Prior Tiburon CEO Summit

Tiburon has held eighteen prior CEO Summits, with the first CEO Summit taking place in July 2001. Tiburon CEO Summits will continue to be held semi-annually. Details of Tiburon CEO Summits XVIII is below; for details of earlier Summits click here: 2008-2009, 2006-2007, 2004-2005, & 2001-2003.
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Tiburon CEO Summit XVIII: April 14-15, 2010

Tiburon CEO Summit XVIII was held April 14-15, 2010 at the Ritz Carlton Hotel in Battery Park in New York, NY. The Summit started at 7:45am on Wednesday, April 14, 2010, included a networking dinner that evening at Delmonico's Restaurant, & concluded at 1:30pm on Thursday, April 15, 2010. Almost 150 senior industry executives took two days out of their busy schedules to participate. In addition to Chip Roame (Managing Principal, Tiburon Strategic Advisors), guest speakers included Ed Bernard (Vice Chairman, T. Rowe Price Group), Abby Cohen (President, Global Markets Institute, Goldman Sachs Group), Steve Forbes (CEO, Forbes Media), Jim McCool (Executive Vice President, The Charles Schwab Corporation), Jonathan Steinberg (CEO, Wisdom Tree Investments), David Tittsworth (Executive Director, Investment Adviser Association), & Fred Tomczyk (CEO, TD Ameritrade). Tiburon CEO Summit XVIII also featured three general session panels spread over two days, including the Ask the Stock Analysts panel, the Ask the Reporters panel, & the Ask the Consumers panel, as well as five concurrent break-out sessions that took place at lunch on April 14, 2010.


Tiburon CEO Summit XVIII Attendees

Attendees

Tiburon CEO Summit XVIII had 140 Tiburon client attendees, including:

