Tiburon CEO Summits

Tiburon has held 26 prior Tiburon CEO Summits, with the first Tiburon CEO Summit taking place in 2001. Details of the most recent Tiburon CEO Summit XXVI are included below. For details of earlier Tiburon CEO Summits, please click here: Most Recent, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.

 

 

 

 

 

 

 

 

 

Tiburon CEO Summit XXVI:

April 8-9, 2014

Tiburon CEO Summit XXVI was held April 8-9, 2014, at the Ritz Carlton Hotel in New York, NY. Tiburon CEO Summit XXVI officially started at 7:45am on Tuesday, April 8, 2014, included a group dinner that night and finished at 2:45pm on Wednesday, April 9, 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 XXVI included panelists Rob Arnott (CEO, Research Affiliates), Ron Baron (CEO, Baron Capital Group), Jud Bergman (CEO, Envestnet), Rich Bernstein (CEO, Richard Bernstein Advisors), Jack Bogle (Founder, The Vanguard Group), David Booth (Co-CEO, Dimensional Fund Advisors), Dick Burridge (CEO, RMB Capital), Mark Casady (CEO, LPL Financial), Scott Curtis (President, Raymond James Financial Services), Ed Finn (Editor, Barron's), Rob Francais (CEO, Aspiriant), Jane Gladstone (Senior Managing Director, Evercore Partners), Bill Harris (CEO, Personal Capital Corporation), Ben Hochberg (Partner, Lee Equity Partners), Bob Huret (Founding Partner, FTV Capital), Paul Ingersoll (CEO, Good Harbor Financial), Jonathan Korngold (Managing Director, General Atlantic), Tom Lee (CEO, Lee Equity Partners), Mary Mack (President, Wells Fargo Advisors), Harry Markowitz (President, Harry Markowitz & Associates & Nobel Prize Winner in Economics), Pat McClain (Co-CEO, Hanson McClain), Fielding Miller (CEO, Cap Trust Financial Advisors), Don Phillips (Managing Director, Morningstar), Peter Raimondi (CEO, Banyan Partners), Rich Repetto (Principal, Exchanges, eBrokers, & Trading Companies, Equity Research, Sandler, O'Neill & Partners), Tony Rochte (President, SelectCo Division, Fidelity Asset Management), Jim Ross (Chairman, SSGA Funds Management, State Street Global Advisors), Andrew Rudd (CEO, Advisor Software), Michael Sapir (CEO, ProShare Advisors), Jeff Saut (Chief Investment Strategist, Raymond James & Associates), Nick Schorsch (Executive Chairman, RCS Capital Corporation), Skip Schweiss (President, TD Ameritrade Trust Company), Clara Shih (CEO, Hearsay Social), Jon Stein (CEO, Betterment), Jon Stern (Managing Director, Berkshire Capital), Allen Thorpe (Managing Director, Hellman & Friedman), Mark Tibergien (CEO, Pershing Advisor Solutions), Bill Van Law (President, Investment Advisors Division, Raymond James Financial), Alexa von Tobel (CEO, LearnVest), & Derek Young (Vice Chairman, Pyramis Global Advisors). Tiburon CEO Summit XXVI also featured the firm's traditional client-centric panel discussions, three less formal break-out sessions, & two networking-based social events.

Keynote Presentation

Tiburon CEO Summit XXVI 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 XXVI
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 XXVI keynote presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) kicked off Tiburon CEO Summit XXVI 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 1,600 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 XXVI Keynote Presentation


The objectives of the Tiburon CEO Summit XXVI Keynote Presentation were to focus on corporate client strategies and not just industry trends, including highlighting trends that impact strategies for numerous types of corporate clients & maintain both a mid-term and a long-term lens; set an agenda for Tiburon CEO Summit XXVI, framing the dozens of “three big points”; and offer two methods of summarizing broad set of industry views including the the 50 underlying trends and the five fundamental VC & PE bets. Specifically, Mr. Roame said, "five-ten years out, this industry will be fundamentally different. We are underestimating how much technology is going to change the financial services industry" and "I want to talk about corporate strategies based on real data." The basis of the Tiburon CEO Summit XXVI Keynote Presentation was industry developments (“the news”), recent Tiburon & third-party research findings, Tiburon client successful strategies, & the Tiburon CEO Summit XXVI content survey.

50 Underlying Trends

 

  1. Financial services (and particularly asset & wealth management) beginning to be disrupted much like retail, publishing, journalism, music, & travel industries
  2. Technology empowering everything: products (ETFs; folios), channels (robo-advisors; independent advisors); & tactics (digital marketing; social media; video service; TAMPs)
  3. Vision of the future depends on timeline. Millenials bringing values of innovation, transparency, access, & participation
  4. Investable assets, retirement plan assets, & financial assets all up 30-50% since 2008
  5. Personal assets, driven by homes, finally up so working way through consumer sentiment
  6. Consumer household assets to reach $100 trillion in 2014
  7. Wealth gap widening on numerous measures (8% control 73% of financial assets; 10% control 48% of income)
  8. 9.6 million millionaires (back above prior peak of 9.2 million in 2007)
  9. Lack of retirement readiness crisis creeping closer for many Baby Boomers (10,000 turn 65 every day)
  10. Baby Boomers lack savings (57% have <$100,000)
  11. Longer life expectancies will be the shocker (86/89 for retirees)
  12. Trust gap with financial services industry continues (Michael Lewis adds another barb)
  13. Lack of expertise of many financial advisors now challenges by discount brokerage firms, robo advisors, & financial advisors who market
  14. Consumers’ attitudes & behaviors continuing to evolve (more conservative; more involved; diversifying across providers; episodic advice; do it yourself)
  15. Core investment approaches evolving (goals-based investing; retirement income strategies; downside protection strategies; tactical asset allocation & possibly thematic investing)
  16. Decentralization of investment advice as financial advisor models continue to evolve (managed accounts; financial advisor directed programs; break-away brokers; TAMPs)
  17. ETFs, open-end mutual funds, & liquid alternatives to dominate flows
  18. Passive investing booming (29% of retail AUM)
  19. Smart beta funds making big impact
  20. Managed ETF programs gathering huge assets (Windhaven; Amerivest; Good Harbor Financial)
  21. America’s can do spirit to ultimately slow the passive trend
  22. Active ETFs are a wild card; Tiburon expects model based only
  23. Alternative investment firms continue to pursue retail channels through 1940 Act funds (democratization) (“liquid alts”) ($37 billion net flows
  24. Hedge fund promises trump reality (5.2% over ten years); fees to decline; hedge funds-of-funds to be challenged to survive
  25. Private equity deserves more respect (10.0% ten year returns)
  26. Public REITs have big 1Q/14
  27. Non-traded products (non-traded REITs & BDCs) gather $25 billion in 2013 but remain poorly understood and outside of mainstream trends 7% commissions)
  28. Financial planning needed (26% of financial advisors)
  29. Vanguard follows Morningstar’s Gamma and promotes 3% Advisor’s Alpha (lead rethink on pricing models)

 

  1. Number of financial advisors remains stagnant (318,000)
  2. Independent advisors taking share (quickly in bodies; moderately quickly in AUMA)
  3. Wirehouse broker productivity remains very impressive ($105-$144 million AUMA averages) (soon to be the best RIAs?)
  4. Break-away broker trend steady but less so than some claim
  5. RIA custodians doing well (even beyond the big four firms) but also face threat of aggregators and TAMPs
  6. Independent broker/dealers stand to win flow of hybrids; market bifurcating
  7. Independent broker/dealers repositioning selves more broadly (custodians; TAMPs; producer groups)
  8. Discount brokerage firms and robo advisors both looking to fill market gaps (mass affluent; disenfranchised; millenials)
  9. Discount brokerage firms doing well (TD Ameritrade reaches 500,000 DARTs; Schwab generates 80% of revenues as asset manager & bank)
  10. Robo advisors raising substantial venture capital & AUMA (Wealthfront another $30 million) (FENG $70 billion AUMA)
  11. Target marketing; sales & marketing tactics; and technology & outsourcing tactics all evolving based on new technology
  12. Several firms refocusing on mass affluent market with technology supported delivery models
  13. Baby Boomers face the liquidation now (accumulation switches to retirement income)
  14. Millenials to change the wealth management business (conservative; self-starters; research oriented) (rise of the validators)
  15. Women’s issues finally getting some attention within financial services (more risk averse but shorter careers & longer lives; perceive selves as less skilled & rely on financial advisors more; seeking more emotional connections)
  16. Content marketing to become the norm (again millennial driven)
  17. Public relations to become a science (difference between it and advertising to be subtle; relates to content marketing) (e.g., Samsung)
  18. Digital marketing (SEO; blogging; & email marketing) rivaling traditional marketing efforts (27% of advertising spending)
  19. Social media to become required part of both marketing & service models
  20. Ease of use increasingly critical in both consumer and financial advisors facing user interfaces (thanks Apple)
  21. Mobile applications & video conferencing to become required part of service
  22. Outsourced technology (SaaS) replacing nearly all desktop, onsite, & home grown systems
  23. Ease & price compression of robo advisors and marketing & investment process strengths of financial advisor scale models may challenge smaller (and less sophisticated) financial advisors to survive
  24. Financial advisors have a growing succession planning issue (75% lack plan)
  25. Venture capital betting on robo advisors (Betterment; Wealthfront; LearnVest; Personal Capital Corporation; Motif Investing; Jemstep)
  26. Private equity betting on financial advisor scale models (The Edelman Financial Group; The Mutual Fund Store; United Capital Financial Partners)
  27. Possible mid-term end game – online advice with local option for episodic advice (Wealthfront of Tiburon; Betterment of Westchester County)


 

 

 

 

 

 

 

 

Consumer Wealth

Consumer households have $39.5 trillion investable assets, $59.1 trillion financial assets, $91.7 trillion total assets, and $77.9 trillion of net worth. Consumer households have $39.5 trillion investable assets, up over 50% since 2008. Consumer households have $19.6 trillion retirement plan assets, up over 30% since 2008. Consumer households have $59.1 trillion financial assets, up over 50% since 2008. Consumer households have $24.7 trillion personal assets, up 10% since 2008. Consumer households have $19.4 trillion residential real estate, up over 10% since 2008 and 20% since its bottom in 2011. Consumer households have $10.0 trillion real estate equity, up over 50% since 2008 and 60% since bottoming out in 2011. Consumer households have $91.7 trillion household assets, up over 30% since 2008. Consumer households have $13.8 trillion liabilities, down 5% since 2008. Consumer households have $9.4 trillion mortgage debt, down over 10% since 2008. Consumer households have $77.9 trillion net worth, up 30% since 2008.

Consumer Wealth Concentration

Averages can mislead… the United States net worth per capita is $252,000, up 25% since 2000 and nearly at its peak of $253,000 in 2006. There are 1,645 consumer households with over $1.0 billion net worth, up from 140 in 1987. There are 132,000 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 9.6 million consumer households with over $1.0 million net worth, back above its prior peak of 9.2 million in 2007. Specifically, Mr. Roame said, "12% of Americans are millionaires." Said another way, 8% of consumer households control 77% of financial assets. Wealth is concentrating further… the top 10% of earners in the United States earn 48% of income, up from 40% in 1900 and its bottom of 32% in 1960. United States’ income is more concentrated than that in European countries. The United States average income ratio of its top 10% versus the bottom 10% is 16.2x versus 5.5-6.4 at Nordic countries. Consumer household median income is $52,000, up 15% since 1970 but down since 2006. Over three-quarters of consumer households still earn less than $100,000. The US home ownership rate is 65%, down from a peak of 69% in 2005.

Baby Boomer Retirement Situation, Financial Issues, & Attitudes

Germany’s savings rate in relation to disposable income is 10% in 2014, compared to 4% from the United States. Female retiree life expectancy is 89 years, up from 84 in 1980. Male retiree life expectancy is 86, up from 80 in 1980. Specifically, Mr. Roame said, "10,000 baby boomers turn 65 every day" and "your lens is only driven by how long you are going to be here. Is your bet on a couple of years or decades?" He also stated, "baby boomers now face the liquidation of their money; they just do not have any money to liquidate."

