The market of consumer wealth is enormous, including $17.1 trillion of investable assets and $7.5 trillion of retirement plan assets held by 108 million US households
The competitive playing field is crowded with over 400,000 financial advisors; independent reps have surpassed wirehouse brokers as the largest market by number of advisors and fee-only financial advisors have been the most successful at gathering assets
There are a variety of ways to win in the financial services industry, including not giving up on mutual funds, participating in the fee-accounts trend, and expanding product & service offers to better address the needs of aging baby boomers. Tiburon predicts that exchange traded funds will take a significant market share in investment products and that wealth management services will surpass investment management services in importance as boomers age
Three key business building initiatives are critical - target marketing, people & technology leverage, and benchmarking
At an institutional level, Tiburon expects substantial industry consolidation driven by stock values, branding, and shifting winning markets

Guest Presentations

Tiburon is pleased to have five thought leaders in the financial services industry scheduled to present their innovative views at the upcoming CEO Summit:

Four critical general session panel discussions will also be held, addressing consumer needs, financial advisor strategies, innovative business models, and investment management firm strategies. Panel discussions at Tiburon's CEO Summits have received wide praise from past participants by offering a lively forum for information gathering and debate. Each panel will be facilitated by a CEO Summit Planning Committee member and will allow for wide ranging audience debate:

• The Ask the Consumers panel has become a favorite of CEO Summit attendees, opening the eyes of attendees directly to the needs of high net worth consumer households. Facilitated by Tif Joyce from Joyce Financial Management, this panel will include off-the-street consumers Jenna Lilla, Jack Swire, Larry Sylvester & Diana Sabur, and Brenda Valuch
• The Ask the Advisors panel serves a similar objective and allows product company executives the opportunity to hear the needs of financial advisors first hand. Facilitated by Dennis Clark from Advisor Partners. This panel will include Kurt Brouwer (CEO, Brouwer & Janachowski), Tom Lydon (President, Global Trends Investments), Dave Petersen (President, Financial Services Advisory), and Alan Spiegelman (Wealth Management Advisor, Northwestern Mutual)
• The Innovative Business Models panel has been structured to address the booming fee-only financial advisor (RIA) business, and will include the leaders of the three custodians challenging Charles Schwab & Company in this market. Chip Roame from Tiburon Strategic Advisors will facilitate the session. This panel will include, Tom Bradley (President, TD Ameritrade Institutional Services, TD Ameritrade, TD Group), Bill Carey (President, Fidelity RIA Group, Fidelity Investments), & Skip Schweiss (Executive Vice President, Fiserv Investment Support Services, Fiserv)
  
• The Investment Management Strategies panel will provide insights from leading investment management firms. Kevin Malone from Greenrock Research will facilitate this panel which may include some of the following confirmed attendees: Vijay Advani (Executive Vice President, Global Advisor Services, Franklin Templeton Investments), Jud Bergman (CEO, Envestnet Asset Management), Ron Cordes (Chairman, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial), Art Lutschaunig (President, Morningstar Investment Services, Morningstar), and JC Massar (President, Capital International Asset Management, Capital Group Companies)

Break-Out Sessions

• Mutual Funds & Exchange Traded Funds (Facilitator: Tom Lydon, President, Global Trends Investments)
• Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & Separately Managed Accounts (SMAs) (Facilitator: Tim Armour, Managing Director, Strategic Relationships & Business Development, Morningstar)
• Hedge Funds, Venture Capital & Private Equity, Real Estate, & Other Alternative Investments (Facilitator: Kevin Malone, President, Greenrock Research)

Markets Break-Out Sessions

Markets sessions allow a forum to discuss the opportunities and challenges in rapidly growing distribution markets. Markets sessions will be held on the following topics:

• Consumer Wealth, Liquefaction, & the Retirement Income Challenge (Facilitator: Tim Armour, Managing Director, Strategic Relationships & Business Development, Morningstar)
• Captive Advisors, Including Brokers & Private Bankers (Facilitator: David Smith, Group Publisher, Financial Advisor Magazine, Charter Financial Publishing Network)
• Independent Advisors, including Fee-Only Financial Advisors & Independent Reps (Facilitator: David Smith, Group Publisher, Financial Advisor Magazine, Charter Financial Publishing Network)

Advisors Sessions

Advsiors sessions create a forum to discuss key industry issues with leading financial advisors. Advisor sessions will be held on the following topics:

• Financial Advisor Sales & Marketing (Facilitator: Tif Joyce, President, Joyce Financial Management)
• Financial Advisor Best Practices: Learnings From Tiburon's Benchmarking Tools (Facilitator: Kirk Michie, Managing Director, Lenox Advisors)
• Succession Planning & Advisor Firm Acquisitions (Facilitator: Tom Lydon, President, Global Trends Investments)

Attendance

Attendance at the Tenth Semi-Annual Tiburon CEO Summit will be limited to 75 attendees, all of them senior level industry executives and consultants from a variety of fields. Invitations are being sent out this week to Tiburon clients. The tentative invitee list includes the following Tiburon client executives:

