Prior Tiburon CEO Summits (2010-2011)

Tiburon has held 29 prior CEO Summits, with the first CEO Summit taking place in 2001. Details of Tiburon CEO Summits XVIII, XIX, XX, & XXI are included below; for details of earlier Tiburon CEO Summits click here: Most Recent, 2016-2017, 2014-2015, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.

Tiburon CEO Summit XXI: October 12-13, 2011

Tiburon CEO Summit XXI was held October 12-13, 2011 at the Ritz Carlton Hotel in San Francisco CA. Tiburon CEO Summit XXI started at 7:45am on Wednesday, October 13, 2011, included a group dinner that evening in Tiburon, & concluded at 12:00pm on Thursday, October 13, 2011. Over 140 senior industry executives took two days out of their busy schedules to participate. Along with Tiburon's Managing Partner Chip Roame and award recipients Rob Arnott (CEO, Research Affiliates) & Bill Sharpe (Professor Emeritus, Stanford University), guest speakers included Pete Kight (Managing Partner, The ComVest Group), Michael Sapir (CEO, ProShares), & Paul Steiger (CEO, Pro Publica). Tiburon CEO Summit XXI also featured the firm's traditional client-centric panel discussions, an innovation panel featuring four Tiburon clients, five less formal break-out sessions, & two networking-based social events.

Opening Keynote Presentation Highlights

Tiburon CEO Summit XXI featured a general session keynote opening presentation by Tiburon's Managing Partner Chip Roame regarding the state of the financial services industry. This presentation served as the backdrop and overview of the entire CEO Summit.

Chip Roame (Managing Partner, Tiburon Strategic Advisors)



Summit XXI
Opening Keynote Presentation
Chip Roame
Managing Partner
Tiburon Strategic Advisors
Tiburon Strategic Advisors is pleased to provide a summary of the content of its Tiburon CEO Summit XXI opening keynote presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) kicked off Tiburon CEO Summit XXI with his presentation broadly addressing the state of the financial services industry. Though Mr. Roame is included on lists of key industry voices and influencers regularly, he commented that given Tiburon's unique mission, he sees himself as, "an observer of the industry, not in the industry". Tiburon Strategic Advisors focuses on corporate level strategy consulting and research across all of the channel, product, & strategic areas, within the financial services industry.

Charles ("Chip") Roame is the Managing Partner of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the brokerage, investments, banking, & insurance markets. Prior to forming Tiburon in 1998, Mr. Roame served in similar capacities, first as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. Mr. Roame is quoted daily throughout the media and, due to Tiburon's widely shared research; he may be the most frequently demanded board advisor and conference speaker. His particular expertise is that of corporate strategy for larger financial services firms, designing broad multi-faceted strategies and making trade-offs between alternative businesses, products, & markets.

At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses - mutual funds, exchange traded funds, separately managed accounts, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and investment banking transactions. At Tiburon, Mr. Roame has led over 1,400 client engagements for over 300 corporate clients since 1998.

Mr. Roame has won numerous awards throughout the consulting and financial services industries, including being named one of the power 25 elite by Investment News, one of the twenty-five most influential people in financial planning by Investment Advisor magazine, & one of the five experts with the answers by Boomer Market Advisor. Tiburon has also been named one of the fastest growing companies by the San Francisco Business Times in multiple years.

Mr. Roame is frequently sought as a board member by Tiburon client company boards. He presently serves as a board member at Envestnet (NYSE: ENV). In the past, he has served on a variety of other boards, including those for start-up ventures Anira Advisory Group, One Harbor, & Prima Capital Holdings, the SA Funds mutual fund family, and the Institute of Investment Management Consultants trade group.

Overview

Mr. Roame addressed the state of the financial services industry, including the most important news stories in the past six months, recent Tiburon research findings, and strategic developments at dozens of Tiburon clients. His outline included the broad market environment, including world events, the economy & markets, financial services industry stumbles, consumer wealth, growing baby boomer issues, consumers' attitudinal & behavioral issues, and the regulatory environment. His outline went on to include the resulting product trends, distribution channel trends, and strategic activity. And Mr. Roame closed by offering a take-away which was the top dozen fundamental trends impacting all financial services firms.

Broad Market Environment

As it pertains to the broad market environment, Mr. Roame sought to put recent world events into perspective for the financial services CEOs who attended Tiburon CEO Summit XXI, saying that, "we got the bad guy" regarding Bin Laden's demise, and touching on less certain but still relevant issues of continued turbulence in the Middle East, natural disasters on the US East Coast, and politically charged issues like the Solyndra bankruptcy. He addressed the potential outcomes from various economic & market scenarios, touching on the fact that, "bank failures are down to just 88 in 2011", questioning the idea that "..that is good?", and that, "while we like to "blame the European Debt Crisis for our woes in the US, that in fact our high unemployment and sluggish economy are more products of internal and political problems here at home. Mr. Roame highlighted the continued slump in housing as a key factor impacting prospective retirees as we now have the, "inverse of the 1990s Wealth Effect, where all three (investable assets, principal residences, & small business values) went up".

Mr. Roame went on to highlight Federal Reserve Flow of Funds data showing the unequal consumer wealth recovery, and making the keen observation that, "this is why you are seeing Occupy Wall Street happening". And taken together with some of the industry's stumbles & scandals (Mr. Roame listed Galleon Group, Berkshire Hathaway, UBS, etc.), led him to suggest that consumer attitudes may have changed enough so that, "the end result may be a self-serve revolution" as opposed to investors working with an industry that keeps stumbling all over itself".

Finally in this opening section of his presentation, Mr. Roame offered a top down recap of the complicated regulatory and political environment, revealing attendee survey data pointing to FINRA being named as the RIA Regulator, and that the US would have a Republican president in 2012. His own bold outlook is that Obama will be re-elected after, "seeing Romney get the Republican nomination and then Obama replacing Biden with Hillary (Clinton)" in 2012, but that they will continue to be working with a Republican Congress, suggesting no meaningful change to either the legislative or executive branches of government.

Distribution Trends

Mr. Roame made predictions for the growth of leading distribution channels, including the RIA market ("fastest growing channel"), the IBD market, where he give context to the discussion of the "break away broker trend" by pointing out that 90% of those leaving the wirehouses "have been fired", suggesting to the group, "that you want to call the guy a breakaway broker, go ahead, but I think he was broken away!". He also discussed the continued evolution of self-serve channels (e.g., discount brokers) saying there are, "fifty firms but only five that matter", and highlighting the new Schwab independent business operator (IBO) strategy as, "exactly the spirit of the original Schwab model", and touched on several other, "pretty nifty products in this space such as the recently introduced Personal Capital Corporation".

Product & Service Trends

Mr. Roame made similar predictions for product trends, including those for mutual funds, which, "have mroe assets that all other financial products added together", exchange traded funds (ETFs), which are, "almost synonymous with indexing", a part of the fastest growing product trend that he sees, "continuing", but that it will be a "slow takeover" (in relation to active management, still at 80% of assets). Mr. Roame also highlighted the other rapidly growing trend, alternative investments, and the, "polarization" (the parallel growth in indexing & alternatives) paradigm which he highlighted ten years ago, saying "we were right, and I would gamble that this will still be right ten years from now". He commented on the emergence of active ETFs ("not a big deal yet"), variable annuities ("the product that is always about to win and never does"), and within alternatives he discuss hedge funds, noting that while many have emerged, most of the assets are still flowing to the larger funds, saying that, "big hedge funds are getting super big".

Strategic Activity

Lastly in this section, Mr. Roame addressed recent strategic activity like the purchase of Securities America by Ladenburg Thalmann, and venture capital and private equity trends in financial services, including recent transactions like Lovell Minnick acquiring First Allied, Parthenon's investment in HD Vest Financial Services, and investments in leading RIAs like The Mutual Fund Store. Mr. Roame noted that, " as a general rule, the private equity business is dormant, but in financial services, its active".

The Top Dozen Fundamental Industry Trends

In an effort to offer an outsider's view of the key points, Mr. Roame offered that there are a dozen fundamental trends driving the financial services industry. These trends include: 1) fee-based pricing; 2) indexing & ETFs; 3) alternative investments; 4) retirement income & longevity insurance; 5) product simplicity; 6) tactical asset allocation; 7) financial advisor independence; 8) the dominance of high-end financial advisors; 9) the re-emergence of the self-serve channels; 10) fundamental shifts in defined contribution business; 11) growth in all types of outsourcing; & 12) financial advisor aggregation.

Award Recipients

Tiburon Strategic Advisors is pleased to announce the most recent recipients of its Tiburon CEO Summit Awards. Rob Arnott (CEO, Research Affiliates) & Bill Sharpe (Professor Emeritus, Stanford University) were recognized as Tiburon CEO Summit award winners at Tiburon CEO Summit XXI on October 12-13, 2011 because they exemplify three central themes; Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility. The award recipients are chosen by a running tally of the votes of thousands of prior Tiburon CEO Summit attendees.



CEO Summit XXI
Award Recipient
Rob Arnott
CEO
Research Affiliates
Rob Arnott (CEO, Research Affiliates)

Rob Arnott founded Research Affiliates in 2002 as a research-intensive asset management firm focused on innovative products, especially as they pertain to quantitative investing. Today, the firm manages over $50 billion in assets and continues to explore novel approaches to active asset allocation, optimal portfolio construction, & more efficient forms of indexation. Research Affiliates distributes investment products globally in partnership with leading financial institutions.

Mr. Arnott was previously chairman of First Quadrant, which he built out of the former internal money management operations of Crum & Foster. Prior to this, he was global equity strategist at Salomon Brothers (now part of Citigroup), the founding CEO of TSA Capital Management (now part of Analytic Investors), and a vice president at The Boston Company. In recognition of his achievements as a financial writer, Mr. Arnott has received five Graham & Dodd Scrolls, awarded annually by the CFA Institute for best articles of the year. He has also received two Bernstein-Fabozzi/Jacobs-Levy awards from the Journal of Portfolio Management and Institutional Investor magazine.

As it pertains to the Tiburon CEO Summit award criteria, some of Mr. Arnott's accomplishments include:

  • Challenging Conventional Industry Wisdom (Innovation): Mr. Arnott has pioneered several unconventional portfolio strategies that are now widely applied, including the fundamental index approach to indexation, which has at its crux the belief that because some stock prices are inefficient, capitalization weighted indexes necessary lead to the purchase of more of the overpriced securities and less of the underpriced securities. Specifically, Mr. Arnott said, "the market is not passive at all from a company centric point of view", and went on to site the current premium for AAPL (Apple Inc. - NASDAQ) and discount on BAC (Bank of America Corporation - NYSE). Mr. Arnott has challenged conventional industry wisdom in other areas as well, including asset allocation whereby he argued for including a broader range of risky asset classes, tactical asset allocation ("which some call market timing") that he promoted before its current trendiness, global tactical asset allocation, & tax-advantaged equity management.
  • Focusing on Consumer (and Other Client) Needs: Mr. Arnott has a well earned reputation as one of the world's most provocative and respected financial analysts. He seeks only products that add value for clients and investors, eschewing marketing gimmicks. For instance, Mr. Arnott likely could have maintained the fundamental index approach in a black box and charge far higher fees as an active manager. He explained though that it, "comes down to the fact that the end customer has to win...", and he believes that, "our industry, contrary to many views, has ethical standards" in alluding to the lower cost model for delivery of his technology.
  • Taking Responsibility: Mr. Arnott speaks at many conferences, often for no fees, and has written over 100 articles in journals such as the Journal of Portfolio Management, the Harvard Business Review, & the Financial Analysts Journal, as well as being the co-author of The Fundamental Index: A Better Way to Invest. He has served on the board of the Financial Analysts Journal, including as editor-in-chief from 2002 to 2006, and as a visiting professor at the UCLA Anderson School of Management. When asked about his academic and professional accomplishments in this regard, Arnott replied that, "I blame it on my urge to test ideas and see if they are true..." pointing to his fundamental curiosity and his willingness to share his findings.


