Tiburon has held seventeen 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 XII-XVII are below; click here for details of earlier Summits.

Tiburon CEO Summit XVII: October 7-8, 2009

Tiburon CEO Summit XVII was held October 7-8, 2009 in San Francisco, CA at the Ritz Carlton Hotel. The Summit started at 7:45am on Wednesday, October 7, included a networking dinner that evening at Servino's Restaurant, & concluded at 2:30pm on Thursday, October 8. Almost 125 senior industry executives took two days out of their busy schedules to participate. Chip Roame (Managing Principal, Tiburon Strategic Advisors), Jon Baum (CEO, The Dreyfus Corporation), John Calamos (CEO, Calamos Asset Management), Deena Katz (Chairman, Evensky & Katz and Associate Professor, Texas Tech University), Pete Kight (Vice Chairman, Fiserv), Steve Lockshin (CEO, Convergent Wealth Advisors), Andrew Rudd (CEO, Advisor Software & Former CEO, Barra), Steve Wallman (CEO, Foliofn), & Jim Weddle (Managing Partner, Edward Jones & Company) made general session presentations. Tiburon CEO Summit XVII also saw the successful inauguration of the Tiburon CEO Summit Awards presentations, with an award for Maintaining a Focus on Consumer Needs going to Charles Schwab (Chairman, The Charles Schwab Corporation) and an award for Challenging Conventional Wisdom going to Ken Fisher (CEO, Fisher Investments). In addition to the nine great speakers and two fantastic award recipients, Tiburon CEO Summit XVII also included a special general session discussion panel called Meet the Plaintiffs' Attorneys, which yielded some very relevant information for CEO Summit attendees.

		Tiburon's CEO Summit XVII was held October 7-8, 2009 in San Francisco, CA

Attendees

Tiburon CEO Summit XVII had 112 Tiburon client attendees, including:

• Chip Roame (Managing Principal, Tiburon Strategic Advisors)
  
• Rick Adler (CEO, Convergent Capital Management, City National Corporation)
  
• Gurinder Ahluwalia (CEO, Genworth Financial Wealth Management, Genworth Financial)
  
• John Alshefski (Head, Business Development, Investment Manager Services, SEI Investments)
  
• Ryan Bakhtiari (Partner, Aidikoff, Uhl, & Bakhtiari)
  
• Chuck Baldiswieler (Group Managing Director, TCW Advisor Group, Private Client Services, & Retirement Services Group, 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)
  
• Walt Bettinger (CEO, The Charles Schwab Corporation)
  
• Chris Blunt (Executive Vice President, Retirement Income Security, New York Life Insurance Company)
  
• James Boyne (Chief Operating Officer, Distribuiton, Calamos Asset Management)
  
• Derek Bruton (CEO, LPL Affiliated Broker/Dealers, Independent Advisor Services, LPL Financial, LPL Investment Holdings)
  
• Steve Burnett (President, Hanson McClain)
  
• John Calamos (CEO, Calamos Asset Management)
  
• John Cammack (Chairman, Mutual Fund Education Alliance)
  
• Amit Choudhury (Managing Principal, Pinnacle Partners Systems)
  
• John Clendening (Executive Vice President, Shared Strategic Services, The Charles Schwab Corporation)
  
• Frank Coates (CEO, Coates Analytics, PNC Global Investment Servicing, PNC Financial Services Group)
  
• Jenn Connelly (CEO, JCPR)
  
• Bill Crager (President, Envestnet Asset Management)
  
• Peter Crenier (Head, Business Development, Investment Services, Fiserv)
  
• Jay Cromarty (CEO, Investment Management & Wealth Advisory Groups, Boston Private Wealth Management Group, Boston Private Financial Holdings)
  
• Ben Cukier (Partner, FTV Capital)
  
• Jeff Cusack (President, Forward Management, Sutton Place Associates)
  
• Cliff D’Amato (CEO, Matrix Financial Solutions)
  
• Jim Dario (Head, Business Development & Relationship Management, Pershing Advisor Solutions, Pershing, The Bank of New York Mellon Corporation)
  
• Scott Dell’Orfano (Executive Vice President, Fidelity Institutional Wealth Services, Fidelity Investments)
  
• Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  
• Steve Dunlap (Chief Operating Officer, Pershing Managed Account Solutions, Pershing, The Bank of New York Mellon Corporation)
  
• Cynthia Egan (President, Retirement Plan Services, T. Rowe Price Group)
  
• Ken Ehinger (CEO, M Holdings Securities, M Financial Group)
  
• Harold Evensky (President, Evensky & Katz, Fiduciary Network)
  
• Pat Farrell (CEO, Investacorp, Ladenburg Thalmann Financial Services)
  
• Ken Fisher (CEO, Fisher Investments)
  
