'Captive Independence' Falls Short of True Independence, Execs Say

Michael Thrasher | WealthManagement.com, April 2019

Summary: Some independent broker/dealers, offices of supervisory jurisdiction (OSJs) and registered investment advisors market their advisors as “independent." But executives on the fee-only RIA side of the business say breakaway brokers are being sold a bill of goods when they join these models.

We do the opposite, right? We're multi-custodian. We have technology that allows advisors to shop the Street. We have multiple investment banks they can use, multiple trading desks ... seven or eight different private banks that they can go and shop loans from."

Shirl Penney, founder and CEO, Dynasty Financial Partners

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