Media Coverage - 2006-2007

Tiburon executives have been quoted quite extensively throughout the industry and general media. Below is a list and brief synopsis of those articles from 2006-2007 that the Tiburon staff has been able to locate (Tiburon accepts that there are probably hundreds of other quotes circulating). These short summaries are intended to help prospective Tiburon clients, conference planners, and media representatives understand Tiburon's views on a wide variety of issues throughout the financial services industry. The extensive list of Tiburon quotes has required the use of multiple web site pages. Please click on the links below to view older or more recent article summaries.

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Date Publication Article Title & Description
December 24, 2007 National Underwriter

Buckle Up for a Fast Product Ride in 2008
The year 2008 promises to be a fast one where insurance and allied financial products are concerned. Tiburon quoted saying it expects an increase in fee-accounts.

December 13, 2007 Branch Management Letter

Top Compliance Issues Facing BOMs in the New Year
If you thought that compliance and regulatory activity could not get any more intense, just wait until next year. Tiburon quoted saying that the greatest source of conflicts of interest for branch managers is the need for revenue growth.

December 13, 2007 Insurance Newscast

Top Compliance Issues Facing BOMs in the New Year
If you thought that compliance and regulatory activity could not get any more intense, just wait until next year. Tiburon quoted saying that the greatest source of conflicts of interest for branch managers is the need for revenue growth.

December 2007 Research

Industry's '07-'08 Focus: Retirement Income
Mutual funds and the organizations that sell them continue to introduce a variety of retirement income products to position themselves for further market opportunities. Tiburon quoted saying that three-quarters of households over the age of 55 still have less than $100,000.

December 2007 Research

Subprime Mortgage Crisis
The CEOs of Merrill Lynch and Citigroup have left their posts amid an expanding mass of credit-related turmoil, leaving executive vacancies at a crucial time for both firms. Tiburon quoted saying that Chuck Prince was constantly being questioned while Stan O'Neal seemed to be entrenched.

November 26, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XIV April 10-11, 2008 at the Ritz Carlton Hotel in New York, NY.

November 14, 2007 Mutual Fund Wire

Black Rock Skyrockets in Web Rankings
Dramatic changes to Black Rock's advisor portal have nabbed the attention of a pair of consultants that released periodic rankings of the advisor web sites this week. Article quotes Tiburon saying the credit crisis drove mroe traffic to fixed income shop Black Rock.

November 8, 2007 Branch Management Letter

Managers Learn to Live Without the Merrill Lynch Rule
In May, the SEC announced that it would not fight a March 30 ruling by the Washington, DC Court of Appeals to vacate Rule 202 -- the broker/dealer exemption (aka the Merrill Lynch rule). Tiburon quoted saying that the bulk of the $300 billion will move to broker wrap accounts.

November 2007 Registered Representative

Charles Schwab Kicking Ass(ets)
The online brokerage and RIA custodian is still beating everyone at the asset gathering game. The firm is getting better at gathering advisors too. Article quotes Tiburon saying that the flow of break away brokers in numbers is small but they bring significant assets.

November 2007 Registered Representative

The Retirement Savings Heretics
This man says too many Americans are going without today to splurge in retirement. In retirement, how much is enough? Is it all a big guess? Tiburon data utilized showing that only 2% of baby boomers will inherit more than $100,000.

November 2007 Registered Representative

Fix My Practice: Tax Planning - In House or Out?
Mark Kemp's tax specialist is taking leave, but it is a service that his practice can not do without. To resolve the problem, he should hire another person or jack up the price. Tiburon quoted saying that preparing tax returns allows financial advisors to find financial marketing opportunities.

October 30, 2007 Dow Jones Newswires

Time Management Tips for Advisors
Financial advisors who develop business plans, defined their personal goals, and schedule their time with these objectives in mind are more efficient, and mroe profitable, than their less-organized peers. Tiburon quoted saying that financial advisors need to know where they want to go and develop a plan to get there.

October 29, 2007 Investment News

Majority of Advisors See Equity Income as a Distinct Class
A majority of financial advisors view equity income as a distinct asset class, according to a survey of advisor attitudes released last week by Eaton Vance. Tiburon quoted saying that more advisors are looking for income-oriented products.

October 29, 2007 Investment News

Younger Boomers Off the Radar Screen
Mutual fund companies catering to the first wave of baby boomers, now nearing retirement, may be neglecting younger boomers who have many more years of work still ahead of them. Tiburon quoted saying that target date fund are useful products.

October 22, 2007 Financial Planning

Transition to Fee-Based Model Prompts New Partnership
The Phoenix Companies and Jefferson National have teamed up to create products for Jefferson's internet-based sales & service model platform. Article quotes statistics from Tiburon Strategic Advisors supporting the growth of fee-based accounts.

October 22, 2007 Investment News

Phoenix, Jefferson Agree to Focus on Fee-Based Advisors
The Phoenix Companies has formed an alliance with Jefferson National Life Insurance in which Phoenix will use the Jefferson's technology platform to offer no-load variable annuities to fee-based advisors at wirehouses and regional broker/dealers.  Article utilizes Tiburon data saying that the fee-based account market will reach $10 trillion by 2010.

October 22, 2007 Investment News

Prime Numbers: Where the Advisors Are
Publication's statistics page published graph produced by Tiburon showing that there are nearly 400,000 financial advisors, including 92,000 wirehouse brokers.

October 21, 2007 Wall Street Journal

Firm Sells Itself to Let Patriarch Cash Out
Like many parents, Anthony Carnevale did not want to be a burden on his children - although his situation as somewhat unusual. Sentinel Benefits Group sold to Focus Financial Partners. Tiburon quoted saying that transactions like this are growing in popularity.

October 19, 2007 Boomer Market Advisor

Boomer Marketing Strategies Reach New Heights
Here's an obvious point that, sadly, too many advisors are still missing. In order to increase their business, advisors should focus on a niche. But Chip Roame, managing principal with Tiburon Strategic Advisors, finds a majority of comprehensive advisors define their niche as high net worth individuals. Article summarizes speech given by Tiburon managing principal at recently held Tiburon CEO Summit XIII.

October 15, 2007 Pensions & Investments

Local Market Focus Pays Off for Manager
Franklin Templeton Investments' local asset management capabilities, particularly in emerging markets, are helping push the fund manager forward among US managers looking to expand their businesses overseas. Tiburon quoted saying that Franklin Templeton has had a savvy international strategy.

October 15, 2007 CNN Money.Com

Schwab Offers Benefits Package to Independent Advisors
Charles Schwab Institutional said it is working with Tri Net, which handles outsourcing of human resources, to offer discounted and bundled employment benefits to its independent advisor clients. Tiburon quoted saying that one challenge is the state-level insurance regulations.

October 12, 2007 Ignites.Com

Formula for a Successful Fund Shop
One of the most important ingredients in building a successful fund shop is helping investors avoid bad decisions. Article quotes both Tiburon and other speakers at recently held Tiburon CEO Summit XIII.

October 11, 2007 Investment News

Dodge & Cox's Gunn Blasts Hedge Funds
Hedge fund investors are likely to get burned, said John Gunn, chief executive of San Francisco-based Dodge & Cox. Mr. Gunn in a rare public appearance, made his comments during an address yesterday at Tiburon CEO Summit XIII in San Francisco, CA.

October 10, 2007 Investment News

Alternatives Investments on the Rise
Individual investors will increasingly use alternative investments, but so far their experience with non-traditional products has been limited, according to George Gatch, chief executive of JP Morgan Funds Management. Mr. Gatch made his comments at Tiburon CEO Summit XIII.

October 10, 2007 Investment News

Indies Growing, But Wirehouses Have Assets
The number of brokers at independent dealers will catch up to the wirehouses in about three years, said Charles "Chip" Roame, managing principal of Tiburon Strategic Advisors. Mr. Roame made his comments at Tiburon CEO Summit XIII.

October 9, 2007 Yahoo Finance

Advent's CEO to Speak at Tiburon CEO Summit XIII
Advent Software, the leading provider of software and solutions for the investment management industry, announced today that Advent's founder and CEO, Stephanie DiMarco, will be a speaker at Tiburon CEO Summit XIII this week in San Francisco, CA.

October 9, 2007 Reuters

Advent's CEO to Speak at Tiburon CEO Summit XIII
Advent Software, the leading provider of software and solutions for the investment management industry, announced today that Advent's founder and CEO, Stephanie DiMarco, will be a speaker at Tiburon CEO Summit XIII this week in San Francisco, CA.

October 9, 2007 PR Newswire

Advent's CEO to Speak at Tiburon CEO Summit XIII
Advent Software, the leading provider of software and solutions for the investment management industry, announced today that Advent's founder and CEO, Stephanie DiMarco, will be a speaker at Tiburon CEO Summit XIII this week in San Francisco, CA.

October 8, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XIII October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

October 8, 2007 Financial FYI

Financial FYI Issue 100807
More than 380,000 professionals in the US make a living by giving people financial advice according to Tiburon Strategic Advisors, a financial services consulting firm. Article quotes Tiburon from a recent Money Magazine article.

October 1, 2007 Investment News

Go Figure
Statistical column quotes Tiburon source statistic that the personal trusts business should grow from $3 to $7 trillion by 2010.

October 2007 Research

The Future of Fee-Based Accounts
A collision of regulatory events has given a boost to the industry's move towards a fee-based business model. Tiburon qupted saying that there are really four alternatives to the repeal of the Merrill Lynch rule.

October 2007 Financial Advisor

Conferences & Trade Shows
Publication's events calendar lists upcoming Tiburon CEO Summit XIII October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

October 2007 Senior Market Advisor

Vitals: Calendar
Publication's events calendar lists upcoming Tiburon CEO Summit XIII October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

October 2007 Financial Planning

Meet Marie Swift
Advertisement by Tiburon Consulting Fellow lists her pending appearance at Tiburon CEO Summit XIII.

October 2007 Financial Planning

Freedom & Control
Raymond James advertisement lists upcoming web seminar series, including the kick-off seminar featuring Tiburon's managing principal discussing the challenges & opportunities of going independent.

October 2007 Money

Inside the Mind of Your Adviser
Before you take your financial pro's advice, consider what's behind it. Tiburon data quoted saying that there are over 380,000 financial advisors.

October 2007 On Wall Street

Cost Basis
Tiburon quoted saying that cost basis reporting is needed by clients.

September 28, 2007 Dow Jones Newswires

Wachovia Boosts Recruitment Deal for Brokers
Wachovia Securities has jumped on the bandwagon of splurging on recruiting brokers - but it is structuring its payout in a way that limits its risk. Tiburon quoted saying that a higher payout with more back-end is a logical strategy.

September 27, 2007 CNN Money.Com

Inside the Mind of Your Adviser
Before you take your financial pro's advice, consider what's behind it. Tiburon data quoted saying that there are over 380,000 financial advisors.

September 24, 2007 Practical Accountant

Events
Publication's events calendar lists upcoming Tiburon CEO Summit XIII October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

September 18, 2007 Mutual Fund Wire

Fido Re-Tools the Name of its RIA Group
Fidelity has re-branded its registered advisor group as Fidelity Institutional Wealth Services. Tiburon data quoted saying that the trust market would increase rapidly by 2012.

