At TradePMR, we’ve witnessed more industry changes than we can count. Some are well-planned and clearly demarcated, like an advisor going independent, while others can be gradual and iterative, such as the implementation of new technology or the evolution of workflows.
Every professional transformation is different, but the importance of strategy is clear across the board, said Mark Tibergien, a financial services consultant and the former CEO of Pershing Advisor Solutions.
On Episode 10 of the Synergize podcast, Tibergien joins co-hosts Bill Coppel and Ryan Neal for a conversation that tackles one of the more elusive post-independence growth goals: building an enterprise.
Tibergien outlines the characteristics of true advisor enterprises and addresses important differences between practice size and scale. His descriptions of what it takes for advisors to continue building their businesses into bigger and more complex organizations is a roadmap for next-level growth.
These “regenerative” techniques are crucial for injecting enterprise-grade longevity into a business, he explains, in this lightly edited excerpt.
Mark Tibergien, Consultant on Management, Strategy, and Transitions
When we look at success within a business, the question of how people perceive you — and the culture that you've created — is extraordinarily important. Ultimately, this is the lifeblood of your business.
A good example of why this is important is that, for years now, we've been hearing about the so-called “Great Transfer” of wealth. To me it's somewhat of a myth, because a lot of those assets will be fragmented. There will be some very large wealthy families that transfer assets to their kids, but for the most part, people will be spending their own wealth and not passing it on to the next generation. Besides, kids really don't want to work with an old advisor; they'd rather be working with their contemporaries.
If you’re not developing a regenerative plan within your own business, you're not creating continuity in an enterprise where you think you have value.
Why is that important? Value is a function of the future. If the future says, I've got a bunch of dead and dying clients, and dead and dying partners, then it's a dead and dying business. We have to be conscious of that.
The Synergize podcast explores the evolving role of the financial advisor in an emerging AI-driven world. TradePMR Chief Client Growth Officer Bill Coppel and co-host Senior Editor Ryan Neal bring together thought leaders and industry experts across a range of disciplines, sharing insights designed to help registered investment advisors thrive in the industry of tomorrow. Listen and subscribe for free on Apple Music, Spotify, and YouTube.
For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), providing innovative technology tools and support designed to transform their businesses. The privately-held brokerage and custodian services provider (Member FINRA/SIPC), based in Gainesville, Fla., works to streamline investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.
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Disclosures: This content is provided for general informational purposes only. The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of TradePMR or its affiliates. Mark Tibergien is not an affiliate of TradePMR. TradePMR and its affiliates do not endorse any guest speakers or their companies, and therefore give no assurances as to the quality of their products and services. TradePMR does not provide investment advice, tax advice, or legal advice. Trade-PMR, Inc. is registered with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB). TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.