Back in March, we asked leaders of independent broker-dealers what they were most worried about. Working from home had just started; it wasn’t yet clear that we’d be doing this for months on end.
Most BD executives said the coronavirus was the main cause of market volatility and likely will have a major impact on the 2020 elections, as will the associated economic fallout.
Their firms had begun to cancel meetings and put new policies in place around social distancing.
Now, just two months later, the novelty of doing business from home is no more, and the complexities of remotely managing some operations in the financial-services world (like recruiting) remain.
Regulation Best Interest’s compliance date is about a month away (June 30), and summer vacation plans are fuzzy at best.
Closer to “home,” a highly valued team member is set to retire, including from this publication, though we hope he’ll find a way to “drop in” with some words of wisdom now and then: Pershing’s Mark Tibergien, who’s been a columnist for Investment Advisor since early 2003.
Like you and others in the industry, we certainly will miss him. The executive’s latest advice on how to best help clients and your business today is included in his “exit interview” and tribute piece.
Unfortunately, we had to trim some of Mark’s remarks, like this one about the COVID-19: “I think of the poor souls who are losing their jobs, their health insurance and their loved ones, those are the individuals I worry about.”
He also explained how, during a past recession, he went without pay to keep staff secure and the lights on at the firm.
Like others, I’m going to miss these sincere perspectives.
With the busy lives we lead, it often seems tough to take the time to really explore someone’s past and the lessons they’ve learned. I’m grateful that Mark let me have that opportunity.
Speaking with him reminded me that in our relationships with colleagues, clients, friends and family, there’s tremendous value in slowing down and really listening, asking hard questions (when appropriate) and then moving on to find common ground and a way to overcome the challenges we face.
Thanks for diving deep into the advisory world on these pages, Mark. Here’s to a happy and healthy “retirement,” aka the next chapter of your oh-so-interesting life.