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headshot of RIA consultant Mark Tibergien Mark Tibergien

When asked about how the Schwab-TD Ameritrade deal broadly fits into the industry’s history, Mark Tibergien — the recently retired head of BNY Mellon Pershing’s Advisor Solutions — doesn’t skip a beat: “It’s really important is to recognize that the business of financial advice goes through a transformation of material change about every decade.”

In the 1970s, the discount brokerage emerged with the elimination of fixed-rate commissions, Tibergien explained. In the following decades, there was “the introduction of the independent contractor broker-dealer and the disappearance of big-name brokerage firms like E.F. Hutton, Smith Barney and the names you remember from commercials — so vivid then, and now … they don’t exist anymore.”

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Janet Levaux

Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. She's covered the financial markets since 1991 and advisors since 2005. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020.

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