CEO Summit XXI
Award Recipient
Bill Sharpe
Professor Emeritus
Stanford University
Bill Sharpe (Professor Emeritus, Stanford University)

Bill Sharpe is the STANCO 25 Professor of Finance, Emeritus, at Stanford University's Graduate School of Business and also Director Emeritus at Financial Engines, which he cofounded in 1996. Professor Sharpe's research interests focus on macro-investment analysis and equilibrium in capital markets. He is associated with dozens of widely utilized investment concepts, including being one of the originators of the Capital Asset Pricing Model (CAPM), and the creator of the Sharpe Ratio for risk-adjusted investment performance analysis, the binomial method for the valuation of options, the gradient method for asset allocation optimization, and returns-based style analysis for evaluating the style and performance of investment funds. Professor Sharpe received the Nobel Prize in Economic Sciences in 1990.

Professor Sharpe previously taught at the University of Washington and the University of California at Irvine, and also worked at the RAND Corporation. He has written six books, including Portfolio Theory & Capital Markets; Asset Allocation Tools; Fundamentals of Investments; and Investments. He has also written articles in many professional journals.

Professor Sharpe humbly regaled the Tiburon CEO Summit attendees with his influences, past and present research and projects, a humorous retelling of his experiences receiving the Nobel Prize, and a professional philosophy that he summed up with, "if at first you don't succeed, keep trying...".

As it pertains to the Tiburon CEO Summit award criteria, some of Professor Sharpe's accomplishments include:

  • Challenging Conventional Industry Wisdom (Innovation): Professor Sharpe has proven to be a master at expressing complicated concepts in elegant simplistic terms, making them widely usable. For instance, Professor Sharpe's Nobel Prize work on Modern Portfolio Theory captured the simplicity of the risk & reward relationship. At Tiburon CEO Summit XXI, Professor Sharpe was quick to share credit for his inspiration with one of his early mentors, Armen Alchian (Professor Emeritus - UCLA), saying that, "I guess it goes back to my original influence; Alchian encouraged us to simplify things..." so, "I think of things simplistically..".
  • Focusing on Consumer (and Other Client) Needs: Professor Sharpe's more recent work at Financial Engines, which, "came out of helping defined benefit pension plans understand risk". Upon recognizing that the 401K market had shifted the problems of pension management to consumers, Professor Sharpe led the building of a firm that has as its mission an effort to address the fact that average investors are not well served by financial advisors and product companies. Professor Sharpe said that, "I started turning all my academic research and writing towards the individual", and in fact, the goal of Financial Engines, "is to put the proper advisory tools in the hands of these investors". Even at the beginning, Professor Sharpe was credited with focusing on consumers, often referring to Chilean consumers where defined contribution plans had first grown. Founded in 1996, Financial Engines is now the largest RIA serving consumers directly, with 518,000 clients, $44 billion assets under management, and a moderate median client of $38,000. One of the early business decisions made by Financial Engines was to sell no proprietary products and accept no commissions, the two common drivers of industry profitability at the time.
  • Taking Responsibility: Professor Sharpe has given back substantially in his business activities focused on average consumers; Financial Engines has a noble purpose. Professor Sharpe added, that "the objective was to help employees to save and invest" and "it is still that simple". Professor Sharpe was also the past president of the American Finance Association and a trustee of the Economists for Peace & Security.

Guest Speakers

Tiburon Strategic Advisors is pleased to share highlights of its Tiburon CEO Summit XXI guest speaker presentations. Along with Tiburon's Managing Partner Chip Roame and Tiburon CEO Summit award recipients Rob Arnott (CEO, Research Affiliates) & Bill Sharpe (Professor Emeritus, Stanford University), guest speakers included Pete Kight (Managing Partner, The ComVest Group), Michael Sapir (CEO, ProShares), & Paul Steiger (CEO, Pro Publica).



CEO Summit XXI
Guest Speaker
Pete Kight
Managing Partner
The ComVest Group
Pete Kight (Managing Partner, The ComVest Group)

Pete Kight is Managing Partner (and co-chairman) of The ComVest Group. He is a pioneer in financial services technology, especially in electronic funds transfer, online banking, and electronic billing & presentment.

Mr. Kight previously served as CEO (and chairman) of CheckFree Corporation from its inception in 1981 until it was acquired by Fiserv for $4.4 billion in cash in 2007. Mr. Kight founded CheckFree in his grandmother's basement, with a vision of providing electronic funds transfer services to businesses & consumers. After the realization of those goals, his vision expanded into building infrastructures to support new services that enable & simplify the electronic movement & management of personal & business finances. Today, those products & services have become pervasive, particularly the ability for consumers to view & pay bills online. Mr. Kight has more than a dozen patents for electronic banking and payment systems, and he has been recognized as one of ten unsung financial heroes by Money magazine and featured in Fortune magazine, where CheckFree's e-payments functionality was named one of the Seven Silver Bullet Technologies. In 2007, he received the Ellis Island Medal of Honor and was the first recipient of the Peter Kight Lifetime Achievement Award from Bank Technology News. Pete is a member of the board of directors of Akamai Technologies, Manhattan Associates, & Fiserv.

Mr. Kight provided his views on the intersection of finance and technology. Mr. Kight was a returning guest speaker at the Tiburon CEO Summits, having previously received one of the highest attendee satisfaction scores over the prior eleven years. A self effacing speaker, Mr. Kight provided an update on his predictions from 2009 summing up a number of developments by saying, "it is not happening as fast as I thought it would, but it is happening". Mr. Kight discussed the concept of the Digital Consumer as, "ultimately where we are headed", and though he described the financial services industry as having, "incrementally moved forward, slower than in most areas" (related to other industries), and went on to describe what he called Digital Distribution Power, and the emergence of technology companies like Apple, Google, Facebook, Amazon, & Netflix as, "the concentration of power with a few players". Mr. Kight summarized with a description of Google Wallet by stating, that "in some ways it has been delivered 1,000 times in the last 15 years, but this is the first time someone had the end to end solution".



CEO Summit XXI
Guest Speaker
Michael Sapir
CEO
Pro Shares
Michael Sapir (CEO, ProShares)

Michael Sapir is CEO (and Chairman) of ProFund Advisors in Bethesda, MD, a firm that he founded in 1997. Mr. Sapir described the firm's original target market by saying that, "we were aware of some RIAs (Registered Investment Advisors) who were bucking the trend" in using tactical asset allocation as opposed to the more traditional strategic model. ProFund Advisors is perhaps now best known for pioneering the ProShares family of leveraged & inverse ETFs in 2006. The ProShares family has since grown to 90 ETFs and $31 billion assets under management, making it the fourth largest ETF family. ProFund Advisors also manages 115 ProFunds mutual funds and manages the Canada-based Horizon BetaPro ETFs.

Mr. Sapir previously served as a principal at Padco Advisors, the advisor to the Rydex Funds, and a partner at the Washington, DC law firm of Jorden Burt, where he represented financial institutions. An innovator before founding ProFunds, Mr. Sapir was integrally involved in the creation of the first prime rate fund, the first registered fund investing exclusively in developing market securities, and the first general account annuity. He has been a staunch defender of the benefits of leveraged funds, butting heads with regulators and the media on numerous occasions.

Mr. Sapir provided his views of indexing by saying that, "..in the early days, tactical might have been code for market timing..", and on exchange traded funds, active ETFs, and inverse & leveraged funds by asserting that, "actively managed ETFs will be successful if they can take the reasons that index ETFs have been successful, and transfer them". He also discussed his views of business transformation, flatly stating, in response to a question about opportunities for new entrants to the ETF arena, "the time is not right; there are too many players".



CEO Summit XXI
Guest Speaker
Paul Steiger
CEO
Pro Publica
Paul Steiger (CEO, Pro Publica)

Paul Steiger is the CEO (and Editor-in-Chief) of Pro Publica, the investigative journalism firm. Pro Publica reporters received Pulitzer Prizes in both 2010 and 2011. He is also a member of the steering committee for the Reporters Committee for Freedom of the Press, which provides free legal assistance to journalists and a trustee of the John & James Knight Foundation, which funds efforts to enhance journalism and the functioning of American communities.

Mr. Steiger was previously the managing editor of the Wall Street Journal from 1991 to 2007. During his tenure, staff members were awarded sixteen Pulitzer Prizes. Previously, Mr. Steiger worked for fifteen years as a reporter, the Washington economics correspondent, & the business editor for the Los Angeles Times, and for 26 years as a reporter and editor for the Wall Street Journal. He was also a member of the Pulitzer Prize Board from 1999 to 2007, serving as its chairman in his final year.

Mr. Steiger opened with both humor and a bit of warning by introducing his message to the Tiburon CEO Summit Attendees with, "Good morning, Masters of the Universe, I bring you greetings from Occupy Wall Street". He shared his views on the cost and challenges to continuing to provide traditional investigative journalism, the decline of newspapers (a function of budgets and the rise of both legitimate and unsubstantiated blogs), and the growth of investigative journalism in a new format (the Pro Publica model). He also discussed his take on the financial services industry, and Pro Publica's extensive coverage of recent financial services industry events reported in the news. Mr. Steiger challenged the Tiburon CEO Summit attendees, as representatives of the financial services industry, to take this opportunity to have a positive impact, stating that, "you also have leverage with key people in both parties" and touched on the public relations problems of Wall Street by advising the group that, "one of the best ways for the industry (financial services) to address the public relations problem is to be less defensive". In fact, he outlined a more comprehensive plan for this issue by suggesting that the financial services industry should: 1) "accept that the past two or three decades before 2008 were anomalies", 2) "..don't whine..", 3) "tell your industry associations and lobbyists not to push for every last concession", & 4) "put better people in charge of handling distressed mortgage loans". The talk was both informative, and sobering, and a productive departure from the norm at Tiburon CEO Summits.