Chip Roame (Managing Principal, Tiburon Strategic Advisors) Douglas Adamson (Executive Director, American Bankers Association) Vijay Advani (Executive Vice President, Global Advisor Services, Franklin Templeton Investments) David Akellian (Managing Director, Broadcourt Division, Merrill Lynch) Didier Alix (CEO, Retail Banking, Societe Generale) John Allison (President, BB&T) Dee Allsop (Group President, US Solutions Research Groups, Harris Interactive) Steele Alphin (Chief Administrative Officer, Bank of America Corporation) Raul Anaya (Head of Global Consumer Group, Latin America, Citigroup) Gretchen Anderson (Chief Operating Officer, Franklin Templeton Bank & Trust, Franklin Templeton Investments) Stephen Anderson (President, Waterstone Financial Group, Pacific Life Insurance Company) Mike Apker (Chief Operating Officer, Envestnet Asset Management) Victor Apps (Senior Executive Vice President, Asia, Manulife Financial) Peter Armenio (Group Head, US & International Personal & Business, Royal Bank of Canada) Tim Armour (Managing Director, Strategic Relationships & Business Development, Morningstar) Chris Armstrong (Executive Vice President, Sales & Marketing, TD Ameritrade, TD Bank Financial Group) Howard Atkin (Chief Financial Officer, Wells Fargo Bank) Dick Averitt (CEO, Raymond James Financial Services, Raymond James) Peter Bain (Senior Executive Vice President, US Asset Management, Legg Mason) James Baio (Chief Financial Officer, Franklin Templeton Investments) Chuck Baldiswieler (Group Managing Director, TCW Advisor Group & Private Client Services, Trust Company of the West (TCW), Societe Generale) Norman Balthasar (Chief Operating Officer, Fiserv) Ajay Banga (CEO, Global Consumer Group - International, Citigroup) Vivian Banta (Vice Chairman, Insurance Division, Prudential Financial) Dean Barr (Head of Tribecca Global Management, Citigroup) Paul Barrett (General Manager, Financial Wisdom, Commonwealth Bank) Bill Barrett (CEO, Fiduciary Trust International of California, Fiduciary Trust International, Franklin Templeton Investments) Tim Barron (CEO, CRA Rogers Casey) Gregory Barton (Managing Director, Vanguard Group) Tony Batman (CEO, 1st Global) Michael Bell (Executive Vice President, Life Insurance Division, Pacific Life Insurance Company) Steven Bensinger (Chief Financial Officer, American International Group (AIG)) Jud Bergman (CEO, Envestnet Asset Management) Bob Beriault (President, Investment Support Services, Fiserv) Walter Berman (Chief Financial Officer, Ameriprise Financial) Brad Bernstein (Partner, FT Ventures) Torry Berntsen (Senior Executive Vice President, Bank of New York) Walt Bettinger (President, Schwab Investor Services, The Charles Schwab Corporation) Mark Biderman (Chief Financial Officer, National Financial Partners) Jean-Paul Bisnaire (Senior Executive Vice President, Business Development, Manulife Financial) Robert Bissell (Executive Vice President, Weels Capital Management, Wells Fargo Bank) Steve Black (Managing Director, Operations & Trading, LPL Financial Services) Fred Bloch (President, US Wholesaling, Alliance Bernstein, Axa Group) Jennifer Bolt (Executive Vice President, Operations & Technology, Franklin Templeton Investments) Jean-Laurent Bonnafe (Executive Vice President, French Retail Banking, BNP Paribas) Bill Borden (Chief of Staff to CEO Charles Prince, Citigroup) Philippe Bordenave (Executive Vice President, Group Development & Finance, BNP Paribas) Chris Boruff (President, Advisor Business, Morningstar) Bob Boulware (CEO, ING Funds Distributor, ING) John Bowen (CEO, CEG Worldwide) Tom Bradley (President, TD Ameritrade Institutional Services, TD Ameritrade, TD Bank Financial Group) John Bremer (Chief Operating Officer, Northwestern Mutual) Butch Britton (CEO, ING Life Business Group, ING) Robert Broatch (Chief Financial Officer, Guardian Life Insurance Company of America) Stan Brooks (President, Brookstreet Securities) Kurt Brouwer (CEO, Brouwer & Janachowski) Jerry Brown (CEO, FNIC (NW)) Candace Browning (Head of Global Securities Research & Economics, Merrill Lynch) Peter Bruce (Chief Insurance Officer, Northwestern Mutual) Claude Brunet (CEO, Transversal Operations, Axa Group) Glynn Burger (Group Risk & Finance Director, Investec) Steve Burnett (Principal, Hanson McClain) Harmon Burns (Vice Chairman, Franklin Templeton Investments) Mike Byrum (President, Rydex Investments) Michael Cameron (Head of Retail Banking Services, Commonwealth Bank) Nick Cann (Chief Executive, Institute of Financial Planning) Jim Cannon (President, AIG Financial Advisors, American International Group (AIG)) Stephen Canter (CEO, The Dreyfus Corporation, Mellon Financial) Paul Carbone (Managing Partner, Baird Capital Partners & Baird Venture Partners, RW Baird & Company) Richard Carbone (Chief Financial Officer, Prudential Financial) Bill