Tiburon CEO Summits

Tiburon has held 33 prior Tiburon CEO Summits, with the first Tiburon CEO Summit taking place in 2001. Details of Tiburon CEO Summit XIX, XXVIII, XXVII & XXVI are included below. For details of earlier Tiburon CEO Summits, please click here: Most Recent, 2016-2017, (2014-2015), 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.

Tiburon CEO Summit XXIX: October 13-14, 2015

 

Tiburon CEO Summit XXIX was held October 13-14, 2015, at the Ritz Carlton Hotel in San Francisco, CA. Tiburon CEO Summit XXIX officially started at 7:45am on Tuesday, October 13, 2015, at the Ritz Carlton Hotel in San Francisco, CA, included a group dinner that night, and finished at 11:30am on Wednesday, October 14, 2015. Senior industry executives took two days out of their busy schedules to participate. There were over twenty sessions. Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXIX included speakers Blaine Aikin (CEO, fi360), Anil Arora (CEO, Yodlee), Noreen Beaman (CEO, Brinker Capital), Carol Benz (Managing Principal, Bingham Osborn & Scarborough), Adam Blitz (CEO, Evanston Capital Management), Matt Brown (CEO, CAIS), Rob Brown (Chief Investment Officer, United Capital Financial Advisers), Bruce Cameron (CEO, Berkshire Capital Securities), James Carney (CEO, ByAllAccounts), Jeff Dekko (CEO, Wealth Enhancement Group), Stuart DePina (President, Envestnet Tamarac), Joe Duran (CEO, United Capital), Shannon Eusey (President, Beacon Point Advisors), Ray Ferrara (CEO, ProVise Management Group), Jim Feuille (Partner, Crosslink Capital), Tom Florence (CEO, 361 Capital), Mike Furlong (CEO, Sliced Investing), Stewart Gross (Managing Director, Lightyear Capital), Scott Hanson (Co-CEO, Hanson McClain), Margaret Hartigan (CEO, Marstone), Pete Hess (CEO, Advent Software), Spencer Hoffman (Managing Director, Lovell Minnick Partners), David Jegen (Partner, F Prime Capital), Chris Jones (Chief Investment Officer, Financial Engines), Kunal Kapoor (President, Global Client Solutions Group, Morningstar), Zachary Karabell (Head of Global Strategy, Envestnet), Aaron Klein (CEO, Riskalyze), Jan Kolbusz (Founder, Decimal Software), Brad Matthews (CEO, Trizic), Ed Moore (President, Edelman Financial Services), Hans Morris (Managing Partner, Nyca Partners), Patricia Nakache (General Partner, Trinity Ventures), Michael Pinsker (CEO, Docupace Technologies), Eduardo Repetto (Co-CEO, Dimensional Fund Advisors), John Rooney (Managing Principal, Commonwealth Financial Network), Babu Sivadasan (President, Envestnet Retirement Solutions), Bill Sowell (CEO, Sowell Management Services), Hal Strong (Operating Executive, Genstar Capital), Jason Thomas (CEO, Savos Investments), Allen Thorpe (Managing Director, Hellman & Friedman), Jim Tracy (Vice Chairman, Morgan Stanley Wealth Management), Hardeep Walia (CEO, Motif Investing), Amy Webber (President, Cambridge Investment Research), Spencer Williams (CEO, Retirement Clearinghouse), & Bob Worthington (President, Hatteras Funds). Tiburon CEO Summit XXIX also featured the firm's traditional client-centric panel discussions and two networking-based social events.

Keynote Presentation

Tiburon CEO Summit XXIX featured a keynote presentation by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry, focused on the rapid evolution being driven all across the business value chain. This presentation served as the backdrop and overview of the entire Tiburon CEO Summit. 

 




 

 



Tiburon CEO Summit XXIX
Keynote Presenter
Chip Roame
Managing Partner
Tiburon Strategic Advisors

 

 

 

 

 

 

Chip Roame (Managing Partner, Tiburon Strategic Advisors)

Tiburon Strategic Advisors is pleased to provide a summary of the content of its Tiburon CEO Summit XXIX Keynote Presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) gave a presentation broadly addressing the state of the financial services industry, with a specific focus on the growing wealth management market.

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 banking, insurance, brokerage, & investment management 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. 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, 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 mergers & acquisitions transactions. At Tiburon, Mr. Roame has led over 1,700 client engagements for over 400 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 individuals in the advisor business 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), as a board member of the parent company of The Edelman Financial Group (Ric Edelman’s business backed by Lee Equity Partners), and as a trustee of the SA mutual funds family which is sponsored by Loring Ward and employs Dimensional Fund Advisors as its sole sub-advisor.

Overview of Tiburon CEO Summit XXIX Keynote Presentation

The objectives of the Keynote Presentation are to anchor Tiburon CEO Summit discussion on consumers; offer a broad view of the wealth management industry (with a new theme at each Tiburon CEO Summit), with the theme at Tiburon CEO Summit XXIX being The Six Most Important News Stories; set a discussion agenda for Tiburon CEO Summit XXIX (framing the dozens of “three big points” and introducing 40+ speakers); & address recent strategic activity. The basis of the Tiburon CEO Summit XXIX Keynote Presentation was industry developments (“the news”), recent Tiburon & third-party research findings, the Tiburon CEO Summit XXIX content survey, & Tiburon CEO Summit XXIX guest speaker presentations (and prior presentations).

Tiburon CEO Summit XXIX --> Insights Behind The Six Biggest News Stories

Context Setting: Consumers & Their Money

Consumer households have $38.3 trillion investable assets, $59.4 trillion financial assets, $96.9 trillion total assets, and $85.7 trillion net worth. There are 10.1 million consumer households with over $1.0 million net worth, back above its prior peak of 9.2 million in 2007. Tiburon CEO Summit XXIX attendees estimate that ~50%-75% of financial advisor clients are baby boomers. Tiburon CEO Summit XXIX attendees believe that baby boomers are not financially ready for retirement. Tiburon CEO Summit XXIX attendees continue to believe that the lack of savings is baby boomers’ biggest financial issue. Tiburon CEO Summit XXIX attendees expect that more consumers will retire at later ages over the next five years. Baby boomers will liquidate some portion of the $58.6 trillion in retirement plans, personal assets, & small businesses.


The Future Of Wealth Management: The Six Most Important News Stories

Exchange Traded Funds

Tiburon CEO Summit XXIX attendees have repeatedly said that they cannot predict stock market movements. Tiburon CEO Summit XXIX attendees increasingly believe that they cannot predict interest rate movements (it took some convincing!). Tiburon CEO Summit XXIX attendees mostly utilize a mix of active & passive portfolio management styles, with the passive-only crowd growing larger than the active-only crowd. Exchange traded funds have gathered $2.1 trillion assets under management, up from $102 billion in 2002. Exchange traded funds have $232 billion net flows, up from $29 billion in 2001. BlackRock is the leading investable assets firm in terms of assets under management with $4.7 trillion, with the three ETF leaders all in the top four. Tiburon CEO Summit XXIX attendees increasingly expect that ETFs will surpass mutual funds in net flows over the next five years. Tiburon CEO Summit XXIX attendees expect that ETF market share will broaden in the next five years. Tiburon CEO Summit XXIX attendees expect that ETF strategists will see huge growth over the next five years (in spite of F-Squared). Tiburon CEO Summit XXIX attendees anticipate that active exchange traded funds will have moderate growth over the next five years. Index mutual funds have gathered $2.1 trillion assets under management, up from $384 billion in 2000. Index mutual funds’ assets under management have been primarily gathered in equity funds. The Vanguard Group has $216 billion net flows, up from $85 billion in 2010. The five largest stock mutual funds are all low cost Vanguard & American Funds mutual funds. The Vanguard Group has gathered over three-quarters on its assets under management in index mutual funds & exchange traded funds. The Vanguard Group has gathered one-third of its assets under management from financial advisors. Dimensional Fund Advisors has gathered $406 billion assets under management, up hugely since 1983. Dimensional Fund Advisors has gathered more than half of its assets under management from financial advisors. Dimensional Fund Advisors’ financial advisor channels business has gathered $165 billion assets under management, up from $13 billion in 2002.

Liquid Alternatives

Liquid alternative funds have gathered $309.2 billion assets under management, up from $174.6 billion in 2012. Liquid alternative funds’ net flows are $3.1 billion, down from their peak of $96.9 billion in 2013. Tiburon CEO Summit XXIX attendees have become decidedly less optimistic on liquid alternatives over the next five years. Hedge funds have gathered $2.8 trillion assets under management, up from $491 billion in 2000. Hedge funds have $76.4 billion net flows, up from $23.3 billion in 2000 and -$131.2 billion in 2008. Hedge funds returned 3.3%, down from 9.1% in 2013. Tiburon CEO Summit XXIX attendees mostly believe that hedge fund managers do not add value on post fee basis. Hedge funds have not been performing as well as some low cost mutual funds that do some of the same things.

Robo Advisors

There are at least 46 online advice firms. All online advice firms have gathered $217.4 billion assets under management, up from $118.0 billion in 2012. Online advice firms can specifically be defined to include defined contribution plan focused firms & B2C focused firms. Online advice firms’ assets under management are dominated by the defined contribution focused firms. The leading online advice firms are the defined contribution plan focused firms & the large discount brokerage firms & mutual fund companies. Tiburon CEO Summit XXIX attendees have become far more aware of the online advice models when asked to name the most impressive. Tiburon CEO Summit XXIX attendees have become decidedly optimistic on online advice firms over the next five years. Two-thirds of financial advisors believe that online advice firms will have no or little impact on their business. Tiburon CEO Summit XXIX attendees said that the discount brokerage firms will see moderate growth over the next five years. Motif Investing offers 100 pre-built motifs, up from 50 in 2011.

Break-Away Brokers

Two-thirds of wirehouse & regional broker/dealer brokers who move on their own in any year move to other wirehouses or regional broker/dealers. The bulk of the break-away broker movement really just goes in circles, with brokers moving from one wirehouse to the next for upfront payments. Wells Fargo Advisor Network’s share of financial advisors coming from wirehouses is 65%, compared to 12%-31% at some other leading independent broker/dealers. Tiburon CEO Summit XXIX attendees said that the break-away brokers trend will grow hugely or at least moderately over the next five years. Some have huge predictions for the share of wirehouse brokers who may break-away. Tiburon CEO Summit XXIX attendees believe that wirehouses have a neutral or negative future over the next five years.

Independent Advisors

The insurance & independent broker/dealer channels lead the financial advisor channels in terms of number of financial advisors with 74,804 & 67,290. The wirehouse channel leads the financial advisor channels in terms of assets under administration with $5.9 trillion. The five year CAGR of dually registered advisors is 9.0%. Primerica, Morgan Stanley, Bank of America Merrill Lynch, & Wells Fargo Corporation have the most financial advisors. Both the retail and financial advisor support models at both Fidelity Investments & The Charles Schwab Corporation are now amongst the leading financial advisor channel firms. Tiburon CEO Summit XXIX attendees said that LPL financial & The Charles Schwab Corporation have the most impressive financial advisor forces. Tiburon CEO Summit XXIX attendees said that the number of independent advisors will grow the fastest over the next five years. Independent advisors can specifically defined to include independent reps & fee-based financial advisors (RIAs). Independent broker/dealer reps still account for the largest share of independent advisors, although both fee-based financial advisors & dually registered financial advisors are gaining market share. LPL Financial leads the independent reps market in number of financial advisors. LPL Financial also leads the independent broker/dealer market in assets under administration. The Charles Schwab Corporation, Td Ameritrade, & Fidelity Investments are the leading fee-based financial advisor custodians in terms of number of fee-based financial advisor clients, with 7,100, 5,000, & 3,300 respectively. Schwab Advisor Services & Fidelity Institutional Wealth Services are the leading fee-based financial advisor custodians in terms of assets under administration, with $1.1 trillion & $753 billion respectively. TD Ameritrade had a 229% change in fee-based financial advisor assets under custody from 2007-to-2014. Some analysts have huge predictions for the fee-based financial advisor market, with one suggesting 36,900 fee-based financial advisors by 2019. Tiburon CEO Summit XXIX attendees have become less optimistic on independent broker/dealers over the next five years. Tiburon CEO Summit XXIX attendees remain very optimistic about custodians over the next five years.

Turnkey Asset Management Programs (TAMPs)

Envestnet has gathered $713.4 billion assets under administration & management, up 800% since 2007. FolioDynamix’s FDx platform has gathered $700 billion assets under administration, up from $445 billion in 2012. Loring Ward Group’s LWI Financial has gathered $13.0 billion assets under management, up from $1.6 billion in 1996. Dimensional Fund Advisors’ Dimensional Fund Advisors (US)’s fee-based financial advisor business’ TAMPs business has gathered $50 billion assets under management, up over 400% since 2005. Tiburon CEO Summit XXIX attendees believe that TAMPs will realize huge or at least moderate growth over the next five years.

The Missing News Story: Financial Advisor Bifurcation

Financial Advisor Stagnation

Financial advisor channels firms have 301,126 financial advisors, down from its peak of 339,450 in 2004. Tiburon CEO Summit XXIX attendees increasingly think that the number of financial advisors will decrease or at best remain steady over the next five years. Tiburon CEO Summit XXIX attendees believe the role of financial advisors is gaining value to clients, although this view is declining. Tiburon will seek to prove the financial advisor bifurcation; it is possible that a few dozen fee-based financial advisors are driving the markets’ growth. The mutual fund store has 133 offices, up from 73 in 2011. United Capital Financial Partners has 70 offices, up from fourteen in 2007. HighTower Holding has 49 offices, up from twelve in 2011. Edelman Financial Services has 41 offices, up from one in 2005. The Mutual Fund Store serves 37,000 clients, up from 30,000 in 2010. Edelman Financial Services serves 28,000 clients, up from 5,000 in 2003. Fisher Investments’ Private Client Group serves 27,000 private client group clients, up from 12,000 in 2004. Fisher Investments’ Private Client Group manages $35 billion in assets, up from $1 billion in 1997. Edelman Financial Services has gathered $14.9 billion assets under management & administration, up over 400% since 2003. Tiburon CEO Summit XXIX attendees said that United Capital Financial Partners, Edelman Financial Services, & HighTower have the best chance at building nationwide financial advisory business. Edelman Financial Services has $131.9 million assets under management & administration per financial advisor.

Differentiators

Edelman Financial Services’ average client has $522,000 assets under management & administration, up from $380,000 in 2009. Edelman Financial Services has 113 financial advisors, up from nineteen in 2003. Fisher Investments’ investment counselors, vice presidents, account executives, & client operations associates account for over half of its employees. Fisher Investments’ private client group creates over three-quarters of its leads from direct mail and web advertisements. Fisher Investments’ private client group attracts two-thirds of its clients to seminars each year. Edelman Financial Services will conduct over 600 seminars, up from 75 in 2012. Tiburon CEO Summit XXIX attendees said that consumers understand that rising rates will impact investment portfolios, but do not understand the specifics. Tiburon CEO Summit XXIX attendees said that downside protection strategies will experience huge growth over the next five years. Tiburon CEO Summit XXIX attendees said that the importance of video service will see moderate growth over the next five years. And in a strange twist…financial advisor fees are down…err…up. Financial advisor average fees range from 1.26% to 0.66% based on portfolio size. Fisher Investments’ private client group’s pricing schedule ranges from 1.25% to 1.00%, and the firm uses a blended methodology. Edelman Financial Services’ pricing schedule ranges from 2.00% to 0.50%.

Strategic Activity

Financial Services Industry Venture Capital & Minority Growth Equity Investments

Venture capital firms raised $33.0 billion funds, up 75% since 2010 but down from $85.1 billion in 2000. Venture capital investment reached $48.4 billion, up from $30.0 billion in 2013 but down from its peak of $105.0 billion in 2000. SoFi has raised the most venture capital amongst financial services firms, with $1.2 billion. Wealthfront, Betterment, & Personal Capital Corporation have raised the most venture capital amongst the online advice firms. Tiburon CEO Summit XXIX attendees said that venture capital’s bet on online financial advice will continue at a high or moderate level in 2016.

Financial Services Industry Initial & Secondary Public Offerings

There were 275 initial public offerings in 2014, up from 222 in 2013 but down from its peak of 406 in 2000. Initial public offerings raised $85.3 billion in 2014, up from $54.9 billion in 2013 but down from its peak of $96.9 in 2000. There were 36 initial public offerings in the financial sector in 2014, down from 45 in 2013. Financial services industry public offerings included Worldpay, National Commercial Bank, & Medibank Private. Tiburon CEO Summit XXIX attendees said financial services industry initial & secondary public offerings will experience moderate growth.

Financial Services Industry & Financial Advisor Mergers & Acquisitions

Financial Services Industry Mergers & Acquisitions

Mergers & acquisitions’ deal value was $3.5 trillion, up from $2.3 trillion. Private equity firms invested $12.0 billion in financial technology firms, up from $4.0 billion in 2013. Financial technology companies Sungard, Advent Software, Russell Investments, & SNL Financial all sold in the last year for large sums. Leading investment management firms mergers & acquisition deals included TIAA-CREF’s acquisition of Nuveen, Santander Asset Management’s Acquisition of Pioneer Global Asset Management, and the pending acquisition of Russell Investments. The leading public brokerage merger & acquisition deal was Stifel Financial Group’s acquisition of Sterne Agee for $150 million. Tiburon CEO Summit XXIX attendees said that financial services firm merger & acquisition activity will increase.

Financial Advisor Mergers & Acquisitions

There were 54 fee-based financial advisors mergers & acquisitions transactions in 2014, up 35% since 2006. There have been $32.6 billion fee-based financial advisors assets under management acquired through mergers & acquisitions transactions in 2014. Hellman & Friedman’s acquisition of Edelman Financial Services was the leading financial advisors acquisition at $14.8 billion. Tiburon CEO Summit XXVIII attendees said that the most successful financial advisor aggregators are HighTower & Focus Financial Partners. Tiburon CEO Summit XXIX attendees said that financial advisor consolidation activity will remain steady or accelerate this year. Tiburon CEO Summit XXIX attendees said that roll-up firms will be the most frequent financial advisor acquirer.

Financial Services Industry Valuations & Activists Opportunities

Financial services firms account for 10%+ of the US economy and 20%+ of the Standard & Poor’s 500. Activist funds have gathered $120 billion assets under management. Activist hedge funds have $10.1 billion net flows, up from $3.4 billion in 2005. Carl Icahn & Southeastern are the leading activist investor funds in terms of value of disclosed US equities with $22.3 billion & $18.3 billion. The average net return among activist hedge funds outpaced the total hedge fund universe in both the short & long term. Financial services industry activist fund specific targets include American Realty Capital Partners, LPL Financial Holdings, State Street Corporation, & The Bank of New York Mellon Corporation.

Speakers

 

Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXIX included speakers Blaine Aikin (CEO, fi360), Anil Arora (CEO, Yodlee), Noreen Beaman (CEO, Brinker Capital), Carol Benz (Managing Principal, Bingham Osborn & Scarborough), Adam Blitz (CEO, Evanston Capital Management), Matt Brown (CEO, CAIS), Rob Brown (Chief Investment Officer, United Capital Financial Advisers), Bruce Cameron (CEO, Berkshire Capital Securities), James Carney (CEO, ByAllAccounts), Jeff Dekko (CEO, Wealth Enhancement Group), Stuart DePina (President, Envestnet Tamarac), Joe Duran (CEO, United Capital), Shannon Eusey (President, Beacon Point Advisors), Ray Ferrara (CEO, ProVise Management Group), Jim Feuille (Partner, Crosslink Capital), Tom Florence (CEO, 361 Capital), Mike Furlong (CEO, Sliced Investing), Stewart Gross (Managing Director, Lightyear Capital), Scott Hanson (Co-CEO, Hanson McClain), Margaret Hartigan (CEO, Marstone), Pete Hess (CEO, Advent Software), Spencer Hoffman (Managing Director, Lovell Minnick Partners), David Jegen (Partner, F Prime Capital), Chris Jones (Chief Investment Officer, Financial Engines), Kunal Kapoor (President, Global Client Solutions Group, Morningstar), Zachary Karabell (Head of Global Strategy, Envestnet), Aaron Klein (CEO, Riskalyze), Jan Kolbusz (Founder, Decimal Software), Bo Lu (CEO, FutureAdvisor), Brad Matthews (CEO, Trizic), Ed Moore (President, Edelman Financial Services), Hans Morris (Managing Partner, Nyca Partners), Patricia Nakache (General Partner, Trinity Ventures), Michael Pinsker (CEO, Docupace Technologies), Eduardo Repetto (Co-CEO, Dimensional Fund Advisors), John Rooney (Managing Principal, Commonwealth Financial Network), Babu Sivadasan (President, Envestnet Retirement Solutions), Bill Sowell (CEO, Sowell Management Services), Hal Strong (Operating Executive, Genstar Capital), Jason Thomas (CEO, Savos Investments), Allen Thorpe (Managing Director, Hellman & Friedman), Jim Tracy (Vice Chairman, Morgan Stanley Wealth Management), Hardeep Walia (CEO, Motif Investing), Amy Webber (President, Cambridge Investment Research), Spencer Williams (CEO, Retirement Clearinghouse), & Bob Worthington (President, Hatteras Funds). Tiburon CEO Summit XXIX also featured the firm's traditional client-centric panel discussions and two networking-based social events.

Blaine Aikin
(CEO, fi360)

 

 

CEO Summit XXIX
Speaker
Blaine Aikin
(CEO, fi360
)


 

 

 

 

 

 

 

Blaine Aikin is CEO of fi360. fi360 is a national and international leader in the field of investment fiduciary responsibility, providing training, web-based analytical tools, and resources for those who manage money on behalf of others. Mr. Aikin is the author of numerous articles on the subjects of fiduciary responsibility and investment management, and the author of the monthly Fiduciary Corner column in InvestmentNews magazine. Upon graduation from Carnegie-Mellon University, Mr. Aikin was selected for the prestigious Presidential Management Intern Program which involved management assignments in the US Department of Treasury and the US Senate. He subsequently served as budget officer for Prince William County, Virginia. Mr. Aikin then entered the private sector in professional financial management. He earned the Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA) designations and served as a principal and chief investment officer of Allegiance Financial Advisors. After providing contract training and consulting services for PNC Financial Services Group, Mr. Aikin became a senior vice president and director of product development and management for PNC Advisors. For several years, he also served as an adjunct faculty member of the College for Financial Planning; providing instruction in investment planning and other subjects leading to the Certified Financial Planner designation.

Mr. Aikin's recent comments have included:

  • "For RIAs, the change that would best fit this bill is for the rule [the Department of Labor's proposed fiduciary rule] to more clearly distinguish the special obligations attendant to advice on rollovers versus advice that involves ongoing conflicts of interest associated with variable compensation"
  • "The rollover decision is a one-time event and the DOL should craft an exemption designed to handle the point-in-time situation when a fiduciary retirement adviser to a plan is called upon to assist a plan participant with a rollover decision"
  • "The SEC exams tend to be thorough and effective; they are just not done often enough"
  • "A lot of lobbying money comes from the financial services industry. Congress does not want to lose any power of the purse over the SEC"
  • "Advisers who can successfully incorporate digital investment tools into an client-friendly customer experience will surely stand out in the crowded market of advisory services. To construct a successful hybrid model, advisers should be thinking about the human and computer interfaces they have with clients in at least four key aspects: access, consistency, literacy and trust"

Anil Arora
(CEO, Yodlee)

 

 

CEO Summit XXIX
Speaker
Anil Arora
(CEO, Yodlee
)


 

 

 

 

 

 

 

Anil Arora is President & CEO of Yodlee. Under his leadership, Yodlee has been a disruptive catalyst for change in the financial industry by pioneering a unique cloud-based platform. Today, Mr. Arora is helping Yodlee lead the charge for the safe use of global financial data to accelerate innovation and transform the delivery and use of digital financial services. Mr. Arora has extensive experience building some of the world’s most recognized brands at companies like General Mills, Kraft, and Gateway, as well as innovating new market strategies and increasing the lifetime customer value for companies in a variety of industries.

Mr. Arora's recent comments have included:

  • “We are in the early innings of our vision to transform financial services by improving and simplifying the lives of anyone with a financial account. As the leading financial cloud platform, there is a massive addressable opportunity to power digital financial solutions for over two billion financial users globally across both financial institutions and internet innovators”
  • “Our growth is a function of executing on our stated three key strategies: one, growing our subscription revenue and increasing penetration at existing financial institutions, while adding new customers globally; two, driving user growth and subscription revenue with emerging Internet digital financial service providers who have enormous potential by adding new customers around the globe and with new used cases; three, leveraging our unique big data assets and analytics to further accelerate subscription revenue with existing and new customers. Our subscription revenue is experiencing strong growth driven by all three of these key strategies”
  • “The most exciting aspect of our growth opportunity with financial institutions and internet innovators is that we believe that the best is still ahead of us”
  • “One interesting example of the power of Yodlee data analytics is how we have worked closely with an innovative food company to develop their marketing strategy based on consumer spending trends. Their chief marketing officer shared with us that they have shifted the majority of their research spending to Yodlee data analytics due to the power of Yodlee data. For us, the data business is additive across the board. It is an incremental revenue opportunity with both existing and entirely new customers and perhaps as important it is sticky”
  • “The Yodlee Financial Cloud is uniquely positioned to drive innovation and is transforming digital financial services among Financial Institutions as well as Internet innovators. We are excited about Yodlee's market opportunity, and our recent IPO was a seminal milestone for our company and provides the strategic position to continue to drive growth"

Noreen Beaman
(CEO, Brinker Capital)

 

 

CEO Summit XXIX
Speaker
Noreen Beaman
(CEO, Brinker Capital
)


 

 

 

 

 

 

 

Noreen Beaman is CEO of Brinker Capital. Ms. Beaman is responsible for developing and executing the firm’s detailed operating plan and for the oversight of the company’s short and long term strategies. Previously, Ms. Beaman served as the firm’s chief operating officer responsible for policy and oversight of operations, administration, performance, reconciliation, technology, and human resources. Ms. Beaman has more than 25 years of investment experience working with financial advisors and institutional and high net worth investors in strategic planning and investment management. Additionally, she is a member of the firm’s investment, management, and finance committees. As one of Brinker Capital’s original partners, Ms. Beaman previously held a variety of regional and national sales positions at the firm, including new business development and client service in New York and New Jersey. Ms. Beaman is a frequent speaker at industry conferences and has been quoted extensively in top financial and advisor media. Prior to joining Brinker Capital, Ms. Beaman was treasurer at Mutual Benefit Capital Companies, a subsidiary of Mutual Benefit Life Insurance Company. She also worked at Ernst and Young.

Ms. Beaman's recent comments have included:

  • "Failure is probably the best gift someone can give you"
  • "One thing we do is hold people accountable. We make sure everyone is in a position to be successful. Then, when you are not successful, we have to have a conversation. You need to hold up your end of the bargain. Sometimes you are not a good culture fit because you do not want to be held accountable, and sometimes you are a great culture fit and we just did not give you the right training, so we will do that. Sometimes you will make a mistake. Life happens. But let us not do it again. One of our mantras is, find it, fix it, prevent it"
  • "In our world today, if you are not actively learning every day, you really are not competitive. There is too much going on. I can never know everything going on around me, so I need to know that there are people around me who are learning other things, so we create a more cohesive view"
  • "One of the things I keep telling our staff — and this is something I had to do — is that you have to do two jobs before you get the next job. You have to do your job really well and start doing the next job a little bit by, say, raising your hand for a project"
  • "Financial advisors and their firms have never needed to rely on their partners more than now with the complex requirements of the recently enacted Department of Labor's fiduciary rule regulations."

Carol Benz
(Managing Principal, Bingham Osborn & Scarborough)

 

 

CEO Summit XXIX
Speaker
Carol Benz
(Managing Principal, Bingham Osborn & Scarborough
)


 

 

 

 

 

 

 

Carol Benz is Managing Principal of Bingham Osborn & Scarborough. Ms. Benz joined the firm in 2001 and also serves as the firm’s Chief Operating Officer and is responsible for firm management, including finance and reporting, portfolio operations, human resources, compliance, technology, strategic planning, and office administration. Prior to joining the firm, Ms. Benz worked for ten years for Barclays Global Investors (currently known as BlackRock) where she managed account operations, domestic operations, international operations, and the data services group and for three years with Ernst & Young as a supervising senior where she worked with insurance, technology, and manufacturing clients. Ms. Benz is currently the vice chair of the Stanford Alumni Association and the treasurer of the San Francisco Ballet Auxiliary.

