News, Vision & Voice for the Advisory Community


Schwab, Fidelity and Pershing custody chiefs square off in Vegas but not before a private meeting in San Francisco

Fresh off a Schwab-hosted meeting to find common ground, Bernie Clark, Mike Durbin and Mark Tibergien each gave a two-minute pitch on their company and hashed out robo-advisors

Author Lisa Shidler December 11, 2014 at 9:19 PM
no description available
Shirl Penney [l.] listens to Bernie Clark (far r.) response as Mike Durbin and Mark Tibergien listen in.

Marty Morua

Marty Morua

December 12, 2014 — 10:35 AM

Awareness and Education

Yes, it was rather nice to see the Schwab, Fidelity and Pershing custody chiefs agreeing on some things in support of the RIA community.

Marty Morua

Jeffrey McClure

Jeffrey McClure

December 12, 2014 — 10:42 PM

I would love to see the major custodians offer a robo-adviser option to its existing RIA clients as a low-cost way we could serve the lower net worth investor. The strenuous and high standards expected of an independent RIA almost preclude being able to serve those people. If they could offer an alternative service that could be branded by the RIA, along with appropriate disclosure for the differential tier of service it would be a great boon.

It will take an or some organizations with a lot of resources to pioneer this type of operation as it would be effectively breaking new ground with the SEC and states. The custodians, by providing it as a service to be offered by their existing RIA clients would bring in a much greater asset base than by blind marketing, at least in my opinion.

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Mentioned in this article:

Asset Custodian
Top Executive: Sanjiv Mirchandani

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien

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