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Pershing Advisor Solutions

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Dan Seivert says new math is needed to do credit to the number of deals going down.

Dan Seivert drops M&A data bombshell at his Dealmakers Summit to gasps
At his LA event, Dan Seivert revealed the thousands, yes, thousands of RIA deals going down this year despite limited activity from roll-ups

Wednesday 10.1.14
Greg Friedman: In just the first six weeks of general release, we have over 80 firms and 500 users.

At Junxure confab No. 2, Friedman kvells about his 6-week-old Cloud and announces closer ties with Pershing
Mark Tibergien was on hand to cement the Junxure-Pershing connection -- and to call baloney on Joe Duran's Cassandra-like forecast for RIAs

Wednesday 9.17.14
Kayla Flaten: Boomers assume that millennials want to work from home so that they can sit in their pajamas all day.

The big impression Mark Tibergien and his reverse mentor, Kayla Flaten, 25, made on me over a Manhattan lunch
With 37 years separating them, the interplay has an invaluable zing, buzz and usefulness to it; In other words, it's fun

Monday 8.25.14
Nick Georgis: We're told by our clients that they're not getting this help anywhere else.

What tidbits jumped out of Schwab's business update to Wall Street -- including the two underscored advantages relating to Schwab Advisor Services
Braving 'ahems' from Fidelity and Pershing, Bernie Clark claims Schwab is now the preferred vendor to roll-ups and Nick Georgis says Schwab stands alone as a business consultant to RIA firms

Monday 8.4.14
Shirl Penney: The whole idea is to make it engaging and for the most pressing questions to be asked.

Shirl Penney will grill three of his big vendors on stage in Vegas: Mike Durbin, Mark Tibergien and Bernie Clark
At the MarketCounsel event, the Dynasty Financial chief promises not to toss softballs at the RIA custody heads, saying he knows their strengths and weaknesses

Thursday 7.10.14
Mark Tibergien on digital advisors: We will see if these platforms grow broke.

Mark Tibergien: Pershing is poised to double RIA assets in two years
In a Q&A the chief of the BNY/Pershing RIA custody says the volume of new $1-billion accounts is his basis for optimism

Thursday 6.5.14
Symmetry founder David Connelly and ECHELON CEO and 'Deal Maker' master of ceremonies Dan Seivert

Tub-thumping debate between Tibergien and Seivert ignites Deal Makers Summit in NYC and helps RIA succession medicine go down
With some seeing RIA M&A as an oxymoron, this Summit was transparent about its own sand in the gears

Tuesday 5.6.14
Tom Valverde's hire is part of Fidelity's new 'geographical' sales strategy.

Fidelity Institutional bags Pershing's RIA sales chief and gives him a lesser title
The prize is Tom Valverde who Pershing replaces with Ben Harrison

Thursday 4.17.14
Dan Kern: Some of the audience members wanted to hear less of a love fest from the custodians.

Eavesdropping on the Barron's Top Independent Advisor Summit and appreciating its vibe
There was the usual fertile atmosphere for advisor-on-advisor chats and some impatience with RIA custodial heads' bloviations

Tuesday 3.25.14
Dan Arnold: The advisor today spends roughly 35% to 40% of their time on prospecting for acquiring new assets or working with existing clients.

LPL gets the question from Wall Street analyst: How much more can you squeeze from your financial advisors?
The broker-dealer's CFO pointed to a 65% chunk of time not used to prospect or service clients

Tuesday 2.18.14
Mike Durbin: I won't be threatened until one of these folks wakes up and decides to be a custodian or a clearing firm. I don't find that to be a near- or medium-term risk.

Part II: RIA custodians' answer to challenges to their monolithic control: We still have big-time scale advantages
Roll-ups and other mezzanine firms are squeezing RIA custody margins as a value proposition but the big-brand custodians -- and some new ones -- are liking the cards they have to play

Monday 11.11.13
Hal Lambert: You're viewed as a $15-billion firm.

Pershing, Dynasty and Envestnet gang-tackle Credit Suisse and jolt loose $1 billion duo
Hal Lambert and Jeff Wildin held their breakaway fire for several years until they could get all the capabilities -- and keep 100% ownership

Monday 11.4.13
Karl Thunemann: Tibergien stops me and says, 'I want to be very emphatic about this. There is nothing wrong with a solo practitioner. Nothing at all.'

Investor Karl interviews Mark Tibergien -- guru, author, chief -- who tells why solo practices are far from extinct
The gospel of RIA says these days that big and complex is The Way, but the Pershing Advisor Solutions chief proves an unexpected champion of the mom-and-pop advisory shop

Wednesday 7.3.13
Jim Crowley: Success would be 'growing faster than the market at a multiple rate.'

