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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

Author Brooke Southall June 24, 2011 at 2:50 PM
3 Comments
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Mark Tibergien: My goal is to upset you.

Conferences


Elmer Rich III

Elmer Rich III

June 24, 2011 — 3:42 PM

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?

 Bill Sparks

Bill Sparks

June 24, 2011 — 6:18 PM

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

Frederick Van Den Abbeel

June 25, 2011 — 8:56 PM

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.


Related Moves

January 19, 2023 at 3:31 AM

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

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

Mentioned in this article:

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien



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