Attendees

Tiburon CEO Summit XXI had 143 Tiburon client attendees, including:
      • Chip Roame (Managing Partner, Tiburon Strategic Advisors)
      • Matt Ackerman (Director, Investment News)
      • Blaine Aikin (CEO, Fiduciary 360)
      • David Akellian (Executive Vice President, Custom Clearing Services, LPL Financial)
      • John Alshefski (Business Head, Business Development, Investment Manager Services, SEI Investments)
      • Daniel Applegarth (Chief Financial Officer, NorthStar Financial Services Group)
      • Andy Arenberg (Global Business Head, ETF Distribution, Russell Investments)
      • Rob Arnott (CEO, Research Affiliates)
      • Marion Asnes (Chief Marketing Officer, Envestnet)
      • Chuck Baldiswieler (CEO, TCW Funds)
      • David Ballard (Chief Information Officer, Advisor Group, American International Group (AIG))
      • Atindra Barua (CEO, TrustFort)
      • Tony Batman (CEO, 1st Global Capital Corporation)
      • Dave Baum (Partner, Investment Products & Services Group, Alston & Bird)
      • Ed Beggs (CEO, Laser App Software)
      • Don Black (Business Head, Marketing & Communications, Barron's)
      • Stephanie Bogan (CEO, Quantuvis Consulting)
      • Joe Bottazzi (Executive Vice President, Business Development, Edelman Financial Services)
      • John Bunch (President, Retail Distribution, TD Ameritrade)
      • Yvette Butler (Business Head, Wells Fargo Advisor Solutions)
      • Gidon Caine (Partner, Securities Litigation, Alston & Bird)
      • Bruce Cameron (CEO, Berkshire Capital Securities)
      • Frank Campanale (CEO, First Allied Wealth Management)
      • David Canter (Executive Vice President, Practice Management, Fidelity Institutional Wealth Services)
      • Christian Chan (Business Head, Investments, Wells Fargo Funds)
      • Lenny Chang (Co-Founder, Focus Financial Partners)
      • Dave Chun (CEO, Equilar)
      • Carolyn Clancy (Executive Vice President, Funds Network, Fidelity Investments)
      • Bernie Clark (Executive Vice President, Advisor Services, The Charles Schwab Corporation)
      • John Cochran (Managing Director, Lovell Minnick Partners)
      • Steve Cohen (Chief Strategy Officer, ProShares)
      • David Conover (President, EverBank Wealth Management)
      • Ron Cordes (Co-Chairman, Genworth Financial Wealth Management)
      • Trish Cox (Business Head, Schwab Corporate Brokerage Services, The Charles Schwab Corporation)
      • John Coyne (President, Brinker Capital)
      • Jon Curtis (Managing Director, Bridge Street Advisors)
      • Jeff Cusack (President, Intermediary Distribution, Forward Management)
      • Scott David (Business Head, Third-Party Distribution, T. Rowe Price Group)
      • Surajeet Deka (Executive Vice President, TrustFort)
      • Stuart DePina (CEO, Tamarac)
      • Jeffrey Dunham (CEO, Dunham & Associates)
      • Ric Edelman (Co-CEO, The Edelman Financial Group)
      • Randy Epright (Chief Operating Officer, Advisor Group, American International Group (AIG))
      • Mike Everett (Chief Marketing Officer, My Vest Corporation)
      • Steve Finn (Chairman, Trust Company of America)
        Tom Florence (CEO, 361 Capital)
      • Rob Foregger (Chief Strategy Officer, Personal Capital Corporation)
      • Chris Frieden (Partner, Financial Services & Products, Alston & Bird)
      • Rick Frisbie (Chief Administrative Officer, Franklin Templeton Investments)
      • Matt Frymier (President, Sterling Stamos Capital Management)
      • Dave Goerz (Chief Investment Officer, High Mark Capital Management)
      • Debby Goldberg (Business Head, Development, Pro Publica)
      • Craig Gordon (President, RBC Correspondent & Advisor Services)
      • Gail Graham (Executive Vice President, Marketing, Fidelity Institutional Wealth Services)
      • Jennifer Grancio (Business Head, Distribution, US iShares)
      • Bill Hackett (CEO, Personal Capital Corporation)
      • Carrie Hansen (President, Mutual Funds, Genworth Financial Wealth Management)
      • Bill Harris (CEO, Personal Capital Corporation)
      • Neesha Hathi (Chief Operating Officer, Schwab Performance Technologies)
      • Gary Holland (Publisher, Barron's)
      • Dave Hubbard (President, Exemplar Financial Network)
      • Rich Hunter (Chief Financial Officer, Commonwealth Financial Network)
      • Cliff Jack (Chief Distribution Officer, Jackson National Life Insurance Company)
      • Tom Johnson (Business Head, Business Development, Retirement Income Security Products, New York Life)
      • Tif Joyce (President, Joyce Financial Management)
      • Dan Kern (President, Advisor Products)
      • Pete Kight (Managing Partner, The ComVest Group)
      • Chip Kispert (CEO, Beacon Strategies)
      • David Knoch (President, 1st Global Capital Corporation)
      • Rajini Kodialam (Co-Founder, Focus Financial Partners)
      • Paul Koontz (General Partner, Foundation Capital)
      • Michael Larsen (Business Head, Affiliate Relations, Research Affiliates)
      • Marshall Levin (Partner, Beacon Strategies)
      • Janet Lamkin (President, State of California, Bank of America Corporation)
      • Chuck Lewis (CEO, My Vest Corporation)
      • Matt Lynch (CEO, Capital Analysts)
      • Norman Mains (Chief Risk Officer, Forward Management)
      • JC Massar (Chairman, Capital International Financial Services, Capital Group Companies)
      • Pat McClain (Co-CEO, Hanson McClain)
      • Jim McCool (Executive Vice President, Institutional Services, The Charles Schwab Corporation)
      • Dennis McDonald (Business Head, Product Development, Individual Products, TIAA-CREF Financial Services)
      • Kirk Michie (President, Triton Pacific Securities)
      • Viggy Mokkarala (Executive Vice President, Sales & Client Service, Envestnet)
      • Ed Moore (President, Edelman Financial Services)
      • Randy Moore (Partner, Financial Services & Products Group, Alston & Bird)
      • Mike Mulcahy (President, Bridgeway Funds)
      • John Murray (Chief Information Officer, Genworth Financial Wealth Management)
      • Glenn Myers (Chief Operating Officer, The MDE Group)
      • Jim Nagengast (CEO, Securities America)
      • Cheryl Nash (Interim President, Investment Services, Fiserv)
      • Mark Nerud (CEO, Jackson National Management)
      • Bruce Nollenberger (CEO, Nollenberger Company)
      • Bill O'Grady (Managing Director, Strategic Planning, Alpha One Capital Partners)
      • Bill O'Conor (Executive Vice President, Financial Services Group, Penton Media)
      • Curt Overway (President, Managed Portfolio Advisors, Natixis Global Associates)
      • John Phillips (Executive Vice President, National Sales, National Financial Services)
      • Jim Polisson (CEO, Global Exchange Traded Fund Business, Russell Investments)
      • Laura Pollard (Executive Vice President, Fidelity ActionsXchange)
      • Alex Potts (CEO, Loring Ward Group)
      • Andy Putterman (CEO, Fortigent)
      • Arvind Ramnani (Business Head, US Technology Equity Research, UBS)
      • David Reich (Executive Vice President, LPL Financial Retirement Partners)
      • Alan Reid (CEO, Forward Management)
      • Neal Ringquist (President, Advisor Software)
      • Tony Rochte (Senior Managing Director, North American Intermediary Business Group, State Street Global Advisors)
      • John Rooney (Managing Principal, Commonwealth Financial Network)
      • Larry Roth (CEO, Advisor Group, American International Group (AIG))
      • Andrew Rudd (CEO, Advisor Software)
      • Rich Santos (Group Publisher, Registered Rep & Trust & Estates, Wealth Management Group, Penton Media)
      • Michael Sapir (CEO, ProShares)
      • Paul Schaeffer (Business Head, Strategy & Thought Leadership, Forward Management)
      • Skip Schweiss (President, TD Ameritrade Trust Company)
      • Bill Sharpe (Professor Emeritus, Graduate School of Business, Stanford University)
      • Sterling Shea (Business Head, Advisory & Wealth Management Programs, Barron's)
      • Babu Sivadasan (Executive Vice President, Engineering, Envestnet)
      • David Smith (Group Publisher, Financial Advisor & Private Wealth Magazines)
      • Cliff Stanton (Chief Investment Officer, Prima Capital Management)
      • Paul Steiger (CEO, Pro Publica)
      • Tom Steinberger (Business Head, Business Development, Pensco Trust Company)
      • Beth Stelluto (Business Head, Product Development & Management, LPL Financial)
      • Peter Sundman (CEO, Clear Bridge Advisors)
      • Jon Sundt (CEO, Altegris Investments)
      • Marie Swift (CEO, Impact Communications)
      • Susan Theder (Chief Marketing Officer, Cetera Financial Group)
      • Leno Toich (Co-CEO, Informa Investment Solutions)
      • Nicolo Torre (Chief Investment Officer, Advisor Software)
      • Doug Townsend (Chief Operating Officer, Jackson National Life Distributors)
      • Frank Trotter (President, EverBank Direct)
      • Enrique Vasquez (CEO, Genworth Financial Investment Services)
      • Joe Vella (Senior Managing Director, Cushman & Wakefield)
      • Mitch Vigeveno (CEO, Turning Point)
      • Steve Warren (Chief Operating Officer, My Vest Corporation)
      • Gib Watson (CEO, Prima Capital Management)
      • Scott Welch (Senior Managing Director, Investment Research & Strategy, Fortigent)
      • Alan Werba (Chairman, Loring Ward)
      • Jim Wiandt (CEO, Index Universe)
      • Craig Wietz (President, First Rate Investment Systems)
      • Spencer Williams (CEO, Rollover Systems)
      • Michael Winnick (Business Head, Strategic Partnerships & US Intermediary Distribution, Russell Investment Group)
      • Emmett Wright (Chief Investment Officer, Northwestern Mutual Wealth Management Company)

Media Representatives

Tiburon CEO Summit XXI also welcomed select media attendees, including:

      • Janet Levaux (Managing Editor, Research Magazine)
      • Brooke Southall (Editor-in-Chief, RIA Biz)
      • Jennifer Tekneci (Reporter, Merger Markets)

 

 

 

Tiburon CEO Summit XX: April 12-13, 2011

Tiburon CEO Summit XX was held April 12-13, 2011 at the Ritz Carlton Hotel in New York, NY. The Summit started at 7:45am on Wednesday, April 13, 2011, included a group dinner that evening, & concluded at 1:00pm on Thursday, April 14, 2011. Over 160 senior industry executives took two days out of their busy schedules to participate. Along with Tiburon's Managing Partner Chip Roame and award recipients Jack Bogle (Founder, The Vanguard Group) & Mark Casady (CEO, LPL Financial), guest speakers included Keith Banks (President, US Trust), Charles Brandes (Chairman, Brandes Investment Partners), David Carroll (Senior Executive Vice President, Wells Fargo Corporation), Ric Edelman (CEO, Edelman Financial Services), Ed Finn (President, Barron's), & Allen Thorpe (Managing Director, Hellman & Friedman). Tiburon CEO Summit XX also featured the ever popular Ask the Advisors panel and a CEO Summit insights panel with four Tiburon clients, five less formal break-out sessions, & two networking-based social events.

Opening Keynote Presentation Highlights

Tiburon CEO Summit XX featured a general session keynote opening presentation by Tiburon's Managing Partner Chip Roame regarding the state of the financial services industry. This presentation served as the backdrop and overview of the entire CEO Summit.

 

 

 

CEO Summit XX
Opening Speaker
Chip Roame
Managing Partner
Tiburon Strategic Advisors

 

 

 

 

 

 

 

 

 

Chip Roame (Managing Partner, Tiburon Strategic Advisors)

Charles Roame is the Managing Partner of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the brokerage, investments, banking, & insurance markets. Prior to forming Tiburon in 1998, Mr. Roame served in similar capacities, first as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. Mr. Roame is quoted daily throughout the media and, due to Tiburon's widely shared research, he may be the most frequently demanded conference speaker. His particular expertise is that of corporate strategy for larger financial services firms, designing broad multi-faceted strategies and making trade-offs between alternative businesses, products, & markets.

At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses - mutual funds, exchange traded funds, separately managed accounts, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and investment banking transactions. At Tiburon, Mr. Roame has led over 1,300 client engagements for over 300 corporate clients since 1998.

Mr. Roame has won numerous awards throughout the consulting and financial services industries, including being named one of the power 25 elite by Investment News, one of the 25 most influential people in financial planning by Investment Advisor magazine, & one of the five experts with the answers by Boomer Market Advisor. Tiburon has also been named one of the fastest growing companies by the San Francisco Business Times in multiple years.

Mr. Roame is frequently sought as a board member by Tiburon client company boards. He presently serves as a board member at Envestnet (NYSE: ENV). In the past, he has served on a variety of other boards, including those for start-up ventures Anira Advisory Group, One Harbor, & Prima Capital Holdings, the SA Funds mutual fund family, and Institute of Investment Management Consultants trade group.

Mr. Roame addressed the state of the financial services industry and key issues faced by Tiburon's financial services CEO-level clients, structuring his comments around the broad market environment and financial services industry strategies. Specifically, Mr. Roame addressed the broad overarching world events & continual financial services industry stumbles in the news; the US economy which is still struggling, the stock markets, which are roaring ahead, & the housing markets which are still mixed; recovering consumer wealth, including consumers' attitudinal changes; the limited progress on regulatory reform & the resetting of the political landscape, continuing market & distribution channel evolution; continuing product trends; & the accelerating strategic activity.

Mr. Roame first addressed the broad overarching world events & continual financial services industry stumbles in the news. He stated that among events impacting the world economy that, in terms of lives lost, the earthquake in Haiti in 2010 was far more devastating than the recent Japan earthquake and tsunami, but the latter is likely to be the costliest disaster in history with, “estimates of the damage running at $200 billion, only $25 billion of which is insured”. And, on the home front, man-made disasters in the financial markets that led to the government’s bailout of Fannie Mae and Freddie Mac, “may reach $363 billion…by far the biggest chunk of the bailout”.

Mr. Roame further addressed the US economy’s continual struggle, the roaring stock markets, & the mixed housing market. He said that, “consumer households lost $4.6 trillion of real estate equity since the peak in 2006, and more troubling still is that, unlike the equity markets, none of that has come back yet”.

Mr. Roame continued to address recovering consumer wealth but with attitudinal changes. He noted that the US personal savings rate is up, and that many investors have become more sophisticated, stating that, “I think you are seeing a generational shift right now” in relation to more self-directed activity.

Mr. Roame went on to address the limited progress on health care reform, financial services reform, the fiduciary issue, & the 12b1 issue, as well as the resetting of the political landscape. He stated that most of these issues are, "a long way from being settled right now".

Mr. Roame also reviewed the continuing market & distribution channel evolution, including those in the financial advisory markets (wirehouses, break-away brokers, independent broker/dealers, & fee-based financial advisors), self-serve markets, institutional markets, & international markets. He said that, “all of the growth is in the independent channel…all other channels have shrunk”. Further, about the break-away broker trend he said, “it is not accurate to say that they are breaking away in mass from the wirehouses” to go independent as “2/3 of those who left wirehouses went to other wirehouses”, and many of those reported as going independent “were fired”, which hardly supports the break-away broker trend as broadly reported in the media.

