Tibergien uses brutal honesty to captivate big Schwab RIAs and others at San Francisco event
The Pershing leader and former Moss Adams star lit into advisors on practice management issues
Behind the scenes, Ben Harrison's rise to replace Mark Tibergien at Pershing was more shock and awe than a symphonic succession
Harrison's appointment was baked in the cake -- or not -- and Tibergien departed with Swiss-watch precision in Moss Adams-style--or not.
March 13, 2020 – 7:22 AM
Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology
The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.
March 11, 2020 – 7:58 AM
What to make of Pershing CEO Lisa Dolly's surprise exit and the sped-up entry of 35-year Pershing veteran Jim Crowley
When Dolly and Lori Hardwick were promoted, bing, bing, in 2016, Pershing experienced a lift but here comes 'charismatic' and 'RIA-familiar' Jim Crowley
May 9, 2019 – 2:18 AM
With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO
CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals
August 13, 2022 – 12:39 AM
See more related moves
Pershing Advisor Solutions
Top Executive: Mark Tibergien
Elmer Rich III
We too have noticed a difference in the attitudes of the best RIAs — they want the (usually hard) truth, so do their clients.
Unfortunately, in our industry “happy talk” is the dominant sales and marketing strategy. In a “wikileaks” world, that doesn’t work anymore. If you stretch the truth or don’t fully disclose — someone is going to find out, in seconds, and your reputation is permanently tarnished. Good for Mark.
To be even more contrary, we are seeing our clients be effective with frank disclose or their own weaknesses rather than pretending. It’s unique, helps to clearly differentiate them and surprisingly successful.
Look at it another way — do you want to work with clients (or providers) that can’t stomach the truth?
Same old story – zero disclosure and smoke and mirrors.
What part of the talk was “brutally honest”? His goal wasn’t to upset RIAs, it was to get them to convert assets to his firm. Why not just talk about the glaring problems at Schwab and position his firm against them? That would get my attention.
The idea that raising fees now will somehow prevent erosion of profitability once there is fee compression is ridiculous. We’re headed to a fixed pricing model based on government mandated numbers no matter what we do.
Frederick Van Den Abbeel
Quite frankly I would enjoy being on a panel with the other custody providers in front of a large audience of prospective (or existing RIAs) and let the Advisors start asking their questions. No marketing; straight talk, frank answers. Count TradePMR in!
I’m HAPPY to sit next to my friends at Pershing, Schwab, TD, Fidelity and the others.
Brooke — maybe you can moderate and have the first meet-up in San Francisco? Call it Custodian Olympics.