Dynasty Financial Partners on Wednesday announced a strategic collaboration with Goldman Sachs in which Goldman Sachs Custody Solutions (GSCS) has become one of the preferred custodians to Dynasty’s independent RIA network.
Prior to the partnership, which became effective on Wednesday, advisory firms in the Dynasty network could select BNY Pershing, Fidelity or Schwab as custodians, a Dynasty spokesperson told WSR. These custodians were offered as custodial options since Dynasty’s launch, she noted.
Calling Goldman Sachs “one of the premier global brands in financial services,” Shirl Penney, CEO and Founder of Dynasty Financial Partners, said: “By integrating Goldman Sachs’ custodial services, asset management, lending, and capital markets expertise into Dynasty’s full suite offering for RIAs, we are significantly enhancing the breadth and quality of services available to our network” of independent advisors.
He added: “This collaboration represents a significant milestone in our ongoing mission to provide unparalleled support and resources, ensuring that our Network Partners have access to the high-quality tools, technology, products, and expertise in the industry.”
According to a news release, Dynasty and GSCS developed technology that integrates with Dynasty’s TAMP as part of the collaboration. Dynasty and GSCS will also provide transition teams to offer custody, TAMP, trading services and billing solutions to RIAs.
The collaboration is expected to enhance Dynasty’s asset management, investment banking and lending services. According to Dynasty, the collaboration will also enhance the appeal and trust in the companies’ combined offerings for advisors and clients because they value the Goldman Sachs brand and its solutions for high net worth clients.
“Dynasty is continuing its ongoing mission to source and partner with proven providers from across the industry allowing our advisors to build better business and better care for their clients,” said Marc Hineman, Dynasty Chief Operating Officer.
Last September, when announcing that it hired Hineman as COO, Dynasty said that his and two other executive appointments were part of “strategic changes and additions to its executive team to facilitate innovation, streamline decision-making, and scale its business for future growth.”
Dynasty demonstrated its focus on “providing sophisticated services to the leading independent advisory firms in the industry,” according to Adam Siegler, Partner and Head of OneGS RIA Strategy and Retail Client Segment at Goldman Sachs. “This relationship is a testament to our dedication in elevating the independent advisor experience.”
Earlier this year, Dynasty announced that Chevy Chase, Maryland-based independent RIA TritonPoint Wealth, a former Goldman Sachs team with about $1.6 billion in assets under management (AUM), joined its advisor network.
Dynasty has 57 network partner firms with more than 500 advisors and over $105 billion in assets.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