Carey (President, Fidelity RIA Group, Fidelity Investments) Jeffrey Carney (President, Fidelity Personal Investments, Fidelity Investments) David Carroll (President, Capital Management Group, Wachovia Corporation) Bob Carter (President, NFP Insurance Services, National Financial Partners) Joseph Caruso (Executive Vice President, Guardian Life Insurance Company of America) Bob Casato (CEO, Manulife Wood Logan, Manulife Financial) Larry Chambers (Contributing Editor, Investment Advisor, Wicks Business Information) Lily Chang (Chief Technology Officer, Advent Software) Sanjoy Chatterjee (Chief Technology Officer, CRA Rogers Casey) John Chesko (Vice Chairman, Mellon Financial) George Chodron De Courcel (Chief Operating Officer, BNP Paribas) Amit Choudhury (Managing Principal, Pinnacle Partners) Peter Cieszko (President, Global Distribution, Evergreen Investments, Wachovia Corporation) Jean Clamon (Chief Operating Officer, BNP Paribas) Dennis Clark (CEO, Advisor Partners) John Clendening (Executive Vice President, Schwab Investor Services, The Charles Schwab Corporation) Alain Clot (CEO, SG Asset Management, Societe Generale) Joan Cohen (President, H&R Block Financial Advisors, H&R Block) Lawrence Cohen (Chief Technology Officer, Alliance Bernstein, Axa Group) Steve Cohen (Managing Director, ProFund Advisors) Arthur Coles (Group President, US Industry Research Groups, Harris Interactive) Philippe Collas (CEO, SG Global Investment Management & Services) Kip Condron (CEO, Axa Financial, Axa Group) Frank Connolly (Chief Financial Officer, US Solutions Research Groups, Harris Interactive) Gus Constantin (CEO, Phoenix American) Evan Cooper (Director, Wealth Management News, Thomson Financial, Thomson Corporation) Kathleen Corbet (President, Standard & Poor's, The McGraw Hill Companies) Ron Cordes (Chairman, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial) Brian Cotter (Marketing Manager, Tiburon Strategic Advisors) James Cox (Executive Vice President, Mergers & Acquisitions, Fiserv) Laurence Crach (General Counsel, Alliance Bernstein, Axa Group) Douglas Craft (Operating Group Chief Financial Officer, Fiserv) Bill Crager (President, Advisory Services, Envestnet Asset Management) Crawford Cragun (CEO, Franklin Templeton Bank & Trust, Franklin Templeton Investments) Roger Crandall (Chief Investment Officer, Mass Mutual) Geoff Crickmay (Executive Vice President, Japan, Manulife Financial) Robert Crispin (CEO, ING Investment Management Americas, ING US Financial Services, ING) Bob Crudup (Executive Vice President, SEI Investments) Ben Cukier (Partner, FT Ventures) John Cummings (Head of Corporate & Diversified Financial Services Group, Global Private Client, Merrrill Lynch) Robert Daleo (Chief Financial Officer, The Thomson Corporation) Gavin Daly (Executive Editor, Board IQ, Agenda, & Base & Bonus, Money-Media) Karl Dasher (Chief Investments Officer, SEI Investments) Dick Davies (Senior Managing Director, Alliance Bernstein, Axa Group) Simon Davies (CEO, Threadneedle Investments, Ameriprise Financial) Bill Decker (President, Lydian Trust Company) Bob DelCol (CEO, FundQuest, BNP Paribas) Alvaro DeMolina (Chief Financial Officer, Bank of America Corporation) Amanda DePalo (Executive Vice President, Guardian Life Insurance Company of America) Bevin Desmond (President, International Business, Corporate Strategy, Research, & Communications, Morningstar) Jacques D'Estais (Executive Vice President, Corporate & Investment Banking, BNP Paribas) John Dickson (Senior Managing Director, CRA Rogers Casey) Mike DiGirolamo (Managing Director, Raymond James Financial Services, Raymond James) Evelyn Dilsaver (CEO, Charles Schwab Investment Management, The Charles Schwab Corporation) John Dixon (CEO, Mutual Service Corporation, Pacific Life Insurance Company) Chris Dodds (Chief Financial Officer, The Charles Schwab Corporation) Bob Doll (President, Merrill Lynch Investment Managers, Merrill Lynch) David Doll (CEO, Kanaly Trust Company) Bob Dorrance (CEO, TD Securities, TD Bank Financial Group) Bernie Dorval (Co-Chairman, TD Canada Trust, TD Bank Financial Group) Michel Douzou (Deputy Head, Retail Banking, Societe Generale France, Societe Generale) Robert Dubrish (CEO, Option One Mortgage Corporation, H&R Block) Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel) Michael Dunn (Chief Operating Officer, Global Consumer Group, Citigroup) Martha Dustin-Boudos (Chief Financial Officer, Morningstar) Denis Duverne (CEO, Finance, Control, & Strategy, Axa Group) Carrie Dwyer (General Counsel, The Charles Schwab Corporation) Bryce Edwards (Vice Chairman, RW Baird & Company) Jeffrey Edwards (Chief Financial Officer, Merrill Lynch) Phil Edwards (Chief Investment Officer, Standard & Poor's, The McGraw Hill Companies) Mitch Eichen (CEO, MDE Group) David Eidson (CEO, Trusco