September 17, 2007 Investment News

Pershing's Push for Advisers Doesn't Worry Competitors
By and large, big asset custodians are unfazed by any advantages Pershing may have gained by hiring well-known financial services consultant Mark Tibergien to take over as chief executive of its advisory unit. Tiburon quoted saying that Mr. Tibergien can offer lots of help to financial advisors.

September 17, 2007 Investment News

Wachovia Plans to Boost Planning for Wealthy Clients
Wachovia plans to ramp up its financial planning services for clients with between $5 and $50 million in investable assets over the next year and a half, underscoring the growing importance of planning in the ultracompetitive high net worth market. Tiburon quoted saying that Wachovia's financial planning is an excellent offering.

September 17, 2007 The Day.Com

Peer Pressure
John Rafal says he was surprised to be listed on Barron's top independent financial advisors list. Tiburon data utilized showing that independent financial advisors manage $2.1 trillion in assets.

September 11, 2007 CNN Money.Com

Practice Management: Pershing Expands Push for Advisors
In the fight for registered investment advisors and the assets that they manage, clearing firm Pershing is positioning itself as a competitor. Tiburon quoted saying that custodians attract business with practice management offerings.

September 11, 2007 Dow Jones Newswires

Practice Management: Pershing Expands Push for Advisors
In the fight for registered investment advisors and the assets that they manage, clearing firm Pershing is positioning itself as a competitor. Tiburon quoted saying that custodians attract business with practice management offerings.

September 6, 2007 Dow Jones Newswires

Broker's World: Firms Slash Minimums for Advisory Accounts
When it comes to clients on Wall Street, bigger is always better - except when it isn't. Firms are being forced to deal with small clients because of the end of the Merrill Lynch rule. Tiburon qupted saying that clients will likely pay more but get better service.

September 4, 2007 American Banker

Wealth Management Media Scan: The Indie 100
There is no shortage of folks who would like to tend to your investments. Brokers, money managers, private bankers, among others, all are battling to add your name to their client lists. Tiburon qupted saying that the independent financial advisor market is outgrowing all other industries.

September 2007 Financial Planning

Freedom & Control
Raymond James advertisement lists upcoming web seminar series, including the kick-off seminar featuring Tiburon's managing principal discussing the challenges & opportunities of going independent.

September 2007 Financial Advisor

Advisors Rescue Stranded Travelers
Add travel assistance to the list of services, such as family meetings and charitable giving guidance, that some financial advisors are providing top clients in an effort to distinguish themselves from the pack. Tiburon quoted saying that the stock market's volatility makes one vulnerable if they offer a limited set of services.

September 2007 Financial Advisor

Conferences & Trade Shows
Publication's events calendar lists upcoming Tiburon CEO Summit XIII October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

September 2007 Wealth Manager

Opportunity Knocks
Windfalls created by retiring baby boomers will make - or break - many advisory practices. New directed trusts can make the difference. Article quotes Tiburon data regarding the use of personal trust accounts and assets.

August 27, 2007 Barron's

The Indie 100
There is no shortage of folks who would like to tend to your investments. Brokers, money managers, private bankers, among others, all are battling to add your name to their client lists. Tiburon qupted saying that the independent financial advisor market is outgrowing all other industries.

August 20, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XIII October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

August 15, 2007 Money Management Executive

Mutual Funds Fend Off ETFs, Hedge Funds, SMAs
Despite threats from hedge funds, exchange traded funds, and separately managed accounts, mutual funds continue to grow in popularity Investor's Business Daily reports.  Tiburon quoted saying that mutual funds outgrow all other financial products in dollar terms.

August 15, 2007 Accountability Central.Com

Mutual Funds Stand Strong Versus Rivals; Assets Near $10 Trillion; Competitive Products Like Hedge Funds, ETFs Not Taking Much Share
The mutual funds industry may not be a kid any longer, but it is still growing like a teenager. Tiburon quoted saying that mutual fund flows surpass those of other investment products.

August 14, 2007 Yahoo.Com

Mutual Funds Stand Strong Versus Rivals
The mutual funds industry may not be a kid any longer, but it is still growing like a teenager. Tiburon quoted saying that mutual fund flows surpass those of other investment products.

August 14, 2007 CNN Money.Com

Mutual Funds Stand Strong Versus Rivals
The mutual funds industry may not be a kid any longer, but it is still growing like a teenager. Tiburon quoted saying that mutual fund flows surpass those of other investment products.

August 14, 2007 Investor's Business Daily

Mutual Funds Stand Strong Versus Rivals
The mutual funds industry may not be a kid any longer, but it is still growing like a teenager. Tiburon quoted saying that mutual fund flows surpass those of other investment products.

August 9, 2007 Branch Management Letter

The Branch Manager Anthem: I Know You Want to Leave Me (But I Refuse to Let You Go)
It is a question virtually every branch manager will one day face: What do you do when a top-tier producer decides it's time to leave the branch and the firm?  Tiburon quoted saying that having a game plan beforehand is critical.

August 8, 2007 Ignites.Com

Bisys to Help Smaller Funds with Distribution
Bisys has launched a distribution service aimed primarily at the little guys. The intention is to fill a gap among smaller mutual fund companies that may not have their own distribution forces. Tiburon quoted saying that the RIA market is booming and this provides an opportunity for fund managers to stay focused on stock picking.

August 7, 2007 Board IQ

SEC Official Urges Sharper Side-by-Side Oversight
With a growing number of investment advisors offering hedge like mutual funds alongside more traditional mutual funds, a top SEC official is urging boards to ask advisors about related conflicts of interest that could harm their shareholders. Tiburon qupted saying that more firms are managing both hedge funds and mutual funds.

August 7, 2007 Dow Jones Newswires

Advisors Rescue Stranded Travelers
Summertime and the livin' is easy -- until your clients loses a passport or wallet while traveling. Tiburon quoted saying that by offering mroe services, financial advisors are making themselves indispensable.

August 6, 2007 Dow Jones Newswires

Advisors Can Calm Clients with Calls
Savvy financial advisors can turn bad news days into good business development opportunities by picking up the phone and calling clients. Tiburon quoted saying that the key is to laying the groundwork with the clients ahead of time.

August 2007 Registered Representative

Fix My Practice: Balancing Act
Two years ago, Tom Lydon, a small independent advisor running an eleven year old practice launched a blog about exchange traded funds.  Now he's wondering how to expand that without hurting his ability to work with his clients. Tiburon quoted saying that the keys are marketing, client service, and focus.

August 2007 Financial Advisor

Calendar: Conferences & Trade Shows
Publication's events calendar lists upcoming Tiburon CEO Summit XIII October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

August 2007 Practical Accountant

Growth of Indexing & Exchange Traded Funds
Tiburon Strategic Advisors has released its latest research report that provides a broad understanding of its perspectives on the market-linked products industry and the emerging trends within this booming market.  Article profiles recently released Tiburon research report.

August 2007 Research

What Do CPAs Really Want?
When consultant Libby Dubick wrote a column recently on getting referrals from CPAs, she was deluged with calls and emails from frustrated financial advisors. Tiburon quoted saying that most financial advisors have not put int he effort required to win CPA referrals.

July 23, 2007 Investment News

Vanguard Share Class Causes Advisor Jitters
The Vanguard Group is pushing advisors out of a popular share class, and some financial advisors and industry experts are not happy about the move. Tiburon quoted saying that this is a logical business move for Vanguard.

July 23, 2007 Investment News

At the Bell: Flows Up at VC, Private Equity Funds
Venture capital & private equity fund flows are at their highest levels in more than a decade, according to Tiburon Strategic Advisors. Article profiles recent Tiburon research report on venture capital & private equity.

July 20, 2007 Investment News Equity Flows Hit $306 Billion
Venture capital & private equity flows are at their highest levels in more than a decade, according to Tiburon Strategic Advisors. Article summarizes key findings of recently released Tiburon research report on venture capital & private equity.

July 16, 2007 New York Daily News

Money Zone
According to researchers at California-based Tiburon Strategic Advisors, 641 mutual fund companies operate nearly 8,000 mutual funds.  Article lists several facts from recently completed Tiburon research report.

July 8, 2007 Saint Louis Post-Dispatch

Court Ruling on Fee-Based Investment Accounts May Help Investors
If you need investment advice, you may turn to someone who is billed as a financial counselor or financial advisor instead of visiting an old-fashion stock broker. Tiburon quoted saying that the overturning of the Merrill Lynch rule may lead to more brokers being registered as financial advisors.

July 3, 2007 Wall Street Journal

How Well Do You Know... Hedge Funds
Do you know what a side pocket is in the hedge fund world? Or how much of hedge fund returns actually go to investors? Article quotes Tiburon providing answers to hedge fund question about pricing.

July 1, 2007 Research

Wachovia to Buy AG Edwards
After helping to build Wachovia Securities through the consolidation of more than 20 broker/dealers, CEO Danny Ludeman says that the barbelling is occurring very rapidly. You will not see any regional firms left in the industry. Tiburon quoted saying that Wachovia Securities and AG Edwards was a good merger, with similar financial advsior-oriented models.

July 2007 Research

The Face(s) of Things to Come
Wachovia's $6.9 billion acquisition of AG Edwards establishes a new paradigm for retail brokerage, one that encompasses scale, fee-based advice, and advisors' ability to chose a captive or independent affiliation. Tiburon quoted saying that Wachovia is a leader in allowing multiple financial advisor models.

July 2007 Financial Advisor

The Big Picture
These days, the best clearing firms are taking a big picture consultative view of how they help broker/dealers grow their businesses, namely by helping financial advisors grow theirs. Tiburon quoted saying that clearing firms can not compete on their core business but now must add value.

July 2007 Financial Planning

Clearing Moves Out of the Back Office
Ten years ago, it probably did not matter.  The industry was working off of a transaction platform, and trading costs were pretty static. Advisors did not give a second thought about who was handling those mundane back-office details as long as their orders settled on time. Tiburon quoted saying that there are now only three major players in the clearing business.

July 2007 Wealth Manager

The Retirement Boom
They offer advice; they conduct surveys; they develop products. Now major firms are rolling out educational programs and software to help financial advisors meet clients' retirement planning needs. Tiburon quoted calling new retirement income products savvy.

July 2007 Wealth Manager

Dead Man Earning
As the only living relative of a famous rock star, Kimberly never had to work a day in her life. Tiburon quoted saying that there are four types of perpetual income streams.

July 2007 On Wall Street

Reps Receive Support on Cost Basis Issue
With proposals now being bandied about Congress requiring brokers to report the cost basis of clients' capital gains to the Internal Revenue Service, the securities industry is bracing for the impact of this potential scenario. Tiburon quoted saying that consumers want cost basis information.

June 13, 2007 Registered Representative

SEC to Decide Fate of Advisor Revenue Stream, 12b-1
If you are like many advisors, a chunk of your paycheck comes from 12b-1 fees in some form or another. But chances are that you are not collecting those fees for marketing purposes, as originally intended. Tiburon quoted saying that financial advisors and mutual fund supermarkets will need to get paid somehow.