Ms. Benz's recent comments have included:

  • "Be thoughtful about what you say yes to. And something that works for me, when everything you’re doing feels really hectic, set aside a little bit of time every day… and just spend 5 or 10 minutes thinking about what you want to do that day or the next day."
  • "Your life will take different paths, and you won’t end up remotely close to where you thought you would. It’s very pressure-filled today and people feel like they have to find their passion right away. But truly, leading a volunteer organization taught me more about leadership than my job, and that was something I was doing just for me because I loved it. And I wish I had taken golf at Stanford."
  • "Try not to focus on having just one [passion]. You will have a lot."
  • "You need to be present and have your presence be known… Even if you’re thinking… But you do have to be vocal. It might be awkward, but you have to be present. You have to put your voice out there."

Adam Blitz
(CEO, Evanston Capital Management)

 

 

CEO Summit XXIX
Speaker
Adam Blitz
(CEO, Evanston Capital Management
)


 

 

 

 

 

 

 

Adam Blitz is CEO of Evanston Capital Management. Mr. Blitz helped establish ECM, joining the firm at inception in 2002. He is a member of ECM's board of managers, investment committee, operating committee, & valuation committee. Mr. Blitz leads all investment research and portfolio management as well as executive firm management. He previously worked in the prime brokerage area at Goldman Sachs, where he was responsible for developing, selling, and managing funding and financing products to offer to hedge funds. He was also employed in the asset management division at Goldman Sachs as a member of the quantitative research group. Mr. Blitz previously served as head trader at AQR Capital Management, a multi-strategy quantitative investment manager.  At AQR, he assisted in risk management and strategy research, providing extensive modeling and analysis of strategy and fund-level volatilities and correlations. Mr. Blitz is a member of the board of advisors of Northwestern University's School of Education and Social Policy.

Mr. Blitz's recent comments have included:

  • "Most hedge funds are not any good, but if you can identify talent early, when they are hungry, you have the potential to generate outsized performance"
  • "Finding that young talent is always at a premium. You are seeing household name hedge funds becoming big institutions. It might be good for business but not for investors looking for differentiated returns"
  • "Our thesis is we do not think that there are a lot of great hedge funds out there"
  • "Our goal... is to remind investors to take a holistic look and to evaluate each investment within the context of the full portfolio"
  • "There are some managers who buy and hold a position, sometimes for years, for very sound fundamental reasons. During bouts of volatility, you often see hedge fund managers without strong fundamental conviction about the stock sell off, while more fundamental managers tend to ride out the volatility"

Matt Brown
(CEO, CAIS)

 

 

CEO Summit XXIX
Speaker
Matt Brown
(CEO, CAIS
)


 

 

 

 

 

 

 

Matt Brown is CEO of CAIS. Mr. Brown is responsible for firm strategy, management and business development. He has over twenty-three years of experience in the financial services industry, having worked at firms including Shearson Lehman Brothers, Smith Barney and Brownstone Advisors.

Mr. Brown's recent comments have included:

  • "CAIS felt the need to broaden its lineup of structured offerings and have more companies competing against each other to fill an advisor’s order, resulting in better execution and pricing to the end user"
  • "We look very carefully at the track record of the lead underwriter’s success and aftermarket performance. The banks we work with have very strong records of success with aftermarket performance of underlying securities"
  • "CAIS adds value because we take the advisor’s request for the intended note and can have all of the different banks bid on filling that order, and the best price wins"
  • "By having a more open-architecture platform, we are allowing advisors to see different credits of the banks and the pricing they come up with to fill the orders"
  • "CAIS is a demand-based platform, and we are seeing a lot of RIAs and broker-dealers effectively utilize structured notes––mainly plain-vanilla ways to get access to indices and the like. But overall, we want to create a better forum for advisors to be able to access these products, and we are trying to lower the cost and increase transparency and education for advisors"

Rob Brown
(Chief Investment Officer, United Capital Financial Advisers)

 

 

CEO Summit XXIX
Speaker
Rob Brown
(Chief Investment Officer, United Capital Financial Advisers
)


 

 

 

 

 

 

 

Rob Brown is Chief Investment Officer of United Capital Financial Advisers. Mr. Brown provides the inspiration, leadership, and experience that enable the United Capital Investment Management department to ensure that advisers are fully supported as they transition to the United Capital investment platform and that they are fully informed on how to use the cutting edge strategies available on the platform to provide customized portfolios for their clients. Mr. Brown is a senior level investment professional with 30 years of experience in portfolio management for large, sophisticated foundations, endowments, pensions, and the ultra-high net worth. Prior to United Capital, he held senior level executive positions with Genworth Financial, SEI, Envestnet, and the CFA Institute where he directed the ongoing development of the educational curriculum for the CFA certification program and its examination. While at Genworth Financial, Mr. Brown served as the chief investment officer directing a $7.5 billion institutional portfolio of domestic and international securities. At SEI, he worked as the managing director of SEI’s research department that supported the wealth management needs of over $300 billion of pension, endowment, and foundation assets under advisement. At Envestnet, Mr. Brown served as the chairman - Investment Policy Committee, executive vice president, and senior managing director - Consulting Division for PMC International (later acquired by Envestnet) where he led the investment decision-making for a $3.3 billion portfolio. Mr. Brown also worked in the public sector where he held the position of chief investment officer for one of our nation’s larger state public pension plans, the $14 billion Arizona Public Safety Personnel Retirement System. Mr. Brown’s publications have appeared in the Journal of Derivatives and Hedge Funds, Journal of Investing, Journal of Investment Consulting, Pensions & Investments, FA Magazine, RIA Central, On Wall Street Magazine, Royal Alliance Associates Sourcebook, Bank Investment Consultant, Investment News Magazine, London Financial Times, Financial Planning, Financial Advisor, and Journal of Financial Planning.

Mr. Brown's recent comments have included:

  • "The problem is not lack of opportunity. The problem is not lack of talent. The problem is, not in all cases, but in many cases, the structure of the mutual fund [regarding fund managers underperforming the market]"
  • "We have gone to portfolio managers at some of the large-name fund companies in the world, but that is more the exception than the rule for obvious internal business reasons. If a portfolio manager is running a couple mutual funds with $10 billion, does their parent organization have a separate agreement with us where they're sending us their ten best ideas? That is going to be a rare circumstance whether they are going to be comfortable with that"
  • "It would be interesting to know how many of the people who actually put their money into (the Voya Corporate Leaders Trust Fund) actually know what it is. In a lot of cases, I bet they do not"
  • "Good managers can add an extra one percent to returns over time compared with an index-only strategy"
  • "If a portfolio manager is running a couple mutual funds with $10 billion, does their parent organization have a separate agreement with us where they're sending us their 10 best ideas? That's going to be a rare circumstance whether they're going to be comfortable with that."

Bruce Cameron
(CEO, Berkshire Capital Securities)

 

 

CEO Summit XXIX
Speaker
Bruce Cameron
(CEO, Berkshire Capital Securities
)


 

 

 

 

 

 

 

Bruce Cameron is CEO of Berkshire Capital Securities. Mr. Cameron joined Mr. McEver in establishing Berkshire Capital in 1983 as the first independent investment bank covering the investment management and securities industries. As president and CEO, Mr. Cameron is responsible for the overall development and direction of the firm. Mr. Cameron leads the firm’s new business efforts and is actively involved in advising the firm’s major clients. He is also a frequent speaker at industry conferences and events. From 2005 to 2010 Mr. Cameron was a co-founder and the chairman of the board of directors of Highbury Financial, a publicly traded investment management holding company. Prior to the formation of Berkshire Capital, Mr. Cameron was associate director of Paine Webber Group’s strategic planning group. He began his career at Prudential Insurance Company, working first in the comptroller’s department and then in the planning & coordination group.

Mr. Cameron's recent comments have included:

  • "With approximately $5.0 billion of assets under management, a unique suite of attractive investment products and several promising avenues for long-term growth, we are excited to deliver this transaction to our stockholders. We are partnering with a talented management team that is committed to the growth of the business and whose track record of developing innovative investment products and delivering superior investment results will deliver long-term value to both clients and stockholders of ZAIS"
  • "We believe there is likely to be more activities in investment management (M&A), so we're building our capabilities."
  • "Manufacturers will always look for people who understand their products and who have contacts with sources of funds."
  • "From an acquisition standpoint, there’s lots of interest in assessing how to pull the trigger."
  • "The Savant transaction is very unique based on the broad participation of a large number of employees combined with multiple family offices and private investors who have committed to a very long-term investment in Savant. Savant has selected a group of partners that will prove very helpful in executing its growth plan."

James Carney
(CEO, ByAllAccounts)

 

 

CEO Summit XXIX
Speaker
James Carney
(CEO, ByAllAccounts
)


 

 

 

 

 

 

 

James Carney is CEO & co-founder of ByAllAccounts. He and his teams have had a proven track record of effectively building, marketing and selling highly scalable, complex solutions on time and within budget. ByAllAccounts became a subsidiary of Morningstar in 2014. Prior to co-founding ByAllAccounts, Mr. Carney was a co-founder and CEO of Bidder's Edge, the largest online auction portal servicing greater than 500,000 users on a monthly basis with information available on over eight million items on a near real time basis. Company revenue grew in excess of 100% each year with expanding profit margins. Prior to Bidder's Edge, Mr. Carney was a co-founder and CEO of Workgroup Technology, which developed product information management systems for the engineering and manufacturing environments. The company had a successful IPO on the NASDAQ exchange. Previously, Mr. Carney was CEO and co-founder of WSI (a UNIX based system integrator that developed solutions for the engineering market), which was acquired by BOM Nesbitt Burns; and he ran the Northeast Operations for Computervision, the worldwide leading provider of CAD/CAM systems..

Mr. Carney's recent comments have included:

  • "Since June, three separate clients have told us they compared Morningstar’s ByAllAcounts with Quovo and ByAllAccounts had superior data quality and consistency"
  • "Thousands of firms and more than 40 redistributors rely on us to aggregate more than $1 trillion in investor assets from more than 12,000 sources every day. Clearly technology is important, and we continue to invest in technology to provide a great experience for our clients. Since becoming part of Morningstar, we have added Morningstar asset classes and security information that is not available through any other aggregator. In the end, it is all about the data and the client experience"
  • “We are focused on super high-quality transactions. Yodlee is more consumer based. We are not competing day to day"
  • "According to a recent CEB Tower Group study, 64% of highly successful advisors provide consolidated reporting on all of a client’s assets, including “held away” assets like IRAs or spousal accounts, both in monthly statements and through their web site."
  • "By providing a technology that easily integrates with AssetBook and dozens of other platforms, ByAllAccounts aims to give a growing number of financial advisors the tools they need to expand their services and scale their businesses."

Jeff Dekko
(CEO, Wealth Enhancement Group)

 

 

CEO Summit XXIX
Speaker
Jeff Dekko
(CEO, Wealth Enhancement Group
)


 

 

 

 

 

 

 

Jeff Dekko is CEO of Wealth Enhancement Group. Mr. Dekko has more than twenty years of business experience in marketing, technology, operations and finance. Mr. Dekko began his career with General Mills, where he served in a variety of marketing management positions including Wheaties, Cheerios, International and New Product Development. In 1994 he joined Recovery Engineering, where he was instrumental in the developing the firm from a small public company to a national brand (PUR). During his time with the firm, he was involved in several secondary offerings and the sale of the company to Procter & Gamble. After the sale, he supported a small technology company in completing an equity financing by two PE firms and two strategic firms: HP and Novell. He bought Wealth Enhancement Group in 2003 with two outside partners. The company focused on organic growth and quadrupled assets in five years. Since 2007, he has led the company in two sale processes: 2007 to Norwest Equity Partners and 2015 to Lightyear Capital while simultaneously increasing employee ownership participants by 800%. While the firm primarily grows from a marketing driven model, Wealth Enhancement Group is actively pursuing acquisitions for geographic reach, and has completed several in recent years. Mr. Dekko is active on a number of United States Ski Association (USSA) boards and various committees.

Mr. Dekko's recent comments have included:

  • "We thank Norwest Equity Partners for being such supportive and collaborative partners with us over the years. We achieved a great deal of growth and success together. We're excited about carrying that momentum forward into our new relationship with Lightyear Capital, which will allow us to continue to deliver consistent growth in new markets as we build our firm into a top national wealth management and financial planning brand"
  • "Strategically, we are looking to partner with firms that have demonstrated a commitment to growth and see value in integrating with our proprietary marketing capabilities for new client development and creating efficiencies by utilizing our centralized platform to gain investment management, planning and administrative leverage"
  • "Over the last eighteen months we started to pursue acquisitions, but the strategy is different from the aggregators. It is about an integration of services, not just the split on profit and then running the business autonomously. We have one RIA and a centralized investment management group. Unless you integrate, you cannot get that efficiency"
  • "It was a wonderful training ground. They basically handed me the keys to a $25 million business, which for them was a small venture, but for a guy just out of college was a great first shot inside a large company."
  • "I saw better outcomes for clients. There is generally a significant amount of individualism among financial advisers. Huge firms appear really mighty, but each broker or adviser is really just one unto themselves. Here, there is a much more integrated process in which multiple talents are brought to bear. When people collaborate, they come to a better solution for the client than an individual working alone. That fundamentally made sense to me."

Stuart DePina
(President, Envestnet Tamarac)

 

 

CEO Summit XXIX
Speaker
Stuart DePina
(President, Envestnet Tamarac
)


 

 

 

 

 

 

 

Stuart DePina is President of Envestnet Tamarac. Mr. DePina manages the long-term growth strategy of Tamarac. His balanced leadership is rooted in deep financial experience and the belief that a solid organization is built on customer focus, commitment and thoughtful business practices. Mr. DePina's professional history is distinguished by leadership roles in guiding firms through various stages of development including initial public offerings and acquisitions. Most recently, Mr. DePina served as CEO for Who's Calling, a web-based application that uniquely measured online and traditional direct marketing performance, where he succeeded in doubling the company's revenue base and drove profitability. He served as president and CEO of xSides Corporation, a developer of trusted computing and digital rights management technology. He was chief financial officer for Ticketmaster Corporation, and a partner in the big four firm of KPMG, where he provided consulting and assurance services to a number of clients in the firms' financial services practice.

Mr. DePina's recent comments have included:

  • "For years they [Advent Software] said, bundling is not a smart strategy; it is better to be great at one thing. They are right but that one thing is a platform"
  • "The number of RIA firms embracing Envestnet Tamarac's Advisor Xi solution continues to climb because we help them more efficiently serve their clients and in the process help build more profitable businesses. Advisors who have migrated to Advisor Xi stay there, which is why we have had a 97% client renewal rate for more than five years running while continuing to grow our client base with both large and small firms"
  • "What we do is designed for a more scalable solution for advisors including proposal generation, research, rebalancing, reporting etc. All that plumbing is there but it’s not what the end investor sees. This Upside technology is the last mile and it allows us to offer the full spectrum"
  • "The advisor of the future needs to demonstrate more value for clients through holistic wealth management."
  • "Our integration with Envestnet Yodlee enables advisors to provide their investor clients with a complete financial picture, including assets and liabilities – further strengthening their relationship and the value they provide."
  • "All that plumbing is there but it's not what the end investor sees. This Upside technology is the last mile."

Joe Duran
(CEO, United Capital)

 

 

CEO Summit XXIX
Speaker
Joe Duran
(CEO, United Capital
)


 

 

 

 

 

 

 

Joe Duran is CEO and Founding Partner of United Capital, the nation’s first and largest financial life management company. A proven entrepreneur, investor, best-selling author and sought after industry speaker, Mr. Duran previously built Centurion Capital, creating a nationwide investment platform that was successfully sold to General Electric Financial (GE) and renamed GE Private Asset management, where he served as president. Since he started the firm in 2005, United Capital has been one of the fastest growing and most innovative companies in the industry. Bringing together top advisors, behavioral economics, and a suite of digital tools, United Capital has revolutionized how people interact with their financial life. United Capital currently manages over $15 billion in client assets and advises on $7 billion in plan assets. The firm has over seventy locations and 600 employees. United Capital has financial backing from Bessemer Venture Partners, Sageview Capital and Grail Partners. Mr. Duran is a renowned industry visionary with featured columns in both Investment News and Time magazine’s Money.com. He is a frequent contributor to CNBC, Fox Business, Bloomberg and PBS and appears regularly in both traditional and online media. Mr. Duran is a recipient of a prestigious Ernst & Young Entrepreneur of the Year award in 2015 and the Schwab Pacesetter Impact award. His most recent book, The Money Code: Improve Your Entire Financial Life Right Now, achieved best seller status on both the New York Times and USA Today lists.

Mr. Duran's recent comments have included:

  • "Our goal is to become the largest financial life management platform in the country. We want to be the first billion-dollar brand in financial life management"
  • "We used to call it wealth management like everyone else…but nobody understands what that means anymore. Everybody calls themselves wealth managers in our industry"
  • "A financial life is not about money. It is about one’s entire life; all our industry talks about…is money"
  • "Every major turning point is about having to make a trade-off. The thing that people remembered was that life was a choice; they could not have it all"
  • “We are very big relative to any independent advisory firms. We do not have a lot of peers. We are large enough to make a difference, large enough to have a voice and be heard”

Shannon Eusey
(President, Beacon Point Advisors)

 

 

CEO Summit XXIX
Speaker
Shannon Eusey
(President, Beacon Point Advisors
)


 

 

 

 

 

 

 

Shannon Eusey is the President of Beacon Pointe Advisors and a member of Beacon Pointe’s Investment Committee.  Ms. Eusey is a member of the CNBC Financial Advisor Council and is very passionate about financial education.  She is a founding member of the catchy finance-based educational email subscription program known as The Sense and Beacon Pointe's Women's Advisory Institute.  Prior to launching Beacon Pointe, Ms. Eusey served as senior managing director and portfolio manager at Roxbury Capital Management. She was in charge of the socially responsible investments for several years at Roxbury. Ms. Eusey serves on the board of the Young Presidents Organization (YPO) for the Orange County chapter, serves on the UCI Athletic Fund Board and is currently an adjunct professor for the UCI Merage School of Business.  She also serves on the Children’s Hospital of Orange County Professional Advisory Committee and the Investment Committee of Sisters of St. Joseph in Orange.

Ms. Eusey's recent comments have included:

  • "We are in the sixth year of a bull market, valuations are at historic highs, and we have uncertainty about the economy and interest rates. I think we will continue to see a lot of volatility"
  • "Men [advisors] are talking to women [clients] the way they talk to men, and that is not going to work"
  • "As it stands today, our director of marketing, female. Our director of research, female. Our director of planning, female. Our CFO, female. It just so happens that that is how the firm was built out because of the qualifications of the women. As we look at it today, 65% of our firm roughly is female, which is really different from the industry"
  • “The conversation tends to be a little bit different when thereis a woman in the room. It [having more women in the firm] has allowed us to bring more women clients to the table, or spouses of clients to the table"
  • "Diversity of degree and education is extremely important, and we promote whatever educational path people want to go down. We are huge proponents of education. We have somebody who is studying for their divorce degree in financial planning, and somebody who is studying for the CAIA [chartered alternative investment analyst]"

Ray Ferrara
(CEO, ProVise Management Group)

 

 

CEO Summit XXIX
Speaker
Ray Ferrara
(CEO, ProVise Management Group
)


 

 

 

 

 

 

 

Ray Ferrara is CEO of ProVise Management Group. Mr. Ferrara brings four decades of experience to ProVise. He has served on the board of directors for CFP Board of Standards (chair 2014), the Financial Planning Association (FPA), Institute of Certified Financial Planners (ICFP) and National Advisor's Trust Company (NATC). He is active in the community and serves on the board of directors of Eckerd Youth Alternatives, Morton Plant Mease Healthcare, BayCare Health System, and the University of Maryland College Park Foundation, and has served on the board of directors for the West Central Florida Council Boy Scouts of America and the Clearwater Regional Chamber of Commerce. Mr. Ferrara has been a featured speaker for many organizations, as well as at business conferences throughout the United States. For over ten years, he hosted radio's Talking Money and authored several articles, videos, and CDs on various financial topics including living trusts, IRAs, college financial aid, asset protection, estate planning, and Section 529 plans. Ray has been quoted in numerous publications, including The Wall Street Journal; The New York Times; USA TODAY; Bloomberg News; Investor Business Daily; Tampa Bay Times; Tampa Tribune; and Business Week. Mr. Ferrara was featured as one of America's best financial planners in the book Secrets of the Wealth Makers and is a recipient of the Lifetime Achievement Award given by the Tampa Bay Chapter of the FPA.

Mr. Ferrara's recent comments have included:

  • "When most people hear the words financial planner, they immediately assume that what is really meant is investment advisor. We place the emphasis on integrated financial planning and view investment management, retirement planning, estate planning, asset protection, etc. as subsets of financial planning"
  • "Vanguard's rock-bottom fee absolutely should cause [financial-planning firms] to justify to the client the extra expense of what they are doing"
  • "It is very concerning the lack of literacy that people have. It is not taught in our schools and where it is taught, it is not taught as well as it could be. We need to raise public awareness"
  • "The biggest lesson I have learned is to listen to the wisdom of the board and not hear echoes of your own voice in your head. The collective wisdom is the voice that needs to be heard. On boards it is hard sometimes to listen, but that is what I try to do. But I have found with the boards, especially with non-profits, the right people seem to be in the room at the right time"
  • "I have been a CFP for 24 years and I think it’s helped from the standpoint of continuing education. It forces me to remain current with what is happening and apply new thoughts and ideas to solutions that I deliver to client"

Jim Feuille
(Partner, Crosslink Capital)

 

 

CEO Summit XXIX
Speaker
Jim Feuille
(Partner, Crosslink Capital
)


 

 

 

 

 

 

 

Jim Feuille is a Partner at Crosslink Capital. Mr. Feuille is a member of Crosslink’s venture team, focusing on investments in digital media & internet services, financial technology, and software & business services. Mr. Feuille joined Crosslink in 2002, bringing 20 years of technology investment banking and management experience to the firm. Mr. Feuille’s prior positions included global head of technology investment banking at UBS, where he built a powerful global technology investment banking practice from scratch, chief operating officer at Volpe Brown Whelan & Company, where he ran all aspects of the firm’s investment banking and brokerage operations and led the firm to record growth in revenue and market share prior to its acquisition by Prudential, and head of technology investment banking at Robertson Stephens, where he built the technology investment banking team into a leadership position in the industry. Mr. Feuille's board seats have included Chime, DevonWay, Global Analytics, NWP Services, Pandora, Personal Capital, & Reltio.

Mr. Feuille's recent comments have included:

  • "The data-driven applications and data management market is exploding, and Reltio is poised to play a major role. Reltio is the first company in this arena to put tailored data-driven applications into the hands of business users, with the data management compliance and discipline that IT requires"
  • "We believe Chime has the opportunity be a leader in payments and a trusted financial services brand for both young adults and the broader population"
  • "We have been very impressed by how quickly DevonWay has established itself as a trusted supplier to the nuclear industry, which brings innovation and ease of use to its customers. Our analysis is that the industry fundamentals are strong and we believe DevonWay’s team and technology are ideally situated to be the supplier of next generation solutions."
  • "We believe Chime has the opportunity be a leader in payments and a trusted financial services brand for both young adults and the broader population."
  • "Video is the fastest-growing advertising segment and Affine’s technology offers brands, agencies and networks the peace of mind that their ads are being viewed by the most appropriate, relevant audiences."

Tom Florence
(CEO, 361 Capital)

 

 

CEO Summit XXIX
Speaker
Tom Florence
(CEO, 361 Capital
)


 

 

 

 

 

 

 

Tom Florence is CEO & President of 361 Capital, responsible for the general management of the firm. He has over 29 years of experience in the financial services industry having been exposed to all facets including investment management, sales and marketing, operations, and general business management. Mr. Florence began his career at Merrill Lynch in equity capital markets before moving on to investment management in the wealth management group. He then spent many years at Fidelity Investments where he was an officer in the Institutional Services Company. After Fidelity, Mr. Florence was a managing director at Morningstar, and on the six person executive management committee which had responsibility for general oversight of the company. While there, he founded and was president of Morningstar Investments Services, a registered investment advisor managing mutual fund portfolios for advisors and their clients. After Morningstar, Mr. Florence was an owner and a managing partner of Dividend Capital Group, a real estate investment management company. In addition, he was co-founder and president of Dividend Capital Investments, a registered investment advisor managing portfolios of real estate securities. Mr. Florence has been on the board of trustees at two mutual fund companies including the Janus Mutual Funds. He has been a frequent industry speaker and a guest lecturer at the University of Denver’s Daniels College of Business.

Mr. Florence's recent comments have included:

  • "In many of the strategies in alternatives, there is capacity constraint and there are already examples in the marketplace where funds have taken on a lot of capacity because they are very good marketing machines. The returns have decreased and, in the end, it has not been a good thing for the investors. At 361 we are very focused on capacity and making sure we limit capacity within our funds"
  • "Long/short equity is the largest category in Morningstar’s classification of alternative mutual funds, but there is currently a shortage of quality funds with track records. By partnering with a proven manager like Analytic Investors, we are able to meet a real need in the marketplace"
  • "Macroeconomic issues and concerns about volatility are pushing investors into liquid alternative mutual funds. Individual investors are seeking out liquid alternatives because they are less expensive than hedge funds, yet offer much greater transparency and liquidity"

Mike Furlong
(CEO, Sliced Investing)

 

 

CEO Summit XXIX
Speaker
Mike Furlong
(CEO, Sliced Investing
)


 

 

 

 

 

 

 

Mike Furlong is CEO of Sliced Investing.

Mr. Furlong's recent comments have included:

  • --

Stewart Gross
(Managing Director, Lightyear Capital)

 

 

CEO Summit XXIX
Speaker
Stewart Gross
(Managing Director, Lightyear Capital
)


 

 

 

 

 

 

 

Stewart Gross is a Managing Director at Lightyear Capital and a member of the investment committee. Prior to joining Lightyear in 2005, Mr. Gross spent seventeen years at Warburg Pincus, where he was a partner and member of the operating committee. Mr. Gross began his career as an investment banking analyst in mergers and acquisitions at Morgan Stanley. Mr. Gross is a board member of Lightyear portfolio companies Alegeus Technologies, RidgeWorth Investments and Wealth Enhancement Group and a former board member of Cetera. Mr. Gross is a trustee of Boys and Girls Harbor and a director of the New York City Partnership Foundation.

Mr. Gross' recent comments have included:

  • [Coming Soon]

Scott Hanson
(Co-CEO, Hanson McClain)

 

 

CEO Summit XXIX
Speaker
Scott Hanson
(Co-CEO, Hanson McClain
)


 

 

 

 

 

 

 

Scott Hanson is Co-CEO of Hanson McClain. Mr. Hanson is also a senior partner and founding principal of Hanson McClain. Mr. Hanson has been named to Barron’s list of the Top 100 Independent Wealth Advisors in America for 2011, 2012, 2013 and 2014, and has been listed as one of the 25 most influential people in the financial services industry nationwide. Mr. Hanson has been a guest on both Fox News and Fox Business, has appeared on Closing Bell, and has provided commentary for numerous print and digital outlets, including CNBC.com, The Wall Street Journal,The New York Times, and the Los Angeles Times. The author of Money Matters: Essential Tips and Tools for Building Financial Peace of Mind, and the co-author of Investment Advisor Marketing, for twenty years Mr. Hanson has co-hosted Money Matters, a weekly call-in talk radio program that airs on KFBK 1530, Sacramento’s largest AM station. Mr. Hanson is the 2011 winner of the Salvation Army’s Spirit of Caring Award.