  • Chip Roame (Managing Principal, Tiburon Strategic Advisors)
  • Rick Adler (CEO, Convergent Capital Management, City National Corporation)
  • Mike Apker (Business Head, Reporting & Data Aggregation Services, Envestnet Asset Management)
  • Chuck Baldiswieler (CEO, TCW Funds, TCW Group, Trust Company of the West, (TCW), Societe Generale Asset Management, Societe Generale)
  • Tony Batman (CEO, 1st Global Capital Corporation)
  • Jon Baum (CEO, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
  • Michael Bell (CEO, Curian Capital, Jackson National Life Insurance Company, The Prudential)
  • Jud Bergman (CEO, Envestnet Asset Management)
  • Jordan Berlin (Senior Managing Director, New York Branch, Advanced Equities Financial Corporation)
  • Ed Bernard (Vice Chairman, T. Rowe Price Group)
  • Philip Blancato (President, Ladenburg Thalman Asset Management, Ladenburg Thalmann Financial Services)
  • Chris Blunt (Executive Vice President, Retirement Income Security, New York Life Insurance Company)
  • John Cammack (Chairman, Mutual Fund Education Alliance)
  • Frank Campanale (CEO, Advanced Equities Wealth Management, Advanced Equities Financial Corporation)
  • Sal Capizzi (Chief Sales & Marketing Officer, Dunham & Associates Investment Counsel)
  • Amit Choudhury (Managing Principal, Pinnacle Partners Systems)
  • Randy Ciccati (President, ING Wealth Solutions, ING Group)
  • Greg Cicotte (Executive Vice President, Sales, Jackson National Life Insurance Company, The Prudential)
  • Dennis Clark (President, Advisor Partners, Advisor Software)
  • Mike Clinton (Chief Operating Officer, Loring Ward Group)
  • Abby Cohen (President, Global Markets Institute, Goldman Sachs Group)
  • Steve Cohen (Chief Strategy Officer, Pro Funds Group)
  • Jenn Connelly (President, JCPR)
  • Anne Copeland (Executive Vice President, Wealth Management Group, Wells Fargo Corporation)
  • Chris Cordaro (CEO, Regent Atlantic Capital, Fiduciary Network)
  • Ron Cordes (Co-Chairman, Genworth Financial Wealth Management, Genworth Financial)
  • Scott Couto (Executive Vice President, Investment Product Management & Marketing, Fidelity Investments Institutional Services Company, (FIIS), Institutional Products Group, Fidelity Investments)
  • Erika Cramer (Partner, Silver Lane Advisers)
  • Peter Crenier (Business Head, Business Development, Investment Services, Fiserv Corporation)
  • Ben Cukier (Partner, FTV Capital)
  • Jeff Cusack (President, Forward Management, Sutton Place Associates)
  • Dick Davies (Senior Managing Director, Defined Contribution & Sub-Advisory, Alliance Bernstein Institutional Investments, Alliance Bernstein, Axa Group)
  • Jeff Davis (Banking Analyst, Guggenheim Partners)
  • Joe Deitch (Chairman, Commonwealth Financial Network)
  • Steve Deschenes (Business Head, US Annuities, Sun Life Assurance Company of Canada)
  • Gene Dongieux (Chief Investment Officer, Mercer Advisors)
  • Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  • Steve Dunlap (Chief Operating Officer, Pershing Managed Account Solutions, Pershing, The Bank of New York Mellon Corporation)
  • Jon Eaton (Business Head, Sponsor Relations, LPL Financial, LPL Investment Holdings)
  • Randy Epright (Chief Operating Officer, AIG Advisor Group, American International Group, (AIG))
  • Steve Forbes (CEO, Forbes Media)
  • Rich Franchella (Senior Managing Director, RBC Wealth Management, Royal Bank of Canada)
  • Gary Gallagher (Executive Vice President, Product & Platform Development, LPL Financial, LPL Investment Holdings)
  • Mike Gianoni (Group President, Financial Institutions Group, Fiserv Corporation)
  • Gail Graham (Executive Vice President, Marketing, Fidelity Institutional Wealth Services, Fidelity Investments)
  • Matt Grove (Business Head, RIA Business, Retirement Income Security, New York Life)
  • Jim Hale (Founding Partner, FTV Capital)
  • Sean Hanlon (CEO, Hanlon Investment Management)
  • Scott Hanson (Co-CEO, Hanson McClain)
  • Roger Hartley (Managing Member, Mitchell Hartley Advisers)
  • Keith Hartstein (CEO, John Hancock Funds, John Hancock Financial Services, Manulife Financial)
  • Debbie Hazell (CEO, Fischer, Francis, Trees, & Watts, BNP Paribas Asset Management, BNP Paribas)
  • Dick Hoey (Chief Economist, The Bank of New York Mellon Corporation)
  • John Iachello (CEO, Brokerage Clearing & Operations, Ameriprise Financial)
  • Brian Jacobs (Chief Commercial Officer, Hatteras Funds, Hatteras Investment Partners)
  • Dwight Jacobsen (Executive Vice President, Intermediary Distribution, MSBC Securities Corporation, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
  • Bryce James (President, Smart Portfolios)
  • David Jobson (Executive Vice President, Product Development & Analytics, US Retail, Allianz Global Investors, Allianz)
  • David Johnson (Partner, Harpeth Partners)
  • Tom Johnson (Business Head, Business Development, Retirement Income Security Products, New York Life)
  • Jamie Kase (Executive Vice President, Global Sales & Marketing, State Street Global Advisors, State Street Corporation)
  • Mark Katzelnick (Chief Operations Officer, National Financial Services, Fidelity Investments)
  • Mike Kim (Investment Management Firms Analyst, Sandler, O’Neill, & Partners)
  • Rob Klapprodt (President, Vestmark Software, Vestmark)
  • Jeff Lancaster (Principal, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
  • Randal Langdon (President, Lindner Capital Advisors)
  • Bruce Lavine (President, Wisdom Tree Investments)
  • Chuck Lewis (CEO, My Vest Corporation & Personal Capital Corporation)
  • Sarah Libbey (President, Fidelity Charitable Gift Fund, Fidelity Charitable Services, Fidelity Investments)
