Dynasty Financial Partners LLC has recruited John Sullivan, a former executive at Morgan Stanley Smith Barney LLC, to work with financial advisers joining the firm.
Mr. Sullivan will serve as senior vice president of registered investment adviser and transition services. He was the director of wealth planning centers at MSSB and, previously, a Midwest divisional director of wealth management for Smith Barney. As a division director, he focused on clients with more than $50 million in investible assets.
“We're growing rapidly, and we'll continue to expand our service team,” said Dynasty chief executive Shirl Penney. “John will be the central contact for many of our adviser teams.”
Mr. Sullivan joins a core of MSSB/Citigroup Inc. veterans at Dynasty — including Austin Philbin, another senior vice president of RIA and transition services; Jerrold Eberhardt, senior adviser; and Mr. Penney, who launched Dynasty in December 2010 and had been a director of private wealth management at Smith Barney.
While Mr. Sullivan's primary role at Dynasty will be to customize the services and platform for adviser teams joining the firm, he is also likely to be an asset in enticing more MSSB advisers to make the break to independence. He will be based in Chicago.
Dynasty services 14 financial advisers, managing $14 billion in assets.
The firm scored a coup two weeks ago when it landed brothers Michael and Patrick Hull, whose team managed nearly $4 billion at Graystone Consulting, MSSB's institutional consulting unit. Mr. Penney said the firm expects to welcome several more adviser teams within the next couple of months.
“Firms like Dynasty have been very successful luring wirehouse executives and advisers,” said Lou Harvey, chief executive of financial services consultant Dalbar Inc. “As long as the wirehouses remain tied to their existing business models, they're easy pickings.”
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