Capital, Sun Trust) Charlie Eisenmann (Chief Operating Officer, Dunham & Associates Investment Counsel) Scott Evans (Executive Vice President, Asset Management, TIAA-CREF) Ahmass Fakahany (Vice Chairman, Merrill Lynch) Kim Fennebresque (CEO, SG Cowen, Societe Generale) Mark Fetting (Senior Executive Vice President, Global Managed Investments, Legg Mason) Laurence Fink (CEO, BlackRock, PNC) Steve Finn (Chairman, Trust Company of America) Richard Fischer (General Counsel, Navigant Consulting) Karen Fisher (Managing Director, Scotia Bank) Ken Fisher (CEO, Fisher Investments) Gus Fleites (Chief Investment Officer, ProFund Advisors) Rob Foregger (Chief Strategy Officer, Ever Bank Financial) John Fraser (CEO, Global Asset Management, UBS) Steven Freiberg (CEO, Global Consumer Group, North America, Citigroup) Rick Frisbie (Chief Administrative Officer, Franklin Templeton Investments) Rick Frueh (CEO, Gunn Allen) Michael Gantt (President, Bank Systems & eProducts Group, Fiserv) Peter Ganucheau (Partner, GSB Investment Management) Mac Gardner (Head of Americas Region & Global Bank Group, Global Private Client, Merrill Lynch) Richard Garman (Managing Partner, FT Ventures) Seth Gersh (Chief Operating Officer, Think Equity Partners) Catherine Gillis-Odelbo (President, Individual Business, Morningstar) Bill Givens (Chairman, The Japan Fund) Leslie Godrich (Senior Executive Vice President, Asset Management, Private Client Services, & Retail Banking, Bank of New York) William Goings (President, Life Insurance, Genworth Financial) Tim Gokey (President, US Tax Services, H&R Block) Gary Golding (General Partner, Edison Venture Fund) Steven Goldstein (Executive Vice President, Public Affairs, TIAA-CREF) James Goodfellow (Vice Chairman, Fiduciary Trust International, Franklin Templeton Investments) William Goodyear (CEO, Navigant Consulting) Bruce Gordon (Senior Executive Vice President, Canada, Manulife Financial) James Gorman (Chief Operating Officer, Retail Brokerage, Morgan Stanley) Herve Gouezel (Executive Vice President, Group Information Systems, BNP Paribas) Laura Gough (Managing Director, Corporate & Executive Services and Retirement Plans, RW Baird & Company) Keith Gregg (Executive Vice President, Sales, Dunham & Associates Investment Counsel) Andrew Gregson (Chief Financial Officer, Phoenix American) Mark Grier (Vice Chairman, Financial Management, Prudential Financial) Mark Griffin (Chief Investment Officer, Genworth Financial) Stuart Grimshaw (Group Executive, Premium Business Services, Commonwealth Bank) Joby Gruber (CEO, Financial Services Corporation, American International Group (AIG)) Carl Guarino (Executive Vice President, SEI Investments) Paul Guidone (Chief Investments Officer, Global Wealth Management, Citigroup) Donald Guloien (Chief Investment Officer, Manulife Financial) Howard Gunton (Chief Financial Officer, Mass Mutual) Joseph Guyaux (President, PNC) Paul Haaga (Executive Vice President, Capital Research & Management, Capital Group Companies) Thomas Hajda (General Counsel, Ever Bank Financial) James Hale (Partner, FT Ventures) Brian Hall (CEO, Thomson Legal & Regulatory, The Thomson Corporation) Craig Hallowes (Managing Director, Investec) Douglas Hammond (General Counsel, National Financial Partners) Jerald Hampton (Executive Vice President, Axa Advisors, Axa Group) Tom Hanly (Chief Investment Officer, Russell Investment Group, Northwestern Mutual) Scott Hanson (CEO, Hanson McClain) Peter Harbeck (President, AIG Sun America Asset Management, American International Group (AIG)) Hugh Harley (Group Executive, Group Strategic Development, Commonwealth Bank) Bill Harris (Chairman, My Vest Corporation) Brent Harris (Chairman, Pimco Funds, Allianz) Bill Hatanaka (CEO, TD Waterhouse, TD Bank Financial Group) David Haynes (Administrative Partner, FT Ventures) Mark Healy (Chief Operating Officer, National Financial Services Corporation, Fidelity Investments) Brian Heath (President, US Advisor Group, Ameriprise Financial) Randy Hecht (Chairman, RS Investments, Guardian Life Insurance Company of America) Mike Henkel (President, Ibbotson Associates, Morningstar) Lisa Henrichsen (Chief Marketing Officer, Ever Bank Financial) Don Herrema (CEO, Private Wealth Management, Morgan Stanley) Jim Herrington (CEO, The Financial Services Network (FSN)) Robert Herrmann (CEO, Loring Ward International) Thomas Hexner (Executive Vice President, Bernstein Global Wealth Management, Axa Group) Jan Hier-King (Executive Vice President, Human Resources, The Charles Schwab Corporation) Asiff Hirji (Chief Operating Officer, TD Ameritrade, TD Group) Thomas Hirsch (Chief Financial Officer, Fiserv) James Hirschmann (Chief Operating Officer, Legg Mason) Tim Hockey (Co-Chairman, TD Canada Trust, TD Bank Financial Group) Marten Hoekstra (CEO, Wealth Management US, UBS) Jeff Holley (Chief Financial Officer, CUNA Mutual Group) Mark Holmlund (Executive Vice President, Investments, Pacific Life Insurance Company) Elliott Holtz (Executive Vice President, Marketing & Firm Operations, National Financial Partners) Paul Hondros (President, Gartmore Group, Nationwide) Thomas Hopkins (Chairman, Waterstone Financial Group, Pacific Life Insurance Company) Julie Howard (Chief Operating Officer, Navigant Consulting) Tao Huang (Chief Operating Officer, Morningstar) Bob Huret (Partner, FT Ventures) John Hurley (President, Associated Securities, Pacific Life Insurance Company) Brad Iversen (Chief Marketing Officer, H&R Block) Denise Iverson (Chief Financial Officer, Dunham & Associates Investment Counsel) Clifford Jack (CEO, Curian Capital, Jackson National Life, The Prudential) Dan Jamieson (Senior Editor, Investment News, Crain Communications) Ben Jenkins (President, General Bank, Wachovia Corporation) Alistair Jessiman (CEO, Wallace & Mackenzie, Navigant Consulting) David Johnson (Partner, Harpeth Partners) Henry Johnson (Vice Chairman, Franklin Templeton Investments) Richard Johnson (Chief Financial Officer, PNC) Charles Johnston (CEO, Global Private Client Group, Global Wealth Management, Citigroup) Colleen Johnston (Chief Financial officer, TD Bank Financial Group) Alton Jones (Chairman, Pershing, Bank of New York) Bob Jones (President, Retail Distribution, Axa Advisors, Axa Financial, Axa Group) Peter Jones (President, Sales Group, Franklin Templeton Investments) Fred Jonske (CEO, M Financial Group) Robert Joseph (Chief Financial Officer, Alliance Bernstein, Axa Group) Tif Joyce (President, Joyce Financial Management) Lewis Kaden (Chief Administrative Officer, Citigroup) Andy Kalbaugh (President, Retail Broker/Dealer Group, American General, American International Group (AIG)) Atul Kamra (President, First Clearing Correspondent Services, Wachovia Corporation) Deane Kanaly (Chairman, Kanaly Trust Company) Drew Kanaly (Vice Chairman, Kanaly Trust Company) Jeff Kanaly (Vice Chairman, Kanaly Trust Company) Steve Kanaly (Vice Chairman, Kanaly Trust Company) Bernard Kantor (Managing Director, Investec) Anastasia Kelly (General Counsel, American International Group, (AIG)) Stan Kelly (President, Wealth Management, Wachovia Corporation) William Kennedy (Managing Director, Citigroup Investment Research, Global Wealth Management, Citigroup) Mike Kiley (Managing Director, Morgan Stanley) Elizabeth Kirscher (President, Data Services Business, Morningstar) Jeff Klein (Executive Vice President, HD Vest, Walls Fargo Bank) James Klescewski (Chief Financial Officer, RS Investments, Guardian Life Insurance Company of America) John Klinck (Chief Operating Officer, Asset Servicing, Mellon Financial) Peter Knitzer (Head of Consumer Franchise Management, Global Consumer Group, Citigroup) Ellen Koplow (General Counsel, TD Ameritrade, TD Bank Financial Group) Stephen Koseff (CEO, Investec) Michael Koster (Executive Vice President, Mortgage Operations & Servicing, Ever Bank Financial) Roberta Kotkin (Chief Operating Officer, New York Bankers Association) Susan Kozik (Chief Technology Officer, Public Affairs, TIAA-CREF) Damian Kozlowski (CEO, The Citigroup Private Bank, Citigroup) Lee Kranefuss (CEO, Intermediary Investor Business, Barclays Global Investors, Barclays) Barbara Krumsiek (CEO, Calvert, Unifi) Arkadi Kuhlmann (CEO, ING Direct USA, ING US Financial Services, ING) Marianne Laing-Hay (CEO, Europe, Global Wealth Management, Citigroup) Dave Lamere (CEO, Private Wealth Management, Mellon Financial) Jeff Lancaster (Managing Principal, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings) Pierre Lapomme (CEO, BNP Paribas Asset Management, BNP Paribas) Chris Larson (Associate Editor, Fund Fire, Money-Media) Rodger Lawson (Vice Chairman, International Insurance & Investments Division, Prudential Financial) Bernard Lemee (Executive Vice President, Group Human Resources, BNP Paribas) Derek Lemke-Von Ammon (Partner, FT Ventures) Gary Lenderink (Executive Vice President, Guardian Life Insurance Company of America) Janet Levaux (Managing Editor, Research, Highline Media) Vivien Levy-Garboua (Executive Vice President, Compliance, BNP Paribas) Jerry Lieberman (Chief Operating Officer, Alliance Bernstein, Axa Group) Jenna Lilla (Consumer) Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company) Bruce Long (Executive Vice President, Equity Products, Guardian Life Insurance Company of America) Mark Lopez (Managing Director, Strategic Planning, LPL Financial Services) Mark Lotke (Partner, FT Ventures) Edward Loughlin (Executive Vice President, SEI Investments) Jeff Lovell (Managing Director, Lovell Minnick Partners) David Lundgren (Chief Products Officer, CUNA Mutual Group) John Lusk (Executive Vice President, Portfolio Operations, Franklin Templeton Investments)

