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New Tiburon Research Report - An Initial Overview of the Independent Reps & Independent Broker/Dealers Markets

Tiburon Strategic Advisors, a market research & strategy consulting firm serving a wide variety of financial institutions and investment managers, is pleased to announce the release of its newly updated research report on Independent Broker/Dealers Markets. This research release summarizes some of the report's key findings.

Please click the image above to view the table of contents for Tiburon's Independent Broker/Dealers Markets Research Report

The purpose of this report is to provide readers with an initial overview of the independent reps & independent broker/dealers markets, which is a booming market of over 90,000 series seven registered reps who own their own businesses and utilize independent broker/dealers such as LPL Financial Services, Raymond James, Royal Alliance, FNIC, Securities America, and Commonwealth Financial Network. This is the second draft of Tiburon’s research on this topic.

Tiburon’s first draft of this report was written in 2005; that version focused primary on developing an organized structure for reviewing the independent rep & broker/dealer market, and establishing profiles of the hundreds of complex industry participants.

Tiburon’s second draft of this report was written in 2008; that version focused on refining the industry’s history, incorporating some recent Tiburon research on independent broker/dealers’ technology offerings, and building complete frameworks for all broker/dealers’ profiles.

This is Tiburon’s third draft of this report. This version sought to align this report’s table of contents with that of the other research reports and to reconcile the list of independent broker/dealers.

Key Findings

This report has a long list of interesting facts to share:

Evolution of the Independent Reps Business
This chapter, which makes up about one-third of the report, presents a historical overview of the independent rep & independent broker/dealer markets, which includes market history, market growth, market segmentation, competitive forces, & current status followed by leading independent broker/dealers.

Market History, Market Definition, Market Growth, Market Segmentation, & Key Issues

