The key to creating a common vision
Information for this post derived primarily from an Investment News interview with Brian T. Shea, CEO, Pershing, LLC, “The key to creating a common vision,” Jan. 1, 2012: http://www.investmentnews.com/article/20120101/REG/301019997?template=printart
As we reviewed brokerage firms to custody our client assets we landed with two very different brokerage firms that have a similar attitude. Below is a summary of an interview with the lead at one of these brokerage firms, Pershing.
Brian T. Shea is interviewed often since he became the chief executive of Pershing LLC (in 2010), which, with $910 billion in assets under custody, is the biggest brokerage and clearing firm that most investors have never heard of. Owned by The Bank of New York Mellon Corp., Pershing employs more than 7,000 and provides services to more than 1,500 financial organizations and 100,000 investment professionals.
AIKAPA has considered the usual brokerage firms but has instead decided to custody our client assets at either Pershing or Scottrade – In our evaluation both of these firms provide the most service for the least cost.
Pershing’s Shea believes in creating a leadership environment where people can be successful and where you can get people to work together. The most important thing a leader has to do is create a shared vision, or mission, for the team. He prides his leadership style as one that emphasizes communication.
The No. 1 person was his father who was an executive in the insurance industry. His father taught him that any profession can be a good profession but we need to do it with a passion every day – I could not agree with him more.
His comments that his father instilled a really strong work ethic in all of his children.
He said that he is really comfortable in an environment where people are open and engaged. He believes that it is really important to surround yourself with people who will share their opinion no matter what — even if they know you won’t like it.
As we move into 2012 we’ll engage more with Pershing as we transfer our clients from their current brokers to either Pershing or Scottrade. I’m certain that as the year progresses I will be better able to comment on how well his vision translates to what advisers and our clients experience using Pershing to custody assets.
Edi Alvarez, CFP®
BS, BEd, MS