June 11, 2007 Investment News

IRS Ices Tactics Used by Holders of Fee Accounts
The IRS has put a damper on a tax savings strategy that has been used by some investors with fee-based accounts. Tiburon research referenced showing that full-service brokerage firms have $1.5 trillion in fee-accounts and $4.7 trillion in commission accounts.

June 8, 2007 All About Alpha

What do Fiduciaries, ETFs, & 12b1 Fees Have in Common?
A few days ago, we wrote that the Merrill rule allows brokers to offer fee-based accounts without the full fiduciary responsibilities of traditional fee-based financial advisors. Tiburon quoted saying that the abolishment of the Merrill rule will likely improve ETF sales.

June 5, 2007 Accounting Web

The Real value of CPAs: Guiding Clients to Business Success
How many CPAs only have contact with their corporate clients at tax time?  If you are guilty as charged, you are undoubtedly doing a disservice to your clients and leaving money on the table, too. Tiburon statistics quoted regarding share of CPAs entering financial planning business.

June 4, 2007 Investment News

ETFs are Finding Favor Among Brokers
The recent setting aside of the broker/dealer exemption rule could make the brokerage community one of the hottest markets for exchange traded funds - a dramatic reversal from the way ETFs were viewed by brokers just a few years ago.  Article quotes Tiburon saying that brokers may move their fee-based brokerage account assets into ETFs.

June 4, 2007 Investment News

Fiserv ISS Deal Secures Number Three Spot for TD Ameritrade
Wit its planned $225 million cash purchase of Fiserv's custody business, TD Ameritrade is trying to do more than solidify its hold on the number three position among RIA custodians. Tiburon quoted saying this was also a defensive move to block E*Trade from entering this business.

June 4, 2007 Investment News

Indie Firms Sweeten Deals for Recruits
Faced with intense competition for financial advisors and growing transition costs, an increasing number of independent contractor broker/dealers over the past year have boosted the amount of money that they give to representatives and advisors to switch firms. Tiburon quoted saying that only 1% of successful independent reps change broker/dealers in any given year.

June 3, 2007 Saint Louis Post-Dispatch

Saint Louis Should Fare Better than Richmond in Wachovia - AG Edwards Combo
Wachovia plans to cut as many as 4,000 jobs when it takes over AG Edwards, but it does not look like AG Edwards' headquarters in Saint Louis will bear the brunt of the losses. Tiburon quoted saying that most job losses will likely happen in Richmond, Virginia.

June 1, 2007 Financial Planning

FP50: Small Wonders
Payouts, revenue growth, rep count.  Many gauges of the broker/dealer industry focus on numbers. Tiburon quoted saying that managing growth is a difficult proposition for mid-size firms.

June 2007 Investment Advisor

Doing it Right
There is no doubt that Ken Fisher is a control freak, but it allows his firm to deliver personalized service in a machine-like format to 18,000 satisfied clients. Fisher makes reference to the Tiburon CEO Summit Ask the Consumer panel in article.

June 2007 Registered Representative

The Ownership Society
Sure running your own RIA or independent company has its drawbacks - but the amount of money you make is not one of them. Tiburon quoted saying that the wirehouse channel has existed far longer than other channels, and hence has more well established financial advisors.

June 2007 Research

Industry Leaders Point to Growth & Challenges
Why all the confusion about mutual funds? Asks Chip Roame, head of Tiburon Strategic Advisors, who recently hosted the group's CEO Summit XII in San Francisco. Article summarizes the highlights of the recently held Tiburon CEO Summit XII.

June 2007 Research

The Independent Advantage
Affluent investors seeking advice are trending toward the independent sector. Tiburon data utilized showing that fee-only financial advisors have the highest average account size at $510,000. Tiburon quoted saying that independent reps have served lower net worth clients and may want to consider target marketing.

June 2007 Financial Advisor

Investor Feeding Frenzy Predicted
The demographic wave of baby boomers approaching retirement is likely to spawn a feeding frenzy of major proportions in the financial services business over the next fifteen years.  Article summarizes recent Tiburon CEO Summit XIII general session speakers.

June 2007 On Wall Street

State of Super Firms
It's never been better for Wall Street's retail brokerages, as rising stock markets have inflated assets under management, and investors have continued to turn to brokers for advice. Tiburon quoted saying that the trend of break-away brokers is overstated.

May 31, 2007 Bloomberg.Com

Roame of Tiburon Sees Broker Retention as Challenge to Wachovia
Charles ("Chip") Roame, managing principal at Tiburon Strategic Advisors, talks with Bloomberg's Tom Keene about Wachovia's agreement to purchase AG Edwards. Pod cast of interview posted on Bloomberg's web site.

May 24, 2007 American Banker

Mutual Funds Seen Still Ruling Investment World
Investment companies interested in capturing more market share should not worry so much about new products, such as separately managed accounts, exchange traded funds, or even funds mimicking alternative investments.  Article profiles a speech given by Tiburon's managing principal at a recent Investment Company Institute conference.

May 21, 2007 Fund Action

Sales Prospects Bright, Industry Told
Hot as they are, exchange traded funds are never going to surpass mutual funds in assets, according to Tiburon Managing Principal Chip Roame.  Article profiles speech given by Tiburon's managing principal at a recent Investment Company Institute conference.

May 21, 2007 Money Management Executive

Results, Service Trump Exotic Products
Investment companies interested in capturing more market share should not worry so much about new products, such as separately managed accounts, exchange traded funds, or even funds mimicking alternative investments.  Article profiles a speech given by Tiburon's managing principal at a recent Investment Company Institute conference.

May 18, 2007 Dow Jones Newswires

Firms Take Many Tacks as Merrill Rule Dies
The Merrill Lynch rule is history, but it is far from clear how its demise will affect the business of financial Advisors. When the SEC said that it will not fight a federal court decision abolishing the rule, it left brokers to cope in different ways. Tiburon quoted saying that firms should not rush to market until they are clear on their strategies.

May 18, 2007 Dow Jones Newswires

Morgan to Roll Out Fee-Based Advisory Program
Morgan Stanley is rolling out a new non-discretionary, fee-based advisory program to help its almost 8,000 brokers deal with a court ruling adverse to fee-based brokerage accounts. Tiburon quoted saying that most clients will likely opt to move to non-discretionary advisory accounts.

May 17, 2007 Wall Street Journal

SEC Decision Forces Investors to Make Choice
An SEC decision this week that backed pulling the plug on a popular type of brokerage account is expected to force about a million investors to choose anew where to put their money. Tiburon qupted saying that many investors likely do not know the difference between advisory and brokerage accounts.

May 16, 2007 Mutual Fund Wire

Seen & Heard at the ICI GMM
The ICI General Membership Meeting moved!  This was the first thing more than 1,200 attendees assuredly noticed when they exited their cabs at the Wardham Park Marriott. Article profiles recent conference, including speech by Tiburon managing principal.

May 7, 2007 Mutual Fund Wire

Mutual Funds Have Nothing to Fear from Alternative Investments
The mutual funds industry is alive and well, and does not have anything to fear from ETFs, SMAs, or hedge funds, said Chip Roame from Tiburon Strategic Advisors at the Investment Company Institute General Membership Meeting. Article summarizes the comments of Tiburon's managing principal at a recent conference.

May 13, 2007 Asbury Park Press

Old Marking Fee Does Little But Fatten Mutual Fund Pockets
The 12(b)1 mutual fund fee should be eliminated, just like fixed brokerage commissions were more than three decades ago. Investment Company Institute CEO Paul Stevens quoted at recent Tiburon CEO Summit saying that 12(b)1 fees are liking wiring in a house.

May 7, 2007 Bloomberg.Com

Time to Say Goodbye to 12(b)1 Mutual Fund Fees
The 12(b)1 mutual fund fee should be eliminated, just like fixed brokerage commissions were more than three decades ago. Investment Company Institute CEO Paul Stevens quoted at recent Tiburon CEO Summit saying that 12(b)1 fees are liking wiring in a house.

May 2007 Registered Representative

Fix My Business: To Prospect... Or Not to Prospect
How can an advisor who is new to the RIA business advance his career: Should he increase his book of business with new clients, or develop his expertise first? Tiburon utilized as consultant in column helping an advisor.

May 2007 Registered Representative

The Great Reckoning
The Financial Planning Association's victory in court may spell the death of fee-based brokerage. In the balance is more than $300 billion in more than one million fee-based brokerage accounts. Tiburon data utilized to support argument.

May 2007 Financial Planning

The Right Package
Fee-based asset management accounts have reached the trillion dollar level.  Some financial planners are finding new flexibility in these packaged deals. Article profiles recent Tiburon research report on separately managed accounts & other fee-account programs.

May 2007 Financial Planning

Snagging Breakaways
Schwab Institutional and Cambridge Investment Research have joined forces to attract advisors turning independent. But just how big is the prize? Tiburon quoted saying that, based on data, many are over stating the breakaway broker trend.

May 2007 Research

Morgan Stanley's Q1 Margins Up, New FA Designations Approved
Change continues to be the name of the game at Morgan Stanley. Tiburon quoted saying that Morgan Stanley is making all the moves that all the wirehouses will likely make, including focusing on fewer more productive brokers.

April 30, 2007 Investment News

Putnam's Haldeman Gives Mea Culpa at Tiburon Summit
Ed Haldeman has told his peers that he shares blame for the publicity fiasco that nearly sank Putnam Investments. Article summarized Ed Haldeman's recent speech at Tiburon CEO Summit XII.

April 23, 2007 Investment News

Mutual Fund Store Nabs Executive from H&R Block
David Byers was hired away last month from H&R Block to apply big company retailing tactics to the Mutual Fund Store.  Tiburon quoted saying that saying this was a good hire as a retail expert is needed to execute this strategy in mass.

April 19, 2007 Investment News

Putnam Not Looking to Make Acquisitions
Putnam Investments isn't interested in acquiring other investment management companies, according to the head of the Boston-based mutual fund company that Great West Lifeco of Winnipeg, Manitoba is acquiring form Marsh & McLennan. Ed Haldeman quoted at Tiburon CEO Summit XII.

April 19, 2007 Investment News

Trigger Event Often Spurs Clients
Nearly half of all people who have financial advisors got into those relationships due to specific trigger events, according to a soon-to-release report from the Investment Company Institute referenced by ICI President Paul Stevens speaking at Tiburon CEO Summit XII.

April 18, 2007 Investment News

Execs Offer Divergent Thoughts on Boomers
John DesPrez, chief executive of John Hancock Financial Services of Boston, told 100 attendees at the Tiburon CEO Summit in San Francisco that the stars are lining up well for his company's effort to sell insurance-based products. Jim Riepe, retired vice chairman & senior advisor to T. Rowe Price Group, argued that mutual funds will remain the core product.

