Dynasty Financial Partners has hired two new technology executives with backgrounds in data, analytics and developing artificial intelligence tools for advisors.
Frank Coates, a former Envestnet executive, is Dynasty’s new chief technology officer, replacing Eric Castillo, who left in June for investment bank LionTree,
Coates will be charged with developing next-generation technology for RIAs on Dynasty’s network, as well as supporting the company’s ongoing relationship with his former employer. Envestnet took a minority stake in Dynasty in 2020 and launched Advisor Services Exchange (ASx), a joint venture to provide RIAs access to growth capital, business management tools, marketing and outsourced CFO services.
“Frank will greatly help our partnership with Envestnet,” says Ed Swenson, Dynasty’s COO and president of ASx. “He knows the team over there and will closely collaborate on some key initiatives.”
Dynasty has also hired Taylor Howard for the newly created role of chief digital officer. Howard most recently served as a managing director at technology consulting firm AgileThought, where he led the artificial intelligence, application engineering, digital workplace and data analytics practices. Howard will be primarily focused on Dynasty’s digital architecture, including its advisor dashboard and technology integrations.
Both will report to Swenson, who says the hires represent a commitment to building unique technology products that cater to RIAs serving ultra-high net worth clients. Swenson’s vision is “chairlift advisors,” where Dynasty partners have everything they need to run an RIA practice while hitting the slopes at a ski resort.
“We know that we will need to continue to be more mobile, more digital. That’s what this team is going to be focused on,” Swenson says, adding that clients should be able to just as easily access financial data whenever, and however, they want. “The days of fancy lunches to talk about performance are over.”
Other goals for Coates and Howard include streamlining and integrating advisor workflows, introducing new AI tools to augment how advisors run their practices and helping advisors make data-driven decisions.
“I’m a big believer that if you present more data, it will better inform your strategy,” Swenson says.
The new hires come as Dynasty continues to find success as a destination for breakaway firms. The firm
“As we grow rapidly, we are excited to continue to add top intellectual capital and make strategic investments in technology that will allow our network partner firms to better care for their clients, gain new ones, make their team member lives easier and build better businesses,” said Dynasty Financial Partners CEO Shirl Penney in a statement.
