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Tiburon CEO Summit XVI
Tiburon Strategic Advisors offers market research, strategy consulting, & other related services primarily to financial services firms. For the past eight years, Tiburon has also hosted the semi-annual Tiburon CEO Summits alternately in New York & San Francisco; these events provide a unique opportunity for a select cross-industry group of senior financial services industry executives to discuss a broad swath of issues regarding the future of the brokerage, investments, advice, & wealth management businesses. The list of business relationships resulting from prior Tiburon CEO Summits is impressive.
The next Tiburon CEO Summit will be held April 15-16, 2009 at the Ritz Carlton Hotel in New York, NY. In addition to Tiburon Managing Principal Chip Roame, Tiburon is pleased to announce the guest speakers lineup, which will include Jud Bergman (CEO, Envestnet Asset Management), Jessica Bibliowicz (CEO, National Financial Partners), Mark Casady (CEO, LPL Financial), Kip Condron (CEO, Axa Financial), Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel), Ken Fisher (CEO, Fisher Investments), Roger Ibbotson (Professor, Yale University; Chairman, Zebra Capital Management; & Former CEO, Ibbotson Associates), Scott Powers (CEO, State Street Global Advisors), & Paul Stevens (CEO, Investment Company Institute).
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Jud Bergman has served as the CEO of Envestnet Asset Management since 1999, where he is responsible for forming & leading the Envestnet management team, guiding Envestnet's strategic alliances, and managing the implementation of Envestnet's business plan.
Prior to founding Envestnet, Mr. Bergman was managing director of Nuveen Mutual Funds for The John Nuveen Company. In this role he was responsible for the profitable growth of Nuveen’s mutual fund business and was a member of Nuveen’s Investment Management Committee. Under his guidance, Nuveen’s mutual fund business experienced significant increases in sales, net flows, & profitability. Prior to this role, Mr. Bergman directed Nuveen’s corporate development activity from 1993 to 1997 where he managed the firm’s expansion into equities, initiated its separate accounts business, led Nuveen’s 1997 acquisition of Rittenhouse Financial Services and its 1996 merger with Flagship Resources, and helped form Nuveen’s alliance with Institutional Capital Corporation. From 1985 to 1992, Mr. Bergman developed and managed Nuveen’s merger & acquisition advisory business.
Mr. Bergman will address trends in the financial advisor business, including those towards fee-based accounts and independence. He will also address the financial advisor-centric functionality that Envestnet's platform allows for client-centric solutions. He will speak specifically to the increased call for fiduciary responsibility and will discuss a number of solutions that financial advisors can employ to rebuild and maintain trust with clients.
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Jessica Bibliowicz has served as CEO of National Financial Partners since 1999 and as chairman of the board of directors since 2003.
Prior to joining National Financial Partners, Ms. Bibliowicz served as president of John A. Levin & Company, a registered investment advisor, from 1997 to 1999. Previously, Ms. Bibliowicz served as executive vice president of Smith Barney Mutual Funds from 1994 to 1997. Since 2006, Ms. Bibliowicz has also served as a director of The Asia Pacific Fund. Ms. Bibliowicz is also a member of the Board of Overseers of the Weill Medical College and Graduate School of Medical Sciences of Cornell University and serves on the Board of Directors of Riverdale Country School and John Jay College Foundation.
Ms. Bibliowicz will discuss the new challenges of operating as a public company, as well as trends across National Financial Partners' three core businesses, including large case life insurance, employee benefits, & investment advice.
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Mark Casady has served as CEO of LPL Financial since 2004 and added the chairman title in 2006. He has been instrumental in leading the company to become a multi-faceted organization. He joined the firm in 2002.
Prior to joining LPL Financial, Mr. Casady was managing director of the mutual fund group for Deutsche Asset Management, Americas (formerly Scudder Investments). He joined Scudder in 1994 and held roles as managing director, head of global mutual fund group, and head of defined contribution services; he was also a member of the Scudder, Stevens, & Clark board of directors and management committee. Prior to Scudder, Mr. Casady held roles at Concord Financial Group as institutional sales manager and at Northern Trust as vice president of investments and head of global custody operations in its London office. He has also served on the executive committee of the investment company institute board of governors. He is a member of the investment industry committee of the United Way of Massachusetts Bay. In 2007, Mr. Casady was named Financial Executive of the Year by De Paul University College of Commerce. He was also named one of the top 50 financial professionals by Irish American magazine in 1999.