April 16, 2007 American Banker

Mass Mutual Retirement Arm Planning for Growth
Massachusetts Mutual Life Insurance Company's new retirement income unit plans to expand distribution of sophisticated retail investment and planning products beyond its agency force to include broker/dealers and banks. Tiburon quoted saying that Mass Mutual is one of the first firms to have actually offerings in this regard.

April 16, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

April 16, 2007 Investment News

Calendar
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

April 14, 2007 Wall Street Journal

Five Reasons: Break Up Citigroup
Citigroup reports first quarter earnings Monday, and there are more than a few that would not mind hearing that Charles Prince is biting the bullet and has decided to pull apart the pieces of this technological terror Sanford Weill constructed.  Tiburon quoted saying that conglomerates always have under performing businesses.

April 9, 2007 Money Management Executive

Small Banks Committed to Asset Management
While some small banks have abandoned asset management or turned to third-party outsourcers, others are entering or remaining in the business. Tiburon quoted saying that open architecture may not be the right strategy for every bank.

April 9, 2007 Investment News

Calendar
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

April 2, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

April 2, 2007 Investment News

Wealth Pros Warming to Passive
Passive strategies are growing amongst financial advisors at both large and small banks. Tiburon quoted saying that clients want to spend more time on quality-of-life and legacy issues, not worrying about investments in a volatile stock market.

April 2, 2007 Investment News

Differentiation is Called Key to Wealth Managers' Success
Wealth management companies need to stand out from the crowd as the business becomes mroe commoditized, attendees were warned here last week at the American Bankers Association's annual wealth management & trust conference. Tiburon quoted saying that there has never been a better time for proactive marketing.

April 2007 Registered Representative

401(K)s Coming Your Way?
Big blue announced mid-March that it has hired Fidelity Investments and The Ayco Company (a Goldman Sachs subsidiary) to offer financial advice to its US employees. Tiburon quoted saying that the advice business within 401(K) plans is growing quickly.

April 2007 Registered Representative

Can Schwab's RIA Empire be Toppled?
In the land of RIA custodians, Charles Schwab is king. Last year, the online-broker-turned-advice provider extended an already massive lead over rivals Fidelity and TD Ameritrade in RIA Asset gathering. Tiburon qupted saying that Schwab dominates.

April 2007 Research

Morgan Stanley's Latest Ads: FA Buddy Out, Global Theme In
The new pitch at Morgan Stanley is world wise. The 2007 advertising campaign is a sharp contrast to a previous pitch that highlighted close advisor-client relations. Tiburon quoted saying that this follows the industry trend toward abstract advertising.

April 2007 Research

LPL Buys Three Pac Life BDs; Nears the 10,000 FA Mark
After months of speculation, LPL Financial Services says it has reached a deal to acquire three of Pacific Life Insurance Company's broker/dealers. Tiburon given credit for having predicted this acquisition months earlier.

March 30, 2007 iStock Analyst

Court Ruling Could Force Brokers to Reclassify Fee-Accounts
In a decision that could force brokerage firms to reclassify hundreds of billions of dollars in client assets, a federal appeals court Friday shot down a Securities & Exchange Commission rule that allowed stockbrokers to sidestep investment advisor laws when giving financial advice for a fee. Tiburon quoted saying that fee-based brokerage accounts will likely be abolished.

March 30, 2007 Market Watch

Court Ruling Could Force Brokers to Reclassify Fee-Accounts
In a decision that could force brokerage firms to reclassify hundreds of billions of dollars in client assets, a federal appeals court Friday shot down a Securities & Exchange Commission rule that allowed stockbrokers to sidestep investment advisor laws when giving financial advice for a fee. Tiburon quoted saying that fee-based brokerage accounts will likely be abolished.

March 30, 2007 Dow Jones Newswires

Court Ruling Could Force Brokers to Reclassify Fee-Accounts
In a decision that could force brokerage firms to reclassify hundreds of billions of dollars in client assets, a federal appeals court Friday shot down a Securities & Exchange Commission rule that allowed stockbrokers to sidestep investment advisor laws when giving financial advice for a fee. Tiburon quoted saying that fee-based brokerage accounts will likely be abolished.

March 26, 2007 Investment News

Wealth Planning Talent War Rages
Fierce competition for the short supply of available talent in the wealth management business is proving to be a hot topic at the American Bankers Association's annual Wealth management & Trust Conference. Tiburon qupted saying that the war for talent is likely to hear up.

March 26, 2007 Investment News

Calendar
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

March 19, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

March 15, 2007 The Epoch Times

Citigroup's Executive Shuffle
Sallie Krawcheck was recently elevated to the position of CEO of Citigroup's venerable Global Wealth management division, in the latest shake up of the banking giant. Tiburon quoted saying that her previous role as the firm's CFO will likely allow her to be a more effective CEO.

March 12, 2007 Investment News

Calendar
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

March 12, 2007 Investment News

Schwab, Cambridge Blend Efforts
After fifteen years of serving their common clientele separately, Schwab Institutional and Cambridge Investment Research are showing those dually registered advisors a united front in recruitment, service, & reporting.  Tiburon quoted saying that this is a step in the right direction and may lead to a Schwab acquisition of an independent broker/dealer.

March 2007 Investment Advisor

Opportunity Knocks
Trusts have created a dilemma for financial advisors. Many clients can greatly benefit from trust strategies, yet it has been very difficult to get paid for the service. Tiburon data used showing that three-quarters of high net worth households have established trusts.

March 2007 Financial Planning

Clearly, Competition
Broker/dealer behemoth LPL muscled into new territory last December when it announced that it would begin clearing for Axa Advisors. Tiburon quoted saying that it is leveraging its phenomenal back office.

February 26, 2007 Investment News

Vanguard Adds Online Offerings Aimed at Advisors
As part of its ongoing efforts to appeal to financial advisors, the Vanguard group has added several features to its web site. Tiburon quoted saying that Vanguard's retail advice efforts should not threaten financial advisors, and that practice management tool kits as a requirement amongst mutual fund companies seeking to serve financial advisors.

February 26, 2007 Investment News

ETFs Seek Appeal Among Hedge Funds
The Vanguard Group which long has espoused the virtues of buy-and-hold investing, is encouraging hedge funds - which rank among the most frantic of investors - to invest in its exchange traded funds. Tiburon quoted saying that hedge funds can provide significant volume and that Vanguard may back off of this strategy over time.

February 26, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

February 23, 2007 Dow Jones Newswires

Brokerages Help Advisors Do Deals
Brokerage firms are rolling out programs to help independent financial advisors acquire clients in bulk - by buying other advisors' practices. Tiburon quoted saying that firms make these offers to help them grow their own firms and to attract & retain talent.

February 13, 2007 North Andover Eagle-Tribune

Like Good Wine, Financial Planning Takes Time
Do you remember the days when your television channels were 4, , and 7, and reception was black & white? Today satellites provide access to a hundred stations and not only in color but in high definition as well. Tiburon data referenced suggesting that 84% of brokerage account assets were still in a commission arrangement.

February 12, 2007 Securities Industry News

Dow Jones Takes its Wealth Manager Up a Notch
If a Dow Jones & Company brochure is any indication, the wealth management business today has the same kind of ring that plastics did in 1967 to the Dustin Hoffman character in The Graduate. Tiburon quoted saying that the system seems like a surround strategy for financial advisors.

February 12, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

February 3, 2007 Saint Paul Pioneer Press

A Newfangled Way to Expand
Ameriprise Financial could go on a buying binge in 2007. It is giving its network of 7,500 franchise advisors the money and the means to expand their practices by acquiring nearby competitors. Tiburon data referenced saying that there are 100,000 independent advisors.

February 2007 Research

Fee-Based Business
The trend is real, but the progress has been slow: 87% of advisors now do some fee business, but only 16% of client assets are in fee-accounts.  Tiburon quoted re statistics and comparing the shift to turning a large battleship.

February 2007 Wealth Manager

IMCA 2007 Upcoming Conferences
Advertisement for the Investment Management Consultants Association lists Tiburon managing principal as upcoming conference speaker highlight.

February 2007 On Wall Street

Taking the Alternative View
What goes up must come down, right? Well, if you are a holder of alternative investments, you may have to wait a while before tat law really applies. Tiburon quoted saying that the hedge fund market is booming and attracting numerous investment management firms.

January 29, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

January 29, 2007 Money Management Executive

Misunderstandings Dampen IRA Sales
In the race to prepare for retirement, investors and fund complexes are missing out on one big opportunity: the individual retirement account (IRA). Tiburon quoted saying that the downside of the contributory IRA business is the small size of contributions.

January 29, 2007 Investment News

Schwab Transition Loan Offer Comes with a Catch
Schwab Institutional is trying to take away successful stockbrokers' last excuse for not going independent - by offering to bankroll the transition. Tiburon quoted saying that this is a powerful offer as Americans have a penchant for using other people's money to make purchases.

January 29, 2007 Investment News

Wraps Trump SMAs, Study Says
Separately managed accounts deserve a second look - for being laggards, contends Matthew McGraw in a report the senior researcher wrote for Tiburon Strategic Advisors.  Article profiles recent Tiburon fee-accounts research report.

January 15, 2007 Money Management Executive

UMAs Take Hybrid Overlay Approach
As the unified managed account business rapidly develops, many firms are recognizing the need to offer UMAs to clients. Tiburon quoted saying that the UMA market may reach $117 billion by 2011.

January 11, 2007 American Banker

A Putnam Deal Seen Helping Buyer, Seller
The widely reported, but not yet announced, $3.9 billion sale of Putnam Investments to Montreal-based Power Corporation could mean the end of a bumpy road for the Boston-based investment firm and its New York-based parent Marsh & McLennan. Tiburon quoted saying that some 401K plan sponsors may re-evaluate their use of Putnam funds in light of the sale.

January 8, 2007 Money Management Executive

Putnam Sale Could Impact its 401(K) Business
The widely reported, but not yet announced, $3.9 billion sale of Putnam Investments to Montreal-based Power Corporation could mean the end of a bumpy road for the Boston-based investment firm and its New York-based parent Marsh & McLennan. Tiburon quoted saying that some 401K plan sponsors may re-evaluate their use of Putnam funds in light of the sale.

January 8, 2007 Accounting Today

Coming Events
Publication's events calendar lists upcoming Tiburon CEO Summit XII April 18-19, 2007 at the Ritz Carlton Hotel in San Francisco, CA.

January 2007 Registered Representative

Ready to Drive Fee-Based Revenues
National Financial's Managed Account Solutions is a comprehensive, integrated, and flexible new wealth management offering.  Advertisement quotes recent Tiburon research report regarding fee-accounts.

January 2007 Financial Advisor

Ready to Drive Fee-Based Revenues
National Financial's Managed Account Solutions is a comprehensive, integrated, and flexible new wealth management offering.  Advertisement quotes recent Tiburon research report regarding fee-accounts.

January 2007 Research

Big Firms had a Good '06; Set for More Growth in '07
The stocks of the largest brokerage firms have outperformed the S&P 500 in 2006, thanks to some key performance issues, experts say. Furthermore, large firms are expected to continue the strategies they've put in place recently in the years ahead, which should mean more good news. Article is an interview of Tiburon's managing principal.

