36:02,480
Speaker 1: they're not in the office. They can explore independence, or

598
00:36:02,520 --> 00:36:06,400
Speaker 1: explore move and get educated. So the combination of those things,

599
00:36:06,800 --> 00:36:09,080
Speaker 1: having more time to stick their head up and look

600
00:36:09,120 --> 00:36:12,360
Speaker 1: around and explore, and realizing that they don't need to

601
00:36:12,400 --> 00:36:16,520
Speaker 1: give up their revenue, advisors that we support give up

602
00:36:16,880 --> 00:36:21,759
Speaker 1: fifteen one five not five zero, and you know they've

603
00:36:21,760 --> 00:36:23,720
Speaker 1: got something. If they want to have a small office,

604
00:36:23,800 --> 00:36:27,319
Speaker 1: they can. But the average advisor on our platform is

605
00:36:27,360 --> 00:36:30,520
Speaker 1: doing you know, mid sixties the high sixties in terms

606
00:36:30,520 --> 00:36:34,880
Speaker 1: of gross income, which is almost more from an income

607
00:36:34,920 --> 00:36:38,760
Speaker 1: standpoint on what they were receiving at a wirehouse. Uh.

608
00:36:38,760 --> 00:36:42,839
Speaker 1: And you know, the path to independence has become more

609
00:36:42,920 --> 00:36:46,399
Speaker 1: well warrant at this point. Uh. They want to look

610
00:36:46,440 --> 00:36:50,800
Speaker 1: peer to peer and have those conversations. Success breeds more success.

611
00:36:50,840 --> 00:36:53,279
Speaker 1: So what we're finding, you know, very in light of

612
00:36:53,320 --> 00:36:59,440
Speaker 1: this environment, it's only accelerating the movement towards independence. Quite interesting.

613
00:36:59,760 --> 00:37:03,360
Speaker 1: Let's talk a little bit about the growth of the industry.

614
00:37:03,400 --> 00:37:07,960
Speaker 1: You're now over sixty billion dollars on your platform between

615
00:37:08,040 --> 00:37:11,800
Speaker 1: Tampa and enterprise and advisor assets. How do you grow

616
00:37:11,880 --> 00:37:15,439
Speaker 1: that to a hundred billion dollars in a u M.

617
00:37:15,640 --> 00:37:19,759
Speaker 1: It's organic growth helping our advisors get new clients. Uh.

618
00:37:19,800 --> 00:37:22,840
Speaker 1: And you know, maybe you've seen, uh, you know, in

619
00:37:22,840 --> 00:37:26,600
Speaker 1: the past multiple months, over the past year, we've started

620
00:37:26,600 --> 00:37:28,759
Speaker 1: to sponsor, in particular a lot of local trying to

621
00:37:28,800 --> 00:37:32,440
Speaker 1: support some of the local athletes. UH in golf and

622
00:37:32,680 --> 00:37:36,680
Speaker 1: IndyCar racing and tennis h to help get you know,

623
00:37:36,760 --> 00:37:40,080
Speaker 1: the brand awareness out there more. We have a lot

624
00:37:40,080 --> 00:37:43,399
Speaker 1: more of of of that activity become. That has led

625
00:37:43,480 --> 00:37:47,359
Speaker 1: to referrals that we can make out to our advisors,

626
00:37:47,400 --> 00:37:50,439
Speaker 1: and I think about us really becoming over the next

627
00:37:50,480 --> 00:37:54,480
Speaker 1: five years in part the Good Housekeeper Seal of approval

628
00:37:54,520 --> 00:37:58,760
Speaker 1: for independent advices. So if you're looking for an independent advisor,

629
00:37:59,080 --> 00:38:02,000
Speaker 1: look for one that's word by Dynasty right, because here's

630
00:38:02,000 --> 00:38:06,120
Speaker 1: all the buying power and support and technology that they have,

631
00:38:07,000 --> 00:38:09,640
Speaker 1: and I think Dynasty can can become a much bigger

632
00:38:09,719 --> 00:38:15,839
Speaker 1: part helping our advisors grow organically. Second part of our

633
00:38:15,880 --> 00:38:21,200
Speaker 1: growth will come inorganically, meaning helping our advisors grow via

634
00:38:21,440 --> 00:38:26,520
Speaker 1: M and A, whether it's retiring our A A principles

635
00:38:26,600 --> 00:38:30,040
Speaker 1: that are looking to monetize their business, whether it's breakaway

636
00:38:30,040 --> 00:38:33,359
Speaker 1: advisors who want all the benefits of independence, but maybe

637
00:38:33,400 --> 00:38:35,640
Speaker 1: don't want to run their own business and they want

638
00:38:35,680 --> 00:38:39,480
Speaker 1: to join an independent firm. UH. That will continue to

639
00:38:39,520 --> 00:38:43,360
Speaker 1: become an even larger part of our business and our growth.

640
00:38:43,880 --> 00:38:46,960
Speaker 1: Because of our fifty firms, I would say more than

641
00:38:47,040 --> 00:38:50,200
Speaker 1: half of them now are M and A ready, and

642
00:38:50,280 --> 00:38:54,520
Speaker 1: we've invested heavily in investment banking team in house. We've

643
00:38:54,520 --> 00:38:57,480
Speaker 1: reserved a lot of our capital and balance sheet to

644
00:38:57,480 --> 00:38:59,880
Speaker 1: help finance those transactions. So I think a lot of that,

645
00:39:00,600 --> 00:39:03,400
Speaker 1: as I said, we'll accelerate. And then, obviously the third

646
00:39:03,760 --> 00:39:08,080
Speaker 1: is new store sales. In thinking about adding a dozen

647
00:39:08,239 --> 00:39:12,760
Speaker 1: or so new brands that are powered by Dynasty, whether

648
00:39:12,800 --> 00:39:15,360
Speaker 1: they were already independent firms that are looking to outsource

649
00:39:15,400 --> 00:39:19,840
Speaker 1: to us, or they're coming from you know, captivity or

650
00:39:19,840 --> 00:39:23,399
Speaker 1: an employee model and looking you know, to to own

651
00:39:23,440 --> 00:39:27,040
Speaker 1: and operate their own firm. Our flows are very strong

652
00:39:27,080 --> 00:39:29,960
Speaker 1: in that regard, so those will be the primary drivers.

653
00:39:30,000 --> 00:39:32,959
Speaker 1: And then the new business, as we've mentioned that's coming

654
00:39:32,960 --> 00:39:36,600
Speaker 1: on is the enterprise business, and I think selectively, you know,

655
00:39:36,640 --> 00:39:39,279
Speaker 1: you'll see a few firms. An example of that would

656
00:39:39,360 --> 00:39:42,360
Speaker 1: would be a Mariner, which is a thirty five billion

657
00:39:42,400 --> 00:39:46,239
Speaker 1: dollar r A run by Marty Bicknell, who I think

658
00:39:46,320 --> 00:39:49,520
Speaker 1: is a great CEO in the r A A space,

659
00:39:50,040 --> 00:39:53,759
Speaker 1: decided he wanted to have a platform affiliate model where

660
00:39:53,760 --> 00:39:56,919
Speaker 1: advisors that didn't want to sell the Mariner could get

661
00:39:56,960 --> 00:40:01,400
Speaker 1: all the benefits of the investment acumen and practice management

662
00:40:01,840 --> 00:40:06,400
Speaker 1: UH coaching support of Mariner UH and then Dynasty's turnkey

663
00:40:06,440 --> 00:40:10,239
Speaker 1: platform supports that. Uh. You know, we're getting hundreds of

664
00:40:10,320 --> 00:40:13,799
Speaker 1: referrals on our website a month. A lot of these

665
00:40:13,840 --> 00:40:18,600
Speaker 1: advisors are you know, fifty undred million. Uh. Many of

666
00:40:18,640 --> 00:40:21,600
Speaker 1: them don't want to sell. So we have now a

667
00:40:21,680 --> 00:40:26,040
Speaker 1: channel partnership with Mariner where the advisor can go get

668
00:40:26,080 --> 00:40:29,200
Speaker 1: the benefit of our platform, get the benefit of the

669
00:40:29,239 --> 00:40:33,000
Speaker 1: support of Mariner, and not have to sell their business today.