Between sessions at INSITE, Pershing execs describe how they'll spell victory in their grand custody merger -- and what stands in the way
Elsewhere at the southern Florida confab, Tibergien and former Secretary of Defense Robert Gates fill in for Hillary Clinton under stormy skies

Friday 6.7.13
Mark Tibergien: It's been a dream of ours.

Pershing and BNY Mellon unveil a unified, 'dream' RIA and bank custody unit
The idea is to create one service experience for assets held in both bank and brokerage accounts under a single advisor -- with Mark Tibergien calling all the shots.

Friday 5.17.13
Bill Crager: The content race will be on and we'll open up a whole new competitive landscape for asset management.

Having won advisor assets, Envestnet's next -- more Google-like -- play is for their smarts
The Chicago outsourcer will soak up and synthesize information from 23,000 advisors and distribute it in real time in an effort to create one big giant brain out of an atomized industry

Friday 5.10.13
Roger Hewins: What the heck are they doing for clients to earn this?

Industry leaders puzzled by RIAs' being paid by Schwab and Fidelity for investing in funds
Some RIAs see it as an unacceptable conflict, but the custodians are unabashed about the arrangements

Friday 4.19.13
James Maher: From a conflict standpoint, it was very awkward.

Merrill Lynch team breaks away from Bank of America (yes, ironically) to get better access to bankers
James Maher is forming Archford Capital Strategies as a wealth manager that needs capital galore to unlock his clients' billions in assets from illiquidity

Tuesday 4.2.13
Philip Palaveev: We really want to increase the number of participants.

Philip Palaveev will help oversee effort to solve big IN-Moss Adams comp study problem -- a survey that can take a day to complete
With Kelli Cruz out the door, the ex-Moss Adams star is stepping in with plans to get the survey down to a one-hour task

Thursday 1.24.13
At Salesforce headquarters, they may or may not know an RIA from an IRA, but the company still solidified the exalted position of potential industry standard bearer.

12 key events of 2012 that rocked the RIA technology landscape, Part 1
Salesforce become the industry elephant, FinFolio emerges as a player, Pershing's NetX360-whisperer gets kicked upstairs, the Weatlhcare lawsuit gets an outcome, and more

Thursday 1.17.13
Brian Davis: This isn't meant to be a deep dive, but to answer those yes and no compliance questions RIAs have on a day-to-day basis.

Scottrade proclaims itself the 'compliance custodian,' partnering with RIA In a Box and staffing a hotline with ex-regulators
But the mega-custodians are having none of it, saying the initiative is good as far as it goes, but lacks the horsepower to tackle the big questions

Friday 12.7.12
Jeff Chiappetta: Several years ago, there was more demand to trade in foreign exchanges.

Schwab gins up trading in foreign currencies but not for RIAs
The San Francisco-based broker now has trading in local currencies at 12 foreign equity markets but advisors cite higher priorities elsewhere

Tuesday 11.6.12
Philip Palaveev: All of the examples in the book are real clients I worked with, and some were happening literally as I was writing the chapter.

Finally, an RIA business-of-the-business book with a journalistic soul
Philip Palaveev shows his command of practice management and literary artifice in "The Ensemble Practice"

Wednesday 10.24.12
Brooke Southall: Roll-ups can look as different as Great Danes and lhasa apsos, but we can all agree that these two breeds are both very much dogs.

Why the term 'roll-up' should stay in the RIA vocabulary
It's a short term packed with tall meaning

Tuesday 10.16.12
Chris Crawshaw: This is a great opportunity for us to show the commitment to Japan, which is extremely important to Japanese residents.

A new office in Japan? It's the latest bold move by a $9-billion RIA in Chicago that was acquired by Piper Jaffray
Low-profile Advisory Research Inc., sold for more than $200 million, has long served high-net-worth clients but it's asset management business is also strong

Wednesday 10.10.12
Mark Tibergien: We're on every continent except Antartica.

5 questions for Mark Tibergien on his 5th anniversary as CEO of Pershing RIA unit
Tim Welsh gets the consulting godfather to open up about NetX360, how roll-ups roll and the tripling of custody assets at Pershing

Wednesday 9.19.12
Bob Veres engages CEO of Moss Adams Wealth Advisors Rebecca Pomering and Tim Kochis, former CEO of Aspiriant, on issues of scale.

Veres and Bruckenstein lure big RIAs to Denver to discuss getting even bigger
Tim Kochis and the virtual Moss Adams all-stars brought firepower to the 2nd annual Business and Wealth Management Conference

Monday 9.17.12
Jim Dario developed respect for TD Ameritrade over the years as a competitor.

What's up with Jim Dario making the leap from Pershing to TD Ameritrade
The former Fidelity star -- and an almost star in 'Jaws' -- made an intra-Jersey City move but actually never left Boston

Wednesday 9.5.12
John Simmers: No one has had these conversations with these people before.