Consumer Attitudes & Behavioral Changes

The total managed accounts market, including packaged programs and RIAs, has reached $6.1 trillion. Amongst packaged managed account programs… financial advisor directed programs have been taking share from SMAs & UMAs. Tiburon CEO Summit XXVI attendees said that the break-away brokers trend will increase or at least remain steady over the next five years. Specifically, Mr. Roame said, "deleveraging is not nearly as significant as everyone writes about." Tiburon CEO Summit XXVI attendees said that TAMPs use will be steady or increase in popularity.

Rapidly Evolving Investment Products

Mr. Roame said, "flows are going to mutual funds, variable annuities, & exchange traded funds" with substantial flows of $100-$200 billion each. Tiburon CEO Summit XXVI attendees said that open-end mutual funds will stagnate over the next five years. The Vanguard Group, Fidelity Investments, & the other top ten mutual fund firms control over half of mutual fund assets under management. Passive equity assets (passive mutual funds & ETFs) now comprise 30% of equity mutual fund & ETF assets. Specifically, Mr. Roame said, "truly active ETFs I do not think are going to happen." Passive mutual funds have gathered $961 billion assets under management, up nearly 100% since 2005. Smart beta funds have net flows of $45 billion, up from $5 billion in 2009. Exchange traded funds have net flows of $138 billion, up 400% since 2001 but down from its peak of $187 billion in 2012. Half of large-cap us stock funds beat the S&P 500 in 2013. The average active mutual fund costs six-to-seven times more than the average passive mutual fund. Specifically, Mr. Roame said, "active management is here for a long time because we believe we are good at gambling (and we are not)." A thought to ponder about active management… PIMCO has the most assets under management among active ETF families, with $7.9 billion.

Alternative mutual funds gathered $37.1 billion net flows, up 150% since 2004. Institutional investor private equity portfolios had a ten year annualized return of 10.0% through 2013, better than real estate, hedge funds, & real assets. Hedge fund management fees fell to 1.37% of assets under management in 2013, after remaining steady between 1.57% and 1.62% since 2006. Hedge fund performance fees fell to 17.3% of returns in 2013, after varying between 17.7% and 18.7% since 2006. Several attendees noted that there are some exceptions. Several attendees noted that hedge funds-of-funds are expensively lame. Specifically, Mr. Roame said, "hedge funds are a disaster. The more shocking is the hedge funds-of-funds. Please do not tell me you own them. Have you done the math? You will never make money owning hedge funds-of-funds."

Only one-quarter of financial advisors offer comprehensive financial planning. 529 college savings plans have gathered $205 billion assets under management, up from a start in 1998. Several attendees noted that impact investing growth will be driven by younger investors with money. Several attendees noted that long-term care pricing may exclude consumers in need.

Retail Financial Advice Trends

Several attendees noted that online & discount channels will experience high growth. Regarding trends, Mr. Roame said, "what did we do before, if goal-based investing is a trend??" and "I think the fee-only RIA trend is kind of done. Now we have the hybrid guys, and the IBDs are going to grab them."

Financial Advisors

There are 318,000 financial advisors across all channels, down from 338,909 in 2005. Independent advisors have steadily been growing as a channel at the expense of the wirehouses & regional broker/dealers. Specifically, Mr. Roame said, "there are a lot of advisors who should be out of business and I think it is going to happen in the next few decades." Independent advisors have been a little less successful at capturing assets under administration from the wirehouses & regional broker/dealers. Mr. Roame stated, "if Wealthfront is super easy and Ric Edelman out markets everyone else, smaller and less sophisticated financial advisors are going to struggle to survive." Tiburon CEO Summit XXVI attendees said that the independent advisor channel will take market share in the future. Specifically, Mr. Roame said, "the biggest firm in the industry has 3% market share." Primerica, Morgan Stanley, Bank of America Merrill Lynch, & Wells Fargo Corporation have the most financial advisors. Morgan Stanley, Bank of America Merrill Lynch, & Wells Fargo Corporation have gathered the most assets under management & administration. Tiburon CEO Summit XXVI attendees said that LPL Financial, Bank of America Merrill Lynch, and Edward Jones & Company have the most impressive financial advisor forces.

Wirehouses

UBS Wealth Management Americas has the most average assets per rep with $144 million. Tiburon CEO Summit XXVI attendees said that the wirehouses will allow financial advisors to have own RIAs. Almost all existing wirehouse retention deals will expire by 2019.

Fee-Based Financial Advisors (RIA Custodians)

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 $762 billion & $586 billion, respectively. Tiburon CEO Summit XXVI attendees said that The Charles Schwab Corporation will be the most successful custodian over the next five years. Confirming that prediction, Mr. Roame said, "Charles Schwab will be the biggest firm in assets in five years."

Independent Broker/Dealers

LPL Financial, RCS Securities, Ameriprise Financial, & a few other firms lead the independent reps market in number of financial advisors. LPL Financial, Ameriprise Financial, RCS Securities, & Raymond James Financial lead the independent reps market in assets under administration. Tiburon CEO Summit XXVI attendees said that LPL Financial will be the most successful independent broker/dealer over the next five years. Tiburon CEO Summit XXVI attendees said that National Financial Services (Fidelity Investments) will be the most successful correspondent clearing firm in the next five years.

Discount Brokerage Firms

TD Ameritrade average daily volume was 501,000, up from 390,000 in January 2013. The Charles Schwab Corporation has shifted its revenues to be increasingly generated from asset management & administration fees and net interest revenues, while trading & other revenues have relatively declined. Tiburon CEO Summit XXVI attendees said that they personally have self-serve (discount brokerage) investment accounts more than half of the time. Financial Engines has become the largest RIA while Wealthfront and Betterment have both gathered hundreds of millions of dollars of assets under management.

Target Marketing Tactics

Baby boomers’ pending retirement will drive more assets into the investable assets market. Almost half of millenials consider themselves to be conservative investors. Almost half of millennials believe that they spend a lot of time researching alternatives before making major purchase decisions. More than one-quarter of millennials would get a second opinion before taking their financial advisor’s advice. Over half of women reported that they know less about financial markets in relation to the average investor, twice that of their male counterparts. Women are more likely to rely on financial advisors. United States digital advertising spending is projected to be 29% of total United States advertising spending in 2015. Several attendees noted that digital marketing & big data work together.

Technology & Outsourcing Tactics

Tiburon CEO Summit XXVI attendees said that Envestnet will be the most successful TAMP over the next five years. Several attendees noted that LPL Financial is a successful TAMP.

The Five Fundamental VC & PE Bets

  1. Distribution will increasingly take economics from product manufacturing
    - Closest to the client always wins
  2. Financial advisor and do it yourself channels are probably better bets than the institutional and international channels
  3. Institutionally-oriented firms all rushing towards the financial advisor markets
    - Ultimately independent advisors & robo advisors will integrate
  4. Financial advisor channel smart bets include scale, aggregation, & outsourcing
  5. Do it yourself channel smart bets are probably those with proven economic models, substantial capital, and a multi-pronged delivery plan
  6. Beyond asset & wealth management, best opportunities with disruptors generally, mobile firms, and big data & predictive analytics firms
  • VC & PE Bet I: bet on distribution over products
  • VC & PE Bet II: bet on financial advisors & self-serve channels over institutional or international channels
  • VC & PE Bet III: make scale, aggregation, or outsourcing bets
  • VC & PE Bet IV: pick self-serve bets carefully; likely big fall-out rate
  • VC & PE Extra Credit Bet: if insist on products, bet with logic
  • VC & PE Bet V: bet on disruptors generally, mobile firms, and big data & predictive analytics firms

Elaborating on the VC & PE bets, Mr. Roame said, "if I had a buck to bet - distribution over money manager – because thou who owns a client always wins." Regarding increasing pressure on active managers to add value, Mr. Roame said, "the job of active managers is getting easier right? 40% easier because of a 40% decrease in companies traded? And therefore management fees came down? I do not think so." He also stated, "the largest & fastest growing channel is the advisor channel."

Financial services firms raised $551 million in venture capital, up 100% from 2012. Wealthfront, Personal Capital, & Motif Investing have raised the most venture capital amongst the robo advisors.

There were 54 RIA merger & acquisitions, up 50% since 2006 but down from its peak of 70 in 2010. Other RIAs have been the acquirers in half of all RIA merger & acquisition transactions in 2013, up from a low of 22% in 2012. Tiburon CEO Summit XXVI attendees said that the most successful financial advisor aggregators are Hightower, United Capital Financial Partners, & Focus Financial Partners.

Speakers & Panelists

Tiburon CEO Summit XXVI featured speakers & panelists, including Rob Arnott (CEO, Research Affiliates), Ron Baron (CEO, Baron Capital Group), Jud Bergman (CEO, Envestnet), Rich Bernstein (CEO, Richard Bernstein Advisors), Jack Bogle (Founder, The Vanguard Group), David Booth (Co-CEO, Dimensional Fund Advisors), Dick Burridge (CEO, RMB Capital), Mark Casady (CEO, LPL Financial), Scott Curtis (President, Raymond James Financial Services), Ed Finn (Editor, Barron's), Rob Francais (CEO, Aspiriant), Jane Gladstone (Senior Managing Director, Evercore Partners), Bill Harris (CEO, Personal Capital Corporation), Ben Hochberg (Partner, Lee Equity Partners), Bob Huret (Founding Partner, FTV Capital), Paul Ingersoll (CEO, Good Harbor Financial), Jonathan Korngold (Managing Director, General Atlantic), Tom Lee (CEO, Lee Equity Partners), Mary Mack (President, Wells Fargo Advisors), Harry Markowitz (President, Harry Markowitz & Associates & Nobel Prize Winner in Economics), Pat McClain (Co-CEO, Hanson McClain), Fielding Miller (CEO, Cap Trust Financial Advisors), Don Phillips (Managing Director, Morningstar), Peter Raimondi (CEO, Banyan Partners), Rich Repetto (Principal, Exchanges, eBrokers, & Trading Companies, Equity Research, Sandler, O'Neill & Partners), Tony Rochte (President, SelectCo Division, Fidelity Asset Management), Jim Ross (Chairman, SSGA Funds Management, State Street Global Advisors), Andrew Rudd (CEO, Advisor Software), Michael Sapir (CEO, ProShare Advisors), Jeff Saut (Chief Investment Strategist, Raymond James & Associates), Nick Schorsch (Executive Chairman, RCS Capital Corporation), Skip Schweiss (President, TD Ameritrade Trust Company), Clara Shih (CEO, Hearsay Social), Jon Stein (CEO, Betterment), Jon Stern (Managing Director, Berkshire Capital), Allen Thorpe (Managing Director, Hellman & Friedman), Mark Tibergien (CEO, Pershing Advisor Solutions), Bill Van Law (President, Investment Advisors Division, Raymond James Financial), Alexa von Tobel (CEO, LearnVest), & Derek Young (Vice Chairman, Pyramis Global Advisors).

Rob Arnott
(CEO, Research Affiliates)

 

 

CEO Summit XXVI
Panelist

Rob Arnott
(CEO, Research Affiliates)

 

 

 

 

 

 

 

Rob Arnott is CEO of Research Affiliates. Mr. Arnott founded Research Affiliates in 2002 as a research-intensive asset management firm focused on innovative products, especially as they pertain to quantitative investing. Today, the firm manages over $160 billion in assets globally and continues to explore novel approaches to active asset allocation, optimal portfolio construction, & more efficient forms of indexation, largely in subadvisory and licensing partnerships with leading financial institutions. Mr. Arnott was previously chairman of First Quadrant, which he built out of the former internal money management operations of Crum & Foster. Prior to this, he was global equity strategist at Salomon Brothers (now part of Citigroup), the founding CEO of TSA Capital Management (now part of Analytic Investors), and a vice president at The Boston Company, in the group that subsequently became PanAgora. In recognition of his achievements as a financial writer, Mr. Arnott has received six Graham & Dodd Scrolls, awarded annually by the CFA Institute for best articles of the year. He has also received three Bernstein-Fabozzi/Jacobs-Levy awards from the Journal of Portfolio Management and Institutional Investor magazine.