Mr. Hanson's recent comments have included:

  • "The retirement system in the United States is in chaos. Government retirement vehicles are grossly underfunded, most companies have dropped their defined benefit pension plans, and for those fortunate enough to have a 401K, the savings and investments are at the mercy of their employer's plan administrator. Our nation's approach to retirement is ripe for change, and it would be inspiring to see the president or Congress offer some viable alternatives"
  • "Rather than merely tinkering with our current system, I think it is time for drastic measures. I believe the time is right to decouple retirement savings from our employers"
  • "Does it really make any sense to tie our retirement savings to our employers? Our employers already provide our wages and, in most cases, our health coverage, as well. Why have employers been cast in the position of not only telling their workers how to invest their retirement dollars but of serving as the retirement-plan administrators as well? The entire approach is not only absurd, it also begs the question: when did we become so fragile?"
  • "The downside of 401K plans is that the current system does not allow an employee any freedom. It does not allow the employee to invest his or her own saved dollars how he or she sees fit. Instead, employers throw together a limited menu of investment options, and the employee is left with very little choice. There is no option to choose a favorite investment company or a trusted relative or friend, nor is there the option of hiring an advisor. Let us be frank, here: when it comes to modern retirement plans, you and I are pretty much at the mercy of our employers"
  • "It is time we allow the people who are actually saving for their own retirement to decide what is best for themselves. It is time to limit the power and influence of the employer, the Department of Labor and our elected officials. It is time to place the control of our futures, and of our retirements, back in the quite capable hands of the American people"

Margaret Hartigan
(CEO, Marstone)

 

 

CEO Summit XXIX
Speaker
Margaret Hartigan
(CEO, Marstone
)


 

 

 

 

 

 

 

Margaret Hartigan is CEO of Marstone. Inspired to create a financial services site that not only addressed the primary needs of investors, but enabled them to recast their relationship with money and investments in a manner they never dreamed possible, Ms. Hartigan conceived Marstone. Prior to Marstone, Ms. Hartigan was a top quintile financial advisor for ten years in the Global Wealth Management Group at Merrill Lynch. Her practice was split between New York and San Francisco and her clients were comprised of high net worth individuals and Fortune 1000 companies.  She is a former trustee of Sonoma Academy in Santa Rosa, California, and an active leader in the alumni and major development efforts at Brown University and Phillips Exeter Academy..

Ms. Hartigan's recent comments have included:

  • "We need more tools to automate and scale our businesses. These businesses are hard to scale. Any tool to help the stay connected with clients I think is beneficial"
  • "We are not here to disrupt advisors at all and is why we launched into the institutional space first. Marstone will educate investors through design"
  • "There is a belief that the robo advisor will disintermediate traditional advisors from the planning process, but that is not true"
  • "There are 50,000 fewer advisors in the industry today then in 2008. We need technology simply to handle the wealth transfer. This is why robo-advisors will complement, rather than replace, traditional advisors. Finance is intimidating for the majority of Americans, so they want the personal relationship, but it’s not a scalable business if it is purely human-driven. Technology devoid of humanity will not win"
  • "Technological advancements have forever shifted consumer behavior, redefined our expectations of the companies we do business with, and fundamentally altered how we communicate with the world. Combining humanity with technology and design will result in deeper client engagement, retention and recruitment"

Pete Hess
(CEO, Advent Software)

 

 

CEO Summit XXIX
Speaker

Pete Hess
(CEO, Advent Software)


 

 

 

 

 

 

 

Pete Hess is CEO of Advent Software. Mr. Hess is responsible for vision, strategy, & execution across the firm’s global business. Prior to his appointment to CEO, Mr. Hess served as the company's president for three and a half years, with responsibility for strategy, sales, marketing, services, & product teams worldwide. Mr. Hess has been with Advent Software since 1994 and has held a variety of positions in the company, including executive vice president and general manager of the company's largest businesses, and, previously, vice president of sales and vice president of marketing.

Mr. Hess' recent comments have included:

  • "We have seen movement away from internally developed technology toward outsourced solutions. Among wirehouses this has been an interesting trend"
  • “The client space has certainly been evolving a lot more quickly in the last five years than it had previously. If you look at the buy side and go back ten or fifteen years ago, you had mostly traditional asset managers who serviced high net worth institutional clients around the globe. What you see today is a lot more specialization in the buy-side landscape. You have dedicated hedge funds, dedicated, traditional asset managers, & people who manage mutual funds and long-only investment portfolios”
  • “From the 1990s until about 2009, we saw a lot of firms that were single product specialists. Since the market crisis, it seems that a lot of those firms are now diversifying into other products, which has created an opportunity for Advent Software”
  • "We did not want to force the wrong system on the wrong client. That decision was the right decision long-term. And we feel really good about the fit of the products that we are rolling out to our clients"
  • “I am really thrilled. We had to earn the trust of the marketplace back and we are making good progress"

Spencer Hoffman
(Managing Director, Lovell Minnick Partners)

 

 

CEO Summit XXIX
Speaker
Spencer Hoffman
(Managing Director, Lovell Minnick Partners
)


 

 

 

 

 

 

 

Spencer Hoffman is Managing Director of Lovell Minnick Partners. Mr. Hoffman is a member of Lovell Minnick Partners' investment committee, joining the firm in 2007. Prior to joining LMP, Mr. Hoffman was a principal at Safeguard Scientifics, a publicly-traded growth capital investor, where he completed over 20 private equity and public transactions.  Prior to pursuing his MBA, Spencer was the manager of corporate affairs at MicroStrategy, and also was in the global investment banking group at Merrill Lynch & Company. He is a member of the board of directors of HD Vest Financial Services, Worldwide Facilities, and is a member of the executive committee and former co-president of the Wharton Private Equity & Venture Capital Association. Prior board positions include ALPS Holdings and Leerink Swann Holdings.

Mr. Hoffman's recent comments have included:

  • "HD Vest’s brand, combined with its track record of growth and client service, firmly establishes the company’s leadership in providing financial advice through the tax professional market. HD Vest’s continued focus on tax professionals, and the specific needs they and their clients have, create a differentiated platform that we believe will thrive for years to come"

David Jegen
(Partner, F Prime Capital)

 

 

CEO Summit XXIX
Speaker
David Jegen
(Partner, F Prime Capital
)


 

 

 

 

 

 

 

David Jegen is a Partner with F Prime Capital, the venture capital firm affiliated with the owners of Fidelity Investments, formerly part of Devonshire Investors. He has led investments in Cloudant (acquired by IBM), Kensho, FutureAdvisor (acquired by BlackRock), peerTransfer, Tradier and Eris Exchange. Mr. Jegen was a co-founder of Sensoria, and vice president of Product at Into Networks, a Fidelity Ventures and Venrock-backed company acquired by Softricity, now part of Microsoft. Most recently, Mr. Jegen was a senior executive at Cisco Systems. He held early positions with JP Morgan & Company and The Boston Consulting Group. In 2014 Mr. Jegen co-founded FinTech Sandbox, a nonprofit that serves FinTech entrepreneurs by aggregating data and infrastructure for free during a startup’s development phase, backed by leading institutions like ThomsonReuters, FactSet, Yodlee, Amazon, S&PCapitalIQ and Fidelity Investments.

Mr. Jegen's recent comments have included:

  • "FinTech entrepreneurs have a unique problem, which is the high cost of data to help them build applications. They raise $2 million of venture capital funding, and then spend $100,000 of it buying market data from Bloomberg or Thomson Reuters. Or they show up to customers, who say, nice app, but it has not been tested on robust data sets. We think that is a problem we can help solve"
  • "Bankers will get direct feedback and much more frequent feedback from the startups in the Sandbox using their data. So if they value that proximity and ability to go in and talk to the founders of those companies, we will be able to give them that "

Chris Jones
(Chief Investment Officer, Financial Engines)

 

 

CEO Summit XXIX
Speaker
Chris Jones
(Chief Investment Officer, Financial Engines
)


 

 

 

 

 

 

 

Chris Jones is Chief Investment Officer of Financial Engines.

Mr. Jones' recent comments have included:

  • --

Kunal Kapoor
(President, Global Client Solutions Group, Morningstar)

 

 

CEO Summit XXIX
Speaker
Kunal Kapoor
(President, Global Client Solutions Group, Morningstar
)


 

 

 

 

 

 

 

Kunal Kapoor is President of the Global Client Solutions Group at Morningstar.

Mr. Kapoor's recent comments have included:

  • [Coming Soon]

Zachary Karabell
(Head of Global Strategy, Envestnet)

 

 

CEO Summit XXIX
Speaker
Zachary Karabell
(Head of Global Strategy, Envestnet
)


 

 

 

 

 

 

 

Zachary Karabell is Head of Global Strategy at Envestnet. Mr. Karabell helps shape and communicate Envestnet’s investment perspective and deep research capabilities to clients and the media alike, acts as portfolio manager of the Ascent funds, and advises the PMC Investment Committee in connection with PMC’s portfolio solutions. He also consults with the senior management of Envestnet on corporate strategy, branding, and market position. Mr. Karabell is President of River Twice Research, a consulting company. Previously, he was executive vice president, chief economist, and head of marketing at Fred Alger Management, a New York-based investment firm. He was also president of Fred Alger & Company, a broker-dealer; portfolio manager of the China-U.S. Growth Fund (CHUSX); and executive vice president of Alger’s Spectra Funds, a no-load family of mutual funds that managed the Spectra Green Fund. At Alger, he oversaw the creation, launch, and marketing of several funds, led corporate strategy for strategic acquisitions, and represented the firm at public forums and in the media. Mr. Karabell has taught at several leading universities, including Harvard and Dartmouth, and has written widely on economics, investing, history, and international relations. He is the author of twelve books and sits on the board of the New America Foundation and the Carnegie Council on Ethics. In 2003, the World Economic Forum designated him a Global Leader for Tomorrow. He is a senior advisor for BSR, a membership organization that works with global corporations on issues of sustainability. As a commentator, Mr. Karabell is a contributing editor and regular columnist for Politico, and he previously penned the weekly column The Edgy Optimist for Slate, Reuters, & The Atlantic. He is a commentator on CNBC and MSNBC, contributing editor for The Daily Beast, and writes for such publications as The Washington Post, Time Magazine, The Wall Street Journal, The Los Angeles Times, The New York Times, Foreign Policy, The Financial Times, Foreign Affairs, and Barron's.

Mr. Karabell's recent comments have included:

  • “Many, many Americans are concerned about stagnant wages. But more to the point, they are concerned about whether their income can meet their needs. If everyone’s income stayed about the same but the costs of living went down, it wouldn’t matter if incomes were stagnant – or at least it should not. There is substantial evidence that many of life’s necessities are getting either cheaper or not getting any more expensive”
  • “The only thing that is clear about employment and wages, therefore, is the following: jobs in the United States are relatively plentiful but well-paying jobs are less so. And you had better pick a job in a rising rather than a declining sector, or you are screwed. Wages are booming for jobs that are attached to the evolving technology-infused economy of tomorrow; they are not booming and may be contracting for anything that can be done by almost anyone. As a result, wages may rise somewhat, but only because they are rising well above inflation for some and not much in real terms for most”
  • “In the waning moments of 2014, something happened that had been a long-time coming but seemed it might never arrive: the public mood in America shifted, ever so slightly yet significantly, from negativity and pessimism about the arc of the economy to something approximately hope about the future”
  • “United States stocks are now modestly positive for the year (the S&P 500 is up just shy of 1.5% as of February 12), while global equities are for the first time in a long while outperforming considerably. The lack of panic in the face of volatility and the modest start should be seen as quite positive signs. Equities are not galloping too far ahead, and fear seems as much in check as euphoria. That equilibrium rarely lasts, so we should use it well to position and tweak”
  • “Active versus passive. No, it is not a debate to stir the passions of the public, but in the world of investing and deciding how to gain exposure to sectors, it is a rivalry up there with the Hatfields versus the McCoys, the North versus the South, the Yankees and the Red Sox... in truth, however, while the polarized positions speaks to different groups of managers battling for fund flows and for the upper hand in a market debate, most investors are best served not by an either-or approach. Instead, placing select bets on select active managers can and likely should be combined with select positions in select passive funds”

Aaron Klein
(CEO, Riskalyze)

 

 

CEO Summit XXIX
Speaker
Aaron Klein
(CEO, Riskalyze
)


 

 

 

 

 

 

 

Aaron’s career has largely been at the intersection of finance and technology. As Co-Founder and CEO at Riskalyze, he led the company to twice being named one of the world’s top 10 most innovative companies in finance by Fast Company Magazine. Today, 90 Riskalyzers serve thousands of advisors who manage over $90 billion on the platform. In his spare time, Mr. Klein serves as a Sierra College Trustee, and co-founded a school project for orphans and vulnerable kids in Ethiopia. He has been honored by Investment News as one of the industry’s top 40 Under 40 executives.

Mr. Klein's recent comments have included:

  • "Advisors today are spending 50, 60, 70 basis points on their clients’ money trying to manually manage the money and provide all of that client service. What Is incredible about Autopilot is that for 25 basis points that advisor gets to put all of their hassles of their business on autopilot – the trading; the rebalancing; the client-service calls, you know, the pedestrian client-service calls to liquidiate some money, withdraw some money, and transfer some money in. They get to put all of that on autopilot, and they get to get back to focusing on their clients and running their business”
  • "The Autopilot platform is pretty unique in its ability to democratize access to advice, because, it really gives advisors the ability to profitably serve clients large and small"
  • "When advisors have gone in to advise on a 401K plan they [are] usually … only focusing on the 5% of participants who have a lot of outside assets, but, with the Autopilot platform that advisor can profitably serve every single plan participant, which means every one of them is going to get higher quality advice overall. We think that is really important for advisors"
  • "We went from the denial stage where advisors refused to believe it would affect their business to the alarmist stage, which we are in now, where suddenly they believe they have to become robo-advisors to survive. But we cannot out-robo the robo-advisors. In the race to depersonalize the investor experience, the venture capital-backed money will win"
  • "Advisors say they want simplicity, and then they send us requests on a monthly basis to make it more complicated. We simply say no, because at the end of the day they still want simplicity, and it is something they love us for”

Jan Kolbusz
(Founder, Decimal Software)

 

 

CEO Summit XXIX
Speaker
Jan Kolbusz
(Founder, Decimal Software
)


 

 

 

 

 

 

 

Jan Kolbusz is Founder of Decimal Software, the world's first patented, cloud-based financial services platform to provide a seamless end-to-end solution for offering customer driven advice and fulfilment to a mass market across all personal financial product types. After beginning his career leading technology developments in health, Mr. Kolbusz moved to financial services where he pioneered industry leading portfolio administration service, Asgard.

Mr. Kolbusz' recent comments have included:

  • Existing trusted product providers with the ability to add online robo-advice with zero operational overhead is the real game changer”
  • “The combination of robo-advisor ease and convenience coupled with existing trusted brands and products is everything the majority of consumers will ever need”
  • “Consumers need to feel an advisor is instantly on hand even though they do not want to have to call on it”
  • "The contestable market for holistic advice is not where the growth is at present. The market that is not getting advice is those who want it online and with instant responses, with phone support an option"
  • "When an advisor generates a piece of advice automatically out of Decimal it is totally produced from inside the system, it is all captured in a database – there is no word processor in sight. So a compliance officer can absolutely see in real time what has been done"

Brad Matthews
(CEO, Trizic)

 

 

CEO Summit XXIX
Speaker
Brad Matthews
(CEO, Trizic
)


 

 

 

 

 

 

 

Brad Matthews is CEO of Trizic. Mr. Matthews has extensive investment management expertise and a penchant for technology innovation. Prior to founding Trizic, Mr. Matthews was a private banker with JP Morgan where his clients included hedge funds, sports teams, and high net worth individuals—including seven billionaires. He has also worked for Citi Private Bank, Barclays, and Bear Stearns. He has ten years of experience in investing and risk management, financial planning, and structured finance. Mr. Matthews holds FINRA Series 7 & 66 licenses.

Mr. Matthews' recent comments have included:

  • "We treated our foreign team like Spock. All logic, zero emotion. When you treat people like robots, you do not inspire outstanding work, convey your vision, or instill passion"
  • "A decade is a long time to get used to a global economy. Nonetheless, a Silicon Valley tech company, capable of easily knowing better, fell into the momentary trap of treating offshore people like machinery for the same reason you might: You are busy; it is easier to believe that clearly-worded commands solve everything. I get all that. But when it comes to building something awesome, you flat out need people who care deeply about you and your vision"
  • "Is it over for the direct-to-consumer robo advisor? It is sure starting to look that way, despite the phenomenal success of the early robo advisors"
  • "The biggest financial firms simply have too many financial resources and technology know-how to allow upstarts -- well-funded though they may be -- to undermine what has become a core business and earnings stream. As the largest banks, brokerages, wirehouses and asset managers begin offering digital investment advisory services, they will blunt the threat from stand-alone robo advisors and maintain their existing, significant market share. That is bad news for most of the robo advisors, whose business models are predicated on taking market share from the industry’s established players"
  • "If the robo advisor is such a good idea, why have the biggest firms been slow to embraced it? It is true the largest financial institutions have been caught off guard by the success of the early robo advisors. That is normal when innovation disrupts the status quo. Change often surprises the incumbents. To their credit, the industry has moved quickly beyond whether a robo advisor is a good idea. They’re now true believers. It’s just a matter of implementation. Many of the largest players are convinced not only because of the early robo advisors, but because of the success of institutional players such as Charles Schwab"

Ed Moore
(President, Edelman Financial Services)

 

 

CEO Summit XXIX
Speaker
Ed Moore
(President, Edelman Financial Services
)


 

 

 

 

 

 

 

Mr. Moore is a Certified Financial Planner practitioner and has been helping clients achieve their goals for 30 years. He joined Ric Edelman 25 years ago as the 6th employee of Edelman Financial Services. Working side-by-side with Mr. Edelman ever since, Mr. Moore has been a key contributor to Edelman’s amazing growth through the years, and he is responsible for all financial advisory, client service and operations functions for the firm, which now has 120 planners in 41 offices and 500 employees. He has served as EFS President since 1996.

Mr. Moore's recent comments have included:

  • “The organic growth of Edelman Financial Services is unprecedented. In 2009, we had 25 financial planners in the Washington, DC area managing $4.5 billion for 10,000 clients. Six years later, we have 120 planners in 41 offices coast-to-coast, managing $14 billion for 28,000 clients. And we have built a foundation that will allow us to accelerate our growth trajectory”
  • “Financial education has been the key to our success. We reach consumers through radio, television, print, digital and seminars. By demonstrating our abilities and approach to personal finance, many of those whom we have educated turn to Edelman Financial for help with their finances”

Hans Morris
(Managing Partner, Nyca Partners)

 

 

CEO Summit XXIX
Speaker
Hans Morris
(Managing Partner, Nyca Partners
)


 

 

 

 

 

 

 

Hans Morris is Managing Partner of Nyca Partners. Mr. Morris is a director of portfolio companies Lending Club, Payoneer and Cardworks. Previously, he was managing director at General Atlantic, a global growth equity firm, where he continues to serve as a director for KCG. From 2007-2009, Mr. Morris was president of Visa while it completed its reorganization and 2008 IPO, which remains one of the largest in history. He was at Citigroup and its predecessors for 27 years in various roles, including CFO of the institutional businesses, COO of the investment bank, and head of the financial services group.

Mr. Morris' recent comments have included:

  • "The ability to transfer money on social media with just a hashtag is revolutionary for the financial technology sector – a space ripe for disruption"
  • "Global financial services companies require the right application of technology, compliance and regulatory rigor, while also creating a compelling user experience. Payoneer continues to show it can excel in all of these areas, and continues to innovate and create compelling solutions for companies that need to make lots of payments or get paid in lots of places. It is a great leadership team, with a big vision, and I am excited to be part of it"
  • "SigFig sees the extraordinary opportunity to marry scalable automated investment advising with mainstream financial institutions and their millions of customers who need easy access to high quality, affordable advice. Our model at Nyca consists of investing both our time and money in what we believe in. We believe in SigFig’s mission and are excited to be a part of their journey"
  • "Technology advances in the consumer space have been breathtaking but in the institutional world, bank desktops are still dominated by legacy software. Banks clearly want to accelerate the development of financial applications, and OpenFin provides the technology to enable that to happen"
  • "Unless you are a really big company, making cross-border B2B payments is a shockingly bad experience. Businesses pay opaque fees, and neither the recipient nor the payer has any idea when the payment will be credited. Align Commerce has low fees, real-time tracking, and complete transparency on foreign exchange costs. We invest in companies with innovative solutions to big problems in financial services. This is central to our business model, and Align accomplishes just that"

Patricia Nakache
(General Partner, Trinity Ventures)

 

 

CEO Summit XXIX
Speaker
Patricia Nakache
(General Partner, Trinity Ventures
)


 

 

 

 

 

 

 

Patricia Nakache is General Partner of Trinity Ventures. Since joining Trinity Ventures in 1999, Ms. Nakache has focused on funding companies launching innovative Internet services around fundamental business or consumer needs.  Her passion is partnering with entrepreneurs to nail their value proposition and develop a scalable business model. Ms. Nakache has active investments in BeachMint, Care.Com, Kixeye, PayScale, Ruby Ribbon, and ThredUp, and was previously involved with Affinity Labs (acquired by Monster Worldwide), LoopNet (LOOP), MyNewPlace (acquired by RealPage) and Sabrix (acquired by Thomson Reuters, TRI). Prior to Trinity Ventures, Ms. Nakache worked at McKinsey & Company, helping enterprises in technology, financial services and retailing identify and address their strategic and operational issues. Previously, she also contributed to FORTUNE magazine and other publications on management best practices in technology companies. Ms. Nakache is a member of the Stanford Business School Trust Investment Committee.

Ms. Nakache's recent comments have included:

  • "There is an ironic, philosophical gap between the creative idealism of the startup industry and the investors who fund them. Our industry, with its insatiable appetite for ideas that will change the world, is stuck in a traditional paradigm that does a regrettable disservice to the industry it claims to support"
  • "Your career is a marathon, not a sprint. As you balance work and family, it may take you a little longer to achieve leadership roles than your male counterparts, but stay in the game and you will accomplish your goals"
  • "Another constant source of hope: the next generation. Millennials are the most passionate, value-driven and brand-savvy people the industry has known. They display stalwart loyalty to brands that share their own values. They are also the most diverse generation in US history, so naturally, diversity is important to them"
  • "The most successful female entrepreneurs are recruiting buy-in to their mission and culture"
  • "I sincerely hope that millennials will apply their unique ethos to their funding strategies and career decisions. I hope they seek out and partner with venture capitalists who share their same values about gender diversity, who are unafraid to invest in woman-led startups, and who have women on staff throughout their ranks. I hope they will embrace the diversity that helps to define their generation"

Michael Pinsker
(CEO, Docupace Technologies)

 

 

CEO Summit XXIX
Speaker
Michael Pinsker
(CEO, Docupace Technologies
)


 

 

 

 

 

 

 

Michael Pinsker is CEO of Docupace Technologies. Mr. Pinsker grew up in Kiev, the capital of Ukraine, where he studied math from a very young age. In 1991, when he emigrated to the United States, he turned that talent in mathematics towards focusing on technology and software development. Through projects with clients as diverse as Datamax Technologies, Unisys, and Paramount Pictures, Mr. Pinsker tested different workflow solutions and imaging strategies. This background and expertise led him to found Docupace Technologies in 2002, focusing on bringing those workflow solutions to the financial services arena in a unique software as a service model. By launching this innovative approach to workflow issues, Mr. Pinsker and Docupace hoped to provide the highest level of support and service at a reasonable price to truly make straight-through processing a reality for offices of any size.

Mr. Pinsker's recent comments have included:

  • "Docupace is dedicated to providing high quality, enterprise-class solutions for financial service firms. We have identified a need for complimentary cyber-security services that can be offered to firms of all sizes without diluting the service offering due to economic constraints. Together with Security Snapshot, we are excited to launch this new initiative to fill this critical need"
  • "Our vision for the industry and overall solutions we can provide is perfectly aligned. We consider RCS Capital a perfect partner for us in future stages of our growth"
  • "We are enhancing the depth and breadth of our ePACS productivity suite to bring added value to our current customers and the financial services industry at-large. Each of these new solutions leverages the strength and power of the ePACS technology platform, while addressing long-standing challenges for financial services firms"
  • "Last month, when it was announced that Pershing LLC (Pershing) had selected SIGNiX as the digital signature solution to be integrated into NetX360, we were extremely excited at Docupace. If Pershing's decision to move towards e-signatures was not a seismic shift in the industry moving toward STP, then I am not sure what is. This provides credibility that Straight-Through Processing is having a profound impact on the way the industry is progressing"
  • "Docupace is very excited to partner with JP Turner and leverage the efficiencies of the Docupace STP Network for all of their advisors"

Eduardo Repetto
(Co-CEO, Dimensional Fund Advisors)

 

 

CEO Summit XXIX
Speaker
Eduardo Repetto
(Co-CEO, Dimensional Fund Advisors
)


 

 

 

 

 

 

 

Eduardo Repetto is Co-CEO of Dimensional Fund Advisors. Mr. Repetto also serves as Co-Chief Investment Officer. He provides oversight across the investment, client service, marketing, and operational functions of the firm. Mr. Repetto is a director of both Dimensional Fund Advisors and the Dimensional US Mutual Funds and a member of the Investment Committee and Investment Policy Committee. He joined the firm in 2000.

Mr. Repetto's recent comments have included:

  • "The moment you say index, you are telling the world you are going to be trading on this particular day. If you have zero flexibility when you trade, it is going to cost you money"
  • "I think people have been a bit disappointed by stock picking so people are trying to move away from it"
  • "Advisors are increasingly interested in moving towards making rational decisions based on very sound academic research, and that is what we provide"
  • "Momentum factors last for a shorter period than value factors. When that downward momentum decays, if the stock is still a good value, we will consider buying"
  • "We like to track the data on everything, so we can create a history, which could be useful if things change"

John Rooney
(Managing Principal, Commonwealth Financial Network)

 

 

CEO Summit XXIX
Speaker
John Rooney
(Managing Principal, Commonwealth Financial Network
)


 

 

 

 

 

 

 

John Rooney is Managing Principal of Commonwealth Financial Network. Mr. Rooney came to Commonwealth in 1988 after spending five years as a vice president at Moseley Securities in Boston. Arriving to work in the product department, Mr. Rooney handled mutual funds, many partnerships, commodities, variable annuities, qualified plans, and individual issues. Over time, he has helped engineer the growth of not only the product department but also Commonwealth as a whole and is relied upon by all parties for his advice and perspective on the direction of the firm. Mr. Rooney opened and now manages Commonwealth’s west coast office in San Diego. He has been a guest on numerous television shows and nationally syndicated radio programs. He also holds FINRA Series 7, 24, 63, and 65 securities registrations.

Mr. Rooney's recent comments have included:

  • "We have seen that our most successful inroads are through companies that are experiencing significant shifts in their business models or their ownership structure or organization"
  • "With variable annuities, the contracts are more expensive and the riders are less attractive. It is more difficult for advisers to do 1035 variable annuity exchanges, and the new business is not as attractive"

 

Babu Sivadasan
(President, Envestnet Retirement Solutions)

 

 

CEO Summit XXIX
Speaker
Babu Sivadasan
(President, Envestnet Retirement Solutions
)


 

 

 

 

 

 

 

Babu Sivadasan is President of Envestnet Retirement Solutions. Mr. Sivadasan has a distinguished record working with entrepreneurs, turning their ideas into innovative companies, and delivering solutions for Fortune 500 companies. He has extensive experience in global software delivery models and coordination of engineering activities across geographically distributed groups. He also is experienced in leading architecture, design, and development for large projects. For the past fifteen years, his focus has been on the internet and e-commerce application, and he has acted as a lead architect and programmer for Hewlett-Packard, where he worked on building a Java Virtual machine and an embedded application delivery platform. He was also the founding technology officer for several start-up companies, including Stamps.Com. Mr. Sivadasan has also worked as a technology consultant for application infrastructure companies like Quest Software and financial services companies like Discover Card.

