Mark, United States, Pershing discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change


A channel for pershing for more than a decade and done extraordinary things in his tenure there. How lucky for you. I guess is the best way to put it to get to learn from the master all these years. What would you say are the most impactful lessons he taught you rate? Mindy will I just echo that? I've been so fortunate to work Slow closely with mark Really over the last decade and he's been such a great mentor to me and friend and I've learned so many lessons for mark through the years I've got to ride sidecar with him on. So many meetings know internal meetings meetings with prospects meetings with teams that were contemplating new business model. And I've even walked through countless airports or conferences with mark in have people stock him along the way in. This is the way the conversation would go. You might not remember me. You consulted with US ten years ago and we completely changed our business model and it's changed my life so he really had an impact on the industry and and he'll continue to. I think a couple of the teachings that he's taught me are around leadership absolutely running the team Around business management. You know. Mark was a pioneer of really bringing business management to the RA marketplace around people management marks. Great people manager and a great delegator and he really depended upon his team and also business consulting and everything that we've come to know about you know kind of marks expertise but I'd say the number one thing I would take away is that you need to put people first and from day one. We were always partners. Mark Never introduced anybody on his team that that they worked for him. It was always. This is my colleague or my colleague Christina in that really allowed us to run the day to day he delegated very well and You know he was a big personality and we needed that big personality in credibility as we built out our custody business to this to this point but putting people I was the biggest lesson And he always said that The the most important employees is more important than the most important client in. That's not to diminish clients and this is the same for advisory businesses but in order to have an enduring business. You've gotTa Take Care of the people I in your business that they can then take care of the clients and that was a really important lesson that I'll never forget. Yeah and a good one but let me unpack some of the things I know. He's a spouse over the years so one of the first lessons he taught me was that alone is the cheapest form of financing and affirmed shouldn't sell equity unless there were good reasons to do so and I think that added time when there are so many investors in the space and every day principles of a firms are getting calls from would be investors asking them to sell a portion of equity whether it means they're they're sort of mid cycle of their business or they're just breaking away and they're considering do I go it alone or do I take on. An investor sell a portion of equity as a way of taking some chips off the table upfront. So what do you think about that? What's your stance on that? The first thing I would say I agree with mark and I think what he would say which I agree with two is every situation is different. There's definitely pros and cons of both debt and equity financing and again going back to what I already stated you know. Mark has been masterful at kind of bringing these business management concepts to this entrepreneurial or a very in that's embedded in in our firm now from the way that we think about things for our relationship management business consulting teams so yeah equity tends to be more expensive but there so many new sources of capital coming into the marketplace. This business is so revered right now. And that's why we're seeing all this outside capital come in with equity you give up control to shareholders in you give up profits to shareholders and in that's in perpetuity of time and. That's something that mark always talked about night and I definitely agree with when you do want equity stakeholders in your business lesson that I learned. Is You equity? Stake holders always have to buy in. You shouldn't use equity to just give away. To in recruiting situations. The equity stake holders have to have skin in the game. It's a great tool for succession. So mark is also the kind of the godfather of succession in this business. And that was an important lesson that I learned to that equity as part of an emerging partners ability to buy over time creates that succession plan and gives them skin in the game of the business. And if you are going to bring in outside capital they've gotta bring something to the table whether it's intellectual capital and network that you can't get to ability to drive growth etc us you've got to be really careful about that on the other side assay on the other.

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