Pershing Recommends Four Strategies for Advisors Looking to Capitalize on Today's Industry Challenges and Build a Long-Lasting Business

Wed Feb 13, 2013 10:00am EST

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JERSEY CITY, N.J., Feb. 13, 2013 /PRNewswire/ -- Pershing LLC, a BNY Mellon
company, today announced the release of its latest study,  Advisor of the Future
II: Building a Business to Last. This independent study details how the advisory
industry can respond to the challenges that many advisors face. Implementation
of the four strategies outlined in the study can help firms generate income,
earn a reputation for providing quality advice, providing superior client
service and establish a sustainable business.

The impact of a slow recovery following the financial crisis of 2008 is still
felt by many advisory firms. Left unaddressed, these firms will struggle to
capture their share of the predicted  $850 billion  in new investible assets
that could potentially be available each year for the next decade. But with the
financial advice industry at a crossroads, forward-looking advisors have
opportunities to increase their chances of long-term success.

"There are a number of challenges that can impact the long-term growth prospects
for advisory firms. That's why  it is important to prioritize those that will
have the greatest impact on their businesses in the near future," said  Mark
Tibergien, chief executive officer, Pershing Advisor Solutions "Firms need to
focus on building a talent base of younger advisors to meet the anticipated
client demands over the next decade.  They also need to be informed on the
implications of compliance requirements and to be prepared to deal with
competition by maintaining a superior value proposition using a cost-effective
business model."  

Pershing's study arms advisors with four solutions that can be implemented to
address firm-specific troubles, including:

1Elevate the value of advice – To support business development and client
retention efforts, advisory firms must acknowledge investors' changing advice
consumption patterns, how the consumerization of technology impacts the
relationship between investor and advisor and the growing sentiment that
consumers can manage their own financial affairs. 2Reimagine the right talent –
The lack of young, qualified advisors entering the industry requires greater
focus on people management skills and long-term staffing solutions. Advisory
firms must build an infrastructure for progressing individuals through the ranks
and offering them a clear career path, as well as widen their focus to include
new talent pools from NextGen and more diverse populations. 3Adopt a
business-like approach to service delivery – Advisory firms must address the
increasing competitive and regulatory pressures they face. Firms can improve
productivity, control costs and realize scale by finding efficiencies in
workflow through the use of technology and human capital. 4Create a culture of
compliance – Regulatory requirements force advisory firms to put client
interests first, embrace a culture of compliance and maintain a risk management
infrastructure that connects the C-suite to service personnel. Adoption of a
proactive approach to regulation will help to establish and maintain operating
and servicing standards that are well above regulatory minimums.

"Our industry learned difficult lessons over the past four years. Advisory firms
have shown resiliency in meeting demands of financial markets, consumers and
regulators. Now it is time to adapt to the new normal and focus on plans to
ensure continued success," added Tibergien.

Pershing collaborated with independent consultant FA Insight to prepare  Advisor
of the Future II: Building a Business to Last. This is the first of a three-part
series focusing on the transformation advisors, broker-dealers and investors are
undergoing and challenges they will face in the future.  

To download the full study, please visit

Pershing LLC  (member FINRA/NYSE/SIPC) is a leading global provider of financial
business solutions to more than 1,500 institutional and retail financial
organizations and independent registered investment advisors who collectively
represent approximately 5.5 million active investor accounts. Located in 23
offices worldwide, Pershing and its affiliates are committed to delivering
dependable operational support, robust trading services, flexible technology, an
expansive array of investment solutions, practice management support and service
excellence. Pershing is a member of every major U.S. securities exchange and its
international affiliates are members of the Deutsche Borse, Australian Stock
Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock
Exchange. Pershing LLC is a BNY Mellon company. Additional information is
available at  

BNY Mellon is a global investments company dedicated to helping its clients
manage and service their financial assets throughout the investment lifecycle.
Whether providing financial services for institutions, corporations or
individual investors, BNY Mellon delivers informed investment management and
investment services in 36 countries and more than 100 markets. As of  December
31, 2012, BNY Mellon had  $26.7 trillion  in assets under custody and
administration, and  $1.4 trillion  in assets under management. BNY Mellon can
act as a single point of contact for clients looking to create trade, hold,
manage, service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). 
Additional information is available on, or follow us on
Twitter @BNYMellon.




Paul Patella, +1-201-413-3609,

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