Mr. Sivadasan's recent comments have included:

  • “Envestnet provides advisors with flexible, efficient, and scalable access to intellectual capital from more than 60 institutional managers through the Envestnet Fund Strategist Network. We are offering a similar service for retirement plan advisors"
  • "The ERS Fund Strategist Network enables us to provide the independent, unbiased fiduciary oversight and support that retirement plan sponsors, broker-dealers, and advisors are seeking. Given the adoption of the fiduciary standard and prudent investment practices in the retirement industry, we believe the Network can help broker-dealers, banks and trusts, and retirement advisors to truly act in the best interests of plan sponsors and participants"
  • "Startup Village must be commented for its vibrant environment and the opportunities it was providing to youngsters and for bridging the gap between Silicon Valley and Kerala"

Bill Sowell
(CEO, Sowell Management Services)

 

 

CEO Summit XXIX
Speaker
Bill Sowell
(CEO, Sowell Management Services
)


 

 

 

 

 

 

 

Bill Sowell is CEO & President of Sowell Management Services. Mr. Sowell began his career in the financial services industry in 1990 where he quickly became a top producer within the industry. In 1995, Mr. Sowell began a fee-only practice now known as Sowell Management Services, which services some of the top independent broker/dealers in the United States. As CEO and a member of the firm’s Investment Committee, Mr. Sowell’s primary role is to oversee sustainable and continued growth for the firm, regulatory compliance and public relations. He has series 7, 24, 51, 63 and 66 securities licenses as well as his life, health & disability insurance license. Mr. Sowell has strong roots in the community and has served as past president of the Rotary Club of Little Rock and is a Paul Harris Fellow. He served on the board of directors and also as past chair of Leadership Greater Little Rock and supported the Youth Leadership Institute and numerous other nonprofit organizations.

Mr. Sowell's recent comments have included:

  • [Coming Soon]

Hal Strong
(Operating Executive, Genstar Capital)

 

 

CEO Summit XXIX
Speaker
Hal Strong
(Operating Executive, Genstar Capital
)


 

 

 

 

 

 

 

Hal Strong is Operating Executive of Genstar Capital. Mr. Strong is responsible for expanding Genstar’s financial services practice, in particular in the areas of asset management, wealth management and financial technology. Mr. Strong serves as a director of Altegris, Asset International, and AssetMark. Prior to joining Genstar, Mr. Strong was most recently vice chairman of Russell Investments, where he helped build Russell into a global investment company with $250 billion in assets under management serving individual, institutional and advisor clients in more than 40 countries. During Mr. Strong’s eighteen-year career at Russell, he also served as Russell’s chief operating officer, chief financial officer, head of alternative investments and head of investment banking, having founded the latter two businesses at Russell. Mr. Strong has nearly 30 years of experience in the asset management and investment banking industries, beginning his career in the investment banking division of Salomon Brothers in New York.

Mr. Strong's recent comments have included:

  • [Coming Soon]

Jason Thomas
(CEO, Savos Investments)

 

 

CEO Summit XXIX
Speaker
Jason Thomas
(CEO, Savos Investments
)


 

 

 

 

 

 

 

Jason Thomas is CEO & Chief Investment Officer of Savos Investments, a division of AssetMark. He is responsible for the leadership and oversight of the Savos investment platform and the strategic direction of the division. Mr. Thomas joined Savos Investments in December 2014. Previously, he was the CEO of Portfolio Design Labs, a company he founded to provide next generation risk measurement and management to investment advisors and institutional investors. Prior to that, he was the chief investment officer of Aspiriant, the leading independent wealth management firm in the U.S. with $8 billion in assets under management and advisement. Mr. Thomas began his career at the Federal Reserve Bank of San Francisco.

Mr. Thomas' recent comments have included:

  • “We believe wealth is reliably created only through participation in profitable economic activity. Risk is unavoidable, but take it intelligently”
  • “Because so much of the total wealth generated by a bull market comes at the very end of the cycle, reallocating away from equities due to client concerns about the current market environment can be a very costly strategy”
  • “Remember that both advisors and clients evaluate their entire experience; we sometimes forget that an individual’s feelings are integral to the investment process”
  • “Like Billy Beane [the general manager of the Oakland A’s], Savos’ job is to build a championship team. When we build a stock portfolio, our goal is to combine companies with appealing individual characteristics that also complement the other holdings”
  • “Embrace volatility and look for undervalued areas of the market; for example, our research has indicated a significant current opportunity in high yield municipal bonds”

Allen Thorpe
(Managing Director, Hellman & Friedman)

 

 

CEO Summit XXIX
Speaker
Allen Thorpe
(Managing Director, Hellman & Friedman
)


 

 

 

 

 

 

 

Allen Thorpe is a Managing Director of Hellman & Friedman. He leads the firm’s New York office and focuses on the healthcare and financial services sectors. Mr. Thorpe is a Director of Pharmaceutical Product Development, and Emdeon, and is a member of the Advisory Board of Grosvenor Capital Management Holdings. He was formerly a director of LPL Financial (LPLA), Artisan Partners Asset Management (APAM), Mitchell International, Gartmore Investment Management Limited, Mondrian Investment Partners Limited, Vertafore, Activant Solutions, and Sheridan Holdings. Prior to H&F, Mr. Thorpe was a vice president with Pacific Equity Partners in Australia and was a manager at Bain & Company. Mr. Thorpe also currently serves on the Board of Trustees for the NYU Langone Medical Center and the Advisory Council of the Stanford Center on Longevity.

Mr. Thorpe's recent comments have included:

  • "We are proud to have been part of Sheridan’s successful growth and transformation over the last seven years, and we look forward to the promising union of AMSURG and Sheridan. As an ongoing significant shareholder of the combined company, we are confident in the growth and expansion prospects of the new AMSURG and the opportunities we see for continued equity value creation"

Jim Tracy
(Vice Chairman, Morgan Stanley Wealth Management)

 

 

CEO Summit XXIX
Speaker
Jim Tracy
(Vice Chairman, Morgan Stanley Wealth Management
)


 

 

 

 

 

 

 

Jim Tracy is Vice Chairman and a Managing Director of Morgan Stanley Wealth Management. Prior to his current role, Mr. Tracy was the director of Consulting Group Wealth Advisory Solutions. This organization included the Consulting Group, Graystone Consulting, Financial Planning Solutions, the Wealth Planning Centers, The Family Wealth Director Program, Philanthropic Programs and Impact Investing Initiatives. Consulting Group is one of the nation’s leading providers of investment consulting and managed money services. Under Mr. Tracy’s leadership the Consulting Group has grown to over $823 billion in advisory solutions and has achieved #1 market share leadership every year. Mr. Tracy was also formerly the director of national sales and business development for the Global Wealth Management Division of Morgan Stanley Wealth Management, responsible for national sales, business development and professional development. Mr. Tracy has served the firm in many leadership roles and has been with Morgan Stanley Wealth Management since 1988. In addition, Mr. Tracy was formerly the chairman of MMI (Managed Money Institute). Mr. Tracy has over 30 years of industry experience. He has held multiple roles that have progressed him through his career. He served as a financial advisor, branch manager and regional director, all helping him gain perspective on serving clients and developing an understanding of the importance of the advisor/client relationship. Outside his efforts at Morgan Stanley Smith Barney, Mr. Tracy has contributed numerous articles, presentations, workshops and has been a featured speaker on trends and innovations in the financial services industry. He currently serves on the board of Marietta College. In addition, Mr. Tracy is a solid supporter of the Special Olympics Organization and has been a contributor on multiple levels for the past twenty years.

Mr. Tracy's recent comments have included:

  • --
  • --
  • --
  • --
  • --

Hardeep Walia
(CEO, Motif Investing)

 

 

CEO Summit XXIX
Speaker
Hardeep Walia
(CEO, Motif Investing
)


 

 

 

 

 

 

 

Hardeep Walia is CEO of Motif Investing. Mr. Walia co-founded Motif Investing to create an intuitive way to invest conceptually. He spent more than six years at Microsoft, where he was general manager of the company's enterprise services business, and prior to that was a director of corporate development and strategy, helping to oversee Microsoft's investments and acquisitions. He started his career at The Boston Consulting Group. He holds Series 7, 63 and 24 licenses in the securities industry, is an active member of FINRA's Small-Firm Advisory Board, serves on FINRA's Technology Advisory Committee and contributes frequently to Bloomberg TV, CNBC, Fox Business and Forbes.

Mr. Walia's recent comments have included:

  • "With interest rates poised to rise over the next few years, a large allocation to bonds, especially now, may result in significant capital loss"
  • "It [changing interest rates] hits every aspect of your daily life, from student loans to adjustable rates on your mortgage to your credit card debt, so you want to be very careful, making sure you understand the impact"
  • "If you think the Fed will indeed say yes to a rate hike in September, then you may want to take some of your allocation from your bond funds that are heavily exposed in a negative way to interest-rate increases"
  • "We have always been passionate about building a highly intuitive trading platform and now we are extending that attention to single stock trading with real-time dollar-based trading. Most investors think of trading in terms of whole dollars -- with Motif you no longer have to settle for rounding up to whole shares, you can trade any dollar amount that you want"
  • "It (Swell) is a way of getting market returns. You are investing in your retirement, your education and yourself personally and, while you are doing that, Pacific Life is doing something remarkable. I do not know of another fund that is investing 20% of its revenues to doing good"

Amy Webber
(President, Cambridge Investment Research)

 

 

CEO Summit XXIX
Speaker
Amy Webber
(President, Cambridge Investment Research
)


 

 

 

 

 

 

 

Amy Webber is President of Cambridge Investment Research. With over 25 years of experience, Ms. Webber’s commitment to independent rep-advisors is demonstrated in her passion for delivering high level, personal service and leading management solutions. Her personal interest lies with continually refining the independent broker-dealer model to best support the next generation of independent advisors – including creating innovative programs such as the Cambridge Source outsourcing program and the Cambridge Next Step internship program. Ms. Webber serves as vice chair for the 2015 Financial Services Institute Board (FSI), an advocacy organization for independent broker-dealers and their affiliated independent financial advisors. In 2012 and 2014, Ms. Webber was recognized as a member of the IA 25 by Investment Advisor magazine and in 2011, 2010, and 2009 as one of the Top 50 in wealth management by Wealth Manager.

Ms. Webber's recent comments have included:

  • "We have 80% of advisors now using our corporate RIA. Ten years ago, that number [was] the opposite. The regulatory climate is crazy. Three of our largest [independent] RIAs had the SEC show up at their doors in the last eighteen months. They had no fun [with] their audits"
  • “We call them [Cambridge's three branches doing over $20 million in revenue] the B-Ds inside a B-D. They are successful organizations that add a lot of value to advisors who join. They are growing, and definitely here to stay"
  • "Richer deals [recruiting deals at around 35% to 40% of annual production] may be a product of smaller pipelines, and firms do not feel they can back off"
  • "It does feel that fee-based advisors are moving less and our business is more highly geared toward fee-based"
  • "I do not think it is reasonable to assume that someone working under a suitability standard is a crook, and they should not have to tell a client they are. It is unfortunate that the policymakers are reading too much into what a regulation can do in the real world. Both sides can come to the table to do what is right for the client"

Spencer Williams
(CEO, Retirement Clearinghouse)

 

 

CEO Summit XXIX
Speaker
Spencer Williams
(CEO, Retirement Clearinghouse
)


 

 

 

 

 

 

 

Spencer Williams is President, CEO and Founder of Retirement Clearinghouse. Prior to joining Retirement Clearinghouse, Mr. Williams served in a number of senior executive roles at MassMutual Financial Group, and as a retirement services executive at Federated Investors. Mr. Williams is registered with the NASD as a General Securities Principal and General Securities Representative.

Mr. Williams' recent comments have included:

  • "Polled investors have good reason not to have high confidence in their retirement readiness. Many Americans unintentionally deplete their retirement savings by making three costly mistakes during their working lives: leaving 401K accounts behind when changing jobs; cashing out retirement savings accounts prematurely; & not informing prior employers' retirement plan record-keepers about address changes"
  • "Our research demonstrates that if you change jobs and leave behind a 401K balance for the first time at age 25, and repeat this practice, by age 65 you will have paid more than $30,000 in unnecessary administrative fees"
  • "Consolidating balances at the point when you switch employers ensures that you avoid the temptation to cash out, and saves you money you would lose on fees (and future earnings on compound interest) from multiple accounts. In addition, if all of your retirement savings balances are in your current employer's plan, then you can rest assured that your assets will not be unilaterally rolled over or cashed out (and you don't have to be bothered with calls to multiple plan record-keepers if you move"
  • "Account consolidation benefits all parties in the retirement system—plan participants, sponsors, record-keepers and other service providers. More plan sponsors are promoting and facilitating roll-ins of accounts as a cost-effective way to improve plan performance metrics, as well as retirement outcomes for participants. As this trend gains further momentum, the benefits become more obvious to the industry"
  • "We are proud to have helped so many retirement plan sponsors and participants achieve better long-term outcomes. We look forward to enabling more employers and employees around the country to experience the benefits of automated retirement savings portability and account consolidation"

Bob Worthington
(President, Hatteras Funds)

 

 

CEO Summit XXIX
Speaker
Bob Worthington
(President, Hatteras Funds
)


 

 

 

 

 

 

 

Bob Worthington is President of Hatteras Funds. Mr. Worthington oversees the investment and portfolio management teams of Hatteras Funds. Additionally, he serves on the investment committees for various investment funds including the Hatteras Alternative Mutual Funds. Prior to joining Hatteras, Mr. Worthington was a managing director at JPMorgan Asset Management. His previous investment management experience includes president of Undiscovered Managers, and principal and senior vice president of the Burridge Group. For the first ten years of his career, Mr. Worthington held various corporate finance positions with Mellon Bank, Nikko Securities, Bankers Trust, and Westpac Banking.

Mr. Worthington's recent comments have included:

  • "That adoption [of public funds] has been slow so far, but that could increase over the next three to five years. Part of that is are they going to be convinced that you can achieve a suitable risk return objective in that liquid format"
  • "What it [the rise of liquid alternatives] has done for the industry, is it has started to bring down fees... it is providing a much higher model of transparency... and of course you have liquidity. That is a good thing"

Attendees


Tiburon is pleased to announce that the following 189 Tiburon clients attended Tiburon CEO Summit XXIX:

 

  • Chip Roame (Managing Partner, Tiburon Strategic Advisors)
  • Cooper Abbott (Co-Chief Operating Officer, Eagle Asset Management)
  • Mike Abelson (Executive Vice President, Corporate Development, AssetMark)
  • Rahul Agrawal (Business Head, Equities, Advisor Partners)
  • Blaine Aikin (CEO, fi360)
  • Mike Alfred (CEO, BrightScope)
  • Ryan Alfred (President, BrightScope)
  • Anil Arora (CEO, Yodlee)
  • Bill Bachrach (CEO, Bachrach & Associates)
  • Nathan Bachrach (CEO, Simply Money Advisors)
  • Michael Battey (Co-Founder, Emerald Bay Wealth Management)
  • Ryan Beach (President, CLS Investments)
  • Noreen Beaman (CEO, Brinker Capital)
  • Marcus Beisel (Chief Marketing Officer, Loring Ward Group)
  • Bob Belke (Managing Director, Lovell Minnick Partners)
  • Bill Benjamin (CEO, US Bancorp Investments & US Bancorp Insurance)
  • Carol Benz (Managing Principal, Bingham, Osborn, & Scarborough)
  • Jeff Bernardo (CEO, Augustine Asset Management)
  • Brad Bernstein (Partner, FTV Capital)
  • Duane Bernt (Chief Financial Officer, Stadion Money Management)
  • Adam Blitz (CEO, Evanston Capital Management)
  • John Blood (CEO, Efficient Advisors)
  • Michael Boardman (Former CEO, Chase Wealth Management)
  • Matt Brinker (Business Head, National Partner Development, United Capital Financial Partners)
  • Matt Brown (CEO, CAIS Group)
  • Rob Brown (Chief Investment Officer, United Capital Financial Partners)
  • Roy Burns (Managing Director, TA Associates)
  • Dewey Bushaw (Executive Vice President, Retirement Solutions Division, Pacific Life Insurance Company)
  • Jim Cahn (Chief Investment Officer, Wealth Enhancement Group)
  • Katherine Calvert (Chief Marketing Officer, Advent Software)
  • Bruce Cameron (CEO, Berkshire Capital Securities)
  • David Canter (Executive Vice President, Practice Management Consulting, Fidelity Institutional Wealth Services)
  • Mike Capelle (Chief Strategy Officer, Platform & Technology, United Capital Financial Partners)
  • John Carey (Chief Operating Officer, FolioDynamix)
  • James Carney (CEO, By All Accounts)
  • Jerry Chafkin (Chief Investment Officer, AssetMark)
  • Brett Clarke (President, Blu Giant Advisor Studios)
  • Eric Clarke (President, Orion Advisor Services)
  • Colin Close (President, InvestCloud)
  • John Cochran (Managing Director, Lovell Minnick Partners)
  • David Conover (President, Wealth Management & Brokerage, EverBank Financial)
  • Tom Corra (Executive Vice President, Strategy & Business Analysis, Fidelity Institutional)
  • John Coyne (Vice Chairman, Brinker Capital)
  • Jeff Dekko (CEO, Wealth Enhancement Group)
  • Stuart DePina (President, Envestnet Tamarac)
  • John DeVincent (Executive Vice President, Marketing, Docupace Technologies)
  • Jim Deutsch (CEO, Smith, Moore, & Company)
  • Will Dolan (Business Head, Fidelity ActionsXchange)
  • Kevin Dorwin (Managing Partner, Bingham, Osborn, & Scarborough)
  • Sonny Dozier (Chief Operating Officer, Hunting Hill Global Capital)
  • Jeffrey Dunham (CEO, Dunham Investment Counsel)
  • Joe Duran (CEO, United Capital Financial Partners)
  • Bill Dwyer (CEO, Realty Capital Securities)
  • Ric Edelman (CEO, Edelman Financial Services)
  • Ken Ehinger (CEO, M Holdings Securities)
  • Pete Engelken (Chief Operating Officer, Hanson McClain)
  • Shannon Eusey (President, Beacon Pointe Advisors)
  • Michelle Farmer (General Counsel, Advisor Software)
  • Ray Ferrara (CEO, ProVise Management Group)
  • Jim Feuille (Partner, Crosslink Capital)
  • Andrew Fisher (President, Maxim Global Wealth Advisors)
  • Tom Florence (CEO, 361 Capital)
  • Rob Foregger (Executive Vice President, NextCapital)
  • Mike Furlong (CEO, Sliced Investing)
  • Terry Gaines (Chief Business Development Officer, First Rate)
  • John Gardner (Chief Operating Officer, LearnVest)
  • Richard Garman (Managing Partner, FTV Capital)
  • Charles Goldman (CEO, AssetMark)
  • Craig Gordon (Business Head, Clearing, DST Market Services)
  • Gail Graham (Chief Marketing Officer, United Capital Financial Partners)
  • John Grogan (Chief Product Officer, Northwestern Mutual)
  • Stewart Gross (Managing Director, Lightyear Capital)
  • Pem Guerry (Executive Vice President, SIGNiX)
  • Adam Guren (Chief Investment Officer, Hunting Hill Global Capital)
  • Bill Hackett (CEO, Matthews International Capital Management)
  • Jim Hale (Founding Partner, FTV Capital)
  • Scott Hanson (Co-CEO, Hanson McClain)
  • Lori Hardwick (President, Envestnet Advisor Services)
  • Bill Harris (Chairman, MyVest Corporation)
  • Margaret Hartigan (Founder, Marstone)
  • Bob Herrmann (Executive Vice President, Discovery Data)
  • Pete Hess (CEO, Advent Software)
  • Allegra Heyligers (Executive Vice President, Business Development, BrightScope)
  • Spencer Hoffman (Managing Director, Lovell Minnick Partners)
  • Anton Honikman (CEO, MyVest Corporation)
  • Bob Huebscher (CEO, Advisor Perspectives)
  • Tina Hurley (Business Head, Product, Retail Wealth Management & Large Corporate Market, Voya Financial)
  • Peter Jantzen (Executive Vice President, Global Sales, Vestmark)
  • David Jegen (Managing Director, Devonshire Investors)
  • Erik Jepson (Chief Customer Officer, Advisor Software)
  • Adam Joffe (Chief Operating Officer, The Boston Company Asset Management)
  • Chris Jones (Chief Investment Officer, Financial Engines)
  • Kunal Kapoor (President, Global Client Solutions Group, Morningstar)
  • Zachary Karabell (Head of Global Strategy, Envestnet)
  • Sue Kelley (Principal, Ann Schleck & Company)
  • Dan Kern (President, Advisor Partners)
  • Rob Klapprodt (President, Vestmark)
  • Aaron Klein (CEO, Riskalyze)
  • Mark Klein (CEO, Professional Capital Services)
  • David Knoch (President, First Global Capital Corporation)
  • Kevin Knull (President, MoneyGuidePro)
  • Larry Kohn (President, LM Kohn & Associates)
  • Jan Kolbusz (Founder, Decimal Software)
  • Stephen Langlois (Business Head, Distribution Strategy & Planning, Fidelity Institutional)
  • Gary Leight (Founder, Lequity)
  • Chuck Lewis (Vice Chairman, MyVest Corporation)
  • Tom Loeb (Chairman Emeritus, Mellon Capital Management)
  • Brad Matthews (CEO, Trizic)
  • Mike McDaniel (Chief Investment Officer, Riskalyze)
  • Phil McDowell (Chief Financial Officer, Fidelity Investments Canada)
  • Ken McGuire (Chief Operating Officer, Altegris Investments)
  • Bob Mehringer (Executive Vice President, Advisory Services, FolioDynamix)
  • Kenneth Meister (President, Evanston Capital Management)
  • John Michel (CEO, CircleBlack)
  • Sanjiv Mirchandani (President, Fidelity Clearing & Custody)
  • Steven Miyao (CEO, Kasina)
  • Blake Mohr (CEO, Capitas Financial)
  • Viggy Mokkarala (Executive Vice President, Strategic Development, Envestnet)
  • Ed Moore (President, Edelman Financial Services)
  • Randy Moore (Partner, Financial Services & Products Group, Alston & Bird)
  • Hans Morris (Managing Partner, Nyca Partners)
  • Joe Mrak (CEO, FolioDynamix)
  • Bill Mueller (Chief Financial Officer, fi360)
  • Tim Murphy (CEO, Investors Capital Corporation)
  • Patricia Nakache (General Partner, Trinity Ventures)
  • Roger Ochs (President, HD Vest Financial Services)
  • Kevin Osborn (Executive Vice President, Wealth Management Solutions, Envestnet)
  • Josh Pace (CEO, Trust Company of America)
  • Bill Parsons (Chief Customer Officer, Yodlee)
  • John Phillips (Executive Vice President, Strategic & Global Sales, National Financial Services)
  • Michael Pinsker (CEO, Docupace Technologies)
  • Alex Potts (CEO, Loring Ward Group)
  • Andy Putterman (CEO, 1812 Park)
  • Matt Radgowski (Chief Operating Officer, Morningstar Investment Management)
  • Kevin Rafferty (CEO, Vertical Management Systems)
  • Reno Regalbuto (CEO, AdvisorTrust)
  • Eduardo Repetto (Co-CEO, Dimensional Fund Advisors)
  • Chris Riggio (Chief Revenue Officer, BrightScope)
  • Marianne Rivera (Associate Publisher, Wealth Management.Com)
  • Andrew Rogers (CEO, Gemini Fund Services)
  • John Rooney (Managing Principal, San Diego, Commonwealth Financial Network)
  • Jeremy Ross (Executive Vice President, Enterprise Sales, BrightScope)
  • Lincoln Ross (Executive Vice President, Advisory Services, Envestnet)
  • Gary Roth (Chief Operating Officer, United Capital Financial Partners)
  • Andrew Rudd (CEO, Advisor Software)
  • Brett Schlemovitz (Chief Strategy Officer, CNL Financial Group)
  • Matthew Schlueter (Chief Administrative Officer, Advisor Group, American International Group (AIG))
  • Jeff Schnitz (Business Head, Silicon Valley Bank Investments)
  • Michael Seton (President, Carter Validus)
  • Jeff Shafer (President, CNL Securities)
  • Tim Shannon (President, CAIS Group)
  • Sterling Shea (Business Head, Advisory Programs, Barron's)
  • Jeffery Sills (Business Head, Advice & Planning, Capital One Investments)
  • Bruce Simon (Chief Investment Officer, City National Rochdale)
  • Tom Sittema (CEO, CNL Financial Group)
  • Babu Sivadasan (President, Envestnet Retirement Solutions)
  • David Smith (Founding Publisher, Financial Advisor & Private Wealth Magazine)
  • Marshall Smith (Managing Director, Service Bureau & Marketing, First Rate)
  • Matt Sonnen (CEO, PFI Advisors)
  • Bill Sowell (CEO, Sowell Management Services)
  • Rob Spawn (Senior Managing Director, RBC Wealth Management)
  • Daxs Stadjuhar (CEO, The Financial Services Network)
  • Chris Stanley (Chief Compliance Officer, Loring Ward Group)
  • Clifford Stanton (Chief Investment Officer, 361 Capital)
  • Paul Stewart (Chief Operating Officer, First Global Capital Corporation)
  • Hal Strong (Operating Executive, Genstar Capital)
  • Jason Thomas (CEO, Savos Investments)
  • Allen Thorpe (Managing Director, Hellman & Friedman)
  • Catie Tobin (Business Head, Correspondent & Advisor Services, RBC Wealth Management US)
  • Jim Tracy (Chief Operating Officer, Development & Distribution, Morgan Stanley Wealth Management)
  • Frank Trotter (Chairman, EverBank Global Markets)
  • John VanDerHeyden (Chief Operating Officer, NFP Advisor Services)
  • Bill Van Law (President, Investment Advisors Division, Raymond James Financial)
  • Rob Villaflor (CEO, Sprott Global Resource Investments)
  • Jeff Vivacqua (Executive Vice President, Continuity Partners Group)
  • Hardeep Walia (CEO, Motif Investing)
  • Steve Warren (Chief Operating Officer, MyVest Corporation)
  • Gib Watson (Vice Chairman, Bank & Trust Wealth Management Services, Envestnet)
  • Amy Webber (President, Cambridge Investment Research)
  • Craig Wietz (President, First Rate)
  • Cara Williams (Senior Partner, Wealth Management & Technology Solutions, Mercer Investments)
  • Spencer Williams (CEO, Retirement Clearinghouse)
  • Kevin Winters (Executive Vice President, Global Wealth Management, PIMCO)
  • Matt Wolniewicz (Chief Revenue Officer, fi360)
  • Bob Worthington (President, Hatteras Funds)
  • Bill Wostoupal (President, Northern Lights Distributors)
  • Mike Zebrowski (Chief Operating Officer, eMoney Advisor)
  • Anjun Zhou (Business Head, Multi-Asset Research, Mellon Capital Management)




Tiburon CEO Summit XXVIII: April 7-8, 2015

Tiburon CEO Summit XXVIII was held April 7-8, 2015, at the Ritz Carlton Hotel (Battery Park) in New York, NY. Tiburon CEO Summit XXVIII officially started at 7:45am on Tuesday, April 7, 2015, included a group dinner that night and finished at 12:00pm on Wednesday, April 8, 2015. 228 senior industry executives took two days out of their busy schedules to participate. There were over twenty sessions. Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXVIII included speakers Mark Casady (CEO, LPL Financial Holdings & Tiburon CEO Summit Award Winner), Don Phillips (Managing Director, Morningstar & Tiburon CEO Summit Award Winner), Mike Alfred (CEO, BrightScope), Anil Arora (CEO, Yodlee), Jud Bergman (CEO, Envestnet), Marty Bicknell (CEO, Mariner Holdings), Brad Bernstein (Partner, FTV Capital), Tom Bradley (President, Retail Distribution, TD Ameritrade), Roy Burns (Managing Director, TA Associates), Bob Caruso (Chairman, Impact Republic), Todd Clarke (CEO, CLS Investments),  Gil Crawford (CEO, MicroVest Capital Management), Tim Draper (Founding Partner, Draper, Fisher, & Jurvetson), Ric Edelman (CEO, Edelman Financial Services), Tad Edwards (CEO, Benjamin Edwards & Company), Bob Glovsky (Vice Chairman, The Colony Group), Alexandra Lebenthal (CEO, Lebenthal Holdings), Jim Lockhart (Vice Chairman, WL Ross & Company), Steve Lockshin (Founder, Convergent Wealth Advisors), Erica McGinnis (CEO, AIG Advisor Group), Joe Mrak (CEO, FolioDynamix), John Patterson (CEO, NextCapital), Lowell Putnam (CEO, Quovo), Andrew Rudd (CEO, Advisor Software), Scott Ryles (Chief Operating Officer, Kleiner, Perkins, Caufield, & Byers and Managing Partner, Echelon Capital Strategies), Mike Sha (CEO, SigFig), Jay Sidhu (CEO, Customers Bancorp), Jon Stein (CEO, Betterment), John Streur (CEO, Calvert Investments), John Taft (CEO, RBC Wealth Management US), Frank Trotter (Chairman, EverBank Global Markets), Edmond Walters (CEO, eMoney Advisor), Mike Weil (CEO, RCS Capital Corporation), & John Wotowicz (CEO, inStream Solutions). Tiburon CEO Summit XXVIII also featured the firm's traditional client-centric panel discussions and two networking-based social events.