Mr. Arnott's recent comments have included:

  • “Theories represent an approximation of the real world. As long as we recognize that and that the real world is going to throw surprises and twists, the profits one can make are often found in the gaps of those two. I have spent a lifetime mining those gaps, those differences”
  • “The markets are just efficient enough to confound most investors and inefficient enough to lead to lots of opportunities for thoughtful investors with sufficient spine and courage to do rather well. The challenge is a risk or discomfort premium. The markets reward a willingness to bear discomfort”
  • “What I hope will happen is a marriage of neoclassical & behavioral finance. That has not happened yet. There have been some huge strides in that direction in the last dozen years”
  • "The market is not passive at all from an economy or company centric point of view"
  • "Our industry, contrary to conventional wisdom, has high ethical standards"
  • "I credit [my academic & professional accomplishments] on my urge to test ideas and see if they are true"
  • "I would love to see a market where value is really on a roll and reinforces the view that it [fundamental indexing] does okay when growth is winning and hits the lights out when value is winning"
  • "Our business model is one of creating new product and advancing it to the marketplace and, in effect, seeing what sticks. Every year we try new ideas, and half of them gain traction. The one I am most optimistic about becoming our next profit engine is the marriage of low-volatility strategies with fundamental indexing"

 

Ron Baron
(CEO, Baron Capital Group)

 

 

CEO Summit XXVI
Panelist

Ron Baron
(CEO, Baron Capital Group)

 

 

 

 

 

 

 

Ron Baron is CEO of Baron Capital Group. Mr. Baron founded Baron Capital in 1982 and has 43 years of research experience. From 1970 to 1982, Mr. Baron worked for several brokerage firms as an institutional securities analyst. From 1966 to 1969, Mr. Baron worked at the U.S. Patent Office as a patent examiner. From 1965 to 1966, Mr. Baron worked at Georgetown University as a teaching fellow in biochemistry.

Mr. Baron's recent comments have included:

  • “It is always curious to be called a legend. I would rather be described as an all-star than a legend”
  • “We are in the compounding business”
  • ”We are long-term investors. We find businesses that have big opportunities to become bigger. One of the things we always look for is what is this company doing that no one else can do?”
  • “[Regarding Manchester United] Our time horizon is not about the next quarter but what it can become over time. We thought about it as the most popular television program in the world. 42% of soccer watchers watch Manchester United. There are 36 games a year and 85 million watch each game. They have an opportunity to monetize that they have not done before. Our company has fans all around the world”
  • “We invest ten years in a publicly owned company. The average is seven-eight months. Over the long-term we have outperformed”
  • "My investment philosophy is to invest for the long term in businesses that have big growth opportunities, competitive advantages that make it difficult for other people to do what they are doing, businesses that are well managed"
  • "In a very high tax, slow growth economy, I want to look in high regulation economy, then I want to look for companies that are investing in themselves and getting to write off that investment, with competitive advantage. And therefore are willing to penalize current earnings, therefore their stock is going to be lower than they ordinarily would, so their business can be much bigger in the future than it is today"
  • "One thing that you can not do is panic at the bottom and act contrary, to try to think what the market is going to do and make macro judgments instead of trying to be focused on your businesses. So, be focused on your businesses, number one. And try to keep the market out of what you are doing"

Jud Bergman
(CEO, Envestnet)

 

 

CEO Summit XXVI
Panelist

Jud Bergman
(CEO, Envestnet)

 

 

 

 

 

 

 

Jud Bergman is CEO of Envestnet, responsible for directing its core strategies and guiding organizational & business development. Mr. Bergman founded Envestnet in 1999 to provide web-based wealth management software and services and advanced portfolio solutions for independent advisors to better serve their affluent and high net worth clients. Mr. Bergman also serves as a trustee for Guardian's RS Investments' mutual fund family. Prior to Envestnet, Mr. Bergman was the managing director, Nuveen Mutual Funds, for Nuveen Investments, a diversified investment manager. In this role he was responsible for the profitable growth of Nuveen's mutual funds 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 accounts business and helped guide the firm's expansion into diversified investment management beyond municipal investments.

Mr. Bergman's recent comments have included:

  • “I do not know that I have ever been introduced as someone that does not have opinions before”
  • “There are more financial advisors in their 70s than there are in their 20s today”
  • “52% of millennials’ asset allocation is to cash”
  • “Our research shows that there are five ways financial advisors add value: knowing the client, asset allocation, fund or vehicle selection process, system rebalance, & tax alpha (management)”
  • “My wife (my financial planner) has discovered that in reaching the younger investors, there is a much more heavy reliance on technology. There is a strong preference towards passive low cost strategies. And for conservatism”
  • "Our business is a combination of wealth management software technology, investment solutions, and back-office services. On the investment side, our core competence is not picking securities or bonds; our core competence is constructing portfolios and identifying good managers, and rebalancing those portfolios consistently in a disciplined manner"
  • [Envestnet's strategic advantage is] advisors who end up doing business with a firm like Envestnet end up having a technology and operational partner. I think we do that very well. It means that we innovate and adapt our software to a variety of practice patterns"
  • "I think that economies of scale are shifting rapidly in our line of business. We are seeing advisory practices with $120 to $150 million thrive on top line revenues less than $2.0 million with just two or three people in their shop"
  • “Will there be capital sufficient to meet the liquidity requirements of retiring advisors?”
  • “How will advances in investor-facing technology affect industry consolidation activity?”

Rich Bernstein
(CEO, Richard Bernstein Advisors)

 

 

CEO Summit XXVI
Panelist

Rich Bernstein
(CEO, Richard Bernstein Advisors)

 

 

 

 

 

 

 

Rich Bernstein is CEO of Richard Bernstein Advisors. Mr. Bernstein has nearly 30 years' experience on Wall Street, including most recently as the Chief Investment Strategist at Merrill Lynch. Prior to joining Merrill Lynch in 1988, he held positions at EF Hutton and Chase Econometrics/Interactive Data Corporation. Mr. Bernstein was voted to Institutional Investor magazine's annual All-America Research Team eighteen times, including ten as the top-ranked analyst in his category. He was also twice named to both Fortune's All-Star Analysts and to Smart Money's Power 30. Mr. Bernstein was recently named to Registered Rep’s Ten to Watch for 2012. Mr. Bernstein sits on the Alfred Sloan Foundation’s investment committee and the Hamilton College endowment’s investment committee. He also sits on he executive committee of the New York University Stern Graduate School fo Business, where he is an adjunct professor of finance.

Mr. Bernstein's comments included:

  • “You have to know what you know and know what you do not know”
  • “We are almost the polar opposite of a Warren Buffet”
  • “I did not want to have a group of yes men. Our team is very very experienced”
  • “Investors have yet to reposition portfolios”
  • “Everybody knows the global credit bubble is deflating”
  • “ A stark difference is that we are significantly underweighting credit-related asset classes”
  • “If you are a day trader, making money is essentially flipping a coin. The probability is 50/50. Intra day probability of losing money has to be even higher. If you are consistently making money as a high-frequency trader, you have to be cheating. The statistics are so against it”
  • "Bull markets are not periods of wine & roses; fear & indecision dominate the first seven innings of most bull markets”
  • "Investors are not very good at identifying bull markets until the eighth inning. The average investor has underperformed all asset classes except Japan. Investors even underperformed cash; they would have been better with their cash under their mattress”
  • “Sure signs of a market top and bear market include the fed tightening too much and an inverted yield curve, significant overvaluation, and euphoria for asset class of choice”

Jack Bogle
(Founder, The Vanguard Group)

 

 

CEO Summit XXVI
Panelist

Jack Bogle
(Founder, The Vanguard Group)

 

 

 

 

 

 

 

John Bogle is Founder of The Vanguard Group. Mr. Bogle founded The Vanguard Group in 1974, served as chairman & CEO until 1996 and senior chairman until 2000, and today serves as the president of Vanguard's Bogle Financial Markets Research Center. Mr. Bogle has been a recipient of numerous awards, including being named as one of the world's 100 most powerful & influential people by Time magazine in 2004 and one of the investment industry's four giants of the twentieth century by Fortune Magazine in 1999. He also is a recipient of Institutional Investor magazine's Lifetime Achievement Award in 2004, the Woodrow Wilson Award from Princeton University for distinguished achievement in the Nation's service in 1999, and the Award for Professional Excellence from the Association for Investment Management & Research (now CFA Institute) in 1998, and the Berkeley Award for Distinguished Contributions to Financial Reporting in 2006. Mr. Bogle is a best-selling author, with nine books, including Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (1993), Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999), John Bogle on Investing: The First 50 Years (2000), Character Counts: The Creation & Building of The Vanguard Group (2002), The Battle for the Soul of Capitalism (2005), Enough (2007), & Don't Count on It! (2010). Mr. Bogle's life and career is also the subject of a book titled John Bogle & the Vanguard Experiment: One Man's Quest to Transform the Mutual Fund Industry (1996 by Robert Slater).

Mr. Bogle's recent comments have included:

  • “Indexing was only one of the four most disruptive innovations in the mutual fund industry history (others were mutualization, no–load distribution, & defined-maturity bond funds)”
  • “The only thing that happened overnight was to find the maturity of our bond funds. – series funds. Sometimes things work out in different ways than you would expect”
  • “Sometimes a little patience is required. Not, dare I add, my strong suit”
  • “I do not brag about our size; it makes me more nervous than positive. Look, what do you think two trillion dollars of assets means to someone who has written book called Enough?”
  • “I am still so damn competitive, I am embarrassed... but I get over it quickly. We are now larger than our second & third competitors combined”
  • “Doing the right thing for investors. At Vanguard I had two rules of market share: one, market share must be earned and not bought. If you do the right thing the world will beat down your door. Two, market share is a measure and not an objective. If you are hitting the proper note for the investing public, it will grow”
  • “We have been on the right side of history. I am not going to write an eleventh book but if I did, it would be called Mistakes I Made and it would be the longest book I have ever written”
  • “The drive for index funds is a mysterious dichotomy as you all know. Just as active management becomes like passive indexing, so passive indexing becomes more like active management”
  • “The ETF raises serious questions about what indexing is all about. ETFs are the greatest marketing idea in the 21st century but I doubt very much that they are the best investing idea”
  • “From the very beginning of Vanguard, we focused on relative predictability. We did not want the money to pour in on the up side and pour out on the down side”
  • “I have no insights other than these simple ones. One idea – that goes back to 1776, from Adam Smith: the interest of the consumer must be the ultimate end and object of all industry and commerce”

 

David Booth
(Co-CEO, Dimensional Fund Advisors)

 

 

CEO Summit XXVI
Panelist

David Booth
(Co-CEO, Dimensional Fund Advisors)

 

 

 

 

 

 

 

David Booth is Co-CEO of Dimensional Fund Advisors. Mr. Booth founded Dimensional Fund Advisors in 1981 to provide access to small capitalization stocks, which were largely underrepresented in institutional portofolios at the time. Many of Mr. Booth's original concepts underpin Dimensional's overall strategy and his problem-solving innovations for clients set the firm apart from its competitors. As Chairman and Co-CEO of the $350 billion assets under management firm today, Mr. Booth continues to focus on the firm's key corporate initiatives and strategic long-range planning. Mr. Booth won the Financial Analysts Journal's Graham & Dodd Award of Excellence (with Gene Fama) in 1992. In 2010, Investment News named Mr. Booth as one of The Power 20 in the financial services industry, and Mutual Fund Wire ranked him 12th in its list of the 100 Most Influential People in mutual funds.