December 21, 2006 Dow Jones Newswires

Merrill Lynch Creates Enhanced Death Benefit for Brokers
Merrill Lynch has introduced a new benefit for its more than 15,000 brokers to provide additional payments to their families in the event of their death. Tiburon quoted saying that this is another benefit Merrill Lynch is offering to recruit and retain brokers.

December 11, 2006 Investment News

Private Equity Firms Set Sights on Wealth Management Biz
Private equity firms are zeroing in on the wealth management business. Tiburon quoted saying that well capitalized firms will win.

December 11, 2006 Investment News

Chuck Schwab Eyes Short List of Successors
Chuck Schwab probably won't step down as CEO of The Charles Schwab Corporation for another two years. In the meantime, he will groom a successor and see through the remarkable turnaround he ignited at the discount broker. Tiburon quoted saying that Schwab needs to put to work the funds it has raised from the US Trust sale.

December 4, 2006 American Banker

IXIS Adviser Unit Targets Bank Distribution
IXIS Asset Management Group says it will increase distribution through banks and RIAs to add to its assets under management. Tiburon quoted saying that banks have fallen behind other channels.

December 4, 2006 Investment News

Linsco, Thinking Big, Builds Management
Snagging top talent from rivals, LPL is expanding its roster of top management, and adding to and building out services. Tiburon quoted saying that LPL is distancing itself from its independent broker/dealer firm competition.

December 2006 Research

What do Clients Really Want? Panel Explores the Issues
A recent consumer panel, showcased during Tiburon CEO Summit XI hosted by Tiburon Strategic Advisors, highlights the diverse nature of the investing public.  Article profiles the Ask the Consumers panel at recent Tiburon CEO Summit.

December 2006 Research

Shifting Tides
In Research's June 2006 issue, the article Going Independent taught us that the financial services industry continues to attract new entrants. The industry segment showing the greatest 2004-2005 growth was independent broker/dealers. Tiburon quoted saying that the number of independent reps will likely roar ahead.

December 2006 Financial Planning

The Retirement Puzzle
Serving retirees might be a lot less profitable than most financial planners imagine. There are certainly opportunities in catering to this wealthy crowd, but only if you know where to look. Tiburon quoted saying that advisors need to capture clients before they retire.

December 2006 Financial Advisor

Challenging Conventional Wisdom
All too often, this emerging profession's conferences, like those of most other industry and professional groups, resemble a poor man's version of the academy awards.  Article details recent Tiburon CEO Summit, complimenting it for having a collegial atmosphere, numerous insights, and challenges to conventional wisdom.

November 30, 2006 Bloomberg.Com

E*Trade to Offer Direct Trading in Foreign Stocks Over the Web
E*Trade, facing competition from bigger brokers for domestic stocks, will offer online trading in foreign equities next year as investors demand mroe access to international markets. Tiburon quoted saying that they new service will appeal primarily to sophisticated investors.

November 27, 2006 Investment News

US Fiduciary Expands, Luring Wirehouses; Top Talent
A top Merrill Lynch producer has joined a startup broker/dealer that has emerged as a new threat to wirehouses in the battle for talent. Tiburon quoted saying that US Fiduciary is positioned differently than LPL and Raymond James, and that Steven Graubart is a great recruiter.

November 27, 2006 Investment News

Schwab Bets on RIAs to Woo Rich
The Charles Schwab Corporation, in its agreement to sell its wealth management subsidiary to Bank of America Corporation, is betting that its independent financial advisors can win the accounts of the superrich.  Article quotes Tiburon saying that this is an endorsement of the RIA business.

November 21, 2006 Research

Tiburon's Latest Summit Highlights Advisor, Industry Trends
To understand the ever changing nature of the financial services industry, some 75 CEOs and other professionals attended Tiburon Strategic Advisors' eleventh semi-annual CEO Summit. Article profiles recently held Tiburon CEO Summit XI.

November 20, 2006 Investment News

Turnkey Asset Management Programs Taking Off
Whether due to commission-based advisors fleeing toward fee-only models, baby boomers demanding more sophisticated investment strategies, or advisors leaving wirehouses to set up their own shops, turnkey asset management programs are booming. Article quotes Tiburon prediction that TAMP assets would grow from $200 billion in 2005 to $600 billion by 2010.

November 20, 2006 Investment News

Asset Managers Unsure How to Reach RIAs
Although registered investment advisors control $1 trillion in assets, 70% of investment management firms responding to a recent survey were unclear on how to market to this growing segment. Tiburon quoted saying that mutual fund companies often confuse independent reps and fee-only financial advisors.

November 13, 2006 Investment News

Schwab Institutional to Spend $50 Million on Technology in 2007
The Charles Schwab Corporation next year plans to more than double its spending on technology to benefit financial advisors, a move intended to help the company achieve its goal of amassing $1 trillion in advisor assets by 2010. Tiburon quoted saying that a related Schwab advertising campaign is critical to the success of fee-only financial advisors.

November 6, 2006 Investment News

Fisher Investments Eyes a Centralized Roll-Up
Ken Fisher built a huge advisory practice using junk mail, and now he wants to gobble up financial advisors nationally using another unique approach. Tiburon quoted saying that Fisher Investments has some clear advantages over many prior acquisition attempts, and article references recent Tiburon CEO Summit as location of Mr. Fisher's announcement.

November 6, 2006 American Banker

Key's Private Bank Move Shadowed Industry Trend
KeyCorp private bank's decision to move in wealth management exemplified a couple of trends analysts have note din this business line. Tiburon quoted saying that mid-size banks are really lagging behind in open architecture.

November 6, 2006 Wall Street Journal

Small Firm's Big Goal: A Sea Change in ETFs
Gary Gastineau isn't a household name among mutual fund investors, and, despite stints at the American Stock Exchange and Nuveen Investments, he no longer works for a big name firm. Tiburon quoted saying that active ETF proposals hinge on revealing portfolio holdings.

November 3, 2006 Portland Business Journal

Bank of America Positions Itself as Brokerage Power
If people didn't know that Bank of America was already a big player in the securities brokerage business, the recent offer of free online trades clearly made the point. Tiburon quoted saying that Bank of America has tons of potential

November 2006 Research

Web Exclusives
Research magazine staff attend top industry events nationwide on a regular basis, and Research reporter Janet Levaux shares more of her notes from the 11th Semi-Annual Tiburon CEO Summit, hosted by Tiburon Strategic Advisors October 18-19 in San Francisco, CA. Article Summarizes points of Tiburon managing principal at Tiburon CEO Summit XI.

November 2006 Kiplinger

Schwab Unveils Wrap Accounts
Like Ikea furniture, a good portfolio of mutual funds takes some effort to assemble. Schwab recently announced its managed portfolios and its pricing is aggressive. Tiburon quoted saying that independent advisors charge 0.76% on average.

November 2006 Financial Advisor

Is the Price Right?
When investment advisors hire consultant John Comer to help them build a firm that will attract wealthier and more profitable clients, they almost all have a pervasive blind spot: their own firm's pricing and profitability. Tiburon quoted saying that full-service brokerage firms have been lowering fee-account pricing.

November 2006 Financial Planning

The One Thing You Can't Ignore (Anymore)
Running a practices is hardly a matter of just do it. When advisors gather now, the discussions are likely to be about practice management as they are about the practice itself.  Article profiles seven industry leaders, including Tiburon's managing principal, who says that the advisor industry may stay fragmented, and that mergers & acquisitions are far fewer than believed.

October 31, 2006 Ignites.Com

Morningstar to Ride Retirement Income Wave
With mutual fund firms rushing to roll out retirement income services, Morningstar is hoping to catch the wave by offering a new tool to assist advisors with retirement income planning. Tiburon quoted saying that Morningstar's brand position should help it succeed in this growing market.

October 30, 2006 Financial Planning

MFS Off the Table May Mean Tough Times for Company, Putnam
Once upon a time, mutual fund complexes were the cash cows of their annuity company parents. Not anymore. Tiburon quoted saying that the market for load fund families is not real hot right now.

October 30, 2006 Mass High Tech Business Journal

BofA Making Bold Move as it Builds Brokerage Business
If people didn't know that Bank of America was already a big player in the securities brokerage business, the recent offer of free online trades clearly made the point. Tiburon quoted saying that Bank of America has tons of potential

October 30, 2006 Silicon Valley & San Jose Business Journal

BofA Making Bold Move as it Builds Brokerage Business
If people didn't know that Bank of America was already a big player in the securities brokerage business, the recent offer of free online trades clearly made the point. Tiburon quoted saying that Bank of America has tons of potential

October 30, 2006 Capital Region Business Review

BofA Making Bold Move as it Builds Brokerage Business
If people didn't know that Bank of America was already a big player in the securities brokerage business, the recent offer of free online trades clearly made the point. Tiburon quoted saying that Bank of America has tons of potential

October 30, 2006 Money Management Executive

MFS Off the Table May Mean Tough Times for Company, Putnam
Once upon a time, mutual fund complexes were the cash cows of their annuity company parents. Not anymore. Tiburon quoted saying that the market for load fund families is not real hot right now.

October 30, 2006 Investment News

AUM Minimums for SEC Oversight an Issue Again
Regulators are discussing doubling the minimum assets requirement for registered investment advisors to come under SEC supervision, but the repercussions are likely to extend beyond the hassles of de-registering. Tiburon data utilized showing that about 3,200 advisors would need to re-register.

October 30, 2006 Investment News

Asset Mark's Distribution Product Wins Fans
AssetMark Investment Services has become one of the first companies to introduce a non-annuity financial product that is designed to pay retirees rather than accumulate assets prior to retirement. Recent Tiburon CEO Summit referenced as location of these remarks.

October 27, 2006 Charlotte Business Journal

BofA Making Bold Move as it Builds Brokerage Business
If people didn't know that Bank of America was already a big player in the securities brokerage business, the recent offer of free online trades clearly made the point. Tiburon quoted saying that Bank of America has tons of potential

October 26, 2006 ETF Trends

Fidelity ETF Offerings Slow in Coming
Experts in the exchange traded funds industry say Fidelity Investments isn't capitalizing on the current ETF boom. Article mentions discussion at recent Tiburon CEO Summit.

October 23, 2006 Investment News

RIAs, Asset Custodians Face Off at Tiburon Powwow
Registered investment advisors often call asset custody a commodity.  At least that was the case at the 11th semi-annual Tiburon CEO Summit last week.  Article summarizes developments on custody panel at recent Tiburon CEO Summit.

October 19, 2006 Jobs in the Money

For Brokers, Training Issues Come into the Open
According to Market Watch, James Gorman from Morgan Stanley said that the brokerage business is defined by its bottom half who cause a disproportionate amount of its issues. Tiburon quoted supporting the views that training needs to be more rigorous.

October 19, 2006 Morningstar

A Contrarian View of Marketing
The need to market your advisory services is self-evident, right?  Article summarizes recently released Tiburon research report on financial advisor sales & marketing activities.

