--- MARCH 30, 2007 ---
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Tiburon is proud to release the final agenda for its upcoming CEO Summit XII. The meeting will be held April 18-19, 2007 in San Francisco, CA. The agenda will include a variety of presentations, panel discussions, and break-out sessions. Highlights will include the semi-annual state of the industry presentation by Tiburon Managing Principal Chip Roame, and guest presentations by industry leaders, including John DesPrez (CEO, John Hancock Financial Services, Manulife Financial), Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan), 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)
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Introduction
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Tiburon Strategic Advisors, a market research & strategy consulting firm serving a wide variety of financial institutions and investment managers, is pleased to announce the details of its upcoming CEO Summit XII that will be held at the Ritz Carlton Hotel in San Francisco, CA April on 18-19, 2007. Tiburon's CEO Summits have become a leading-edge forum for industry CEOs and leading strategy officers to gather and debate the future of the brokerage, investments, advice, and wealth management industries. Tiburon's CEO Summits encourage open dialog through dynamic presentations, panel discussions, and break-out sessions facilitated by members of the CEO Summit Planning Committee. Tiburon's research serves as the foundation for the meetings and all participants share views openly. Details regarding the agenda, attendee list, and other items can be found in the Upcoming CEO Summit section of Tiburon's web site.
Opening Keynote Presentation: Chip Roame
Chip Roame, Tiburon's Managing Principal, will kick-off the firm's Tiburon CEO Summit XII with his semi-annual state of the industry presentation
Guest speaker John DesPrez (CEO, John Hancock Financial Services, Manulife Financial) will address the challenges of leading both a product and distribution organization
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
Guest speaker Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company) will address leading a successful family office
Guest speaker Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group) will address the rapidly evolving investment management business
Guest speaker Paul Stevens (President & CEO, Investment Company Institute) will address the rapidly evolving investment management business |
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- 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 (RIAs) 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 gain significant market share in investment products and that wealth management services will surpass investment management services in importance as baby boomers age
- Three key business building initiatives are critical for distribution firms and financial advisors - target marketing, people & technology leverage, and benchmarking
- At an institutional level, Tiburon expects substantial industry consolidation driven by shifting winning products & markets, increasing stock values, and substantial industry cash flows
Guest Presentations
Tiburon is pleased to have five thought leaders in the financial services industry to present their innovative views at the upcoming CEO Summit XII:
John DesPrez (CEO, John Hancock Financial Services, Manulife)
John DesPrez will address the challenges of leading both a product and distribution organization. Mr. DesPrez will also address John Hancock's core businesses, including life insurance, variable & fixed annuities, long-term care insurance, retirement plan services (401K plans), guaranteed & structured financial products, mutual funds, and college savings plans. Manulife and John Hancock have both benefited from the purchase of multiple Tiburon research reports, and recently engaged Tiburon's Managing Principal Chip Roame to speak at its upcoming Strategic Partners Meeting. Mr. DesPrez will be introduced by Tiburon CEO Summit Planning Committee member Tif Joyce (President, Joyce Financial Management).
Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan)
Ed Haldeman will address the state of the US mutual funds business, the consolidation of the industry, and opportunities in new markets. 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).
Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company)
Steve Lockshin will address leading a successful family office, including Lydian's ultra-affluent target market, marketing strategies, and investment offerings. Mr. Lockshin will also address fee pressure, disclosures, back office inefficiencies, competition, and how to differentiate services, including the increasingly blurred lines between boutique & large firms and likely industry consolidation (another front-line view!). Mr. Lockshin will be introduced by Chip Roame (Managing Principal, Tiburon Strategic Advisors) who himself recently spoke at a Lydian conference.
Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group)
Jim Riepe will address the rapidly evolving investment management business, and the key ingredients that contributed to the success of T. Rowe Price. He will seek to define the capabilities that will be required for future success for investment management firms, in particular, and financial service firms in general, and will discuss the implications of continued growth in the use of defined contribution plans, the increasing specialization amongst providers that has separated investing from distribution, the yet-to-be-seen impact of globalization on both asset managers and distributors, and the growing evidence that providers must find ways to get "on the same side of the table" as investors by providing cost effective solutions to their needs. T. Rowe Price Group has benefited from the purchase of multiple Tiburon research reports in recent years, and Mr. Riepe will be introduced by Tiburon CEO Summit Planning Committee member John Cammack (Head of Third-Party Distribution, T. Rowe Price Group).
Paul Stevens (President & CEO, Investment Company Institute)
Paul Stevens will address the rapidly evolving investment management business, mutual funds’ role in retirement policy, other regulatory and legislative challenges the industry faces in Washington, DC, and the emergence of new products such as ETFs and hedge funds. The Investment Company Institute has benefited from the purchase of multiple Tiburon research reports, and Mr. Stevens will be introduced by Tiburon CEO Summit Planning Committee member Dennis Clark (CEO, Advisor Partners).