670
00:40:33,080 --> 00:40:37,759
Speaker 1: So you'll see us selectively enter into those types of partnerships,

671
00:40:38,000 --> 00:40:41,640
Speaker 1: maybe support some of the larger independent broker dealers, standing

672
00:40:41,719 --> 00:40:45,440
Speaker 1: up a private wealth division, so selectively onboarding some of

673
00:40:45,480 --> 00:40:49,400
Speaker 1: these institutional clients, and you add all that together. UM,

674
00:40:50,360 --> 00:40:52,160
Speaker 1: I'll stick my neck out here a little bit, you know,

675
00:40:52,200 --> 00:40:54,440
Speaker 1: bury here on the show to say I'd like to

676
00:40:54,480 --> 00:40:58,840
Speaker 1: see us inside of twenty four months cross over the

677
00:40:58,920 --> 00:41:02,120
Speaker 1: hundred billion dollar mark. Well, that's that's a big number.

678
00:41:02,239 --> 00:41:05,800
Speaker 1: So so let me flip the question on you, Um,

679
00:41:05,840 --> 00:41:08,839
Speaker 1: what are wire houses doing to try and retain their

680
00:41:08,920 --> 00:41:13,759
Speaker 1: top talent? They have to be aware of it's not

681
00:41:13,840 --> 00:41:17,480
Speaker 1: just you, it's places like Hi Tower and LPL that

682
00:41:17,520 --> 00:41:21,880
Speaker 1: are attracting, um, a whole lot of talent from them.

683
00:41:21,920 --> 00:41:27,520
Speaker 1: What can they do to staunch the bleeding. Well, look,

684
00:41:27,520 --> 00:41:34,080
Speaker 1: our biggest competitor, frankly is inertia and complacency. And as

685
00:41:34,120 --> 00:41:38,400
Speaker 1: you know in lots of walks of life, good is

686
00:41:38,400 --> 00:41:41,879
Speaker 1: the enemy of great uh. And a lot of the advisors,

687
00:41:41,960 --> 00:41:44,799
Speaker 1: you know, they've worked hard to build their book of business. UH,

688
00:41:44,840 --> 00:41:47,120
Speaker 1: and they don't want, you know, to to go through

689
00:41:47,160 --> 00:41:49,680
Speaker 1: the noth hole of a transition, you know, which is

690
00:41:49,760 --> 00:41:53,200
Speaker 1: ninety days of of of of work uh to then

691
00:41:53,239 --> 00:41:55,520
Speaker 1: get on you know, the other side and and have

692
00:41:55,560 --> 00:41:59,280
Speaker 1: their business. So you know, for us, typically a loss

693
00:41:59,400 --> 00:42:02,960
Speaker 1: would be that we spent six months educating somebody and

694
00:42:03,000 --> 00:42:06,560
Speaker 1: they just made a decision not to move. It's rare

695
00:42:06,640 --> 00:42:08,680
Speaker 1: that we would dig in with somebody and they would

696
00:42:08,680 --> 00:42:11,160
Speaker 1: move and not do it with us in the R

697
00:42:11,239 --> 00:42:14,839
Speaker 1: A A space because you know, most of the advisors

698
00:42:14,880 --> 00:42:18,279
Speaker 1: want a supported independent model. They don't want to have

699
00:42:18,360 --> 00:42:20,160
Speaker 1: to hire all the people, and they don't want to

700
00:42:20,239 --> 00:42:23,640
Speaker 1: juggle sixty five different vendor balls. Uh. You know, so

701
00:42:23,680 --> 00:42:27,000
Speaker 1: they decided to partner with us. What the wirehouses are

702
00:42:27,040 --> 00:42:30,439
Speaker 1: trying to do, UH is you know, to put these

703
00:42:30,440 --> 00:42:34,760
Speaker 1: retiring place programs in place, which takes advantage of inertia.

704
00:42:35,520 --> 00:42:38,799
Speaker 1: Reality is if an advisor goes independent, Uh, they would

705
00:42:38,800 --> 00:42:40,800
Speaker 1: make a lot more money both in terms of income,

706
00:42:40,880 --> 00:42:43,920
Speaker 1: they could decide when they want to retire if they

707
00:42:43,960 --> 00:42:46,960
Speaker 1: sell their business as long term capital gains tax and

708
00:42:47,040 --> 00:42:51,040
Speaker 1: a higher valuation. But many advisors just you know, take

709
00:42:51,120 --> 00:42:53,839
Speaker 1: the easier path, which is to stay. I'll stay here

710
00:42:54,200 --> 00:42:56,640
Speaker 1: as a three month or now it's all W two income.

711
00:42:57,560 --> 00:43:02,600
Speaker 1: But it's easier. Uh So why our houses again understand Uh,

712
00:43:02,640 --> 00:43:06,240
Speaker 1: you know, the inertia and complacency is on their side,

713
00:43:06,280 --> 00:43:09,000
Speaker 1: so they're putting those programs in place. I think what

714
00:43:09,080 --> 00:43:13,600
Speaker 1: they're also doing smartly, and advisors are allowing it to happen,

715
00:43:14,320 --> 00:43:18,600
Speaker 1: is to push forward their brand more directly to the client.

716
00:43:19,280 --> 00:43:21,799
Speaker 1: You see this at you know, merrow with merrow Ledge.

717
00:43:22,320 --> 00:43:24,600
Speaker 1: You see you know a lot of the smaller accounts

718
00:43:24,600 --> 00:43:28,279
Speaker 1: solutions being rolled out at these firms, which is the

719
00:43:28,320 --> 00:43:32,120
Speaker 1: institutionalizing of the client relationship, so the client has more

720
00:43:32,239 --> 00:43:36,200
Speaker 1: relationship with the brand as opposed to the advisor. And

721
00:43:36,239 --> 00:43:40,239
Speaker 1: I think grap accounts, checking accounts, loans, all those things.

722
00:43:40,840 --> 00:43:43,919
Speaker 1: So you cross sell them with multiple products and then

723
00:43:44,480 --> 00:43:47,440
Speaker 1: you put them into models that the firm is running,

724
00:43:47,480 --> 00:43:51,040
Speaker 1: not the advisor. Uh. And then it becomes a deterrent

725
00:43:51,160 --> 00:43:54,240
Speaker 1: for the advisors to leave because a lot of their clients.