October 16, 2006 Accounting Today

Events
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

October 16, 2006 Investment News

Gorman Calls for Brutal Treatment of Low-End Brokers
The candid comments James Gorman made at an industry conference two weeks ago about the advice industry's defacto dirty laundry have drawn wide praise from advisors, consultants, and securities attorneys. Tiburon quoted saying that the comments are a breadth of fresh air.

October 16, 2006 Investment News

Tiburon to Hold a Custody Jamboree
The heads of most of the top asset custodians will convene in San Francisco this week at the Tiburon CEO Summit.  Article profiles panel discussion at upcoming Tiburon CEO Summit.

October 16, 2006 Investment News

Calendar
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

October 9, 2006 Investment News

Calendar
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

October 4, 2006 Ignites.Com

Advisors Missing Marketing Opportunities: Report
Advisors should be a bit mroe proactive when it comes to asking for client referrals. That's according to a new report from Tiburon Strategic Advisors.  Article profiles Tiburon's sales & marketing research report.

October 2, 2006 Money Management Executive

Banks Try to Muscle in on Brokerages' SMA Market Share
Banks control only 8% of the market for separately managed accounts, and as they try to gain assets from registered investment advisors and the wirehouses, they will be faced with challenges of pricing, open architecture, and sales & marketing. Tiburon quoted saying banks face many issues and may not be successful.

October 2, 2006 Accounting Today

Events
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

October 1, 2006 Research

Payout Gridlock
It is not a big secret these days, but we will tell it anyway: the financial services industry loves fee-based business. Tiburon quoted saying that four trends are driving the shift.

October 2006 Massachusetts Banker

Wealth Management: The Burgeoning Opportunity for Community Banks
It's the sheer numbers that have everyone in the financial services universe buzzing. First there is the so-called baby boom generation, the 76 million Americans born between 1946 and 1964. Article summarizes findings of recent Tiburon research report regarding The Future of Advice.

October 2006 Investment Advisor

Beginnings: Datebook
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

October 2006 Financial Advisor

Calendar: Conferences & Trade Shows
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

October 2006 Financial Advisor

Many Planners Underwhelmed by Software
Financial planning software has yet to win over the bulk of advisors, with many of them feeling today's products are just OK, according to a new study. Article quotes recent Tiburon technology research report.

September 29, 2006 Fund Fire

Banks Face Obstacles to Managed Accounts Growth
Banks still have lots of work to do to grow their separate account businesses to the levels of their rivals in the wealth management space. Tiburon quoted saying that banks need to get moving to catch up in separately managed accounts.

September 29, 2006 American Banker

Banks Seen Jumping Directly to Unified Managed Accounts
Banks continue to lag behind wirehouses and registered investment advisors in attracting assets to separately managed accounts, but many are skipping SMAs and going right to the next generation - unified managed accounts. Article summarizes recent conference and Tiburon is quoted saying that banks have not done well at SMAs and will unlikely gain any market share.

September 25, 2006 Investment News

Calendar
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

September 20, 2006 Ignites.Com

CPAs Newest Target for Fund Shops
CPAs are leaping into the financial advisory services arena.  While mutual fund firms have an opportunity to woo this new advisor demographic, they must tread carefully if they want to win them over. Tiburon quoted saying that CPAs know their clients' financial affairs well.

September 18, 2006 Accounting Today

Events
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

September 18, 2006 Investment News

Calendar
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

September 18, 2006 Investment News

Scottrade Moves to Take Custody of Advisors
Scottrade is entering the asset custody business, and some observers like the deep-discounter's prospects. Tiburon quoted saying that Scottrade will likely do well in the fee-only financial advisor market.

September 8, 2006 Easy Bourse

Advisors Can Gain Trust with Trusts
Financial advisors can win the trust of clients, and additional business, with deft handling of trusts. Article quotes Tiburon statistics on the number of trusts and the potential growth of the market.

September 8, 2006 Dow Jones Newswires

Advisors Can Gain Trust with Trusts
Financial advisors can win the trust of clients, and additional business, with deft handling of trusts. Article quotes Tiburon statistics on the number of trusts and the potential growth of the market.

September 6, 2006 Wall Street Journal

Brokerages Broaden Training Programs
Merrill Lynch, the world's largest employer of brokers, is no longer teaching trainees a once-important lesson: how to make cold calls. Tiburon quoted saying that baby boomers want more holistic advice.

September 4, 2006 Investment News

Schwab Unveils Eight Mutual Fund Wrap Products
Charles Schwab & Company has introduced an advice product that takes aim at some of the fattest profit margins earned by stockbrokers on Wall Street. Tiburon quoted saying that this marks Schwab's move into the world of ongoing advice.

September 4, 2006 Investment News

Wirehouses Struggle to Gain New Assets
Wirehouse reps are struggling to gain new assets. Over the past two-and-a-half years, reps at Merrill Lynch and UBS have brought in an average of about $600,000 of net new money per quarter. Tiburon quoted saying that this is very unimpressive and signals trouble.

September 4, 2006 Accounting Today

Events
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

September 2006 The Monitor

Demographics as a Starting Point for Wealth Management
Today's US households control more than $17 trillion in investable assets and $46 trillion in total households assets. Article written by the Monitor was excerpted from two Tiburon research reports on consumer wealth and estate planning.

September 2006 Inside Information

Very Different Thinking
The NAPFA West Conference more than lived up to its think different theme, with keynote speeches offered by Chip Roame of Tiburon Strategic Advisors, cultural anthropologist Jennifer James, and personal finance columnist & author Jason Zweig.  Article profiles recent speech by Tiburon managing principal.

September 2006 Financial Advisor

Calendar: Conferences & Trade Shows
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

September 2006 American Banker

Why Bankers Face an Uphill Battle in Advising the Rich
Bankers have moved in recent years to offer investment customers broader product menus to establish their trustworthiness as unbiased providers of answers to clients' financial needs. Tiburon quoted saying that becoming a trusted advisor will require a lot more than product shifts.

September 2006 Research

LPL to Boost Top Payouts; Open Center in Southeast
Advisors attending LPL's recent annual conference in San Diego heard more than personal insights form speakers Bill Bradley and Tom Brokaw. They also received news that their maximum payout levels were going up. Tiburon quoted saying that this is a savvy business strategy from a savvy firm.

September 2006 Research

RJA Tackles the Growth Challenge
Raymond James & Associates President Dennis Zank does not mince words when it comes to how the traditional brokerage firm's recruiting and growth efforts are going. Tiburon quoted saying that Raymond James looks a lot like a wirehouse, driving many wirehouse brokers to consider it.

September 2006 Research

AG Edwards Furthers Asset Allocation Push
Hoping to continue recent strong growth in its asset management and service fee revenues, AG Edwards is rolling out seven new portfolios that mix mutual funds and exchange traded funds. Tiburon quoted saying that this is related to the industry-wide cleaning up of the fee-accounts business.

September 2006 On Wall Street

Gearing Up for the Big Sale
In the booming 1990s in California's Silicon Valley, new millionaires were minted daily, keeping financial planners and estate & tax specialists busy full-time. Tiburon quoted saying that a rush of liquefaction is coming.

September 2006 On Wall Street

Sate of Super Firms
Firms are hearing the call from outside of the United States, and they are looking to countries such as China and regions like the Middle East and Latin America. Tiburon quoted suggesting caution re foreign markets.

August 28, 2006 CNN Money.Com

Brokers Edge Into New Era as Advisors
Merrill Lynch, the world's largest employer of brokers, is no longer teaching trainees a once-important lesson: how to make cold calls. Tiburon quoted saying that baby boomers want more holistic advice.

August 28, 2006 Easy Bourse

Brokers Edge Into New Era as Advisors
Merrill Lynch, the world's largest employer of brokers, is no longer teaching trainees a once-important lesson: how to make cold calls. Tiburon quoted saying that baby boomers want more holistic advice.

August 28, 2006 Dow Jones Newswires

Brokers Edge Into New Era as Advisors
Merrill Lynch, the world's largest employer of brokers, is no longer teaching trainees a once-important lesson: how to make cold calls. Tiburon quoted saying that baby boomers want more holistic advice.

August 21, 2006 Accounting Today

Events
Publication's events calendar lists upcoming eleventh semi-annual Tiburon CEO Summit.

August 14, 2006 Investment News

Ameriprise Adopts Tool Others Shun
Ameriprise Financial will soon roll out improved account aggregation technology for its 10,500 financial advisors in a move intended to sharpen its edge as the broker/dealer that leads with financial planning. Tiburon quoted saying that account aggregation software may boom in the medium term.

August 10, 2006 Registered Representative

Too Many BOMs?  If Current Trends Continue, Yes
Branch managers say they sometimes get the feeling that they are wearing bull's eyes on their backs. Perhaps they are. Tiburon quoted saying that demand for branch managers will decline as more advisors go independent.

August 9, 2006 Investor's Business Daily

Raymond James Beats Odds with Pleasant Q3 Surprise
It is easy to boost sales and earnings when your industry is in an upcycle. The challenge is doing so when the cycle heads south. Investment firm Raymond James faced that challenge in its fiscal third quarter. Tiburon quoted saying that saying that Raymond James' business model is innovative.

August 8, 2006 Dow Jones Newswires

New Tool Helps Advisors Gauge Success
The Financial Planning Association and a division of Aon Corporation have teamed up to help independent financial advisors compare their business performance with others in their geographic area. Tiburon quoted saying that benchmarking is one of advisors' keys to success.

August 7, 2006 American Banker

4th Annual Separately Managed Accounts Conference
Advertisement for upcoming Source Media and Money Management Institute joint conference lists Tiburon's managing principal as a key speaker.

August 7, 2006 Investment News

Hondros Expected to Exit Gartmore
Several industry sources expect former Fidelity Investments marketing whiz Paul Hondros to leave the Gartmore Group. Tiburon quoted saying that Mr. Hondros would be underutilized if Gartmore has no plans to grow is US asset management business.

August 2006 Registered Representative

Stay
Wachovia's decision to let employee reps transfer to its independent channel will help it retain top producers, but will it squeeze its margins? Tiburon quoted saying that Wachovia's open advisor platform is a smart business strategy.

August 2006 Registered Representative

LPL: On the Prowl?
It has been nearly ten months since LPL sold a majority stake to two private equity firms. Tiburon quoted saying that LPL is likely an acquirer because it wants to complete an IPO as a mid-cap stock.

August 2006 Financial Planning

Asset Mark, Genworth, Tie the Knot
In late June, AssetMark Investment Services, based in Pleasant Hill, CA, went according for a mate with deep pockets that could help propel the provider of turnkey asset management services to the next level. Tiburon data used to explain the turnkey asset management programs market.

August 2006 Research

Building the CPA Alliance
In the early 1990s, Jay D'Meza, then a young advisor, met a group of clients and they began to cross-refer clients. In 1994, they formalized the agreement. Tiburon quoted showing some skepticism regarding the CPA market as a long-term referral source.

August 2006 Research

Ameriprise Dream Book: A Surprise Marketing Hit
Taking a cue from its former parent company - American Express - Ameriprise Financial is devoting a large chunk of its resources to marketing. Tiburon quoted saying that Ameriprise's dream book marketing strategy is likely to play well int he middle market.