Mr. Casady will address how both growth in the independent rep market and recent market turmoil have brought about new challenges for this market, including some of the ways in which LPL Financial plans to stay ahead of trends as the nation's largest independent broker/dealer. He will specifically address strategies for acquiring new businesses in this increasingly favorable atmosphere for consolidation.
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Kip Condron has served as CEO of Axa Financial and a member of the Axa Group Management Board since 2001. In addition, Mr. Condron is chairman & CEO of Axa Financial's principal insurance subsidiary, Axa Equitable Life Insurance.
Prior to joining Axa Financial, Mr. Condron served both as president & chief operating officer of Mellon Financial Corporation and as chairman & CEO of The Dreyfus Corporation from 1995 to 2001. Mr. Condron joined The Boston Company in 1989 as vice chairman and head of its Private Client Group. He was named executive vice president of Mellon in 1993, when it acquired The Boston Company. Prior to joining The Boston Company, Mr. Condron was co-president of AYCO Corporation, which acquired his Pittsburgh-based financial planning firm, Condron Associates. Mr. Condron is a member of the Financial Services Roundtable and its board of directors. He is a director of The American Ireland Fund and also serves as treasurer. In 2007, he was named to the board of directors of Keefe, Bruyette, & Woods, a full-service investment bank and broker/dealer that specializes in financial services.
Mr. Condron will discuss how Axa Financial is addressing the currently challenging financial protection & wealth management markets. His presentation will specifically focus on Axa Equitable's three distribution channels, including Axa Advisors, Axa Distributors, & Corporate Markets, and the unique and shared challenges the company faces across all three channels.
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Jeffrey Dunham has served as CEO of Dunham & Associates Investment Counsel since its founding in 1985, and also as chairman of Dunham Trust Company. He also serves as a trustee, president, & principal executive officer of Dunham Funds.
Prior to founding Dunham & Associates, Mr. Dunham was a partner in the investment firm of McKewon Securities and worked with Enterprise Management Company, a venture capital affiliate of McKewon. Mr. Dunham’s investment expertise spans more than 25 years, dating to when he started a family of private funds and built Dunham & Associates upon the premise of performance-based advisory compensation—a radical idea at the time—now a model for others. Beginning his investment career in 1977, Mr. Dunham acquired real estate for investors and his own account. As president of San Diego-based JAD Properties between 1979 and 1989, Mr. Dunham continued hands-on management of real estate holdings.
Mr. Dunham will discuss the fee-based advisory business in the new economy. He will specifically address how performance incentives that are inherent to the success of Dunham & Associates Investment Counsel also encourage increased fiduciary responsibility, which was named at the last Tiburon CEO Summit as one of a handful of inevitable results stemming from the economic crisis.
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Ken Fisher has served as the CEO of Fisher Investments since founding the firm in 1979. His recent research, published in professional and scholarly journals, focuses on the emerging field of behavioral finance. Mr. Fisher is known for his Portfolio Strategy financial investment column featured monthly in Forbes magazine, where his 24-year tenure makes him the fourth longest-running columnist in the magazine's 92-year history. Mr. Fisher has also written five finance & business books including 1984’s best seller, Super Stocks and his 2008 New York Times best seller, The Ten Roads to Riches. Mr. Fisher holds a Berstein Fabozzi/Jacobs Levy Award for outstanding published research, has been on the Forbes 400 list of richest Americans since 2005, and is on Investment Advisor magazine’s IA-25 list of the most influential people in that industry. His firm is the largest direct marketer in asset management.
