He’s been the “Godfather of Practice Management,” a mentor to many, an advocate for inclusion and an advancer of financial literacy. He’s retired as the CEO of Pershing Advisor Solutions, but his impact on our industry will be everlasting.
When the news broke that Mark Tibergien was retiring from Pershing Advisor Solutions, we sidestepped our weekly strategy discussion to share stories about Mark’s influence on us over the years.
We quickly noted Mark’s role as the godfather of practice management and the decades he meticulously made the case for professionally managing your practice. That ultimately ushered in an age of professionalism that continues to ripple positively across the profession.
Yet, by the end of our call, we realized we’d spent far more time elaborating on and appreciating Mark’s genius and generosity beyond the boundaries of practice management. It was then when we decided to chronicle and showcase his enormous impact, not just on the current state of the industry, but on the future.
In addition to demonstrating admirable leadership in his own firms, Mark became a mentor to many, an advocate for inclusion and an advancer of financial literacy. His career is filled with examples of his leadership in action, and we share these stories to reflect a richer view of his contribution and influence over the years.
A Gracious Giant
I remember the first time I met Mark at Pershing’s INSITE conference in Hollywood, Fla. He was surrounded on all sides by advisors eagerly awaiting his wisdom. I, the newly promoted publisher of Investment News, was intimidated as I stood there waiting. Uncertain if he’d be arrogant or approachable, I quickly learned how inclusive and supportive he can be, as he warmly welcomed me into a conversation with him.
Mark quickly became a professional ally and ardent supporter. He regularly offered his insights on industry trends, helping us expose and explore them in our coverage. He was an ardent supporter of the transition of the Moss Adams Benchmarking Survey to InvestmentNews, and became an invaluable resource as we continued to tackle the most relevant and important topics.
Even more cherished is that Mark became a friend, confidant and mentor to me over the years. His vote of confidence emboldened my decision to start my own firm, and his common sense words of wisdom always seem to run through my mind, just when I need them.
While Mark’s role as CEO of Pershing Advisor Solutions has concluded, I trust his presence in this profession will be felt for years to come. Thank You, Mark Tibergien.
—Suzanne Siracuse, CEO, Suzanne Siracuse Consulting Services LLC
It’s little known that I almost sold my prior firm to Moss Adams years before it was acquired by Genworth. Mark approached me about being acquired and, in my late 20s at the time, I could not have been more flattered at the prospect of joining Mark and his prestigious team, which is why it was such a crushing blow when Mark shared the news that he could not acquire my firm. Moss Adams’s smallest acquisition target was seven figures in revenue, and only a few years into practicing, we didn’t meet that threshold.
Mark could have simply shared the revelation and moved on, but instead he took the time to let me down gently, offer me a place on his team and then graciously support my decision to remain independent.
Mark has been a driving force in legitimizing the profession of financial advice by helping advisors create real businesses for themselves. He has set an example for me and countless others to follow with his wisdom, wit and willingness to contribute to causes that focus on people as much as profits.
For your gracious example and generous spirit. Thank you, Mark Tibergien.
—Stephanie Bogan, CEO and Founder, Limitless Adviser Coaching
--------------------------------------------------------------------
Future Focused
The financial services and education industries are usually two separate spheres. But there’s a natural place where they need to merge, and that is in providing crucial financial literacy and personal economics educational opportunities for young people. Mark Tibergien has been a champion in that effort.
You see, Mark is an alumnus of our school system. Over the past 10 years, he has supported our personal economics course as well as additional related programming that eventually reached almost every student in the Gladstone Areas school district including summer camp programming, scholarships and sponsorships to participate in state personal finance competitions.
He continues to be an outspoken advocate by encouraging others in the financial services industry to also “adopt” schools around the country by volunteering in or funding financial literacy programs. Our students, staff and especially our district's financial literacy teaching team, are so incredibly grateful for his support, leadership, kindness and genuine interest in our programming. We know that it has the power to make a positive and long-lasting impact on our community as a whole and on our students' lives as they reach adulthood.
—Erika Fix, Personal Finance Educator, Gladstone Area High School, Gladstone, Mich.
We first engaged Mark about half my life ago. He was a pioneer in RIA practice management at Moss Adams. We managed about $100 million at the time, and Mark used to spend a day per year with us whipping us into shape and keeping us headed in a good direction.
I recall him telling me we were really, really profitable. I smiled, puffed my chest and said thanks. He promptly told me that this was not a compliment. He pointed out that we were way too profitable and not investing enough in our business.
If we did not make the investments in the people, process and technology required to create a real business, we were a disaster waiting to happen.
After momentarily eating humble pie, we recognized the wisdom in his advice and followed it. Most consultants would not be so direct and honest. He was. And it worked. Twenty-five years later, we are approaching $10 billion in assets and employ more than 200 people.
I am confident that Savant is way better off as result of Mark’s sage advice, as I am personally. And I am grateful, as are all the clients we have helped over the years, for the opportunity to have been one of Mark’s top students and for having benefited from his wise counsel! Thanks, Mark.