Art Lutschaunig (President, Morningstar Investment Services, Morningstar) Tom Lydon (President, Global Trends Investments) Randy MacDonald (Chief Financial Officer, TD Ameritrade, TD Group) Garry Mackrell (Group Executive, International Financial Services, Commonwealth Bank) George Madison (General Counsel Public Affairs, TIAA-CREF) Phil Mahoney (CEO, Legacy Wealth Planning) Norman Malo (CEO, National Financial Services Corporation, Fidelity Investments) Kevin Malone (President, Greenrock Research) Clark Manning (CEO, Jackson National Life, The Prudential) Pierre Mariani (Executive Vice President, International Retail & Financial Services, BNP Paribas) Frank Marinangeli (Executive Vice President, Corporate Development, TD Bank Financial Group) David Marks (Chief Investment Officer, CUNA Mutual Group) Maura Markus (President, Citibank North America, Global Consumer Group, Citigroup) Erwin Martens (Executive Vice President, Risk Management, TIAA-CREF) Rodney Martin (Executive Vice President, Life Insurance, American International Group (AIG)) Gary Martinez (Executive Vice President, Phoenix Leasing Portfolio Services, Phoenix American) John Martinson (Managing Partner, Edison Venture Fund) Mark Mason (Chief Financial Officer & Head of Strategy and Mergers & Acquisitions, Global Wealth Management, Citigroup) JC Massar (President, Capital International Asset Management, Capital Group Companies) Hale Mast (Executive Director, The Fiduciary & Investment Risk Management Association) Pierre Mathe (Global Head of Private Banking, Societe Generale) John Mather (Chief Administrative Officer, Manulife Financial) Jean-Louis Mattei (Head of International Retail Banking, Societe Generale) Louis Mayberg (President, ProFund Advisors) Marc Mayer (Executive Vice President, Alliance Bernstein, Axa Group) Bob McCann (President, Global Private Client, Merrill Lynch) Tim McCarthy (CEO, Nikko Asset Management, Nikko Cordial Group) Dick McCloskey (Managing Partner, Tax & Financial Group) Ellyn McColgan (Executive Vice President, Fidelity Investments) James McCool (Executive Vice President, Schwab Corporate & Retirement Services, The Charles Schwab Corporation) Matthew McCormick (Director, Marketing, CRA Rogers Casey) Ray McCulloch (Executive Vice President, BB&T) Jack McDermott (CEO, LaSalle Street Securities) Liam McGee (President, Global Consumer & Small Business Banking, Bank of America Corporation) Susan McGee (Chief Operating Officer, US Global) Dennis McGonigle (Chief Financial Officer, SEI Investments) John McGonigle (Office of the Chairman, The Charles Schwab Corporation) Jim McInnis (President, Wholesale Distribution, ING Annuities, ING) Frank McKenna (Deputy Chairman, TD Bank Financial Group) Pat McClain (Senior Financial Advisor, Hanson McClain) William McNabb (Managing Director, Vanguard Group) Jack McNamara (President, The Japan Fund) Debby McWhinney (President, Schwab Institutional, The Charles Schwab Corporation) Steve McWhorter (CEO, Securities America, Ameriprise Financial) James Meany (CEO, Lydian Bank & Trust, Lydian Trust Company) Lori Medlen (President, Financial Research Associates) Gary Meeks (Vice Chairman, Ever Bank Financial) Barry Melancon (Executive Director, American Institute of Certified Public Accountants) Jerry Melia (Chief Financial Officer, Loring Ward International) Barry Mendelson (Managing Partner, Capital Markets Consultants) Ines Mercereau (Head of Corporate Strategy, Societe Generale) Randy Merck (President, Schwab Financial Products, US Trust Corporation, The Charles Schwab Corporation) Robert Methven (President, Retirement Services Group, Genworth Financial) Mark Mettleman (CEO, Triad Advisors) Kirk Michie (Managing Director, Lenox Advisors) Michael Miller (Chief Operating Officer, Scottsdale Insurance, Nationwide) Michael Miller (Managing Director, Vanguard Group) Karl Mills (President, Jurika, Mills, & Keifer) Jim Minnick (Managing Director, Lovell Minnick Partners) Avid Modjtabai (Executive Vice President, Human Resources, Wells Fargo Bank) Michael Moe (CEO, Think Equity Partners) Tom Monti (CEO, MML Investor Services, Mass Mutual) Kristian Moor (Executive Vice President, Domestic General Insurance, American International Group (AIG)) Nicolas Moreau (CEO, Axa Investment Managers, Axa Group) Bary Morgan (Chief Investment Officer, Baird Investment Management, RW Baird & Company) Aled Morris (Managing Director, Harris Interactive Europe, Harris Interactive) James Morris (Chief Operating Officer, Pacific Life Insurance Company) Russ Morton (Director, Global Private Client Branch System, Global Wealth Management, Citigroup) Brian Moynihan (President Global Wealth & Investment Management, Bank of America Corporation) Peter Mullin (CEO, Mullin TBG) John Murphy (CEO, Oppenheimer Funds, Mass Mutual) Glenn Myers (Chief Operating Officer, MDE Group) Steven Neamtz (Executive Vice President, AIG SunAmerica Asset Management, American International Group (AIG)) Dan Neary (CEO, Mutual of Omaha) Robert Neeley (Managing Partner, Hanson McClain Retirement Network, Hanson McClain) Thomas Neill (President, Credit Union & Industry Products Group, Fiserv) Win Neuger (Chief Investment Officer, American International Group (AIG)) Mike Niedermeyer (Executive Vice President, Asset Management, Wells Fargo Bank) Frances Nolan (Executive Vice President, Individual Client Services, TIAA-CREF) Kendall Nottingham (Executive Vice President, Life Insurance, American International Group (AIG)) Antonie Nunes (Chief Financial Officer, Albridge Solutions) Dermot O'Brien (Executive Vice President, Human Resources & Corporate Services, TIAA-CREF) David Odenath (President, Prudential Annuities, Prudential Financial) Jean-Jacques Ogier (CEO, SG Americas, Societe Generale) Ron O'Hanley (President, Mellon Asset Management, Mellon Financial) Thomas Oliver (CEO, United Planners' Financial Services of America, Pacific Life Insurance Company) Clyde Ostler (President, Private Client & Internet Services, Wells Fargo Bank) Frederic Oudea (Chief Financial Officer, Societe Generale) Ralph Packard (Managing Director, Vanguard Group) Edythe Pahl (Executive Director, Investment Management Consultants Association) James Palermo (Vice Chairman, Asset Servicing, Mellon Financial) Victor Palmieri (Vice Chairman, Mullin TBG) Alain Papiasse (Executive Vice President, Asset Management & Services, BNP Paribas) Jonathan Parker (President, Western Region, Boston Private Financial Holdings) Stuart Parker (Executive Vice President, Jennison Associates, Prudential