Mr. Roame went on to address accelerating product shifts such as those in mutual funds (target date mutual funds), exchange traded funds (ETFs), hedge funds (40 act structured funds), & guaranteed products. He stated that, “the flows are all going to mutual funds and ETFs”, and that the hedge fund industry is "rapidly maturing".

Mr. Roame concluded that strategic activity is accelerating, including mergers & acquisitions opportunities in the banking, mutual funds, & independent broker/dealer markets. He closed saying that because the majority of total financial services industry market capitalization is held by retail banks, "that makes banks the acquirers", and in a bit of a challenge to one of the keynote speakers, David Carroll of Wells Fargo Corporation, Mr. Roame predicted that, “Wells Fargo will acquire UBS’ brokerage business" in 2011 or 2012.

Tiburon recognized John Bogle (Founder, The Vanguard Group) & Mark Casady (CEO, LPL Financial) as the third annual recipients of its Tiburon CEO Summit awards at Tiburon CEO Summit XX. Tiburon's CEO Summits are built around three key themes, including focusing on consumer (and other client) needs, challenging conventional industry wisdom (innovation), & taking responsibility. In order to recognize leaders in the financial services industry who have supported these themes, Tiburon initiated its Tiburon CEO Summit Awards. Tiburon Strategic Advisors is pleased to share some highlights of the Tiburon CEO Summit XX awards presentations.

 

CEO Summit XX
Award Recipient

Jack Bogle
Founder

The Vanguard Group

 

 

 

 

 

 

Jack Bogle (Founder, The Vanguard Group)

John Bogle founded The Vanguard Group in 1974, served as chairman & CEO until 1996 and senior chairman until 2000, and today serves as the president of Vanguard's Bogle Financial Markets Research Center.

Mr. Bogle has been a recipient of numerous awards, including being named as one of the world's 100 most powerful & influential people by Time magazine in 2004 and one of the investment industry's four giants of the twentieth century by Fortune Magazine in 1999. He also is a recipient of Institutional Investor magazine's Lifetime Achievement Award in 2004, the Woodrow Wilson Award from Princeton University for distinguished achievement in the Nation's service in 1999, and the Award for Professional Excellence from the Association for Investment Management & Research (now CFA Institute) in 1998, and the Berkeley Award for Distinguished Contributions to Financial Reporting in 2006. Mr. Bogle is a best-selling author, with nine books, including Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (1993), Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999), John Bogle on Investing: The First 50 Years (2000), Character Counts: The Creation & Building of The Vanguard Group (2002), The Battle for the Soul of Capitalism (2005), Enough (2007), & Don't Count on It! (2010). Mr. Bogle's life and career is also the subject of a book titled John Bogle & the Vanguard Experiment: One Man's Quest to Transform the Mutual Fund Industry (1996 by Robert Slater).

Mr. Bogle was being recognized as a Tiburon CEO Summit award recipient because he exemplifies the three central themes, including Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility. Mr. Bogle, 81 years old, is one of the most respected mutual fund leaders and a legend to many. As it pertains to Tiburon CEO Summit award criteria, some of Mr. Bogle's accomplishments include:

  • Focusing on Consumer (and Other Client Needs): Mr. Bogle structured The Vanguard Group as a mutual, in which its mutual funds own the company. In turn, investors own the mutual funds and benefit directly from its low costs. Mr. Bogle has likely given up billions in personal wealth and allows investors to determine how to share their savings. Numerous studies have shown that low expenses are the most reliable indicator of mutual fund performance
  • Challenging Conventional Industry Wisdom (Innovation): Mr. Bogle has been at the forefront of two of the mutual fund industry's most impactful innovations, including index funds (1976) and no-load mutual funds (1977). Neither was an overnight success (Vanguard's S&P 500 index fund raised only $11 million in its initial offering period). Mr. Bogle's passion and stamina in part led to their success
  • Taking Responsibility: Mr. Bogle has been relentless in telling the indexing and other stories to assist investors, having published nine books

Tiburon's Managing Partner Chip Roame sat down with Mr. Bogle at Tiburon CEO Summit XX to recognize him for focusing on consumer (and other client) needs, challenging conventional industry wisdom (innovation), & taking responsibility. Prior to Mr. Roame's questions, Mr. Bogle made a few opening comments to the group, and with equal parts humor and wisdom, he thanked Tiburon for the award, and humbly said, that fifteen years after a heart transplant he was, '"pleased to be anywhere". He briefly recounted the story of the development of Vanguard and the origins of the first index mutual fund and said that "time after time, lady luck smiled on me".

When Mr. Roame asked Mr. Bogle about focusing on consumer needs, Mr. Bogle stated quite clearly that is The Vanguard Group's entire mission. He stressed his career long fight against, "the tyranny of costs", and the beneficial impacts of a simpler and lower cost model that puts shareholders first, ahead of the profits and growth of the mutual fund company.

When Mr. Roame shifted to the topic of challenging conventional wisdom, Mr. Bogle referred to the original objective of The Vanguard Group. He said early on it was far from a certainty that the low cost index mutual fund would work, and said that it had been referred to as, "Bogle's folly", raising only $11 million in its initial offering period.

And finally on the topic of taking responsibility, Mr. Bogle discussed The Vanguard Group's long standing policy to help both regulators and the media, saying that, "the mutual funds industry does not need Vanguard....every industry needs a Vanguard!"

Mr. Roame also welcomed Tiburon CEO Summit XX attendees to pose questions to Mr. Bogle. One attendee asked Mr. Bogle about continuing to challenge conventional wisdom, and Mr. Bogle commented that, "I love a good fight", saying that, "it is even better when you win".

Mr. Bogle was recognized as a Tiburon CEO Summit award recipient as he exemplifies the three central themes, including Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility.

Mark Casady (CEO, LPL Financial)

Mark Casady is the CEO of LPL Financial. Before joining the firm in 2002, Mr. Casady was managing director of the mutual funds group at Deutsche Asset Management, Americas (formerly Scudder Investments). He was also a member of the Scudder, Stevens, & Clark board of directors and management committee. Prior to Scudder Investments, Mr. Casady held roles at Concord Financial Group and Northern Trust.

Mr. Casady serves on the Financial Industry Regulatory Authority's (FINRA) board of governors and is former chairman and a current board member of the Insured Retirement Institute. Mr. Casady also previously served on the executive committee of the Investment Company Institute board of governors. Mr. Casady was recognized as the financial executive of the year by DePaul University College of Commerce in 2007 and was also named one of the top 50 financial professionals by Irish American magazine in 1999. Mr. Casady was inducted into the Redefining Investment Strategy Education Hall of Fame by the University of Dayton in 2008.

Mr. Casady was recognized as a Tiburon CEO Summit award recipient because he exemplifies the three central themes, including Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility.

Mr. Casady made a rather dramatic career shift in moving from the manufacturing (Scudder Investments) side of the business to the independent financial advisor distribution (LPL Financial) side and has met with great success, including leading LPL's 2010 initial public offering. As it pertains to Tiburon CEO Summit award criteria, some of Mr. Casady's accomplishments include:

  • Focusing on Consumer (and Other Client Needs): Mr. Casady has been a vocal supporter of both objective advice and the democratization of advice. LPL's core clients are not consumers but rather its independent advisor clients. As one LPL executive team member reported to Tiburon, "Mark came to take us public and fell in love with financial advisors." As an example of his commitment to LPL's financial advisor clientele, Mr. Casady updated and redistributed LPL's commitment creed that was originally written in 1986 and which lays out five fundamental premises about serving financial advisors
  • Challenging Conventional Industry Wisdom (Innovation): Prior to LPL's ascendency under Mr. Casady's leadership, independent broker/dealers were small key person organizations. Mr. Casady institutionalized the LPL value proposition, built out an executive team, and grew its number of financial advisor clients from 3,000 to 12,000, making LPL the third largest brokerage firm in the US
  • Taking Responsibility: Mr. Casady serves on the Financial Industry Regulatory Authority’s (FINRA) board of governors and is former chairman and a current board member of the Insured Retirement Institute. Mr. Casady also previously served on the executive committee of Investment Company Institute board of governors. On a more personal level, Mr. Casady & LPL formed the Invest in Others Foundation which includes matching gifts to LPL financial advisors' charities as well as an industry charitable event (in association with Investment News) recognizing charitable efforts across the industry

Tiburon's Managing Principal Chip Roame sat down with Mr. Casady at Tiburon CEO Summit XX to recognize him for focusing on consumer (and other client) needs, challenging conventional industry wisdom (innovation), & taking responsibility.

When Mr. Roame asked Mr. Casady about focusing on consumers, Mr. Casady stated quite clearly that LPL Financial, “remains true to Todd Robinson’s (LPL founder) original vision from when he started the firm as a 27 year old Smith Barney broker”, eschewing the traditional Wall Street model of selling proprietary products to the firm’s clients, and instead creating an independent platform for financial advisors to provide planning based conflict-free solutions.

When Mr. Roame shifted to the topic of Mr. Casady’s role in challenging conventional wisdom, growing the firm, and recently having taken LPL Financial public, Mr. Casady confirmed a quote from one of his senior colleagues at LPL Financial who said that, "Mark came to LPL to take it public, and he fell in love with financial advisors along the way". Mr. Casady amplified that feeling by discussing the, “need for advice” on the part of investors and “the important work” that independent financial advisors do in that respect.

And finally on the topic of taking responsibility, Mr. Casady discussed LPL Financial's growing efforts to support independent financial advisors with regulators, saying that, “our model (independent advisors) is under tremendous threat”, and that he has, in conjunction with two separate lobbying firms been spending a lot of time in Washington, DC, citing an old Capitol Hill adage that, “if you are not at dinner, you are on the menu”.

Mr. Roame also welcomed Tiburon CEO Summit attendees to pose questions to Mr. Casady. Several attendees were curious about Mr. Casady’s impressions on the fiduciary issue, and he said that, “the SEC study was actually pretty good….the standard, as written by the SEC would work..” in reference to unbiased advice and LPL Financial’s dually registered financial advisor model.

Mr. Casady was recognized as a Tiburon CEO Summit award recipient because he exemplifies the three central themes, including Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility.

Guest Speakers

Along with Tiburon's Managing Principal Chip Roame and award recipients John Bogle (Founder, The Vanguard Group) & Mark Casady (CEO, LPL Financial), guest speakers at Tiburon CEO Summit XX included Keith Banks (President, US Trust), Charles Brandes (Chairman, Brandes Investment Partners), David Carroll (Senior Executive Vice President, Wells Fargo Corporation), Ric Edelman (CEO, Edelman Financial Services), Ed Finn (President, Barron's), & Allen Thorpe (Managing Director, Hellman & Friedman).

 

CEO Summit XX
Guest Speaker

Keith Banks
President
US Trust

 

 

 

 

 

 

Keith Banks (President, US Trust)

Keith Banks is president of US Trust, Bank of America Private Wealth Management. Mr. Banks also oversees Bank of America Global Capital Management, which is Bank of America’s money market fund business. Mr. Banks is also a board member of the Bank of America Charitable Foundation and is a member of the American Bankers Association Investment Advisory Committee, the Lincoln Center Corporate Fund’s Leadership Committee, the Michael Geltrude Foundation, and the Board of Visitors of Columbia University Medical Center.

Mr. Banks has been with Bank of America Corporation and its predecessor organizations since 2000 when he joined Fleet Boston Financial. He previously served as president of Global Private Client, Institutional and Investment Management, president of Global Wealth & Investment Management, and president & chief investment officer of Columbia Management. Prior to joining Fleet Boston Financial, Mr. Banks spent sixteen years at JP Morgan Investment Management, where his roles included head of US equity, head of global equity research & US equity research, equity research analyst, and portfolio manager.

Mr. Banks addressed his views of the private banking and asset management businesses. Mr. Banks said that in relation to the clarity and simplicity of his mission, “this is a rocket science free zone…we are focused on blocking & tackling”. Mr. Banks went on to say that, “our goal is to become the pre-imminent private bank”, and that, “I talk about getting the swagger back” in relation to returning US Trust to its former market position.