—Brent Brodeski, CEO, Savant Capital Management
--------------------------------------------------------------------
Mark has been a friend, teacher, mentor to me for most of my career. Mark inspired me to create a financial literacy program at the small high school I graduated from. From his days at Moss Adams, he has been a giant in our profession, always willing to generously share his knowledge with others. Mark has spent his entire career helping others and setting the highest bar for integrity, expertise and paying it forward. Thank you, Mark.
—Bob Glovsky, Vice Chair and Principal, The Colony Group
--------------------------------------------------------------------
Mark has done more for the RIA community than anyone else, and to me is like the Warren Buffett of the RIA community.
Mark is kind, warm, humble, funny, sincere, caring, patient and intelligent.
He is willing to help anyone at any stage of their career. He is a mentor to all and modest enough to have his own “reverse mentor.”
Mark is always up to date on the latest shifts in the industry without forgetting the basics and often has a beat on where it is going before most.
Who else could get up on a stage month after month, year after year, decade after decade with no power point or theatrical oratory presence and have standing room only crowds hang on every word? Thanks Mark!
—Michael Goodman, President, Wealthstream Advisors Inc.
Mark is the definition of a wonderful and successful leader. He makes everyone he comes into contact with better—and want to be better. He is always open to everyone’s ideas and viewpoints, and his intellectual curiosity and breadth of knowledge is inspiring. For almost 25 years, he has had a huge impact on me professionally and personally. He was the first to really open my eyes and educate me on the business of providing financial advice and the importance of being financially sustainable in order to take great care of clients. His contributions have been and are immeasurable and everlasting. Thank you, Mark.
—Greg Friedman, President and CEO, Private Ocean Wealth Management
--------------------------------------------------------------------
Mentor And Supporter Of The Next Generation Of Talent
Mark has always been committed to ensuring that the financial advice profession, regardless of business model, became smarter and more inclusive, while generously sharing his wisdom with anyone who asked or needed it. While the industry is losing a great leader in Mark, his real legacy will be found in his efforts fostering the development of the next generation of leaders. Thank you, Mark.
—Kate Healy, Managing Director, Generation Next, TD Ameritrade Institutional
--------------------------------------------------------------------
What I appreciate most about Mark is that he treats everyone with respect regardless of age, gender or background. Whether you’re a janitor or a CEO, it made no difference.
I met Mark when I was a 22-year-old corporate trainee at Pershing, completely unsure of myself and the value I could add to an organization at that age. When we proposed implementing a reverse mentoring program at Pershing, Mark's immediate response was, "Count me in!" Fast-forward to nearly 10 years later. Learning from, being a mentor to and gaining a friend in one of the most highly respected leaders in our industry has truly changed my life personally and professionally. There are seldom senior leaders who actually walk the walk when it comes to wanting to connect, mentor and learn from the next generation. I’m extremely fortunate to be a recipient of Mark’s relentless conquest for bettering himself (as if he even needs that!) and others around him. He took a chance on me and I am a better leader and industry advocate because of him. Thank you, Mark.
—Kayla Kennelly, Director of Advisor Partnerships, Facet Wealth
Before the fall of 2016, I had never even heard of “financial literacy.” I had never heard of a financial advisor. I didn't understand the importance of knowing how to manage money or what a 401(k) even meant. I didn't feel passionate about any topic or career choice that, at the time, I thought I wanted to do. That is, until I decided to take a personal finance course during my senior year.
During the class, our teacher, Erika Fix, kept mentioning that none of this would be possible without a man named Mark Tibergien. Our class would talk and say "Who is this man?” “Why our school?” “Why Personal Finance of all topics?” These materials, these resources, and the overall experience were all provided by a man who started something amazing and would grant an endless positive impact on Gladstone High School students, including myself. Because of him, I was able to set eyes on a career that I could finally feel passionate about: finance.
My grandma always says that there will be a few people in our lives that walk in and grant us these amazing opportunities, and they usually come when we least expect it. Mark is exactly that. It is a dream of mine to carry on his legacy and be able to adopt my own school one day and provide the same experience to students. The best part? I am only one of the many, many people that share this inspiration from Mark.
Mark left an everlasting impact on my career choice, my goals and aspirations, and my overall mindset. I will never be able to fully put into words my appreciation for everything he has done for me and this industry. Thank you, from the bottom of my heart, Mark Tibergien.
—Caitlyn Gimler, Former Student and Scholarship Recipient, Gladstone High School
--------------------------------------------------------------------
Leader, Teacher, Advocate, Volunteer…and Sensational Crooner?
Mark is a visionary leader who has made a profound impact on the financial planning profession and whose contributions will benefit generations of financial planners to come. Mark generously provided his time, talent and treasure to help launch the CFP Board’s Center for Financial Planning and, to this day, continues to encourage and support our work to create a more diverse and sustainable financial planning profession, so that all Americans have access to competent and ethical financial planning advice.
