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Former Dynasty Financial Partners Chief Operating Officer and co-founder Ed Swenson is taking over as president of Advisor Group RIA Solutions.
The announcement comes a little over a week after Dynasty announced Swenson would be leaving the firm he helped launch in 2010.
Swenson will become an executive vice president at Advisor Group, with the president position being newly-created for Swenson, according to the company.
In the new role, Swenson will help create and manage Advisor Group’s RIA-only and hybrid channel strategy along with developing a corporate RIA platform for fee-based advisors. He’ll report to Advisor Group CEO and President Jamie Price and Greg Cornick, president of advice and wealth management.
“Advisor Group is a growing and rapidly evolving company that fosters a culture of innovation and collaboration,” Swenson said. “I look forward to joining them and building something new in the RIA space.”
Swenson first entered the industry in 1999 at Citigroup Asset Management, and worked as a portfolio manager and analyst at Legg Mason Asset Management before co-founding Dynasty in 2010, along with current CEO Shirl Penney and Todd Thomson, a member of the firm’s board of directors. Swenson led the firm’s operations, technology, investments, TAMP and human resources departments.
Late last month, Swenson and Dynasty Chief Client Officer Austin Philbin both revealed they were leaving Dynasty as of last week, with Dynasty spokeswoman Sally Cates not sharing who might fill the vacancies. The Florida-based Dynasty serves about 50 RIAs overseeing about $75 billion in client assets.
The firm also offers debt and equity capital options for partner firms looking into M&A activities, and launched an investment bank offering M&A consulting and capital solutions for out-of-network RIAs in April.
Advisor Group’s total network includes eight affiliates with about 11,000 affiliated advisors managing about $565 billion in client assets. But in April, Advisor Group announced it would be merging all its broker/dealer affiliates under one brand and back office; according to executives, the move would reduce complexity and help advisors capitalize on the firm’s scale.
The name for the unified firm has yet to be released, and executives are working to minimize repapering requirements. Advisors can keep business relationships with third-party TAMPs and other vendors, and clients will not need to sign new paperwork, according to Advisor Group.
Advisor Group hopes to complete the process within two years, though there’s been some restlessness among its advisor base; in the announcement’s aftermath, Advisor Group has lost a number of advisory teams to other firms, including three teams departing for Commonwealth, LaSalle St. and LPL Financial last month.
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