Mr. Banks also welcomed Tiburon CEO Summit XX attendees to pose questions in an extended question & answer session. One attendee asked Mr. Banks about the working relationship between US Trust and Merrill Lynch, and Mr. Banks commented that, “it is not easy, but it is doable”. Another attendee asked Mr. Banks about open architecture versus proprietary products, and Mr. Banks asserted that, “proprietary products were once viewed by clients as a way for us to charge them more money, and now they see it as us controlling the quality of the investment process".

 

CEO Summit XX
Guest Speaker

Charles Brandes
Chairman
Brandes Investment Partners

 

 

 

 

 

 

Charles Brandes (Chairman, Brandes Investment Partners)

Charles Brandes is the chairman of the Executive Committee of Brandes Investment Partners, where he shares responsibility for driving strategic decisions and monitoring implementation of the firm’s vision & objectives. Mr. Brandes is also a member of the firm’s Investment Oversight Committee, which monitors the processes & activities of the firm’s investment committees. Mr. Brandes presently serves on the board of trustees of the Salk Institute for Biological Studies and the Museum of Contemporary Art in San Diego, CA.

Mr. Brandes founded the firm in 1974 after training to be a stockbroker and after becoming an acquaintance of Benjamin Graham, widely considered the father of the value investing approach. Mr. Brandes is one of the most closely followed value investors and also authored a 2003 book called Value Investing Today.

Mr. Brandes addressed his views of the investment management business, including numerous successful 2000s investments in financial services stocks. Mr. Brandes said that, “value investing is the new alternative investment”. Speaking not long after Mr. Bogle’s award, and about the strength of the trend toward indexing, Mr. Brandes went on to say that, “quoting Warren Buffett from about ten years ago, I like it when all my competition has gone away”, suggesting that the indexing movement indicates a thinning in the ranks of active managers.

Mr. Brandes also welcomed Tiburon CEO Summit XX attendees to pose questions in an extended question & answer session. One investment professional asked Mr. Brandes about the Russian equity markets, and Mr. Brandes commented that he did not find the market that compelling, saying that investors, “still have a problem regarding the rule of law” as a broad issue, and went on to say that he is “not finding valuations attractive enough to take that level of risk”.

CEO Summit XX
Guest Speaker
David Carroll
Senior Executive Vice President

Wells Fargo Corporation

 

 

 

 

 

David Carroll (Senior Executive Vice President, Wells Fargo Corporation)

David Carroll is the senior executive vice president of Wells Fargo Corporation’s wealth, brokerage, & retirement services business. His responsibilities include the firm’s private banking, trust & estate services, retail brokerage, & institutional recordkeeping businesses. Mr. Carroll also serves on the board of the Mint Museum of Art in Charlotte, NC and on the board of visitors of the Kenan-Flager Business School at the University of North Carolina at Chapel Hill.

Mr. Carroll has been employed by Wells Fargo Corporation and its predecessor organizations since 1979 when he joined then Wachovia Bank & Trust Company (and in 1981 when he joined then First Union Bank). He previously served in a variety of capacities, including as head of corporate services & merger integration, chief of ecommerce & technology, and head of First Union’s General Banking Group in Georgia & Florida. In 1985, he was named senior executive vice president of then Wachovia Corporation’s Capital Management Group, which included retail brokerage (Wachovia Securities), asset management (Evergreen Investments), and Retirement & Investment Products.

Mr. Carroll addressed his views on the wealth, brokerage, & retirement businesses. Mr. Carroll said that, “we love this business…the business of helping our clients achieve financial success”. Mr. Carroll went on to say that, at Wells Fargo Corporation, “we do business with one in three households in the United States”.

Mr. Carroll also welcomed Tiburon CEO Summit XX attendees to pose questions in an extended question & answer session. When discussing why he believed Wells Fargo Corporation had grown while competitors had lost ground, Mr. Carroll said, “I am a huge believer in plan-based advice” and continued by saying that it (plan-based advice) has a, “higher ROA (return on assets) than the traditional brokerage model”. Mr. Carroll, commenting on why a bank would want to be in the brokerage business, said that, “it is almost a dumb question as banks are slower growing on balance and this business (investments) has some tail wind to it”.

Ric Edelman (CEO, Edelman Financial Services)

Ric Edelman is CEO of Edelman Financial Services, as well as president of Sanders Morris Harris Group. Mr. Edelman has been ranked by Barron’s among America’s top 100 financial advisors seven times, including being ranked as the number one independent financial advisor in both 2009 & 2010. Mr. Edelman has also been ranked as a top financial advisor by Research Magazine, Registered Rep, Financial Advisor, & other publications. Mr. Edelman is also a best selling author, syndicated columnist, & host of weekly television and radio shows on personal finance. His seven books on personal finance include The Truth About Money; Ordinary People, Extraordinary Wealth; & The New Rules of Money. Mr. Edelman served for five years on the board of the United Way of the National Capital Area, including a two year stint as its chairman, and currently serves on the boards of the Wolf Trap Foundation for the Performing Arts & the Boys and Girls Clubs of America.

Mr. Edelman founded his firm in 1987.

Mr. Edelman addressed his views of the financial advisory business. Mr. Edelman said that with regard to his approach with the mass affluent investor market, “the same people who criticize me for charging 2.00% up to $150,000 would not take that client at any price!” Mr. Edelman went on to say that, “we are known for serving the mass affluent, but that is a misnomer….we (Edelman Financial Services) serve more high net worth households than any other firm has clients”, further stating that his firm has more than 1,000 households with, “seven, eight, & even nine figure net worths”.

Mr. Edelman also welcomed Tiburon CEO Summit XX attendees to pose questions in an extended question & answer session. One attendee asked Mr. Edelman about his, “marketing machine”, and Mr. Edelman said that, “anybody can get someone to buy something once”, but that at his firm, “we focus very intently on the experience”, citing the Starbuck’s model, and holding firmly to the service standard of, “one face, one voice”, with the proof being the firm's, “98% retention rate” of clients.

Ed Finn (President, Barrons)

Ed Finn is the president of Barron’s, where he is responsible for the company’s print, digital, & conference operations.

Mr. Finn joined Barron’s as managing editor in 1993, and was named editor in 1995 and president in 1998. He was previously the editor of American Banker, assistant managing editor at Forbes magazine, & a writer and editor at The Wall Street Journal. Mr. Finn is also the author of Barron’s Guide to Building Wealth.

Mr. Finn addressed his views of the investments industry. Mr. Finn said that, “clients may be back in the market, but they are back in a more conservative way”. Mr. Finn went on to say that investors today have a, “scared and scarred mindset” about the current markets.

Mr. Finn also welcomed Tiburon CEO Summit XX attendees to pose questions in an extended question & answer session. Mr. Finn commented on both politics and financial markets, and specifically said, in relation to the healthcare reform debate, “whichever way we go, we are not going to let old people starve in the streets”. Then, in a somewhat unconventional perspective, Mr. Finn discussed investing in high dividend paying stocks as fixed income substitutes, stating that, “I have (more) confidence in Johnson & Johnson’s ability to pay a dividend more than some municipalities' ability to make interest payments”

 

 

 

CEO Summit XX
Guest Speaker

Allen Thorpe
Managing Director
Hellman & Friedman

 

 

 

 

Allen Thorpe (Managing Director, Hellman & Friedman)

Allen Thorpe is a Managing Director at Hellman & Friedman and leads the firm's New York office. Mr. Thorpe’s primary areas of focus are financial services & healthcare. Mr. Thorpe serves as lead director at LPL Investment Holdings; as a director at Emdeon, Sheridan Healthcare, & Mondrian Investment Partners, and as a member of the advisory board at Artisan Partners and Grosvenor Capital Management Holdings. Mr. Thorpe was formerly a director of Gartmore Investment Management Limited, Mitchell International, Vertafore, & Activant Solutions.

Mr. Thorpe joined Hellman & Friedman in 1999. He was previously a vice president at Pacific Equity Partners and a manager at Bain & Company.

Before Mr. Thorpe addressed his views on the private equity market, he made a general comment on alternative investments for retail investor saying that, “knowing what is underneath all of this stuff matters a lot”. Mr. Thorpe went on to say that at Hellman & Friedman, “we think of ourselves as investors….not private equity, or deal, or LBO (leveraged buyout) guys”.

Mr. Thorpe also welcomed Tiburon CEO Summit XX attendees to pose questions in an extended question & answer session. Commenting on the trend of investors handling things on their own, Mr. Thorpe said, “I am bearish on the self-seve movement….advice is still important and needed”, as if to further endorse the firm’s investment in LPL Financial. When asked about rollups of investment advisory firms, Mr. Thorpe hedged briefly, saying that, "I am sure that someone will eventually prove me wrong on this...”, but, “the ante is high service and low fee, and that is really challenging”, suggesting that he would not be interested in investing in that area.

Attendees

Tiburon CEO Summit XX had 183 Tiburon client attendees, including:

