The CEO of Pershing Advisor Solutions reflects on the state of the RIA business model. (Photo: Getty)

There are nearly 60,000 financial advisors working as part of independent RIA firms and hybrid RIAs, according to Cerulli Associates. That’s roughly double the level of participation about 10 years ago — with client assets at these firms growing nearly 9% per year during the past decade, as of year-end 2016.

A keen observer and facilitator of this growth spurt is Mark Tibergien, who joined Pershing Advisor Solutions (part of BNY Mellon) as its CEO in 2007. Over the past decade and earlier — as principal at Moss Adams and in prior roles — he has interacted with hundreds of independent registered investment advisors, broker-dealers, investment managers and other financial-services groups.

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