Mr. Booth's recent comments have included:

  • “Arguably we were the first to come out with small cap funds as an asset category”
  • “We started very economically. Our first office was my apartment”
  • “I think of us as two parts to the story: One, good academic research & a particular point of view about the markets and two, implementation. Is the market being served at a decent cost? If it is then we leave it alone”
  • “When we started the firm, a lot of people were skeptical. [Gene] Fama gave us a 50/50 shot if we could make it”
  • “My view is similar to Tom Sawyer... surround yourself with people that are a lot brighter than you are”
  • “I was going to become a professor but dropped out of the program, which worked out not only to my advantage but to the advantage of the University of Chicago”
  • “How do you get the first clients? It was from the assistance we were given and the personal liability individuals took on just to help out, like working for Gene Fama as a research assistant. The University of Chicago gave me a great opportunity”
  • It is unnerving to clients to say we found something new to worry about, but they also expect us to do that. They want us to do the best we can. Hopefully we are always continually improving”
  • “Looking at historical data allows insights into the past”
  • “People that have lots of money are concerned about longevity – if you plan well you can give your money away while you are above ground, which is a lot more fun”
  • “I worry about having a big screw up in the firm and hearing people say, ‘how can you not have foreseen that?’”
  • “It is nice when the markets are up. People say, thank you and wave at you, and they use all their fingers to do so”
  • "The top down approach does not work anymore"
  • "Financial services is becoming more integrated"
  • "Most innovation comes from the academic world"
  • "Our basic investment philosopy transends cultural barriers"

Dick Burridge
(CEO, RMB Capital)

 

 

CEO Summit XXVI
Panelist

Dick Burridge
(CEO, RMB Capital)

 

 

 

 

 

 

 

Dick Burridge is CEO of RMB Capital. His career spans more than 25 years in the financial industry, including tenure as one of the top advisors of a Fortune 100 company. In 2005, Mr. Burridge co-founded RMB Capital in order to establish an independent firm. This allowed him to gain freedom from corporate conflicts of interest and make the best investment decisions for each individual client while serving them with the highest level of care. At RMB Capital, Mr. Burridge sets investment policy, oversees all portfolio management activity, and directs clients' asset allocations. Mr. Burridge & RMB Capital have received remarkable accolades from several prominent publications, including Forbes, Chicago Magazine, and Barron's Top 100 Investment Advisors. Mr. Burridge currently serves on the board of the Burridge Center for Finance at Colorado University.

Mr. Burridge's recent comments have included:

  • "As a firm with an entrepreneurial spirit and a focus on client service, we are continually looking to expand on the investment solutions we are able to offer"
  • "We strongly believe that alternative investments have a place in most qualified investors’ asset allocations"
  • "We have an entrepreneurial and collaborative culture"
  • "The entire team does an excellent job of remaining focused on each client’s best interests while putting our holistic wealth management approach and our disciplined investment philosophy into practice on a daily basis"
  • "I truly believe our model positions clients for long-term success, and we look forward to serving our clients for many generations to come"

Mark Casady
(CEO, LPL Financial)

 

 

CEO Summit XXVI
Panelist

Mark Casady
(CEO, LPL Financial)

 

 

 

 

 

 

 

Mark Casady is Chairman and CEO of LPL Financial. Before joining the firm in 2002, Mr. Casady was managing director of the mutual funds group at Deutsche Asset Management, Americas (formerly Scudder Investments). He was also a member of the Scudder, Stevens, & Clark board of directors and management committee. Prior to Scudder Investments, Mr. Casady held roles at Concord Financial Group and Northern Trust. Mr. Casady serves on the Financial Industry Regulatory Authority's (FINRA) board of governors and is former chairman and a current board member of the Insured Retirement Institute. Mr. Casady also previously served on the executive committee of the Investment Company Institute board of governors. Mr. Casady was recognized as the financial executive of the year by DePaul University College of Commerce in 2007 and was also named one of the top 50 financial professionals by Irish American magazine in 1999. Mr. Casady was inducted into the Redefining Investment Strategy Education Hall of Fame by the University of Dayton in 2008.

Mr. Casady's recent comments have included:

  • “I have never felt more like a dinosaur after the last panel. If we go extinct in front of you, you will know why; we have been robo’ed right out of the industry”
  • “If you are private, stay private”
  • “Build a capability that lets the advisor pick the practice that works best for them”
  • “There are not enough people to provide financial advice to the millions that need it”
  • “Right now is the best opportunity I have ever seen in my thirty years in the industry, because there is incredible wealth that needs help right now”
  • “We all have to live with the fact that margins are going to be lower”
  • “We have to think about how we experiment with our models to drive costs down & think of ways to more efficiently serve consumers”
  • “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 has never been a time when more Americans have had a greater need for objective, unbiased financial advice"
  • "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"
  • "One of the critical dynamics that will shape the future of financial advice in this country is the growing interest among advisors to build their practices on their own terms. Whether that is a fee-based model, a commission-based model or a hybrid, advisors want the ability to fit their practice to meet the needs of their markets and 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"

Scott Curtis
(President, Raymond James Financial Services)

 

 

CEO Summit XXVI
Panelist

Scott Curtis
(President, Raymond James Financial Services)

 

 

 

 

 

 

 

Scott Curtis is President of Raymond James Financial Services. Mr. Curtis directs Raymond James’ independent contractor business that includes close to 3,300 financial advisors and generates roughly $1.3 billion in annual revenues. He was promoted to his current position following six years as senior vice president of Raymond James & Associates Private Client Group (PCG) where he was responsible for prioritizing and directing numerous initiatives focused on revenue growth, efficiency enhancements, service improvement, and risk mitigation. Mr. Curtis joined Raymond James in February 2003 as president of Raymond James Insurance Group. Mr. Curtis spent the prior thirteen years of his career with GE Financial Assurance in a variety of senior leadership roles – including as national sales director for mutual funds and annuities and as president of the firm's FINRA-registered broker/dealer.

Mr. Curtis' recent comments have included:

  • “Our bank has one location, two ATMs, and we have no intention of doubling either one of those. Our bank is a service provider for institutional & retail clients” “The financial advisor population is aging with not enough new entrants – we need more people in the business"
  • "Client expectations drive innovation. As an industry we are behind, partly because of regulation and partly because of legacy systems. Challenge to continue to upgrade”
  • “Training the next generation including getting a lot more business is something that is very important to us and something that we are working hard on”
  • "[The margin compression among independent broker/dealers] is almost a perfect storm of increased cost and investment required to keep up with the regulatory changes"
  • "The financial advisor base is getting older. There are not as many as there used to be. The numbers have declined, and obviously that has driven up transition assistance, or recruiting deals. Those are a lot higher than they have been historically. The decrease in interest rates, that are at all-time lows, has also contributed to margin pressure"
  • "We are having more conversations with higher-end advisors—financial advisors whose practices are north of $800,000 in trailing 12 GDC—as a total percent of the advisors we are speaking with. We are seeing a greater percentage now of very successful advisors than we had in the past"
  • "When clients are saying, my measure of success is I do not want to lose any money, and when you look at the performance of bond funds over the last ten years, in most cases, on average over that period of time, it has been hard to lose money in bond funds. But that is because interest rates have declined. Sooner or later, they are going to turn around and go the other way"

Ed Finn
(Editor, Barron's)

 

 

CEO Summit XXVI
Panelist

Ed Finn
(Editor, Barron's)

 

 

 

 

 

 

 

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

Mr. Finn's recent comments have included:

  • “We think earnings could grow five-ten% over the few next years”
  • “There may be pieces of your business that you could do better in. As we have sought out those pieces we have done well”
  • “Products have to be first class and if they are not then you have to keep working and working until they are. Even if you have a successful product, you have to be willing to change it and looking for improvements”
  • "Clients may be back in the market, but they are back in a more conservative way"
  • "Investors today have a scared and scarred mindset about the current markets"
  • "I have more confidence in Johnson & Johnson’s ability to pay a dividend more than some municipalities' ability to make interest payments"
  • "Barron's goal in publishing its rankings [top 100 independent financial advisors] is to shine a spotlight on leading financial advisors with an eye toward raising standards in the industry. The rankings serve two types of Barron's readers. For wealth management professionals, who comprise about one-quarter of our readership, they serve as an industry scorecard. For individual investors, who make up about three-quarters of our readership, our financial advisor rankings are a tool to help them in the process of finding financial guidance"

Rob Francais
(CEO, Aspiriant)

 

 

CEO Summit XXVI
Panelist

Rob Francais
(CEO, Aspiriant)

 

 

 

 

 

 

 

Rob Francais is CEO of Aspiriant. Mr. Francais co-founded the firm in 2008 and prior to that co-founded Quintile Wealth Management. Mr. Francais has recently been named to Barron’s 2013 list of the Top 100 Independent Financial Advisors.

Mr. Francais' recent comments have included:

  • "We asked, is bigger better? Does it help solve the durability problem in the industry? In the end, we concluded you could aggregate talent in the industry, govern it, standardize the organization and institutionalize value propositions to clients. You could achieve a permanent organization that best serves families for multiple generations"
  • "We are in the home stretch getting through the integration and now it is time to focus on operations and locate the next candidate and we will start those negotiations by the end of the year and finalize them by early next year. And, then it all starts all over again, but I think it gets a little easier each time. We learn how to do it more effectively"
  • "We created a strategy for growth which was to find like-minded people who are committed to the same type of things we were from a client service perspective and come up with a strategy for combining those organizations - a governance structure, a service model, a cultural model and a compensation model that works with a set of core values"
  • “We are engineering a 100% employee-owned business model that we believe properly aligns our clients interests with those of our people for generations to come”

Jane Gladstone
(Senior Managing Director, Evercore Partners)

 

 

CEO Summit XXVI
Panelist

Jane Gladstone
(Senior Managing Director, Evercore Partners)

 

 

 

 

 

 

 

Jane Gladstone is Senior Managing Director at Evercore Partners, head of Evercore's financial institutions advisory group. Ms. Gladstone was named one of the Top 50 rainmakers on Wall Street by Dealmaker magazine and served as a delegate to the World Economic Forum. Prior to joining Evercore in July 2005, Ms. Gladstone was a managing director at Morgan Stanley. Ms. Gladstone has over 21 years of investment banking experience.

Ms. Gladstone's recent comments have included:

  • “Hospitalization is the new foreclosure”
  • “There is a scarcity value to companies with genuine organic growth. Those that do deserve to get a premium”
  • “There is a real need for platforms that bring scale to the financial planner”
  • “I think there will be more IPOs in part because several of these platforms are backed by private equity”
  • "Some of the most important changes involve the central clearing that is mandated for most over-the-counter trades"
  • "The way that Dodd-Frank is implemented is still up for grabs. There is a chance that we still have some important sessions and regulatory meetings at Davos"
  • "Trying to inhibit the progress of high frequency trading is like trying to change gravity"

Bill Harris
(CEO, Personal Capital Corporation)

 

 

CEO Summit XXVI
Panelist

Bill Harris
(CEO, Personal Capital Corporation)

 

 

 

 

 

 

 

Bill Harris is CEO of Personal Capital Corporation. Personal Capital Corporation is the culmination of Mr. Harris' career (his words), bringing together many things he has worked on over the past twenty years to deliver complete financial solutions for clients. Mr. Harris was formerly CEO of PayPal and CEO of Intuit, the makers of Quicken, QuickBooks, & TurboTax. He has also founded numerous financial technology and security companies, and served on the boards of RSA Security, Macromedia, Success Factors, GoDaddy, & EarthLink.