    • Chip Roame (Managing Principal, Tiburon Strategic Advisors)
    • Matt Ackerman (Director, Investment News)
    • Rick Adler (CEO, Convergent Capital Management)
    • Gurinder Ahluwalia (CEO, Genworth Financial Wealth Management)
    • David Akellian (Executive Vice President, Custom Clearing Services, LPL Financial, LPL Investment Holdings)
    • Mike Apker (Business Head, Reporting & Data Aggregation Services, Envestnet Asset Management)
    • Daniel Applegarth (Chief Financial Officer, Northstar Financial Services Group)
    • David Bailin (Global Business Head, Managed Investments, Citi Private Bank)
    • Chuck Baldiswieler (CEO, TCW Funds)
    • Keith Banks (President, US Trust)
    • Atindra Barua (CEO, TrustFort)
    • Tony Batman (CEO, 1st Global Capital Corporation)
    • Dave Baum (Partner, Alston & Bird)
    • Jordan Berlin (Senior Managing Director, Advanced Equities Financial Corporation)
    • Kamal Bhatia (Senior Vice President, Alternatives & Fixed Income, Oppenheimer Funds)
    • Jessica Bibliowicz (Chairman, National Financial Partners)
    • Don Black (Vice President, Marketing & Communications, Barron’s)
    • Jack Bogle (Founder, Vanguard Group)
    • Tom Bradley (President, TD Ameritrade Institutional Services)
    • Charles Brandes (Chairman, Brandes Investment Partners)
    • David Brown (Partner, Alston & Bird)
    • Valerie Brown (CEO, Cetera Financial Group)
    • Todd Buck (President, Wheelhouse Analytics)
    • Frank Campanale (CEO, Advanced Equities Wealth Management)
    • Sal Capizzi (Chief Sales & Marketing Officer, Dunham & Associates Investment Counsel)
    • Mitch Caplan (CEO, Jefferson National Financial)
    • Jeff Carney (Senior Managing Director, Putnam Investments)
    • David Carroll (Senior Executive Vice President, Wells Fargo Corporation)
    • Mark Casady (CEO, LPL Financial)
    • Kent Christian (Business Head, Financial Services Group, Wells Fargo City Advisors)
    • Dave Chun (CEO, Equilar)
    • Eric Clarke (President, Orion Advisor Services)
    • Will Clemens (CEO, Zephyr Associates, Informa)
    • Mike Clinton (Chief Operating Officer, Loring Ward Group)
    • Steve Cohen (Chief Strategy Officer, Pro Funds Group)
    • Dave Connelly (Co-Founder, Symmetry Partners)
    • Jenn Connelly (CEO, JCPR)
    • Ron Cordes (Co-Chairman, Genworth Financial Wealth Management)
    • Scott Couto (Executive Vice President, Fidelity Investments)
    • Trish Cox (Business Head, Schwab Corporate Brokerage Services)
    • Bill Crager (President, Envestnet)
    • Cramer (Partner, Silver Lane Advisers)
    • Peter Crenier (Business Head, Information Systems, Fiserv Corporation)
    • Ben Cukier (Partner, FTV Capital)
    • Jeff Cusack (Business Head, RIA Sales & Alternatives Distribution, Nuveen Investments)
    • Wayne Cutler (Managing Director, Novantas)
    • Mayur Dalal (CEO, The Oxford Group of Lake Success)
    • Surajeet Deka (Executive Vice President, Sales & Marketing, TrustFort
    • Stuart DePina (CEO, Tamarac)
    • Mike DiGirolamo (Managing Director, Investment Advisors Division, Raymond James Financial Services)
    • Darren Duffy (Global Business Head, Strategy & Business Development, Lipper & Digital Ventures, Thomson Reuters)
    • Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
    • Steve Dunlap (President, Pershing Managed Account Solutions)
    • Mike Durbin (President, Fidelity Institutional Wealth Services)
    • Jon Eaton (Business Head, Sponsor Relations, LPL Financial)
    • Ric Edelman (CEO, Edelman Financial Services)
    • Ken Ehinger (CEO, M Holdings Securities)
    • Mitch Eichen (CEO, The MDE Group)
    • Randy Epright (Chief Operating Officer, AIG Advisor Group)
    • Harold Evensky (President, Evensky & Katz)
    • Mike Everett (Chief Business Development Officer, MyVest Corporation)
    • Ed Finn (President, Barron's)
    • Chris Frieden (Partner, Alston & Bird)
    • Sean Gallagher (CEO, 205 East Consulting)
    • Mike Gianoni (Group President, Financial Institutions Group, Fiserv Corporation)
    • Bill Glavin (CEO, Oppenheimer Funds)
    • Craig Gordon (President, RBC Correspondent Services)
    • Gail Graham (Executive Vice President, Fidelity Institutional Wealth Services)
    • Larry Greenberg (President, Jefferson National Financial)
    • Matt Grove (Business Head, RIA Business, New York Life)
    • Trista Hannan (Executive Vice President, Corporate Sales, Strategy, & Operations, Morningstar)
    • Sean Hanlon (CEO, Hanlon Investment Management)
    • Scott Hanson (Co-CEO, Hanson McClain)
    • Paul Hatch (Business Head, Investment Products & Markets, Morgan Stanley Smith Barney)
    • Bob Herrmann (CEO, Discovery Data)
    • Michael Kay (CEO, Financial Focus)
    • Dwight Jacobsen (Executive Vice President, The Dreyfus Corporation)
    • Alistair Jessiman (Executive Vice President, Strategy, PNC Asset Management Group)
    • Seth Johnson (CEO, Redi 2 Technologies)
    • Tom Johnson (Business Head, Business Development, Investments Group, New York Life Insurance Company)
    • Peter Jones (President, Franklin Templeton Distributors)
    • Tif Joyce (President, Joyce Financial Management)
    • Craig Junkins (Chief Product Officer, Transamerica Financial Advisors, Transamerica)
    • Jamie Kase (Executive Vice President, Street Global Advisors)
    • Deena Katz (Chairman, Evensky & Katz)
    • Mark Katzelnick (Chief Operations Officer, Fidelity Institutional)
    • Michael Kim (Executive Vice President, Genworth Financial Wealth Management)
    • Eric Kirsch (Chief Investment Officer, Aflac)
    • Rob Klappropdt (President, Vestmark)
    • Dan Kreuter (CEO, DAK Associates)
    • Stephen Langlois (Executive Vice President, LPL Financial)
    • Randal Langdon (Leader, Wealth Management, Asset Management, & Capital Markets, Capgemini Consulting)
    • Jed Laskowitz (Chief Market Strategist, JP Morgan Asset Management)
    • David Lau (Chief Operating Officer, Jefferson National Financial)
    • Sarah Libbey (President, Fidelity Charitable Gift Fund, Fidelity Charitable Services, Fidelity Investments)
    • Gary Liberman (Chief Financial Officer, Meridian-IQ)
    • Julie Littlechild (CEO, Advisor Impact)
    • Sharon Lolk (Senio Manager, Marketing, TIAA-CREF)
    • Joe Luby (CEO, Jagen Investments)
    • Matt Lynch (CEO, Capital Analysts)
    • Charlie Mahar (CEO, Tealwood Asset Management)
    • Frank Maiorano (CEO, Trust Company of America)
    • Joe Mansueto (CEO, Morningstar)
    • Kirk Michie (President, Triton Pacific Securities)
    • Rich Milliman (Chief Operating Officer, Back Office, Bridgewater Associates)
    • Jim Minnick (President, Lovell Minnick Partners)
    • Sanjiv Mirchandani (President, National Financial Services)
    • Viggy Mokkarala (Executive Vice President, Envestnet Asset Management)
    • Kevin Mooney (Executive Vice President, Jagen Investments)
    • Randy Moore (Partner, Alston & Bird)
    • Bruce Morris (Executive Vice President, Source Media)
    • Ed Morrison (Chief Operating Officer, Albridge Solutions)
    • Mike Mulcahy (President, Bridgeway Funds)
    • John Murray (Chairman, Federated Investors)
    • Fred Naddaff (President, Citi Fund Services, Citi Investor Services)
    • Cheryl Nash (Global Business Head, Business Development, Investment Services, Fiserv)
    • Vali Nasr (CEO, Claraphi)
    • Liz Nesvold (Managing Partner, Silver Lane Advisors)
    • Bill O’Conor (Executive Vice President, Penton Media)
    • Bill O'Grady (Business Head, National Sales & Distribution, Retirement Services, Mass Mutual Financial Group)
    • Steve Onofrio (Senior Managing Director, SEI Advisor Network)
    • Greg Pacholski (CEO, Albridge Solutions)
    • Heeren Pathak (Chief Technology Officer, Vestmark)
    • Shirl Penney (CEO, Dynasty Financial Partners)
    • Don Phillips (President, Fund Research, Morningstar)
    • James Poer (CEO, NFP Advisor Services Group, National Financial Partners)
    • Laura Pollard (Executive Vice President, Fidelity ActionsXchange, Fidelity Investments)
    • Alex Potts (CEO, Loring Ward Group)
    • Scott Powers (CEO, State Street Global Advisors)
    • Andy Putterman (CEO, Fortigent)
    • Alan Reid (CEO, Forward Management)
    • George Riedel (Business Head, Intermediary Distribution, T. Rowe Price Group)
    • Neal Ringquist (President, Advisor Software)
    • Tony Rochte (Senior Managing Director, State Street Global Advisors)
    • Jake Rohn (Executive Vice President, Albridge Solutions)
    • Andrew Rudd (CEO, Advisor Software)
    • 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, Penton Media)
    • Richard Saperstein (Partner, HighTower)
    • Michael Sapir (CEO, Pro Funds Group)
    • Cathy Saunders (Business Head, RIA Business, Putnam Investments)
    • Ken Schapiro (President, Condor Capital Management)
    • Skip Schweiss (President, TD Ameritrade Trust Company)
    • Tim Selby (Partner, Alston & Bird)
    • Maggie Serravalli (Executive Vice President, Client Experience, Fidelity Institutional)
    • Trista Shah (Executive Vice President, Morningstar)
    • Sameer Shah (Associate Principal, Tiburon Strategic Advisors)
    • Brandon Sharrett (Senior Vice President, Fiserv)
    • Sterling Shea (Business Head, Winner’s Circle Advisor Rankings)
    • Babu Sivadasan (Executive Vice President, Envestnet Asset Management)
    • David Smilow (Managing Partner, D. Aaron Asset Management)
    • David Smith (Group Publisher, Charter Financial Publishing Network)
    • Clay Smudsky (Managing Partner, Forward Management)
    • Jon Stern (Partner, Berkshire Capital Securities)
    • Nick Stuller (CEO, Meridian-IQ)
    • Ram Subramaniam (Business Head, Products, TD Ameritrade)
    • Leslie Swid (Executive Vice President, Impact Communications)
    • Marie Swift (CEO, Impact Communications)
    • Jonathan Thomas (CEO, American Century Investments, Canadian Imperial Bank of Commerce (CIBC)
    • Todd Thomson (Chairman, DYnasty Financial Partners)
    • Allen Thorpe (Managing Director, Hellman & Friedman)
    • Leno Toich (Co-CEO, Informa Investment Solutions)
    • Paul Tramontano (Co-CEO, Constellation Wealth Advisors)
    • Frank Trotter (President, EverBank Direct)
    • Enrique Vasquez (CEO, Genworth Financial Investment Services)
    • Mitch Vigeveno (CEO, Turning Point)
    • Greg Vigrass (President, Folio Institutional)
    • Lac Vuong (Co-CEO, Informa Investment Solutions)
    • Gib Watson (CEO, Prima Capital Management)
    • Scott Welch (Senior Managing Director, Fortigent)
    • Wayne Withrow (Executive Vice President, SEI Investments)
    • Emmett Wright (Chief Investment Officer, Northwestern Mutual Wealth Management Company)
    • Paul Zettl (Business Head, Institutional Marketing & Corporate Events, TD Ameritrade Institutional)

Media Representatives

Tiburon CEO Summit XX also welcomed select media attendees, including:

 

  • Travis Anderson (Videographer, Money Media, Financial Times Group, Pearson)
  • Brooke Arnao (Online Video Director, Money Media, Financial Times Group, Pearson)
  • Clare Baldwin (Correspondent, Wealth Management, Reuters Group, Thomson Reuters)
  • Rachael Joyce (Senior Producer, Money Media, Financial Times Group, Pearson)

 

 

  • David Geracioti (Editor-in-Chief, Registered Rep, Penton Business Media, Penton Media)
  • Joe Giannone (Senior Correspondent Wealth Management, Reuters Group, Thomson Reuters)

 

 

 

 

 

Tiburon CEO Summit XIX: October 6-7, 2010

Tiburon CEO Summit XIX was held October 6-7, 2010 at the Ritz Carlton Hotel in San Francisco, CA. The Summit started at 7:45am on Wednesday, October 6, 2010, included a networking dinner that evening at a water front restaurant in Tiburon, CA, & concluded at 1:00pm on Thursday, October 7, 2010. Almost 120 senior industry executives took two days out of their busy schedules to participate. In addition to Chip Roame (Managing Partner' Tiburon Strategic Advisors), guest speakers included Judy Barber (CEO, Family Money Consultants), Dale Brown (CEO, Financial Services Institute), Ron Carson (CEO, Carson Wealth Management Group), Harold Evensky (President, Evensky & Katz), Jeff Maggioncalda (CEO, Financial Engines), Meir Statman (Professor, Santa Clara University), & Mark Yusko (CEO, Morgan Creek Capital Management). Tiburon CEO Summit XIX also featured a general session panel discussion as well as five concurrent break-out sessions that took place at lunch on October 6, 2010.

Opening Keynote Presentation Highlights

Tiburon CEO Summit XIX featured a general session keynote opening presentation by Tiburon's Managing Partner Chip Roame regarding the state of the financial services industry. This presentation served as the backdrop and overview of the entire CEO Summit.

Chip Roame (Managing Principal, Tiburon Strategic Advisors)

Charles ("Chip") Roame is the Managing Partner of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the brokerage, investments, banking, & insurance markets. Prior to forming Tiburon in 1998, Mr. Roame served in similar capacities, first as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. Mr. Roame is quoted daily throughout the media and, due to Tiburon's widely shared research, he may be the most frequently demanded conference speaker. His particular expertise is that of corporate strategy for larger financial services firms, designing broad multi-faceted strategies and making trade-offs between alternative businesses, products, & markets.

At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses - mutual funds, exchange traded funds, separately managed accounts, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and investment banking transactions. At Tiburon, Mr. Roame has led over 1,300 client engagements for over 300 corporate clients since 1998.

Mr. Roame has won numerous awards throughout the consulting and financial services industries, including being named one of the power 25 elite by Investment News, one of the twenty-five most influential people in financial planning by Investment Advisor magazine, & one of the five experts with the answers by Boomer Market Advisor. Tiburon has also been named one of the fastest growing companies by the San Francisco Business Times in multiple years.

Mr. Roame addressed the State of the Financial Services Industry and included 25 issues he felt financial services industry CEOs needed to be addressing, grouped into six categories. Specifically, Mr. Roame's points included issues surrounding significant consumer changes, the new legislative & regulatory agenda, accelerating product shifts, accelerating channel shifts, a return to tactical basics, & abundant financial services investment opportunities.

Mr. Roame first addressed significant consumer changes and how net worth has declined and consumers turned conservative.

Mr. Roame further addressed the new legislative & regulatory agenda, including health care reform, financial services reform, and fiduciary issue, & the 12b1 issue.

With significant consumer changes & a new regulatory regime, Mr. Roame went on to address accelerating product shifts such as those in mutual funds (target date mutual funds), exchange traded funds (ETFs), hedge funds (40 act structured funds), & guaranteed products.

Mr. Roame also reviewed accelerating channel shifts, including those in the financial advisory markets (wirehouses, break-away brokers, independent broker/dealers, & fee-based financial advisors), institutional markets, & international markets.

