By Andrew Welsch, Barron’s – A top-ranked UBS financial advisor and his team, which oversaw $850 million in client assets, have left the wirehouse to open an independent firm, prompted to do so because of increasing client demand for fiduciary-level advice, the advisor says.
Ben Harrison from BNY Mellon’s Pershing discusses the role a custodian plays in the lifecycle of an independent business, taking over for retiring industry icon Mark Tibergien as the head of Pershing’s RIA custody unit, the COVID-19 crisis, and more.
Former Morgan Stanley advisor Margaret Dechant had a successful “self-sufficient business” at the firm with $2.5B under management. So, what drove her and her partners to breakaway, leave deferred compensation behind and form their own independent firm?
Mark Tibergien, the CEO of BNY Mellon Pershing Advisor Solutions, shares his thoughts on the momentum towards independence, the evolving advisor mindset, what it takes to run a successful practice and much more on this podcast episode.
By Mindy Diamond – Most wirehouse advisors consider themselves fiduciaries. That is, in practice, they make every attempt to put clients first and make all decisions with their best interests in mind. But in reality, while the advisor’s mindset and heart may be in the right place, the very nature of working for a brokerage firm makes it impossible to be a true fiduciary.