 

Mr. Harris' recent comments have included:

  • “Many of our client interactions that are less strategic are spent on technology, which allows the advisor to spend more time on strategy”
  • “Key issues that the industry should be discussing include tech versus touch; product versus customer; and manufacturing versus distribution”
  • "I do not reject face-to-face advice...what I reject is the physical substantiation of the face-to-face advice"
  • “Hybridization is the ability to combine high tech self service with high touch advice in a seamless application”
  • "The brokerage account was the craftsman model while the mutual fund was the assembly line or mass production that allowed economies of scale"
  • “Hyper personalized wealth management is where we are going"

Ben Hochberg
(Partner, Lee Equity Partners)

 

 

CEO Summit XXVI
Panelist

Ben Hochberg
(Partner, Lee Equity Partners)

 

 

 

 

 

 

 

Ben Hochberg is a Partner at Lee Equity Partners. Prior to joining Lee Equity Partners, Mr. Hochberg was a principal at Odyssey Investment Partners, a middle-market private equity investment firm, where he worked closely on the firm’s investment in Norcross Safety Products.  Prior to that, from 1997 to 2005, Mr. Hochberg worked at Bain Capital Partners, a global private equity investment firm, where he most recently held the position of principal. At Bain Capital Partners, Mr. Hochberg was involved in Warner Music Group Corporation, Loews Cineplex Entertainment, ProSieben Sat.1 Media AG, Warner Chilcott and Toys R Us.  Mr. Hochberg was also the initial analyst for Bain Capital’s $20 billion Sankaty Advisors credit investing business.  Mr. Hochberg started his career in 1995 at Bain & Company as a strategy consultant. Mr. Hochberg serves or has served on the boards of directors of Aimbridge Hospitality, The Edelman Financial Group, Papa Murphy’s International, Skopos Financial Group, Deb Shops, and Norcross Safety Products, a portfolio company of Odyssey.

Some of Mr. Hochberg's comments included:

  • "Private equity is a mature institutional asset class in its own right; private equity fund managers face the same expectations as any other institutional asset manager”
  • "While we will invest in cyclical themes, we believe that investment themes supported by secular growth factors present more attractive risk-reward opportunities for our firm’s skills”
  • “The average individual investor has a long memory for best-in-class service”
  • "What distinguishes the middle market is you can control your own destiny. In the middle market, somebody can write a billion-dollar check for something that was ‘X’ and is not yet ‘Y.’ It is a little more fun than calling the equity capital desk [of a securities trading firm] to find out what the appetite is today in the public markets"
  • “Financial education in addition to regulation, has the greatest potential to benefit the fiscal health of the American consumer"

Bob Huret
(Founding Partner, FTV Capital)

 

 

CEO Summit XXVI
Panelist

Bob Huret
(Founding Partner, FTV Capital)

 

 

 

 

 

 

 

Bob Huret is a Founding Partner of FTV Capital. He has over 40 years of commercial banking and investment banking experience. Mr. Huret has participated in more than 100 bank and bank-related mergers, public offerings, & joint ventures. He was previously a senior consultant to Montgomery Securities and at the Bank of California and First Chicago Corporation. Mr. Huret is also the founder of Newell Associates, a money management firm, and Third Age Media, an internet portal.

Some of Mr. Huret's comments included:

  • "We want our pensions back"
  • "My take on regulations is... you ain't seen nothing yet"
  • "It is clear to me that everyone in this industry will be subject to the fiduciary model"
  • "It is always best to lean into the wind. When things are going great, chances are they are not as great as they look"

Paul Ingersoll
(CEO, Good Harbor Financial)

 

 

CEO Summit XXVI
Panelist

Paul Ingersoll
(CEO, Good Harbor Financial)

 

 

 

 

 

 

 

Paul Ingersoll is CEO of Good Harbor Financial. Mr. Ingersoll co-founded the company and is responsible for the strategic and operational leadership of the firm. Previously, he served as a senior finance officer in the portfolio companies of several private equity firms and was a co-founder of a business services company, which grew from a start-up to over $700 million in revenue with a successful IPO in 1998.

Mr. Ingersoll's recent comments have included:

  • "[Our strategy] is based on the idea that aggregate investor appetite for risk changes and that there are periods when it makes sense to reduce risk in a portfolio - so we define tactical as varying our exposure to market risk over time"
  • "We believe that going into any market drawdown, equity risk premiums rise. As we observe this rise, our model moves to a more defensive footing"
  • "Broadly speaking, we look at three categories of information [to measure the equity risk premium]: economic data, momentum indicators, & the behaviour of the US Treasury yield curve"
  • "Our flexibility is as important as our discipline, and all of these moves are made within our data-driven decision framework"

Jonathan Korngold
(Managing Director, General Atlantic)

 

 

CEO Summit XXVI
Panelist

Jonathan Korngold
(Managing Director, General Atlantic)

 

 

 

 

 

 

 

Jonathan Korngold is a Managing Director at General Atlantic. Mr. Korngold is a member of General Atlantic’s Executive and Investment Committees, head of the firm’s Financial Services sector and was formerly head of the Healthcare Sector. Having worked previously in General Atlantic’s London office, he is now based in New York. Mr. Korngold has worked closely with many of the firm's public and private portfolio companies in the financial services, healthcare services, and business services areas and is currently a board member of Santander Asset Management and MedExpress Urgent Care. Before joining General Atlantic in 2001, Mr. Korngold was a member of Goldman Sachs's Principal Investment Area and Mergers & Acquisitions groups in London and New York, respectively. Mr. Korngold has also spent extensive time in China, where he worked in the U.S. Embassy's Foreign Commercial Service in Beijing. Mr. Korngold is very active in community affairs and is involved in a number of not-for-profit organizations, including his having served on the Board of Directors/Trustees of The Cleveland Clinic, The Central Park Conservancy, The 92nd Street Y,  Kids In Distressed Situations (K.I.D.S.), Streetwise Partners and The Harvard Business School Club of New York, among others. In addition, he has been an Adjunct Professor in the Finance and Economics Division of Columbia Business School, a member of the Young Presidents Organization (YPO), a Young Global Leader of the World Economic Forum, a Commissioned Kentucky Colonel, a member of the American Museum of Natural History's Museum Advisory Council, and sat on the Healthcare Advisory Board of the Executive Council.

Mr. Korngold's recent comments have included:

  • "Key issues that the industry should be discussing include the growth of passive & index products; the success of RIA roll-up platforms; and asset accumulation in the emerging markets"
  • "The growth of passive & index products will shift profit pools from manufacturers to distributors"
  • "Demand for liquid alternatives is surging; this is the first thing in years to re-energize mutual funds"
  • "Often, without a unified investment strategy, RIA roll-ups bring risk in scaling and managing a federation of quasi-independent entrepreneurs"
  • “In the vast majority of emerging markets, distribution capabilities can often trump investment performance for retail flows"

Tom Lee
(CEO, Lee Equity Partners)

 

 

CEO Summit XXVI
Panelist

Tom Lee
(CEO, Lee Equity Partners)

 

 

 

 

 

 

 

Tom Lee is CEO of Lee Equity Partners. Prior to forming Lee Equity, Mr. Lee served as Chairman and CEO of Thomas H. Lee Partners and its predecessors, which he founded in 1974.  Over the past 36 years, Mr. Lee has been responsible for investing in excess of $10 billion of capital in more than 100 transactions.  Prior to founding Thomas H. Lee Partners, Mr. Lee was with the First National Bank of Boston, where he was a vice president and led the high technology lending group. Previously, Mr. Lee was a securities analyst in the institutional research department of L.F. Rothschild & Company in New York. Mr. Lee serves or has served as a director of numerous public and private companies, including Edelman Financial Services, Papa Murphy’s International, Mid Cap Financial, General Nutrition Companies, Metris Companies, Playtex Products, Snapple Beverage Corporation, Vail Resorts, Vertis Holdings, Warner Music Group Corporation, and Wyndham International, among others.  In addition, Mr. Lee is currently a trustee of Lincoln Center for the Performing Arts, the Museum of Modern Art, Langone NYU Medical Center, and the Whitney Museum of American Art, among other civic and charitable organizations. He also serves on the executive committee for Harvard University's Committee on University Resources.

Mr. Lee's recent comments have included:

  • “At the margin, the smaller, growthier end of private equity intersects the higher later stage of venture capital”
  • “Collateralized loan obligations (CLOs) funds have made a pretty significant comeback. Close to $100 billion have been raised recently”
  • “We bought a company where the management wanted to retire and we did not have the new management yet. That is a mistake we will not make again. It is our vast preference to work with the existing management”
  • “If a company is doing poorly, the hardest thing we have to do is to change management. In a leveraged deal, everything is magnified. First bad quarter, etc., finally you figure out if things are not going well and there is no way to fix it, then you have to. It is wrenching, an emotional wrench, and a wrench for the company. It is not something we like to do”
  • “A lot of people on our staff have been in strategy consulting inside large companies. We have operating talent. We want to help a company. If you are a retailer we want to help you locate stores; if you are a money management firm, we would like to help you examine growth avenues”
  • “It is an honor and privilege to invest in American companies and it is a responsibility we do not take lightly”
  • “Organic growth in a company is preferred. However, we have seen many companies in industries, where tuck-ins or a rollup strategy of small competitors makes a lot of sense”
  • "The Edelman Financial Group has achieved a strong track record and is a clear leader in the independent financial advisor field. We are excited to partner with Edelman Financial’s management team, and we look forward to supporting the company’s continued expansion"
  • "There has been an evolution; it has really been a dynamic business in the last forty years"
  • "I have found that it is both personally satisfying and financially also to be involved with companies that can grow"
  • "As China moves toward more domestic consumption, it is really going to be as great a force in say the next ten years as it has during the last ten years"

Mary Mack
(President, Wells Fargo Advisors)

 

 

CEO Summit XXVI
Panelist

Mary Mack
(President, Wells Fargo Advisors)

 

 

 

 

 

 

 

Mary Mack is President of Wells Fargo Advisors. Ms. Mack leads one of the nation’s largest full-service retail brokerage organizations. She is a 30-year veteran of the company and has a broad mix of brokerage/advisory, banking and finance experience. Prior to taking the helm at the firm, Ms. Mack led the financial services group there and was responsible for the strategic direction and management of investment, advisory and banking products; the firm’s research and advice model; financial advisor recruiting; financial advisor productivity and development; and the client and financial advisor platform. Ms. Mack joined Wells Fargo Advisors through the mergers of Wachovia and First Union, she has held a variety of leadership positions including the head of Wealth Brokerage Services (bank/brokerage channel); leader of Wachovia’s Client Partnership; director of Community Affairs; General Bank regional president; and managing director of Healthcare Corporate Banking. Ms. Mack serves on the board of trustees at Davidson College, her alma mater. She has also served on the board or executive committee for Johnson C. Smith University, the United Way of Central Carolinas, Junior Achievement, Childcare Resources, and the Arts & Science Council. She is a founding member of the Foundation for Fort Mill Schools. Ms. Mack currently serves on the Private Client Services Committee for the Securities Industry Financial Markets Association (SIFMA) and was named to the top-ranked Most Powerful Women in Banking Team by American Banker magazine two years in a row.

Ms. Mack's recent comments have included:

  • “Both financial advisors and clients want choice”
  • “We have the benefit of scale, we have been building over the years, and we have the ability to leverage”
  • “We need to transform the client experience. Our belief is that our competitors are in the Amazon, Google, Apple space who have transformed the way we interact with the consumer. Our clients are not as interested as we are in this field so we need to make it easier for them. We have made it awfully confusing to be a client. We need to simplify”
  • “This industry is well suited to millenials who want to make a difference in the world”
  • “If we do not start addressing incorporating diversity into the industry, in 25 years we will not be reflective of our clients and we also will not have a base to draw from”
  • "Retail investors really are looking for guidance... they are looking for help in terms of navigating an increasingly complex environment"
  • "We have a lot of work to do with our younger investors"
  • "Many clients will benefit from an advice-based relationship, so we have continued to see that mix shift. The managed side has definitely grown"

Harry Markowitz
(President, Harry Markowitz & Associates & Nobel Prize Winner in Economics)

 

 

CEO Summit XXVI
Panelist

Harry Markowitz (President, Harry Markowitz & Associates & Nobel Prize Winner in Economics)

 

 

 

 

 

 

 

Harry Markowitz is President of Harry Markowitz Associates and a Nobel Prize Winner in Economics. He is also an adjunct professor of finance at the University of California at San Diego . He was previously at the Rand Corporation, General Electric, & Baruch College of the City University of New York. Professor Markowitz won the The Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel in 1990. He shared this award with Merton Miller and Bill Sharpe. Professor Sharpe was also a recent Tiburon CEO Summit Award recipient. Professor Markowitz had previously been awarded the Von Neumann Prize in Operations Research Theory by the Operations Research Society of America and the Institute of Management Sciences .