• Robin Foote (Managing Director, Novantas)
  
• Rob Foregger (Chief Strategy Officer, My Vest Corporation & Personal Capital Corporation)
  
• George Gatch (CEO, JP Morgan Funds Management, JP Morgan Asset Management, JP Morgan Chase)
  
• Mike Gianoni (President, Fiserv Investment Services, Fiserv)
  
• Dave Goerz (Chief Investment Officer, High Mark Capital Management, Union Bank of California, Mitsubishi UFJ Financial Group)
  
• Charles Goldman (President, Fidelity Institutional Platforms, Institutional Products Group, Fidelity Investments)
  
• Rich Goldman (CEO, Security Global Investors, Rydex/SGI)
  
• Craig Gordon (President, RBC Correspondent Services, Royal Bank of Canada)
  
• Scott Grinis (Chief Technology Officer, Envestnet Asset Management)
  
• John Grogan (CEO, Northwestern Mutual Wealth Management Company, Northwestern Mutual)
  
• Bill Hackett (CEO, Matthews International Capital Management, City National Corporation)
  
• Marco Hanig (President, AQR Funds, AQR Capital Management)
  
• Scott Hanson (Co-CEO, Hanson McClain)
  
• AJ Harper (President, PNC Managed Investments, PNC Global Investment Servicing, PNC Financial Services Group)
  
• Bill Harris (Chairman, My Vest Corporation & Personal Capital Corporation)
  
• Mark Headley (Chairman, Matthews International Capital Management, City National Corporation)
  
• Gary Holland (Publisher, Barron’s, Dow Jones & Company, News Corporation)
  
• Bob Huret (Founding Partner, FTV Capital)
  
• Bob Hussey (Executive Vice President, Wealth Solutions & Institutional Services, Natixis Global Associates, Natixis Global Asset Management, Natixis, BPCE)
  
• Bryce James (CEO, Smart Portfolios)
  
• Steve Janachowski (CEO, Brouwer & Janachowski, Fiduciary Network)
  
• Fred Jonske (CEO, M Financial Group)
  
• Judy Joyce (Executive Vice President, Joyce Financial Management)
  
• Tif Joyce (President, Joyce Financial Management)
  
• Deena Katz (Chairman, Evensky & Katz, Fiduciary Network)
  
• Pete Kight (Vice Chairman, Fiserv)
  
• Pete Kris (Partner, Brazos Capital Management, AIG Investments, American International Group, (AIG))
  
• Richard Lampen (CEO, Ladenburg Thalmann Financial Services)
  
• Chuck Lewis (CEO, My Vest Corporation & Personal Capital Corporation)
  
• Jim Livingston (CEO, National Planning Holdings, The Prudential)
  
• Steve Lockshin (CEO, Convergent Wealth Advisors, Convergent Capital Management, City National Corporation)
  
• Tom Lydon (President, Global Trends Investments)
  
• Matt Lynch (CEO, Capital Analysts, Western & Southern Financial Group)
  
• Adam Malamed (Chief Operating Officer, Ladenburg Thalmann & Company, Ladenburg Thalmann Financial Services)
  
• Liz Manibay (Executive Vice President, JCPR)
  
• Jim McCool (Executive Vice President, Schwab Institutional Services, The Charles Schwab Corporation)
  
• Nick Mencher (Head, Consulting Firm Relations, Asset Management Business Development, TIAA-CREF Asset Management, TIAA-CREF)
  
• Mark Mettelman (CEO, Triad Advisors, Ladenburg Thalmann Financial Services)
  
• Cameron Miller (Chief Financial Officer, Genworth Financial Wealth Management, Genworth Financial)
  
• Viggy Mokkarala (Executive Vice President, Envestnet Asset Management)
  
• Robert Moore (Chief Financial Officer, LPL Financial, LPL Investment Holdings)
  
• Cheryl Nash (Global Head, Product Strategy & Business Development, Investment Services, Fiserv)
  
• Karen Novak (Chief Operating Officer, Pershing Advisor Solutions, Pershing, The Bank of New York Mellon Corporation)
  
• Bob Oros (Executive Vice President, Custom Clearing Services, LPL Financial, LPL Investment Holdings)
  
• Terry Otton (CEO, RS Investments, Guardian Life Insurance Company of America)
  
• Ken Ouimet (CEO, My World Investing)
  
• Tim Ouimet (Founder, My World Investing)
  
• Michael Pagano (Executive Vice President, Private Client Services, City National Corporation)
  
• Boyd Page (Senior Partner, Page Perry)
  
• John Phillips (Executive Vice President, Sales, National Financial Services, Fidelity Investments)
  
• Dave Pottruck (Co-Chairman, High Tower)
  
• Alex Potts (CEO, Loring Ward Group)
  