  • The independent broker/dealer & independent rep market emerged out of the life insurance industry in the 1960s to 1980s, which has been followed by periods of rapid consolidation, firm restructurings, and maturation
  • Insurance companies spun-off their agents, creating some of the first independent broker/dealers in the 1980s
  • The independent rep market was looked down upon by the wirehouses, which claimed that most independent reps were failed wirehouse brokers throughout the late 1980s and 1990s
  • Objectivity became important as the investment banking scandals and securities & exchange commission fines impacted the trust and credibility of Wall Street in the early 2000s
  • Some still thought the independent broker/dealers market would not survive in the early 2000s
  • Independent broker/dealers were successful in recruiting in the bear market of 2002 to 2004
  • The independent broker/dealers were helped by the fact that the wirehouses cut reps in 2002
  • Additional independent broker/dealers emerged without insurance roots in the mid-2000s
  • The Securities & Exchange Commission and NASD issued nearly 100 new compliance regulations in 2004
  • The mutual fund scandals called into question product payments in 2005
  • The independent broker/dealers market is comprised of mostly smaller firms; only 15% of independent broker/dealers have more than 100 reps
  • Almost two-thirds of independent reps are affiliated with one of the larger independent broker/dealers
  • The broad definition of independent broker/dealer reps could include independent broker/dealer reps, independent insurance broker/dealer reps, & captive insurance agency reps
  • Depending on the definition utilized, there are 50,000 to 65,000 independent broker/dealer offices
  • Depending on the definition utilized, independent broker/dealers earn $480 to $640 million
  • There are 147,863 broadly defined independent broker/dealer reps
  • Broadly defined independent broker/dealers have $640 billion assets under administration
  • Broadly defined independent broker/dealers generate $11.1 billion revenues, up over 35% since 2001
  • Average independent rep is 48 years old (born in 1955)
  • Average independent rep has been a rep fifteen years (since 1988) and became a rep at age 33
  • Although the largest independent reps have slightly longer tenures, tenure does not appear to be the key determinant of size
  • The independent rep population is made up of individuals from many prior occupations, with captive insurance agents and stockbrokers being the largest concentrations
  • Amongst a group of independent reps recently interviewed, the majority were recruited from other independent broker/dealers; insurance companies, wirehouses & regional broker/dealers, and banks are also popular sources
  • Independent reps are substantially licensed for both investment and insurance products; series 7, state insurance licenses, and series 63 are the three most common
  • Nearly one-third of independent reps hold the Certified Financial Planner designation
  • Nearly three-quarters of independent reps have series 7 licenses; the remaining independent reps have series 6 licenses
  • Just 10% of independent reps have their own registered investment advisor
  • Most of the survey participants are practicing registered reps and a little more than a third are also OSJ managers
  • Nearly 90% of OSJ managers generating more than $300,000 in net income recruit; only 73% still serve clients
  • Across all independent reps, there are four key business goals, all of them involve growing the business
  • Independent reps aim to appeal to investors who are dissatisfied with their wirehouse or regional broker/dealer and may not be able to afford the high minimums of fee-based financial advisors
  • Industry executives believe that fee-accounts will continue to grow as independent reps will want a more stable and predictable income stream
  • Independent reps are much more likely to have long-standing relationships with their clients even if they have less than $250,000 investable assets
  • Lincoln Financial Advisors, ING Financial Partners, and National Planning Corporation are the leading independent broker/dealers in terms of their revenues-to-assets ratio, generating returns between 3.50% and 6.00%; most other leading firms generate returns between 0.75% and 2.25%
  • The largest share of independent reps’ clients are in the moderately affluent category of $100,000-$1.0 million in investable assets
  • Across all independent reps, retirement plan rollovers are the largest source of new client assets
  • Two-thirds of independent reps believe that within five years at least three-quarters of their revenues will come from fee-accounts
  • More than half of independent reps new clients come to them due to dissatisfaction with their previous advisors or advice
  • Rapid advancements in technology have narrowed the gap between what wirehouses and independent broker/dealers can offer their reps
  • Independent broker/dealer reps often focus primarily on their peers as competitors
  • More than three-quarters of independent reps believe that a service mentality, strong ethics, and determination are the most critical personality traits for success in the financial planning business
  • The smallest independent reps are the least likely to have client agreements
  • The share of independent reps who have a business plan is relatively low at all revenue levels
  • About 30% of all reps across broker/dealers have employee evaluation procedures
  • The average independent rep who has completed the survey has 1.5 partners and 4.1 employees for a total staff of 5.6
  • One key to growth is clearly the addition of more administrative support people and licensed reps
  • The average independent rep who completed the survey has 260 clients, $37 million in assets under administration, $437,000 in revenues, and $233,000 in pre-tax profits
  • The average rep firm has $204,000 in business expenses; the largest independent reps spend almost six times this amount
  • The average rep firm generates 119 bps of revenues on client assets; larger reps generate higher ratios
  • The average rep firm earns a 53% pre-tax profit margin; smaller firms earn higher margins
  • The average rep firm generates $1,679 revenues per client; larger independent reps earn more per client
  • The average rep firm earns $895 in pre-tax profits per client; larger independent reps earn significantly more
  • The average rep firm serves 169 clients per partner; the largest independent reps are able to serve more than twice as many clients per partner
  • The average rep firm advises on $23 million assets per partner; larger firms handle more than three times the average
  • The average rep firm generates $278,000 revenues per partner; the largest firms generate almost five times the average
  • The average rep firm earns $148,000 pre-tax profits per partner; the largest firms earn almost five times the average
  • The average rep firm generates $107,000 of revenues per employee; the largest independent reps are almost twice as productive

