The Institute for Innovation Development recently talked with both Sean Brown, CEO of YCharts, and Ed Swenson, COO of Dynasty Financial Partners, to discuss their recent announcement of a strategic partnership between the web-based investment research platform and a leading nationwide RIA advisor network. Here at the Institute, we stress to advisors to think about technology strategically, not tactically, and emphasize that technology should not be thought of as coming out of a box with instructions, so you need to learn how to partner with technologists. To those points, we asked Sean and Ed to share with us their journey that has led to a long-term strategic working relationship. We wanted to explore the steps and evolution of the business relationship, as well as the mindset and strategic purpose that drove their decision to become strategic partners.

Bill Hortz: How did the two firms originally find each other? 

Sean Brown: We met at an industry event in late 2013, which led to additional discussions in early 2014. Dynasty was in the process of evaluating which technology and research tools to offer their clients, and YCharts was hitting its stride with an attractive product that fit very well with the needs and budgets of independent advisors.

Hortz: What original criteria did Dynasty have in exploring a working relationship with a FinTech company?

Ed Swenson: Dynasty needs numerous front-and back-office applications to empower our Network advisors with vital functionality to operate their businesses. One of the key needs on the research side was for a robust market-leading investment research and visualization tool that was available and cost effective. We were in the market for a product that met our advisor’s needs, and this led us to YCharts.  

Hortz: What further process did Dynasty follow to finalize a go-ahead in building a working relationship?

Swenson: On behalf of our network partners, Dynasty performs an annual due diligence for all of our technology and research partners. YCharts was no different. After a time working together and further due diligence, it was clear that the product had the compelling functionality that our network partners wanted and I was impressed with the operating team leading the company.

Hortz: What stood out about YCharts to make them the investment research tool that you would provide to your advisory network?

Swenson: Besides all the key functionality that our advisory network is looking for relating to data and analytics, YCharts is also intuitive and easy to use. I believe it helps our Network Teams make smarter investment decisions and have better and deeper conversations with their end clients. Additionally, YCharts was like-minded in their dedication to constant innovation. YCharts continues to enable our network partners to stay abreast of market data and news while providing strong screening and scoring tools, deep-dive fundamental and technical research and quick and compelling visuals (charts, graphs, etc.) that can be used to derive or communicate investment trends, insights or recommendations.

Hortz: What analysis and process was used by YCharts on their end to ensure the viability and desirability of building a long-term business relationship with Dynasty Financial Partners?

Brown: Like with any relationship, we felt that there were several keys to ensuring the long-term success of the partnership: 1) have a shared vision of the future and compatible corporate values, 2) find win-wins that best leverage each party’s strengths, 3) have regular and honest communications, 4) make it a priority to succeed together, 5) have some fun. 

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