Keynote Presentation

Tiburon CEO Summit XXVIII featured a keynote presentation by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry, focused on the rapid evolution being driven all across the business value chain. This presentation served as the backdrop and overview of the entire Tiburon CEO Summit.. 

 




 

 



Tiburon CEO Summit XXVIII
Keynote Presenter
Chip Roame
Managing Partner
Tiburon Strategic Advisors

 

 

 

 

 

 

Chip Roame (Managing Partner, Tiburon Strategic Advisors)

Tiburon Strategic Advisors is pleased to provide a summary of the content of its Tiburon CEO Summit XXVIII Keynote Presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) kicked off Tiburon CEO Summit XXVIII with a presentation broadly addressing the state of the financial services industry, with a specific focus on the growing wealth management market.

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 banking, insurance, brokerage, & investment management 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. 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, 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 mergers & acquisitions transactions. At Tiburon, Mr. Roame has led over 1,700 client engagements for over 400 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 individuals in the advisor business 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), as a board member of the parent company of The Edelman Financial Group (Ric Edelman’s business backed by Lee Equity Partners), and as a trustee of the SA mutual funds family which is sponsored by Loring Ward and employs Dimensional Fund Advisors as its sole sub-advisor.

Overview of Tiburon CEO Summit XXVIII Keynote Presentation

The objectives of the Keynote Presentation are to offer a broad view of the wealth management industry with a new theme each Tiburon CEO Summit, including highlighting trends that impact strategies for numerous types of corporate clients, maintaining both a mid-term and a long-term lens; setting an agenda for Tiburon CEO Summit XXVIII, framing the dozens of “three big points"; & offering several methods of summarizing broad set of industry views, including the five most important trends; mergers & acquisitions; financial services industry venture capital, private equity, public offerings, & activist opportunities. The basis of the Tiburon CEO Summit XXVIII Keynote Presentation was industry developments (“the news”), recent Tiburon & third-party research findings, the Tiburon CEO Summit XXVIII content survey, & Tiburon CEO Summit XXVIII guest speaker presentations (and prior presentations).

Tiburon CEO Summit XXVIII --> The Five Most Important Trends

 


  1. Financial Advisor Business 2.0: Managed Accounts, the Fiduciary Standard, Break-Away Brokers, & Outsourcing
  2. Investment Products 2.0: Open-End Mutual Funds, Product Price Pressure, Indexing, & Exchange Traded Funds (ETFs)

 

 

  1. The New Base Line: Online Brokers & Advice
  2. Financial Advisors Value 2.0
  3. Epilogue… Demographic Shifts: Women & Millenials

 

 

 

 

 

 

 

 

Consumer Wealth

Consumer households have $37.9 trillion investable assets, $58.7 trillion financial assets, $94.1 trillion total assets, and $79.9 trillion of net worth. There are 1,826 consumer households with over $1.0 billion net worth, up from 140 in 1987. The United States & Canada’s billionaires control 37% of billionaire wealth. There are 142,000 consumer households with over $25 million net worth, back above its prior peak of 122,000 in 2006. There are 1.2 million consumer households with over $5.0 million net worth, back above its prior peak of 1.1 million in 2006. There are 10.1 million consumer households with over $1.0 million net worth, back above its prior peak of 9.2 million in 2007.

Baby Boomer Retirement Situation & Financial Issues

Two-thirds of baby boomers are not confident that they will have enough money to live comfortably during retirement. Over half of consumers over age 55 have less than $100,000 of savings. Two-thirds of private sector workers have access to retirement plans through their jobs. Over half of private sector workers who have access to retirement plans through work do not participate. 59 million consumers are collecting social security, down from 62 million in 2012 but up from 34 million in 2006. The average retired worker can expect to receive approximately $1,294 per month from social security, up almost 50% since 2004. Female retiree (age 65) life expectancy is 88.8 years, up from 84.0 in 1980. Male retiree (age 65) life expectancy is 86.6, up from 80.0 in 1980. The likelihood that consumers will spend 30 or more years in retirement is growing, especially among affluent households.

Baby Boomer Responses

The average expected retirement age among non-retirees is 66, up from 63 in 2003. The average actual retirement age among retirees is 62, up from 59 in 2003. The labor force participation rate for workers age 65-69 has been steadily increasing since 1992. Baby boomers will liquidate some portion of the $46.2 trillion in retirement plans, personal assets, & small businesses.

Trend #1: Financial Advisor Business 2.0: Managed Accounts, The Fiduciary Standard, Break-Away Brokers, & Outsourcing

There are 301,126 financial advisors across all channels, down from 338,909 in 2005. Tiburon CEO Summit XXVIII attendees increasingly think that the number of financial advisors will stay steady or even decline further over the next five years. The insurance & independent broker/dealer channels lead the financial advisor channels in terms of number of financial advisors with 74,804 & 67,290. The wirehouse channel leads the financial advisor channels in terms of assets under administration with $5.9 trillion. The wirehouse channel leads the financial advisor channels in average financial advisor assets under administration. Both the retail and financial advisor support models at both Fidelity Investments & The Charles Schwab Corporation are now amongst the leading financial advisor channel firms. Fidelity Investments has $5.1 trillion assets under administration, up over 200% since 2003.

Fiduciary Standard

There are 10.6 million managed accounts, up 65% since 2009.

The Great…and Very Slow…Migration to Independence

Independent advisors have steadily been growing as a channel at the expense of the wirehouses & regional broker/dealers. The five year CAGR of dually registered advisors is 9.0%. Independent advisors have been a little less successful at capturing assets under administration from the wirehouses & regional broker/dealers. The insurance industry has the highest five-year CAGR of assets under management at 17.3%. Tiburon CEO Summit XXVIII attendees said that the number of independent advisors will grow the fastest over the next five years.

Tiburon CEO Summit XXVIII attendees mostly believe that wirehouses have a neutral or negative future over the next five years, that the break-away brokers trend will increase or at least remain steady over the next five years, & that independent broker/dealers have a positive or at least neutral future. Tiburon CEO Summit XXVIII attendees said that custodians have a positive or at least neutral future nearly every time. The Charles Schwab Corporation, TD Ameritrade, & Fidelity Investments are the leading fee-based financial advisor custodians in terms of number of fee-based financial advisor clients, with 7,000, 4,700, & 3,300 respectively. The Charles Schwab Corporation & Fidelity Investments are the leading fee-based financial advisor custodians in terms of assets under administration, with $1.1 trillion & $753 billion respectively. TD Ameritrade had a 229% change in RIA assets under custody from 2007 to 2014.

Financial Services Industry Outsourcing

Mr. Roame stated that, “the independent advisor model is entirely different than when it emerged in the 1950s-1990s. Technology & outsourcing will transform the way investment products are allowing financial advisors to deliver better financial advice.” The majority of senior leaders at wealth management firms believe that a more consistent service delivery model would lead to improvement in client satisfaction. The majority of senior leaders at wealth management firms believe that a more consistent service delivery model would lead to improvement of firm profitability. Tiburon CEO Summit XXVIII attendees believe that TAMPs use will increase or at least remain steady over the next five years.

Trend #2: Investment Products 2.0: Open-End Mutual Funds, Product Price Pressure, Indexing, & Exchange Traded Funds (ETFs)

Exchange traded funds, mutual funds, & variable annuities have substantial flows of $100-$200 billion each. Tiburon CEO Summit XXVIII attendees said that they personally own open-end mutual funds, exchange traded funds (ETFs), money market funds, & individual securities.

Open-End Mutual Funds

Open-end mutual funds assets under management have reached $11.6 trillion, up slightly from $11.1 trillion in 2013. The largest 25 mutual fund complexes hold 53% of the total net mutual fund assets. The Vanguard Group is the leading mutual fund group in terms of assets under management with $3.0 trillion. The Vanguard Group & Fidelity Investments are the leading open-end mutual fund groups in terms of market share with 15.8% & 9.5% respectively. The Vanguard Group has gathered over three-quarters on its assets under management in index mutual funds & exchange traded funds. The Vanguard Group has gathered one-third of its assets under management from financial advisors. The Vanguard Group has $216 billion net flows, up from $85 billion in 2010. The five largest stock mutual funds are all low cost Vanguard & American Funds mutual funds. Tiburon CEO Summit XXVIII attendees mostly believe that US open-end mutual funds will stagnate over the next five years, with a growing segment who expects them to decline.

Product Price Pressure

US stocks average annual expense ratio is highest in actively managed mutual funds at 1.33%. Taxable bonds average annual expense ratio is highest in actively managed mutual funds at 1.01%. Institutional & exchange traded funds had the most estimated net flows with $259.3 billion & $188.5 billion respectively.

Indexing

Tiburon CEO Summit XXVI, XXVII, & XXVIII attendees said that they cannot predict stock market movements - although the experts group is growing. Nearly half of Tiburon CEO Summit XXVIII attendees believe that one can predict interest rate movements (really?). Tiburon CEO Summit XXVIII attendees mostly utilize a mix of active & passive portfolio management styles, with substantial segments at either end. Index mutual funds have gathered $1.7 trillion assets under management, up from $602 billion in 2008. Index mutual funds’ assets under management have been primarily gathered in equity funds. Index equity mutual funds have gathered $1.4 trillion assets under management, up from $481 billion in 2008. Index equity mutual funds & exchange traded funds account for 35% of equity mutual fund & exchange traded fund assets under management, up from 19% in 2007.

Index bond & hybrid mutual funds have gathered $306 billion assets under management, up from $121 billion in 2008. Actively managed funds lost $444 billion from 2012-to-2014 while passively managed funds added $1.1 trillion. Actively managed stock funds lost $73.6 billion from 2010-to-2014 while passively stock managed funds added $208.8 billion. Just under half (47%) of large-cap us stock funds beat the standard & poor's 500 between 1994 & 2013. The percentage of actively managed funds that outperformed the standard & poor's 500 was highest from 2000-2008 at 63%. 2014 has been a poor year for active managers and even the winners may not persist.

Exchange Traded Funds

Exchange traded funds have gathered $2.1 trillion assets under management, up from $102 billion in 2002. Exchange traded funds have $232 billion net flows, up from $29 billion in 2001. Blackrock holds the largest market share for global exchange traded funds at 37.2%, down from 47.4% in 2009. iShares had $102.4 billion global exchange traded fund flows, compared to the vanguard group at $88.0 billion & state street global advisors at $41.2 billion. RIAs are more likely to use ETFs, with about 12% of client portfolios allocated to the vehicle, compared to 6.5% for financial advisors at the wirehouses & IBDs. Global fixed income exchange traded funds have $92.0 billion net flows, up 200% since 2008. Tiburon CEO Summit XXVIII attendees increasingly believe that exchange traded funds have replaced passive mutual funds. Financial advisors believe that the expected change in the use of exchange traded funds in the next three years will either increase or stay the same.

Alternative Investments (Hedge Funds)

Mr. Roame stated that, “alternative investments are over hyped & not living up to promise; hedge funds excluding top tier & excluding activists are poor expensive performers…good business; bad investment; real opportunity is private equity & real estate (“alts”).” Reported hirings of alternatives managers have outpaced those of traditional managers in four of the past five years. Private equity accounted for the largest percentage of alternatives hires in the past five years. High net worth investors are putting more money into alternative investments, real estate, & foreign investments. Almost half of financial advisors recommend alternative investments to many of their clients. Almost half of large RIA firms and one-quarter of actively growing RIA firms intend to increase their use of alternatives over the next three years.

Hedge funds have gathered $2.8 trillion assets under management, up from $1.6 trillion in 2009. HFRI fund weighted composite returned 3.3%, down from 9.1% in 2013. Hedge funds made a 5.6% return from ten years ending in January 2015, compared to stocks & bonds portfolios at 6.6%. CALPERS' hedge fund program generated 7.1% returns in the last fiscal year, far below its 18.4% overall return and 24.8% global equities return. CALPERS hedge fund investments returned just 7.1%, compared with a 12.5% return for the vanguard balanced index fund. About two-thirds of CALPERS' equity portfolio will now be passively managed in low-cost index funds. CALPERS is gaining support for its decision to eliminate hedge fund investments from their pension fund. Lack of transparency, high fees, & lack of liquidity are the leading reasons financial advisors do not recommend hedge funds to their clients. Almost three-quarters of single family offices invested in private equity in 2014, up from 53.2% in 2013.

Liquid Alternative Investments

Tiburon CEO Summit XXVIII attendees said that exchange traded funds & open-end mutual funds will be the preferred package for alternative investments over the next five years. Liquid alternative funds have gathered $154 billion assets under management, up from $10 billion in 2004. Tiburon CEO Summit XXVIII attendees said liquid alternatives will experience moderate or huge growth over the next five years.

Trend #3: The New Base Line: Online Brokers & Advice

Two-thirds of consumers claim to utilize a financial advisor in some way, with over half positioning themselves as delegators. Nearly 30% of high net worth investors identify as self-directed investors. Tiburon CEO Summit XXVIII attendees said that online banking, online advice firms, & online financial planning will have the highest retail advice channel growth rates.

Online Brokerage Firms

Over half of consumers said they look for low trading commissions when choosing an online broker. Tiburon CEO Summit XXVIII attendees said that they personally have self-serve (online brokerage) investment accounts. Tiburon CEO Summit XXVIII attendees said that the discount brokerage trend will grow over the next five years. The Charles Schwab Corporation has gathered $2.5 trillion assets under administration, up 150% since 2003. The Charles Schwab Corporation now consistently generates over three-quarters of its revenues from asset management & administration fees and net interest revenues. The Charles Schwab Corporation’s investor services accounts for 55% of assets under administration & 46% of net new assets under administration, and generates 77% of its revenue.

Online Advice Firms

There are at least 37 online advice firms. Online advice firms have gathered $29.5 billion assets under management, up from $12.3 billion in 2013. Tiburon CEO Summit XXVIII attendees have become far more aware of the online advice models when asked to name the most impressive. The Vanguard Group has joined long-term leaders Financial Engines & Morningstar as one of the largest online advice firms with $10.1 billion assets under management. The Vanguard Group’s personal advisor services unit has quickly gathered $10.1 billion assets under management, up from $0.8 billion in 2013. Some have huge predictions for online advice firms. Two-thirds of financial advisors believe that online advice firms will have no or little impact on their business. Only 3% of financial advisors offer online advice services to clients, and only 11% plan to offer online advice services to clients in the next twelve months (and in a strange twist…financial advisor fees are down…err…up).

Trend #4: Financial Advisors Value 2.0

Financial Advisor Multi-Channel Offerings

Mr. Roame stated that, “channels are unifying; there is no longer a clear divide between online & physical. Managing the online, mobile, & physical experience is key to success. Multi-channel offerings providing the right balance of technology and access to professionals will win. Traditional advice models and online advice models will converge near where discount brokerage firms are positioned today. Examples include Vanguard & Schwab robo offerings; Learnvest & Personal Capital Corporation (with available financial advisors); & Betterment Institutional.”

Financial Planning & Insurance

Mr. Roame stated that, “clients have every right to expect personalized institutional quality portfolio management plus financial planning financial planning will be the distinguishing feature for financial advisors vis-à-vis online advice firms.”

Over half of divorce attorneys agree that there has been an increase in the number of prenuptial agreements during the past three years. 529 plans have gathered $245 billion assets under management, up from $10 billion in 2002. 57% of adults own life insurance, down from 64% in 1960. Donor advised funds have gathered $53.7 billion assets under management, up from $44.9 billion in 2012.

Trend #5: Epilogue… Demographic Shifts: Women & Millenials

Mr. Roame stated that, “women & millenials are going to change everything over the next 40 years, including sales & marketing strategies, investment management strategies, and client service strategies. They are big segments, they do not value traditional financial advisors, they are not intimidated by investing, they feel marginalized, and they are going to inherit your clients’ money soon!”

Financial Services Industry Target Markets

Women will receive 70% of inheritances and this will continue to be true for the next 40 years. 92% of women become the primary decision maker at some point in their lives. Women value the opinions of financial advisors more than men when they are picking mutual funds. More than one-quarter of millenials would get a second opinion before taking a financial advisor’s advice. Almost half of millenials believe that they spend a lot of time researching alternatives before making major purchase decisions. Almost half of millenials need to fully understand all the different options & outcomes before feeling in control of a situation.

Financial Services Industry Sales & Marketing Strategies

Financial services industry sales & marketing is the key to selling a business for a substantial price. Mr. Roame stated that, “equity firms will pay for differentiated client acquisition models with repeatability and cost efficiency”. Tiburon CEO Summit XXVIII attendees said that Hightower, The Edelman Financial Group, & United Capital Financial Partners have the best chance at building a nationwide financial advisory business. Edelman Financial Services will conduct over 600 seminars, up from 75 in 2012. Digital advertising expenditure accounted for 27% of total advertising spend in 2015. Almost three-quarters of consumers choose online customer reviews as their second most trusted source of information.

Financial Services Industry Client Service Strategies

Almost 30% of female investors are unhappy with their financial advisors. Almost three-quarters of women fire their financial advisor within one year of being widowed or divorced. Over half of millennial clients surveyed expressed that they would like to have video meetings with their financial advisor.

Socially Responsible Investing & Impact Investing

Mr. Roame stated that, “women & millenials want investments that integrate environmental, social, & governance (ESG) factors.” Socially responsible investing & impact investing has gathered $6.6 trillion assets under management, up from $3.7 trillion in 2012. Over half of consumers agree that it is important to take ethical, social, or religious convictions into account when investing. Over three-quarters of investment managers stated that they offered more socially responsible investing & impact investing products because of client demand. Some investors are not yet incorporating ethical, social, & governance factors because they are unsure of their worth. As an aside…returns of stocks with high environmental, social, & governance ratings have lagged those of vice stocks.

Financial Services Industry Staffing & Compensation Strategies

Women now hold 22% of the senior management positions worldwide, up slightly from 19% in 2004. Apple & Facebook have the highest share of women amongst technology companies in senior positions at 28% and 23%. Women fill just 6% of the partner level positions at venture capital firms, down from 10% in 1999. About 20% of the partners at Kleiner Perkins Caufield Byers are women. Women hold more than half of all jobs in banking & investment management, but only 2% of all CEO jobs. Almost one-quarter of millenials have decided to avoid the financial services sector due to mistrust in the industry. Only 10% of millenials in the financial services industry plan to stay in their current job for the long term, compared to an average of 18% across all industries.

Conclusions

Financial Services Industry Mergers & Acquisitions

Mergers & acquisitions’ deal value was $3.5 trillion, up from $2.3 trillion. Financial services mergers & acquisitions amounted to $72.2 billion in 2014. Leading investment management firms mergers & acquisition deals included TIAA-CREF’s acquisition of Nuveen and the pending acquisition of Russell Investments. There have been dozens of community bank mergers & acquisitions deals. The leading retail bank mergers & acquisition deal was Royal Bank Of Canada’s acquisition of City National Corporation for $5.4 billion. There have been dozens of community bank mergers & acquisitions deals. The leading public insurance & brokerage merger & acquisition deal was Aviva’s acquisition of Friends Life for $8.8 billion. There were 54 fee-based financial advisors mergers & acquisitions transactions in 2014, up 35% since 2006. There have been $32.6 billion fee-based financial advisors assets under management acquired through mergers & acquisitions transactions in 2014. Other fee-based financial advisors & roll-up firms continue to account for almost all fee-based financial advisors mergers & acquisition transactions. AMG’s acquisition of Baker Street Advisors and Genstar Capital’s acquisition of Mercer Advisors were the leading financial advisors acquisitions at $6.0 billion each. Tiburon CEO Summit XXVIII attendees said that the most successful financial advisor aggregators are Hightower, Focus Financial Partners, & Edelman Financial Services. Financial technology companies Advent Software, eMoney Advisor, Learnvest, FolioDynamix, & NorthStar Financial Services Group all sold in the last six months for large sums.

Tiburon Fundamental View: Financial Services Industry Investing

Financial Services Industry Venture Capital

Venture capital firms raised $33.0 billion funds, up 75% since 2010 but down from $85.1 billion in 2000. Venture capital investment reached $48.4 billion, up from $30.0 billion in 2013 but down from its peak of $105.0 billion in 2000. Biotechnology therapeutics & data management services were the leading business sectors in terms of total investments with $2.9 billion & $2.5 billion respectively. Uber Technologies was the leading venture capital recipient at $3.2 billion. SoFi, Square, Stripe, & Dataminr raised the most venture capital amongst financial services firms, with $130-$200 million each. Wealthfront, Betterment, & Personal Capital Corporation have raised the most venture capital amongst the online advice firms. Tiburon CEO Summit XXVIII attendees said that venture capital’s bet on online financial advice will continue in 2015.

Financial Services Industry Private Equity

Private equity funds raised $266 billion, up 12% from 2013. Private equity announced deal values were $29.0 billion in the 1q/15, down 50% since 1q/14. Private equity firms invested $12.0 billion in financial technology firms, up from $4.0 billion in 2013. Financial services industry private equity investments have included Springleaf Holdings acquisition of Onemain Financial for $4.3 billion. Tiburon CEO Summit XXVIII attendees said that private equity independent financial advisor distribution will continue in 2015.

Financial Services Industry Public Offerings

There were 275 initial public offerings in 2014, up from 222 in 2013 but down from its peak of 406 in 2000. Proceeds for initial public offerings reached $85.3 billion in 2014, up from $54.9 billion in 2013 but down from its peak of $96.9 in 2000. Alibaba Group Holding was the top initial pubic offerings of 2014 in terms of total value with $25.0 billion. There were 36 initial public offerings in the financial sector in 2014, down from 45 in 2013. Financial services industry public offerings included National Commercial Bank & Medibank Private.

Financial Services Industry Activists Opportunities

Activist funds have gathered $120 billion assets under management. Activist hedge funds have $10.1 billion net flows, up from $3.4 billion in 2005. Carl Icahn & Southeastern are the leading activist investor funds in terms of value of disclosed us equities with $22.3 billion & $18.3 billion. The average net return among activist hedge funds outpaced the total hedge fund universe in both the short & long term. Financial services firms account for 10%+ of the US economy and 20%+ of the Standard & Poor’s 500. Fortress Investment Group & Wisdomtree Investments are the leading investment management firms in terms of enterprise value-to-assets under management at 6.5% & 4.7% respectively. Financial Engines & Wisdomtree Investments are the leading investment management firms in terms of price-to-earnings ratio at 52.0x & 30.0x respectively. A surging US currency is steering investors toward sectors that have the least foreign exposure. Financial services industry activist fund specific targets include American Realty Capital Partners, Harvard Illinois Bancorp, The Bank Of New York Mellon Corporation, & Yahoo.

Speakers  

Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXVIII included speakers Mark Casady (CEO, LPL Financial Holdings & Tiburon CEO Summit Award Winner), Don Phillips (Managing Director, Morningstar & Tiburon CEO Summit Award Winner), Mike Alfred (CEO, BrightScope), Anil Arora (CEO, Yodlee), Jud Bergman (CEO, Envestnet), Marty Bicknell (CEO, Mariner Holdings), Brad Bernstein (Partner, FTV Capital), Tom Bradley (President, Retail Distribution, TD Ameritrade), Roy Burns (Managing Director, TA Associates), Bob Caruso (Chairman, Impact Republic), Todd Clarke (CEO, CLS Investments),  Gil Crawford (CEO, MicroVest Capital Management), Tim Draper (Founding Partner, Draper, Fisher, & Jurvetson), Ric Edelman (CEO, Edelman Financial Services), Tad Edwards (CEO, Benjamin Edwards & Company), Bob Glovsky (Vice Chairman, The Colony Group), Alexandra Lebenthal (CEO, Lebenthal Holdings), Jim Lockhart (Vice Chairman, WL Ross & Company), Steve Lockshin (Founder, Convergent Wealth Advisors), Erica McGinnis (CEO, AIG Advisor Group), Joe Mrak (CEO, FolioDynamix), John Patterson (CEO, NextCapital), Lowell Putnam (CEO, Quovo), Andrew Rudd (CEO, Advisor Software), Scott Ryles (Chief Operating Officer, Kleiner, Perkins, Caufield, & Byers and Managing Partner, Echelon Capital Strategies), Mike Sha (CEO, SigFig), Jay Sidhu (CEO, Customers Bancorp), Jon Stein (CEO, Betterment), John Streur (CEO, Calvert Investments), John Taft (CEO, RBC Wealth Management US), Frank Trotter (Chairman, EverBank Global Markets), Edmond Walters (CEO, eMoney Advisor), Mike Weil (CEO, RCS Capital Corporation), & John Wotowicz (CEO, inStream Solutions).

Mark Casady
(CEO, LPL Financial Holdings)

 

 

CEO Summit XXVIII
Speaker
Mark Casady
(CEO, LPL Financial Holdings & Tiburon CEO Summit Award Winner)


 

 

 

 

 

 

 

Mark Casady is Chairman and CEO of LPL Financial Holdings. 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's recent comments have included:

  • “Regulation speaks for itself. When times get tough, add more lawyers”
  • “I am encouraged about the long term view for America because teens today are an incredibly entrepreneurial group”
  • "There is a rhythm to business. And I think success in part is about understanding that rhythm, that is a natural part of the business, and understanding the way to know when you are in the right vein of that rhythm and when you are not"
  • "The technologies, tools, and support services we provide ultimately translate to our advisors having more time to focus on what matters most to them: meeting the needs of their clients"
  • "The success of our business depends on the success of our people. We need to attract the very best talent and then put them in position to do great work and to feel that they are contributing to something meaningful – because they are"

Don Phillips
(Managing Director, Morningstar)

 

 

CEO Summit XXVIII
Speaker

Don Phillips (Managing Director, Morningstar & Tiburon CEO Summit Award Winner)


 

 

 

 

 

 

 

Don Phillips is a Managing Director at Morningstar. Previously Mr. Phillips oversaw the firm’s global fund, equity, & credit research. 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 Rating, and other distinctive proprietary Morningstar innovations that have become industry standards.

Mr. Phillips' recent comments have included:

  • “My son’s image of Wall Street, of our industry, is Jim Cramer. It is not a positive one”
  • “Online advice is going to marry with financial advisors to offer incredible tool kits which are going to serve the younger generation. I am quite optimistic about it. I see technology & better training coming together to meet this challenge”
  • "Costs, transparency, & investor protections are better in the US fund market than in any other"
  • "Mutual funds are the vehicle of choice for America’s middle class. They are something to champion and export”
  • “Asset managers must prove that they align their interests with Main Street, not Wall Street"

Mike Alfred
(CEO, Brightscope)

 

 

CEO Summit XXVIII
Speaker

Mike Alfred
(CEO, Brightscope)


 

 

 

 

 

 

 

Mike Alfred is CEO of BrightScope. Mr. Alfred is responsible for the strategic vision and leadership of the company. Previously, Mr. Alfred was the co-founder and portfolio manager of Alfred Capital Management, an independent registered investment firm located in La Jolla, CA. He has been a financial advisor and portfolio manager since 2003. Mr. Alfred is a dynamic thinker capable of developing and implementing cutting-edge business models and effective marketing strategies. He is also a proven relationship builder who excels at establishing key partnerships. A noted and quoted 401k and financial expert, Mr. Alfred has appeared on CNBC, ABC News, Fox Business News, National Public Radio, and in The Wall Street Journal, The New York Times, Harvard Business Review, USA Today, Forbes, BusinessWeek, Bloomberg, Reuters, Fast Company, Inc, Wired, US News & World Report, CNN/Money Magazine, SmartMoney, theStreet.com, Kiplinger, Pensions & Investments, Employee Benefit Adviser, The San Diego Union-Tribune, The San Diego Business Journal, & many others. Mr. Alfred and his brother, BrightScope president Ryan Alfred, teach financial literacy to grade school and high school students. In addition, he mentors other aspiring entrepreneurs both informally and through organizations like the Founder Institute. He is a member of the board of directors at CONNECT and the San Diego Software Industry Council.