• Alan Reid (CEO, Forward Management, Sutton Place Associates)
  
• George Riedel (Head, Sales & Client Services, Third-Party Distribution, T. Rowe Price Group)
  
• Neal Ringquist (President, Advisor Software)
  
• Andrew Rudd (CEO, Advisor Software)
  
• Bill Salus (Chief Business Development Officer, PNC Global Investment Servicing, PNC Financial Services Group)
  
• Matt Schiffman (Head, Retail - America, Legg Mason)
  
• Chuck Schwab (Chairman, The Charles Schwab Corporation)
  
• Sandeep Sharma (Executive Vice President, Product Strategy, My World Investing)
  
• Sterling Shea (Head, Winner’s Circle Advisor Rankings & Conference Program, Barron’s, Dow Jones & Company, News Corporation)
  
• Scott Shewan (Partner, Born, Pape, & Shewan)
  
• Tom Sholes (Executive Vice President, Strategic Planning & Global Product Management, PNC Global Investment Servicing, PNC Financial Services Group)
  
• Babu Sivadasan (Executive Vice President, Engineering, Envestnet Asset Management)
  
• David Smith (Group Publisher, Financial Advisor & Private Wealth Magazines, Charter Financial Publishing Network)
  
• Bob Smoke (Vice Chairman, Brouwer & Janachowski, Fiduciary Network)
  
• Esther Stearns (President, LPL Financial, LPL Investment Holdings)
  
• Marie Swift (CEO, Impact Communications)
  
• Camille Taglia (Executive Vice President, Research, Barron’s, Dow Jones & Company, News Corporation)
  
• Frank Trotter (President, Ever Bank Direct, Ever Bank Financial)
  
• Mitch Vigeveno (CEO, Turning Point)
  
• Greg Vigrass (President, Folio Institutional, Foliofn)
  
• Craig Walling (CEO, Private Banking, Wealth Management US, UBS)
  
• Steve Wallman (CEO, Foliofn)
  
• Gib Watson (CEO, Prima Capital Management, Prima Capital Holding, Matrix Financial Solutions)
  
• Jim Weddle (Managing Partner, Edward Jones & Company)
  
• Carol Yochem (Executive Vice President, Wealth Management, First Citizens Bank, First Citizens Banc Shares)
  

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

Opening Keynote Presentation:

		Tiburon Managing Principal Chip Roame kicks off CEO Summit XVI by addressing the state of the financial services industry

Chip Roame (Managing Principal, Tiburon Strategic Advisors)

Tiburon CEO Summit XVII Attendee Statistics, Meet thy Neighbor, & Brief Introductions

Mr. Roame outlined Tiburon CEO Summits' past & current attendee statistics, encouraged the audience to meet one another, & proceeded with brief introductions for the remainder of CEO Summit XVII.

• The Tiburon CEO Summits vision has not changed since CEO Summit I in 2001
• Tiburon CEO Summit XVII had 112 confirmed attendees, all Tiburon clients, all c-level executives & executive vice presidents, which amounted to the firm's biggest ever West coast group & right in its target zone
  
• Tiburon CEO Summit meet thy neighbor tradition returned to CEO Summit XVII, allowing attendees the opportunity to meet & greet right out of the gate
  
• Tiburon CEO Summit XVII client attendees were less so first time attendees due to the return to the West coast but that slant was offset by Tiburon’s growing client base
  
• Tiburon CEO Summit XVII client attendees are increasingly from markets & distribution companies from CEO Summit XIII, with slight decreases continuing in both product & service companies and financial advisors
  
• Tiburon CEO Summit XVII client attendees were increasingly from large companies due to industry mergers and a tightening of the client definition
  
• Tiburon CEO Summit XVII tied its record for female attendance
  
• Tiburon CEO Summit XVII included nine guest speakers, including Jim Weddle (Managing Partner, Edward Jones & Company), Jon Baum (CEO, The Dreyfus Corporation), John Calamos (CEO, Calamos Asset Management), Pete Kight (Vice Chairman, Fiserv), Steve Wallman (CEO, Foliofn), Andrew Rudd (CEO, Advisor Software), Fred Jonske (CEO, M Financial Group), Steve Lockshin (CEO, Convergent Wealth Advisors), & Deena Katz (Chairman, Evensky & Katz and Associate Professor, Texas Tech University)
  
• Tiburon CEO Summit XVII included its inaugural CEO Summit award recipients, including Ken Fisher (CEO, Fisher Investments) and Charles Schwab (Chairman, The Charles Schwab Corporation)
  

Two Important Tiburon Side Notes ...

