In February, Mark Tibergien and the firm he leads, Pershing Advisor Solutions, won honors at the 2014 Private Asset Management award: for PAS, the Private Banking-Innovation award and for Tibergien, an Outstanding Contribution award, recognizing his “business management, transition planning and strategy formulation” accomplishments.
Tibergien is no newcomer to winning awards from industry publications, including being the only individual to have been named to Investment Advisor’s IA 25 honors for every year the IA 25 has been awarded.
The innovation award was given in recognition of PAS’ private banking solution, under which advisors who custody with Pershing can provide a range of lending solutions to end clients, including investment credit lines, life insurance premium financing, residential and commercial mortgages.
In an interview before winning this latest award, Tibergien (who writes a monthly column for Investment Advisor) spoke of what he and PAS have accomplished since he became CEO of the BNY Mellon RIA custodian in 2007. While he voiced satisfaction with PAS’ growth among RIAs—“it’s been a fun couple of years.” PAS has quintupled its assets from $30 billion in 2007 to $150 billion as of year-end 2014—Tibergien is just as happy with the “good leadership” team he’s put together at the custodian. He also said that Pershing’s loan offerings to end clients through advisors has been very successful, giving advisors “ways to manage both sides of clients’ balance sheets.”
While its focus is on U.S. advisors, PAS does have clients in 50 countries, he pointed out, with U.S. citizens living abroad or non-U.S. citizens using a U.S. advisor. “FATCA,” the 2010 U.S. law meant to capture the taxes due on assets held by Americans living abroad, “is the reason non-U.S. advisors want to work with U.S. clients,” Tibergien said.
He said there is a significant “global opportunity” for advisors and the companies like Pershing that service them, partly driven by regulatory reform in many countries across the globe. In the U.K., for instance, there is “real momentum on a fiduciary approach” to serving end clients, and he mentioned in passing that in the U.K, a “wealth manager” is “just a money manager,” while an “advisor” is one who take a more holistic approach to serving clients.
Regarding the overall advisor landscape back in the U.S., Tibergien said that independent broker-dealers who encourage their representatives’ use of the corporate RIA “have great momentum.” The breakaway broker trend continues to display a “very large momentum” toward the independent advisor model, though he warned that when it comes to the wirehouses, compared to independent advisors, “we have momentum, but not critical mass” yet.