726
00:43:54,840 --> 00:43:57,080
Speaker 1: You see it at firms like Goldman and others where

727
00:43:57,120 --> 00:44:01,520
Speaker 1: you have typically a lower uh acentage of client assets

728
00:44:01,560 --> 00:44:04,640
Speaker 1: that follow when the advisor leaves, because the client tends

729
00:44:04,680 --> 00:44:07,960
Speaker 1: to have more of a relationship with the brand as

730
00:44:07,960 --> 00:44:10,640
Speaker 1: opposed to some of the firms where it's just the

731
00:44:10,680 --> 00:44:14,040
Speaker 1: relationship with the advisor. I think the wire houses are

732
00:44:13,800 --> 00:44:16,960
Speaker 1: are strategically trying to do more of that, whether it's

733
00:44:16,960 --> 00:44:20,600
Speaker 1: tying them in with loan products, structure products, things that

734
00:44:20,640 --> 00:44:24,080
Speaker 1: are proprietary to the firm. It's about driving the brand

735
00:44:24,120 --> 00:44:27,359
Speaker 1: and creating stickiness. And I think ultimately, you know, over

736
00:44:27,360 --> 00:44:29,920
Speaker 1: the next five years or so, you'll see the wire

737
00:44:29,920 --> 00:44:33,720
Speaker 1: houses looking and feeling more like a private bank where

738
00:44:33,960 --> 00:44:38,200
Speaker 1: the advisor is more of a clear employee uh and

739
00:44:38,520 --> 00:44:41,680
Speaker 1: you know, they're helping to cross sell the relationship across

740
00:44:41,719 --> 00:44:45,120
Speaker 1: the organization and it would become more difficult in that

741
00:44:45,280 --> 00:44:48,520
Speaker 1: environment for an advisor to to to make a move.

742
00:44:48,640 --> 00:44:51,560
Speaker 1: So I think I think that's really the strategy that

743
00:44:51,600 --> 00:44:57,040
Speaker 1: you're seeing be be deployed. Longer term, perhaps you could

744
00:44:57,040 --> 00:45:00,200
Speaker 1: see some of these firms open up product access us,

745
00:45:00,640 --> 00:45:05,840
Speaker 1: maybe even eventually custody to independent advisors. But that business

746
00:45:05,920 --> 00:45:08,880
Speaker 1: is such a scale business, and you have firms like

747
00:45:08,960 --> 00:45:12,720
Speaker 1: Schwab that have you know, North the three trillion already

748
00:45:12,760 --> 00:45:15,759
Speaker 1: clearly a big lead Fidelity, you know, you know, well

749
00:45:15,880 --> 00:45:18,960
Speaker 1: north of a trillion. Pershing's a scale player in that space.

750
00:45:19,360 --> 00:45:23,640
Speaker 1: It's very difficult to have an employee model supporting advisors

751
00:45:23,719 --> 00:45:28,319
Speaker 1: and an independent model supporting advisors when your subscale in

752
00:45:28,360 --> 00:45:31,800
Speaker 1: the ladder. So I think it will be a slow

753
00:45:31,880 --> 00:45:36,839
Speaker 1: migration and probably more about product distribution to arias than

754
00:45:36,920 --> 00:45:39,640
Speaker 1: it will be turn key custody for most of those platforms.

755
00:45:40,880 --> 00:45:44,400
Speaker 1: Very interesting that there's a quote of yours I really

756
00:45:44,760 --> 00:45:48,520
Speaker 1: enjoy and I want to have you put some color

757
00:45:48,600 --> 00:45:51,880
Speaker 1: on it. Quote the amount of innovation in the last

758
00:45:51,960 --> 00:45:56,799
Speaker 1: five years is greater than the fifty that proceeded that

759
00:45:57,040 --> 00:46:00,279
Speaker 1: unquote give us a little more explanation, you know, are

760
00:46:00,320 --> 00:46:06,759
Speaker 1: you talking generally technology, financial innovation. I don't disagree with

761
00:46:06,880 --> 00:46:09,920
Speaker 1: any of that. I'm curious as to to your thoughts

762
00:46:09,920 --> 00:46:15,120
Speaker 1: on it. Yeah, Look, the reality is the whole independent space,

763
00:46:15,239 --> 00:46:19,160
Speaker 1: the independent movement. At this point, it's been discovered and

764
00:46:19,440 --> 00:46:21,400
Speaker 1: you see it. If you're an r A you decided

765
00:46:21,440 --> 00:46:25,279
Speaker 1: to sell, there's twenty potential buyers that show up on

766
00:46:25,320 --> 00:46:28,600
Speaker 1: the other side. I mean, it's just a wonderful business

767
00:46:28,640 --> 00:46:34,000
Speaker 1: that's anwitized essential to our country. It's not going away.

768
00:46:34,120 --> 00:46:37,760
Speaker 1: Um So, so all roads are starting to lead towards

769
00:46:37,760 --> 00:46:41,560
Speaker 1: the r A space. And what that means is the

770
00:46:41,719 --> 00:46:45,600
Speaker 1: capital investment that's coming in, the attention that's being paid,

771
00:46:46,120 --> 00:46:50,240
Speaker 1: is you're seeing tremendous innovation across the board. So yes,

772
00:46:50,360 --> 00:46:57,000
Speaker 1: in technology, in reporting technology, in o CFO technology, in

773
00:46:57,120 --> 00:47:02,560
Speaker 1: O c I O technology, and compliance technology basically all

774
00:47:02,719 --> 00:47:06,080
Speaker 1: aspects of an advisory practice. And when you're in the

775
00:47:06,120 --> 00:47:09,759
Speaker 1: independent space, Barry and you don't have to worry about uh,

776
00:47:09,800 --> 00:47:14,279
Speaker 1: you know, having fifty years of legacy technology that you

777
00:47:14,320 --> 00:47:18,000
Speaker 1: can only incrementally move the needle with. But when we

778
00:47:18,080 --> 00:47:21,720
Speaker 1: launch an r A, we're building from scratch custom technology

779
00:47:21,760 --> 00:47:24,239
Speaker 1: to specifically fit the need of the way they want

780
00:47:24,280 --> 00:47:27,319
Speaker 1: to service the clients. That's a huge advantage for them.

781
00:47:27,800 --> 00:47:30,480
Speaker 1: On the product side, you know, whether it's you know,

782
00:47:30,800 --> 00:47:34,680
Speaker 1: partners now like I capital and the access to alternatives

783
00:47:34,680 --> 00:47:38,239
Speaker 1: that really started in the independent space, or halo on

784
00:47:38,320 --> 00:47:42,080
Speaker 1: the structured product front, or you know, what investment has

785
00:47:42,120 --> 00:47:45,080
Speaker 1: done to bring scale, you know, into the into the

786
00:47:45,160 --> 00:47:49,080
Speaker 1: tamp and reporting and financial planning space. So many of

787
00:47:49,120 --> 00:47:52,799
Speaker 1: those firms started on the independent side, and now you

788
00:47:52,880 --> 00:47:57,120
Speaker 1: have wirehouses and banks trying to leverage that technology that

789
00:47:57,239 --> 00:48:00,000
Speaker 1: started here, right. So the space has kind of turned

790
00:48:00,000 --> 00:48:03,080
Speaker 1: earned upside down and then you pour on top of it,

791
00:48:03,400 --> 00:48:05,279
Speaker 1: you know, kind of the gas on the fire, which

792
00:48:05,360 --> 00:48:11,480
Speaker 1: is tremendous capital investment. Uh. And the entrepreneurship. I mean,

793
00:48:11,840 --> 00:48:15,719
Speaker 1: one of our biggest advantages is we are entrepreneurs servicing

794
00:48:15,840 --> 00:48:19,600
Speaker 1: other entrepreneurs, right, so we're getting up every day and

795
00:48:19,640 --> 00:48:22,640
Speaker 1: thinking about innovation and how do we make the advisor's

796
00:48:22,640 --> 00:48:27,719
Speaker 1: life better. And the whole ecosystem that's evolved over the

797
00:48:27,800 --> 00:48:32,719
Speaker 1: last ten years. Right, it's driven by entrepreneurs who have

798
00:48:32,840 --> 00:48:36,440
Speaker 1: great access to technology and capital that are fundamentally changing

799
00:48:36,440 --> 00:48:40,120
Speaker 1: the way that what wealth managements being delivered in this country.