Tiburon Strategic Advisors

• Tiburon delivers research reports, market seminars, custom market research & strategy consulting projects, & advisory board roles
  
• Tiburon is seeking specific personnel to exploit its considerable industry content & client needs, including a chief consulting officer or entrepreneurial consulting team, associate principals, & mid-level employees
  

Tiburon CEO Summit XVIII

• Tiburon CEO Summit XVIII will take place on April 14-15, 2010 at the Ritz Carlton Battery Park Hotel in New York, NY with guest speakers to include Ed Bernard (T.Rowe Price), Abby Cohen (Goldman Sachs Group), Steve Forbes (Forbes Media), Jim McCool (The Charles Schwab Corporation), Eric Schwartz (Cambridge Investment Research), Jonathan Steinberg (Wisdom Tree), David Tittsworth (Investment Advisor Association), & Fred Tomczyk (TD Ameritrade)
  

Tiburon CEO Summit XVII Agenda Highlights & Guest Speaker Introductions

Tiburon CEO Summit XVII Award Recipients

• Ken Fisher (Challenging Conventional Wisdom)
  • Proud junker (plus web-based advertising, infomercials, & radio)
  • Specialization of labor
  • Centralized service

• Charles Schwab (Maintaining a Focus on Consumer Needs)
  • Products: discount brokerage, mutual fund supermarkets, money management, banking, custodial services, & customized technology
  • Channels: telephone service centers, 300 branches, the web, & specialized service centers

Tiburon CEO Summit XVII Guest Speakers

• Jim Weddle (Edward Jones & Company)
  • Opportunities & challenges for financial services firms
  • Focusing on client service excellence
  • Relying on long-term strategic planning

• Jon Baum (The Dreyfus Corporation)
  • Crossroads of recovery
  • Implications for asset management industry
  • Distribution success drivers (maintaining client focus & providing needs-based offerings)

• John Calamos (Calamos Asset Management)
  • Ongoing challenges of today's uncertain economy
  • Increasing importance of risk management
  • Firm transformation - from a convertible securities specialist to an institutional caliber global investment manager
    

Pete Kight (Fiserv Corporation)
Digital consumer, digital investor, digital business

Focusing on client service excellence
Relying on long-term strategic planning

Steve Wallman (Foliofn)
Too big to fail?

Regulation and contagion

Innovation versus regulation

Next generation regulatory structure

Meaningful corporate governance

Andrew Rudd (Advisor Software & Barra)
Goal-based investing

Fred Jonske (M Financial Group)
Impact of the financial crisis

Serving ultra affluent clients’ financial needs

Future of the ultra affluent market

Carrier relationships

Managing a member owned organization

Steve Lockshin (Convergent Wealth Advisors)
Implications of the market crash

Future of independent financial advisors: small but growing

Hedge funds: Dead, taking a breather, or ready to explode

Strategic versus tactical asset allocation: introducing strategical

Where will the money go…

Deena Katz (Evensky & Katz and Texas Tech University)
Lack of human capital in the financial industry

Lack of educated consumers to participate in the industry

Tiburon CEO Summit XVII - Meet the Plaintiffs' Attorneys Panel (Facilitated by Ken Fisher of Fisher Investments)

• Ryan Bakhtiari (Aidikoff, Uhl, & Bakhtiari)
  • Partner
  • Beverly Hills, CA

Boyd Page (Page Perry)
Senior Partner
Atlanta, GA

• Scott Shewan (Born, Pape, & Shewan)
  • Partner
  • Clovis, CA

Tiburon CEO Summit XVII Break-Out Sessions

• Unified Managed Households (Facilitated by Mike Gianoni of Fiserv Corporation)
  
  • Next step beyond models only programs and unifed managed accounts
    
  • Technology implications
    

• Financial Advisor Technology (Facilitated by Viggy Mokkarala of Envestnet)
  
  • Opportunities presented by large firm transformations
    
  • Technology as the great equalizer
    

• Retirement Income (Facilitated by Tif Joyce of Joyce Financial Management)
  
  • Savings shortage & retirement income challenges of 76 million baby boomers
    
  • Impact of lower account balances and lower home pricesngoing challenges of today's uncertain economyFirm transformation - from a convertible securities specialist to an institutional caliber global investment manager
    

Public Relations (Facilitated by Jenn Connelly of JCPR)

Digital consumer, digital investor, digital business

Focusing on client service excellence

Relying on long-term strategic planning

Human Capital (Facilitated by Mitch Vigeveno of Turning Point)

Attracting & retaining top talent

Management talent needed to fully capture the pending economic recovery

Maintaining a Focus on Consumer Needs: Charles Schwab (Chairman, The Charles Schwab Corporation)

Challenging Conventional Wisdom: Ken Fisher (CEO, Fisher Investments)

Break-Out Sessions Coming Soon!!!

