CONTACT: Kathleen Miller
FOR IMMEDIATE RELEASE
TAMPA, Fla. – July 20, 2017 – TruClarity is pleased to announce the addition of two seasoned and well-respected veterans of the financial services industry who will serve as presidents of the company.
Shad Besikof is president of the Western Division and Daniel P. Cronin is president of the Eastern Division, effective immediately. The new additions will add office locations in Newport Beach, CA, and Boston, MA.
“This reflects the commitment of the company to our industry and the growing exodus of financial advisors into the independent space,” said Pamela Stross, CEO of TruClarity. “We had the opportunity to bring on seasoned veterans and ended up with two great choices, both of whom have national relationships. We could have given the job to either one, but when presented with the opportunity to get them both, we jumped at the chance.”
Besikof has more than 22 years of experience in the financial services industry, starting his career as an investment advisor, then holding senior leadership positions such as senior sales VP and senior regional director for Charles Schwab Advisor Services, Fidelity Custody & Clearing Solutions, Neuberger Berman and most recently, BNY Mellon-Pershing Advisor Solutions. His ultimate focus was on providing consultative business solutions to independent RIAs to help them grow, compete and succeed in a highly competitive marketplace.
“My areas of expertise are best applied to advisors who are energized and motivated to take their businesses to new heights along with those who are as dedicated to their clients as they are to transitioning their practice into an enterprise,” Besikof said. “At TruClarity, we can leverage experience and extensive industry knowledge to help advisors transition to independence, avoid the pitfalls of running their own businesses, and help them build enterprise value. Our team is free to provide unbiased best-in-class custodial and/or technology solutions because we integrate with only those that are the right fit for our clients.”
Cronin has more than 30 years of experience in the financial services industry, serving as VP, RVP and SVP of sales at Fidelity Custody & Clearing, Schwab Advisor Services, leading RBC Advisor Services’ new independent custody offering, and serving as SVP of BNY Mellon’s multi-boutique investment offering to high-end RIAs, and most recently, as one of the original SVP-distribution hires for iCapital Network, a fintech company that provides insights and access to institutional-class alternative investment funds via financial advisors. Cronin spent more than 20 years at Fidelity, most of them focused on the needs of advisors transitioning to independence.
“During my career I’ve been fortunate to work in roles supporting all aspects of the independent advisor business so I have a unique understanding of the challenges that advisors face in today's marketplace,” Cronin said. “After my recent experience at a startup, I see a real need right now for a firm to help captive advisors plan and manage their transition to independence and then to professionally operate their firms so they can spend their valuable time serving their clients.”
Both Besikof and Cronin said financial advisors increasingly want to enter the independent space because they want to better serve their clients. The wirehouses and/or IBDs that advisors typically leave tend to have their own business agenda and strategy, which is contrary to the objectivity needed for advisors to act in a complete fiduciary capacity with their clients.
“Advisors working for a large entity are increasingly restricted when trying to do what’s best for their clients” said Cronin. “By moving to independence, they are sitting on the same side of the table as their clients, so they are able to look at their goals holistically and choose from the broadest possible solution set to meet their needs.”
Besikof cited a study by Cerulli Associates on how a typical RIA owner/lead advisor spends his or her time: 46 percent is spent on client services; 8 percent is spent on sales; and the remaining 46 percent is spent on other activities (managing vendor contracts, hiring new employees, renegotiating office leases, updating disaster recovery plans, IT updates, billing, paying bills, etc.). “We focus on reversing this trend so that more time can be spent on serving clients’ needs and business development rather than non-revenue generating minutiae,” he said. “We consider every client relationship to be an indispensable partnership and know that we have to earn the right to prove ourselves every day because we’re in it for the long haul alongside our clients.”
Besikof said, “The depth and breadth of our highly experienced team helps TruClarity add value to our clients that’s second to none. ”
For more information, please visit MyTruClarity.com.