General Session Panel Discussions
One of the key themes of every Tiburon CEO Summit is the need to stay close to clients. Tiburon CEO Summits' general session panel discussions (Ask the Consumers, Ask the Advisors, & Ask the Distributors) all allow attendees to communicate with their constituents in an unvarnished venue. This is in sharp contrast to CEOs' daily activities where they are forced to rely on interpreting marketing data or listening to anecdotal stories from their sales forces. Addressing these clients first-hand through questions & answers helps attendees further consider innovative ideas for serving these different client groups:
Ask the Consumer
The Ask the Consumer panel is hugely popular. At CEO Summit XII, the consumer panel will include four off-the-street consumers (Carolyn H., John P., Diane S., & Ron V.) 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, Tiburon's Managing Principal Chip Roame said, "unlike consumer goods, the financial service industry has never had a productive customer research orientation, and this panel is intended to partially fill that gap". The Ask the Consumers panel will be facilitated by Tif Joyce (President, Joyce Financial Management).
Ask the Advisors
The Ask the Advisors panel has a similar goal to the Ask the Consumers panel; four leading financial advisors will serve on a panel to allow attendees to better understand financial advisors decision-making. The financial advisors are selected from various backgrounds – financial planning, investment banking, insurance, and money management - to provide a wide range of perspectives. Three of those panelists - Mitch Eichen (CEO, MDE Group), Steve Hohenrieder (Partner, Think Wealth Management, Think Equity Partners, Panmure Gordon & Company), and Alan Spiegelman (Wealth Management Advisor, Northwestern Mutual) - represent successful, and yet far different approaches. The fourth panelist, Ken Fisher (CEO, Fisher Investments), who was a guest speaker at Tiburon CEO Summit XI, will add valuable insights, including addressing Fisher Investments' unique (and well-known to us all) direct mail strategy, as well as its investment management & talent recruiting strategies, which have helped the firm accumulate over $35 billion in assets under management. In addition to describing their individual business models and challenges, the panelists will be asked to predict upcoming changes in their businesses, and address their needs from investment management firms and other industry vendors. The Ask the Advisors panel will be facilitated by Dennis Clark (CEO, Advisor Partners).
Ask the Distributors
The Ask the Distributors panel will address successful methods for gaining access to an organization's network of financial advisors, which can be crucial to investment & other product firms' success. Wirehouses such as Merrill Lynch, independent broker/dealers such as LPL Financial Services, and custodians such as The Charles Schwab Corporation can account for 50% or more of investment firms sales. Tiburon's Ask the Distributors panel will allow the targeted distribution organizations to discuss their needs and their financial advisors' needs from investment management firms through questions & answers with four Tiburon clients. Panelists will include Chris Boruff (President, Advisor Business, Morningstar), Ron Cordes (Chairman, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial), John Iachello (Chief Operating Officer, Pershing Advisor Solutions, Pershing, The Bank of New York Mellon Corporation), and Skip Schweiss (Executive Vice President, Fiserv Investment Support Services, Fiserv). The Ask the Distributors panel will be facilitated by Kevin Malone (President, Greenrock Research).
Break-Out Sessions
Nine break-out sessions will be offered, allowing attendees to more informally debate trends and business strategies.
Products Break-Out Sessions
Products break-out sessions will be held on the following topics and are generally the most widely attended of the sessions:
- Separately Managed Account (SMA) & Other Fee-Account Programs (Facilitated by Tim Armour from Morningstar & Kevin Malone from Greenrock Research)
- Hedge Funds, Venture Capital & Private Equity, Real Estate, & Other Alternative Investments (Facilitated by Tim Armour from Morningstar & Kevin Malone from Greenrock Research)
- Wealth Management & Family Office Services (Facilitated by Tif Joyce from Joyce Financial Management & Kirk Michie from Lenox Advisors)
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 (Facilitated by Tim Armour from Morningstar & John Cammack from T. Rowe Price Group)
- Captive Advisors (Brokers, Private Bankers, & Insurance Agents) (Facilitated by John Cammack from T. Rowe Price Group & Tif Joyce from Joyce Financial Management)
- Independent Advisors (Fee-Only Financial Advisors & Independent Reps) (Facilitated by Dennis Clark from Advisor Partners & David Smith from Financial Advisor Magazine, Charter Financial Publishing Network)
Advisors Sessions
Advisors sessions create a forum to discuss key industry issues amongst and with leading financial advisors. Advisor sessions will be held on the following topics:
- Financial Advisor Sales & Marketing (Facilitated by Tom Lydon from Global Trends Investments & David Smith from Financial Advisor Magazine, Charter Financial Publishing Network)
- Financial Advisor Technology (Facilitated by Tom Lydon from Global Trends Investments & Kirk Michie from Lenox Advisors)
- Financial Advisor Mergers & Acquisitions (Facilitated by Tif Joyce from Joyce Financial Management & Tom Lydon from Global Trends Investments)
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.
More Information
The following links will open specific pages on Tiburon's web site:
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******************************************************************************* Tiburon Strategic Advisors Tiburon Strategic, based in Tiburon, CA, was formed in 1998 to offer market research & strategy consulting services to all types of financial institutions and investment managers:
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