August 2006 Research

Wachovia Tells its FAs: Go Independent with Us
With the wind in its sails, Wachovia is putting 6,000 advisors in its private client group on notice: you do not have to jump ship in order to set your own course. Tiburon quoted complimenting Wachovia's advisor-centric strategy.

August 2006 Financial Advisor

The Big Five Dominate Online Brokerage
The online brokerage industry is comprised of about fifty firms, but the overwhelming share of the business is in the domain of the five largest companies, according to a new report.  Article summarizes the highlights of Tiburon's recent online financial services research report.

August 2006 On Wall Street

Street Talk: Getting Bigger All the Time
Assets in market-linked products - including index separate accounts, index mutual funds, and index ETFs - are expected to grow about 76% from the end of this year to 2010. Tiburon recent research report on indexing & ETFs utilized for projections.

August 2006 Smart Money

The Right Broker for You
As mergers change the broker landscape, choosing the best one is more important than ever. Tiburon quoted saying that Merrill Lynch is way out in front of other full-service brokerage firms.

August 2006 Senior Market Advisor

The Future is Now
Advisors are so busy with clients that they often neglect planning for their own futures. Here's why it's perilous to do business without a succession plan in place. Tiburon quoted saying that advisors have under planned for their own succession.

July 19, 2006 Wall Street Journal

Money's Worth: Figuring Out How Much You Should Pay for Financial Advice
Are you paying too much for investment advice? Ever since the stock market chewed up portfolios after its 200 peak, investors have increasingly been shelling out for help in managing their finances. Tiburon quoted saying that fee-accounts are slightly mroe expensive than commission accounts.

July 10, 2006 Investment News

Schwab Ax Puts Heat on Fidelity
Fidelity Investments may slash the last of its fat commissions, but for now, its mutual fun trading fee is mroe expensive than the fees of its rivals. Tiburon quoted saying that Schwab's high mutual fun transaction fees are likely intended to drive assets to its OneSource no-transaction-fee mutual funds.

July 10, 2006 Investment News

Asset Mark-Genworth Combo to Aim for Number One Spot
Although AssetMark Investment Services is being swallowed up by Genworth Financial, is plans to wreak more havoc that ever on its competitors in the turnkey asset management program market. Tiburon quoted saying that the sale price was rich.

July 2006 Research

Morgan Stanley Cuts Trainees
In another move designed to cut costs and increase average broker production, Morgan Stanley has trimmed its broker training program down to between 700 and 1,000 trainees a year. Tiburon quoted saying that this focus on quality is a secular trend across the market.

July 2006 Financial Planning

It's All About the Advisor
Broker/dealers focus on technology and training to help advisors build assets and profitability. Independent broker/dealers are fighting for their lives. Article quotes Tiburon saying that the tremendous growth that characterized the industry through the 1990s bull market has slowed to a trickle and is expected to decline int he coming years, while profit margins have become small.

July 2006 Financial Planning

What to Look for in a Broker/Dealer
Choosing a broker/dealer used to be a matter of simple math. Subtract your expenses from your payout, and you went with the firm that was going to leave the most money in your pocket. Tiburon quoted saying that technology and compliance are two of the new driving factors.

June 26, 2006 Investment News

Closing Quote
Article quotes Tiburon Managing Principal Chip Roame saying, that they've (Wachovia) figured it out that advisors rule the world".

June 26, 2006 Investment News

Employee Reps at Wachovia Get OK to Go Independent
It has taken five years, but the independent contractor brokerage arm of Wachovia is opening its doors to registered representatives who work as employee brokers at Wachovia Securities. Tiburon quoted saying this is recognition of the power of advisors.

June 19, 2006 Investment News

Schwab Adding Salomon Managed Account Strategies
With an eye toward taking away business from the wirehouses, Charles Schwab & Company has added Salomon Brothers Asset Management to its managed accounts program. Tiburon quoted saying that it is critical to offer a similar manager menu if a firm wants to recruit fee-based reps.

June 12, 2006 Investment News

TD Ameritrade Feeling Like a Billion
TD Ameritrade Institutional marked its first major victory as a merged entity by winning a large account, and it is becoming a primary custodian for other advisors who count their assets in the billions. Tiburon quoted saying that TD Ameritrade is an up-and-coming threat to Charles Schwab & Company.

June 12, 2006 Investment News

Vanguard Bonuses Likely to Miss Target
Bonuses for employees of the Vanguard Group are expected to be announced this week, but Vanguard watchers say that it is unlikely they will look as good as Vanguard CEO Jack Brennan hoped. Tiburon quoted saying that Vanguard will do well with fee-only financial advisors due to its low cost products.

June 7, 2006 SEC Law. Com

UBS-Piper Jaffray: "It's a Terrific Deal"
UBS is buying Piper Jaffray, which could bring it 800+ advisors and put it more solidly in fourth place behind Merrill Lynch, Wachovia Securities, and Morgan Stanley. Article is an interview of Tiburon managing principal re mergers & acquisitions activity in the full-service brokerage market.

June 5, 2006 Investment News

Bay Area Wealth Management Hot Spot
When it comes to wealth management, the gold rush is alive and well in the Bay Area. Tiburon quoted saying that San Francisco firms are institutionalizing, such as adding chief operating officers.

June 1, 2006 On Wall Street

Jumping Ship
Everyone knows that only losers who can not cut it leave the wirehouses to join independent broker/dealers, right? Guess again. Tiburon quoted saying that 3% of full-service brokers are pushed out in any given year, and another 1% leave on their own.

June 2006 Inside Information

The Liquefying Age
If you've ever wondered whether financial journalists live in a different reality than you do, Chip Roame of Tiburon Strategic Advisors offers some evidence. Article profiles recent speech given by Tiburon managing principal at a NAPFA conference.

June 2006 Financial Planning

Ready to Drive Fee-Based Revenues
National Financial's Managed Account Solutions is a comprehensive, integrated, and flexible new wealth management offering.  Advertisement quotes recent Tiburon research report regarding fee-accounts.

June 2006 Research

UBS-Piper Jaffray: "It's a Terrific Deal"
UBS is buying Piper Jaffray, which could bring it 800+ advisors and put it more solidly in fourth place behind Merrill Lynch, Wachovia Securities, and Morgan Stanley. Article is an interview of Tiburon managing principal re mergers & acquisitions activity in the full-service brokerage market.

June 2006 Research

Going Independent
Independent or wirehouse? The question used to be that simple for traditional advisors thinking about an independent alternative. Tiburon quoted saying that the power now lies with the advisors.

June 2006 Financial Advisor

Ten Myths Busted at Tiburon Summit
CEOs of 50 financial services companies gathered in San Francisco in April for the Tenth Tiburon Strategic Advisors CEO Summit. The objective of the two-day meeting is to share opinions on current issues and trends in the financial services industry. Article profiles recent Tiburon CEO Summit.

June 2006 Investment Advisor

Ready to Drive Fee-Based Revenues
National Financial's Managed Account Solutions is a comprehensive, integrated, and flexible new wealth management offering.  Advertisement quotes recent Tiburon research report regarding fee-accounts.

June 2006 Registered Representative

Is Three a Crowd?
A husand-and-wife team that run a good business wrestles with the idea of hiring their first employee and expanding. For advice, we turned to several expects, including Tiburon Research Manager Matthew McGraw.

June 2006 Registered Representative

Ready to Drive Fee-Based Revenues
National Financial's Managed Account Solutions is a comprehensive, integrated, and flexible new wealth management offering.  Advertisement quotes recent Tiburon research report regarding fee-accounts.

May 22, 2006 Investment News

Report Says Schwab May Buy E*Trade
There is a strong chance that Charles Schwab & Company may buy E*Trade, according to a recent research report by Tiburon Strategic Advisors.  Article profiles recent Tiburon research report on online financial services.

May 9, 2006 Surreal Estate

Lucky Number of the Week
400,000 financial advisors are active in the consumer market.  Article quotes recent speech at Tiburon CEO Summit.

May 5, 2006 Business Week

ETFs: Sliced, Diced, and Razor-Thin
There are new exchange traded funds in town. The Barclays' iShares Silver Trust tracks a hot commodity, while the First Trust Advisors IPOX-100 Index Fund is a collection of the latest IPOs. Tiburon quoted saying that leveraged ETFs and possibly active ETFs may be introduced this year.

May 4, 2006 Dow Jones Newswires

Focus Financial Taps Advisor Growth
In the fast changing financial services industry, Focus Financial Partners is using a novel business model to tap the growth of independent advisory firms. Tiburon quoted saying that Focus Financial's strategy to take a partial interest, rather than full, is savvy.

May 1, 2006 Investment News

Pottruck Helps Shake Up Normally Staid Tiburon Parley
The Tiburon CEO Summit usually relies on Tiburon Managing Principal Chip Roame's powers of instigation to cut through the corporate correctness of his buttoned-down patrons at the semiannual retreat. Article profiles Tiburon's recent Tenth CEO Summit.

May 1, 2006 Investment News

Fidelity Passes Merrill Lynch in Assets
The brokerage division of Fidelity Investments has passed Merrill Lynch as king of client assets in the US. Tiburon quoted questioning why this went essentially unnoticed.

May 1, 2006 Ignites.Com

Index Funds Missing Out on 401K Plan Assets
Index funds have yet to capture a substantial portion of 401K assets, but that could change over time, according to a new study by Tiburon Strategic Advisors. Article profiles recent Tiburon research report on index funds, ETFs, and index separate accounts.

May 2006 Financial Advisor

Think Again
In a business whose members clamor for any tidbit of practice management guidance that might help them be more efficient and more effective, it is amazing that the client survey has not become a prime management tool. Article quotes data from Tiburon saying that client referrals account for more than half of all new clients.

May 2006 Financial Advisor

Chasing the Wrong Clients?
Earlier this year, Tiburon Strategic Advisors issued a report entitled Consumer Wealth, Target Markets, & Marketing Strategies that sounded relatively innocuous. But it included a few findings that should get every financial advisor's attention. Article profiles recent Tiburon research report.

May 2006 Registered Representative

Ready to Drive Fee-Based Revenues
National Financial's Managed Account Solutions is a comprehensive, integrated, and flexible new wealth management offering.  Advertisement quotes recent Tiburon research report regarding fee-accounts.

May 2006 Research

RBC Dain Rauscher Grows on Rival's Home Turf
RBC Dain Rauscher knows how to pick its battles. It's going head-to-head with the likes of Wachovia Securities in, you guessed it, the Southeast. Tiburon quoted saying that RBC executive Tim Jones is well liked.

May 2006 US Banker

Ready to Drive Fee-Based Revenues
National Financial's Managed Account Solutions is a comprehensive, integrated, and flexible new wealth management offering.  Advertisement quotes recent Tiburon research report regarding fee-accounts.

