Dynasty Financial Partners announced a new head of network development on Tuesday. John Sullivan, formerly SVP of RIA & transition services at Dynasty, was appointed to the role by Shirl Penney, the firm’s CEO. The duo have worked together for more than two decades, between their years at Citigroup and Morgan Stanley Smith Barney, as well as the eight years they’ve both worked at Dynasty.
With the new appointment, Sullivan fills a role that became available after David Wiener left the firm in May. Dynasty has seen rapid growth in the past year, according to the announcement, and now has 50 advisory firms in its network and $50 billion in assets on its platform. Its TAMP platform has $24 billion in assets under its administration.
“The industry’s movement toward independence is accelerating unabated,” Sullivan said in a statement. “Dynasty continues to evolve rapidly with new people, partnerships, technologies and client solutions all designed with the advisor and end-client experience in mind.”
In the past year, Dynasty has added trust services, via a partnership with National Advisors Trust, sparked rumors that it might be an acquisition target for Envestnet, following a minority investment by the latter, and extended financing options to RIAs outside of its network by launching Advisor Services Exchange over the summer.