Ep 005: The Rise Of The Professionally Managed Financial Advisory Firm With Mark Tibergien

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 31 January 2017

⏱️ 84 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mark Tibergien is the current CEO of Pershing Advisor Solutions, an advisement firm custodian to some of the wealthiest practices and clients in the world. Pershing is part of BNY Mellon, which oversees $33 trillion in assets globally. Mark was formerly a part of Moss Adams, where he pioneered the benchmarking studies that helped define and continue to shape the industry today.

In this episode, you’ll hear about how Mark got recruited into the early financial planning world back when he was still an aspiring journalist. He then talks about how his benchmark studies at Moss Adams helped him become one of the foremost authorities on professional practice management. Mark also shares the four stages of an advisory firm’s lifecycle, and the key roles that great leadership and people skills play in the establishment of a successful firm.

Get the full show notes and transcript for this episode at: https://www.kitces.com/5

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, speaker and consultant Michael Kitsas, to hear stories of how leading financial advisors navigated the inevitable challenges that arise on the path to success and get insight from leading industry consultants about how to break through to the
0:22.0	next level in your advisory business. And now here's your host, Michael Kitsas. Welcome to the fifth
0:28.9	episode of the Financial Advisor's Success podcast. My guest of today's podcast is Mark DeBershian.
0:35.1	Mark is the CEO of Pershing Advisor Solutions, an RIA custodial platform for
0:39.2	rapidly growing RAs that serve very high net worth clientele. But for many advisors have been in the
0:44.2	industry for several years now, you probably know Mark DeBersian primarily as the now former leader of
0:50.7	Moss Adams Consulting Group, which effectively created the category of financial advisor
0:56.3	benchmarking studies back in the early 1990s.
0:59.2	And it's marked cumulative experience in working with advisors, both in his role of Pershing
1:03.5	Advisor Solutions and as a consultant and industry researcher previously, that made this
1:08.2	a fascinating interview from talking about the four stages of advisory firms
1:12.7	wonder blunder thunder and plunder to the walls that advisors typically hit as they grow to three
1:19.7	employees and then five and then eight and then 13 and you'll get some perspective on how mark's own
1:25.1	career has evolved from humble beginnings as an entry
1:28.0	level journalist writing general assignment articles to sort of unwittingly falling into a world of
1:34.7	working on valuation, then practice management that ultimately led him to the career at Moss
1:40.7	Adams and eventually a role as CEO. And so with that introduction, I hope you
1:45.9	enjoyed this episode of the Financial Advisor Success Podcast with Mark Tibergian.
1:52.2	Welcome, Mark Tibergian to the Financial Advisor Success podcast. Thank you, Michael. Good to be here.
1:59.5	So I'm really excited to have you on the show. I don't know if you know this. You are someone that I've looked up to and followed through 15 plus years of my career in the business ever since back in the early 2000, I first became aware of the benchmarking studies that you were doing about the
2:18.4	progression of the advisory industry and how it was evolving. But I know right now you're in a
2:23.7	different role. You're with purging advisor solutions. You were the CEO of purging advisor solutions.
	...

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