Mark Tibergien has been a respected leader and mentor throughout his career in the advisory industry, and his retirement from BNY Mellon’s Pershing where he heads the RIA custody business is another lesson for advisors.
“I’m practicing what I preach,” Tibergien, who has advised about succession planning in the RIA industry and other industries and as a consultant at Moss Adams, where he headed the RIA consulting practice before joining Pershing in 2007.
Tibergien had “been thinking about retiring for many years,” intending to retire at the end of 2019 or the beginning of 2020, then went through the “proper vetting process” with the CEOs of BNY Mellon and Pershing to help choose his successor, he told ThinkAdvisor. Benjamin (Ben) Harrison, the firm’s current head of business development and relationship management for its advisory business, will succeed Tibergien effective June 1.
The retirement was “completely my idea — all controlled and planned and right on my timeline if not a little late,” says Tibergien.
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He expects to continue writing and speaking, mentoring and coaching, and to join a couple of boards, mostly likely within the advisory industry, something he can’t do in his current job, as outside business interests aren’t allowed. (Tibergien is a regular contributor to Investment Advisor magazine, ThinkAdvisor’s print publication.)
In a wide-ranging discussion, Tibergien imparted his views about where the RIA and custodial industries are heading and the lessons he’s learned working in the business. Here are the highlights.