Leading Independent Broker/Dealers

  • The top fifteen independent broker/dealers’ corporate offices are well spread out around the country, with nearly half located on the east coast and in the south east
  • LPL is the leading independent broker/dealer in terms of the number of corporate office employees, with nearly three-to-nine times as many employees as the other top firms, although a few like Raymond James may be less comparable
  • LPL Financial Services, Raymond James Financial Services, AIG Financial Advisors, & ING Financial are the four leading independent broker/dealers in number of offices
  • Most of the top fifteen independent broker/dealers have between one and five reps per office; Lincoln Financial and NFP Securities have close to thirty and ten reps per office, respectively
  • LPL and Raymond James Financial Services are the leading independent broker/dealers in terms of the number or series 7 reps, having more than 5,000 and 3,000, respectively
  • LPL and Raymond James Financial Services have a huge lead over the other independent broker/dealers in terms of the number of reps producing more than $100,000; Lincoln Financial, and NFP Securities reps tend to be primarily focused on insurance products and/or tax services
  • Half of all LPL, Commonwealth, and Securities America reps produce more than $100,000; Lincoln Financial has very few $100,000 producers
  • LPL Financial Services, Raymond James Financial Services, AIG Financial Advisors, & ING Financial are the four leading independent broker/dealers in number of clients
  • LPL and Raymond James Financial Services have a huge lead over the other independent broker/dealers in terms of their number of client accounts, with one million accounts each; most other leading firms each have between 50,000 and 200,000 accounts
  • LPL is the leading independent broker/dealer in terms of the number of client accounts per rep, with nearly 300 accounts per rep; other top firms have between 50 and 200 accounts per rep
  • Raymond James Financial Services and LPL have nearly $100 billion assets under administration; other leading firms have between $5 and $25 billion assets under administration
  • LPL and Raymond James Financial Services have three and two times the assets under management of the other leading firms, which have between $2 and $10 billion
  • LPL Financial Services, Raymond James Financial Services, AIG Financial Advisors, & ING Financial are the four leading independent broker/dealers in revenues
  • LPL, Raymond James Financial Services, and Lincoln Financial advisors are the leading independent broker/dealers in terms of revenues, generating over $500 million each; the other leading firms generate between $150 million and $350 million

Key Vendors to Independent Reps

This section provides key highlights on independent broker/dealers, custodians, clearing brokers, mutual fund companies & other traditional product companies, fee-accounts, TAMPs, & separate account managers, exchange traded funds, hedge funds & other investment product companies, wealth management & family office service product companies, technology companies & other key vendors to independent reps, seminar materials, newsletters, & web site developers.

  • Independent reps’ key vendors include independent broker/dealers, mutual fund companies, & fee-accounts
  • Across all vendors to independent reps, American Funds, broker/dealer annual conferences, and Morningstar receive the highest utilization scores
  • Across all vendors to independent reps, the highest satisfaction scores go to advisor sites, LPL, Raymond James, and MSC