800
00:48:40,120 --> 00:48:41,960
Speaker 1: And I think, frankly, you know, it's just going to

801
00:48:42,040 --> 00:48:46,920
Speaker 1: continue to accelerate. Really interesting you mentioned scale, uh I.

802
00:48:47,239 --> 00:48:50,879
Speaker 1: It reminds me of the issue of market share. It's

803
00:48:50,880 --> 00:48:54,920
Speaker 1: been pointed out a handful of the largest r I

804
00:48:55,080 --> 00:48:59,600
Speaker 1: A s are hundred billion plus when the industry is

805
00:48:59,680 --> 00:49:04,280
Speaker 1: measure in tens of trillions of dollars, meaning even the

806
00:49:04,320 --> 00:49:08,520
Speaker 1: biggest firms barely have any sort of market share. Does

807
00:49:08,560 --> 00:49:12,840
Speaker 1: that mean anything? Is there any significance to how widely

808
00:49:12,920 --> 00:49:18,279
Speaker 1: diversified and distributed the industry itself is? Well, Look, I

809
00:49:18,320 --> 00:49:20,520
Speaker 1: do think that there will be brands that evolved on

810
00:49:20,600 --> 00:49:24,840
Speaker 1: the national level, regional level within the r A A

811
00:49:24,920 --> 00:49:29,479
Speaker 1: space that will have real brand value. In Dynasty hopes

812
00:49:29,520 --> 00:49:32,840
Speaker 1: to be again that intel sticker powering a number of

813
00:49:32,880 --> 00:49:36,640
Speaker 1: those national scaled winners and helping to provide a lot

814
00:49:36,680 --> 00:49:40,919
Speaker 1: of the scale and access that uh, that that supports them.

815
00:49:41,320 --> 00:49:43,719
Speaker 1: But the reality is when you look at, you know,

816
00:49:43,760 --> 00:49:47,200
Speaker 1: the economics of the wealth management business, A lot of

817
00:49:47,200 --> 00:49:50,240
Speaker 1: people talk about, you know, the margin and margin pressure

818
00:49:50,920 --> 00:49:53,080
Speaker 1: that's happened in the industry. But when you look at

819
00:49:53,360 --> 00:49:57,440
Speaker 1: the last ten years, uh, that has occurred, but but

820
00:49:57,680 --> 00:50:00,719
Speaker 1: in a different way than what most people describe it.

821
00:50:00,840 --> 00:50:03,640
Speaker 1: What I mean by that is, we looked at the

822
00:50:03,680 --> 00:50:07,640
Speaker 1: average and client on our platform is let's say about

823
00:50:07,640 --> 00:50:10,839
Speaker 1: five million dollars. The average client is being advised by

824
00:50:10,840 --> 00:50:14,480
Speaker 1: one of the advisors. Ten years ago, the r o

825
00:50:14,640 --> 00:50:17,520
Speaker 1: A on average on our platform for that five million

826
00:50:17,560 --> 00:50:23,600
Speaker 1: dollar client was around seventy eight basis points today, Uh,

827
00:50:23,640 --> 00:50:28,960
Speaker 1: it's seventy So you've had three or four basis points

828
00:50:29,000 --> 00:50:32,640
Speaker 1: of erosion in terms of margin pressure. But the big

829
00:50:32,719 --> 00:50:37,000
Speaker 1: change is the cost the service. Ten years ago, the

830
00:50:37,000 --> 00:50:41,720
Speaker 1: client expectation might have been very simplistic financial plan uh,

831
00:50:41,760 --> 00:50:45,959
Speaker 1: and it's really an asset management relationship. Today it's more

832
00:50:46,239 --> 00:50:50,680
Speaker 1: holistic wealth management. It's it's integrated financial planning. Uh. It's

833
00:50:50,680 --> 00:50:53,959
Speaker 1: looking at the liability side of the balance sheet alongside

834
00:50:53,960 --> 00:50:56,839
Speaker 1: of the asset side. Uh. You know, it's looking at

835
00:50:56,920 --> 00:51:01,719
Speaker 1: overall risk management. It's incorporation of alternative investments, you know,

836
00:51:01,800 --> 00:51:07,400
Speaker 1: alongside of traditional etcetera, etcetera. So the team investment, the

837
00:51:07,640 --> 00:51:12,640
Speaker 1: technology investment, you know, what it costs to service that

838
00:51:12,760 --> 00:51:17,360
Speaker 1: client has gone up. So the margin pressure actually is

839
00:51:17,440 --> 00:51:21,839
Speaker 1: coming faster on the cost side than it is on

840
00:51:21,880 --> 00:51:26,239
Speaker 1: the revenue side. And that's where scale matters. That's where

841
00:51:26,280 --> 00:51:34,080
Speaker 1: these large, multibillion dollar independent firms have higher profitability because

842
00:51:34,400 --> 00:51:38,320
Speaker 1: they're able to spread the cost infrastructure over more client.

843
00:51:38,480 --> 00:51:43,040
Speaker 1: That's why outsourcing to firms like Dynasty is accelerating because

844
00:51:43,080 --> 00:51:46,480
Speaker 1: you can get synthetic scale. And then the last part

845
00:51:46,560 --> 00:51:50,919
Speaker 1: of the competitive advantage is marketing and dollars that you're

846
00:51:51,000 --> 00:51:53,279
Speaker 1: able to spend on sales, whether it's adding a new

847
00:51:53,320 --> 00:51:56,359
Speaker 1: client or adding a new advisor. The larger and more

848
00:51:56,400 --> 00:51:59,279
Speaker 1: scale you have, the more free cash flow you have

849
00:51:59,440 --> 00:52:02,640
Speaker 1: to make those investment and that's why the biggest firms

850
00:52:02,640 --> 00:52:05,280
Speaker 1: are the ones that you tend to see growing the fastest.

