Dynasty Financial Partners has snagged a former top executive at HighTower Advisors as Dynasty's new director of strategic relationships.
Ed Friedman, who was part of HighTowers founding management team in 2008 and left the firm three years later to become a consultant, will report jointly to Shirl Penney, Dynastys president and chief executive, and Ed Swenson, the firms chief operating officer. His responsibilities will include business development, management of key client relationships and delivering practice management programs for Dynasty's Network Advisors.
Although many in the industry consider Dynasty and HighTower rivals for the allegiance of breakaway teams and independent RIAs, Penney says Dynasty doesnt run into [HighTower] as much as you may think.
I have a lot of respect for HighTower as a fellow entrepreneur, Penney says, especially one that was able to start a business in 2008 and grow, which was very difficult to do.
Theres plenty of room in the market for both firms, according to Penney. The game is big and its still the early innings, he says.
Friedman spent most of his career at Morgan Stanley, joining the firm in 1985 as a financial advisor. He served as an executive director at the brokerages Global Wealth Management division from 2004 to 2008 before joining HighTower as director of business development, where he assisted in attracting the first 18 advisor teams to join HighTower's partnership.
Friedmans time will be split between service issues -- covering key clients, on-boarding and service responsibilities, Penney says -- and working with breakaway brokers and RIAs considering joining Dynastys platform.
Practice management programs will focus on helping firms achieve better operating efficiencies, bringing individuals or small firms in-house as tuck-ins to existing practices, and helping with hiring decisions and succession planning.
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