  • Bob Lindner (CEO, Lindner Capital Advisors)
  • Julie Littlechild (CEO, Advisor Impact)
  • Jeff Lovell (Chairman, Lovell Minnick Partners)
  • Joe Luby (CEO, Jagen Funds, Jagen Investments)
  • John Lunny (CEO, Vestmark)
  • Tom Lydon (President, Global Trends Investments)
  • Frank Maiorano (CEO, Trust Company of America)
  • Doug Mangini (Chief Operating Officer, Retail & Intermediary Business, Morgan Stanley Investment Management, Morgan Stanley, Mitsubishi UFJ Financial Group)
  • George McClelland (Vice Chairman, F-Squared Investments)
  • Jim McCool (Executive Vice President, Schwab Institutional Services, The Charles Schwab Corporation)
  • Kirk Michie (Managing Partner, Triton Pacific Securities, Triton Pacific Capital Partners)
  • Jim Minnick (President, Lovell Minnick Partners)
  • Sanjiv Mirchandani (President, National Financial Services, Fidelity Investments)
  • Keith Mitchell (Managing Member, Mitchell Hartley Advisers)
  • Viggy Mokkarala (Executive Vice President, Envestnet Asset Management)
  • Kevin Mooney (Executive Vice President, Business Development, Jagen Funds, Jagen Investments)
  • Robert Moore (Chief Financial Officer, LPL Financial, LPL Investment Holdings)
  • Ed Morrison (Chief Operating Officer, Albridge Solutions, PNC Global Investment Servicing, The Bank of New York Mellon Corporation)
  • Paul Morton (Business Head, Strategy & Platforms, Barclays Wealth Americas, Barclays)
  • Amit Muni (Chief Financial Officer, Wisdom Tree Investments)
  • Jim Nagengast (President, Securities America, Ameriprise Financial)
  • Cheryl Nash (Global Business Head, Product Strategy, Investment Services, Fiserv Corporation)
  • Liz Nesvold (Managing Partner, Silver Lane Advisors)
  • Harry O’Mealia (CEO, Legg Mason Investment Counsel, Legg Mason)
  • Bob Oros (Executive Vice President, Custom Clearing Services, LPL Financial, LPL Investment Holdings)
  • Kevin Osborn (Executive Vice President, Managed Accounts, Wealth Management Solutions, Prudential Investments, Prudential Financial)
  • Greg Pacholski (CEO, Albridge Solutions, PNC Global Investment Servicing, The Bank of New York Mellon Corporation)
  • Heeren Pathak (Chief Technology Officer, Vestmark)
  • David Perkins (CEO, Hatteras Investment Partners)
  • Alex Potts (CEO, Loring Ward Group)
  • Scott Powers (CEO, State Street Global Advisors, State Street Corporation)
  • Howard Present (CEO, F-Squared Investments)
  • Don Putnam (Managing Partner, Grail Partners)
  • Rich Repetto (Insurance & Asset Management Analyst, Sandler, O’Neill, & Partners)
  • George Riedel (Business Head, Intermediary Distribution, Third-Party Distribution, T. Rowe Price Group)
  • Neal Ringquist (President, Advisor Software)
  • Tony Rochte (Senior Managing Director, US Sales, Client Service, & Strategy, Intermediary Business Group, State Street Global Advisors, State Street Corporation)
  • Jim Ross (Senior Managing Director, Intermediary Business Group, State Street Global Advisors, State Street Corporation)
  • Bill Salus (Chief Business Development Officer, PNC Global Investment Servicing, The Bank of New York Mellon Corporation)
  • Rich Santos (Group Publisher, Registered Rep & Trust & Estates, Wealth Management Group, Penton Media)
  • Michael Sapir (CEO, Pro Funds Group)
  • Paul Schaeffer (President, ReFlow Management, Sutton Place Associates)
  • Ken Schapiro (President, Condor Capital Management)
  • Skip Schweiss (President, TD Ameritrade Trust Company, TD Ameritrade, TD Bank Financial Group)
  • Tom Sholes (Executive Vice President, Strategic Planning & Global Product Management, PNC Global Investment Servicing, The Bank of New York Mellon Corporation)
  • Luciano Siracusano (Chief Investment Strategist, Wisdom Tree Investments)
  • Babu Sivadasan (Executive Vice President, Engineering, Envestnet Asset Management)
  • David Smith (Group Publisher, Financial Advisor & Private Wealth Magazines, Charter Financial Publishing Network)
  • Esther Stearns (President, LPL Financial, LPL Investment Holdings)
  • Jono Steinberg (CEO, Wisdom Tree Investments)
  • Leslie Swid (Executive Vice President, Impact Communications)
  • Marie Swift (CEO, Impact Communications)
  • Randy Takian (Business Head, Retail & Intermediary Business, Investment Management, Morgan Stanley, Mitsubishi UFJ Financial Group)
  • Eric Teal (Chief Investment Officer, Wealth Management, Capital Management Group, First Citizens Bank, First Citizens Banc Shares)
  • Bill Thomas (CEO, Grail Advisors, Grail Partners)
  • David Tittsworth (Executive Director, Investment Adviser Association)
  • Leno Toich (Co-CEO, Informa Investment Solutions, Informa)
  • Fred Tomczyk (CEO, TD Ameritrade, TD Bank Financial Group)
  • Frank Trotter (President, Ever Bank Direct, Ever Bank Financial)
  • Mitch Vigeveno (CEO, Turning Point)
  • Greg Vigrass (President, Folio Institutional, Foliofn)
  • Lac Vuong (Co-CEO, Informa Investment Solutions, Informa)
  • Steve Wallman (CEO, Foliofn)
  • Gib Watson (CEO, Prima Capital Management, Prima Capital Holding, Matrix Financial Solutions)
  • Amiee Watts (Executive Vice President, JCPR)
  • Scott Welch (Senior Managing Director, Investment Research & Strategy, Fortigent, Lydian Trust Company)
  • Leo Wells (CEO, Wells Real Estate Funds)
  • Marty Willis (Chief Marketing Officer, Oppenheimer Funds, Mass Mutual Financial Group)
  • Wayne Withrow (Executive Vice President, Investment Advisor Network, SEI Investments)
  • Bob Worthington (President, Hatteras Funds, Hatteras Investment Partners)
  • Kim Wright-Violich (President, Schwab Charitable, The Charles Schwab Corporation)