851
00:52:05,360 --> 00:52:08,600
Speaker 1: Right now. So so let's talk about some of the

852
00:52:08,640 --> 00:52:13,400
Speaker 1: biggest firms. People have compared Dynasty to firms like High

853
00:52:13,400 --> 00:52:19,200
Speaker 1: Tower or LPL. Who are do you think of as

854
00:52:19,320 --> 00:52:23,399
Speaker 1: as your competitors, um and and what are the similarities

855
00:52:23,400 --> 00:52:28,239
Speaker 1: and differences between them? Sure? Look you know this. Uh,

856
00:52:28,239 --> 00:52:33,359
Speaker 1: it's lonely at the top sometimes. Uh. And the result is,

857
00:52:33,880 --> 00:52:35,759
Speaker 1: you know, the space tends to be pretty small. So

858
00:52:35,800 --> 00:52:38,359
Speaker 1: I know the CEO is the most all of these

859
00:52:38,400 --> 00:52:41,000
Speaker 1: firms in the space, and we get together from time

860
00:52:41,040 --> 00:52:44,160
Speaker 1: to time and we we share a laugh, whether it's

861
00:52:44,160 --> 00:52:48,080
Speaker 1: about a certain reporter or you know where the industry

862
00:52:48,160 --> 00:52:51,479
Speaker 1: is going. Uh. The reality is, you know, the people

863
00:52:51,520 --> 00:52:53,880
Speaker 1: at the tops of the organization, you know, from a

864
00:52:54,000 --> 00:52:57,080
Speaker 1: peer to peer practice management perspectives, spent some time together,

865
00:52:57,160 --> 00:52:59,960
Speaker 1: and in particular, Barry, I have a lot of respect

866
00:53:00,520 --> 00:53:04,640
Speaker 1: for the other entrepreneurs that have gone out there. Uh

867
00:53:04,680 --> 00:53:07,839
Speaker 1: and you know, bet on themselves and you know, trying

868
00:53:07,880 --> 00:53:12,560
Speaker 1: to execute a new model. Uh. In terms of competition, uh,

869
00:53:12,640 --> 00:53:14,960
Speaker 1: there's a lot. I'm only forty four years old. I

870
00:53:15,080 --> 00:53:18,400
Speaker 1: was thirty two when I decided to start the business.

871
00:53:18,400 --> 00:53:20,399
Speaker 1: I'm gonna be doing this for a while. And it's

872
00:53:20,440 --> 00:53:23,480
Speaker 1: a lot of fun for me to be a mentor to. Frankly,

873
00:53:23,480 --> 00:53:25,799
Speaker 1: a lot of these players coming in space. You know,

874
00:53:25,840 --> 00:53:27,959
Speaker 1: these are firms being started by people that are still

875
00:53:27,960 --> 00:53:30,279
Speaker 1: older than me. Even though I'm seen as one of

876
00:53:30,320 --> 00:53:35,799
Speaker 1: the original, you know, visionaries, and in the space, I'm

877
00:53:35,840 --> 00:53:38,640
Speaker 1: still only forty four. So it's nice for me to

878
00:53:38,920 --> 00:53:42,319
Speaker 1: be able to mentor so many people coming in. I

879
00:53:42,360 --> 00:53:48,960
Speaker 1: don't see anyone today as a scaled integrated platform, Uh,

880
00:53:49,320 --> 00:53:52,759
Speaker 1: competitor to the high end r a A. We invented that.

881
00:53:52,800 --> 00:53:56,360
Speaker 1: We created that space sixty billion, as I said, a

882
00:53:56,440 --> 00:53:59,600
Speaker 1: hundred billion here in the in the near term. Uh.

883
00:53:59,719 --> 00:54:04,399
Speaker 1: When not complacent, only the paranoid survive. Uh. So we're

884
00:54:04,400 --> 00:54:07,960
Speaker 1: constantly watching what others are doing. But in the space

885
00:54:08,000 --> 00:54:11,440
Speaker 1: where we sit today, I think we sit alone. Now.

886
00:54:11,880 --> 00:54:15,120
Speaker 1: You mentioned firms, Uh, you know some of these roll ups,

887
00:54:15,160 --> 00:54:17,200
Speaker 1: some of them have come in and out of the

888
00:54:17,239 --> 00:54:21,080
Speaker 1: platform business. But as I mentioned earlier, UM, I tell

889
00:54:21,200 --> 00:54:24,680
Speaker 1: entrepreneurs you've got to be laser focused. It's very difficult

890
00:54:24,719 --> 00:54:27,719
Speaker 1: to do one thing incredibly well. It's impossible to do

891
00:54:27,760 --> 00:54:29,880
Speaker 1: several things well. So if you want to be a

892
00:54:29,960 --> 00:54:32,879
Speaker 1: roll up in an acquire of businesses, do that. Don't

893
00:54:32,880 --> 00:54:36,160
Speaker 1: try to be a platform service company as well, right,

894
00:54:36,280 --> 00:54:39,520
Speaker 1: especially if you only have sub a hundred billions. I

895
00:54:39,520 --> 00:54:42,000
Speaker 1: mean there are players out there with with with half

896
00:54:42,000 --> 00:54:44,440
Speaker 1: a trillion that can't do it, that are trying to

897
00:54:44,480 --> 00:54:47,839
Speaker 1: build different types of models and there's still subscale. So

898
00:54:47,960 --> 00:54:52,120
Speaker 1: for us, we've been laser focused on just supporting advisors,

899
00:54:52,160 --> 00:54:55,000
Speaker 1: being a platform company and staying in in that in

900
00:54:55,080 --> 00:54:57,879
Speaker 1: that swim lane. Uh. And there's really no one else

901
00:54:57,960 --> 00:55:02,399
Speaker 1: that's doing that inertia if tisor is not leaving big competitor. Uh.

902
00:55:02,560 --> 00:55:05,440
Speaker 1: You mentioned LPL. There's a lot of independent broker dealers

903
00:55:05,440 --> 00:55:08,520
Speaker 1: that are trying to figure out how they reinvent themselves

904
00:55:08,560 --> 00:55:11,520
Speaker 1: as an advisory firm. How do they become an r

905
00:55:11,719 --> 00:55:16,960
Speaker 1: A custodian, how do they attract more advisor assets, how

906
00:55:16,960 --> 00:55:20,600
Speaker 1: do they build tamp capabilities? So a lot of if

907
00:55:20,640 --> 00:55:22,600
Speaker 1: you think about where you know, we're in twenty different

908
00:55:22,600 --> 00:55:25,759
Speaker 1: businesses that we just integrated into a platform. A lot

909
00:55:25,880 --> 00:55:31,000
Speaker 1: of our individual businesses may have competition, but we're still

910
00:55:31,040 --> 00:55:34,160
Speaker 1: the only fully integrated offering at the high end of

911
00:55:34,200 --> 00:55:36,360
Speaker 1: the model. And the last thing I think that I

912
00:55:36,360 --> 00:55:38,960
Speaker 1: would mention that they haven't mentioned yet that the competitive

913
00:55:38,960 --> 00:55:42,600
Speaker 1: advantage is our community. And I would say, look, you know,

914
00:55:42,640 --> 00:55:45,560
Speaker 1: winners want to surround themselves with other winners. Uh. There

915
00:55:45,600 --> 00:55:49,720
Speaker 1: really isn't a community where the average CEO and principle

916
00:55:50,600 --> 00:55:54,320
Speaker 1: is a billion dollar plus are a A Uh, they're geographical,

917
00:55:54,400 --> 00:55:56,600
Speaker 1: disperse all of the countries, they don't really compete with

918
00:55:56,600 --> 00:55:59,239
Speaker 1: each other where they can get together several times a

919
00:55:59,320 --> 00:56:02,400
Speaker 1: year at our event and share a peer peer on

920
00:56:02,520 --> 00:56:07,359
Speaker 1: what's working, best practices, what isn't working on various growth strategies,

921
00:56:07,360 --> 00:56:12,440
Speaker 1: on brand development, on staffing. Uh. So, you know, our community,

922
00:56:12,840 --> 00:56:16,399
Speaker 1: I think is a is a very powerful differentiator because

923
00:56:16,440 --> 00:56:19,760
Speaker 1: I think you're defined not just by who you service,

924
00:56:19,800 --> 00:56:23,000
Speaker 1: but also who you don't. And for Dynasty, you know,

925
00:56:23,040 --> 00:56:25,120
Speaker 1: thinking about our clients, we're not trying to be something

926
00:56:25,160 --> 00:56:28,960
Speaker 1: to everyone. We're trying to be everything to someone and

927
00:56:29,040 --> 00:56:32,560
Speaker 1: that's the someone that really plays behind the market that

928
00:56:32,640 --> 00:56:35,840
Speaker 1: wants a partner, is focused on building a great business,

929
00:56:36,160 --> 00:56:39,320
Speaker 1: not just a great practice, really wants to drive enterprise

930
00:56:39,400 --> 00:56:42,280
Speaker 1: value and wants to have a sustained business over time.

