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
Stephen Winks
The questions no one has addressed which will trigger wide ranging innovation are:
1. Given custodians can not provide direct support of expert fiduciary standing as in doing so would be deemed prescriptive thus triggering fiduciary liability, how does the three major custodians support fiduciary standing?
2. Given the custodians have no control over brokers who use their services, is there a way the custodians can support fiduciary duty?
3. How do brokers find large scale institutionalized support for fiduciary standing if broker/dealers will not acknowledge or support fiduciary responsibility and custodians do not wish to assume the liability? Shouldn’t there be an objective assessment of fiduciary duty for RIAs from which custodians and brokers can evaluate the best advisors they can fold in their practices? Wouldn’t this shift the balance of power to RIAs where the advisor gains control over their value proposition, cost structure, margins, professional standing, practice valuation?
4. Is there any credible RIA clients of custodians that afford scale and professional standing? Could those firms be named?
SCW
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
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
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
See more related moves
MarketCounsel | Hamburger Law Firm
Consulting Firm, Compliance Expert, Legal Services for RIAs
Top Executive: Brian Hamburger
Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien
