The advisory business is essentially people oriented, but it has changed profoundly over the last several years. Firm principals will need to manage costs and people effectively or risk falling behind their peers, according to speakers at a Money Management Institute conference this week. 

“We are dealing with a different environment where leaders will evolve,” said Mark Tibergien, chief executive officer of Pershing Advisor Solutions during a late morning address. “Advisors need to ask: ‘Is my strategy relevant? ‘Am I structured right?’ and ‘Do I have the right people do the right things the right way?’”

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