Back to Basics on Leadership, Business Management and Succession
A conversation with Ben Harrison, Managing Director for Advisor Solutions, BNY Mellon | Pershing
Over the last few episodes, independent advisors have shared the challenges of managing both their businesses and client expectations. And while they’re are on the frontlines, it’s the custodians that are working in the background to provide the support these business owners need to build and grow successfully—regardless of the economic climate.
So we turned to Ben Harrison, the Managing Director for Advisor Solutions at BNY Mellon’s Pershing, to get his take on the role a custodian plays in the lifecycle of an independent business. Having been with Pershing since 2006, Ben had a bird’s eye view of life during the financial crisis in 2008 and brings a unique point of view on what we’re experiencing now. Plus, he’s on deck to replace retiring industry icon Mark Tibergien as the head of Pershing’s RIA custody unit—a topic that he discusses at length.
In this episode, Ben offers his perspective on independent business ownership, plus:
- What a custodian like Pershing does to support its RIA clients—and the real value of that role to business owners in the current environment.
- What he considers the most impactful lessons are from this crisis—and how he anticipates it will affect the space going forward.
- What he learned from Mark Tibergien over the years—and how he expects those lessons will help him evolve the custody unit going forward.
- What key principles every business owner should practice—and how these core fundamentals help to create an “enduring business.”
- What he sees as the pros and cons of debt and equity financing—and the new in-flows of capital coming into the space that principals should be aware of.
- Why wirehouse advisors should be thinking more about their long-term enterprise value—and how this thought-process leads to solving for business continuity and succession.
Ben is stepping in at a truly unique time: Aside from being in the midst of an unprecedented global crisis, the “Race to Zero” amongst custodians and the Schwab/TD Ameritrade merger are still brewing in the background—each of which he shares more about.
It’s an exciting conversation that addresses an industry that’s going through dramatic change—a true insider’s look at the business of financial advice from one of the leaders of wealth management’s top firms.
Podcast: Play in new window | Download (Duration: 43:17 — 50.2MB)
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Ben Harrison is a Managing Director for Advisor Solutions at BNY Mellon | Pershing. Ben is head of Business Development and Relationship Management, as well as a member of the Executive Committee for Advisor Solutions. Previously, he led business development for advisory marketplace solutions on the West Coast.
Prior to joining Advisor Solutions in 2006, Ben served as vice president of regional sales for TD Ameritrade Institutional. He started his career with TD Waterhouse Institutional and has spent the last 20 years serving registered investment advisors. Ben was a 2010 Chairman’s Circle Honoree recognizing outstanding performance within BNY Mellon. He currently serves as a Trustee for the Foundation for Financial Planning and is also a current Board member for The Woodstock Academy Foundation.
Ben earned a Bachelor of Arts degree in Economics Management from Ohio Wesleyan University. He has also completed the Securities Industry Institute® program, sponsored by the Securities Industry and Financial Markets Association (SIFMA), at the Wharton School of the University of Pennsylvania.
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