Tiburon CEO Summit XVI: April 15-16, 2009

Tiburon CEO Summit XVI was held April 15-16, 2009 in New York, NY at the Ritz Carlton Hotel. The Summit started at 7:45am on Tuesday, April 15, included a networking dinner that evening at Delmonico's Restaurant, & concluded at 5:30pm on Wednesday, April 16. Over 125 senior industry executives took two days out of their busy schedules to participate. Chip Roame (Managing Principal, Tiburon Strategic Advisors), Jud Bergman (CEO, Envestnet Asset Management), Jessica Bibliowicz (CEO, National Financial Partners), Mark Casady (CEO, LPL Financial), Kip Condron (CEO, Axa Financial), Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel), Ken Fisher (CEO, Fisher Investments), Roger Ibbotson (Professor, Yale University; CEO, Zebra Capital Management; & Former CEO, Ibbotson Associates), Scott Powers (CEO, State Street Global Advisors), & Paul Stevens (CEO, Investment Company Institute) made general session presentations. Four general session panel discussions included a consumers panel, an advisors panel, a gatekeepers panel, & the now permanent special general session panel discussion addressing current events.

	Tiburon's CEO Summit XVI was held April 15-16, 2009 in New York, NY

Attendees

Tiburon CEO Summit XVI had 126 Tiburon client attendees, including:

• Chip Roame (Managing Principal, Tiburon Strategic Advisors)
  
• Chris Alpaugh (Senior Managing Director, Global Business Development, Alliance Bernstein, Axa Group)
  
• John Alshefski (Head, Business Development, Investment Manager Services, SEI Investments)
  
• David Bailin (President, Alternative Investment Solutions, Global Wealth & Investment Management, Bank of America Corporation)
  
• Chuck Baldiswieler (Group Managing Director, TCW Advisor Group, Private Client Services, & Retirement Services 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)
  
• Jessica Bibliowicz (CEO, National Financial Partners)
  
• Stephanie Bogan (CEO, Quantuvis Consulting, Genworth Financial Wealth Management, Genworth Financial)
  
• John Cammack (Head, Third-Party Distribution, T. Rowe Price Group)
  
• Frank Campanale (CEO, Advanced Equities Wealth Management, Advanced Equities Financial Corporation)
  
• Rich Cancro (Managing Director, Product Development, Broker/Dealer & Investment Advisor Services, JP Morgan Chase)
  
• Sal Capizzi (Chief Sales & Marketing Officer, Dunham & Associates Investment Counsel)
  
• Mitch Caplan (Executive Advisor, Acquiline Capital Partners, Aquiline Holdings)
  
• Mark Casady (CEO, LPL Financial)
  
• Jerry Chafkin (President, Alpha Simplex Group, Natixis Global Asset Management Alternatives Group, Natixis Global Asset Management, Natixis)
  
• Amit Choudhury (Managing Principal, Pinnacle Partners)
  
• Randy Ciccati (President, ING Financial Solutions Group, ING Group)
  
• Dennis Clark (President, Bellatore Financial, Bellatore)
  
• Frank Coates (CEO, Coates Analytics, PNC Global Investment Servicing, PNC Financial)
  
• Steve Cohen (Chief Strategy Officer, Pro Funds Group)
  
• Kip Condron (CEO, Axa Financial, Axa Group)
  
• Jenn Connelly (CEO, JCPR)
  
• Chris Cordaro (CEO, Regent Atlantic Capital, Fiduciary Network)
  
• Ron Cordes (Co-Chairman, Genworth Financial Wealth Management, Genworth Financial)
  
• Jamie Cornell (Chief Marketing Officer, Prudential Retirement Services, Prudential Financial)
  
• Bill Crager (President, Envestnet Asset Management)
  
• Ben Cukier (Partner, FTV Capital)
  
• Wayne Cutler (Managing Director, Brokerage, Novantas)
  
• Jim Dario (Chief Growth Officer, Pershing Advisor Solutions, Pershing, The Bank of New York Mellon Corporation)
  
• Pete D'Arrigo (Chief Financial Officer, Envestnet Asset Management)
  
• Dick Davies (Senior Managing Director, Defined Contribution, Alliance Bernstein Institutional Investments, Alliance Bernstein, Axa Group)
  
• Scott Davis (CEO, Essex National Securities, Addison Avenue Federal Credit Union)
  
• Joe Deitch (Chairman, Commonwealth Financial Network)
  
• Stuart DePina (CEO, Tamarac)
  
• Steve Deschenes (Chief Marketing Officer, Retirement Income Group, Mass Mutual Financial Group)
  
• Steve Dowden (CEO, CUNA Brokerage Services, CUNA Mutual Group)
  
• Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  
• Steve Dunlap (Chief Operating Officer, Pershing Managed Account Solutions, Pershing, The Bank of New York Mellon Corporation)
  
• Randy Epright (Chief Operating Officer, AIG Advisor Group, American International Group, (AIG))
  