April 27, 2006 Compliance E-News

Another Perspective on Choice of Business Model - It's About the Economics
There are thousands of honest and highly competent fee-based advisors in our industry. To me, fee-based is less a question of ethics or compensation that it is a choice of business model. Tiburon research report quoted saying that fee-only financial advisors are able to serve the fewest clients - attracting the most affluent, desirable client bases.

April 24, 2006 Investment News

Market-Linked Assets Seen Soaring by 2010
Assets in market-linked products are likely to surpass $8 trillion in assets by 2010, and inflows will exceed $500 billion annually. Article profiles a new Tiburon research report regarding index funds, ETFs, & index separate accounts.

April 24, 2006 Yahoo Finance

Security Analysts of San Francisco Holds Registered Investment Advisor Conference
Security Analysts of San Francisco is a non-profit membership organization for financial practitioners, and is one of the 131 member societies of the CFA Institute. Article profiles upcoming conference in which Tiburon Managing Principal Principal Chip Roame is the keynote speaker.

April 17, 2006 Investment News

Extent of Advisors' Use of Equity Options is Debated
While few doubt that financial advisors are turning increasingly to equity options to boost - or at least protect - returns for clients, the extent to which options are becoming a common tool for advisors remains a matter of debate. Tiburon quoted saying that only 13% of full-service brokers, 9% of independent reps, and 2% of fee-only financial advisors utilize options now.

April 10, 2006 Investment News

Clients Spur Indies to Add Wealth Management Tools
Top independent contractor broker/dealers are increasingly emphasizing wealth management platforms and programs for their affiliated advisors and registered representatives, particularly as advisors' baby boomer clients cash out of investments to pay for retirement. Tiburon quoted that the importance of wealth management services to independent broker/dealers is mixed.

April 6, 2006 Dow Jones Newswires

Firms Usher Advisors Into Retirement
As financial advisors prepare their clients for retirement, brokerage firms are doing the same for their employees. Firms are creating new programs and modifying existing ones to allow financial advisors to continue profiting from their books of business when they retire. Tiburon research report on financial advisor mergers & acquisition extensively quoted.

April 1, 2006 On Wall Street

Wealth Versus Risk
A high net worth client of Peter Izzo, a Merrill Lynch wealth advisor, recently came to him seeking to allocate a small percentage of his portfolio to emerging markets. Tiburon quoted saying that four different types of clients, some of which are likely to embrace higher risk strategies.

April 2006 Research

Special Programs Beefed Up at Commonwealth, Securities America
Early this month, Commonwealth Financial Network expects to begin a third year of a practice management program that is nearly doubling revenue growth for advisors. Tiburon quoted applauding the efforts of both Commonwealth and Securities America.

April 2006 Registered Representative

Your Fees Under the Regulator Microscope: Can You Justify Your Fees?
Eliot Spitzer, New York's attorney general, is at it again.  This time he is suing H&R Block for what he says are excessive fees that it charges for its Express IRA product. Tiburon quoted saying that now more than ever fees are under the microscope, and disclosure is critical.

April 2006 Registered Representative

Herd Mentality: Brokers are Betting heavily on Just a Few Fund Families
A diversified portfolio, brokers say, is the bedrock of investing - for everyone except themselves.  Article quotes recent Tiburon research report that says the average broker invests 62% of client assets in a single mutual fund family.

April 2006 Financial Advisor

Lockwood Advertisement
Advertisement mentions upcoming speech of Tiburon managing principal at Lockwood University in May 2006.

April 2006 Financial Planning

Lockwood Advertisement
Advertisement mentions upcoming speech of Tiburon managing principal at Lockwood University in May 2006.

March 31, 2006 Financial Advisor

Tiburon to Hold Annual CEO Summit
Tiburon Strategic Advisors' principal Chip Roame will kick off the firm's tenth CEO Summit next month with an address on the state of the financial services industry.  Article profiles Tiburon's upcoming Tenth Semi-Annual CEO Summit.

March 27, 2006 Investment News

M Financial Makes a Fast Break Into the Wealth Management Business
A network of financial services firms has hired a sixteen year veteran of the National Basketball Association to mark its launch into the wealth management business. Tiburon quoted saying that many M Financial members already have built substantial investments businesses.

March 20, 2006 Investment News

Advisors Gear Up to Serve Doctors, Dentists
Their unique qualities make physicians and dentists the most loved, or the most despised, potential clients for financial advisors. Tiburon quoted saying that they are a niche market, proving vast opportunities for advisors willing to understand their specific needs.

March 13, 2006 Investment News

Lockwood Advertisement
Advertisement mentions upcoming speech of Tiburon managing principal at Lockwood University in May 2006.

March 3, 2006 Investor's Business Daily

Consultants on the Move, on their Own
Increasingly financial advisors are jumping ship. They are abandoning big brokerage firms to start or join small firms. Tiburon quoted saying that the number of independent reps grew quickly in 2004 and 2005, while the number of wirehouses brokers remained flat.

March 2006 Research

Goldberg Leaves Royal Alliance; Roth Tapped as Broker/Dealer's Top Executive
There is a new face at Royal Alliance. Larry Roth replaced Mark Goldberg. Tiburon quoted saying that they are very different but equally capable executives.

March 2006 Research

Raymond James Financial Services Looks to Regroup & Tap New Executive
With news that Raymond James Financial Services' top recruiter Bill McGovern is set to be replaced, CEO Dick Averitt intends to get back to building the business. Tiburon quoted saying that the firm may need different talent with its new recruiting target market.

March 2006 Research

Climbing the Ladder of AUM
A recent research report by Moss Adams for Pershing suggests that operations management, not investment management is the key to growth. Tiburon quoted saying that institutionalizing one's business is key.

February 21, 2006 Investment News

Separates Industry Could Use a Little Clarity
Pity the poor separately managed accounts industry.  Or as we sometimes like to call it, the managed accounts industry.

February 21, 2006 New York Times

Hedge Funds Find Returns in Making Small Loans
Why are hedge funds rushing into lending? Part of the answer is that while interest rates are low, hedge funds are able to lend money at sky-high rates. Tiburon quoted saying that hedge funds are expanding into many new asset classes.

February 20, 2006 Barron's

Tailored Made
Separate accounts resemble mutual funds, but with some key differences - minimums, securities ownership, etc. Tiburon quoted saying that still too many clients end up owning just one manager and often in-house managers.

February 16, 2006 Dow Jones Newswires

Practice Management: Create Systems to Manage Your Book
A financial advisor's most valuable clients are not necessarily the wealthiest. Tiburon quoted saying that the logic of segmenting is to both find and serve clients with some commonalities to make one more efficient in delivering better service.

February 6, 2006 Investment News

Wilmington Trust Makes Big Mutual Fund Push
At a time when many banks seem to be shedding their mutual fund groups, Wilmington Trust Corporation in Delaware is headed in the other direction. Tiburon quoted saying that Wilmington's high net worth brand and its quantitative fund focus with prove successful.

February 6, 2006 Investment News

UMAs Win Few Fans Among Advisors
More than three years after unified managed accounts made their debut, the sophisticated investment vehicle has failed to attract a following among financial advisors. Tiburon quoted saying that there is an unusual amount of confusion regarding the product.

February 6, 2006 Investment News

Closing Quote
Tiburon quoted saying that there seems to be an unusual amount of confusion over what the frick is a UMA.

February 2, 2006 E Media Wire

The Home Depot Revolution in Investing
You can do it - we can help has brought in a fundamental change in the attitudes towards home improvement.  A similar fundamental shift is currently unfolding in the investments industry. Tiburon quoted saying that only 30% of high net worth households are completely satisfied with their advisors.

February 1, 2006 On Wall Street

Funds-of-Funds
For something that was once the next big thing on Wall Street, hedge funds have not made much of a difference for the average wirehouse advisor. Tiburon quoted saying that only 6% of brokers use hedge funds.

February 2006 Financial Advisor

Rep Tech
How larger of a role does technology play in an independent broker/dealer's ability to attract and retain representatives? Tiburon benchmarking data used extensively to determine which firms offer the best technology.

February 2006 On Wall Street

Street Talk
Fifty three percent of independent reps' new clients switched because they were dissatisfied with their previous advisor or the advice they received, according to a recent report from Tiburon Strategic Advisors.

January 23, 2006 Investment News

Raymond's Indie Unit Seeks Recruiting Chief
Looking for better recruiting results, Raymond James Financial Services is pushing aside its head of recruiting and searching for a replacement. Tiburon quoted saying that Raymond James may have narrowed its target market too much.

January 9, 2006 Investment News

Bisys Gets Clients Group Rate on OneSource
Bisys will roll out a new platform this month for its mutual fund company clients to provide marketing and sales services aimed at luring registered investment advisors. Tiburon quoted saying that this field is wide open and the opportunity is vast.

January 9, 2006 Investment News

Morgan Stanley Suffers Asset Drain
With some of its best producing brokers bolting - and taking billions in assets with them - Morgan Stanley's retail brokerage business poses a formidable challenge to James Gorman, who is set to begin retooling the ailing unit next month.  Tiburon quoted saying that if a sale is int he works, Mr. Gorman's job will be to clean it up and shop it.

January 9, 2006 Investment News

Wachovia Recruits Top Exec to Oversee Indie Brokerage Unit
It is a game of musical chairs for executives at leading independent contractor broker/dealers, with Wachovia Securities plucking a top executive from Raymond James Financial Services. Tiburon quoted saying that Wachovia has a chance to be the next Raymond James.

January 3, 2006 American Banker

UMA Potential Went Untapped in Past Year
Hyped by some as the future of fee-based investment products, unified managed accounts have not lived up to expectations. Tiburon quoted saying it may be up to three more years before UMAs are offered widely; keys are the ability to allocate, rebalance, and report across products.

January 2006 Financial Advisor

Working Smarter, Not Harder
Independent broker/dealers hit some grand slams last year when it came to recruiting. Tiburon quoted saying that independent broker/dealers' ability to stay lean, while developing state-of-the-art platforms, has led to increased market share and profitability.

January 2006 Financial Advisor

Independents Threat to Wirehouses Mushroom
Independent broker/dealers have become an increasingly competitive threat to wirehouses and regional brokers, with more than $10 billion in revenues and 96,000 independent reps.  Article profiles recent Tiburon research report

January 2006 Journal of Financial Planning

Fee-Only Planners Lead in Profitability...
In a survey of brokers, independent reps, fee-only financial advisors, and CPAs, Tiburon Strategic Advisors concludes that fee-only planners are leading the pack in profitability. Article profiles recent Tiburon research report.

January 2006 On Wall Street

Street Talk: 71%
Percentage of wirehouse and other national, regional, and boutique firm brokers who oversee less than $50 million in assets under management. Short take quotes a recent Tiburon research report.

January 2006 On Wall Street

SMAs
A new kind of separately managed account, with lower investment minimums, is expected to boost SMA growth this year. Tiburon quoted saying that MSPs real advantage is their simplicity.

January 2006 Registered Representative

The Winner's Curse
There is trouble brewing in independent broker/dealer land. Operating costs are rising, recruiting efforts are starting to resemble an arms race, and marginal reps will continue to be culled.  Tiburon quoted saying that independent reps earn 82% on average.

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