Dynasty Financial hires real sales talent TD Ameritrade RIA who left after Schwab deal; it will again operate RIAs on Florida’s Gold Coast – first big news since IPO disclosure
The St. Peterburg, Florida-based tech contractor made its 10th Florida hire so far this year, but the first on the state’s southeast coast
Dynasty Financial Partners announced today (February 16) that it has recruited an 18-year veteran RIA sales manager who left TD Ameritrade (TDA) following the merger of Charles Schwab Corp. in 2019.
Dynasty, a St. Petersburg RIA software contractor and independent agent – currently listed for a $1 billion IPO – recruited Sean Lindenbaum as Director of Network Development, Southeast Division on 18 January. See: Dynasty Financial takes the next logical step, using the powers of Wall Street and RIAs to beat Wall Street with an IPO, but the timing surprises an expert
His job will be to bring advisors and their assets on board – a key imperative for Dynasty which derives its revenue largely from its assets.
Its S-1 SEC filing for the IPO says it currently serves 46 RIAs — up from 50 — with about $68 billion under management.
Its 2020 earnings soared 471% year-on-year to $4.9 million. Its revenue jumped 50% to $49.2 million in the nine months ending September 30, 2021.
Between 2019 and November 2021, 19 RIAs with $18 billion in assets under management (AUM) signed with Dynasty. About $2.6 billion remains in transition, according to regulatory filings.
Lindenbaum’s hire is Dynasty’s 10th for 2022, but his first is slated for Florida’s east coast after nine hires at headquarters. Lindenbaum’s LinkedIn page lists his home as Boca Raton on South Florida’s Gold Coast.
He’s a good bet for success, according to Skip Schweiss, CEO of Sierra Investment Management and a former colleague at TD Ameritrade.
“I’ve worked with Sean for several years and he’s a professional who really knows the RIA space. He’s been fun to work with and do,” he says. “Just another talented asset to find another home in the wake of the Schwab/TDA merger.”
Dynasty, which employs 85 people, permanently closed its New York office in November 2020 and embraced its new Florida digs with a vengeance.
Not only is Florida considered ground zero for retirement wealth — and advisors — but it’s also a place with low wages and the cost of living, at least compared to New York.
“We believe the broader Southeast market, and Florida in particular, represents a significant opportunity for Dynasty,” said Shirl Penney, CEO of Dynasty, in a statement.
Give a hand
He will report to John Sullivan, Dynasty’s network development manager, who touts his experience, sales performance and interpersonal skills.
Sullivan was a major rookie for Dynasty nine years ago. See: Dynasty Financial recruits another Army field general Citi-Smith Barney
“Sean brings a long and successful experience to this newly created role at Dynasty,” Sullivan said in a statement.
“He has been recognized throughout his career as a skilled communicator, collaborator and high-level performer – all qualities that will serve him well as he embarks on the next chapter of his career at Dynasty.”
Lindenbaum is poised to benefit Dynasty both as a recruiter of wiring house brokers and IBD representatives in its territory.
It will also contact large RIAs who want a partner without selling themselves to a rollup or other large company, Penney said in the statement.
“There are a number of advisors in the Southeast market who work in fulfillment centers and IBDs who want a supported independent model,” he adds.
“Many RIAs seek to outsource technology, investment and capital requirements to gain scale, efficiency and to grow faster organically and inorganically.”
Lindenbaum served as Managing Director of Sales at TD Ameritrade Institutional from 2005 to 2021.
He was responsible for leading the Southeast and Mid-Atlantic sales team and has over 20 years of experience delivering business solutions designed to accelerate revenue and sales growth.
His tenure was exceptional, according to Kristin Petrick, a marketing manager at Orion Advisor Solutions who worked with him at TD Ameritrade.
“He is the real deal and was an important leader of the sales team at TDA,” she says. “I can’t say enough good things about Sean. During his time with TDA, he has developed deep relationships with top RIA companies and is a trusted partner. He has two decades of experience helping RIA to achieve business growth. He is a great culture builder who brings energy and optimism to everything he does. He will make a great addition to the Dynasty team.”
Previously, he was Vice President of Strategic Sales Planning based in New Jersey at TD Ameritrade Institutional. He holds a BS in Economics from the State University of New York at Oneonta.
Schwab first announced it would buy TD Ameritrade in late November 2019 and closed the deal in October 2020. Lindenbaum left the company in 2021, as did much of TD’s sales force. See: Kate Healy, Jim Dario and Peter Dorsey are among 1,000 employees cut by Schwab after TD merger