Media Representatives

Tiburon CEO Summit XVIII also welcomed 22 Tiburon select media attendees, including:

  • Dakkan Abbe (Videographer, Money Media, Financial Times Group, Pearson)
  • Ruthie Ackerman (Wealth Management Editor, American Banker, Source Media)
  • Brooke Arnao (Online Video Director, Money Media, Financial Times Group, Pearson)
  • Clare Baldwin (Correspondent, Wealth Management, Reuters Group, Thomson Reuters)
  • Shelly Banjo (Reporter, Wall Street Journal, Dow Jones & Company, News Corporation)
  • Luisa Beltran (Reporter, Ignites, Money-Media, Financial Times Group, Pearson)
  • Pam Black (Editor-in-Chief, Bank Investment Consultant, Source Media)
  • Jonathan Borris (Production Assistant, Money Media., Financial Times Group, Pearson)
  • Jan Bradstrader (Reporter, Barron’s, Dow Jones & Company, News Corporation)
  • Joe Giannone (Correspondent, Wealth Management, Reuters Group, Thomson Reuters)
  • Jerry Gleeson (Senior Editor, Registered Rep, Penton Business Media, Penton Media)
  • Hannah Glover (Senior Reporter, Ignites, Money-Media, Financial Times Group, Pearson)
  • Sean Hanna (Editor-in-Chief, Mutual Fund Wire.Com, Investment Wires)
  • Rachael Joyce (Senior Producer, Money Media, Financial Times Group, Pearson)
  • Armie Lee (Associate Editor, Mutual Fund Wire.Com, Investment Wires)
  • Monique Lewis (Reporter, Merger Market, Financial Times Group, Pearson)
  • Fran McMorris (Editor-in-Chief, On Wall Street, Source Media)
  • Diana Milani (Audio, Money Media, Financial Times Group, Pearson)
  • Elizabeth O’Brien (Staff Writer, Smart Money, News Corporation)
  • Charlie Paikert (Editor, Wealth Briefing, Clearview Publishing)
  • Brett Philbin (Reporter, Dow Jones Newswires, Dow Jones & Company, News Corporation)
  • Jonathan Spicer (Correspondent, Wealth Management, Reuters Group, Thomson Reuters)

Also in attendance for Tiburon CEO Summit XVIII was Tiburon employee Tudor Jones (Business & Marketing Associate).