How a clique of industry vets plan to revive the swooning IBD space -- and why industry watchers don't like their chances
Using a newly purchased hybrid IBD-RIA as guinea pig, Innovative Equity Partners aims to make small IBDs a collective force to be reckoned with -- without sacrificing their individual identities

Wednesday 8.22.12
Sean Hanlon: It previously was VC-backed. We have it in our blood. We're owner-operators.

A $3.4-billion, TAMP-owning RIA buys Interactive Advisory Software, removing the VCs and plunking in a CEO
Engineer-by-training Sean Hanlon's unconventional purchase of IAS and its $33 billion of assets administered is worth keeping an eye on

Monday 8.20.12
Jonathan Drubner: I knew if I could just find a mentor and someone who shared my philosophical views that I would be happy.

Why an ESPN sportscaster and comedian turned in his blazer to join a Los Angeles RIA -- and why the firm took a chance on him
In what may be an industry trend, L&S advisors is betting on a career-changer with more to offer than experience

Thursday 7.26.12
RIABiz spent its first marketing dollars cladding bar staff at INSITE, with help from Ryan Shanks. [Photo by Mike Byrnes]

Pershing draws a record crowd to steamy Miami but many hearts are in D.C.
INSITE produced bipartisan cheers for Bill Clinton and a split view on the FINRA battle up North

Thursday 6.7.12
Zohar Swaine: I think it's the next wave of technologies we will tap.

TD Ameritrade's promise of creating an RIA version of Apple's app store may have found its prototype signing
Bing, bang, boom, HiddenLevers is part of the Veo ecosystem after one developer spent about two weeks writing code

Friday 5.11.12
Dave Butler: If there’s a $50 million advisor, they might want to know something from a $500 million advisor.

DFA engages former Moss Adams analyst as it pilots its intel deeper into RIA space
The Austin, Texas-based firm is bringing on Jeff Pierce as part of its initiative to build its own in-house research arm

Wednesday 5.9.12
Christine Gaze: I was astounded by the culture.

TD Ameritrade poaches 'bowled over' Morgan Stanley Private Bank exec to fill key role
Christine Gaze has picked up best practices secrets in the full-service world that she's now taking to TD RIAs

Wednesday 4.25.12
Stephanie Bogan: There comes a natural point at which we want to use those skills on a larger playing field.

Stephanie Bogan: Put me in, I'm ready to play
The CEO of Quantuvis is leaving the Genworth unit and actively seeks an executive position with a yet-to-be-determined hot RIA venture -- after a Caribbean sabbatical

Wednesday 4.25.12
Tony Wood: We may be a minority owner, but we want to manage the firm and develop a business growth plan for them.

Dynasty is on the ground floor of a roll-up-like venture grabbing RIAs inside the largest accounting firms
Atlanta-based Method will parachute in to take over operational and management control of wealth managers providing advisory expertise their CPA-firm parents may lack

Thursday 4.12.12
Jon Jones: Five years ago, I would have said I would never spend $500,000 a year on marketing. But now I'd be surprised if I don't spend a million.

Why a $2-billion RIA is embracing the idea of a $1 million annual marketing tab, and how Advizent fits in
Brighton Jones is getting marketing religion despite needing very little to get to its current size in 12 years

Monday 4.9.12
Bill Dwyer gave a high-energy speech predicting 500% asset growth among independents as 401(k)s roll over.

What went down at Barron's Top Independent Advisors Summit in the Arizona desert
Many of the biggest and best RIA stars showed up and put Bernie Clark, Mike Durbin, Tom Nally, Mark Tibergien, Bill Dwyer, Charles Goldman and Barnaby Grist in one room

Monday 3.26.12
Ann Bergin: We'll see a rush to the front door in coming days and weeks.

Schwab wins long-awaited green light from the SEC on alternative-assets distribution
The no-action letter on a DTCC standard may pave the way for custodians to create supermarkets of hedge funds

Wednesday 3.7.12
Tim Oden: If this doesn't get you motivated to make calls every morning then you need to check your pulse.

Fed up wirehouse advisors more eager to leave than ever, study says
A whopping three out of four advisors would take a call from an RIA recruiter, the Schwab study shows -- but what then?

Tuesday 2.28.12
Mike Byrnes: Likely, the advisor's lack of preparation leads to a fire sale, or even worse, the business just disbands and the clients are left out in the cold.

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

Wednesday 2.1.12
Andrew Salesky: We're very optimistic with the ability to build this model.

The 10 most influential figures in the RIA business going into 2012
The RIA power elite: Part 1 of 2

Tuesday 1.3.12
Mark Tibergien: If one UHNW client leaves, the sudden loss of revenue can imperil the stability of a firm.

