Next Generation Planner: June 2022
WHO: Mark Tibergien
WHAT: Partner, Independent Board Member, Pathstone
WHAT'S ON HIS MIND: “The choices you make are probably more important than the money you make.”
Mark Tibergien is a partner and independent board member at Englewood, New Jersey-based RIA Pathstone. Before that, he was the respected long-time leader of BNY Mellon Pershing. Before that, he was an obituary writer.
“I would not recommend my career path to anybody because there’s no logic to it. I actually started as a journalist. In fact, one of my first jobs was reading and writing obituaries on the radio.”
Mark has had a few different jobs since then and has learned that good leaders invest in people.
“I’ve had seven jobs, I think. When I think about those where I really achieved something or those where I didn’t, sometimes it was because it was the wrong job for me, sometimes it was because the mission or the purpose of the organization wasn’t the right fit, and sometimes everything just came together. So I often think about the nature of the work, the nature of the worker, and the nature of the workplace as the elements that really drive great engagement on the part of individuals.”
Mark said that in those early days, he didn’t have formal mentoring relationships, but there are individuals who made a clear impact on his career and set him on a path to financial services. One of those informal mentors was George Matheson, Chicago regional manager for Investment Dealers’ Digest.
“He and I, as it happens, both grew up in the Upper Peninsula of Michigan, and people just don’t leave [there], and they certainly don’t think of a career in finance when you do something like that. He was aware of me because he would come up there to see his family and see my name in the newspaper and hear my name on the radio.”
George gave Mark an opportunity to work in Chicago and, critically, in financial services.
“He got me prepared to take on an industry discipline that wasn’t even on my radar. The thought of finance was something that scared me. But I think his patience, mentoring, and teaching approach really was profoundly impactful early in my career.”
In addition to introducing him to finance as a career choice, Mark’s early mentor also helped him consider a career as something that could be crafted by an individual based on their shifting objectives, not a set path they had to follow.
“Back then, I think there was a tendency to say, ‘Get a degree, pursue the career, die.’ That was kind of the lifecycle. Since then, what I found is that the choices you make are probably more important than the money you make.”
He met another important mentor, Bob Bunting, when his company was bought by accounting firm Moss Adams.
“The head of the firm at the time said, ‘Mark, now that you don’t have a company to run, there are three things that I’d like you to do: one, develop a technical specialty; two, develop a market specialty; and three, get famous for both.’ The idea was not so much about name, but elevating your position in business. I chose management in transition as my technical specialty. I chose financial services as my industry specialty, and then I just worked on elevating the brand presence.”
Mark pointed out that the best mentor probably isn’t your boss because it’s harder to have candid conversations. Mentors help their mentees recognize when a job just isn’t the right fit for them.
“A mentor really is not there to give you performance evaluations or promote your career directly, but really to guide you, form you, teach you, and to allow you to have a sounding board for the natural conflicts that come up with your supervisor.”
In his time at Pershing, Mark participated in the firm’s reverse mentoring program, where established executives were paired with younger employees. Reverse mentoring isn’t about teaching boomers how to use Facebook, but about sharing perspectives.
“One of the rules of engagement was you couldn’t have a mentor who was in your division. . . . Not everybody handled that too well. Some people, when they get to a position of authority, are naturally inclined to give instructions instead of eliciting guidance. Fortunately, in my case, I was able to be vulnerable and not feel concerned about that. I wanted to actually talk about issues, not how to turn on the computer. I think that’s where people get confused. It’s what can we learn from subsequent generations, people who are not of the same sex or the same age or same career path who might actually give us perspective on how we’re thinking about things. For example, how do we come across to others? How do we communicate? How do we interact?”
For new planners who are seeking a mentor, Mark suggests finding a formal program or someone willing to commit to certain expectations up front.
“My personal opinion is that it should be a very defined duration. It shouldn’t be a permanent relationship. It’s like a lot of relationships. Eventually they reach a peak, and you have to re-energize somehow. You have to have the rules of engagement defined right up front, including what are the topics that you’d like to get into? I think that it’s usually helpful to have some sort of framework for what each discussion is going to be so it’s not just random.”
Despite his early trepidation about financial services, Mark believes the industry has a lot of promise for the next generation.
“For those who are contemplating a career, it is a profession that is financially rewarding, it’s intellectually stimulating, and it profoundly impacts the lives of other people. Just add long walks on the beach and it’s a pretty good personal ad.”
He recalled his lesson in contemplating career choices and encourages new planners to be brave and try things out.
“It’s important to recognize that nothing is forever. If the company dynamic isn’t right—for example, if it’s a group of leaders with different values or approaches to life than you have—that’s a legitimate reason to move on. If they’re not recognizing you for your contribution or where you can make the greatest impact, then it’s time to move on. And if they’re not teaching you to be better, then it’s time to move on. But, assuming that the goal is to stay and grow, then the question is rather than quitting on it, can you improve upon it? Can you say, ‘There are things that I observed that I’m willing to stand up for and share with the leaders in the organization?’ For people coming into the business, you are entering a profession where individuals are trained listeners, and ultimately they’re trained implementers. So the question is whether you can respect their ability to process conflict or insight from you. We know that the greatest indignity is to underestimate somebody, so to the extent that you can change that dynamic, it’s pretty good for your business.”