Financial) Steffen Parratt (Head of Financial Planning & Analysis and Capital Allocation, Citigroup) Ben Perks (Chief Financial Officer, Navigant Consulting) Dave Petersen (President, Financial Services Advisory) Grahame Petersen (Group Executive, Wealth Management, Commonwealth Bank) Don Phillips (Managing Director, Corporate Strategy, Research, & Communications, Morningstar) Joyce Phillips (Head of International Retail Bank, Global Consumer Group, Citigroup) Francois Pierson (CEO, France & Canada, Axa Group) John Poff (Chief Operating Officer, Mutual Service Corporation, Pacific Life Insurance Company) Christian Poirier (Head of Strategy & Marketing, Retail Banking, Societe Generale) Gary Poliner (Chief Financial Officer, Northwestern Mutual) Mitch Politzer (CEO, First Ameritas Life Insurance Company, Unifi) Jeff Powell (Partner, Harpeth Partners) Walter Pressey (President, Boston Private Financial Holdings) Georganne Proctor (Chief Financial Officer, TIAA-CREF) Jim Putnam (Managing Director, National Sales, LPL Financial Services) Andy Putterman (President, Fortigent, Lydian Trust Company) James Puzniak (President, Lending Solutions, Fiserv) Raymond Quinlan (CEO, North American Retail Distribution, Global Consumer Group, Citigroup) Karla Rabusch (Executive Vice President, Wells Fargo Funds, Wells Fargo Bank) Amy Radin (Chief Innovation Officer, Global Consumer Group, Citigroup) Tom Rampula (Principal, Vanguard Group) Marty Ratner (CEO, Niemann Capital Management) Robert Reichert (Chief Financial Officer, Lydian Trust Company) Brian Reid (Chief Economist, Investment Company Institute) Len Reinhart (President, Lockwood, Bank of New York) Patrick Reinkemeyer (President, Morningstar Associates, Morningstar) Alan Resler (Chief Financial Officer, CRA Rogers Casey) Jana Rich (Managing Director, Russell Reynolds Associates) Kathy Ricord (Chief Marketing Officer, Nationwide) Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group) Neal Ringquist (President, Advisor Software) Bill Robinson (CEO, Pacific Select Group, Pacific Life Insurance Company) Chuck Robinson (Senior Vice President, Investment Products & Services, Northwestern Mutual) Bill Rogers (Executive Vice President, Wealth & Asset Management, Sun Trust) Barr Rosenberg (CEO, Axa Rosenberg, Axa Group) Robert Rosholt (Chief Financial Officer, Nationwide) Peter Ross (Chief Investment Officer, Northwestern Mutual) Larry Roth (CEO, Royal Alliance Associates, American International Group (AIG)) Kevin Rowell (Executive Vice President, US Distribution, Pioneer Investments, Unicredito Italiano Banking Group) Sharon Rowlands (CEO, Thomson Financial, The Thomson Corporation) Trevor Rozowski (CEO, Virtual Bank, Lydian Trust Company) Peter Rubenovitch (Chief Financial Officer, Manulife Financial) Billy Rubino (Chief Financial Officer, Envestnet Asset Management) Andrew Rudd (CEO, Advisor Software) Jim Ruff (Head of Distribution, Oppenheimer Funds, Mass Mutual) John Rumpf (Managing Director, Marketing & Communications, RW Baird & Company) Leonard Rush (Chief Financial Officer, RW Baird & Company) Bill Ryan (Vice Chairman, TD Bank Financial Group) Jean-Francois Sammarcelli (Head of Retail Banking, Societe Generale France, Societe Generale) Robert Sandler (Executive Vice President, Domestic Personal Lines, American International Group (AIG)) Michael Sapir (CEO, ProFund Advisors) Gideon Sasson (Chief Information Officer, The Charles Schwab Corporation) Peter Scaturro (CEO, US Trust Corporation, The Charles Schwab Corporation) Paul Schaeffer (Managing Director, SEI Investments) Ken Schapiro (President, Condor Capital Management) Tim Scheve (Senior Executive Vice President, International Asset Management, Legg Mason) John Schlifske (Senior Vice President, Investment Products & Services and Affiliates, Northwestern Mutual) Dean Schmelzer (Group President, Marketing & Sales, Fiserv) Myron Scholes (Professor, Stanford University) Paul Schott Stevens (President, Investment Company Institute) Michael Schroeder (Chief Executive, Private Client Group, RW Baird & Company) Gail Schulman (Executive Vice President, Strategic Business Development, Advent Software) Pam Schutz (CEO, Retirement Income & Investments, Genworth Financial) Mark Schwarzmann (President, Insurance, Annuitities, & Product Distribution, Ameriprise Financial) Skip Schweiss (Executive Vice President, Fiserv Investment Support Services, Fiserv) Bertram Scott (Executive Vice President, Strategy, Implementation, & Policy, TIAA-CREF) William Seale (Chief Economist, ProFund Advisors) Mark Segal (President, Business & Financial Services, Loring Ward International) Jim Seuffert (Executive Vice President, Lockwood, Bank of New York) Frances Aldrich Sevilla-Sacasa (President, US Trust Corporation, The Charles Schwab Corporation) Timothy Shack (CEO, PFPC, PNC) Lisa Shalett (Executive Vice President, Sanford Bernstein, Axa Group) Kim Sharan (Chief Marketing & Communications Officer, Ameriprise Financial) Deepak Sharma (CEO, Asia Pacific & Middle East Region, Global Wealth Management, Citigroup) Jeff Sharp (Investment Advisor Representative, Silverstone Group) Zion Shohet (Head of Strategy and M&A Group, Citigroup) Dave Short (Chairman, American Funds Distributors, Capital Group Companies) David Sidwell (Chief Financial Officer, Morgan Stanley) Evan Simonoff (Editor-in-Chief, Financial Advisor Magazine, Charter Financial Publishing Network) Murray Simpson (Executive Vice President, Franklin Templeton Investments) David Smilow (Chairman, Jefferson National Financial, Inviva Securities Corporation) David Smith (Group Publisher, Financial Advisor Magazine, Charter Financial Publishing Network) Graham Smith (Chief Financial Officer, Advent Software) Michael Smith (CEO, New York Bankers Association) Mark Solomon (CEO, CMS Companies) Maurisa Sommerfield (Executive Vice President, Operations, The Charles Schwab Corporation) William Sonneborn (Chief Operating Officer, Trust Company of the West (TCW), Societe Generale) Daniel Sontag (Head of Americas Advisory Division, Global Private Client, Merrill Lynch) Thomas Sorrell (Executive Vice President, Guardian Life Insurance Company of America) Brooke Southall (Reporter, Investment News, Crain Communications) Nicholas Spaeth (Chief Legal Officer, H&R Block) Burnie Sparks (President, Client Group, Baliard) Alan Spiegelman (Wealth Management Advisor, Northwestern Mutual) Tom Spitzer (CEO, Summerville Advisors) Clive Standish (Chief Financial Officer, UBS) Mary Ellen Stanek (Chief Investment Officer, Baird