Independent Broker/Dealers, Custodians, & Clearing Brokers

  • Tiburon believes that Commonwealth, Raymond James, MSC, and FSC may be closing the leadership gap in select areas
  • Reps most often mention independence & control, product & service offerings, payouts, and technology offerings & support as the key reasons for joining their independent broker/dealers
  • Inertia & general satisfaction is frequently mentioned as a reason why reps stay with their independent broker/dealers; however reps seem to have varying standards
  • While all of the independent broker/dealers received generally high satisfaction scores, LPL, Raymond James, MSC, and Sentra-Spelman received excellent scores
  • LPL received by far the most mentions as the firm reps would consider if they were to leave their current independent broker/dealer; Commonwealth and Raymond James also received a lot of votes
  • Nearly one-third of independent broker/dealers are completely independent
  • The independent broker/dealers market is comprised of mostly smaller firms; only 15% of independent broker/dealers have more than 100 reps
  • The average independent broker/dealer has just over 60 corporate office employees, which has increased slightly since 2001
  • Independent broker/dealers gain almost two accounts for each one that leaves
  • The average payout amongst the top fifty independent broker/dealers is more than $90,000, which is up more than 10% from 2003
  • Most of the top fifty independent broker/dealers have production quotas, which range from $3,000 to $250,000
  • Quotas increased slightly in 2004 possibly indicating independent broker/dealers are becoming less willing to carry low producing reps
  • Directly or indirectly, reps most frequently mention declining levels of service as the major weakness of their independent broker/dealers
  • Technology is the most frequently mentioned recent improvement at most independent broker/dealers
  • The independent broker/dealers do not have the profit characteristics of the wirehouses or other broker/dealers because they do not have lucrative investment banking and trading divisions
  • Less than half of the independent broker/dealers with less than $30 million in revenues operate in the black
  • Regulations will force firms to invest in technology monitoring systems that meet regulators expectations
  • The aggregator insurance companies vast resources help them reduce compliance costs with economies of scale and control legal costs by piggybacking
  • Increasing industry stumbles and regulations have caused errors & omissions insurance premiums to more than double in the last few years
  • Across the industry and the various products, payouts are in the 80%-90% range (with the exception of general securities which are generally closer to 70%); many firms have one grid for all non-general securities products
  • There are three key growth strategies for independent broker/dealers, including recruiting, acquisition, and institutional partnering
  • Maintaining service levels in light of growth is a common complaint across firms
  • Most broker/dealers do not offer proprietary research on individual stocks; most reps do not perceive this as a weakness because they primarily utilize mutual funds
  • Most independent reps do not perceive their independent broker/dealers business building support as particularly important
  • Across most independent broker/dealers, integration is the chief technology complaint
  • About 1,500 wirehouse brokers leave their firms and choose independence each year
  • Key considerations for financial advisors looking for a new firm include firm culture, environment, back-office support, and succession planning
  • Satisfaction scores for custodians are fairly consistent across independent rep revenue ranges
  • Almost all of the top fifteen independent broker/dealers clear through Pershing or National Financial Services, with more than half utilizing Pershing
  • Across all independent reps, mutual funds and annuities account for the majority of investment product usage, with over 60% of the total

Mutual Fund Companies & Other Traditional Product Companies

  • Independent reps rely heavily on mutual fund companies
  • American Funds is the leading mutual fund family by almost any measure in the independent rep market
  • Along with being the most widely utilized mutual fund company, American Funds also receives the highest satisfaction score amongst the leaders

Fee-Accounts, TAMPs, & Separate Account Managers

  • Independent reps rely on TAMPs in their move to fee-accounts
  • SEI is the leading turnkey asset management program (TAMP) across most independent broker/dealers
  • Brandes, 1838, Lazard, and Navellier lead the separate account managers, with over 20% penetration of independent reps each
  • Independent reps rate many separate account managers quite low, with a few good scores given to Brandes, Pimco Allianz, and Kayne Anderson

Exchange Traded Funds, Hedge Funds, & Other Investment Product Companies

  • Separate account managers, exchange traded funds, and hedge funds are the most popular new products on the horizon
  • The larger reps especially are starting to utilize and consider the new investment products
  • Only 10% of the top fifty independent broker/dealers currently offer hedge funds

Wealth Management & Family Office Service Product Companies

  • Most independent reps commented that including wealth management services was a key to attracting high net worth clients
  • Most independent reps commented that offering private banking services is not important in their business
  • Some independent reps commented that they recommend mortgages, but most refer them to other sources
  • Most independent reps commented that offering business lending is not an important part of their businesses because they don’t have many clients ask for such
  • Most independent reps commented that offering other loans is not important to their businesses because most of their clients don’t need to borrow
  • Most independent reps commented that they anticipate reverse mortgages will be a big part of their businesses in the future
  • Most independent reps commented that they manage trust accounts or that they will need to in the future
  • Independent reps commented that their clients do not need help with online banking
  • Most independent reps commented that they recommend deposit products, but it is not a focus of their businesses
  • Independent reps utilize a wide variety of insurance companies, with AIG being the most popular
  • Independent reps utilize a wide variety of annuity companies, with Nationwide and Sun America leading the way

