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Chip Roame
(Managing Principal, Tiburon Strategic Advisors)
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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 recipients of its inaugural Tiburon CEO Summit Awards.
Tiburon CEO Summits
Tiburon's CEO Summits provide a unique opportunity for a select cross-industry group of senior executives to discuss a broad swath of issues regarding the future of the brokerage, investments, advice, & wealth management businesses. Tiburon’s CEO Summits likely provide the only true forum where financial services industry CEOs from across traditional industry silos gather to discuss business opportunities. The list of business relationships resulting from prior Tiburon CEO Summits is impressive.
Tiburon’s CEO Summits are built around two key themes:
- Maintaining a focus on consumer needs
- Challenging conventional wisdom
In the spirit of recognizing leaders in the financial services industry who have excelled at applying one or both of these concepts, Tiburon is pleased to announce the recipients of its inaugural Tiburon CEO Summit Awards. Charles Schwab (Chairman, The Charles Schwab Corporation) will be presented Tiburon's award for Maintaining a Focus on Consumer Needs. Ken Fisher (CEO, Fisher Investments) will be presented Tiburon's award for Challenging Conventional Wisdom. Tiburon believes that maintaining a focus on consumer needs and challenging conventional wisdom are two of the keys to success in the rapidly evolving financial services industry. These awards will be presented at Tiburon CEO Summit XVII October 7-8, 2009.
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Charles Schwab
(Chairman, The Charles Schwab Corporation)
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Charles Schwab (Chairman, The Charles Schwab Corporation) - Tiburon's Maintaining a Focus on Consumer Needs Award
Charles Schwab started the well-known San Francisco based brokerage firm that goes by his name in the early 1970s as a pioneer in the discount brokerage business. Mr. Schwab has served as chairman of The Charles Schwab Corporation since its incorporation in 1986. He also served as CEO or co-CEO from 1986 to 2008. Today, The Charles Schwab Corporation is one of the nation's leading providers of financial services, with 12,000 employees, more than 300 branches, approximately ten million client accounts, & $1.2 trillion in client assets. The firm provides a full range of securities brokerage, banking, money management, custodial, & financial advisory services to individual investors, independent investment advisors, and company retirement & equity compensation plans.
Mr. Schwab is the author of several books, including the completely revised and updated version of his 1998 work, Charles Schwab's Guide to Financial Independence. He is also the author of It Pays to Talk, as well as the recent book You're Fifty - Now What? Mr. Schwab was named chairman of the President's Advisory Council on Financial Literacy in 2008, a role in which he and fifteen other board members have advised the president and secretary of the treasury on ways to promote and enhance financial literacy among the American people. Along with his wife Helen, he is the co-founder and chairman of the Charles & Helen Schwab Foundation, a nonprofit organization that focuses on helping children with learning disabilities and supporting low income families through initiatives in poverty prevention, homelessness, & substance abuse. Mr. Schwab also serves as chairman of the San Francisco Museum of Modern Art.
Mr. Schwab would have been a worthy recipient of both Tiburon awards. His west coast firm was a pioneer in the discount brokerage business and has challenged the model of traditional New York based wirehouses since May Day in 1975 when the SEC mandated an end to fixed commissions. His firm took an early lead in the market, offering a combination of low prices and fast efficient order executions, and soon became the nation's largest discount brokerage firm. Mr. Schwab is being awarded Tiburon's Maintaining a Focus on Consumer Needs award because of the numerous consumer-centric innovations of The Charles Schwab Corporation, including its discount brokerage, telephone-based services, branches, web based trading, mutual fund supermarkets, & its custodial, operational, & trading support services for independent fee-based financial advisors.
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Ken Fisher
(CEO, Fisher Investments)
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Ken Fisher (CEO, Fisher Investments) - Tiburon's Challenging Conventional Wisdom Award
Ken Fisher has been CEO of Fisher Investments since founding the firm in 1979. His firm is the largest direct marketer in asset management and, depending on one's definition, the largest fee-based financial advisor. Today, Fisher Investments has 950 employees, 85 professional sales people, tens of thousands of clients, & more than $30 billion assets under management.
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, his firm created an institutional offering that was seminal to what is now called small cap value equity; Fisher Investments was among only twelve firms in the world’s first consultant peer group in that category. Mr. Fisher is also known for his Portfolio Strategy financial investment column featured monthly in Forbes magazine, where his 25-year tenure makes him the fourth longest-running columnist in the magazine's 92-year history. Mr. Fisher has written six finance & business books including 1984’s best seller, Super Stocks and New York Times best sellers in 2006 and 2008 with The Only Three Questions that Count and The Ten Roads to Riches. His current book, published in 2009, is How to Smell a Rat - The Five Signs of Financial Fraud. 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 recent research, published in professional & scholarly journals, focuses on behavioral finance.
Mr. Fisher is being presented Tiburon's Challenging Conventional Wisdom award because in almost every facet of his business he has challenged the trends of others, including his use of direct mail, web based advertising, & infomercials; his use of dedicated sales people who do not service clients and a separate dedicated service organization; his aversion to hiring graduates of big name universities; his telephone based service model; and his well defined job descriptions with unparalleled levels of specialization of labor.
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