Advisors, RW Baird & Company) Diana Starcher (Senior Executive Vice President, Customer Service, Sales, & Operations, Wells Fargo Bank) Greg Stark (Managing Director, US Individual Investor Services, Russell Investment Group, Northwestern Mutual) Robert Stasik (Executive Vice President, Payment Solutions & Investor Services, Mellon Financial) Esther Stearns (Chief Operating Officer, LPL Financial Services) Thomas Steffanci (CEO, Glencrest Investment Advisors, PFF Bancorp) Milford Stern (CEO, ML Stern & Company, Pacific Life Insurance Company) David Steyn (Executive Vice President, Alliance Bernstein Institutional Investors, Axa Group) Buck Stinson (President, Long-Term Care, Genworth Financial) John Strangfeld (Vice Chairman, Investment Division, Prudential Financial) David Strickland (Executive Vice President, Community Banking, Ever Bank Financial) Hal Strong (Chief Financial Officer, Russell Investment Group, Northwestern Mutual) Barbara Stymiest (Chief Operating Officer, Royal Bank of Canada) Siva Suresh (President, Envestnet Asset Management) John Surface (Executive Vice President, Corporate Development, Ever Bank Financial) Cece Sutton (President, Retail Bank, Wachovia Corporation) Mark Sutton (CEO, UBS Americas, UBS) Joseph Sweeney (President, Financial Planning, Products, & Services, Ameriprise Financial) Jack Swire (Consumer) Larry Sylvester & Diana Sabur (Consumers) Lawrence Szczech (Chief Client Officer, TD Ameritrade, TD Bank Financial Group) John Taft (CEO, RBS Dain Rauscher, Royal Bank of Canada) Steve Tait (President, RSM McGladrey Business Services, H&R Block) Alan Tapnack (Executive Director, Investec) Anne Tatlock (Vice Chairman, Franklin Templeton Investments) George Terhanian (President, Harris Interactive Europe & Global Internet Research, Harris Interactive) Owen Thomas (Acting Chief Operating Officer, Investment Management, Morgan Stanley) Alex Thomson (Partner, Russell Reynolds Associates) Todd Thomson (CEO, Global Wealth Management, Citigroup) Allen Thorpe (Managing Director, Hellman & Friedman) Mark Thresher (Chief Operating Officer, Nationwide Financial, Nationwide) Gary Thursby (Acting Group Executive, Finance & Risk Management, Commonwealth Bank) Thomas Tizzio (Senior Vice Chairman, General Insurance, American International Group (AIG)) Carrie Tolstedt (Executive Vice President, Regional Banking, Wells Fargo Bank) Christopher Toub (CEO, Alliance Bernstein Limited, Alliance Bernstein, Axa Group) Khanh Tran (Chief Financial Officer, Pacific Life Insurance Company) Mike Treske (President, Manulife Wood Logan, Manulife Financial) Frank Trotter (President, Ever Bank Direct, Ever Bank Financial) Bill Trubeck (Chief Financial Officer, H&R Block) Robert Dubrish (CEO, Option One Mortgage Corporation, H&R Block) Bob Trunzo (Chief Sales Officer, CUNA Mutual Group) William Truscott (President, US Asset Management, Ameriprise Financial) Edmund Tse (Senior Vice Chairman, Life Insurance, American International Group (AIG)) Stanley Tulin (Vice Chairman, Axa Financial, Axa Group) Ellen Turf (CEO, National Association of Personal Fianncial Advisors) Craig Tyle (General Counsel, Franklin Templeton Investments) Joe Ujobai (Executive Vice President, SEI Investments) David Vaden (Chief Strategy Officer, Harris Interactive) Christophe Vallee (Executive Vice President, Bank of the West, BNP Paribas) Brenda Valuch (Consumer) Edward VanDolsen (Executive Vice President, Institutional Client Services, TIAA-CREF) Bruce VanSaun (Chief Financial Officer, Bank of New York) Alexander VanTienhoven (President, Latin America Region, The Citigroup Private Bank, Global Wealth Management, Citigroup) Enrique Vasquez (President, Personal Advisor Network, Genworth Financial) Ashok Vaswali (CEO, Asia Pacific, Global Consumer Group, Citigroup) Joseph Velli (CEO, BNY Securities Group, Bank of New York) Robert Venable (Managing Director, Research, RW Baird & Company) Carl Verboncoeur (CEO, Rydex Investments) Peter Voss (CEO, IXIS Asset Management Group, Groupe Caisse D'Epargne) Terry Wade (President, Insurance Solutions Group, Fiserv) Dennis Wallestad (CEO, Pershing, Bank of New York) Jana Waring-Greer (President, SunAmerica Retirement Markets, American International Group (AIG)) Jeffrey Warren (Managing Director, Russell Reynolds Associates) John Watts (Vice Chairman, BNP Paribas Asset Management, BNP Paribas) Richard Waugh (CEO, Scotia Bank) Raoul Weil (CEO, Wealth Management International, UBS) Irv Weiser (Chairman, RBC Dain Rauscher, Royal Bank of Canada) Michael Wells (Vice Chairman, Jackson National Life, The Prudential) Marc West (Chief Information Officer, H&R Block) James Westlake (Group Head, Canadian Personal & Business, Royal Bank of Canada) Tony Whatley (CEO, Accessor Capital Management) Robert Whelan (Chief Financial Officer, Boston Private Financial Holdings) Marna Whittington (CEO, Allianz Global Investors, Allianz) George Wilbanks (Managing Director, Russell Reynolds Associates) Stephen Wilhort (President, Lydian Data Services, Lydian Trust Company) Blake Wilson (President, Ever Bank Financial) Chris Wilson (Head of Mutual Funds, Columbia Funds, Bank of America Corporation) Steve Winks (Editor, Senior Consultant) Matthew Winter (Executive Vice President, Individual Insurance Group, Mass Mutual) Jay Wintrob (Executive Vice President, Retirement Services, American International Group (AIG)) Peter Wissinger (CEO, Acordia, Wells Fargo Bank) Kurt Woetzel (Chief Information Officer, Bank of New York) Doug Woods (Chief Information Officer, Ever Bank Financial) Amy Woods-Brinkley (Global Risk Executive, Bank of America Corporation) Janine Wortheim (Chief Marketing Officer, Securities America, Ameriprise Financial) Tom Wurtz (Chief Financial Officer, Wachovia Corporation) Raymundo Yu (Head of EMEA & Pacific Regions, Global Private Client, Merrill Lynch) William Yun (Executive Vice President, Institutional, Franklin Templeton Investments) Mary Zimmer (Chief Operating Officer, RBC Dain Rauscher, Royal Bank of Canada) George Zippel (CEO, Protection Products, Genworth Financial) Robert Zuccaro (Chief Accounting Officer, National Financial Partners) David Zuercher (Executive Vice President, International & Insurance Services, Wells Fargo Bank)

******************************************************************************* Tiburon Strategic Advisors Tiburon Strategic Advisors, based in Tiburon, CA, was formed in 1998 to offer market research & strategy consulting services to all types of financial institutions and investment managers: