--- MARCH 16, 2007 ---
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Tiburon is pleased to announce that Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan) will be one of five guest speakers at its upcoming CEO Summit XII, being held April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA. Mr. Haldeman will address Putnam's success in the retirement market, as well as working with both wirehouse and independent representatives. With Putnam's pending sale to Canada's PowerCorp, Mr. Haldeman can also add first-hand insights on industry consolidation trends. Tiburon CEO Summit XII will also include three supporting general session panel discussions, including its Ask the Consumers panel facilitated by Tif Joyce (President, Joyce Financial Management), Ask the Advisors panel facilitated by Dennis Clark (CEO, Advisor Partners), and Ask the Distributors panel facilitated by Kevin Malone (President, Greenrock Research)
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Tiburon Strategic Advisors, a market research & strategy consulting firm serving a wide variety of financial institutions and investment managers, hosts a series of client-only CEO conferences called the Tiburon CEO Summits. The next CEO Summit will be April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA. Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan) will join John DesPrez (CEO, John Hancock Financial Services, Manulife Financial), Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company), Paul Stevens (President & CEO, Investment Company Institute), and Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group) as the five guest speakers along with opening keynote speaker Chip Roame (Managing Principal, Tiburon Strategic Advisors).
Tiburon CEO Summit Guest Speaker: Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan)
Tiburon CEO Summit Guest Speaker Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan) will address the state of the US mutual funds business, the consolidation of the industry, and opportunities in new markets |
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Ed Haldeman has served as CEO of Putnam Investments since 2003. Mr. Haldeman was previously co-head of Putnam Investments' Investment Division were he served from 2002-2003. During his tenure, Putnam Investments became the first investment management firm to adopt reforms based on the Mutual Fund Protection Principles, a series of reforms endorsed by CalPERS and CalSTRS, which are among the largest pension funds in the United States.
Prior to joining Putnam Investments, Mr. Haldeman held several executive positions in the investment management industry, including serving as CEO of Delaware Management from 2000-2002. From 1998 - 2000 Mr. Haldeman served as President of United Asset Management Corporation (whose former CEO Norton Reamer also recently addressed a Tiburon CEO Summit). Prior to that, Mr. Haldeman gained over twenty years industry experience progressing to partner level at the investment management firm Cooke & Bieler from 1974 to 1998.
Mr. Haldeman will discuss Putnam's successes in the retirement market, as well as working with both wirehouse and independent representatives. With Putnam's pending sale to Canada's PowerCorp, Mr. Haldeman can also add first-hand insights on industry consolidation trends. Putnam Investments has benefited from the purchase of multiple Tiburon research reports and Mr. Haldeman will be introduced by Tiburon CEO Summit Planning Committee member Kirk Michie (Managing Director, Lenox Advisors).
Tiburon CEO Summit XII General Session Panel Discussions
Tiburon Fellow Kevin Malone (President of Greenrock Research) facilitates the Ask the Distributors general session panel discussion while Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel) looks on at the Tiburon CEO Summit X |
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Putnam Investments is a great example of firm that focuses on serving three different levels of clients, including consumers, financial advisor intermediaries, and the distribution companies with which those financial advisors are often affiliated. To help attendees further consider Mr. Haldeman's ideas on serving these three different client groups, Tiburon CEO Summits include three general session panel discussions: Ask the Consumers, Ask the Advisors, and Ask the Distributors. Each panel presents an opportunity for CEO Summit attendees to address their clients first-hand through questions & answers.
Ask the Consumers
One of the most popular panels is back by popular demand. At CEO Summit XII, the consumer panel will include four consumers in the thick of making retirement planning & other related decisions. The panelists will discuss their experiences with brokers, bankers, insurance agents, independent advisors, and do-it-yourself approaches as they field questions from attendees. Commenting on last fall's Tiburon CEO Summit XI's Ask the Consumers Panel, Dave Petersen (President, Financial Services Advisory), said that, “we all need to look to the end users to direct what we do.” Tiburon's Managing Principal Chip Roame agreed, saying, "unlike consumer goods, the financial service industry has never had a productive customer research orientation." The Ask the Consumers panel will be facilitated by Tif Joyce (President, Joyce Financial Management).
Ask the Advisors
With a similar goal to the Ask the Consumers panel, four leading financial advisors will serve on a panel to allow attendees to better understand advisor decision-making. Two of those panelists, Mitch Eichen (CEO, MDE Group) Steve Hohenrieder (Partner, Think Wealth Management, Think Equity Partners, Panmure Gordon & Company) represent successful, and yet far different approaches. In addition to describing their individual business models and challenges, the panelists will be asked to predict changes in their businesses in the next five-to-ten years, and address their needs from investment management firms like Putnam Investments. The Ask the Advisors panel will be facilitated by Dennis Clark (CEO, Advisor Partners).
Ask the Distributors
For many Tiburon clients, including Ed Haldeman's Putnam Investments, understanding distribution firms is crucial to their firm's success. Wirehouses such as Merrill Lynch, independent broker/dealers such as LPL, and custodians such as The Charles Schwab Corporation can account for 50% or more of their sales. Tiburon's Ask the Distributor panel will allow these distribution organizations to discuss their needs from investment management firms through questions & answers. The Ask the Distributors panel will be facilitated by Kevin Malone (President, Greenrock Research).
Additional Tiburon CEO Summit XII Guest Speakers
In addition to Ed Haldeman, other general session speakers at CEO Summit XII will include John DesPrez (CEO, John Hancock Financial Services, Manulife Financial), Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company), Paul Stevens (President & CEO, Investment Company Institute), and Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group).
2007-2009 Tiburon CEO Summits
Tiburon will continue to hold semi-annual CEO Summits in the fall of 2007 and in 2008-2009. Dates are October 10-11, 2007, April 9-10, 2008, October 15-16, 2008, April 8-9, 2009, and October 7-8, 2009.
Fall 2007 speakers will include Walt Bettinger (President, The Charles Schwab Corporation), Stephanie DiMarco (CEO, Advent Software), Mike Fraizer (CEO, Genworth Financial), George Gatch (CEO, JP Morgan Funds Management, JP Morgan Chase), and others to be announced soon. Spring 2008 speakers will include John Hailer (CEO, IXIS Asset Management Advisors, Groupe Caisse D'Epargne), John Murphy (CEO, Oppenheimer Funds, Mass Mutual Financial Group), and others to be announced soon.
Starting in 2008, Tiburon will hold its Spring CEO Summits at the Ritz Carlton Hotel in New York, NY in an effort to help the firm's predominately east coast & European clientele attend more easily.
Related Tiburon Research Reports
Tiburon Strategic Advisors has created a series of twenty-six research reports to help educate its clients in a low-cost way on a wide variety of topics in the brokerage, investments, private banking, and wealth management markets. The majority of Tiburon's research reports are written for executives at financial institutions; a few reports are written specifically for financial advisors. Reports in the financial advisors series are more tactical, including topics such as product usage, business models, & best practices of fee-only financial advisors, and trends in succession planning, firm valuations, & the acquisition market for financial advisors. The financial institutions series contains macro-industry reports that cover topics such as the mutual funds industry, the hedge funds industry, the full-service brokerage industry, and the fee-only financial advisor industry. Two reports seem to make good pre-reading for Ed Haldeman's comments.
Mutual Funds
Tiburon's mutual fund report addresses several of the topics that will be discussed in both Ed Haldeman's guest speaker presentation and the three general session panel discussions. The $10.4 trillion mutual funds industry deserves an encyclopedic review and this is it. This report addresses data flows, trends in product development (e.g., balanced funds, lifestyle funds, socially conscious funds, mutual funds with hedge fund strategies), pricing parameters (e.g., share classes, mutual fund wrap programs), and distribution channels (e.g., wirehouses, mutual fund supermarkets, fee-only financial advisors, independent reps). The report includes profiles of 350 US mutual fund companies.
Institutional Mergers & Acquisitions
Over the past decade, Glass Steagall has fallen and the financial services industry has picked up its mergers & acquisitions trend. Banks have acquired other banks, brokerage firms, and asset managers. Insurance companies have acquired other insurance companies, independent broker/dealers, and asset managers. Full-service brokerage firms have acquired other full-service brokerage firms and asset managers. And asset managers have acquired one another. With all this activity, what is left? Lots! This report profiles the enormous number of transactions that have taken place and lays the groundwork for the expected consolidation over the coming decade.
More Information
The following links will open specific pages on Tiburon's web site:
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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:
- The firm has served almost 300 corporate clients and completed almost 1,000 projects since its founding, and today, its knowledge base includes mutual fund distribution, separately managed account programs, alternative investments, wealth management, insurance products, banking services, the fee-only financial advisor market, the CPA firm market, the family office market, and various international markets.
- Tiburon holds a series of CEO Summits semi-annually for its executive-level clients. The next CEO Summit is scheduled for April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA. Fall 2007 and 2008-2009 dates are October 9-10, 2007 (San Francisco, CA), April 10-11, 2008 (New York, NY), October 14-15, 2008 (San Francisco, CA), April 9-10, 2009 (New York, NY), and October 7-8, 2009 (San Francisco, CA). Attendance is by invitation only and attendance at the Summit is limited to 100 senior industry executives. Visit the CEO Summits section of Tiburon's web site for details on current and past CEO Summits, including attendee lists, meeting agendas, and highlights. Please contact Tiburon’s Managing Principal Chip Roame at CRoame@TiburonAdvisors.Com or (415) 789-2541 if you are a Tiburon client and have an interest in attending a future Tiburon CEO Summit.
- Tiburon offers thirteen online business benchmarking tools that are available to all types of financial advisors in an effort to help them benchmark their business practices and build more successful businesses. The sites include www.BrokerBestPractice.Com for wirehouse & regional brokers, www.FABestPractices.Com for fee-only financial advisors, www.IndependentRepBestPractices.Com for independent reps, and www.PrivateBankerBestPractices.Com for private bankers. Almost 5,000 advisors have used these tools. By completing one of the online surveys, financial advisors can access a FREE copy of the relevant comprehensive Tiburon research report, which summarizes and analyzes the collective results.
- Tiburon has published twenty-six ~300-400+ page research reports, which offer detailed analyses of growing business segments; each is available for $5,000; these reports can be ordered by contacting Brian Cotter at BCotter@TiburonAdvisors.Com or (415) 789-2546.
- Tiburon’s weekly research releases, like this one, are emailed for free to interested industry executives, media representatives, conference planners, and individual financial advisors. Over 40,000 industry executives now receive these releases. Feel free to sign up to receive future research releases at Tiburon’s web site (www.TiburonAdvisors.Com) if this release was passed to you by a colleague and you would like to receive them directly in the future.
- Tiburon plans to expand its workforce in 2007. New research managers will develop proprietary research content for Tiburon research reports and client projects and new marketing managers will enhance the firm's web site, weekly research releases program, and the firm's relationships with media representatives, conference planners, and its clients & executive program members. The firm is also seeking to add principal candidates and possibly a chief consulting officer in 2007.
- Tiburon has built three executive programs (CEOs-in-Residence, Financial Advisor Roundtable, and Consulting Fellows) in an effort to bring the experiences of additional senior level industry executives to Tiburon clients. Feel free to contact any of the members of Tiburon’s executive programs directly or ask that they be included in any ongoing Tiburon project.
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