Opening Keynote Presentation Highlights:
(Download the Complete Power Point Presentation Here)

Chip Roame (Managing Principal, Tiburon Strategic Advisors)

Tiburon CEO Summit XVIII Welcome, Brief Introductions, & Agenda Highlights

Mr. Roame welcomed Tiburon CEO Summit XVIII attendees, provided a brief introduction of the firm and the vision behind the CEO Summits, & then highlighted the agenda for Tiburon CEO Summit XVIII:

  • Tiburon Strategic Advisors maintains a focus on corporate-level strategy:
    • Serve senior executives only at financial services companies
    • Key services: strategy consulting, market research, & market seminars
    • Publish series of 62 off-the-shelf research reports ($5,000 each; $25,000 for access to all reports for all employees for one year)
    • Host semi-annual Tiburon CEO Summits
  • According to Tiburon CEO Summit attendee feedback forms collected, the most recent Tiburon CEO Summit (XVII) scored a record-high 9.2 out of 10.0 on overall satisfaction, with one speaker, Pete Kight of Fiserv Corporation, tying the all-time high score of 9.3 out of 10.0
  • Tiburon CEO Summit XVIII included a White House Briefing Room style media facility
  • Tiburon CEO Summit XVIII had 16 sessions, including Chip Roame's Tiburon presentations, seven guest speakers, a choice of five break-out sessions, three general session panels, & two terrific social events
  • Tiburon CEO Summit XVIII had 160 confirmed client attendees, with over one-third of them being first time attendees
  • Tiburon CEO Summit XVIII had 12 past & future speakers in attendance

The Future of Advice: Top Five Themes from Tiburon Client Project Requests

Mr. Roame then provided a backdrop for his Future of Advice opening keynote presentation by highlighting recent client project request topics, including significant consumer changes, a new regulatory regime, accelerating product & channel shifts, a return to tactical basics, & abundant financial services investment opportunities:

Significant Consumer Changes

  • Consumer household net worth fell $11.5 trillion in 2008 to $51.5 trillion before recovering partially to $54.2 trillion in 2009
  • Consumer household net worth increased to $54 trillion due to an increase of $2 trillion in investable & retirement plan assets
  • Consumer households’ equity in their homes fell to 38% in 2009, the lowest level since records have been kept
  • The number of consumer households with over $1.0 million net worth dropped 27% in 2008 but recovered to 7.8 million in 2009
  • The US personal savings rate has been decreasing in recent years, but increased to 2.9% in 2008, 4.3% in 2009, and 6.0% in early 2010, as consumers have become more conservative

New Regulatory Regime

  • Health care reform
  • Financial services reform
    • Systemic risk
    • Three-tier bank regulation
    • Consumer Financial Protection Agency
    • Derivatives regulation
  • Broker/dealer & RIA harmonization
    • Fiduciary issue
    • Role of non-fiduciary commission salesman
    • SEC support?

Accelerating Product & Channel Shifts

  • Products shifts worth watching include those in mutual funds, bonds & bond mutual funds, target date mutual funds (alive and well), indexing, ETfs, non-correlated strategies (hedge funds), & guarantees. Specifically, details include:
    • Mutual funds had a 52 week streak of net inflows, topping out at $54 billion in last month
    • Bond mutual funds dominated inflows in 2009, taking in over $400 billion, while money market funds had outflows of $300 billion
    • Traditional long-only active high-fee investing strategies may give way to investing in etfs & low cost mutual funds, guaranteed products, & hedge funds & hedge fund like products
    • Exchange traded fund assets declined from $608 billion to $578 billion in 2008 but rebounded in 2009 to $782 billion
    • Hedge fund assets fell to $1.3 trillion in 2008 but recovered to surpass their 2007 high, now at $1.9 trillion
  • Channel shifts worth watching include those amongst financial advisors (wirehouses, break-away brokers, independent broker/dealers, & fee-based financial advisors (RIAs)), institutional markets, & international markets. Specifically, details include:
    • Perspective is required regarding the rush of break-away brokers…
    • A $200 billion move would boost the independent advisors market by 10%
    • Traditional full-service brokerage firms & banks are losing share to independent financial advisors & discount brokers

