Andrew Marsh in a file photo from 2013.Philip Cheung/The Globe and Mail
Former Richardson Wealth Ltd. chief executive Andrew Marsh has been named vice-chair of Florida-based Dynasty Financial Partners, a technology services provider to more than 50 registered investment advisory companies.
On Tuesday, Dynasty appointed Mr. Marsh as the company’s first vice-chairman. He will report to Dynasty chief executive and founder Shirl Penney.
Industry veteran Mr. Marsh first joined Dynasty this past April as an executive-in-residence, where he worked in the “adviser to CEO program” to help coach registered investment advisers who had transitioned into chief executives.
RIA companies typically follow an independent business model and are not part of a larger brokerage or bank. In addition, RIAs have a fiduciary obligation to act in the best interests of clients, a regulatory standard Canada has not adopted.
Prior to joining Dynasty, Mr. Marsh spent almost 20 years in executive leadership roles at Canadian wealth manager Richardson Wealth Ltd., a subsidiary of RF Capital Group Inc. In that time, Mr. Marsh grew the company to 160 investment advisers who managed about $30-billion in assets.
“Andrew is a consummate professional with deep experience in the wealth management industry,” Ms. Penney said in a statement. “He has already done what so many in our community and the RIA space strive to – evolve from adviser to CEO, building a business successful enough to monetize in a material way.”
Mr. Marsh started his career in financial services as an adviser in 1990. In 2004, he helped launch GMP Private Client, at the age of 36.
In 2009, he oversaw the merger of GMP Private Client with Richardson Partners Financial, and was later appointed CEO of the newly formed Richardson GMP.
Mr. Marsh retired from Richardson Wealth in 2021, five months after completing a three-year restructuring deal to split the privately owned investment advisory firm from its capital markets division GMP Capital, and launch an independent publicly traded wealth manager.
At the time, Mr. Marsh told The Globe and Mail that “as an entrepreneur, the firm was now in need of a different skill set.”
“I knew this business would eventually get to a point where it would have to go to the next level,” he said.
In his new role at Dynasty, Mr. Marsh will oversee strategic business reviews, co-ordinate corporate development opportunities, and assist with the expansion of large U.S.-based RIAs.