Technology Companies & Other Key Vendors to Independent Reps

  • Morningstar and, to a lesser extent, Financial Profiles are the leading financial planning software products used by independent reps
  • With a huge utilization score, Morningstar also receives one of the highest satisfaction scores amongst financial planning software products
  • Both Morningstar and Thomson/Wiesenberger receive excellent satisfaction scores amongst data & research services
  • Portfolio management software utilization increases with revenues and dBcams is the most popular portfolio management software across most revenue segments
  • The most common contact management softwares utilized are ACT! and Protracker, with each having about a quarter of the market
  • The two most popular contact management software products also receive the highest satisfaction scores
  • Emerald Publishing delivers the most popular seminar materials
  • While only fourth most popular, Successful Money Management seminars receives the highest satisfaction rating amongst companies that produce seminar materials for independent reps
  • Newsletters receive fairly low satisfaction scores across independent reps of all sizes
  • Advisorsquare is the leading web site developer for independent reps, capturing 16% of the market
  • Independent reps seem to stick to the conferences of their independent broker/dealers; the majority of reps attend their independent broker/dealers’ annual sales or education conference
  • Financial Advisor, Financial Planning, the Wall Street Journal, Investment Advisor, and Registered Rep are each read by nearly half or more of all independent reps
  • While the five publications are widely read, they receive good but not great satisfaction scores
  • Morningstar Advisor is the most widely visited web site by independent reps, with almost half of all independent reps visiting it regularly

Future Predictions for Predictions for the Independent Reps & Independent Broker/Dealers Market

This section details key highlights in regards to rapid industry growth, value added playing field, payout rate pressures, continued profitability pressures, wirehouse entrants, and continued consolidation.

  • Independent reps give a variety of reasons for leaving their previous broker/dealer, including quality of home office service, payout level, inadequate technology, and support for fee-accounts business
  • The average rep firm has grown its client base by 5% per year; growth has stagnated for the larger firms
  • The average rep firm has grown its client assets under administration by 10% per year; growth has stagnated for the largest firms
  • The average rep firm has grown its revenues 16% per year; larger firms have grown their revenues faster
  • The average rep firm has grown its pre-tax profits by 15% per year; the larger firms are able to grow profits the fastest
  • Quality of home-office services and higher payouts are the primary factors for why financial advisors go independent
  • The market demand and product commoditization are the primary reasons many independent advisors transitioned to the independent side
  • Clients are relatively open to the idea of their financial advisor going independent, with the majority of clients following the advisor

Rapid Industry Growth

  • The number of independent reps will continue to increase rapidly
  • Independent broker/dealers had over 36,000 registered offices in 2006, growing 33% by 2012
  • Independent broker/dealers had over 61,000 producing reps in 2006, growing 33% by 2012
  • Broadly defined independent broker/dealers had over 10.7 million active accounts in 2006, growing 80% by 2012
  • Broadly defined independent broker/dealers had over $500 billion assets under administration in 2001, growing 400% by 2012
  • Broadly defined independent broker/dealers generated over $8.2 billion revenues in 2001, growing 300% by 2012
  • There is some evidence that the independent broker/dealer market is hardly growing at all; the top 50 firms lost nearly as many reps as they gained indicating independent reps may be jumping from firm to firm
  • Nearly one-third of independent broker/dealers’ new reps are recruited from other independent broker/dealers
  • The pool of independent rep candidates will diminish as traditional broker/dealers focus on retention of experienced reps

Value Added Playing Field

  • Vendors have three ways to assist independent reps in gaining sales & marketing assistance for fighting off poor markets and increasing competition, including educational presentations, IRA rollover campaigns, and prospect seminars
  • To succeed, independent broker/dealers may need to create value added services
  • Once independent reps hit a certain payout percentage, they turn towards value added services that will help reps build strong businesses, including technological advances and more advertising
  • Independent reps are realizing that they need to look beyond the percentage payout to what is available at the organization to help grow their businesses
  • Training has become the new broker/dealer battleground as it is one area where a firm can distinguish itself from the other players
  • As the independent broker/dealer industry is entering maturity, the focus has shifted from growth in advisors to increasing assets per advisor, building efficiency and profitability, and refining market niches
  • Key considerations for advisors looking to become independent broker/dealers include generating higher revenues, joining good strategic partner, and opportunity to better serve clients