931
00:56:42,600 --> 00:56:47,080
Speaker 1: That's our core focused client. Huh sounds sounds quite intriguing.

932
00:56:47,719 --> 00:56:49,279
Speaker 1: I know we only have you for a couple of

933
00:56:49,280 --> 00:56:52,680
Speaker 1: more minutes, So let me jump to my favorite questions

934
00:56:52,719 --> 00:56:56,759
Speaker 1: that we ask all of our guests, starting with what's

935
00:56:56,840 --> 00:57:00,719
Speaker 1: keeping you entertained during this work from home period? Tell

936
00:57:00,800 --> 00:57:04,760
Speaker 1: us what your favorite Netflix or Amazon Prime shows are

937
00:57:04,840 --> 00:57:08,360
Speaker 1: or what podcasts you're listening to. Yeah, so in terms

938
00:57:08,400 --> 00:57:11,120
Speaker 1: of uh, the little bit of of time I have

939
00:57:11,400 --> 00:57:16,360
Speaker 1: away from away from work as far as shows and podcasts, Um,

940
00:57:16,400 --> 00:57:18,360
Speaker 1: you know, Barry, I've never been one to watch a

941
00:57:18,360 --> 00:57:21,320
Speaker 1: lot of television, to be honest with you, Um, I

942
00:57:21,360 --> 00:57:24,120
Speaker 1: do watch sports, uh you know, from from time to

943
00:57:24,160 --> 00:57:27,760
Speaker 1: time and and follow my favorite teams. But I do

944
00:57:27,840 --> 00:57:31,640
Speaker 1: listen to podcasts. I'll give you a nice compliment and

945
00:57:31,680 --> 00:57:36,160
Speaker 1: plug Masters of Business is definitely one of my one

946
00:57:36,160 --> 00:57:40,600
Speaker 1: of my favorite podcasts. I do listen to Jocko will

947
00:57:40,640 --> 00:57:45,040
Speaker 1: It's uh podcast. My wife and I are big supporters

948
00:57:45,200 --> 00:57:48,840
Speaker 1: of military. Jocko obviously is the former Navy skill. But

949
00:57:49,280 --> 00:57:52,440
Speaker 1: some of his uh you know, shows around leadership and

950
00:57:52,920 --> 00:57:57,240
Speaker 1: overcoming adversity. Uh. You know, I've really enjoyed those. I

951
00:57:57,280 --> 00:58:00,560
Speaker 1: am a fellow at the Aspen Institute in their Finance

952
00:58:00,600 --> 00:58:05,600
Speaker 1: Fellowship program. I really like, uh the Aspen Ideas to

953
00:58:05,640 --> 00:58:09,760
Speaker 1: Go podcast. Uh. You know, there are some quick hits

954
00:58:10,400 --> 00:58:17,439
Speaker 1: on various uh interesting ideas leadership, entrepreneurship, etcetera. Uh. And

955
00:58:17,800 --> 00:58:20,960
Speaker 1: you know Ted talks uh from time to time or

956
00:58:21,240 --> 00:58:23,600
Speaker 1: are things that I'll take in when I'm taking a

957
00:58:23,600 --> 00:58:26,240
Speaker 1: long walk, you know here in St. Pete. But I'm

958
00:58:26,280 --> 00:58:31,040
Speaker 1: more of a podcast person, honestly than somebody who is

959
00:58:31,400 --> 00:58:36,360
Speaker 1: watching Netflix or Amazon Prime. Gotcha. So let's talk about

960
00:58:36,440 --> 00:58:40,200
Speaker 1: some of your early mentors who helped to shape your career.

961
00:58:42,040 --> 00:58:45,000
Speaker 1: In terms of my most early mentor without questions, my

962
00:58:45,040 --> 00:58:48,080
Speaker 1: step grandfather who raised me. His name was Clarence Townsend.

963
00:58:49,080 --> 00:58:53,080
Speaker 1: Both of my daughters are named after him. My older daughter,

964
00:58:53,080 --> 00:58:55,960
Speaker 1: her name is Townsend, and our younger one is a Claire.

965
00:58:56,040 --> 00:58:58,800
Speaker 1: The Claire is from Clarence. As they say, we're named

966
00:58:58,800 --> 00:59:02,080
Speaker 1: after one of our angels. Uh. He taught me the

967
00:59:02,120 --> 00:59:06,640
Speaker 1: importance of doing what you say, integrity, being honest. He

968
00:59:06,680 --> 00:59:10,080
Speaker 1: never borrowed a dollar in his life, so disappointed around

969
00:59:10,080 --> 00:59:13,920
Speaker 1: not spending more than you can afford. A lot of

970
00:59:13,920 --> 00:59:18,400
Speaker 1: that obviously was very helpful to me, as I said,

971
00:59:18,400 --> 00:59:21,040
Speaker 1: when I was starting a business and remembering a lot

972
00:59:21,040 --> 00:59:24,760
Speaker 1: of those life lessons that I've learned from him. On

973
00:59:24,800 --> 00:59:27,960
Speaker 1: the entrepreneur side, one of my best friends is a

974
00:59:27,960 --> 00:59:31,840
Speaker 1: guy named Mike Rappoli. Uh. Your listeners will probably know

975
00:59:32,040 --> 00:59:35,160
Speaker 1: the name. Mike was one of the founders of Vitamin Water. Uh.

976
00:59:35,360 --> 00:59:39,760
Speaker 1: He helped build other brands like kind Bar and Pirate's Booty,

977
00:59:40,760 --> 00:59:42,920
Speaker 1: which he didn't found, and then he went on to

978
00:59:42,960 --> 00:59:47,240
Speaker 1: found now body Armor. Very few entrepreneurs have ever founded

979
00:59:47,280 --> 00:59:50,080
Speaker 1: a billion dollar brand from the ground up, even fewer

980
00:59:50,160 --> 00:59:53,560
Speaker 1: number have done it more than once, and Body Armor

981
00:59:53,680 --> 00:59:57,440
Speaker 1: certainly a multibillion dollar brand at this point, as was

982
00:59:57,520 --> 01:00:00,560
Speaker 1: Viamin Water. So early on when I was to launch

983
01:00:00,640 --> 01:00:04,720
Speaker 1: this business, Mike was a remarkable sounding board. He and

984
01:00:04,720 --> 01:00:08,280
Speaker 1: I actually named Dynasty together, which we thought about it.