Mr. Markowitz's recent comments have included:

  • “Capital asset pricing model is a hypothesis about how the world works. Portfolio theory is not. It says you pick out a universe of investables, you make forward looking estimates, tell me constraints, and then I will show you the relationship and implications for the portfolio”
  • "I was a nerd before it was an in thing"
  • "I did not know I was going to win a Nobel Prize but I knew I was going to get a PhD"
  • "Modern Portfolio Theory worked in 2008 if you rebalanced; if you were high on the efficient frontier, you got clobbered"
  • "I do not give a lot of thought to investing"

Pat McClain
(Co-CEO, Hanson McClain)

 

 

CEO Summit XXVI
Panelist

Pat McClain
(Co-CEO, Hanson McClain)

 

 

 

 

 

 

 

Pat McClain is Co-CEO of Hanson McClain. He is a chartered financial consultant, a featured speaker at numerous industry conferences and co hosts a weekly call-in talk radio show called Money Matters that covers investment and financial topics. Mr. McClain is heavily involved with a variety of local charities. He serves as a board member for several organizations, including the Sacramento Food Bank and Family Services, www.sfbs.org, and Jesuit High School.

Mr. McClain's recent comments have included:

  • "Incredibly, 90% of 401(k) participants reallocate less than once a year. The line of financial advisors waiting and hoping to advise on your assets is miles long post-retirement – but what about leading up to retirement? Where are all the advisors as you save and allocate throughout these critical years?"
  • "The reasons people make the most irrational money decisions are fear or greed. If something goes on in their life, they might panic. Our job is to reach out to them before they feel the need to call us"
  • "We really have to prepare for (the show). People call in about so many topics, you have to stay on top of everything financial—you do not want to look stupid"
  • "People's greatest fear is running out of money in retirement. One of my biggest clients is also the one who is most freaked out about it. He has got an obscene amount of money; he cannot even spend how much it earns for him. A lot of (what we do) is try to manage people's emotions. When it comes to investing, people have two basic emotions: fear and greed. The good investor can keep both of those in check"

Fielding Miller
(CEO, Cap Trust Financial Advisors)

 

 

CEO Summit XXVI
Panelist

Fielding Miller
(CEO, Cap Trust Financial Advisors)

 

 

 

 

 

 

 

Fielding Miller is CEO of Cap Trust Financial Advisors. As the co-founder of Cap Trust Financial Advisors, Mr. Miller is credited with setting the course for the company becoming one of the nation's largest independent financial advisory firms. He leads corporate strategy, ensuring that Cap Trust Financial Advisors remains competitively positioned to serve clients' needs in an increasingly complex and volatile market environment. Mr. Miller serves on the Ravenscroft School, East Carolina University, Oak Ranch, & House of Hope boards of trustees.

Mr. Miller's recent comments have included:

  • "We are not just buying revenue. This is a strategic play. This has that magic fit. They (Freedom One) are a lot like us as an RIA. We have been moving down the path to take on more 3(38) total fiduciary management but they have been doing it for ten years"
  • "Managed accounts is something that Freedom One brings to the table. They are doing much more than we do. They have got an excellent track record and we will use their managed-account platform. We do think what we are doing is unique and goes against the grain of the advisory industry"
  • "We think there is more emphasis on participant advice and participant outcome than ever before"
  • "Freedom One had other options and they took a long time to make their decision. Ultimately this was a better fit for his company. A lot of people would gut his practice, but we are using it as a strategic investment to grow"
  • "The opportunity to build upon our Greenwich presence by adding an experienced industry pro like Bruce Graham is a real coup. This is a perfect example of how bringing the industry's best talent to the firm will help us grow in key retirement markets"

Don Phillips
(Managing Director, Morningstar)

 

 

CEO Summit XXVI
Panelist

Don Phillips (Managing Director, Morningstar)

 

 

 

 

 

 

 

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:

  • “Today, money goes into good funds, but it goes in at the wrong times”
  • “There has been way too much fighting in this industry (ie., separate accounts came out with rumors about hidden fees in mutual funds)”
  • “My son’s image of Wall Street, of our industry, is Jim Cramer. It is not a positive one”
  • “You have a hidden asset when you own undervalued securities”
  • “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"
  • “Casting investing as a game, appealing to greed, as done in the late 1990s, was short sighted”
  • “Reputations are forged in decades, not in quarters”

Peter Raimondi
(CEO, Banyan Partners)

 

 

CEO Summit XXVI
Panelist

Peter Raimondi
(CEO, Banyan Partners)

 

 

 

 

 

 

 

Peter Raimondi is CEO of Banyan Partners. Mr. Raimondi founded Banyan Partners in 2006 on more than three decades of wealth management and investment expertise. Mr. Raimondi leads the overall strategic vision of the firm, guiding the executive team and serving as the Chairman of the firm’s board of directors. One of the fastest growing RIAs in the country, Banyan has completed seven acquisitions in the past five years and added over $4.5 billion in new assets over that time. The firm currently employs over 90 professionals throughout its nine regional offices. Named by Barron’s as one of the nation’s “Top 100 Independent Advisors” in 2013, Mr. Raimondi has built Banyan into the 15th largest RIA in the country, according to Financial Planning Magazine. Mr. Raimondi was recently featured as the cover story for the September 2013 issue of FA Magazine, which profiled the firm’s strategic growth. Mr. Raimondi regularly appears as a featured speaker or panelist on industry-related topics such as mergers & acquisitions and practice management and on investor-related topics such as wealth planning and asset management.

 

Mr. Raimondi's recent comments have included:

  • "The most unfortunate thing about the small RIA business—say firms under $600 million—is that they generally need every person they have working for them. So it is hard to cut staff, which is going to be the largest expense. Most firms are running 50% or above in terms of payroll costs"
  • "Every client is really receiving from us a customized response to what they had in mind when they showed up, and that is not customary in our business because it is an expensive model. You cannot scale that very easily. You need a lot of research analysts and a lot of portfolio managers, and that is expensive"
  • "We will get as big as we need to get to continue to offer all the solutions necessary to our clients. I do not want to farm out things that I think we can do better"
  • "We plan to continue being aggressive with our acquisition strategy as we look to acquire the best and brightest who share a similar, client-centric culture"
  • “Our clients value our broad investment platform which allows us to deliver institutional-caliber capabilities with a level of service only available from a boutique. This combination is unique within the industry and sets Banyan apart from other independent wealth management firms"

Rich Repetto
(Principal, Exchanges, eBrokers, & Trading Companies, Equity Research, Sandler, O'Neill & Partners)

 

 

CEO Summit XXVI
Panelist

Rich Repetto

(Principal, Exchange, eBrokers, & Trading Companies, Equity Research, Sandler, O’Neill, & Partners)

 

 

 

 

 

 

 

Richard Repetto is a Principal of Sandler, O’Neill, & Partners. His research coverage includes the eBrokerage, Execution Venues and eSpecialty Finance Sectors. Mr. Repetto has received numerous accolades for his equity research. He has earned numerous industry awards, including Analyst of the Year in 2010 by Financial Times/Starmine. Mr. Repetto was previously a managing director at Putnam Lovell NBF. This position followed his work at Lehman Brothers, where he established the firm’s research coverage of the Internet Financial Services Sector.

Mr. Repetto's recent comments have included:

  • "Clearly, there were problems with accounting processes and controls with legacy Getco"
  • "You can expect every couple of years someone is going to try something new or try something a little bit different and innovative in the e-broking sector"
  • "The futures model, where there is not a lot of price competition among the specific asset classes should continue to do well in the future, no pun intended. The interest rates and other futures - the CME and ICE controls the vast majority of trading in the U.S., and that is because of the vertical integration that they have. So futures continue to be growing very strong, and the companies continue to realize pretty strong revenue capture"
  • "I think what is interesting here is we have had another problem with a trading error where it sort of has run away from a broker dealer. These are clearly erroneous trades... we are going to bail out Goldman this time, but going forward there is going to be more intense scrutiny on the exchanges, the regulators, and the broker/dealer to try to prevent something like this happening before hand"
  • "If you look at electronic trading, if you look at what goes on our markets today, the electronics just mimic what happened in the markets manually prior... electronics mimic the manual world we just have to do a better job and put better controls on it"

Tony Rochte
(President, SelectCo Division, Fidelity Asset Management)

 

 

CEO Summit XXVI
Panelist

Tony Rochte

(President, SelectCo Division, Fidelity Asset Management)

 

 

 

 

 

 

 

Tony Rochte is President of the SelectCo Division at Fidelity Asset Management. Previously he was senior managing director and head of the North American Intermediary Business Group at State Street Global Advisors.

Mr. Rochte's recent comments have included:

  • "We are not trying to build a passive-ETF business. There are plenty of firms already in that space. This is chapter one of our larger ETF strategy"
  • "To us, it is not one or the other, it is both. We think mutual funds are growing, and we think ETFs are growing too"
  • "We offer value on both fronts. We think these passive 10-sector ETFs offer great value. And we think we deliver alpha in our sector mutual funds. Even though they are higher-priced, we think we deliver a lot of value in that space from an alpha-generation standpoint"
  • "This is not about the competitive landscape. This is about delivering great value for the customer"
  • "We want to deliver choice, expand the lineup; we want to deliver value; and we want to continue to innovate in a space that we helped pioneer more than 30 years ago"

Jim Ross
(Chairman, SSGA Funds Management, State Street Global Advisors)

 

 

CEO Summit XXVI
Panelist

Jim Ross

(Chairman, SSGA Funds Management, State Street Global Advisors)

 

 

 

 

 

 

 

Jim Ross is Chairman of SSGA Funds Management. Mr. Ross is also an Executive Vice President of SSGA, Global Head of SSGA's SPDR Exchange Traded Funds Business and Head of Intermediary Distribution in the United States. Mr. Ross is responsible for all aspects of SSGA's SPDR ETF business globally. Mr. Ross has extensive history with exchange traded funds and is frequently quoted in the press regarding ETFs. Mr. Ross also serves as chairman of the Investment Company Institute's Exchange-Traded Funds Committee. As head of U.S. intermediary distribution Mr. Ross is responsible for overseeing SSGA's sales and relationship management efforts with clients in the Private Wealth Management, National Broker-Dealer and Premier Private Client segments. In addition, Mr. Ross is a member of SSGA's North American and Global Product Committees. Prior to joining State Street in 1992, Mr. Ross was employed by Ernst & Young as a senior accountant, responsible for auditing investment companies and insurance companies.

Mr. Ross' recent comments have included:

  • "When someone calls me pioneer, it just means I am old and I have been doing this too long, but it has been a good twenty-year run"
  • "I am not one of these folks that try to plan every three years or five years for what they want to do. I have never done it. “I just look at different opportunities as they have been in front of me and take them”
  • "I learned that when you go to different places there are different cultures, but there are always great people – you just have to seek them out and find them”
  • "The thing about ETFs is that they can be bought by a direct retail person straight up to the most sophisticated hedge fund or institutional investor in the world and they are buying the same product, but you need to educate them differently. I think there is always a challenge in that"
  • "The ETF is just an implementation vehicle"

Andrew Rudd
(CEO, Advisor Software)

 

 

CEO Summit XXVI
Panelist

Andrew Rudd

(CEO, Advisor Software)

 

 

 

 

 

 

 

Andrew Rudd is CEO of Advisor Software. He previously was the founder of Barra (which he sold in a 1991 initial public offering, and then again in 2004 to Morgan Stanley for $900 million). Previously he was a professor of finance & operations at Cornell University. More broadly, Mr. Rudd is an expert in quantitative analysis, asset allocation, modern portfolio theory, risk management, and performance measurement. He was the CEO of Barra from 1984-1999, and is the co-author of two books on institutional investing: Modern Portfolio Theory - The Principles of Investment Management and Option Pricing.

