July 24, 2012 / 9:00 PM / 5 years ago

ON THE MOVE-Dynasty hires former Morgan Stanley director

July 24 (Reuters) - Dynasty Financial Partners, a New York-based wealth management start-up, has hired a former Morgan Stanley Smith Barney director to join its transition services team as the firm eyes expansion.

Wealth management veteran John Sullivan joined Dynasty in July as a senior vice president overseeing the transition of advisers joining the firm. Dynasty has largely benefited from brokers leaving major Wall Street firms to go independent.

“My responsibilities will be in helping those advisers to navigate the Dynasty platform,” said Sullivan, who will also help with recruiting.

Dynasty, founded by former Citigroup executive Shirl Penney in December 2010, caters to advisers who are independent, or want to go it alone, but lack the backing of a big firm. About half of Dynasty’s 14 teams joined from already independent practices, while the other half were newly formed from advisers exiting big brokerages.

Sullivan had been with his old firm for about two decades, first with Citigroup and later Morgan Stanley Smith Barney, after Citi merged its Smith Barney unit with Morgan Stanley’s wealth division in 2009.

Dynasty has made several big hires from top brokerages in 2012, including teams from Morgan Stanley Smith Barney, Bank of America’s Merrill Lynch and UBS Wealth Management Americas. The firm targets the top 3 percent of advisers, focusing on those with $300 million or more in assets under management.

“Our pipeline is robust,” said Penney in an interview on Tuesday, noting that he expects a “strong second half of the year.”

He said the firm eventually plans to expand to 100 teams managing $100 billion in client assets over the next six years.

Sullivan, who will be based in both New York and Chicago, joined Austin Philbin, also recently hired from Morgan Stanley Smith Barney to join Dynasty’s transition services team.

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