Have an aversion to succession plans? Consider a continuity pact as a vital baby step
Dying without any plan is inviting disaster for family, employees and clients
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 at 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 at 7:58 AM
The great Mark Tibergien is set to step down from CEO of Pershing Advisor Services to make way for heir apparent Ben Harrison
The RIA custody chief is a tireless and personable leader, consultant and guru who leaves BNY Mellon's RIA custody unit as its mission radically shifts
March 4, 2020 at 4:16 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 at 2:18 AM
See more related moves
Pershing Advisor Solutions
Top Executive: Mark Tibergien
Very informative article. I have watched clients, nearing their 50’s “finally” create a written plan for their own business. Mainly they tell me that they know they want to exit their business in the next 5-10 years, and want their business to be worth the maximum possible. Most buyers will pay top dollar for an automated, turn-key business with written processes, etc.
A continuity plan is not the final solution but it is an excellent first step to give your loved ones and your clients some protection against the unexpected. Identifying a competent successor is not the same as adding another financial advisor to the team. The successor must also have the leadership qualities and the business sense to take over the reins of the practice. Being a CFP is not enough.
Maria and Mitch, thanks for your comments.
I really hope this article helps motivate advisors to put an agreement in place. There is nothing sadder than when something happens to someone you care about and you find out that there was no plan in place.
Mike Byrnes, President fo Byrnes Consulting, LLC