985
01:00:08,360 --> 01:00:10,959
Speaker 1: We both sports guys, so we thought about it meaning

986
01:00:11,000 --> 01:00:16,920
Speaker 1: winning consistently over time. Multi Generational financial obviously describes the

987
01:00:16,960 --> 01:00:19,080
Speaker 1: industry and partners in terms of how we work with

988
01:00:19,080 --> 01:00:22,320
Speaker 1: our clients and our resource partners and relate to each

989
01:00:22,360 --> 01:00:24,920
Speaker 1: other internally. So if you were to look at Barry

990
01:00:25,320 --> 01:00:29,240
Speaker 1: the Dynasty logo, you will see some similarities to the

991
01:00:29,280 --> 01:00:32,640
Speaker 1: Vitamin Water logo. Uh. And that's because when you have

992
01:00:32,680 --> 01:00:36,040
Speaker 1: a brand building genius who's helping you early on, you

993
01:00:36,120 --> 01:00:38,560
Speaker 1: want to listen. So I would. I would say Mike

994
01:00:38,680 --> 01:00:42,320
Speaker 1: was was a great mentor to me early on and

995
01:00:42,560 --> 01:00:46,360
Speaker 1: starting Dynasty. So let's talk about books. Tell us what

996
01:00:46,520 --> 01:00:49,120
Speaker 1: some of your favorite reads are and what are you

997
01:00:49,160 --> 01:00:54,960
Speaker 1: reading right now? Well, I just read uh and this

998
01:00:55,040 --> 01:00:58,160
Speaker 1: is this is going to be a shameless plug for

999
01:00:58,200 --> 01:01:01,080
Speaker 1: someone who's a friend of both of us. I actually

1000
01:01:01,120 --> 01:01:06,000
Speaker 1: just had the opportunity to finish reading uh, Josh Brown's

1001
01:01:06,080 --> 01:01:09,480
Speaker 1: book on How I Invest My Money. Joshua, Josh and

1002
01:01:09,480 --> 01:01:12,520
Speaker 1: Ivan personal friends for for quite some time. And what

1003
01:01:12,640 --> 01:01:16,040
Speaker 1: you know, you have remarkable talent and partner there who

1004
01:01:16,120 --> 01:01:19,320
Speaker 1: thinks the world of of you. Um. And let me

1005
01:01:19,440 --> 01:01:21,680
Speaker 1: let me just jump let me just jump in here

1006
01:01:21,680 --> 01:01:25,000
Speaker 1: and say, I remember when the two of you, I

1007
01:01:25,000 --> 01:01:28,240
Speaker 1: want to say it was we're both named to the

1008
01:01:28,400 --> 01:01:32,280
Speaker 1: forty under forty list? Is am I getting the dates right? Yeah?

1009
01:01:32,280 --> 01:01:35,640
Speaker 1: He's much older than me, but that's right. Yes, I

1010
01:01:35,680 --> 01:01:38,840
Speaker 1: think you guys are about the same age we are.

1011
01:01:39,000 --> 01:01:41,040
Speaker 1: We are all kidding us side we are, and we're

1012
01:01:41,120 --> 01:01:45,080
Speaker 1: kindred spirits and he's the best. So he invited. Isn't

1013
01:01:45,120 --> 01:01:47,040
Speaker 1: that a great idea for a book, by the way,

1014
01:01:47,280 --> 01:01:49,720
Speaker 1: the to to speak to a bunch of people in

1015
01:01:49,840 --> 01:01:53,360
Speaker 1: finance and say, don't tell us what you say on TV,

1016
01:01:53,920 --> 01:01:56,320
Speaker 1: tell us how you invest your own money. I love

1017
01:01:56,400 --> 01:02:00,400
Speaker 1: that idea. I do too. When he sent it to me,

1018
01:02:00,920 --> 01:02:03,200
Speaker 1: what the first thing I said to him is this

1019
01:02:03,240 --> 01:02:05,440
Speaker 1: is brilliant and I'm shocked that no one else has

1020
01:02:05,480 --> 01:02:07,640
Speaker 1: thought about it. I said, did you do your research?

1021
01:02:07,720 --> 01:02:09,680
Speaker 1: Has anyone else done this? And he said, I'm telling

1022
01:02:09,720 --> 01:02:12,680
Speaker 1: you they haven't. And I get people reaching out to

1023
01:02:12,760 --> 01:02:14,880
Speaker 1: me all over the world. I mean, it's it's it's

1024
01:02:14,920 --> 01:02:17,760
Speaker 1: it's it's pretty special saying hey, I just read your

1025
01:02:17,840 --> 01:02:21,640
Speaker 1: chapter of of of How I Invest My Money? Uh.

1026
01:02:21,680 --> 01:02:24,120
Speaker 1: And I love how you said, you know how you

1027
01:02:24,120 --> 01:02:27,480
Speaker 1: think about the family capital or I have a fun bucket,

1028
01:02:27,640 --> 01:02:29,920
Speaker 1: which for me is houses and my horses. We have

1029
01:02:29,960 --> 01:02:33,120
Speaker 1: a horse racing stable. Uh. And people from all walks

1030
01:02:33,120 --> 01:02:35,560
Speaker 1: of life have reached out. So it's been great and

1031
01:02:35,560 --> 01:02:37,600
Speaker 1: I'm glad that that Josh invited me to be a

1032
01:02:37,640 --> 01:02:40,480
Speaker 1: part of it. The other book I'll Mention, which I

1033
01:02:40,520 --> 01:02:43,640
Speaker 1: just started to read, I'm a big proponent. I talked

1034
01:02:43,640 --> 01:02:47,200
Speaker 1: about mentorship, both being a mentor and being mentored by

1035
01:02:47,280 --> 01:02:50,520
Speaker 1: a committee of people. I've just started reading in Professional

1036
01:02:50,520 --> 01:02:54,160
Speaker 1: Development in Yourself and Your Team a book called Tribe

1037
01:02:54,160 --> 01:02:57,280
Speaker 1: of Mentors, which was written by a guy named Tim Ferris,

1038
01:02:57,320 --> 01:03:01,160
Speaker 1: And it's a book that get introduced to me through

1039
01:03:01,160 --> 01:03:05,560
Speaker 1: the ASP Institute. Uh and uh again it's early you

1040
01:03:05,560 --> 01:03:08,560
Speaker 1: ask what I'm reading right now, But I love the

1041
01:03:08,760 --> 01:03:12,760
Speaker 1: concept of group mentoring. What sort of advice would you

1042
01:03:12,800 --> 01:03:17,000
Speaker 1: give to a recent college grad who was interested in

1043
01:03:17,040 --> 01:03:21,280
Speaker 1: a career either as an advisor or in the professional

1044
01:03:21,440 --> 01:03:26,280
Speaker 1: finance services industry. Yeah, Barry, I love that question. First

1045
01:03:26,280 --> 01:03:30,840
Speaker 1: and foremost, I would say, do it. We need you. Uh.