Mr. Rudd's recent comments have included:

  • "Goals are self-imposed liabilities"
  • "Has the industry been solving the wrong problem?" (referring to the traditional asset versus a broader asset & liability lens)
  • "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"
  • "Historically, the retirement approach has been too simplistic... by looking at a 50-year problem and thinking about it as a holistic entity, you come up with a slightly different perspective than typically is seen"

Michael Sapir
(CEO, ProShare Advisors)

 

 

CEO Summit XXVI
Panelist

Michael Sapir

(CEO, ProShare Advisors)

 

 

 

 

 

 

 

Michael Sapir is co-founder, Chairman and CEO of ProShare Advisors, the investment advisor to the ProShares family of over 140 exchange traded funds. Offering the nation’s largest lineup of alternative ETFs, ProShares enables investors to go beyond the limitations of conventional investing and meet today’s market challenges. ProShares helps investors build better portfolios by providing access to alternative investments delivered with the liquidity, transparency and cost effectiveness of ETFs. Mr. Sapir has nearly 30 years of experience in the financial services industry and a history of innovation in the introduction of ground-breaking products. Prior to co-founding ProShares and its affiliate, the ProFunds family of mutual funds, Mr. Sapir played an integral role in the creation of the first emerging markets mutual fund, the first prime rate mutual fund, and the first insurance general account annuity. Mr. Sapir was chosen by ETF Database as one of the 25 inaugural members of its ETF Hall of Fame and by Mutual Fund Wire as one of the 40 Most Influential People in Fund Distribution. Mr. Sapir is frequently quoted by the financial media, including Barron’s, Bloomberg Business Week, Forbes, The Financial Times and The Wall Street Journal.

Mr. Sapir's recent comments have included:

  • "In the early days, tactical might have been code for market timing"
  • "Actively managed ETFs will be successful if they can take the reasons that index ETFs have been successful, and transfer them"
  • "Investors do not feel like the old ways have worked for them. Either they have not gotten the return they wanted or the volatility was too much for them"
  • "There is now an incredible array of alternative strategies that did not exist not long ago"
  • "This might be the first time in the history of financial innovations where the same product appeals to such a diverse spectrum of potential investors"

Jeff Saut
(Chief Investment Strategist, Raymond James & Associates)

 

 

CEO Summit XXVI
Panelist

Jeff Saut

(Chief Investment Strategist, Raymond James & Associates)

 

 

 

 

 

 

 

Jeff Saut is Chief Investment Strategist of Raymond James & Associates. Mr. Saut joined Raymond James in September 1999 as one of the managing directors of research working with the senior managing director Bob Anastasi. Previously, Mr. Saut was managing director of research at Roney & Company, which was acquired by Raymond James & Associates. Prior to that, he was managing director of equity capital markets for Sterne, Agee & Leach. His responsibilities there included equity research, investment banking, institutional sales, and syndicate. Mr. Saut began his career on a trading desk in New York City and became the trade desk manager in 1972. In 1973, he joined E.F. Hutton, where he began following equities and writing research. He subsequently worked as a securities analyst for Wheat First Securities, and then Branch Cabell, where he ran the equity research group as director of research and acted as portfolio manager for the firm's affiliate, Exeter Capital Management. In addition, as director of research he built the research and institutional sales departments for the regional brokerage firm Ferris, Baker, Watts, and subsequently Sterne, Agee & Leach. Mr. Saut is well known for his commentary regarding the stock market and makes regular appearances on Wall Street Week, CNBC, Bloomberg TV, USA Networks, Fox TV, NPR, and many local radio and TV networks. He is also often quoted in The Wall Street Journal, New York Times, Barron's, Washington Post, Business Week, U.S. News and World Report, Fortune, SmartMoney, as well as on many websites like MSNBC and TheStreet.com.

Mr. Saut's recent comments have included:

  • “We are in a secular bull market that may be bigger than 1982”
  • “The individual investor does not understand why stocks are going up”
  • “I actually think there is more political cooperation now than in the last five years”
  • “I argue that while GDP is low, it is simple but sustainable”
  • "It is not just liquidity, the majority of individual investors do not get that the equity markets do not care about the absolute of whether things are getting better or worse”
  • “The industrial revolution is alive and well. It is not showing up in the empirical data yet because the plants are still being built... this is profoundly bullish”
  • "What is going on in the energy patch is transformative. I do believe in the American industrial renaissance”
  • “You are going to see smarter policies and policy makers in the next five years”
  • “I have great faith in the American people”
  • “I do not think that high-frequency trading is a zero sum game”
  • "A permabull is defined as somebody who is always upbeat about the future direction of the stock market and the economy. Recently I have been called a permabull by certain members of the media, which may be true since March of 2009, but certainly not true over the past fourteen years"
  • "Speaking to the bears’ debt worries, to me it is interesting that the debt ceiling crisis came when the deficit is actually coming down a lot faster than even the CBO thought could happen. That decline is going a long way in improving the future outlook. While the bears expect the economy to contract, I believe the capital expenditure cycle that is about to begin will actually strengthen the GDP figures in 2014"
  • "Obviously, the American Industrial Renaissance is happening. A few of the ways to participate in this renaissance is through Rich Bernstein and either of the mutual funds he manages for Eaton Vance"
  • "The markets do not care about the absolutes of good or bad. The markets care about are things getting better or are things getting worse? Things are getting better"

Nick Schorsch
(Executive Chairman, RCS Capital Corporation)

 

 

CEO Summit XXVI
Panelist

Nick Schorsch
(Executive Chairman, RCS Capital Corporation)

 

 

 

 

 

 

 

Nick Schorsch is CEO of AR Capital. Mr. Schorsch co-founded AR Capital and currently serves as its chairman and CEO. Additionally, he serves as executive chairman on the board of directors of RCS Capital. RCS Capital’s broker dealer, Realty Capital Securities, is the largest money raiser in the alternative investment industry, raising almost $3 billion of equity capital in 2012. Mr. Schorsch also holds CEO and board positions for all of the publicly registered, non-traded investments sponsored by AR Capital. On the exchange-traded side of his business, Mr. Schorsch is chairman and CEO of the publicly traded REIT, American Realty Capital Properties. In addition, Mr. Schorsch served as chairman of American Realty Capital Trust, a net lease REIT he co-founded in 2007 and listed on the NASDAQ in March 2012. Mr. Schorsch has over 30 years of business experience operating and building US companies, including 20 years of real estate experience. He is the recipient of the Ernst & Young Entrepreneur of the Year 2003 Award and the Ernst & Young Entrepreneur of the Year 2011 Lifetime Achievement Award for real estate. He also serves on the board of the National Association of Real Estate Investment Trusts and Investment Program Association.

Mr. Schorsch's recent comments have included:

  • “We are really looking at M&A that is in integration. We think that the distribution platform can be a lot more than it has been here to for”
  • “We went public intentionally... with a full balance sheet and low leverage, we can fund the broker dealers”
  • "Consultation comes through back office, clearing, can be done in a significant way to save significant money. We don’t intend to change the personnel in any significant way”
  • “What we are not going to consolidate is individual advisors. They generate the revenue. They have to want to come back to work tomorrow. I do not think it has been appropriately honored and cherished. The smaller & mid-size platforms have been struggling just to survive”
  • “We are building a bigger war chest; we are going to be acquisitive. We are in the first inning of a ten inning game”
  • “Interest rates will rise, it is just a question of how much and when. The revenue model will get better”
  • “By gathering your knights of the round table, you have a lot less consternation, and it becomes less about how to be in charge than how do we become great. When you hire really smart people, they push you. They come up with great ideas”
  • “When I was sixteen I thought every idea was taken. Now I see a new deal every hour on the hour. You look for pockets of disruption. That is my advice”
  • "If you really want to know what drives me, it is the fact that I never want today to be my best day. We can always do better tomorrow"
  • "Quakers have this saying that goes something like, the way will open. Basically, you start to believe you are making a difference and you will. I am just doing that in business"
  • "This is not growth for growth's sake. It is an all-out effort to gain competitive advantage"
  • "I would like to work about nineteen hours a day"
  • "The goal here is to build the greatest company on the planet. I am kind of in the second inning. I have a long way to go"

 

Skip Schweiss

(President, TD Ameritrade Trust Company)

 

 

 

 

 

 

CEO Summit XXVI
Panelist

Skip Schweiss
(President, TD Ameritrade Trust Company)

 

 

 

 

 

 

 

 

 

 

 

 


Skip Schweiss is President of TD Ameritrade Trust Company, which offers retirement plan solutions and services for independent registered investment advisors and third-party administrators using TD Ameritrade's trust platform. Mr. Schweiss is also the managing director of Advisor Advocacy & Industry Affairs for TD Ameritrade Institutional. Prior to this appointment, Mr. Schweiss held a variety of management positions within Fiserv Investment Support Services, including serving as executive vice president of Fiserv Trust Company, which was acquired by TD Ameritrade Holding Corporation in February 2008.

 

Mr. Schweiss' recent comments have included:

  • “Tiburon CEO Summits are the highest caliber conference of the year that I go to”
  • "There are strong feelings that debt and deficits are our single largest problem"
  • "Medicare and Social Security were previously sound but life expectancies increased by fifteen years"
  • "The Securities & Exchange Commission is scared that any court challenge to Dodd-Frank will fail"
  • "Consumers go to RIAs and stock brokers looking for advice and they do not see the differences"
  • "Financial advisors are going to pay more due to regulations"

Clara Shih
(CEO, Hearsay Social)

 

 

CEO Summit XXVI
Panelist

Clara Shih

(CEO, Hearsay Social)

 

 

 

 

 

 

 

Clara Shih is CEO of Hearsay Social. Ms. Shih founded Hearsay Social in 2009. Hearsay Social is the leading social sales and marketing platform, empowering the world’s largest companies to build stronger customer relationships, grow revenue, and bolster their brands across social networks. In 2007, Ms. Shih developed the first social business application, called Faceforce, and subsequently authored the New York Times-featured bestseller, The Facebook Era: Tapping Online Social Networks to Market, Sell and Innovate, now used as a marketing textbook at Harvard Business School . Ms. Shih has been named one of Fortune’s most powerful women entrepreneurs, Fast Company’s most influential people in technology, and one of Businessweek’s top young entrepreneurs. Ms. Shih is a member of the Starbucks Board of Directors and previously served in a variety of technical, product, and marketing roles at Google, Microsoft, and Salesforce.com.