• Wayne Ferbert (CEO, Tenbagger, TD Ameritrade, TD Bank Financial Group)
  
• Ken Fisher (CEO, Fisher Investments)
  
• Ron Fiske (Executive Vice President, Product Development & Management, Fidelity Institutional Wealth Services, Fidelity Investments)
  
• Bill Franca (Executive Vice President, Distribution, Direxion Funds, Rafferty Holdings)
  
• George Gatch (CEO, JP Morgan Funds Management, JP Morgan Asset Management, JP Morgan Chase)
  
• Mike Gianoni (President, Fiserv Investment Services, Fiserv)
  
• Al Girod (President, Convergent Wealth Advisors, Convergent Capital Management, City National Corporation)
  
• Bill Glavin (CEO, Oppenheimer Funds, Mass Mutual Financial Group)
  
• Rich Goldman (CEO, Security Global Investors, Security Benefit Group)
  
• Jeffrey Goldstein (Managing Director, Hellman & Friedman)
  
• Jennifer Grancio (Head, Distribution, iShares Americas, Intermediary Investor Business, Barclays Global Investors, Barclays)
  
• Larry Greenberg (CEO, Jefferson National Financial)
  
• Matt Grove (Executive Vice President, Business Development, Jefferson National Financial)
  
• Jim Hale (Founding Partner, FTV Capital)
  
• Scott Hanson (Co-CEO, Hanson McClain)
  
• AJ Harper (President, Advisor Port, PNC Global Investment Servicing, PNC Financial)
  
• Jim Hays (President, Private Client Group, Wachovia Securities, Wachovia Corporation, Wells Fargo Corporation)
  
• JoNell Hermanson (President, M Financial Wealth Management, M Financial Group)
  
• Tom Hexner (Executive Vice President, Bernstein Global Wealth Management, Axa Group)
  
• Rich Hughes (Group Co-President, Portfolio Management Consultants, Envestnet Asset Management)
  
• Robert Hussey (Executive Vice President, Wealth Solutions & Global Relationships, Natixis Global Associates, Natixis Global Asset Management, Natixis)
  
• Roger Ibbotson (Professor, Yale University; Chairman, Zebra Capital Management; & Former CEO, Ibbotson & Associates)
  
• Dwight Jacobsen (Executive Vice President, Intermediary Distribution, MSBC Securities Corporation, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
  
• Alistair Jessiman (Managing Director, Wealth Management, Novantas)
  
• David Jobson (Executive Vice President, Product Development, US Retail, Allianz Global Investors, Allianz)
  
• Henry Johnson (Co-CEO, Fiduciary Trust Company International, Franklin Templeton Investments, Franklin Resources)
  
• Tom Johnson (Head, Strategic Institutional Business Development, Mass Mutual Financial Group)
  
• Tif Joyce (President, Joyce Financial Management)
  
• Geoff Kalish (Co-Founder, Aquiline Capital Partners, Aquiline Holdings)
  
• Atul Kamra (President, First Clearing Correspondent Services, Wachovia Securities, Wachovia Corporation, Wells Fargo Corporation)
  
• Dan Kreuter (CEO, DAK Associates)
  
• Peter Kris (Partner, Brazos Capital Management, American International Group, (AIG))
  
• Stephen Langlois (Executive Vice President, Strategic Development, LPL Financial)
  
• Charles Lowrey (CEO, Prudential Investment Management, Prudential Financial)
  
• Tom Lydon (President, Global Trends Investments)
  
• Doug Mangini (Chief Operating Officer, Retail & Intermediary Business, Morgan Stanley Investment Management,Morgan Stanley, Mitsubishi UFJ Financial Group)
  
• Pete Martin (President, Institutional Services, Natixis Global Asset Management, Natixis)
  
• Bill McDermott (Executive Vice President, Corporate Markets, Axa Equitable Life Insurance Company, Axa Group)
  
• Jim Minnick (President, Lovell Minnick Partners)
  
• Sanjiv Mirchandani (President, National Financial Services, Fidelity Investments)
  
• Ed Morrison (Chief Operating Officer, Albridge Solutions, PNC Global Investment Servicing, PNC Financial)
  
• Mike Mulcahy (President, Bridgeway Funds, Bridgeway Capital Management)
  
• Patrick Mulvey (Head, Global Sales & Marketing, Rogers Casey)
  
• John Murphy (Chairman, Oppenheimer Funds, Mass Mutual Financial Group)
  
• Nicole Newlin (Chief Operating Officer, Loring Ward Group)
  
• Karen Novak (Chief Operating Officer, Pershing Advisor Solutions, Pershing, The Bank of New York Mellon Corporation)
  
• Harry O'Mealia (CEO, Legg Mason Investment Counsel, Legg Mason)
  