1046
01:03:30,880 --> 01:03:34,920
Speaker 1: You know, the financial health and wellness of our country

1047
01:03:35,000 --> 01:03:38,480
Speaker 1: is not where it should be, whether it's on a

1048
01:03:38,560 --> 01:03:41,480
Speaker 1: national or state level, whether it's the fact that over

1049
01:03:41,520 --> 01:03:45,640
Speaker 1: sevent Americans can't put their hand on a thousand dollars

1050
01:03:45,640 --> 01:03:49,000
Speaker 1: in an emergency. Um. You know, given my background and

1051
01:03:49,000 --> 01:03:52,280
Speaker 1: how I grew up, uh, financial literacy is something that's

1052
01:03:52,280 --> 01:03:55,360
Speaker 1: near and dear to me. It's fundamentally changed the life

1053
01:03:55,440 --> 01:03:58,760
Speaker 1: that I've been able to live. So we need more

1054
01:03:58,840 --> 01:04:03,040
Speaker 1: people to come into the industry. Please do it. It's critical, Uh,

1055
01:04:03,080 --> 01:04:05,840
Speaker 1: you know, to to to our country. In terms of

1056
01:04:05,880 --> 01:04:10,680
Speaker 1: specific advice to someone starting out, Uh, it's it's it's

1057
01:04:10,720 --> 01:04:14,080
Speaker 1: not about what you learn, it's about what you learn

1058
01:04:15,080 --> 01:04:18,400
Speaker 1: in the first let's call it three years. So finding

1059
01:04:18,560 --> 01:04:23,000
Speaker 1: a great mentor finding an organization, finding a team that

1060
01:04:23,120 --> 01:04:26,840
Speaker 1: cares about your development will push you, will let you fail,

1061
01:04:26,880 --> 01:04:30,040
Speaker 1: will let you learn from those mistakes. Uh. If you

1062
01:04:30,080 --> 01:04:33,720
Speaker 1: can find that environment and you're gonna get paid five

1063
01:04:33,760 --> 01:04:36,960
Speaker 1: to ten tho dollars less uh than an environment that

1064
01:04:37,000 --> 01:04:39,400
Speaker 1: you're not going to have that take the lower pay.

1065
01:04:40,200 --> 01:04:43,479
Speaker 1: It's all about you know, what you learn the tuition. Uh,

1066
01:04:43,520 --> 01:04:45,960
Speaker 1: you know, think about it that way early on, if

1067
01:04:45,960 --> 01:04:48,920
Speaker 1: it's a lower price job, and put yourself in that

1068
01:04:49,080 --> 01:04:52,280
Speaker 1: environment because it will pay massive dividends for you over

1069
01:04:52,320 --> 01:04:56,600
Speaker 1: the course of your career. And our final question, what

1070
01:04:56,680 --> 01:04:59,880
Speaker 1: do you know about the world of financial services and

1071
01:05:00,120 --> 01:05:06,360
Speaker 1: vesting advising today that you wish you knew years ago

1072
01:05:06,400 --> 01:05:09,800
Speaker 1: when you were first getting started. Yeah, well that's a

1073
01:05:09,840 --> 01:05:12,080
Speaker 1: good one, because again I'm forty four now, so you

1074
01:05:12,160 --> 01:05:14,840
Speaker 1: can subtract off twenty five. That was a nineteen year

1075
01:05:14,880 --> 01:05:18,680
Speaker 1: old kid. But look at what I like to tell

1076
01:05:18,720 --> 01:05:21,520
Speaker 1: a lot of young people, and certainly would would tell

1077
01:05:21,560 --> 01:05:26,440
Speaker 1: my nineteen year old self, is to have the discipline

1078
01:05:27,040 --> 01:05:31,200
Speaker 1: to pay yourself first from an investment perspective. And as

1079
01:05:31,240 --> 01:05:34,440
Speaker 1: we all know, it's not always about getting right whatever

1080
01:05:34,480 --> 01:05:38,400
Speaker 1: that means. Uh, you know, the the asset allocation because

1081
01:05:38,400 --> 01:05:41,680
Speaker 1: that will change over time, or security selection, et cetera.

1082
01:05:41,760 --> 01:05:46,080
Speaker 1: It's about actually being discipplinted to save and whether you're

1083
01:05:46,120 --> 01:05:49,640
Speaker 1: saving you know, five early on. Uh. And even if

1084
01:05:49,680 --> 01:05:52,320
Speaker 1: that number appears to you know, I hear a lot

1085
01:05:52,360 --> 01:05:55,520
Speaker 1: of people saying I can only save fifty dollars a month,

1086
01:05:56,040 --> 01:05:58,680
Speaker 1: Well that's great, that's a wonderful place to start. Save

1087
01:05:58,760 --> 01:06:01,800
Speaker 1: the fifty dollars, start to invested and let the miracle

1088
01:06:01,880 --> 01:06:05,720
Speaker 1: of compound interest start to work for you as early

1089
01:06:05,800 --> 01:06:09,440
Speaker 1: as possible in your life. Uh. And I love getting

1090
01:06:09,480 --> 01:06:13,240
Speaker 1: that message out to young investors, just to get them

1091
01:06:13,320 --> 01:06:17,040
Speaker 1: started and being disciplined. We all have a lot of priorities,

1092
01:06:17,040 --> 01:06:19,880
Speaker 1: but if we can say, look five percent early on

1093
01:06:20,120 --> 01:06:24,520
Speaker 1: of our check without exception, regardless of what seems to

1094
01:06:24,560 --> 01:06:26,720
Speaker 1: be you know a big priority in our life. We're

1095
01:06:26,720 --> 01:06:30,080
Speaker 1: gonna pay ourselves first and start investing it. Get a

1096
01:06:30,120 --> 01:06:33,880
Speaker 1: simple financial plan in place. You look back, you know,

1097
01:06:33,920 --> 01:06:36,560
Speaker 1: to your question twenty five years later, you'll be very

1098
01:06:36,600 --> 01:06:40,160
Speaker 1: glad that you did it. Great stuff. We've been speaking

1099
01:06:40,160 --> 01:06:43,800
Speaker 1: with Sheryl Penny. He is the founder and CEO of

1100
01:06:43,920 --> 01:06:47,960
Speaker 1: Dynasty Financial Partners. If you enjoy this conversation, we'll be

1101
01:06:48,000 --> 01:06:50,760
Speaker 1: sure and check out any of the previous four hundred

1102
01:06:51,080 --> 01:06:54,600
Speaker 1: such interviews we've conducted over the past seven years. You

1103
01:06:54,640 --> 01:06:58,800
Speaker 1: can find that at iTunes, Spotify, wherever you feed your

1104
01:06:58,800 --> 01:07:03,240
Speaker 1: podcast fixed. We love your comments, feedback and suggestions right

1105
01:07:03,320 --> 01:07:07,600
Speaker 1: to us at m IB podcast at Bloomberg dot net.

1106
01:07:08,160 --> 01:07:11,800
Speaker 1: Sign up for my daily reads at rid Halts dot com.

1107
01:07:11,920 --> 01:07:15,960
Speaker 1: Check out my weekly column on Bloomberg dot com slash Opinion.

1108
01:07:16,360 --> 01:07:19,280
Speaker 1: Follow me on Twitter at Rid Halts. I would be

1109
01:07:19,360 --> 01:07:22,080
Speaker 1: remiss if I did not thank the crack staff that

1110
01:07:22,280 --> 01:07:26,840
Speaker 1: helps put these conversations together each week. Reggie Brazil is

1111
01:07:26,920 --> 01:07:31,920
Speaker 1: my audio engineer, Michael Boyle is my producer atka. Val

1112
01:07:31,960 --> 01:07:35,000
Speaker 1: Brand is our project manager. Michael Batnick is my head

1113
01:07:35,000 --> 01:07:39,360
Speaker 1: of research. I'm Barry Ridholts. You've been listening to Master's

1114
01:07:39,400 --> 01:07:43,840
Speaker 1: in Business on Bloomberg Radio. You're listening to Master's in

1115
01:07:43,920 --> 01:07:46,840
Speaker 1: Business with Barry Ridholts on Bloomberg Radio.