Return to Tactical Basics

  • FSI/FA Sales & Marketing (client service)
    • Retention
    • Aging clients
    • Client referrals
  • FSI/FA Staffing & Compensation
    • 325,000 financial services industry job losses
    • Compensation rules for TARP players
    • Hedge fund compensation
    • Employee morale
  • FSI/FA Technology & Outsourcing
    • Rapidly changing technology
    • Technology outsourcing
  • One financial advisor recognized the importance of client communications
  • Many financial advisors have event built their businesses around outsourcing models

      Abundant Financial Services Investment Opportunities)

      • FSI M&A
        • Amazing FDIC assisted deals for private equity funds
        • Insurance companies
        • Mutual fund companies
      • FA M&A
        • RIAs & IBD reps aging
        • Employee economics do not work for large firms
        • Lift outs
      • FSI Private Equity
        • Lack of debt
      • FSI IPOs
        • Coming soon
      • Retail banks will be the most aggressive acquirers because they are the largest institutions…
      • Five financial services institutions collectively raised $22 billion, showing that the IPO market is opening up, especially in Asia!

      Guest Speaker Presentation Highlights

      Tiburon CEO Summit was held April 14-15, 2010 at the Ritz Carlton Hotel in New York, NY. There were over twenty planned sessions. Along with Tiburon's Managing Principal Chip Roame, guest speakers included Ed Bernard (Vice Chairman, T. Rowe Price Group), Abby Cohen (President, Global Markets Institute, Goldman Sachs Group), Steve Forbes (CEO, Forbes Media), Jim McCool (Executive Vice President, The Charles Schwab Corporation), Jonathan Steinberg (CEO, Wisdom Tree Investments), David Tittsworth (Executive Director, Investment Adviser Association), & Fred Tomczyk (CEO, TD Ameritrade).


      CEO Summit XVIII
      Guest Speaker
      Ed Bernard
      (Vice Chairman, T. Rowe Price Group)
      Ed Bernard (Vice Chairman, T. Rowe Price Group)

      Ed Bernard has served as vice chairman of the board of directors of T. Rowe Price Group since 2007, is a member of the firm's management committee, & chairman of the T. Rowe Price Mutual Funds. He oversees the firm's distribution, client service, technology, operations, & communications activities.

      Mr. Bernard has over 20 years of experience in the investment management industry, all of which have been with T. Rowe Price Group. In addition to his responsibilities at T. Rowe Price Group, he serves as chairman of the board of governors of the Investment Company Institute, the national trade association for the mutual fund industry. Prior to joining T. Rowe Price, Mr. Bernard worked for a large direct marketing company.

      Mr. Bernard utilized his experience in distribution, client service, technology, & communications to address how his firm plans to compete in the new economy, including highlighting the importance of maintaining client focus & concentrating on simplified product offerings. Mr. Bernard said, “if you’re going to be competitive and add value, you’re going to have to pick your spots”. Mr. Bernard went on to say “the target date fund is the closest thing I’ve seen to a silver bullet.”


      CEO Summit XVIII
      Guest Speaker
      Abby Cohen
      (President, Global Markets Group, Goldman Sachs Group)
      Abby Cohen (President, Global Markets Institute, Goldman Sachs Group)

      Abby Joseph Cohen is senior investment strategist and president of the Global Markets Institute at Goldman Sachs Group. Ms. Cohen joined Goldman Sachs in 1990, having specialized in quantitative strategy & economics at other major financial firms. She began her career as an economist at the Federal Reserve Board in Washington, DC.