Prior to founding Fisher Investments, Mr. Fisher’s theoretical work in the early 1970s yielded a tool known as the price-to-sales ratio, now a core element of financial curriculum. Some claim discovering it earlier, but his extensive writings are the very first to describe it. In the 1980s, he and his firm created an institutional offering that was seminal to what is now called small cap value equity; Fisher Investments was among only 12 firms in the world’s first consultant peer group in that category.
Mr. Fisher will address the realities that his firm, Fisher Investments, faces in the new economic conditions, and will focus on some of the investment and business management strategies that will result in regaining market dominance. His presentation will specifically address his position that this is an historic opportunity to see tremendous gains as the market recovers over the next five to ten years.
Roger Ibbotson is Professor in Practice at Yale School of Management and chairman of Zebra Capital Management, a quantitative equity hedge fund manager. He was also the founder & former Chairman of Ibbotson Associates, now a Morningstar Company, where he still serves as an advisor. Professor Ibbotson conducts research on a broad range of financial topics, including investment returns, mutual funds, international markets, portfolio management, & valuation.
During his tenure as the head of Ibbotson Associates, professor Ibbotson authored or co-authored numerous books and articles including Stocks, Bonds, Bills, & Inflation, The Equity Risk Premium, Global Investing, and Investment Markets. In addition, he has co-authored a textbook titled Investments: A Global Approach. He is the recipient of many awards including the Graham & Dodd Schrolls in 1979, 1982, 1984, 2001, & 2004 and AIMR’s James R. Vertin award in 2001. Professor Ibbotson serves on numerous boards including that of Dimensional Fund Advisor’s mutual funds.
Mr. Ibbotson will address long-term economic growth, current unemployment, and the new U.S. administration. He will compare the current economic climate to past bear markets and pose the question: Is this time different? His unique perspective as a former CEO, current chairman, & leading theoretician will no doubt incite audience participation.
Scott Powers has served as CEO of State Street Global Advisors since 2008; State Street Global Advisors is the investment management arm of State Street Corporation. He is also a member of State Street's Operating Group, the company's senior-most strategy and policy-making team.
Prior to joining State Street, Mr. Powers served as CEO of Old Mutual US, the US operating unit of London-based Old Mutual. During his seven year tenure at Old Mutual, he was one of six senior executives overseeing the worldwide operations and was also a member of Old Mutual's executive committee, where he was actively involved in the development and execution on overall business strategy. Previously, Mr. Powers held senior management positions at Mellon Institutional Asset Management and The Boston Company Asset Management. While at The Boston Company Asset Management, he served as chief operating officer and head of marketing & client services.
Mr. Powers will address the ways in which State Street Global Advisors will continue to attract high-net-worth investors. His presentation will specifically address the challenges of capital preservation in the current market. As a member of State Street's Operating Group, he will also address creating new strategies and policies within the increased regulatory atmosphere of the new administration in Washington.
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Paul Stevens has served as CEO of the Investment Company Institute since 2004. He also is a director of ICI Mutual Insurance.
Prior to joining the ICI, Mr. Stevens was Investment Company Institute's General Counsel from 1993 to 1997. Prior to being at the ICI, Mr. Steven’s career has included varied roles in private law practice, as corporate counsel, and in government service. From 1999 to 2004, he was a leader of the financial services practice of Dechert LLP, an international law firm. He was general counsel for mutual funds and international enterprise at Charles Schwab & Company in San Francisco from 1997 to 1999. Earlier in his career, Mr. Stevens was a partner and associate of Dickstein, Shapiro, & Morin in Washington. Between 1985 and 1989, he served as Special Assistant for National Security Affairs to President Reagan, as Executive Secretary & Legal Adviser of the National Security Council, and in other senior positions at the White House and the Pentagon. Upon leaving government service, Mr. Stevens received the Medal for Distinguished Public Service, the Department of Defense’s highest civilian decoration.
Mr. Stevens will address the state of the mutual funds market, including a review of the historical success of mutual funds’ role in 401K plans since their introduction in 1981. He will specifically address how the current economic landscape presents new and unprecedented challenges in retirement planning, while showing how the collaborative efforts of mutual fund companies and myriad other financial service providers can restore investor confidence and promote consistent long-term performance.
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