Mark Tibergien’s one thing for financial advisors’ business improvement

“What’s the one thing that most people in this room can do to improve their business?”

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This is the question I asked Mark Tibergien, CEO of Pershing Advisor Solutions, at the annual conference of the Financial Planning Association of Massachusetts on May 20.

Tibergien hit four points in his reply describing how financial planners can build a practice that differentiates them.

1.  Identify your core capabilities–both as a planner and a business person.

2.  Identify your optimal client. Target them in terms of characteristics other than wealth.

3.  Identify competitors who attract your optimal clients. Figure out what makes them special. Think about how you compare.

4.  Identify your personal definition of success.

This four-step process will help you figure out if your current business strategy is still relevant, said Tibergien. If your strategy is outdated, this assessment provides clues about how to tweak your strategy. I imagine it helps you focus your marketing, which can provide an incredible boost to your efficiency.

Have YOU tried this? I’d like to hear how it has worked for you.

5 replies
  1. Bill Winterberg
    Bill Winterberg says:

    Mark is great! Ask for one thing, he replies with four!

    But seriously, many advisory firms put off focusing on their core competencies and core client characteristics. More immediate events, like, say, stock market volatility, always seem to get in the way.

  2. Maria Marsala
    Maria Marsala says:

    Yes, I do this. In fact I reveiw these items yearly along with a few others. After refocusing my niche, now I’m narrowing down my ideal client profile (the specific demographics, geographics, etc.).

    To the list I’d add #5 and 6

    Create a plan
    Monitor it.

    So often it’s so easy to just go after the next new “bling” but if you have a plan you’ll think first.

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