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TruClarity -- a 'Dynasty-lite' -come-lately with a Y Combinator-type twist -- hires Dan Cronin and fellow Fidelity alum Shad Besikof to show its true growth intentions

Backed by a Tampa family office that's served as 'incubator' to local firms for 30 years, the slow-starting outsourcer with nearly $1 billion in RIA assets is gearing up to compete with Dynasty and HighTower

Author Lisa Shidler September 28, 2017 at 8:07 PM
Admin:
no description available
Dan Cronin: We’ve only been in these roles for a few months and the word has gotten out to wirehouses.

Jeff Spears

Jeff Spears

September 29, 2017 — 1:48 PM
There are two statements that I want to confirm from personal experience. One is that the markings in the business are VERY skinny. The other statement that I often asked myself is why aren't there more platform firms. My answer was it isn't a compelling business model and it requires massive scale. I walked the talk after I arrived at this conclusion.
FAA

FAA

September 29, 2017 — 3:33 PM
I would agree with Jeff Spears comments- additionally the stickiness of the teams is questionable and the required capabilities are not homogeneous across teams so there are a lot of bespoke/ one off needs which are resource draining and very hard to leverage. This group might have an edge tho as they have honed the family office infrastructure over many years.

Related Moves

Pershing restores Ben Harrison as sole heir to Mark Tibergien -- for now -- but solo tenure may be temporary, with other top talent in the wings

Co-Head Maura Creekmore's departure leaves Harrison at the top by default, but the company is mum on future hiring and how much RIA autonomy gets sacrificed in name of 'convergence.'

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

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

See more related moves

Mentioned in this article:

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien

Dynasty Financial Partners LLC
Specialized Breakaway Service, Mergers and Acquisition Firm, RIA Set-up Firm
Top Executive: Shirl Penney



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