Mr. Alfred's recent comments have included:

  • “AdviceMatch is the next evolution of BrightScope’s Advisor Pages offering, which was created to help investors research and make a well-informed decision when it comes to choosing who manages their money. This platform makes it even easier to choose the most appropriate financial advisor by delivering personalized recommendations that also take the how into account, revealing if an online advisory service should be considered”
  • “It [high fees] has a significant impact. If you are paying two percent over a 30- or 40-year career, that is compounded... you could be talking about literally hundreds of thousands of dollars"
  • “We have finally reached the point where there will be more money going out of 401(k) plans than coming in and the industry has to evolve and address that real issue. I think this [acceptance of annuities] is inevitable and it is not a step backwards”
  • "The conflicts in the 401(k) business have been inherent since the beginning of the industry. Recordkeeping as a standalone is at best a very low-margin business. Most recordkeepers only get profitable by selling proprietary funds, collecting high-revenue sharing payments from non-proprietary funds, or capturing rollovers

Anil Arora
(CEO, Yodlee)

 

 

CEO Summit XXVIII
Speaker

Anil Arora
(CEO, Yodlee)


 

 

 

 

 

 

 

Anil Arora is President & CEO of Yodlee. Under his leadership, Yodlee has been a disruptive catalyst for change in the financial industry by pioneering a unique cloud-based platform. Today, Mr. Arora is helping Yodlee lead the charge for the safe use of global financial data to accelerate innovation and transform the delivery and use of digital financial services. Mr. Arora has extensive experience building some of the world’s most recognized brands at companies like General Mills, Kraft, and Gateway, as well as innovating new market strategies and increasing the lifetime customer value for companies in a variety of industries.

Mr. Arora's recent comments have included:

  • “We are in the early innings of our vision to transform financial services by improving and simplifying the lives of anyone with a financial account. As the leading financial cloud platform, there is a massive addressable opportunity to power digital financial solutions for over two billion financial users globally across both financial institutions and internet innovators”
  • “Our growth is a function of executing on our stated three key strategies: one, growing our subscription revenue and increasing penetration at existing financial institutions, while adding new customers globally; two, driving user growth and subscription revenue with emerging Internet digital financial service providers who have enormous potential by adding new customers around the globe and with new used cases; three, leveraging our unique big data assets and analytics to further accelerate subscription revenue with existing and new customers. Our subscription revenue is experiencing strong growth driven by all three of these key strategies”
  • “The most exciting aspect of our growth opportunity with financial institutions and internet innovators is that we believe that the best is still ahead of us”
  • “One interesting example of the power of Yodlee data analytics is how we have worked closely with an innovative food company to develop their marketing strategy based on consumer spending trends. Their chief marketing officer shared with us that they have shifted the majority of their research spending to Yodlee data analytics due to the power of Yodlee data. For us, the data business is additive across the board. It is an incremental revenue opportunity with both existing and entirely new customers and perhaps as important it is sticky”
  • “The Yodlee Financial Cloud is uniquely positioned to drive innovation and is transforming digital financial services among Financial Institutions as well as Internet innovators. We are excited about Yodlee's market opportunity, and our recent IPO was a seminal milestone for our company and provides the strategic position to continue to drive growth"

Jud Bergman
(CEO, Envestnet)

 

 

CEO Summit XXVIII
Speaker

Jud Bergman
(CEO, Envestnet)


 

 

 

 

 

 

 

Jud Bergman is Chairman and CEO of Envestnet. Mr. Bergman is responsible for leading the Envestnet organization, and focused on guiding the company’s strategy, as well as organizational and business development. Under his guidance the firm has become the largest wealth management platform for independent financial advisers. Prior to founding Envestnet, Mr. Bergman was the managing director, Nuveen Mutual Funds, for Nuveen Investments. In this role he was responsible for the profitable growth of Nuveen’s mutual fund business and was a member of Nuveen’s Investment Management Committee. From 1992 to 1997, Mr. Bergman directed Nuveen’s Corporate Development activity, where he initiated the development of Nuveen’s separately managed account business and helped guide the firm’s expansion into a diversified investment manager beyond municipal investments.

Mr. Bergman's recent comments have included:

  • “Giants are not what we think they are. The same qualities that appear to give them strength are often the sources of great weakness... in today’s advisory world, one of the Goliaths is the wirehouses; we established Envestnet to enable the independent to compete against the wirehouses”
  • “I was a reluctant entrepreneur. There was never an aha moment, just a growing conviction that this was a good thing to do”
  • “The [disruption] movement could not have happened without the introduction of new technology and services to meet the growing independent adviser population. Disruptive innovation as a whole is powered by technology - the Model T disrupted the horse carriage industry; more recently, the smart phone disrupted the market for personal computers”
  • “The right technology solutions provide not just full transparency on fees, but give advisers a broader picture of their clients' portfolios and entire financial picture. By combining best practices for tax-optimized portfolio management, multi-custodial consolidated reporting and unified fund and manager research, disruptive advisers see how different pieces of their work impact each other, which ultimately leads to more informed decision making and better outcomes for their clients”
  • “No business is invulnerable to disruptive technology - not even disruptive technology startups. But by making technology work in their favor, maintaining the mindset of the disruptor, and embracing unifying technology that fortifies their practices and empowers them to leverage their services in new ways, independent advisers will go a long way to securing their own business future”

Brad Bernstein
(Partner, FTV Capital)

 

 

CEO Summit XXVIII
Speaker

Brad Bernstein
(Partner, FTV Capital)


 

 

 

 

 

 

 

Brad Bernstein is a Partner at FTV Capital. He joined FTV Capital in 2003 and is the head of the firm’s New York office. Mr. Bernstein has seventeen years of private equity experience. Prior to FTV Capital, he was a partner at Oak Hill Capital Management and its predecessors where he managed the business and financial services group. Mr. Bernstein began his private equity career with Patricof & Company Ventures and started his professional career in the investment banking division of Merrill Lynch in New York.

Mr. Bernstein's recent comments have included:

  • “Our team has already invested $170 million in five exciting new FTV IV portfolio companies which achieved aggregate revenue growth of 49% in 2013. The new capital will enable us to continue to partner with proven, motivated management teams in highly attractive businesses, where our contributions can help accelerate revenue growth, profitability and compelling returns for our investors”

Marty Bicknell
(CEO, Mariner Holdings)

 

 

CEO Summit XXVIII
Speaker

Marty Bicknell
(CEO, Mariner Holdings)


 

 

 

 

 

 

 

Marty Bicknell is the CEO of Mariner Holdings, the parent company of Mariner Wealth Advisors and Montage Investments. He serves on the board of directors for all of Mariner Holdings’ subsidiaries. Prior to forming the firm in 2006, Mr. Bicknell was senior vice president of investments at A.G. Edwards & Sons, where he led a staff of professional financial consultants in providing customized wealth management solutions for public and private corporations, high-net- worth individuals and their families, and charitable organizations. Mr. Bicknell has provided counseling on a wide range of financial matters to small- and medium-sized businesses. As a recognized leader in the field of financial problem-solving for companies and their executives, Mr. Bicknell has been a valuable resource for other successful entrepreneurs. He has extensive personal and professional experience in the realm of closely held family businesses and the unique complexities within those types of organizations. From strategic planning for long-term goals, to succession planning and wealth transfer, he brings with him a breadth of knowledge that encourages creative thought and visionary solutions. Mr. Bicknell serves on the board of directors for the Catholic Foundation of Northeast Kansas, the American Royal, the KU Advancement Board for the University of Kansas Medical Center, and on the MRIGlobal Board of Trustees. He is a member of the Young Presidents Organization (YPO) and is a board member for the Civic Council of Greater Kansas City. He is also involved in supporting several organizations through his sponsorship and committee participation, including Marillac, the Juvenile Diabetes Research Foundation (JDRF), KU Med Cancer Care and Youth Entrepreneurs. Barron’s has ranked Mr. Bicknell and the teams at Mariner among the top financial advisors nationally for the past few years, including as the #1 advisor in the state of Kansas for 2009, 2010, 2011, 2012 and 2013.

Mr. Bicknell's recent comments have included:

  • “In 2014, we added really close to $2.0 billion in assets under management of acquisition. From a size standpoint, it is not far behind 2012 when we did four transactions. If we could find four $1.0 billion firms that fit all of our criteria, we would buy them”
  • “Our leverage ratios are very conservative. It is really all about timing and being able to take advantage of opportunities when they present themselves. As a closely held business with no outside shareholders our risk is 100% our own risk. We are extremely conservative in how we view that”
  • “Now is an exciting time in our firm's history. We have reached a point in our growth where we have the opportunity to expand our services and provide a greater level of support to our clients. I know, as does everyone else here, that our greatest assets are the dedicated professionals who choose to work here. I look forward to expanding our team and adding even more talent and experience to the Mariner family”
  • “Our exposure to the Northeast is growing which is what we want. Frankly, we want quality advisors who have our same culture and focus on clients first. The actual location is a secondary question for us as long as they are in a community where they can grow”
  • “The launch of Mariner Consulting is in direct response to feedback we have received from our clients that they require additional assistance with tax planning and advice related to tax strategies”

Tom Bradley (President, Retail Distribution, TD Ameritrade)

 

 

CEO Summit XXVIII
Speaker

Tom Bradley
(President, Retail Distribution, TD Ameritrade)


 

 

 

 

 

 

 

Tom Bradley is President of Retail Distribution at TD Ameritrade. Mr. Bradley’s responsibilities include the company's branch network, marketing, investor service and sales call centers, guidance solutions, investment products and investor education businesses. He also serves as a member of the company's senior operating committee, which shapes the strategic focus of the organization. Mr. Bradley has nearly three decades of experience in the financial services industry, starting as a financial advisor with Northwestern Mutual Life and RW Baird & Company. He joined TD Waterhouse in 1986 and continued with the firm until it merged with Ameritrade in 2006 to form TD Ameritrade. At TD Waterhouse he was responsible for correspondent clearing and capital markets businesses, and he also launched what is now known as TD Ameritrade Institutional1, supporting independent registered investment advisors (RIAs). In his most recent role, as president of TD Ameritrade Institutional, Mr. Bradley was responsible for all business functions, including independent RIA services segment and corporate services business. Over his tenure, he built a reputation for his advocacy efforts particularly with respect to those issues impacting RIAs. Mr. Bradley was recently awarded the 2013 Pioneers in Financial Services Award by William Paterson University's Cotsakos College of Business. In 2011 he was named one of the 25 most influential people in the RIA community by Investment Advisor magazine, an honor he received in 2004, 2006 and 2009 as well. He was named Visionary of the Year by Texas Tech University’s Division of Personal Financial Planning in 2008. The National Association of Personal Financial Advisors (NAPFA) also recognized Mr. Bradley with the 2006 Special Achievement Award.

Mr. Bradley's recent comments have included:

  • “We have no mass expansion planned. Our model shows we have got enough brick-and-mortar branches. For folks who do not like brick and mortar we have got the online options. We find that you do not need a lot of boots on the ground. It is a different model. Most of our clients have a strong self-directed approach. Our investment consultants are there to provide them with guidance and get them to the right place”
  • ”It is slow going but I think it is still a lot better than when I started 28 years ago. There are more and more women who are choosing financial services. But I think it is still male-dominated. Women control a significant amount of wealth in America. We are trying to learn how to effectively attract women into a franchise. We are not striking gold yet but we have found a few things to be effective”
  • “Our model is designed to be conflict-free and offer investors a range of objective, unbiased investment solutions. We leverage technology and build great tools and products for investors who are self-directed or who need a little guidance. And, for clients who require or want a more high-touch experience, we refer them to an independent RIA. We believe in this model because we understand that investors want objectivity and the flexibility to choose the solution that is right for them at any given time throughout their life stages”
  • “There are 50 trillion dollars in investable assets in the United States. Talk about an incredible opportunity for us and our industry. But to really maintain a leadership position in the long-term investing space, it is critical to evolve both the online and offline experience for the end customer. From accessible brick and mortar branches to 24/7 call centers to the most engaging digital and wireless offerings, today's investors expect the most comprehensive solutions to meet their financial goals”
  • "When it comes to regulation, we need better, not more"

Roy Burns
(Managing Director, TA Associates)

 

 

CEO Summit XXVIII
Speaker

Roy Burns
(Managing Director, TA Associates)


 

 

 

 

 

 

 

Roy Burns is a Managing Director of TA Associates, where he focuses on investments in high growth financial and business services companies with an emphasis on technology and service providers in investment management and electronic payments. Mr. Burns serves on the Board of Directors of NorthStar Financial Services (pending closing), BluePay Processing, Stadion Money Management and First Eagle Investment Management (observer). He formerly served on the Boards of Dealer Tire and K2 Advisors. Prior to joining TA Associates, Mr. Burns was in equity investments at Davidson Kempner Partners and in high yield & leveraged finance for Banc of America Securities.

Mr. Burns' recent comments have included:

  • “NorthStar and its talented management team have created a platform that serves multiple channels within the global wealth management industry, from money management and pooled investment solutions to integrated technology and compliance services. NorthStar’s compelling business model adds value for its clients, resulting in an excellent record of growth. TA Associates’ considerable experience in financial services enables us to offer strategic counsel and resources to augment NorthStar’s organic growth and pursue strategic acquisitions to build long-term value”
  • “Finding a collection of these assets all under one roof is quite unique. Based on the end markets that NorthStar serves, they are a direct beneficiary of the growth in independent financial advisors and RIAs. If you look at the numbers of registered investment advisors that are being created and the accounts and assets that they are advising on, it is one of the fastest growing areas within financial services”
  • “TA’s business model is to back talented management teams of great businesses and assist them in achieving and maintaining a high growth rate over a long period of time. We are not focused on maxing a business in the short run. We want to build companies of consequence that can achieve and sustain leading market share and profitability over the long run, which benefits customers, employees and shareholders”
  • “We are proud of our successful history of investing in the asset management space. These are outstanding businesses that differentiate themselves on the basis of their intellectual capital and make a real impact on clients. TA has made sixteen investments in this industry over the last 25 years making us among the most active private equity investors in the industry. Investing in this market successfully requires substantial industry knowledge and a reputation for being highly respectful of each firm’s unique culture”

Bob Caruso
(Chairman, Impact Republic)

 

 

CEO Summit XXVIII
Speaker

Bob Caruso
(Chairman, Impact Republic)


 

 

 

 

 

 

 

Bob Caruso is Chairman of Impact Republic, an investment and brand management firm. Prior to founding Impact Republic, Mr. Caruso was a managing partner and president of Select Equity Group, an employee-owned registered investment adviser managing in excess of $10.0 billion in client funds. Prior to that, Mr. Caruso was a managing partner, chief operating officer and a member of the board of directors of Highbridge Capital Management and co-managed the sale of Highbridge Capital Management to JP Morgan Chase & Company in late 2004. Prior to Highbridge Capital Management, Mr. Caruso was a managing director, chief financial officer, and treasurer of Robertson Stephens, a San Francisco based global investment bank. He is on the board of trustees of Saint Joseph’s University, the Princeton Healthcare System, & the McCarter Theater Center. Mr. Caruso is also the founder and chairman of The Kantian Foundation, a private non-profit foundation focusing on impact investing.

Mr. Caruso's recent comments have included:

  • No matter how much wealth you accumulate, you will always be somebody’s b****, so get over it”
  • “You need a sustainable business model in order to invest in socially responsible assets”

Todd Clarke
(CEO, CLS Investments)

 

 

CEO Summit XXVIII
Speaker

Todd Clarke
(CEO, CLS Investments)


 

 

 

 

 

 

 

Todd Clarke is CEO of CLS Investments. Mr. Clarke joined CLS Investments in 1992 as a wholesaler. Before becoming CEO, Mr. Clarke also held positions as sales manager, executive vice president of sales and marketing, and president. In his current role, Mr. Clarke is responsible for overseeing all aspects of sales and marketing, portfolio management, and business development. Outside CLS Investments, Mr. Clarke participates in the TDAmeritrade Advisory Panel as and has served as a Millard Public Schools Foundation board member.

Mr. Clarke's recent comments have included:

  • “There are individuals that enjoy managing portfolios - they use ETFs as well, but eventually, they are going to pass on and they need to have a back-up plan for their heirs. The same holds true for advisors. Advisors need to have a back-up plan as well and I think that is why there is so much talk today about succession planning. Unfortunately we have equated succession planning to selling your business. I am finding a lot of advisors that are not prepared to sell their business”
  • “You have to reinvent yourself. A third of the advisors today are between 55-65 years old. They are not really prepared themselves to retire... a lot of the advisors are helping individual investors retire... but they are not prepared themselves. And so what we have found is that in addition to enjoying their business, they have the need to stay in their business... so rather than sell, they have to reinvent”
  • “We believe that in order to reinvent themselves, advisors have to be thinking about the type of the practice they want to have in their twilight years... they may need to outsource their non-core competencies so that they can work with a select group of clients. They need to have junior advisors that help to fuel growth. By doing that they can hold on to what they really enjoy about the business”
  • “We are a young industry, if you think about financial planning and money management. And it is exciting. As long as you have the ability to build relationships with clients, why not stay in this. And continue to allow the asset of your business to allow you to live the life you want to live and provide that service to clients that you are capable of”
  • “Options are emerging for succession planning beyond the typical solution of selling a practice. For many advisors, selling their businesses will not provide the financial means to fund their own retirements. In addition selling may not be in the advisor’s best interest, or may not be what the advisor truly wants with his or her careers”

Gil Crawford
(CEO, MicroVest Capital Management)

 

 

CEO Summit XXVIII
Speaker

Gil Crawford
(CEO, MicroVest Capital Management)


 

 

 

 

 

 

 

Gil Crawford is CEO of MicroVest Capital Management. Mr. Crawford has held this position since its founding in 2003. This has included the launch of MicroVest I, LP, the first commercial private equity vehicle focused on microfinance in North America and seven other vehicles. Mr. Crawford has over 25 years of experience with microfinance institutions and capital markets across the globe. Prior to the founding of MicroVest Capital Management, Mr. Crawford worked for the Latin American Financial Markets Division at the International Finance Corporation (IFC), and focused on investments in microfinance institutions. Prior to joining the IFC, Mr. Crawford created and ran Seed Capital Development Fund which focused on in creating financial instruments and attracting funds to capitalize emerging markets microfinance institutions. Prior to that, Mr. Crawford was the assistant project director for Africa Venture Capital Project, designed to create risk capital firms in Africa. Mr. Crawford received his bank training at Chase Manhattan Bank after working in Africa for the Red Cross and State Department. Mr. Crawford was an adjunct professor at Johns Hopkins SAIS from 2010 to 2014. He serves on the boards of Lumni and the Tunisian American Enterprise Fund, which began operating in July 2013, SFC a Sub-Saharan SME finance corporation and he is also an independent director of American Capital Senior Finance.

 

Mr. Crawford's recent comments have included:

  • "Micro investing has learned to serve the lower quartile of individuals”
  • “There are 2 billion people in emerging markets without access to capital”
  • “Micro finance risk adjusted returns have proven to be more robust than institutional investors”
  • “At MicroVest we feel that we are able to produce risk adjusted financial returns for our investors not despite the social lens of our investment process, but because of it. We believe that financial institutions that invest in the real economy and treat their clients with respect will outperform”
  • “MicroVest and other impact investment vehicles now have the track record and scale to attract institutional investors that are solely focused on risk, return and liquidity"

 

Tim Draper
(Founding Partner, Draper, Fisher, & Jurvetson)

 

 

CEO Summit XXVIII
Speaker

Tim Draper
(Founding Partner, Draper, Fisher, & Jurvetson)


 

 

 

 

 

 

 

Tim Draper is Founding Partner of Draper, Fisher, & Jurvetson and Draper Associates, both leading venture capital firms. Mr. Draper's original suggestion to use viral marketing in web-based email to geometrically spread an Internet product to its market was instrumental to the successes of Hotmail, YahooMail, & Gmail and has been adopted as a standard marketing technique by thousands of businesses. Venture capital successes include Skype, Overture, Baidu, Tesla, Theranos, Parametric Technology, Hotmail, Digidesign, Twitch.tv, & hundreds of others. As an advocate for entrepreneurs and free markets, Mr. Draper is regularly featured as a keynote speaker in entrepreneurial conferences throughout the world, has been recognized as a leader in his field through numerous awards and honors, and has frequent TV, radio, & headline appearances. Mr. Draper was ranked 52 on the list of the 100 most influential Harvard Alumni, and seven on the Forbes Midas List. He was named Always-On’s top venture capital deal maker for 2008. He was awarded the Commonwealth Club's Distinguished Citizen Award for achievements in green & sustainable energy. To further encourage entrepreneurship, Mr. Draper has started BizWorld.Org, a non-profit organization for children to learn entrepreneurship, Draper University of Heroes, a school for entrepreneurs between the ages of eighteen and twenty eight, and he leads SixCalifornias, an initiative to improve the governance of California.

Mr. Draper's recent comments have included:

  • “I grew up in the Silicon Valley when it was a bunch of apricot groves, and now it is this center of incredible activity. So I have this sense of what technology has done for this region, and I want to spread it to the world”
  • “It [Draper University] all revolves around growing entrepreneurs and providing deal flow for Draper Associates. We want to provide as much service as possible for entrepreneurs because we want to continue to attract the best from all over the world”
  • “Optimism, when there are pitfalls, [allows] you to skate right over them. And you keep going forward. You just say, OK, this is a setback and now we have to do this… the table got turned, the pieces moved, and now I have got to reset my goals. But an optimist will find a new direction that will eventually get to that final goal. I think that is probably the thing that drives the best entrepreneurs. The ones who are willing to live with the feeling that people around them might think they are a little bit crazy”
  • ”Some of our best successes at Draper University of Heroes have been women. We have some amazing women that have come through. One third of the students are women, and their success rate is really high. It is because they say that women have to know 80 percent of what they have to do before they are willing to take a chance and start a business, while men only need 20 percent. Well, when they come to Draper University of Heroes, the women realize they are already like 60 percent of the way there and they might as well take the step. Then those women become very successful”
  • ”The great thing is that they [average investors] can now do a lot. They can go to AngelList or FundersClub and participate in start-ups. My advice is to diversify heavily, because our business is one where you really need a lot of shots on goal. Or they can invest in funds like ours, which have consistently shown they are good at it. I do believe that venture capitalism is in for another major run, by the way"

Ric Edelman
(CEO, Edelman Financial Services)

 

 

CEO Summit XXVIII
Speaker

Ric Edelman
(CEO, Edelman Financial Services)


 

 

 

 

 

 

 

Ric Edelman is Chairman and CEO of Edelman Financial Services, which manages $14.4 billion for 26,000 clients, with 41 offices coast-to-coast. Mr. Edelman has been ranked three times the #1 Independent Financial Advisor in the nation by Barron’s. Mr. Edelman has hosted a weekly national radio show for the last 24 years; his weekly television show on PBS is in its fourth season and now airs throughout Asia; and he is a #1 New York Times bestselling author who has published eight books on personal finance. In 2013, RIABiz.Com named Mr. Edelman one of the ten most influential figures in the investment advisory field. Mr. Edelman is a member of Research magazine’s Financial Advisor Hall of Fame and the CNBC Digital Financial Advisors Council, and in 2015 he was named Distinguished Lecturer at Rowan University. He serves on volunteer boards for the Boys and Girls Clubs and Wolf Trap Foundation. His firm has won more than 100 business, advisory, communication and community service awards. Mr. Edelman is an Investment Advisor Representative offering advisory services through EFS. He is a registered Principal of (and offers securities through) Sanders Morris Harris, an affiliated broker/dealer, member FINRA/SIPC.

Mr. Edelman's recent comments have included:

  • “It is not necessary for firms to have women as advisors in order to serve women as clients. What is important is that all the advisors, regardless of their sex or their race or their age, be able to talk effectively to women. And that means learning to listen. Learning how to understand what is truly motivating women. Recognizing that for women it is about value. It is not about performance. It is not about the market. It is all about meeting and understanding their values”
  • “We need a CEO for succession purposes, but I am not going anywhere. It will enable me to focus on the strategic direction of the firm, and my focus will be on our client facing activities, our financial planning, and our financial education activities. The CEO, chief operating officer, and chief financial officer can focus on running the company on a day to day basis”
  • “We compete with advisors all of the time, and the reason we are able to win so often is because most advisors’ value proposition is price and performance. If that is your value proposition, you will get crushed by this guy [Adam Nash of Wealthfront] because you cannot do it cheaper and you cannot make more money for your clients. So it is vital to us to offer something else as a value proposition. At our firm, that something else is a personal relationship, with broad-based financial planning and a goals-based environment covering every aspect of a client’s personal finances - which is something Wealthfront and the other online financial advisors simply cannot do – at least not yet”
  • “If we do not innovate and do not stay state-of-the-art technologywise, we too will get crushed by the technology revolution”
  • ”The fact is the technology is here to stay, whether Wealthfront survives or not. They are the pioneers, and we all know pioneers get arrows in their back and it is the settlers who follow them who succeed. All it takes is Vanguard and Schwab and Fidelity to say, I think we are going to get into this business. Oh, wait a minute, all three of them already have”

Tad Edwards
(CEO, Benjamin Edwards & Company)

 

 

CEO Summit XXVIII
Speaker

Tad Edwards

(CEO, Benjamin Edwards & Company)


 

 

 

 

 

 

 

Tad Edwards is CEO of Benjamin Edwards & Company. Mr. Edwards founded Benjamin Edwards & Company in 2008 at the height of the financial crisis. He envisioned a private, entrepreneurial firm, dedicated to providing informed investment advice, in a high-touch, service-oriented atmosphere, focused on clients and helping them meet their financial goals. Since then, Mr. Edwards and his team have worked to bring his vision to life. Just five years after opening its first branch, the firm has 49 offices, in 24 states, nearly 200 financial advisors, and 425 total employees. Prior to founding Benjamin Edwards & Company, Mr. Edwards worked for AG Edwards, a firm founded by his great-great-grandfather. He started out in the company’s personnel department in 1977 and later worked with clients as a financial advisor and eventually a branch manager. Mr. Edwards moved to the firm’s corporate headquarters as a regional manager, and later as the director of the sales & marketing division. As division director, he assumed responsibility for a number of core functions including the fixed income and NASDAQ trading desks, equity research, private client services, investment advisory programs & services, syndicate, & corporate communications. Mr. Edwards also served on the boards of directors for AG Edwards and its brokerage subsidiary, AG Edwards & Sons. In 1998, he was named vice chairman of the holding company board and appointed president of the brokerage in 2001. He was also a member of the firm's executive committee. In 2002, Mr. Edwards returned to branch management and remained on the brokerage board.

 

Mr. Edwards' recent comments have included:

  • “What are advisors looking for and why is Edwards gaining traction? As I continue to meet with advisors, I have identified these primary factors. First, financial advisors want to control their destiny and their client relationships and have the freedom to handle their clients as they see fit. Second, they want to be empowered with the tools necessary to meet their clients’ needs. Third, they want to be part of a culture that truly puts the client first. Third, they want to be at an entrepreneurial firm where they can be an equity owner. Fourth, they want a firm behind them with a solid brand and reputation our firm continues to build and develop”
  • “When the markets or the economy might be in a downturn, I try to see those times as opportunities rather than barriers”
  • “There has been a trend of advisors leaving the wirehouses to go to the independents and regionals. We have the brand and reputation of the big firms with our name and we have all the products, too, but we have an independent family feel to our firm. I think a lot of people are looking for a place where they can own their own business, feel independent and recommend what is best for their client”
  • “The next generation is used to working online. We as an industry need to learn to understand their world and what they need. We will. There is a next generation at our firm, too”
  • “We are interested in people who have integrity, character and ability across the industry. We have 47 offices in 24 states. But the size is far less important than the quality of the people we hire. We have turned down a number of opportunities because it was not the right fit for us or for them”

Alexandra Lebenthal
(CEO, Lebenthal Holdings)

 

 

CEO Summit XXVIII
Speaker

Alexandra Lebenthal(CEO, Lebenthal Holdings)


 

 

 

 

 

 

 

Alexandra Lebenthal is CEO of Lebenthal Holdings, a firm that was founded by her grandparents as a municipal bond specialist in 1925. Ms. Lebenthal joined the company in 1988 and became CEO in 1995. She remained at the firm after its sale in 2001 and started it anew in 2006 as a woman-owned firm specializing in capital markets & wealth management. Ms. Lebenthal was named one of Crain's New York Business' 100 most influential women in New York City business and one of Wealth Manager magazine's top 50 women in wealth management in 2009. Lebenthal Holdings was also one of Crain's New York top women owned companies in 2011. Ms. Lebenthal is a CNBC contributor. Her novel The Recessionistas was sold to USA Networks. She is co-founder of the Women's Executive Circle, a group of high-profile Jewish women who mentor other women under the auspices of United Jewish Appeal. She is also on the Board of the Committee of 200 and the WIE Network.