Payout Rate Pressures

  • The mutual fund scandals threatened payout rates
  • The 50 largest mutual fund companies pay $1.5 billion annually to broker/dealers through revenue sharing or shelf space agreements
  • The Securities & Exchange Commission has found that nearly all independent broker/dealers appear to give better treatment to mutual fund companies that pay them
  • Independent broker/dealers may generate as much as 20% or more of their revenues from mutual fund company sponsorship programs
  • In the future broker/dealers may not have official preferred sponsor lists
  • There has been an inability to lower payouts in the industry so firms have responded by adding transaction charges and other fees; increasingly firms charge many fees including a monthly technology fee
  • The increasing costs of compliance in order to meet regulatory requirements are threatening payouts
  • Payout rates sway reps to choose startup broker/dealers versus larger established broker/dealers

Continued Profitability Pressures

  • Competition, regulations, and the domination of the large independent broker/dealers will make it difficult for the small and medium sized firms to survive
  • Lincoln Financial Advisors captured one-third of the independent broker/dealers industry’s profits, indicating profits are extremely concentrated among the largest firms
  • Compliance cost burdens could inevitably lead to industry consolidation and that either client fees will rise or individual broker/dealers will have to absorb the growing costs
  • There’s evidence that even the larger firms are shedding low-producing reps; Royal Alliance dropped more than 20% of its reps but its average payouts increased by $30,000 and total revenues grew by more than $13 million
  • There are two key factors to successfully penetrating the independent rep market, commitment and reach

Wirehouse Entrants

  • Several of the wirehouses are likely to enter the independent broker/dealers market

Continued Consolidation

  • Industry consolidation is likely to continue
  • The economics of the independent broker/dealer market continue to drive the growth of the aggregator segment
  • By some measures, bigger is better for broker/dealers particularly when it comes to sharing the increasing costs of compliance and technology
  • Small and medium sized broker/dealers face several cost challenges, including compliance, technology, and advertising
  • Service, technology, compliance, and fees are the four biggest reasons why reps move from one broker/dealer to another
  • Smaller independent broker/dealers often are acquired by larger independent broker/dealers with more comprehensive offerings

To better understand the developments in Independent Broker/Dealers Markets, executives can purchase Tiburon's An Initial Overview of the Independent Reps & Independent Broker/Dealers Markets Research report where the key findings highlighted above are covered in greater detail. Please contact Sarah Sage at SSage@TiburonAdvisors.Com or 415-789-2540.

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 over 300 corporate clients and completed over 1,100 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 October 14-15, 2008 (San Francisco, CA) at the Ritz Carlton Hotel in San Francisco, CA. 2009 dates are April 9-10, 2009 (New York, NY), and October 7-8, 2009 (San Francisco, CA). Attendance is by invitation only and attendance at each Summit is limited to 125 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 has published forty-two ~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 Sarah Sage at SSage@TiburonAdvisors.Com or (415) 789-2540.
  • Tiburon offers an annual research report retainer service, whereby dozens of clients receive all Tiburon reports published within a year for $25,000; clients can subscribe to Tiburon's 2008 Research Report Retainer by contacting Sarah Sage at SSage@TiburonAdvisors.Com or (415) 789-2540.
  • Tiburon also offers a database access program, whereby it shares its 300,000+ person industry executives contacts database with dozens of clients for $25,000 per year (distributed quarterly); clients can subscribe to Tiburon's Database Access Program by contacting Sarah Sage at SSage@TiburonAdvisors.Com or (415) 789-2540.
  • 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's weekly research releases, like this one, are emailed for free to interested industry executives, media representatives, conference planners, and individual financial advisors. Over 55,000 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 2008-2009. Specifically, the firm plans to add two-to-three incremental principals (the most senior role at the firm) and several more research managers in 2008-2009.
  • 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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