      Ms. Cohen’s extracurricular activities focus on education and public policy. She is the chair of the board of trustees of the Jewish Theological Seminary. She also serves as a presidential councillor at Cornell University and on the boards of the Weill Cornell Medical College & the Brookings Institution. She previously served as chair of the board of the Chartered Financial Analyst Institute, from which she received the Distinguished Service Award. Ms. Cohen is an advisor to the investment committees of Cornell University and Major League Baseball. She is on the national board of the Smithsonian Institution and is a member of the Council on Foreign Relations. She is a frequent guest lecturer at several universities & graduate schools of business. Ms. Cohen holds degrees in economics from Cornell University and The George Washington University. She has received three honorary doctorates, including one in engineering. She has been recognized as a leader in US portfolio strategy for more than 15 years, and was previously ranked No. 1 by Institutional Investor magazine and Greenwich Associates. Her career is the subject of a Harvard Business School case study and a Business Week cover story. She has been honored by many groups, including the Financial Women’s Association, New York Stock Exchange, the Wall Street Week Hall of Fame and leading financial publications.

      Ms. Cohen utilized her 25 years of experience as a highly regarded economist and strategist to share her views on the future of investing, both how it has been affected by recent financial services industry events and how proposed new regulations might affect it moving forward. Ms. Cohen said “we do believe that not all of the problems that led to the credit crisis have been resolved.” Ms. Cohen, however, provided a positive outlook for the economy and markets citing “70%, the vast majority, of companies are increasing IT spending.”


      CEO Summit XVIII
      Guest Speaker
      Steve Forbes
      (CEO, Forbes Media)
      Steve Forbes (CEO, Forbes Media)

      Steve Forbes has served as CEO of Forbes Media and Forbes Magazine since 1990. Since he assumed his position, Forbes Media has launched several businesses, including Forbes FYI & Forbes Global, the firm's international publication.

      Prior to assuming his current position at Forbes Media, Mr. Forbes served as chairman of the Board of International Broadcasting for Ronald Reagan, overseeing the operations of Radio Free Europe & Radio Liberty, broadcasting behind the Iron Curtain. He has twice campaigned for the Republican nomination for the presidency of the United States, in 1996 and again in 2000.

      Mr. Forbes shared his perspectives on operating a multinational media corporation and some of the new challenges he faces. He addressed some of the foundations of his business that have brought him such success. He discussed the new regulatory regime from his own perspective as one inside the circle, and outlined key points that industry leaders are weary of moving forward. Mr. Forbes said, “you don’t succeed in the free market unless you meet the needs of the people.” Mr. Forbes went on to cite Austrian economist Joseph Schumpeter’s ideas on creative destruction by suggesting that “most people are much happier with the creative part than about the destruction”.


      CEO Summit XVIII
      Guest Speaker
      Jim McCool
      (Executive Vice President, The Charles Schwab Corporation)
      Jim McCool (Executive Vice President, The Charles Schwab Corporation)

      Jim McCool has served as executive vice president of The Charles Schwab Corporation since 2006. Mr. McCool currently oversees Schwab's Institutional Services business with combined assets under management of $850 billion, serving independent investment advisors, corporate clients, & their employees. Schwab Institutional Services provides custodial, operational, practice management, & trading support for more than 6,000 independent investment advisory firms that serve 1.9 million individual clients with $590 billion assets under management Schwab Institutional also provides corporate retirement and brokerage services, either directly to companies or through third party administrators. These services include employer-sponsored retirement plans, stock plans, & corporate brokerage services, in addition to recordkeeping, trustee, & custodial services. Mr. McCool also oversees Schwab’s investment-only sales and mutual fund clearing businesses.

      A 25-year veteran of the financial services industry, Mr. McCool began his career in the retirement plan servicing industry in 1984 and helped establish The Hampton Company, which became a wholly owned subsidiary of The Charles Schwab Corporation in 1995.

      Mr. McCool addressed developments in two of Schwab’s fastest growing businesses, independent financial advisors & retirement plans. He focused specifically on the changing landscape for financial advisors and new challenges in the 401K industry, discussing the shifts in products & client focus. Mr. McCool referred to many of what he called “head fakes in the 401K industry.” Mr. McCool went on to address a question about insurance products in retirement plans by saying that “annuities are a solution to a problem that participants don’t know they have.”