• Andy O'Rourke (Head, Marketing, Direxion Funds, Rafferty Holdings)
  
• Brian O'Toole (CEO, Genworth Financial Management Wealth Management, Genworth Financial)
  
• Tim Ouimet (President, MyWorld Investing)
  
• Patrick Pagni (Executive Vice President, Trust Company of the West (TCW), Societe Generale Asset Management, Societe Generale)
  
• James Poer (CEO, NFP Securities, National Financial Partners)
  
• Alex Potts (CEO, Loring Ward Group)
  
• Scott Powers (CEO, State Street Global Advisors, State Street Corporation)
  
• Andy Putterman (CEO, Fortigent, Lydian Trust Company)
  
• Matt Raynor (Executive Vice President, Sales, Natixis Global Associates, Natixis Global Asset Management, Natixis)
  
• Patrick Reinkemeyer (President, Morningstar Associates, Morningstar)
  
• Neal Ringquist (President, Advisor Software)
  
• Tony Rochte (Senior Managing Director, Intermediary Business Group, State Street Global Advisors, State Street Corporation)
  
• Jake Rohn (Executive Vice President, Corporate Development, Albridge Solutions, PNC Financial)
  
• Jim Ross (President, SSGA Funds Management, State Street Global Advisors, State Street Corporation)
  
• Bill Salus (Chief Business Development Officer, PNC Global Investment Servicing, PNC Financial)
  
• Michael Sapir (CEO, Pro Funds Group)
  
• Peter Schaffer (Chief Operating Officer, Zebra Capital Management)
  
• Ken Schapiro (President, Condor Capital Management, Nationwide Mutual Insurance Company)
  
• Bill Schreiner (Executive Vice President, Foliofn)
  
• Skip Schweiss (President, TD Ameritrade Trust Company, TD Ameritrade, TD Bank Financial Group)
  
• Sandeep Sharma (Executive Vice President, Product Strategy, MyWorld Investing)
  
• Jamie Shepherdson (Executive Vice President, Wholesale Distribution, Axa Equitable, Axa Group)
  
• Tom Sholes (Executive Vice President, Strategic Planning & Global Product Management, PNC Global Investment Servicing, PNC Financial)
  
• David Smith (Group Publisher, Financial Advisor & Private Wealth Magazines, Charter Financial Publishing Network)
  
• Anne Steer (Executive Vice President, Relationship Management, National Financial Services Corporation, Fidelity Investments)
  
• Paul Stevens (CEO, Investment Company Institute)
  
• Allen Thorpe (Managing Director, Hellman & Friedman)
  
• Frank Trotter (President, Ever Bank Direct, Ever Bank Financial)
  
• John Tyers (President, Broadcourt, Bank of America Merrill Lynch, Bank of America Corporation)
  
• Enrique Vasquez (CEO, Genworth Financial Investment Services, Genworth Financial)
  
• Greg Vigrass (President, Foliofn Institutional, Foliofn)
  
• Craig Walling (CEO, Private Banking, Wealth Management US, UBS)
  
• Steve Wallman (CEO, Foliofn)
  
• Elliot Weissbluth (CEO, High Tower)
  
• Scott Welch (Senior Managing Director, Investment Research & Strategy, Fortigent, Lydian Trust Company)
  
• Janine Wertheim (President, Securities America Advisors, Securities America, Ameriprise Financial)
  

Also in attendance for Tiburon CEO Summit XVI was Tiburon employee Tudor Jones (Director, Business & Marketing).

Opening Keynote Presentation:

		Tiburon Managing Principal Chip Roame kicks off CEO Summit XVI by addressing the state of the financial services industry

Chip Roame (Managing Principal, Tiburon Strategic Advisors)

Tiburon CEO Summit XVI Welcome & State of the Financial Services IndustryTiburon CEO Summits Vision, Tiburon Core Business Services, & A Brief Introduction

Mr. Roame summarized the Tiburon CEO Summits vision and outlined the firm's core business services, taking a few moments to thank the Tiburon CEO Summit XVI speakers & sponsors:

Tiburon's CEO Summits were created in 2001 after Mr. Roame noted the lack of CEO-level interaction across traditional industry lines and yet saw the consistency of issues being addressed by these same executives

Tiburon's CEO Summits have evolved from a just a handful of industry colleagues meeting in Tiburon to 100+ CEO-level Tiburon clients attending two day conferences at the Ritz Carlton Hotel in San Francisco, CA & New York, NY

Mr. Roame reiterated the two themes of all Tiburon CEO Summits - Challenging Conventional Wisdom & Maintaining a Consumer Orientation

Tiburon's core businesses include Research Reports & Research Report Access Program, Market Seminars & Conference Speeches, Market Research & Strategy Consulting Projects, & Advisory Board Roles

Mr. Roame introduced Tiburon CEO Summit XVI's nine terrific guest speakers, including Jud Bergman (CEO, Envestnet Asset Management), Jessica Bibliowicz (CEO, National Financial Partners), Mark Casady (CEO, LPL Financial Services), Kip Condron (CEO, Axa Financial), Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel), Ken Fisher (CEO, Fisher Investments), Roger Ibbotson (Professor, Yale University; Chairman, Zebra Capital Management; & Former CEO, Ibbotson Associates), Scott Powers (CEO, State Street Global Advisors), & Paul Stevens (CEO, Investment Company Institute)

Mr. Roame then thanked the Tiburon CEO Summit XVI sponsors, including Advisor Software, Envestnet Asset Management, Fiserv (Fiserv Investment Services), Foliofn (Foliofn Institutional), JCPR, LPL Financial, Mass Mutual Financial Group, Natixis (Natixis Global Associates), PNC Financial (PNC Global Investment Servicing), Rafferty Holdings (Direxion Funds), State Street Corporation (State Street Global Advisors), TD Ameritrade (TD Ameritrade Institutional), The Bank of New York Mellon Corporation (Pershing Advisor Solutions), & The Charles Schwab Corporation (Schwab Institutional) whose financial support allow the CEO Summits to be held at the Ritz Carlton Hotel and attendance to be open to 100+ CEOs

State of the Financial Services Industry

Year-End 2007 Recollection: Winning Products & Channels

Mr. Roame introduced his presentation with a brief overview of the recent past, discussing such factors as consumer wealth, the retirement issue, leading & growing products, the state of the channels, and a mention of the increasing role of global markets:

• The ratio of consumer household financial assets had been relatively stagnant since 2002, with investable assets accounting for two-thirds of all financial assets
• Baby boomers were still not saving the traditional way in 2007, maintaining negative saving rates from 2005 & 2006
• Life expectancy was becoming a problem, but consumers, and especially baby boomers, had lots of assets in retirement plans & houses that they could liquidate to retire
• Mutual funds were the dominant investment product and mutual fund net flows still led those of other investment products
• Target date mutual funds had become the industry darling and were gathering assets quickly
• Exchange traded funds had become the most significant product development since mutual funds in the 1940s
• Hedge funds had gathered over $2.0 trillion assets, more than SMAs & ETFs combined
• The wirehouses and retail banks controlled almost two-thirds of all consumer investable assets
• And for investment management firms, non-US mutual funds assets under management had surpassed those of US mutual funds

2008-2009 Credit Crisis: Consumer & Industry Impacts

With the table set, Mr. Roame then discussed the events of the last year, presenting some high-level Tiburon research findings:

And then came the credit crisis, with lots of parties to share the blame, including consumers who took out loans they were unable to handle, commercial banks who created sub-prime & no-documentation processes, mortgage brokers who paid huge agent incentives to close any transaction, & investment banks who created & sponsored complex mortgage backed derivative products
The stock markets all declined sharply in 2008, with the indices being down 31% to 41%
And then came the government's help... All five of the larges US government bailouts have been of financial services companies, wiht four happening in 2008, including the Economic Stabilization Act, and the bailouts of Fannie Mae & Freddie Mac, AIG, and Bear Stearns
The average American worker lost one-quarter of his or her 401k retirement plan savings in 2008
Consumer households lost $2.0 trillion in real estate equity since 2006, down to $8.9 trillion, with home equity levels falling to 43%, which is the lowest number on record
In aggregate, consumer household net worth fell $11.0 trillion in 2008 to $52.0 trillion
And the number of consumer households with over $1.0 million net worth declined almost 30% in 2008 to 6.7 million
There have been several dramatic financial service industry impacts as a result, including huge AUM drops, 325,000 jobs lost worldwide since 2007, $680 billion of losses & write-offs in US firms alone, and investment manganager margins dropping from 40% to 25%
Actively managed equity mutual funds had net outflows of $238 billion in 2008 after years of positive net flows
Hedge fund assets ended 2008 at $1.3 trillion having peaked at $1.8 trillion mid-year
Financial institutions' capital raises have just offset their losses & write downs
Retail banks have had the highest market capitalization loss by percentage in the financial services industry at negative-63%
Bank of America & Merrill Lynch, Citigroup, AIG, Wells Fargo & Wachovia, and JP Morgan Chase, Washington Mutual, & The Bear Stearns Companies all lost over $100 billion of market capitalization since October 2008
As a result of recent events, consumers are skeptical of the financial services industry, with three-quarters believing that Bernie Madoff type behavior is common
Investors are increasingly going to court to seek resolution, filing 210 class action lawsuits alleging securities fraud, up almost 100% since 2006, half of such against financial institutions