 

Ms. Lebenthal's recent comments have included:

  • “Not since the Great Depression have we witnessed more suspicion and fearmongering with regard to the creditworthiness of municipal issuers. Not since the 1986 Tax Act have we seen a greater effort by Congress to dilute the effectiveness of tax-exempt financing for state and local governments. Not since the ultra-low interest rates of the Eisenhower years has there been such pressure on yields. Not for generations has our country’s infrastructure been in greater need of replacement and repair. And never before have we seen such an assault on the capital-structure seniority of municipal bondholders. Tax-free municipal bonds are an absolute necessity for our country - for investors and for issuers - and I feel the nation is losing its focus”
  • “With so many incipient threats to the municipal bond market, not only must the market remain vigilant in respect of any escalation of those threats, but a renewed effort must begin to remind the country of the many blessings of municipal finance”
  • “We have expanded our capabilities since inception to become more of a full service wealth advisory platform with divisions in municipal bonds, capital markets, asset management (run by my brother Jimmy) and family office services”
  • “I think we are at the tipping point when the investing world has come to realize that there is money to be made from women-owned or women-led companies”
  • “It is not always easy being a woman in this business. Oftentimes we are the only one, or one of just a few women in an office of all men. Office managers may not know how to deal with female advisor as well as they do with male advisors. Young female financial advisors often sound and look younger than they are, making it harder for them to project and image of confidence. And sadly, sexism still exists”

Jim Lockhart
(Vice Chairman, WL Ross & Company)

 

 

CEO Summit XXVIII
Speaker

Jim Lockhart

(Vice Chairman, WL Ross & Company)


 

 

 

 

 

 

 

Jim Lockhart is Vice Chairman of WL Ross & Company. His responsibilities include overseeing financial services portfolio companies and sourcing new opportunities in the financial services industry. Mr. Lockhart previously was the director of Federal Housing Finance Agency and chairman of its Oversight Board, and director of its predecessor agency, the Office of Federal Housing Enterprise Oversight. He also served on the Financial Stability Oversight Board, overseeing the TARP Program. Mr. Lockhart was the deputy commissioner and chief operating officer of the Social Security Administration and executive director of Pension Benefit Guaranty Corporation. Mr. Lockhart's private sector financial services experience includes senior positions at an investment bank, reinsurer, insurance broker, risk management firm and major oil company. He also served as an officer aboard a nuclear submarine.

 

Mr. Lockhart's recent comments have included:

  • “The Federal Government is going to continue to repurchase bonds and keep their portfolio at a very high level”
  • “Both the Federal Government and the Treasury at the beginning were buying mortgage-backed securities. I thought that was an important thing to do to show confidence in the marketplace and also bring those spreads down that had gotten quite large”
  • “The big 900-pound gorilla, Fannie Mae and Freddie Mac, has not been addressed. They were addressed at the beginning by putting them into conservatorship. I think this conservatorship has worked. But at this point we need to address the future of Fannie and Freddie”
  • “Fannie and Freddie could be packagers, just like the private sector. They would purchase the mortgages and package them up, and other companies can do that. If it is Fannie and Freddie, they should be a purely private-sector company. They should not have a charter from the government. They should be basically reconstituted as new companies”
  • “The issue in my mind is that many investors have been pretty stung by private-label mortgage-backed securities, and it will take a while for them to really understand that there is real transparency. Some people have suggested we almost need some form of new trustee to actually do some things that the trustees did not do in the past, which is actually look at the underlying mortgages and spell out what the rules of the road are - and I think that will help get the investors back”

Steve Lockshin
(Founder, Convergent Wealth Advisors)

 

 

CEO Summit XXVIII
Speaker

Steve Lockshin
(Founder, Convergent Wealth Advisors)


 

 

 

 

 

 

 

Steve Lockshin is Founder of Convergent Wealth Advisors. Mr. Lockshin helped pioneer the independent advisory industry when he founded what eventually became Convergent Wealth Advisors in 1994 (Convergent Wealth Advisors was formed in 2007 when Lydian Wealth Management was acquired by City National Bank). Under Mr. Lockshin’s leadership Convergent Wealth Advisors became one of the nation’s leading wealth management firms, providing investors with objective advice, flexible investment solutions, and complete transparency. Mr. Lockshin is also founder and principal of Advice Period. Mr. Lockshin is widely known for his contemporary approach to wealth advisory as well as his estate planning knowledge and is a frequent speaker on both topics. He recently memorialized his concerns about conflicts of interest in the industry in his guide for consumers, Get Wise to Your Advisor. Mr. Lockshin plays an active role at Betterment Institutional where he is focused on enabling advisors to more efficiently operate their businesses and better serve their clients. Mr. Lockshin has received many industry accolades, including being ranked by Barron’s as the top financial advisor in California for the past two consecutive years. He ranked second on the Barron’s top 100 financial advisors list in 2013, his third straight year as one of the top three advisors in the nation. In 2010, Washingtonian magazine named Mr. Lockshin as one of the top financial advisors in the Washington, DC area. He is a champion for the fiduciary standard and consumer education in financial services. In 2012, in an attempt to unify the industry by providing a simple set of standards for consumers, Mr. Lockshin helped launch Advizent. Mr. Lockshin has been a member of the Young Presidents Organization since 1998.

Mr. Lockshin's recent comments have included:

  • “Everyone in the financial advisor industry has their heads in the sand in regards to emerging technologies”
  • “The financial advice industry has more built-in conflicts of interest than almost any other industry”
  • “Financial advisors who must meet a suitability standard are required only to offer financial advice that it suitable for their clients, which means they can suggest products that earn them big commissions but that are not necessarily the best choice for the client. Financial advisors who must meet a fiduciary standard are legally obligated to put their clients’ interests first”

Erica McGinnis
(CEO, AIG Advisor Group)

 

 

CEO Summit XXVIII
Speaker

Erica McGinnis

(CEO, AIG Advisor Group)


 

 

 

 

 

 

 

Erica McGinnis is CEO & President of AIG Advisor Group, one of the nation’s largest networks of independent broker-dealers. Ms. McGinnis is responsible for the management of more than 800 employees, who serve the needs of over 6,000 total licensed advisors affiliated with FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial. As President and CEO of AIG Advisor Group, she is also responsible for defining the strategy and driving the growth and innovation that has positioned AIG Advisor Group as the premier open-architecture firm in the independent advisor channel. Ms. McGinnis began her career in 1993 in Minneapolis with IDS Financial Services (known today as Ameriprise Financial) where she held various positions in operations, training and compliance. In 2001 she moved to Wells Fargo Investments, then to Charles Schwab before joining AIG Advisor Group in 2004. Ms. McGinnis’ first position with AIG Advisor Group was as the director of branch exams where she was responsible for consolidating each of the broker-dealer exam teams into one network department. She later took on additional responsibilities to lead the Policy Development and Compliance Training & Education teams. In 2008, AIG Advisor Group decided to separate the supervision functions from sales management. McGinnis led that organizational effort and managed the AIG Advisor Group Supervision organization for just over four years. In January 2013, Ms. McGinnis was named AIG Advisor Group’s chief compliance officer. She assumed her current role in October of 2013.

 

Ms. McGinnis' recent comments have included:

  • “Succession planning and addressing the growing need for younger advisors are key issues in our industry today. We are dedicated to affiliating next generation advisors at each of our four broker-dealers and having seven advisors ranked among the top 50 on this list reinforces our efforts”
  • “One metric we are watching is average GDC [or fees and commissions] per rep, which we have seen go up by 7% this year, and that is without trying, in my opinion”
  • “We want to move beyond just recruiting one advisor or team at a time, though that is critical. We also want to see what acquisitions make strategic sense”
  • “Not everyone is looking at big broker-dealers like Nicholas Schorsch. The business is becoming harder in their regulatory environment, and there are great [smaller] deals out there”
  • “We are keenly focused on recruiting more women to the financial services industry. Attracting more women and talented young adults to this profession is imperative to our success, not just as a company, but as an industry"


Joe Mrak
(CEO, FolioDynamix)

 

 

CEO Summit XXVIII
Speaker

Joe Mrak

(CEO, FolioDynamix)


 

 

 

 

 

 

 

Joe Mrak is CEO of FolioDynamix. Mr. Mrak has led the company’s growth from its inception in 2007 to its current position as a fast-growing leader and innovator in the wealth management industry. With twenty years in the industry, Mr. Mrak is an established thought leader and entrepreneur known for his vision and ability to evolve technology and investment products to meet the dynamic needs of leaders in the industry. The modular, seamless, and scalable technology platform of FolioDynamix is quickly becoming the modern-day platform of choice for firms seeking to grow and lead in the new era of wealth management. Prior to launching FolioDynamix, Mr. Mrak co-founded Placemark Investments, the pioneer in overlay management and standards bearer in delivering highly customized account solutions. He also served as general manager of BISYS Wealth Solutions, now owned by Citigroup, and headed up product strategy for CheckFree Investment Services, now Fiserv, where he led product development for CheckFree APL. Mr. Mrak is an established authority in investment program design, wealth management technology, business process best practices, and front, middle, & back-office operations. Mr. Mrak started his career working for top consulting firms including AT Kearney and Ernst & Young, where he served as a financial services strategy consultant and gained critical insights into the complexities of the financial services industry.

 

Mr. Mrak's recent comments have included:

  • “Actua provides us the strength and stability of a public company, but allows us to still be agile in how we serve our customers and provide what they have come to expect”
  • “It is exciting to still have the ability to be who we are. We have spent a lot of time over the last seven years building our persona and our credibility with clients who have come to know us as innovators the industry who are nimble, know the space, and have great talent in the space”
  • “The great news is that with Actua we are actually partnering with a group that has great cloud experience, experience in this marketplace, they understand our business - we are another cloud-based vertical - and they are going to help us drive growth. And our staff and management team is committed to that. We are really excited about the next phase, to continue to drive innovation”
  • “There are a lot of exciting things that are going to happen over the next four, five, ten years - and the nice thing is we do not have that pressure of what’s next for FolioDynamix. We know what we are doing and where we are going, and we are going to execute”
  • “The continued flow of assets into managed accounts and model portfolios, the need for wealth management firms to innovate and modernize both programs and technology, combined with the trend toward adopting new platform solutions, provide a significant opportunity for FolioDynamix to grow its position as an industry leader. With strong momentum and a vast market opportunity still ahead of us, we are excited to become an Actua company. Actua provides extensive expertise in building successful cloud-based platforms and we are closely aligned with a shared vision for continued growth. Together, we will continue to serve our blue chip client base, delivering unique and innovative solutions to drive further growth and market penetration”

John Patterson
(CEO, NextCapital)

 

 

CEO Summit XXVIII
Speaker

John Patterson
(CEO, NextCapital)


 

 

 

 

 

 

 

John Patterson is CEO of NextCapital. NextCapital is a leading provider of 401(k) managed accounts services and investor portfolio management solutions seeking to help investors organize, analyze, optimize and manage their entire portfolio holistically. Mr. Patterson has been delivering enterprise solutions for the asset management industry for eighteen years.

Mr. Patterson's recent comments have included:

  • “While people should have real-time access to their portfolio, what people really need is a smarter way to track and manage the progress of their long-term investment plan. That is how people will really reach their financial goals”
  • ”Before banking went online, traditional bankers said no one would ever bank online. Before brokerage went online, traditional brokers said it was just a fad. Today, traditional advisors say digital advice will never happen - but we know where the puck is going... smarter, cheaper, and actionable financial portfolio guidance is what people want and what NextCapital is all about”
  • “We are a digital advisor that works with large partners to deliver world-class advice and investment management at the lowest cost on the market. This global market requires a different approach, combining a new kind of platform for investors with a select group of longstanding players"
  • “Target date funds have been the runaway default used by the industry to approximate a prudent portfolio for each investor, but we can do better with more personalized investing and planning. Today truly personal portfolio management is obtainable for all DC participants for about the same cost as a TDF. This is a breakthrough for the 70 million Americans who rely on a 401(k) to save for retirement”

Lowell Putnam
(CEO, Quovo)

 

 

CEO Summit XXVIII
Speaker

Lowell Putnam
(CEO, Quovo)


 

 

 

 

 

 

 

Lowell Putnam is CEO of Quovo, an investment insights company that empowers investors by reimagining elite portfolio analytics as one simple, intelligent platform. Quovo's proprietary technology combines big data horsepower with elegant simplicity, enabling investors of any size or sophistication level to make smarter investment decisions. Mr. Putnam previously worked at Lehman Brothers.

Mr. Putnam's recent comments have included:

  • “Originally we planned to just offer insights on investment data from different sources, but no single place had all the information we needed. We realized no one was making that kind of technology even possible. No one was doing data aggregation properly or data normalization”
  • ”Millennials represent an enormous opportunity for the advisory space... you may not make a lot of money out of us in the short-term, but in the long term the advisory space has to be built on my generation”
  • “We [millennials] are difficult clients. We expect a lot of attention and a lot of personalization. Frankly that has to be achieved through technology. You can not be calling all of your millennials every single day. The good news is that we do not need to be called. You can email us, use an app, etc.; there are a lot of delivery mechanisms to reach us”
  • “To reach millennials on a daily, weekly, monthly basis, you have to be keeping up with technology they are using at that time. That is going to change from day to day, month to month, and year to year. You have to be on the platform that we are choosing at that given moment. Twitter is a great way to reach us. Direct tweets or even broader messages from your organization we are likely to pick up if you are someone we follow and pay attention to. One piece of advice: do not contact me through Facebook. You are not my friend or family; I am paying you for a service. I do not want to find you mixed in with my social life”
  • “With easier to use, more reliable data management features and flexible, tiered pricing based on numbers of accounts synced per advisor, account aggregation will be accessible to a broader population of Orion advisors than ever before”

Andrew Rudd
(CEO, Advisor Software)

 

 

CEO Summit XXVIII
Speaker

Andrew Rudd

(CEO, Advisor Software)


 

 

 

 

 

 

 

Andrew Rudd is CEO of Advisor Software, which he founded in 1995 to deliver world class analytics to the retail financial services market. He is an expert in asset allocation, modern portfolio theory, risk management, and performance measurement. Mr. Rudd is also a co-founder and former chairman and CEO of Barra, Inc., where he served as CEO from 1984 to 1999. He is the co-author of two industry-leading books on institutional investing: Modern Portfolio Theory: The Principles of Investment Management, and Option Pricing. Mr. Rudd was also professor of finance and operations research at Cornell University. In addition, he has written numerous journal articles and research papers on a wide range of domestic and international investment practices and theories.

Mr. Rudd's recent comments have included:

  • “The world is more than just millennials”
  • “The current crop of robo-advisors have not done a particularly good job of branding themselves”
  • “Robos have provided a path to what advisors should be doing for small accounts”
  • "It is hard to believe that a target date mutual fund is optimal for anyone other than the vendors"
  • "Financial planning today must manage longevity, complexity, and anxiety"

Scott Ryles
(Chief Operating Officer, Kleiner Perkins Caufield & Byers, & Managing Partner, Echelon Capital Strategies)

 

 

CEO Summit XXVIII
Speaker

Scott Ryles

(Chief Operating Officer, Kleiner Perkins Caufield & Byers, & Managing Partner, Echelon Capital Strategies)


 

 

 

 

 

 

 

Mr. Ryles is the Founder and Managing Member of Echelon Capital Strategies, an asset management firm investing in consumer and small business loans. He also is Chief Operating Officer of Kleiner Perkins Caufield & Byers, a venture capital firm that invests in digital, green, and life science technologies. Prior to that, he was the chairman and CEO of Home Value Protection, a KPCB company providing insurance services designed to protect homeowners from loss of home value due to local housing market declines. Mr. Ryles started his career in the finance and investment banking industry at Merrill Lynch. Mr. Ryles was a founder and CEO of Epoch Partners, a KPCB company that was sold to Goldman Sachs in 2001. He has also served as vice chairman at Cowen and Company. Mr. Ryles has served as a board member at ArcSight, Fortify, Gymboree Corporation, & KKR Financial Holdings.

Mr. Ryles' recent comments have included:

  • “The days of huge returns in venture are long gone”
  • “Do not confuse brilliance with a bull market”
  • “Many anecdotes are not data”
  • “Compensation practices tend to over pay average and under-performers, and under pay excellent performers”
  • “Leadership is essential and luck is necessary. Successful leaders make their own luck”

Mike Sha
(CEO, SigFig)

 

 

CEO Summit XXVIII
Speaker

Mike Sha
(CEO, SigFig)


 

 

 

 

 

 

 

Mike Sha is CEO of SigFig. Prior to SigFig, Mr. Sha held senior roles at Amazon where he launched and built the Amazon Visa Card into one of the fastest growing consumer loyalty cards in history, was one of the original inventors of Amazon's Prime program, as well as built sophisticated fraud detection models that leveraged statistical data analysis in preventing online fraud.

Mr. Sha's recent comments have included:

  • “We can scale this business have to tens of thousands of clients with pretty low marginal costs. A lot of the other platforms out there will have a hard time growing quickly”
  • “We are the leader in portfolio tracking. We have the largest platform, the longest track record, and had a number of successful partnerships that proved that we could deliver a great experience”
  • “When we first started this there was a question as to whether people wanted or would accept technology powered financial advisors. The data is in and it shows beyond a doubt that they do. They are voting with their wallets”
  • “The most important lesson I learned from Amazon is to put the customer first. And I think the financial industry for years has done a lot of things where they are not always putting the user first. One of the things in Silicon Valley is you always think about what is best for the user”
  • “We are maniacal about security. It is one of the things we obsess about at the company. We have had our platform audited by lots of third-party services”

 

Jay Sidhu
(CEO, Customers Bancorp)

 

 

CEO Summit XXVIII
Speaker

Jay Sidhu

(CEO, Customers Bancorp)


 

 

 

 

 

 

 

Jay Sidhu is CEO of Customers Bancorp. Mr. Sidhu has served as chairman and CEO of Customers Bank since the second quarter of 2009 and of Customers Bancorp since its inception in April 2010. Mr. Sidhu is also CEO of BankMobile. Before joining Customers Bank, Mr. Sidhu was the CEO of Sovereign Bank from 1989 until his resignation and retirement in October 2006, and its chairman from 2002 until December 2006. He was the chairman and CEO of SIDHU Advisors, a Florida based private equity and financial services consulting firm, from 2007 to the first quarter of 2009. He has received Financial World’s CEO of the year award and was named Turnaround Entrepreneur of the Year. He has received many other awards and honors, including a Hero of Liberty Award from the National Liberty Museum. Since 2010, Mr. Sidhu has been a director of Atlantic Coast Financial Corporation, the holding company for Atlantic Coast Bank, a federal savings bank with branches in Florida and Georgia, and has served as its non-executive chairman of the board of directors since May 2011. Mr. Sidhu resigned as non-executive chairman of the board of directors of Atlantic Coast Financial Corporation effective as of April 2012. Mr. Sidhu has also served on the boards of numerous businesses and not-for-profits, including as a member of the board of Grupo Santander. Mr. Sidhu also helped establish the Jay Sidhu School of Business and Leadership at Wilkes University.

Mr. Sidhu's recent comments have included:

  • “The day will come when people will say I can not believe you actually go into a bank... I do not think people are going to just jump in. It will be gradual and then it will go viral”
  • “We have on the fourteenth of January introduced our digital consumer bank, which is the first full service digital consumer bank that operates completely out of the palm of your hand. And we expect in the second half of this year or early part of next year to also introduce a digital bank for small businesses, which will also be a nation wide bank together core deposits as well as have deeper relationships with small and medium size businesses even inside our current market area as well as extension of our existing market area”
  • “What does Bank Mobile do? It in essence is a strategy of no-fee banking and we pay 25 basis points higher interest rate than the top four banks in the country. We offer lines of credit rather than overdraft fees and there are no fees at all. We offer 55,000 ATMs to all our customers. We offer a personal banker to every single customer. You can open up accounts within five minutes from the palm of your hand”
  • “We have a million customers today, students, who have never been to a bank branch”
  • ”There are 70 million under-banked consumers in America. It is about time somebody builds a bank for millennials and middle income consumers. We make money by interchange fees and by keeping our costs low"

Jon Stein
(CEO, Betterment)

 

 

CEO Summit XXVIII
Speaker

Jon Stein

(CEO, Betterment)


 

 

 

 

 

 

 

Jon Stein is CEO of Betterment, which he founded in 2008. Prior to creating Betterment, Mr. Stein spent his career developing financial products, platforms, and investment strategies for international banks, brokers and other financial institutions, and advising them on strategies to mitigate the risks inherent in their products. Most recently, Mr. Stein held the position of senior consultant at First Manhattan Consulting Group, where he counseled a number of the world’s most prominent financial institutions.

 

Mr. Stein's recent comments have included:

  • “Every month is bigger than the last. This suggests there is a momentum factor. It is not just what we spent on advertising”
  • The questions we hear from our customers are: how much should I be saving in my IRA versus my 401(k)? Am I saving enough relative to my goals? We want to give that peace of mind in five minutes. That is not an easy task”
  • “This new capital will allow us to grow even faster and increase the development of new products that will continue to reinvent investing around what customers want”
  • “I personally love the term robo-adviser because I think it helps to popularize our segment. If you think back five years ago, we were really a voice in the wilderness. We were saying, everyone is going to be using automated investment services someday, and nobody was really listening, nobody really believed us. Now that there is a term to describe the industry, there is more of a hook there that people can grab onto. I think that it has helped to kind of give us a place in the consumer’s mind”
  • “The term [robo-adviser] itself is amusing, because of course we have a lot of live advisers here. We have always had advisers on the team, from day one. We have always found value in adviser relationships"

John Streur
(CEO, Calvert Investments)

 

 

CEO Summit XXVIII
Speaker

Johh Streur

(CEO, Calvert Investments)


 

 

 

 

 

 

 

John Streur is CEO of Calvert Investments. Calvert Investments is a $13.0 billion investment management firm that specializes in responsible and sustainable investing across global capital markets. Calvert Investments serves all types of investors through its family of mutual funds and separate accounts. Mr. Streur is also president and a trustee of the Calvert Funds. Mr. Streur began to focus his energy exclusively on responsible and sustainable investing in 2012, as president, director and principal of Portfolio 21, a boutique investment management firm specializing in global environmental investing. Prior to that, Mr. Streur spent twenty years at Managers Investment Group (and its predecessor), a firm he co-founded and where he served as president, CEO, and chair of the investment committee. He was also president and trustee of the firm’s fund family, Managers Funds and Managers AMG Funds. Managers Investment Group grew to over $30.0 billion in assets under management and offered investment strategies across global equity, debt, and derivative markets. Mr. Streur has managed socially responsible investments at the request of institutional clients, including public funds, religious institutions, and college & university endowments since 1991.

 

Mr. Streur's recent comments have included:

  • “Calvert’s initial investment strategy was to avoid investing in companies that had a social disposition”
  • "Communications are creating environments in which companies have to behave in certain ways to maintain their customer base and reputations"
  • “Information is immediately available in an unfiltered manner. That is not something the world has dealt with before, and it is having a big impact on how companies comport themselves"
  • "Shareowners can have a voice and impact on important issues. Companies want to know what their shareowners are thinking, not only to held accountable, but also to be given guidance and educated on issues they may not be aware of “
  • “Companies have enormous power to create social and environmental, as well as financial outcomes. Corporate power rivals government power in many respects, it controls it in other respects, and the two powers often work together. An investor with large sums of money under management is like a voter with a million votes to cast. Many investors fail to realize these facts, others ignore their responsibility, and of course, some abuse it”
  • “Thanks to Bill McKibben and Green America, the [fossil fuel] divestment movement has created significant awareness and engaged an enormous amount of people about the limitations of, and damage to, the earth’s resources. This is a life and death issue for millions of people living in economically disadvantaged regions who are at the highest risk from weather-related natural disasters“

John Taft
(CEO, RBC Wealth Management US)

 

 

CEO Summit XXVIII
Speaker

John Taft

(CEO, RBC Wealth Management US)


 

 

 

 

 

 

 

John Taft is CEO of RBC Wealth Management US. As the great-grandson of US President William Howard Taft and grandson of Senator Robert Taft, John comes from a distinguished family well-known for its commitment to integrity. This family legacy informs his belief in the importance of staying true to his core principles of purposefulness, humility, accountability, foresight and integrity. Mr. Taft has been active in the Securities Industry & Financial Markets Association, the leading securities industry trade group in the US. He served as chairman-elect in 2010 and chairman in 2011. As a representative of the Securities Industry & Financial Markets Association, Mr. Taft advocated for responsible financial reform and testified before Congress in support of a federal fiduciary standard of care. Prior to leading RBC Wealth Management US, Mr. Taft served as head of asset management & products for RBC’s US & international division. He served as chairman, president, & CEO of Voyageur Asset Management; president & CEO of Dougherty Summit Securities; a member of the board of directors of Segall, Bryant, & Hamill, The Clifton Group, & Vintage Mutual Funds; and a managing director at Piper, Jaffray, & Hopwood. Mr. Taft was assistant to the mayor of the City of St. Paul, Minnesota, and has worked as a journalist. Investment Advisor magazine named John to its 2013 IA 25 list of the most influential people in the financial industry, and he was included on the 2014 list of top 100 thought leaders in trustworthy business by Trust Across America. Additionally, he was recently named as a leading Individual by the Family Wealth Report. Mr. Taft is the author of Stewardship: Lessons Learned from the Lost Culture of Wall Street. Mr. Taft has been a guest host on CNBC’s Squawk Box and has been interviewed by other top news outlets, including FOX, FOX Business News, Bloomberg TV and radio, The Wall Street Journal, The Economist, The New York Times, Barron’s, Fortune, and Financial Times. He has also authored articles that appeared in The New York Times, Harvard Business Review, Business Insider, Forbes and the Huffington Post.

 

Mr. Taft's recent comments have included:

  • “Global financial reform is one of the most important stewardship undertakings going on in the world today. This reform is needed and, if successful, can be a model for stewardship undertakings in other areas of society as well”
  • “The 2008-2009 financial crisis was a case study in what many have dubbed irresponsible finance. It was a period during which we all witnessed what happens when we lose touch with the stewardship mission, purpose, and values that should underpin our financial system”
  • “Few would argue that financial capitalism has contributed to many positive social outcomes in recent decades. One underappreciated example, recently documented by the World Bank, is a dramatic reduction in the percentage of the world population living in extreme poverty, which fell from 36% to 15% in the last twenty five years alone, the result of historically high average annual rates of economic growth in excess of 3%. Indeed, financial capitalism, the successor to industrial capitalism, often seemed to be able to deliver everything we wanted”
  • “If financial services indeed wants to be a forward-looking… industry that better serves society, (as the CFA Institute’s Future of Finance Initiative puts it), then asset management firms, consumer banks, investment banks, wealth management firms, mutual funds, insurance companies, hedge funds, & private equity investors are going to have to do a much better job listening to, interpreting, & understanding the needs of society. We need to help to design a new more holistic corporate social compact to replace narrow compact of financial capitalism we’ve been operating under for decades. And we need to do a much better job of responsibly living up to the terms of that compact”
  • “Financial advisors, money managers, & other financial services professionals can uniformly attest to the gap that exists between what individual investors expect to live on in retirement and what they are likely to have, based on what they have accumulated to date"

Frank Trotter
(Chairman, EverBank Global Markets)

 

 

CEO Summit XXVIII
Speaker

Frank Trotter

(Chairman, EverBank Global Markets)


 

 

 

 

 

 

 

Frank Trotter is Chairman of EverBank Global Markets. Previously Mr. Trotter served as an executive vice president of EverBank Financial since 2009 and as an executive vice president of EverBank since 2002. Additionally, he serves as president of EverBank Direct, EverBank's consumer direct distribution channel and is a founding partner of EverBank.Com, a national branchless bank that was acquired by the current EverBank in 2002. Mr. Trotter previously served as senior vice president and managing director of Mercantile Bank Capital Markets and director of the international markets division at Mark Twain Bank, where he created the WorldCurrency family of deposits and directed the global launch of eCashSM. Mr. Trotter has over 20 years experience in the banking industry.

