Dynasty Financial Sales Executive Stan Gregor Leaves After Less Than a Year
For the second time in five months, a senior executive for Dynasty Financial Partners has left the New York-based firm amid a sluggish market for recruiting advisors.
Stan Gregor, hired last October to recruit advisory firms in the eastern part of the U.S. to the Dynasty “network,” left earlier this month, confirmed company spokeswoman Sally Cates.
“Stan is a great guy and we wish him well,” she said.
Gregor, a veteran retail brokerage executive who in 2013 helped launch Cantor Fitzgerald’s wealth management unit, did not respond to a request for comment.
His departure follows the voluntary resignation in March of Tim Bello, Dynasty’s former head of “network development” and Gregor’s original boss. Though the departures are unrelated, they point to a tough growth environment for advisory firms and companies that work with them.
“Everything with advisor movement has slowed down,” Dynasty Chief Executive Shirl Penney said in an interview, noting that advisors are focused on sustaining their businesses and relations with clients in this year’s volatile market environment, rather than moving.
Lebenthal Wealth Advisors confirmed last week that it is closing after three years because of difficulties recruiting advisors and client assets amid a plethora of independent business models. Traditional brokerage firms also are struggling with static growth in advisors and client assets this year.
Dynasty has recruited four advisory firms to its service network this year, well off the pace of 12 that joined in 2015. Its total roster of 38 firms collectively manage “more than $20 billion” of client assets, similar to the approximately $23 billion that it said in May 2015 was being managed by its 28 partners.
Penney, a former senior sales executive at Smith Barney, nevertheless insists that Dynasty has a solid pipeline of registered investment advisers and brokers from independent and other firms primed to join this year. On Tuesday, said it affiliated with Dynasty.
The firm plans to replace Gregor and will announce hiring of another executive in coming weeks to market its investment management programs, but has no plans to fill Bello’s position, Penney said. David Wiener, a former UBS complex director who joined in June, remains head of recruiting for Dynasty in the western U.S.
Penney founded Dynasty in 2010 with backing from former Smith Barney head Todd Thomson, who is chairman of the firm. Its board members include former American Express Chief Executive Harvey Golub and former SEC Chairman and Donaldson, Lufkin & Jenrette founder William Donaldson.
Gregor, who resides in Charlotte, N.C., has worked at 15 broker-dealers over his 21-year career in the securities industry, according to Finra’s BrokerCheck database.