Up-and-coming independent advisory network Dynasty Financial Partners has wooed away Charles Schwab's head of consolidation to run its RIA outreach, recruiting, and transition activities.
Loren Morris is coming to Dynasty after several years at Schwab. He will be responsible for everything from sitting in on prospecting calls to ensuring that RIAs who come to Dynasty are set up smoothly on the platform.
Interestingly, Dynasty -- formed only a few months ago -- was careful to ensure that relations with Schwab were equally smooth. Schwab has emerged as one of Dynasty's key clearing firms and so CEO Shirl Penney hopes that Morris will "make that partnership even stronger" rather than drive a wedge between the company and his old bosses.
Penney also seems to want to replicate Schwab's customer service model.
"Loren was known for his ability to make even the largest custodian feel like a small boutique for many of their top RIA firms," he said in the hiring release. "He'll bring that skill set to Dynasty."