Mark Tibergien and Dan Seivert Listen Up! Dave Welling explains why rising private equity involvement in the RIA business is flat-out great

Though not all liquidity comes with good or smart intentions, it beats the alternative: 'Stalled investment stalls growth, stalls innovation in the client experience and caps opportunities for the second generation'

Author Guest Author David Welling October 22, 2018 at 11:32 PM

3 Comments

David Welling: PE hold periods may average 5-7 years, but their funds are often in vehicles that can stretch up to 20 years.

Dan Seivert

Mark Tibergien

David Welling

RIAs

private equity

Marty Bicknell

October 23, 2018 — 10:39 AM

Very well done. The RIA industry needed a spark and PE is part of it. We all should welcome the attention on our industry. Our products, services and expertise will only benefit from the attention of smart people.

Mark Tibergien

October 23, 2018 — 11:53 AM

Excellent response Dave. The industry is in dire need of more professional management and a discipline around growth which well intended professional investors often bring. Mercer is a good example of that. I just want to point out however, that Dan and I were doing g a mock debate where we were purposely taking provocative positions to get the audience thinking about all their relationships, including both active and passive partners. My point was that capital alone does not make a good partner not that an investment by an outside firm was somehow unwise. I also want to emphasize that some of the deals and some of the RIAs that PE firms are exposing their investors to are not always sound. Keep showing us how it's done and we will cheer your success.

Ned

October 23, 2018 — 1:14 PM

Nailed it here Control vs. accountability Management teams have significant control if they are competent and able to deliver on what is possible.

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