Dynasty Financial Partners Adds Goldman Sachs as CustodianDynasty Financial Partners Adds Goldman Sachs as Custodian

Dynasty Financial Partners, the St. Petersburg, Fla.-based support platform for registered investment advisors, has added Goldman Sachs Advisor Solutions as a preferred custodian for its RIA network.

Goldman Sachs joins Schwab, Fidelity and BNY Pershing as custodians that Dynasty will recommend to its RIA clients, which currently includes 57 partner firms representing over 500 advisors and over $105 billion in assets.

Goldman is now fully integrated into Dynasty’s technology stack, investment and turnkey asset management platforms. This includes Goldman Sachs Asset Management, with the firm’s fixed income and equity managers now available inside Dynasty’s technology.

Dynasty founder and CEO Shirl Penney has a history of using Goldman Sachs for investment banking. The bank helped when the firm was looking to go public a few years ago.

“Goldman Sachs is one of the premier brands in financial services in the world,” Penney said. “For me as an entrepreneur, one of the most important moments of my life was raising capital for my baby—for the business, and I turned to Goldman Sachs.”

Penney said the combination of what Goldman and Dynasty provide together will make advisors more confident about the move to independence.

“When you’re a private wealth advisor at one of these larger organizations, you’re looking to check the box on a whole host of different things to get you comfortable for yourself and your clients to make the move to independence,” Penney said. “I think it’s going to unlock more opportunity for the RIA space for larger, more sophisticated advisor teams, with larger and more sophisticated end clients to now be confident that they can make the move to independence.”

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Advisors who choose to use Goldman will have dedicated transitions and service teams at Dynasty and Goldman to provide custody, TAMP, trading services and billing solutions. In addition to Goldman Sachs’ asset management products, advisors will also get access to securities-backed lending, structured products, trading capabilities, research and capital markets. Penney expects Dynasty’s partner firms to expand their use of these capabilities over time.

“I think this is the perfect example of how we’re able to deliver the best of Goldman Sachs, spanning across a multitude of high-net-worth solutions in asset management, custody, lending, equities and fixed trading and capital markets. It provides us a vehicle to further expand our breadth and reach and further shows our commitment to the RIA space,” said Adam Siegler, partner and head of OneGS RIA Strategy and retail client segment at Goldman Sachs.

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