When the news broke that a team managing $129 billion in client assets left Merrill to launch OpenArc Corporate Advisory, the headlines focused on the sheer scale of the move—and the ensuing legal firestorm. However, this transition represents even more: a defining moment for the independent wealth management movement and a demonstration of the industry’s evolving landscape.
For years, independence has been steadily chipping away at wirehouse dominance. Yet OpenArc is proof that even the most elite and institutionally focused advisor teams see greater opportunity in starting their own firm.
That’s where Dynasty Financial Partners comes in. Under Shirl Penney’s leadership, Dynasty has become synonymous with enabling large, complex teams to make the leap to independence, providing the scale, capital, and infrastructure needed to compete at the very top of the industry.
And with OpenArc, Dynasty has helped one of the biggest breakaways launch a new enterprise built for the future.
Yet getting the team to this moment was a decade in the making, with Mindy Diamond and Louis Diamond guiding the growing team through an educational journey on an ever-changing landscape of possibilities.
In this special Rapid Reaction episode, Louis and Shirl offer their perspectives on:
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Why the OpenArc deal is such a watershed moment.
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What it signals about the evolution of the RIA model and the industry at large.
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How it may influence other large teams contemplating their own futures.
They also highlight key learnings for advisors watching this transition closely—and what it reveals about the next chapter of industry competition.
It’s a rare inside look at a landmark deal in wealth management—and the insights it offers for advisors and firms across the industry.
Download a transcript of this episode…
Listen to more episodes of The Diamond Podcast for Financial Advisors: Insights on Transitions, Independence and Advisor Growth
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