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.”
A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.
Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.
After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.
The customer’s UBS financial advisor allegedly mishandled an options strategy called a collar, according to the client’s attorney.
An expansion to a 2017 TCJA provision, a permanent increase to the standard deduction, and additional incentives for non-itemizers add new twists to the donate-or-wait decision.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