Mr. Roame further went on to address the return to basics in which three key tactics for financial services industry & financial advisors included sales & marketing, staffing & compensation, and technology & outsourcing.

Mr. Roame concluded that there are abundant financial services investment opportunities, including mergers & acquisitions opportunities in the banking, mutual fund, & independent broker/dealer markets; financial advisor acquisitions as the aging RIAs & independent reps begin to retire; & the recent pick up in financial services industry IPOs.

Award Recipients Highlights

Tiburon CEO Summit XIX featured the second annual Tiburon CEO Summit Award presentations to Joe Mansueto (CEO) & Don Phillips (President, Fund Research) of Morningstar.

Joe Mansueto (CEO, Morningstar)

Joe Mansueto is the founder, chairman, & CEO of Morningstar. He founded the company in 1984.

Mr. Mansueto received the 2007 Skip Viragh Award, sponsored by Rydex Investments & Financial Advisor magazine, which recognizes new and innovative services that positively impact the financial advisor community. Mr. Mansueto also received the 2007 Visionary Award and was one of ten winners of the 2007 Chicago Innovation Award, sponsored by the Chicago Sun-Times and Kuczmarski & Associates. In 2007, Smart Money magazine recognized Mr. Mansueto in the Smart Money Power 30, its annual list of the top 30 most powerful forces in business and finance. He received the Distinguished Entrepreneurial Alumnus Award from the University of Chicago Graduate School of Business in 2000. He received the KPMG Peat Marwick High Tech Entrepreneur of the Year Award in 1993 and won the Rosenthal Award for Excellence in Investment Research from the University of Chicago in 1992. Before founding Morningstar, Mr. Mansueto was a securities analyst at Harris Associates

Don Phillips (President, Fund Research, Morningstar)

Don Phillips is president of fund research for Morningstar, overseeing global research on mutual funds, exchange traded funds, & alternative investments. He has also served on the company’s board of directors since 1999.

Mr. Phillips joined Morningstar in 1986 as the company’s first mutual fund analyst and soon became editor of its flagship publication, Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. Mr. Phillips helped to develop the Morningstar Style Box, the Morningstar Ratings, & other distinctive proprietary Morningstar innovations that have become industry standards. In 2010, Investment Advisor magazine named Mr. Phillips to its thirty most influential individuals list. Investment Advisor also named him to its list of the most influential people in the financial planning industry in 2003 & 2004. Financial Planning magazine named him one of the financial planning industry’s movers & shakers in 2003. Registered Rep named him one of the investment industry’s ten key players in 2002

Guest Speakers Highlights

Tiburon CEO Summit XIX guest speakers included Judy Barber (CEO, Family Money Consultants), Dale Brown (CEO, Financial Services Institute), Ron Carson (CEO, Carson Wealth Management Group), Harold Evensky (President, Evensky & Katz), Jeff Maggioncalda (CEO, Financial Engines), Meir Statman (Professor, Santa Clara University), & Mark Yusko (CEO, Morgan Creek Capital Management)).

 

Judy Barber (CEO, Family Money Consultants)

Judy Barber founded and serves as CEO of Family Money Consultants. Ms. Barber has worked with individuals, couples, families, & family enterprises regarding issues of accumulated, inherited, sudden, & diminished wealth. She assists participants in articulating shared goals, enhancing communications, addressing succession planning, inter-generation transfers, & governance issues. She is a licensed marriage & family therapist.

Ms. Barber has nearly twenty five years of experience in working with clients and financial advisors. She is a founding member of the American Bar Association’s psychological & emotional issues of estate & financial planning sub-committee of the real property, probate, & trust law section. She is an advisor member of the Institute for Private Investors. Ms. Barber also was inaugurated as a Family Firm Institute fellow in 2001. She is also a member of Attorneys for Family-Held Enterprise and the Association for Dispute Resolution.

While most were prepared for Ms. Barber to address issues on wealth transfer, philanthropy, & overlapping family enterprise issues, she went much further into the dynamics in wealthy families. Ms. Barber said that, “in 25 years of working with families, the greatest tool I have is the irrational…when they (families) can talk about the irrational, we can get to the rational. Ms. Barber went on to say that, “you can’t stuff rationality down people’s throats if they’re in an irrational place”. Ms. Barber also welcomed Tiburon CEO Summit attendees to pose questions in an extended question & answer session. Tif Joyce (President, Joyce Financial Management) asked Ms. Barber about children and money, and Ms. Barber commented that “Kids (young children) have concrete thinking…I want what I want now and the intentional dialogue must reflect that reality”. She went on to say that “as they (Kids) age they get more abstract in their thinking…more long term and future focused”, which seems to set up teachable moments around financial literacy.

 

 

Dale Brown (CEO, Financial Services Institute)

Dale Brown serves as the CEO of the Financial Services Institute. He is responsible for management of the non-profit organization dedicated to serving & representing the interests of independent broker/dealers & their financial advisors.

Mr. Brown brings more than twenty years of association management experience to the FSI, most recently as the associate executive director of the Financial Planning Association (FPA). At the IAFP, one of the FPA’s predecessor organizations, he led the government relations program and the broker/dealer program, which grew to more than 130 member firms by the time the FPA was created in 2000. He also led the successful fight in the mid-1990s against the IRS’s attempts to force independent broker/dealers to reclassify their representatives as statutory employees.

Mr. Brown addressed the independent broker/dealer industry as well as regulatory reform affecting it. Mr. Brown said that “we formed this mission in response to an oppressive regulatory environment”. Mr. Brown went on to say that, the Financial Services Institute has “123 member firms (FINRA has 4,700+ firms)”, and is particularly proud of the “14,500 financial advisor members”. Mr. Brown also welcomed Tiburon CEO Summit attendees to pose questions in an extended question & answer session. When asked by an audience member about the Dodd/Frank legislation’s intent toward harmonization (between FINRA & SEC standards for Advisors), Mr. Brown shook up the group by saying “I have a good friend in Washington who says that Congress does two things very well; nothing and overreact”. He went on to continue the theme of moderation in movement toward the Fiduciary Standard being imposed on FINRA member firm representatives and stuck closely to a thoughtful lobbyist position on changes impacting his constituency.

 

 

Ron Carson (CEO, Carson Wealth Management Group)

Ron Carson founded and serves as CEO of Carson Wealth Management Group. He has worked extensively in the field of financial management since 1983. Mr. Carson also founded PEAK, a coaching program for financial advisors, both based in Omaha, Nebraska. He is also a registered principal at LPL Financial.

Mr. Carson has been honored as one of Barron's Top 100 financial advisors and was named by Registered Rep Magazine as the #1 independent advisor. He has also been selected by Worth Magazine as one of The Best 250 Financial Advisors in the country, as well as being selected by Medical Economics as one of The Nation’s Top 120 Financial Advisors for Doctors. Mr. Carson is a regular guest on CNBC’s Squawk on the Street and CNBC’s On the Money, as well as a frequent guest on KMTV3`s Mid-Day Business Report. Mr. Carson was also the founder & past president of the Heartland Chapter of the IAFP, past president & board member of the Child Savings Institute, and past president of the American Charitable Foundation. Mr. Carson has shared his success principles, as documented in his book, Tested in the Trenches, with audiences worldwide. Most recently, Mr. Carson co-authored the New York Times best selling book, Avalanche.

Mr. Carson addressed his experiences in financial management and as an independent financial advisor. Mr. Carson, a firm believer in holistic wealth management and Maslow’s hierarchy of needs said that “we’re uniquely positioned to have a bigger impact on safety and security than any other profession”. Mr. Carson went on to challenge a bit of conventional wisdom by saying that “the bear market wasn’t really confined to stocks, bonds, and commodities. It was a bear market in trust”. Mr. Carson struck an engaging mix between motivation speaker, life coach, and seasoned financial advisor. He also demonstrated his humility when describing his father’s back handed compliment around his "persidity" (sic), his unique mix of “persistence and nave stupidity”. As the single largest producer in the independent broker dealer universe (as measured by gross revenues) and an accomplished financial advisor, author, and speaker, Carson was likeable and open. In fact, many of his peers would probably like to develop their own "persidity” to more effectively compete with Carson.

 

 

Harold Evensky (President, Evensky & Katz)

Harold Evensky founded and serves as the president of Evensky & Katz. Prior to forming Evensky & Katz, Mr. Evensky served as a vice president of investments with major investment banking firms.

Mr. Evensky has served as chairman of the International CFP Council, the CFP Board of Governors, the Board of Examiners, & the Board of Appeals. He has served on the Editorial Advisory Board of the Asia Financial Planning Journal, as a columnist for Worth.com, on the Editorial Advisory Board of the Journal of Financial Planning, & he is currently the research columnist for the Journal of Financial Planning and a board member of the Academy of Financial Services. He has also served on the National Board of the IAFP and the Charles Schwab Institutional Advisory Board & Council. He is the past chairman of the TIAA-CREF Institute Advisory Board and is a member of the Financial Planning Association, the Academy of Financial Services, & the CFA Institute and is an associate member of the American Bar Association. He is the author of Wealth Management (McGraw-Hill) and co-editor of The Investment Think Tank & Retirement Income Redesigned (Bloomberg)..

Mr. Evensky addressed his experiences in the investments & financial planning industry. Mr. Evensky said that “we (financial planners/financial advisors) tend to focus on the probabilities and not the consequences”. This sobering, yet measured advice in Mr. Evensky’s 7 Things presentation was his belief that “the risk of (investors) losing standard of living is our primary focus as planners”. He went on to say, in relation to investment time horizon and asset sufficiency for most investors, “what ought to keep you awake at night is that you won’t die”. But far from gloom and doom, Mr. Evensky advocates a low fee (“fees matter….a lot!”) Core & Satellite philosophy, a minimum of two years of cash flow reserve, and prudence in optimizing portfolios for outperformance by stating that “costs overwhelm excess returns in pursuing alpha”. Mr. Evensky also welcomed Tiburon CEO Summit attendees to pose questions in an extended question & answer session. When asked by one of the few financial advisors in the audience about the current regulatory environment, Mr. Evensky did not hesitate and said, “we’re financial planners…fee-only fiduciaries in our practice”.

 

 

Jeff Maggioncalda (CEO, Financial Engines)

Jeff Maggioncalda serves as CEO of Financial Engines, a role he has held since 1996. He has also been a director since 1997. He is responsible for the overall management of the firm.

Mr. Maggioncalda has over ten years of experience in the financial services industry. Mr. Maggioncalda has led Financial Engines through five successful rounds of funding, raising $140 million and building an organization committed to creating powerful and innovative financial technology solutions. Previously, Mr. Maggioncalda worked for McKinsey & Company in their high-technology practice and at Cornerstone Research conducting securities and software litigation consulting. He also developed case studies for a business strategy course taught by Intel Chairman Andy Grove. Mr. Maggioncalda received his MBA from the Stanford Graduate School of Business and a bachelor’s degree in quantitative economics and English from Stanford University.

Mr. Maggioncalda took the group through the evolution of his company’s formation and changing mission with an engaging degree of humility, calling Financial Engines a mutant company with a story of survival by adaptation.  He described the companies value proposition by stating that “what makes us different is the way we use technology”, and went on to suggest that “any broadly shared financial problem will probably be solved with technology at some point”. Mr. Maggioncalda addressed the retirement industry as well as the access to investment advice to retail investors. Mr. Maggioncalda said that, “people are not in very good shape to retire, at least for the most part”. Mr. Maggioncalda went on to say that Financial Engines has done a lot of work around “success by default”, or “setting up (retirement plan) default choices to better outcomes”.  Mr. Maggioncalda also welcomed Tiburon CEO Summit attendees to pose questions in an extended question & answer session.  When asked about competitive pressure in his arena, Mr. Maggioncalda said that “the top 4% of all 401(k) plans have more than half of the assets (of all 401(k) plans)”.  He went on to tell the group that “there’s price pressure everywhere now”.  However the markets seem to be endorsing Financial Engine’s approach to solving these problems, as evidenced by the company raising more than $125 million through a successful IPO in the spring of 2010.

 

 

Meir Statman (Professor, Santa Clara University)

Meir Statman is the Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University and Visiting Professor at Tilburg University in the Netherlands. His research focuses on behavioral finance and will be reflected in his book, What Investors Really Want, which is scheduled to be published by McGraw-Hill this fall.

Professor Statman’s research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial & Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, & many other journals. The research has been supported by the National Science Foundation, the Research Foundation of the CFA Institute, & the Investment Management Consultants Association (IMCA). Professor Statman is a member of the Editorial Board of the Financial Analysts Journal, the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, & the Journal of Investment Consulting, an Associate Editor of the Journal of Financial Research, the Journal of Behavioral Finance, & the Journal of Investment Management, and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, two Baker IMCA Awards, and three Graham & Dodd Scroll Awards. Professor Statman consults with many investment companies and presents his work to academics and professionals in many forums in the US and abroad.

Professor Statman addressed behavior finance and its effects on the financial services industry. Specifically, he discussed how investors and managers make financial decisions and how these decisions are reflected in the financial markets. Professor Statman said that “investors are looking for more than utilitarian benefits (when investing)”.  Professor Statman went on to say that, when investing, the first lesson is to “know yourself”, then second to “assure yourself”, and lastly to “protect yourself”.  Professor Statman not only challenged conventional wisdom, but took the discussion of behavior finance further by positing that investors are not irrational as many of his peers would argue, but instead are normal, and that sometimes investors are normal smart, and other times normal stupid, and that we (people/investors) “..fall victim to cognitive errors and emotions on our way to what we want”. Professor Statman provided both serious and whimsical examples to make his point through a combination of PowerPoint and video, and cautioned financial advisors to be aware of the difference between what is said to investors, and ultimately what they hear from advisors.

 


CEO Summit XIX
Guest Speaker
Mark Yusko
CEO
Morgan Creek
Capital Management

 

 

 

 

Mark Yusko (CEO, Morgan Creek Capital Management)

Mark Yusko has been the Founder, CEO, & CIO of Morgan Creek Capital Management since its formation in 2004. Mr. Yusko is responsible for the oversight of the firm’s strategic & tactical asset allocation decisions and operations.

Prior to forming Morgan Creek Capital Management, Mr. Yusko was Founder, President, & Chief Investment Officer of UNC Management Company, the Endowment investment office for the University of North Carolina at Chapel Hill, from 1998 to 2004. Until 1998, Mr. Yusko was the Senior Investment Director for the University of Notre Dame Investment Office where he joined as the Assistant Investment Officer in 1993.

Mr. Yusko addressed his experiences and views of the global financial markets and the investment management industry. He also discussed why he feels it is important to think differently when investing by using alternative thinking strategies. Mr. Yusko said that “we’re in a depression”, and went on to say that as it relates to some once great companies with lofty valuations, “you can smoke all the ‘Hope-ium’ you want….it’s not coming back”. Mr. Yusko went on to say that many Investors and financial advisors are viewing fees through the wrong paradigm when delegating to investment managers, and shook up many of the index oriented members of the crowd by stating that “fees matter…in fact there’s a perfect correlation between fees and performance”.  Yusko posits that the best talent on Wall Street charges the highest fees, and went on to demonstrate, through charts and data the dramatic outperformance of hedge funds and private equity (both historically high fee asset classes) in relation to traditional stock and bond investments over the past twenty years.  Mr. Yusko left little time for questions from CEO Summit attendees, though he did depart pretty dramatically from his well documented findings when asked about his alma mater, Notre Dame (by Chip Roame, a University of Michigan graduate), and their prospects for the current college football season – clearly he’s not all facts and figures.  The basic take away, on sports and investing was stated pretty unequivocally by Mr. Yusko when he said, “Winning is good…losing sucks”.  Among the many other noteworthy comments from Mr. Yusko, his advice on manager selection (his firm meets with 4,500/yr and selects only 3% for investment) and allocation stands out as he suggests that “investments are like spice; a little bit makes the meal, and too much is terrible”.

Attendees

Tiburon CEO Summit XIX had 119 Tiburon client attendees, including:

  • Chip Roame (Managing Principal, Tiburon Strategic Advisors)
  • Gurinder Ahluwalia (CEO, Genworth Financial Wealth Management)
  • Mike Apker (Business Head, Reporting & Data Aggregation Services, Envestnet Asset Management)
  • Chuck Baldiswieler (CEO, TCW Funds)
  • Judy Barber (CEO, Family Money Consultants)
  • Tony Batman (CEO, 1st Global Capital Corporation)
  • Dave Baum (Partner, Alston & Bird)
  • Dale Brown (CEO, Financial Services Institute)
  • David Brown (Partner, Alston & Bird)
  • Sal Capizzi (Chief Sales & Marketing Officer, Dunham & Associates Investment Counsel)
  • Mitch Caplan (CEO, Jefferson National Financial)
  • Ron Carson (CEO, Carson Wealth Management Group)
  • Peng Chen (President, Ibbotson Associates)
  • Bernie Clark (Executive Vice President, The Charles Schwab Corporation)
  • Dennis Clark (President, Advisor Partners)
  • Eric Clarke (President, Orion Advisor Services)
  • Todd Clarke (President, CLS Investments)
  • Craig Cloyed (President, Calvert Distributors)
  • Ron Cordes (Co-Chairman, Genworth Financial Wealth Management)
  • Bill Crager (President, Envestnet Asset Management)
  • Peter Crenier (Business Head, Information Systems, Fiserv Corporation)
  • Ben Cukier (Partner, FTV Capital)
  • Pete D’Arrigo (Chief Financial Officer, Envestnet Asset Management)
  • Dick Davies (Senior Managing Director, Alliance Bernstein Investments)
  • Stuart DePina (CEO, Tamarac)
  • Jim Duca (CEO, M&I Financial Advisors)
  • Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  • Steve Dunlap (President, Pershing Managed Account Solutions)
  • Mike Durbin (President, Fidelity Institutional Wealth Services)
  • Ric Edelman (CEO, Edelman Financial Services)
  • Cynthia Egan (President, Retirement Plan Services, T. Rowe Price Group)
  • Harold Evensky (President, Evensky & Katz)
  • Tom Florence (Principal, 361 Capital)
  • Jon Foster (President, Carson Wealth Management Group)
  • Joe Gil (Managing Director, Morgan Creek Capital Management)
  • Dave Goerz (Chief Investment Officer, High Mark Capital Management)
  • Craig Gordon (President, RBC Correspondent Services)
  • Bill Goslee (Business Head, Sales & Marketing, Fund Evaluation Group)
  • Larry Greenberg (President, Jefferson National Financial)
  • Barnaby Grist (Executive Vice President, Cetera Financial Group)
  • Blake Grossman (Vice Chairman, Black Rock)
  • Matt Grove (Business Head, RIA Business, New York Life)
  • Jim Hale (Founding Partner, FTV Capital)
  • Trista Hannan (Executive Vice President, Corporate Sales, Morningstar)
  • AJ Harper (President, BNY Mellon Managed Investments)
  • Bill Harris (Chairman, My Vest Corporation & Personal Capital Corporation)
  • Gary Holland (Publisher, Barron’s)
  • David Holmes (Chief Investment Officer, Dunham Trust Company)
  • Paul Hondros (CEO, Alpha One Capital Partners)
  • Bob Huret (Founding Partner, FTV Capital)
  • Brian Jacobs (CEO, Hatteras Funds)
  • Bryce James (President, Smart Portfolios)
  • Steve Janachowski (CEO, Brouwer & Janachowski)
  • Tif Joyce (President, Joyce Financial Management)
  • Michael Kim (Executive Vice President, Genworth Financial Wealth Management)
  • Jeff Lancaster (Principal, Bingham, Osborn, & Scarborough)
  • Randal Langdon (President, Lindner Capital Advisors)
  • Stephen Langlois (Executive Vice President, LPL Financial)
  • David Lau (Chief Operating Officer, Jefferson National Financial)
  • Chuck Lewis (CEO, My Vest Corporation & Personal Capital Corporation)
  • Robert Lindner (CEO, Lindner Capital Advisors)
  • Joe Luby (CEO, Jagen Investments)
  • Matt Lynch (CEO, Capital Analysts)
  • Jeff Maggioncalda (CEO, Financial Engines)
  • Norman Mains (Chief Risk Officer, Forward Management)
  • Frank Maiorano (CEO, Trust Company of America)
  • Joe Mansueto (CEO, Morningstar)
  • Jim McCool (Executive Vice President, The Charles Schwab Corporation)
  • Gerry McGraw (President, Fidelity Institutional)
  • Kirk Michie (President, Triton Pacific Securities)
  • Sanjiv Mirchandani (President, National Financial Services)
  • Viggy Mokkarala (Executive Vice President, Envestnet Asset Management)
  • Jeff Montgomery (CEO, Al Frank Asset Management)
  • Kevin Mooney (Executive Vice President, Jagen Investments)
  • Randy Moore (Partner, Alston & Bird)
  • Bruce Morris (Executive Vice President, Source Media)
  • Ed Morrison (Chief Operating Officer, Albridge Solutions)
  • Kathryn Morrison (CEO, Sun Star)
  • Mike Mulcahy (President, Bridgeway Funds)
  • Christine Nigro (President, Axa Advisors)
  • Harry O’Mealia (CEO, Legg Mason Investment Counsel)
  • Terry Otton (CEO, RS Investments)
  • Greg Pacholski (CEO, Albridge Solutions)
  • Purna Pareek (Business Head, Advice America)
  • David Perkins (Chairman, Hatteras Funds)
  • Don Phillips (President, Fund Research, Morningstar)
  • John Phillips (Executive Vice President, National Financial Services)
  • James Poer (CEO, NFP Securities)
  • Andy Putterman (CEO, Fortigent)
  • George Riedel (Business Head, Intermediary Distribution, T. Rowe Price Group)
  • Neal Ringquist (President, Advisor Software)
  • Sharon Ritchey (Chief Operating Officer, US Wealth Management, The Hartford)
  • Jake Rohn (Co-Founder, WorkN)
  • John Rooney (Managing Principal, Commonwealth Financial Network)
  • Andrew Rudd (CEO, Advisor Software)
  • Paul Schaeffer (Business Head, Strategy & Thought Leadership, Forward Management)
  • Skip Schweiss (President, TD Ameritrade Trust Company)
  • Trista Shah (Executive Vice President. Corporate Sales, Morningstar)
  • Sterling Shea (Business Head, Winner’s Circle Advisor Rankings & Conference Program, Barron’s)
  • Babu Sivadasan (Executive Vice President, Envestnet Asset Management)
  • David Smith (Group Publisher, Financial Advisor & Private Wealth Magazines)
  • Cliff Stanton (Chief Investment Officer, Prima Capital Management)
  • Meir Statman (Professor, Santa Clara University)
  • Marie Swift (CEO, Impact Communications)
  • Allen Thorpe (Managing Director, Hellman & Friedman)
  • Frank Trotter (President, Ever Bank Direct)
  • Mitch Vigeveno (CEO, Turning Point)
  • Greg Vigrass (President, Folio Institutional)
  • Kathy Wallman (Co-Founder, Foliofn)
  • Steve Wallman (CEO, Foliofn)
  • Jonathan Warmund (Chief Customer Acquisition Officer, Folio Investing)
  • Gib Watson (CEO, Prima Capital Management)
  • Amiee Watts (Executive Vice President, JCPR)
  • Scott Welch (Senior Managing Director, Fortigent)
  • Janine Wertheim (President, Securities America Advisors, Securities America)
  • Emmett Wright (Chief Investment Officer, Northwestern Mutual Wealth Management Company)
  • Kim Wright-Violich (President, Schwab Charitable, The Charles Schwab Corporation)
  • Mark Yusko (CEO, Morgan Creek Capital Management)
  • Jamie Ziegler (Partner, AUM Partners)

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.

Opening Keynote Presentation Highlights:

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).

 

 

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.”

 

 

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.”

 

 

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”.

 

 

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 record keeping, 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.”

 

 

Jonathan Steinberg (CEO, Wisdom Tree Investments)

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

Prior to establishing Wisdom Tree, 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.”

 

 

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 subcommittee 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."

 

 

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.

 

 

 

Tiburon CEO Summit XVIII Attendees

 

 

 

 

 

 

 

 

Attendees

Tiburon CEO Summit XVIII had 141 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 OxMealia (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, OxNeill, & 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)
  • David Tetan (Partner, ff Venture Capital))
  • 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:

  • 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).

Prior Tiburon CEO Summits

As noted above, details of other Tiburon CEO Summits are available here:

Most Recent, 2016-2017, 2014-2015, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003