Are ultra-high-net-worth clients really worth it?
Yes, but excellence and profitability need to be weighed against these high-maintenance, resource-sucking and sometimes fickle people of means

Monday 10.24.11
Daniel Bernstein: No one should be running their businesses on stuff which may never come to fruition.

The dark side of the 'good' regulatory changes get scrutinized at MarketCounsel Summit 2011
Advisors may get much of what they wish for but in reality it may not be so good

Monday 10.17.11
Brian Hamburger, founder of MarketCounsel's Member Summit 2011, expects 200 advisors with between $100 million and $1 billion in assets

MarketCounsel, CFDD, T3 and Schwab vie for advisors to attend their fall conferences
As competition for RIA time and money grows, many events are catering to more defined niches

Monday 9.26.11
The herd of advisors has been culled but the ones remaining may be better ones.

Rough markets cull the advisory herd but in a healthy way, new Cerulli data shows
RIAs grow in numbers and strength

Wednesday 8.31.11
Mark Tibergien: My goal is to upset you.

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

Friday 6.24.11
Mark Tibergien: There are certain reasons – some regulatory - why end clients require a bank custodian rather than a brokerage custodian.

After trying life as two silos, the custody units of BNY Wealth Management and Pershing will largely merge
Collaboration and shared marketing are in the works

Friday 6.10.11
Bernie Clark: Why would you claim the middle ground of being a quasi-employee (at an IBD) with a lesser brand name?

Virtually all big IBD reps covet the independent RIA life, Schwab study says
Schwab's Bernie Clark and TD's Tom Nally see IBD reps undergoing a palpable mood switch, but Fidelity's Mike Durbin and Pershing's Mark Tibergien are unconvinced

Tuesday 3.29.11
Chip Roame: This round of financial advisor aggregators is far better capitalized, and has far deeper management teams – and boards of directors.

This generation of advisor aggregators puts the roll-up ghosts to bed, for now
Questions linger about what some firms will look like post-IPO or merger

Thursday 2.3.11
Scott Dell'Orfano: The average is well up from what we saw at this time last year

Big advisors drive solid year for breakaway wins at Schwab, Fidelity, Pershing and TD
Aggregators drive momentum in 2011

Thursday 1.27.11
Bernie Clark: Advisors are back.

With a rebound in net flows from its biggest advisors, Schwab finishes 2010 with a flourish
Fidelity Institutional Wealth Services records a $100 billion asset jump

Thursday 1.20.11
Philip Palaveev: If I had to name our biggest competition – it will be firms like Commonwealth and Cambridge.

Former Moss Adams star begins to taste success in the 'real' world
Philip Palaveev's Fusion Network finds revenue momentum and wins proselytizing advisors

Friday 1.7.11
Mark Tibergien: We will need an additional 9,000 advisors over the next five years just to keep up with the demand and growth.

Eavesdropping on the Moss Adams workshop: How big and broadly owned your firm should be
A study shows some myth-busting common denominators among successful firms

Monday 11.22.10
Bernie Clark: The average assets of new teams that custody with Schwab has doubled compared to 2009.

Both Schwab and TD Ameritrade smash breakaway recruiting marks from last year
Schwab nets eight breakaway teams with more than $250 million of AUM each

Thursday 7.22.10
Meg Green: Not all the bodies were really profitable in my model.

What Meg Green was thinking when she purposefully shed $40 million of assets
The advisor saw more downside than upside to the smaller accounts and pulled the trigger on a deal

Wednesday 7.7.10
Richard Brueckner dashed out to get ready to introduce Henry Paulson, but Jim Crowley and Mark Tibergien stopped for a meeting-room photo.

Wrapping up INSITE: Execs on the growth of the advisory business -- and what might endanger it
Pershing works to make a winner of of having multiple advisor businesses under one BNY roof; plus, a conference slide show

Monday 6.14.10
Rich Brueckner: FINRA would be a logical place to look for help regulating RIAs.

Advisors flock to steamy South Fla. for Pershing's conference and get a glimpse of web-based NetX360
Keynote speaker Henry Paulson talks about the most important moves of the financial crisis, says he couldn't have saved Lehman, and acknowledges he may never be widely recognized for averting disaster

Thursday 6.10.10
Peter Berg: What’s been missing is a business development effort of any significance.

BNY Mellon's new RIA custody unit will collaborate [and compete] with Pershing Advisor Solutions
The giant bank believes it can meld technology and sales forces to lure to dug-in breakaways

Wednesday 6.2.10
Bill Whitney: Everybody at a wirehouse has reached a gag threshold and is looking for an exit with few exceptions.

UBS brokers break away Mississippi style and a bass-fishing ex-Merrill broker comes out of retirement
Leaving the wirehouse was made easier by a truism of the folksy state: clients would be offended not to be asked to follow

Wednesday 4.28.10



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