Mr. Trotter's recent comments have included:

  • “A lot of our clients have the viewpoint that sometime in the next five years yields will rise significantly. This allows them to benefit if it does"

Edmond Walters
(CEO, eMoney Advisor)

 

 

CEO Summit XXVIII
Speaker

Edmond Walters

(CEO, eMoney Advisor)


 

 

 

 

 

 

 

Edmond Walters is CEO of eMoney Advisor. Mr. Walters has spent more than twenty years advising high-net-worth clients, first with Kistler, Tiffany & Company in Wayne, PA and later as co-founder of the Wharton Business Group, a financial advising firm in Malvern, PA. During that time, Mr. Walters maintained the belief that advisors who leverage technology to run their practice like a business while developing strong client relationships will be better positioned for future growth. In 2000, Mr. Walters founded eMoney Advisor. Mr. Walters has been published in The Wall Street Journal, The New York Times, USA Today, SmartMoney.com, Advisor Today, National Underwriter, CPA Wealth Provider, Investment News and Dow Jones Newswires, among others. He is frequently sought out for his industry insight and has appeared as a guest on Dow Jones Marketwatch, Forbes.com Video Network and Fox Business. In 2007, Mr. Walters was named one of the most innovative people in wealth management, and in 2014, was named the Marcum Innovator of the Year. A graduate of Villanova University, he serves on the advisory council for the Villanova School of Business as well as several other boards, and has been recognized in the past for his philanthropic efforts in the fight against cancer.

 

Mr. Walter's recent comments have included:

  • “We are going to kick the crap out of the B-to-C robos”
  • “Fidelity is a bunch of Boy Scouts. They would not be in business if they used advisor and client data inappropriately”
  • “If you run a business, you are fine. If you run a practice, you are done"
  • “Publicly held companies in our industry are living quarter to quarter. They are trying to make Wall Street happy. With Fidelity, it is about trying to make the consumer happy”
  • “We are making it incredibly easy for the advisor to work with their clients”

Mike Weil
(CEO, RCS Capital Corporation)

 

 

CEO Summit XXVIII
Speaker

Mike Weil

(CEO, RCS Capital Corporation)


 

 

 

 

 

 

 

Mike Weil is CEO of RCS Capital Corporation. Prior to being appointed CEO of RCS Capital Corporation, Mr. Weil served as president, treasurer, secretary, & director of RCS Capital Corporation. Mr. Weil also formerly served as president and chief operating officer for a number of the publicly registered, non-traded REIT offerings sponsored by AR Capital, the private equity firm of which he is partner. Mr. Weil formerly served as executive vice president of AR Capital, where he supervised the origination of investment opportunities for all AR Capital-sponsored investment programs. Prior to the establishment of AR Capital, Mr. Weil served as senior vice president of sales & leasing for American Financial Realty Trust, where he was responsible for the disposition and leasing activity for a 37.3 million square foot portfolio. In addition to his duties at RCS Capital Corporation and AR Capital, Mr. Weil served as president of the board of directors of the Real Estate Investment Securities Association, a leading alternative investments association providing education, networking and advocacy for members.

 

Mr. Weil's recent comments have included:

  • “Everything starts and ends with the investor. So when we talk about a virtuous circle what we mean is, when we focus on the investor first and foremost, innovation follows naturally”

John Wotowicz
(CEO, InStream Solutions)

 

 

CEO Summit XXVIII
Speaker

John Wotowicz

(CEO, InStream Solutions)


 

 

 

 

 

 

 

John Wotowicz is CEO of InStream Solutions. Mr. Wotowicz is also a director of Hubub. Prior to InStream Solutions, Mr. Wotowicz was vice president, head of global business development and a member of the global management committee of Dimensional Fund Advisors focusing on firm management as well as the development of new strategies, relationships, & products. Prior to joining Dimensional Fund Advisors, Mr. Wotowicz was a managing director at Morgan Stanley where he founded Europe’s leveraged finance industry and was ultimately responsible for oversight of the firm’s European investment banking business as a member of the European Investment Banking Operating Committee. Mr. Wotowicz was also one of the architects of Morgan Stanley’s global lending business and was a member of Morgan Stanley’s Global Credit Commitment Committee. Mr. Wotowicz currently sits on the boards of numerous not-for-profit institutions including Washington, D.C.-based National Public Radio, where he chairs the finance committee, the NPR Foundation and New York’s New Museum of Contemporary Art where he is the board treasurer.

Attendees


Tiburon is pleased to announce that the following 226 Tiburon clients attended Tiburon CEO Summit XXVIII:

 

  • Chip Roame (Managing Partner, Tiburon Strategic Advisors)
  • Cooper Abbott (Co-Chief Operating Officer, Eagle Asset Management)
  • Blaine Aikin (CEO, fi360)
  • Mike Alfred (CEO, BrightScope)
  • Daniel Applegarth (Chief Financial Officer, NorthStar Financial Services Group)
  • Anil Arora (CEO, Yodlee)
  • David Bach (Vice Chairman, Edelman Financial Services)
  • Bob Bachman (Executive Vice President, Relationship Management, Fidelity Investments Institutional Services Company)
  • Bill Bachrach (CEO, Bachrach & Associates)
  • Nathan Bachrach (CEO, Simply Money Advisors)
  • David Barry (CEO, Trust Company of America)
  • John Battaglia (CEO, Aris Wealth Services)
  • Noreen Beaman (CEO, Brinker Capital)
  • Jud Bergman (CEO, Envestnet)
  • Brad Bernstein (Partner, FTV Capital)
  • Marty Bicknell (CEO, Mariner Holdings)
  • Joe Bottazzi (Executive Vice President, Business Development, Edelman Financial Services)
  • Tom Bradley (President, Retail Distribution, TD Ameritrade)
  • Matt Brown (CEO, CAIS Group)
  • Roy Burns (Managing Director, TA Associates)
  • Tom Butch (Chief Marketing Officer, Waddell & Reed Financial)
  • Eric Byunn (Partner, Centana Growth Partners)
  • David Canter (Executive Vice President, Practice Management & Consulting, Fidelity Institutional Wealth Services)
  • John Carey (Chief Operating Officer, FolioDynamix)
  • John Carter (CEO, Carter Validus)
  • Bob Caruso (Chairman, Impact Republic)
  • Leo Caruso (General Counsel, CAIS Group)
  • Mark Casady (CEO, LPL Financial)
  • Todd Cassler (President, Institutional Distribution, John Hancock Investments)
  • Christine Cataldo (Chief Information Officer, The Edelman Financial Group)
  • Rene Chaze (Chief Financial Officer, The Edelman Financial Group)
  • Kent Christian (President, Wells Fargo Advisors Financial Network)
  • Roman Ciosek (Partner, HighTower Westchester)
  • Carolyn Clancy (Executive Vice President, Funds Network, Personal, Workplace, & Institutional Services, Fidelity Investments)
  • Bernie Clark (Executive Vice President, Advisor Services, The Charles Schwab Corporation)
  • Brendan Clark (President, Clark Capital Management)
  • Eric Clarke (President, Orion Advisor Services)
  • Todd Clarke (CEO, CLS Investments)
  • Tim Clift (Chief Investment Strategist, Portfolio Management Consultants)
  • Carolyn Colley (CEO, Australia & New Zealand, Decimal Software)
  • David Conover (President, Wealth Management & Brokerage, EverBank Financial)
  • Ron Cordes (Co-Chairman, AssetMark
  • Scott Couto (President, Fidelity Financial Advisor Solutions)
  • Trish Cox (Business Head, Schwab Corporate Brokerage Services)
  • John Coyne (Vice Chairman, Brinker Capital)
  • Gil Crawford (CEO, Micro Vest Fund)
  • Jim Crowley (Chief Relationship Officer, Pershing)
  • Ben Cukier (Partner, Centana Growth Partners)
  • Scott Curtis (President, Raymond James Financial Services)
  • Marvin Davis (Chief Marketing Officer, The Edelman Financial Group)
  • Peter Daytz (Chief Investment Officer, Citi Trust)
  • Anthony DeChellis (President, OurCrowd)
  • Robert DeChellis (President, Allianz Life)
  • Marco DeFreitas (Business Head, Retail Products, TD Ameritrade)
  • Joe Deitch (Chairman, Commonwealth Financial Network)
  • Anthony Deluise (Business Head, Private Placement Group, Raymond James Capital Markets)
  • Stuart DePina (President, Envestnet Tamarac)
  • John DeVincent (Executive Vice President, Marketing, Docupace Technologies)
  • Will Dolan (Business Head, Fidelity ActionsXchange)
  • Tim Draper (Founding Partner, Draper, Fisher, & Jurvetson, [DFJ])
  • Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  • Mike Durbin (President, Fidelity Institutional Wealth Services)
  • Ric Edelman (CEO, Lee Summer Limited Partners)
  • Tad Edwards (CEO, Benjamin Edwards & Company)
  • Pete Engelken (Chief Operating Officer, Hanson McClain)
  • Steve Finn (Chairman, Trust Company of America)
  • Patrick Flaherty (Business Head, Akron Wealth Management Platform, First Rate)
  • Bill Floyd (Chief Operating Officer, Simply Money Advisors)
  • Lynne Ford (Executive Vice President, Distribution, Calvert Investments)
  • Rob Foregger (Executive Vice President, NextCapital)
  • Liz Forget (CEO, MetLife Advisors)
  • George Foulke (Chief Information Officer, Distribution & Advisor Group, AIG Life & Retirement)
  • Chris Frieden (Partner, Financial Services & Products, Alston & Bird)
  • Bob Glovsky (Vice Chairman, The Colony Group)
  • Charles Goldman (CEO, AssetMark)
  • Craig Gordon (Business Head, Clearing, DST Market Services)
  • Mark Gormley (Partner, Lee Equity Partners)
  • Gail Graham (Chief Marketing Officer, United Capital Financial Partners)
  • Kennon Grose (CEO, Asset Builder)
  • Oscar Hackett (Chief Financial Officer, BrightScope)
  • Mark Haggarty (President, Products, Fidelity Institutional)
  • Scott Hanson (Co-CEO, Hanson McClain)
  • Bill Harris (Chairman, MyVest Corporation)
  • Paul Hatch (Business Head, Advice & Solutions, UBS Wealth Management)
  • Joel Hempel (Chief Operating Officer, Lockwood Advisors)
  • Bob Herrmann (Executive Vice President, Discovery Data)
  • Ben Hochberg (Partner, Lee Equity Partners)
  • Anton Honikman (CEO, MyVest Corporation)
  • Matt Hougan (President, ETF.Com)
  • Bob Huret (Founding Partner, FTV Capital)
  • Tom Idzorek (President, Morningstar Investment Management)
  • Peter Jantzen (Executive Vice President, Global Sales, Vestmark)
  • Eric Jepson (Chief Customer Officer, Advisor Software)
  • David Johnson (CEO, Cedar Point Capital)
  • Eric Jones (Senior Managing Director, Advisory Solutions & Product Development, TIAA-CREF)
  • Fred Jonske (CEO, M Financial Group)
  • Kunal Kapoor (President, Global Client Solutions Group, Morningstar)
  • Zack Karabell (Chief Investment Strategist, Envestnet)
  • Bill Kavanagh (Chief Operating Officer, SelectCo Division, Fidelity Asset Management)
  • Bill Kavanaugh (CEO, Allstate Financial Servces)
  • Kevin Keefe (President, First Allied Securities)
  • Dan Kern (President, Advisor Partners)
  • Rob Klapprodt (President, Vestmark)
  • Aaron Klein (CEO, Riskalyze)
  • David Knoch (President, First Global Capital Corporation)
  • Kevin Knull (President, MoneyGuidePro)
  • Jan Kolbusz (Founder, Decimal Software)
  • Jon Korngold (Managing Director, Portfolio Management, General Atlantic)
  • Randy Lambert (Chief Operating Officer, Orion Advisor Services)
  • Mike LaMena (President, HighTower)
  • Stephen Langlois (Business Head, Distribution Strategy & Planning, Fidelity Institutional)
  • Kevin Laraia (Chief Strategy Officer, Docupace Technologies)
  • Alexandra Lebenthal (CEO, Lebenthal Holdings)
  • Chuck Lewis (Vice Chairman, MyVest Corporation)
  • Bill Lipkus (CEO, First Investors Consolidated Corporation)
  • Dan Littman (Chief Financial Officer, Simply Money Advisors)
  • Donie Lochan (Executive Vice President, Corporate Strategy, LPL Financial)
  • Jim Lockhart (Vice Chairman, WL Ross & Company)
  • Steve Lockshin (Executive Chairman, Convergent Wealth Advisors)
  • John Lunny (CEO, Vestmark)

 

  • Doug Mangini (Senior Managing Director, Guggenheim Partners)
  • Angelo Manioudakis (Chief Investment Officer, Global Asset Allocation, Fidelity Investments)
  • Jordan Mann (Partner, Berkshire Capital Securities)
  • Tom Margulis (Chief Investment Officer, Conway Investment Research)
  • Megan McAuley
  • Brendan McConnell (Chief Operating Officer, Brinker Capital)
  • Phil McDowell (Chief Financial Officer, Fidelity Investments Canada)
  • Erica McGinnis (CEO, AIG Advisor Group)
  • Gerry McGraw (President, Fidelity Institutional Products Group)
  • Ken McGuire (Chief Operating Officer, Altegris Investments)
  • Bob Mehringer (Executive Vice President, Advisory Services, FolioDynamix)
  • Erik Merkau (President, Scottrade Investment Management)
  • Jerry Michael (President, Smartleaf)
  • John Michel (CEO, CircleBlack)
  • Trisha Miller (Executive Vice President, Carey Financial)
  • Sanjiv Mirchandani (President, National Financial Services)
  • Viggy Mokkarala (Executive Vice President, Strategic Development, Envestnet)
  • Chris Momsen (Executive Vice President, Sales & Solutions Management, Advent Software)
  • Ed Moore (President, Edelman Financial Services)
  • Randy Moore (Partner, Financial Services & Products Group, Alston & Bird)
  • Joe Mrak (CEO, FolioDynamix)
  • Alex Murguia (President, InStream Solutions)
  • Lance Murphy (President, Franklin Square Capital Partners)
  • Tim Murphy (CEO, Investors Capital Corporation)
  • Sean Murray (Executive Vice President, National Retirement Sales, Defined Contribution Practice, PIMCO)
  • Phil Neugebauer (Executive Vice President, PIMCO)
  • Ella Neyland (President, Steadfast Income REIT)
  • Kristen Niebuhr (President, Source Financial Advisors)
  • Brian Nielsen (CEO, Northern Lights Distributors)
  • Karen Novak (Chief Operating Officer, Pershing Advisor Solutions)
  • Caroline O'Connell (Chief Strategy Officer, Pershing)
  • Bob Oros (Executive Vice President, Sales & Relationship Management, Fidelity Institutional Wealth Services)
  • Kevin Osborn (Executive Vice President, Wealth Management Solutions, Envestnet)
  • Mike Pagano (Chief Compliance Officer, First Global Capital Corporation)
  • Bill Parsons (Chief Customer Officer, Yodlee)
  • Heeren Pathak (Chief Technology Officer, Vestmark)
  • John Patterson (CEO, NextCapital)
  • John Peluso (President, First Clearing, Correspondent Services, Wells Fargo Advisors)
  • Mark Pennington (Partner, Global Relationship Management, Lord, Abbett, & Company)
  • David Perkins (CEO, Hatteras Funds)
  • Don Phillips (Managing Director, Morningstar)
  • John Phillips (Executive Vice President, Strategic & Global Sales, National Financial Services)
  • Michael Pinsker (CEO, Docupace Technologies)
  • James Poer (President, NFP Advisor Services Group)
  • Alex Potts (CEO, Loring Ward Group)
  • Jeff Powell (Chairman, CivicHealth)
  • Lowell Putnam (CEO, Quovo)
  • Dirk Quayle (President, NextCapital)
  • Larry Raffone (CEO, Financial Engines)
  • Grant Rawdin (CEO, Wescott Financial Advisory Group)
  • Tony Rochte (President, SelectCo Division, Fidelity Asset Management)
  • Diane Rogala (Associate Publisher, Financial Advisor Magazine)
  • Jeremy Ross (Executive Vice President, Enterprise Sales, BrightScope)
  • Lincoln Ross (Executive Vice President, Advisory Services, Envestnet)
  • Gary Roth (Chief Operating Officer, United Capital Financial Partners)
  • Jennifer Round (Chief Operating Officer, Realty Capital Securities)
  • Doug Rubenstein (Business Head, Capital Markets & Business Strategy, Benjamin Edwards & Company)
  • Andrew Rudd (CEO, Advisor Software)
  • LeAnn Rummel (Executive Vice President, Sales, Cetera Financial Institutions)
  • Scott Ryles (Chief Operating Officer, Kleiner, Perkins, Caufield, & Byers)
  • Rich Santos (Group Publisher, Wealth Management Group, Penton Media)
  • Mark Schoenbeck (Chief Marketing Officer, Curian Capital)
  • Aaron Schumm (Chief Customer Officer, FolioDynamix)
  • Skip Schweiss (President, TD Ameritrade Trust Company)
  • Mike Sha (CEO, SigFig)
  • John Shain (Founding Partner, Franklin Square Capital Partners)
  • Sterling Shea (Business Head, Advisory Programs, Barron's)
  • Jay Sidhu (CEO, Customers Bancorp)
  • Bill Simon (Executive Vice President, Sales & Distribution, Brinker Capital)
  • Babu Sivadasan (President, Envestnet Retirement Solutions)
  • Daron Smith (Executive Vice President, Worldwide Sales, Advisor Software)
  • David Smith (Founding Publisher, Financial Advisor & Private Wealth Magazines)
  • Greg Smith (Managing Partner, Barrett Family Advisors)
  • Marshall Smith (Managing Director, Service Bureau & Marketing, First Rate)
  • Todd Snyder (Co-President, SK Research)
  • Paul Sorbara (Co-Founder, Temperance Partners)
  • Reggie Stanley (Managing Partner, Sustainable Growth Strategies)
  • Jon Stein (CEO, Betterment)
  • John Streur (CEO, Calvert Investments)
  • Charlie Stroller (CEO, Charter Financial Publishing Network)
  • John Surface (Executive Vice President, Corporate Development, EverBank Financial)
  • Eric Sutherland (Business Head, Global Wealth Management, PIMCO)
  • Randy Swan (President, Swan Global Investments)
  • John Sweeney (Executive Vice President, Retirement & Investing Strategies, Fidelity Investments)
  • John Taft (CEO, RBC Wealth Management US)
  • Brett Thorne (Chief Operating Officer, Correspondent & Advisor Services, RBC Capital Markets)
  • Kevin Tice (Co-Founder, Temperance Partners)
  • Timothy Toole (CEO, Northstar Realty Securities)
  • Frank Trotter (President, EverBank Direct)
  • Raj Udeshi (Co-Founder, Hidden Levers)
  • Bill Van Law (President, Investment Advisors Division, Raymond James Financial)
  • Laura Varas (Partner, Hearts & Wallets)
  • Edmond Walters (CEO, eMoney Advisor)
  • Mike Weil (CEO, RCS Capital Corporation)
  • Rob Whitaker (Group Publisher, Professional Services Division, SourceMedia)
  • Chuck Widger (Chairman, Brinker Capital)
  • Craig Wietz (President, First Rate)
  • Justin Wisz (CEO, Vestorly)
  • Natalie Wolfsen (Chief Commercialization Officer, AssetMark)
  • Matt Wolniewicz (Chief Revenue Officer, fi360)
  • Bob Worthington (President, Hatteras Funds)
  • Bill Wostoupal (President, Northern Lights Distributors)
  • John Wotowicz (CEO, InStream Solution)
  • Joni Youngwirth (Managing Principal, Practice Management, Commonwealth Financial Network)
  • Mike Zebrowski (Chief Operating Officer, eMoney Advisors)
  • Anjun Zhou (Business Head, Multi-Asset Research, Mellon Capital Management)




 



         


 








 

 






 

 

 

Tiburon CEO Summit XXVII: October 7-8, 2014

Tiburon CEO Summit XXVII was held October 7-8, 2014, at the Ritz Carlton Hotel in San Francisco, CA. Tiburon CEO Summit XXVII officially started at 7:45am on Tuesday, October 7, 2014, included a group dinner that night and finished at 12:15pm on Wednesday, October 8, 2014. Senior industry executives took two days out of their busy schedules to participate. There were over twenty sessions. Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXVII included speakers Joe Mansueto (CEO, Morningstar & Tiburon CEO Summit Award Winner), Bob Reynolds (CEO, Putnam Investments & Tiburon CEO Summit Award Winner), & Bill Sharpe (Professor Emeritus, Stanford University; Nobel Prize Winner in Economics; & Tiburon CEO Summit Award Winner), Asheesh Advani (CEO, Covestor), Audie Apple (Co-Founder, GuardVest), Brian Ascher (Partner, Venrock), David Bach (Vice Chairman, Edelman Financial Services), Chas Burkhart (CEO, Rosemont Partners), Jeff Burrow (Co-Founder, FlexScore), Jerry Chafkin (Chief Investment Officer, AssetMark), Tim Draper (Founding Partner, Draper, Fisher, & Jurvetson), Greg Friedman (CEO, Private Ocean), Charles Goldman (CEO, AssetMark), David Grau (CEO, FP Transitions), Brian Haskin (CEO, Alternative Strategy Partners), Gary Henson (CEO, Montage Investments), Tom Kimberly (CEO, Upside), Kevin Knull (President, PIETech), Bo Lu (CEO, FutureAdvisor), Jeff Maggioncalda (CEO, Financial Engines), Bill McNabb (CEO, The Vanguard Group), Bill Miller (Chief Investments Officer, Brinker Capital), Sanjiv Mirchandani (President, National Financial Services), Charles Moldow (General Partner, Foundation Capital), Jim Nagengast (CEO, Securities America), Liz Nesvold (Managing Partner, Silver Lane Advisors), Andrew Rogers (CEO, Gemini Fund Services), Larry Roth (CEO, Realty Capital Securities), Matt Scanlan (CEO, RS Investments), Ron Suber (President, Prosper Marketplace), Jon Sundt (CEO, Altegris Investments), Todd Thomson (Chairman, Dynasty Financial Partners), & Derek Young (Vice Chairman, Pyramis Global Advisors). Tiburon CEO Summit XXVII also featured the firm's traditional client-centric panel discussions and two networking-based social events.

Keynote Presentation

Tiburon CEO Summit XXVII featured a keynote presentation by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry, focused on the rapid evolution being driven all across the business value chain. This presentation served as the backdrop and overview of the entire Tiburon CEO Summit.   

 




 

 


Tiburon CEO Summit XXVII
Keynote Presenter
Chip Roame
Managing Partner
Tiburon Strategic Advisors

 

 

 

 

 

 

Chip Roame (Managing Partner, Tiburon Strategic Advisors)

Tiburon Strategic Advisors is pleased to provide a summary of the content of its Tiburon CEO Summit XXVII keynote presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) kicked off Tiburon CEO Summit XXVII with a presentation broadly addressing the state of the financial services industry, with a specific focus on the growing wealth management market.

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 banking, insurance, brokerage, & investment management 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. 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, 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 mergers & acquisitions transactions. At Tiburon, Mr. Roame has led over 1,700 client engagements for over 400 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 individuals in the advisor business 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), as a board member of the parent company of The Edelman Financial Group (Ric Edelman’s business backed by Lee Equity Partners), and as a trustee of the SA mutual funds family which is sponsored by Loring Ward Group and employs Dimensional Fund Advisors as its sole sub-advisor.

Overview of Tiburon CEO Summit XXVII Keynote Presentation

The objectives of the keynote presentation are to offer a broad view of the wealth management industry with a new theme each Tiburon CEO Summit, including highlighting trends that impact strategies for numerous types of corporate clients, maintaining both a mid-term and a long-term lens, & offering several methods of summarizing a broad set of industry views including the 50 underlying trends and the six fundamental VC & PE bets; and setting an agenda for Tiburon CEO Summit XXVII, framing the dozens of “three big points”. The basis of the Tiburon CEO Summit XXVII Keynote Presentation was industry developments (“the news”), recent Tiburon & third-party research findings, Tiburon client successful strategies, & the Tiburon CEO Summit XXVII content survey.

Tiburon CEO Summit XXVI - Keynote Presentation Recap

Financial services (and particularly investment & wealth management) are beginning to be disrupted much like retail, publishing, journalism, music, & travel industries. Technology is empowering everything: products (ETFs; folios); channels (robo-advisors; independent advisors); & tactics (digital marketing; social media; video service; TAMPs). The vision of the future depends on timeline; five years to significant disruption; ten years to new business models. The possible mid-term model = online advice with local in person advice (e.g., Wealthfront of Tiburon or Betterment of Westchester County). Some attendees remain a bit skeptical of the potential technology transformation. Other attendees caution that change always takes longer than predicted.

Tiburon CEO Summit XXVI - Award Recipients, One-on-Ones, & Panels Recap

Award recipient returnees included Rob Arnott, Jack Bogle, David Booth, Mark Casady, Harry Markowitz, & Don Phillips. One-on-ones included Nick Schorsch & Tom Lee. Popular panels included online advice with Bill Harris, Clara Shih, Jon Stein, & Alexa Von Tobel, and FA M&A with Dick Burridge, Rob Francois, Fielding Miller, & Peter Raimondi.

Tiburon CEO Summit XXVII Themes

Tiburon CEO Summit XXVII themes included focusing on consumers & challenging conventional wisdom. Mr. Roame stated, "the light is going to shine (albeit very slowly) on less friendly consumer models." Mr. Roame also said, "I am going to focus on a theory I have which is that consumerism is finally coming to this industry. One factor is technology, which is driving consumerism from a variety of angles. This includes robo advisors. This term did not exist twelve months ago, and today this term was used two minutes into the first panel.”

50 Underlying Trends

 

Theme: Consumerism is Coming
  1. The financial services industry is complicated so the ability to obfuscate both fees and product performance has historically been high (and some wirehouses, retail banks, investment managers, & financial advisors are guilty of doing so)
  2. The financial crisis plus the generational shift is driving new consumer attitudes & behaviors
  3. Meanwhile, transparency has been also forced by regulators
  4. Technology is driving consumer & financial advisor transparency
    • Innovative B2C models (ETFs; online advice firms; motifs) have jumped in
    • Tools providers to help clients track & evaluate financial advisors (Brightscope; Find the Best; GuardVest)
    • Data rich platforms offering their data to product providers, brokerage firms, & financial advisors (Envestnet)
  5. Transparency will ultimately drive down consumer & financial advisor costs
  6. The result… Non-transparent high cost (low value) & anti-client business models will be challenged by ETFs, index funds, low cost active managers, transparent liquid alts, RIAs, discount brokerage firms, & online advice firms over the coming decade
  7. Tiburon view… It is always best to be closest to the client when consumerism (or price pressure) comes (the model of driving down product costs to maintain advisory fees is becoming the norm (ETFs; financial advisor as portfolio manager) (distribution > product))
  8. Over half of long only mutual funds will disappear within a decade (50 families capture 86% of net flows now)
  9. While demand will increase, over one-third of today’s financial advisors will disappear within a decade (online advice; national firms)
  10. Strong sales skills may continue to overcome bad products, high costs, & mediocre advice for some time
  11. True transparency may take a Google or Amazon committing to tell the story (Tiburon lacks the power!)

Consumer Wealth, Attitudes, & Behaviors

  1. Investable assets, retirement plan assets, & financial assets all up 40%-50% since 2008. Personal assets (driven by homes) finally up in value so working way through consumer sentiment. Consumer household assets potential to reach $100 trillion in 2014
  2. Wealth gap widening on numerous measures (8% control 73% of financial assets; 10% control 48% of income). Average income is up but median income is down
  3. 9.6 million millionaires (back above prior peak of 9.2 million in 2007)
  4. Lack of retirement readiness crisis creeping closer for many Baby Boomers (10,000 turn 65 every day). Baby Boomers lack savings (57% have <$100,000). Longer life expectancies will be the shocker (86/89 for retirees)
  5. Trust gap with financial services industry continues. Lack of expertise of many financial advisors now challenged by discount brokerage firms, online advice firms, & financial advisors who market
  6. Consumers’ attitudes & behaviors continuing to evolve (more conservative; more