      CEO Summit XVIII
      Guest Speaker
      Jonathan Steinberg
      (CEO, Wisdom Tree Investments)
      Jonathan Steinberg (CEO, Wisdom Tree Investments)

      Jonathan Steinberg has served as CEO of WisdomTree Investments since 2004. He is responsible for the overall management of the firm, including overseeing the company’s strategic growth initiatives. WisdomTree is an innovative ETF sponsor and asset manager with equity and currency income ETFs covering the domestic, developed, & emerging markets.

      Prior to establishing WisdomTree, Mr. Steinberg founded and served as CEO of Individual Investor Group. From 1998 to 2004, he held the role of editor-in-chief of Individual Investor and Ticker magazines. Prior to those endeavors, Mr. Steinberg was a mergers & acquisitions analyst at The Bear Stearns Companies.

      Mr. Steinberg addressed his experience in the exchange-traded fund business and its significance as one of the fastest-growing segments of the asset management industry. As a leader in the industry, he offered insights into his firm's model and also offered insights into his firm's strategic initiatives going forward. Mr. Steinberg said, “I believe that structure matters”. Mr. Steinberg went on to say “I believe that investment advisors and their clients have never been less satisfied.”


      CEO Summit XVIII
      Guest Speaker
      David Tittsworth
      (Executive Director, Investment Adviser Association)
      David Tittsworth (Executive Director, Investment Adviser Association)

      David Tittsworth has served as executive director of the Investment Adviser Association since 1996. He is responsible for the management of the non-profit organization dedicated to serving & representing the interests of SEC-registered investment advisory firms. Based in Washington, DC, his firm engages in numerous advocacy, compliance, & educational services on behalf of its membership.

      Prior to assuming his current position, Mr. Tittsworth served as counsel of the house committee on energy & commerce. Prior to that he was a partner at government relations firm Chambers, Conlon, & Hartwell. Mr. Tittsworth has served in Washington, DC, almost continuously, since 1987, including stints on the house budget committee and as senior counsel to the house subcomittee on transportation, trade, & hazardous materials.

      Mr. Tittsworth addressed US regulatory reform and what it means for investment advisers. Specifically, his comments addressed the six pillars of regulatory reform, the meaning of the fiduciary term, the SEC as a body, the concept of self-regulating organizations, & next steps currently being considered by regulators. Mr. Tittsworth said, “FINRA is actively lobbying to expand its turf.” In relation to the fiduciary standard Mr. Tittsworth went on to say, “don’t weaken or water down the Advisors Act fiduciary duty."


      CEO Summit XVIII
      Guest Speaker
      Fred Tomczyk
      (CEO, TD Ameritrade)
      Fred Tomczyk (CEO, TD Ameritrade)

      Fred Tomczyk has served as president and CEO of TD Ameritrade since 2008 and previously served as the company’s chief operating officer. His involvement with the company goes back more than five years as he helped to shape the Ameritrade & TD Waterhouse merger and later served on the board of directors. Today, Mr. Tomczyk oversees the management of the firm and progress made toward its strategic objectives: to maintain a leadership position in the trading business and to continue growing as an asset gatherer.

      Prior to assuming his current position, Mr. Tomczyk served as vice chairman of corporate operations for TD Bank Financial Group. Prior to that role, Mr. Tomczyk's positions at TD Bank Financial Group included executive vice president of core banking & wealth management, as well as executive vice president of retail distribution, where he led the branch networks of TD Bank and Canada Trust through the merger to become TD Canada Trust. Prior to joining Canada Trust, Mr. Tomczyk served as CEO of London Life.

      Mr. Tomczyk discussed the challenges that he faces in pursuing his strategic objectives and managing TD Ameritrade for long-term growth, despite difficult economic & market environments. He also reviewed his learnings from mergers & acquisitions and discussed the future of such for his firm, given its relatively strong standing within the industry. Mr. Tomczyk said, “we are open minded about acquisitions, but they have to make strategic and financial sense.” When specifically asked about acquiring a major online competitor, Mr. Tomczyk went on to say “he wouldn’t rule it out,” but cited balance sheet issues as being of concern.

      Prior Tiburon CEO Summits

      As noted above, details on prior CEO Summits are also available here: