Prior CEO Summits 2008-2009

Tiburon has held twenty-one prior CEO Summits, with the first CEO Summit taking place in 2001. Details of the most recently held Tiburon CEO Summits XIV-XVI are included below; for details of earlier Tiburon CEO Summits, please click here: Most Recent, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.

Tiburon CEO Summit XVII was held October 7-8, 2009 at the Ritz Carlton Hotel in San Francisco, CA. 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 Partner, 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 going to Charles Schwab (Chairman, The Charles Schwab Corporation) and 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 CEO Summit XVII - Meet the Plaintiffs' Attorneys Panel (Facilitated by Ken Fisher of Fisher Investments)

General Session Panel Discussion Coming Soon!!!

One of the key themes of every Tiburon CEO Summit is the need to more closely listen to clients by way of presenting information in an open manner through a carefully moderated guest panel. Tiburon CEO Summit XVII included a special panel that might help Tiburon clients address certain legal needs in the coming months & years. In response to the assertions made by one CEO Summit XVI attendee that the financial services industry is vulnerable to litigation as a result of the crises of the last 18 months, a special Meet the Plaintiffs' Attorneys panel was assembled. The questions that were posed were fairly broad in nature, but the answers that were provided in response were quite specific. In true Tiburon CEO Summit spirit, this allowed Tiburon CEO-level clients to hear directly from their potential assailants in an unvarnished way. This is in sharp contrast to most CEOs' daily activities, where they are forced to rely on interpreting marketing data or listening to anecdotal stories from their sales forces. Addressing these opposing figures head-on through questions & answers may help Tiburon clients fully consider the legal ramifications of the crisis of 2008 and perhaps respond with some measure of confidence moving forward.

Attendees

Tiburon CEO Summit XVII had 109 Tiburon client attendees, including:

Chip Roame (Managing Partner, 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 Partner, 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)
Fred Harring (General Counsel, Fisher Investments)
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)
Viggy Mokkarala (Executive Vice President, Envestnet Asset Management)
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)
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)
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).

Tiburon CEO Summit XVI: April 15-16, 2009

Tiburon CEO Summit XVI was held April 15-16, 2009 at the Ritz Carlton Hotel in New York, NY. Tiburon CEO Summit XVI 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 Partner, 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

Opening Keynote Presentation:


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

Chip Roame (Managing Partner, 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

2009 & Beyond: New Industry Trends & Directions

Clearly the industry stands at a crossroads, so Mr. Roame then addressed the future of products & services and the market & distribution channels that will deliver them:

Investment products will likely move from complex, risky, & high fees to more simple, risk averse, & sustainable products. Fading products might include closed-end funds, mortgage related products, & securitized products. Those with unclear futures include credit funds, distressed debt funds, & real estate funds. Those products that look like they might emerge as winners include individual equities & bonds, CDs, 40 act structures, and ETFs & Active ETFs

For example, while ETF assets declined from $608 billion to $578 billion in 2008, net flows into ETFs increased to $178 billion, up 20% since 2007

And while 2008 investment returns depressed ten year hedge fund investment returns, those returns are still positive, unlike the long-only world

The most highly ethical and value-added markets & distribution channels are likely to gather the greatest assets. Fading channels might include wirehouses, investment bankers, & investment consultants. Those with inclear futures might include define contribution plans, retail banks, & discount brokers. Those channels that look like they might emerge as winners include online financial services, independent reps, & fee-based financial advisors

On one hand, the major investment banks have gone bankrupt, been acquired, or converted to banks

Goldman Sachs Group's employees have seen their earnings plummet, with an average of $357,000 in 2008, down 50% since 2007

Almost all wirehouse clients say that they intend to take money away from their brokers

Meanwhile, fee-based financial advisors' big three custodians have brought in more new assets since the beginning of 2007 than the big four wirehouses, and The Charles Schwab Corporation's 5,500 fee-based financial advisors have brought in more assets than even Merrill Lynch's 16,690 brokers since the beginning of 2007

Retail banks will be the most aggressive acquirers because they are the largest institutions and financial institutions buyouts are likely to grow significantly from just 13% of all buyouts

Tiburon CEO Summit XVI Kick-Off

Tiburon CEO Summit Guest Speakers Introduction & Agenda Highlights

Tiburon CEO Summit XVI features a Current Events Panel, with panelists including Chuck Baldiswieler (Trust Company of the West), John Cammack (T. Rowe Price Group), Steve Deschenes (Mass Mutual Financial Group), John Murphy (Oppenheimer Funds), & Steve Wallman (Foliofn)

Guest speakers include:

Jud Bergman (Envestnet)

Jessica Bibliowicz (National Financial Partners)

Mark Casady (LPL Financial)

Kip Condron (Axa Financial)

Jeffrey Dunham (Dunham & Associates Investment Counsel)

Ken Fisher (Fisher Investments)

Roger Ibbotson (Yale, Zebra, & Ibbotson)

Scott Powers (State Street Global Advisors)

Paul Stevens (Investment Company Institute)

Other Tiburon CEO Summit XVI highlights include the Ask the Consumers, Ask the Advisors, & Ask the Gatekeepers panel discussions, as well as six break out sessions, including:

Modern Portfolio Theory

Break Away Brokers

Financial Advisor Technology

Retirement Income & the Impace of the Recent Credit Crisis

Alternative Investments

Distribution Insight that Works

A Closing Word: Tiburon CEO Summit XVII & Tiburon's Immediate Needs

Mr. Roame concluded his presentation with a mention of the eight guest speakers for Tiburon CEO Summit XVII, including Jon Baum (The Dreyfus Corporation), John Calamos (Calamos Asset Management), Deena Katz (Chairman, Evensky & Katz), Pete Kight (Fiserv), Steve Lockshin (Convergent Wealth Advisors), Andrew Rudd (Advisor Software & Barra), Steve Wallman (Foliofn), & Jim Weddle (Edward Jones & Company). He also mentioned immediate Tiburon needs, including hiring of principals & summer interns...