As the RIA custody business braces for the ultimate unveiling of whatever the TD Ameritrade-Schwab combo will look like, Pershing is doing a bit of its own top-level realignment.
The sudden departure of Maura Creekmore leaves Ben Harrison in sole charge of BNY Mellon/Pershing’s Wealth Solutions business.
Pershing representatives declined requests for interviews and more details on the management change and Creekmore’s departure, but did send a confirmation email.
“Maura Creekmore decided to leave the firm at the end of 2022, and as of December 31, 2022, Ben Harrison is the sole head of BNY Mellon | Pershing's Wealth Solutions business,” the statement reads. “Ben worked closely with Maura and the leadership team to ensure a seamless transition for Pershing’s Wealth Solutions business. With 25 years of experience leading business and product development in the wealth management marketplace, Ben has a deep knowledge of the business and marketplace, strong client relationships, and a focus on driving growth. He also currently serves as Chair for the Foundation for Financial Planning.”
As one of the big three custodians, along with Fidelity and Schwab-TD, Pershing continues to be in a competitive battle for market share as Schwab’s consolidation of TD is expected to leave some financial advisors looking for new custodial relationships. Unless other changes are in the works for Pershing’s leadership, Harrison’s role will have to evolve quickly.
Creekmore joined BNY Mellon in 1994, and she and Harrison were named co-heads of Wealth Solutions in 2021.
Harrison joined Pershing in 2006. He was named the head of the custody business in March 2020, following the retirement of Mark Tibergien.
Tim Welsh, founder of Nexus Strategy, is optimistic that this is an example of one head being better than two.
“Fundamentally, co-anything never works,” Welsh said. “For RIAs, there has to be only one leader to carry the brand forward and demonstrate commitment to the business. When there is a wishy-washy leadership and no one knows who’s really running the place, doubt surfaces and RIAs wonder, then wander.”
Regarding Harrison's general appeal, Welsh added, “Ben was the right and best choice; he has the experience, charisma and everyone likes him.”
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