For your far-reaching impact on countless CFP professionals, those aspiring to join our profession, our staff at CFP Board—and, most importantly, the public, Thank you, Mark Tibergien.
—Kevin Keller, CEO, CFP Board
A few years ago, I created a personal mission to identify male financial leaders who led contrary to the profile of “pale, male and stale.” As the current majority, white men possess significant influence to elevate diversity, equity, inclusion and belonging as a critical and valuable business proposition. Mark Tibergien rose to the occasion by engaging me in thoughtful and provocative conversations and by partnering together in various ways to advance the profession. Mark’s insight, humor and presence leave an indelible mark on financial advisors who understand the power of uniting the mind and heart in service of financial planning for the greater good. Mark, Thank you.
—Lazetta Rainey Braxton, Co-CEO, 2050 Wealth Partners
--------------------------------------------------------------------
Mark has been a great leader and coach to the financial services community. He loves to share his knowledge and practical application of the disciplines required for relevance and success and has a wonderful way of sharing his experiences through storytelling and the almighty flip chart. Thanks, Mark.
—Jim Crowley, CEO, BNY Mellon/Pershing
--------------------------------------------------------------------
Mark has shaped and influenced an entire industry during his career, which is remarkable in itself. But I've always been most impressed with how he has created deep, genuine connections with so many different people. Thank you, Mark.
—Mark Bruno, Managing Director, Echelon Partners
--------------------------------------------------------------------
The first time I met Mark was 30 years ago in a New Orleans saloon at an IAFP conference. There was a karaoke contest, which can be highly competitive in that music-loving city. Mark sang “House Of The Rising Sun” and finished second among more than 50 contestants, and many of them had professional talent.
Over the next 30 years, I got to know him well. It is fair to say that he probably did more to transform the financial advisory business from a cottage industry into a true profession than any other single individual. As busy as he was, Mark was always made himself available to our writers, editors and me and provided us keen, timely insights into the business.
In his career at Moss Adams, Mark served as a consultant to two diametrically different industries: tire retailers and financial advisors. In contrast to advisors, tire retailers had little romantic attachment to their business. They were in business largely to sell quality tires and make money.
I suspect financial advisors came to occupy a special place in Mark's heart because so many of them entered this profession to pursue a higher calling, a noble purpose—helping clients achieve financial independence and some other goal. But their idealistic aspirations also led him to become a major critic of their management practices, which at many firms were quite primitive, to put it kindly. In an often humorous and realistic fashion, he gave them some tough love. That was because he sincerely believed that advisors who ignored critical business priorities like profitability and succession were short-selling themselves, their clients and, most importantly, their clients short.
As a minority shareholder in a small business who spent the last 30 years privileged to cover an emerging profession of small- and mid-sized businesses, his words always resonated as much with me as with the advisor community. So Mark, for that we are all very grateful.
—Evan Simonoff, Editor-in-Chief, Financial Advisor Magazine
Mark’s contribution to the fiduciary advice business cannot be measured. On a personal level, Mark gave me the encouragement and confidence to build Advisor Growth Strategies. I am forever grateful for his partnership and friendship. Thank you, Mark.
—John Furey, Founder and Managing Partner, Advisor Growth Strategies
--------------------------------------------------------------------
Mark Tibergien will always be remembered as the man who started the practice management conversation in the planning/financial services profession. I remember how, in his early career, he would run preconference sessions at industry conferences, teaching a roomful of advisors how to read their own accounting statements. Gradually, incrementally, he managed to shift the professional conversation from only talking about best practices for serving the client, to how to run an effective advisory business and create a strong platform for those services. He was the first person I ever talked with who believed that advisory firms would eventually build transferable value for their founders.
In his middle career, Mark put together the leading consulting team in the advisory space, and business by business, practice by practice, he helped the profession think through the thorniest of issues around managing advisory practices like a real business. He introduced the first profession-wide compensation surveys, and the first surveys on profitability and business metrics, which established benchmarks for firms to use when they made management decisions.
In Mark’s late career, he did the bravest thing a consultant can do: he switched from telling advisors what to do, to actually following his own advice. It must have been effective; under his leadership, Pershing Advisor Solutions grew significantly and is now in a position of leadership and prominence.
If Mark Tibergien had followed another career, I suspect that the profession as a whole would be much further behind in its business metrics than we are today. Through it all, he remained accessible, humble and quite funny and personable whenever he and I found a free moment to relax together.
—Bob Veres, Founder, Inside Information
--------------------------------------------------------------------
Summary
Any attempt to sum the career and influence that Mark Tibergien has wielded these many years is doomed to fall short. With that, on behalf of the financial planning profession: Therefore, we simply say, "Thank you, Mark Tibergien."
Stephanie Bogan is a business strategist and success coach and founder of Limitless Adviser Coaching. Suzanne Siracuse is CEO of Suzanne Siracuse Consulting Services LLC.