Ms. Shih’s recent comments have included:

  • “We believe in the uber advisor: ones that are there today and equipping them with the technology and social media that their clients use”
  • “Triggers for financial advice are broadcast on social media”
  • “We are witnessing the evolution of communication. The cost of staying in touch has gone down. Research shows that social media involved people have larger social networks. They have more options & are more clued in”
  • “Communication of the future is content marketing in small pieces and letting people ask for more – it is a lot easier for them, if they like the content, to share within their network”
  • We are seeing a seismic shift in communication - spanning everything from personal relationships to business to consumer
  • "Social media is a fundamentally new business paradigm, as big as, or even bigger than, the Internet was a decade ago"
  • "In the rapidly evolving technology arena, it is critical to test and iterate new ideas quickly. Often, it is the fastest and most agile learner rather than the best first attempt that wins"
  • "People thought I was crazy when I was quoted in 2007 as saying that five years from now, no enterprise application will not be social.  That idea seemed unfathomable then, but what I have come to realize is that, in Silicon Valley , anything is possible. As entrepreneurs, we must constantly dream and have the conviction and obsession to transform our dreams into reality – to create a future that never existed before"
  • "I realized that the lines are completely blurring between the consumer and enterprise worlds"

Jon Stein
(CEO, Betterment)

 

 

CEO Summit XXVI
Panelist

Jon Stein

(CEO, Betterment)

 

 

 

 

 

 

 

Jon Stein is CEO of Betterment, which he founded in 2007. 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:

  • "We use software to provide optimized return for customers”
  • “We are the only online advisor that provides truly end-to-end solutions. This allows us to provide an exceptionally seamless experience for our customers”
  • “It is not technology versus advisor, but technology plus advisor”
  • “The place of technology is to make investing better for everyone”
  • "Our mission is to take the emotional haphazardness out of investing so that you get the best possible result"
  • "I am no smarter than the millions of other people watching the market, and I do not have better information. The cardinal lesson of modern portfolio theory – that there is no better portfolio to own than the market portfolio – is a lesson to live by"
  • "You should always be looking to supplement your weaknesses"
  • "A set of strong co-founders inspires confidence in investors. It brings legitimacy and respectability, and demonstrates that others are validating your idea"
  • "My advice to entrepreneurs just starting out is to get going on building the team"

Jon Stern
(Managing Director, Berkshire Capital)

 

 

CEO Summit XXVI
Panelist

Jon Stern
(Managing Director, Berkshire Capital)

 

 

 

 

 

 

 

Jon Stern is a Managing Director at Berkshire Capital. Mr. Stern joined Berkshire Capital in 1998. During his career at the firm, he has completed transactions involving institutional asset management, mutual fund, wealth management, and securities firms. Mr. Stern currently co-heads the firm’s institutional and mutual funds practice areas. Mr. Stern brings extensive transaction experience in financial services to Berkshire Capital assignments. Prior to joining Berkshire Capital, Mr. Stern had spent his entire career at First Union and a predecessor bank, First Fidelity Bancorporation, beginning in 1984. He has extensive experience in the corporate finance area focusing on M&A and capital planning, and was a senior vice president responsible for acquisitions and divestitures in the northern part of First Union’s franchise. Previously, he held other management roles within the finance division including asset/liability management and accounting & reporting.

Mr. Stern's recent comments have included:

  • “There has to be a plan for succession of equity just like there has to be a plan for succession of management”
  • “A lot of firms, when evaluating transactions, have a lot of timing angst relative to growth projections and trends. It is very hard to predict”
  • “Growth momentum is the leading indicator of whether a transaction will take place or not; but do not get caught up in the timing”
  • “I have a little skepticism on some of the aggregators. Whether they attain success is based on suggestion management”
  • "If performance is not in the top levels, firms in that size range [mid-size] are really struggling to retain assets, much less grow"
  • "To get into the retail and high-net-worth space is more difficult at times than the institutional space"
  • "Executives at boutique firms have begun thinking more about how they should be managing the business, rather than simply managing specific strategies"
  • "Unusually attractive prospects now for many fixed-income segments are adding an opportunistic element"
  • "The insurance parent, like other financial conglomerates, is re-examining why it bought Gartmore, asking whether it is as beneficial as we thought to own our own manufacturing"

Allen Thorpe
(Managing Director, Hellman & Friedman)

 

 

CEO Summit XXVI
Panelist

Allen Thorpe
(Managing Director, Hellman & Friedman)

 

 

 

 

 

 

 

Mr. Thorpe is a Managing Director of Hellman & Friedman and leads the firm's New York office. His primary areas of focus are healthcare and financial services. He is a director of Artisan Partners Asset Management, Pharmaceutical Product Development, Emdeon, and Sheridan Holdings, and is a member of the advisory board of Grosvenor Capital Management Holdings. He was formerly a director of Mitchell International, Gartmore Investment Management Limited, Mondrian Investment Partners, Vertafore, Activant Solutions and LPL Financial. Prior to joining the firm in 1999, Mr. Thorpe was a vice president with Pacific Equity Partners in Australia and was a manager at Bain & Company.

Mr. Thorpe's recent comments have included:

  • "At Hellman & Friedman we think of ourselves as investors….not private equity, or deal, or LBO (leveraged buyout) guys”
  • "Knowing what is inside of all of these products and wrappers matters a lot (regarding alternative investments for the retail investor)”
  • "I am bearish on the self-serve movement….advice is still important and needed"
  • "I am sure that someone will eventually prove me wrong on this... but the ante is high service and low fee, and that is really challenging"

 

Mark Tibergien
(CEO, Pershing Advisor Solutions)

 

 

 

CEO Summit XXVI
Panelist

Mark Tibergien
(CEO, Pershing Advisor Solutions)

 

 

 

 

 

 

 

Mark Tibergien is CEO of Pershing Advisor Solutions, a BNY Mellon company. Pershing Advisor Solutions is one of the country's leading custodians for registered investment advisors and family offices. Pershing Advisor Solutions’ assets under custody have increased from $30 billion to $125 billion over the past five years. Mr. Tibergien is also a managing director of Pershing, a BNY Mellon company, and a member of Pershing's Executive Committee and BNY Mellon's Operating Committee. Prior to joining Pershing in 2007, Mr. Tibergien was a principal at the accounting and consulting firm, Moss Adams where he was partner-in-charge of the Business Consulting group, chairman of the Financial Services Industry group and partner-in-charge of the Business Valuation group.

 

Mr. Tibergien's comments included:

  • “To compete in this market we have to find ways to differentiate”
  • “When we look at the future of the business I am excited about it, and fragmentation is interesting but not particularly disturbing; we see transitions quite often”
  • “Our biggest flows are coming out of Latin America today”
  • “This conference has been focusing on the United States but the reality of global transformation is something you should participate in or be aware of because it influences the way resources are allocated”
  • “I want to talk about people development. What we have to be thinking about is how we help organizations do this”
  • “I had to explain to my wife that the 24 year old woman helping me is my reverse mentor. She said, ‘Oh that is what you call them now.’”
  • “It is hard to imagine that people would find this industry compelling when they do not understand it”
  • "Pershing Advisor Solutions perceives itself as the new model custodian. It serves professionally managed, growth-oriented advisory firms that serve clients with complex lives"
  • "Key issues that the industry should be discussing include the globalization of the advisory model; designing new model financial services companies around clients; and the implications of the age gap"
  • "The right perspective to approach this business is to focus on financial advisors' client satisfaction"
  • "I think people are confusing succession planning with selling practices. Succession should be part of your growth strategy. If you do not have a succession strategy as part of your growth strategy, you are going to be selling an empty oil well"
  • "Older financial advisors call themselves entrepreneurs but I am convinced that entrepreneur is a French word that means, I do not want to be accountable."

 

Bill Van Law
(President, Investment Advisors Divison, Raymond James Financial)

 

 

 

CEO Summit XXVI
Panelist

Bill Van Law
(President, Investment Advisors Divison, Raymond James Financial)

 

 

 

 

 

 

 

Bill Van Law is President of the Investment Advisors Division at Raymond James Financial. Previously, he was senior vice president and national director of business development at Raymond James Financial. Mr. Van Law worked in the private client group at Merrill Lynch before joining Raymond James Financial.

  

Mr. Van Law's recent comments have included:

  • "I did a really deep dive so we could create something competitive. We want to position ourselves to really grow this. We saw advisors who did not stay at Raymond James and left for an RIA model, and that was disturbing. That reinforced that the strategy was not going to work going forward unless we created something more competitive"
  • "It is about quality caliber and diversity of the team. It is important that we have people with outstanding experience from all areas of where we are going to recruit from. If you look at our team, now we have got experience from two major custodians, Schwab and Fidelity, and experience from independent broker-dealers and the wirehouses"
  • "It does not matter where you are in terms of value, if you are not priced the right way, no one will come"
  • "My goal is to reinforce that this RIA business is a growing business and we are making major commitments"

 

 

Alexa von Tobel
(CEO, LearnVest)

 

 

 

CEO Summit XXVI
Panelist

Alexa von Tobel
(CEO, LearnVest)

 

 

 

 

 

 

 

Alexa von Tobel is CEO of LearnVest. Ms. von Tobel founded the company in 2008. Previously she was a trader at Morgan Stanley in New York in their Global Proprietary Credit Group and head of Business Development at Drop.io, a technology focused-start up. In 2009, LearnVest was selected as a TechCrunch50 Company. Ms. von Tobel is also the co-founder of LWALA Community Alliance, a 501c3 focused on fighting HIV/AIDS in Africa .

  

Ms. von Tobel's recent comments have included:

  • “We are an RIA doing something slightly different. We are the first ever real consumer program – something as simple as Weight Watchers for the average consumer”
  • “We do not sell any products – your planner is never selling you anything. Transparency is the key”
  • “We are a subscription service at its core”
  • "Being a registered investment advisor allows us to start giving investment advice and to maximize all of our customers' investments. We are bringing a subscription model for financial planning to the masses"
  • "The best advice I have ever received — and I really abide by this — is when it comes to people who want to start a company, who want to be entrepreneurs, once you get to the point where you know you want to do it, you have to just do it"
  • "Financial judgment is not about not letting you have things. Good financial judgment is about you living big when you are older"
  • "Thirty percent or less of your paycheck should go to lifestyle purchases...the goal of having a really balanced budget is building in splurges"
  • "Having command over your finances is a huge aspect of taking command over your life, from changing jobs, to who you end up with, to having the courage to ask for raises"

Derek Young
(Vice Chairman, Pyramis Global Advisors)

 

 

CEO Summit XXVI
Panelist

Derek Young
(Vice Chairman, Pyramis Global Advisors)

 

 

 

 

 

 

 

Derek Young is Vice Chairman of Pyramis Global Advisors and president of Global Asset Allocation at Fidelity Investments. Mr. Young joined Fidelity Investments in 1996 as director of risk management for Fidelity Management Trust Company (FMTC). Since then he has held a variety of positions across the firm with increasing levels of responsibility and management oversight, including senior vice president of Strategic Investment Services and Marketing for FMTC, head of Fidelity Investment's US Asset Allocation Committee, and co-manager of numerous mutual funds, including the Strategic Funds family and the Asset Manager Funds. Prior to his present role, Mr.Young was chief investment officer of Fidelity's Global Asset Allocation division from 2009 to 2011. Before joining Fidelity, Mr. Young was a manager in the risk strategy consulting practice for KPMG. From 1991 to 1995, he worked for the Board of Governors of the Federal Reserve as a senior financial analyst and then as a supervisory financial analyst. Mr. Young began his career as a vice president at Empire Financial Services in 1986.

Mr. Young's recent comments have included:

  • “There is no better way to build a macro view of the world than talking to analysts who are talking to consumers & the rest of the world”
  • “Mainstream America really has a distrust of the financial industry. We take that quite seriously. We truly do care about you retiring in dignity, about your kids going to college, about helping people do what they can not do themselves”
  • “I have a lot of respect for central banks but government involvement is one of those issues that I take great concern with because what you are seeing is artificial stimulation”
  • “There is significant corruption in the Chinese markets. They are now beginning to take it seriously and face off on it. This is a long-term game and they have significant issues in the next decade. This is all part of it being a growing economy”
  • “If you get too worried about short-term moves, you can really end up on the wrong sides”
  • “It has been a real challenge in the last five years to keep people in the right frame of mind, focused on long-term”
  • "Individuals fear running out of money more than death itself"
  • "I am much more thinking about our long term views for those saving for retirement, saving for college, et cetera. And, basically I love the U.S, still. I think the U.S. equity market is a good market for our shareholders to be in"

 

 

Attendees


Tiburon is pleased to announce that the following 237 Tiburon clients attended Tiburon CEO Summit XXVI:

 

  • Chip Roame (Managing Partner, Tiburon Strategic Advisors)
  • Cooper Abbott (Co-Chief Operating Officer, Eagle Asset Management)
  • Asheesh Advani (CEO, Covestor)
  • Sonia Ahuja (Executive Vice President, Business Development & Strategy, BrightScope)
  • Mike Alfred (CEO, BrightScope)
  • Ryan Alfred (President, BrightScope)
  • Lew Altfest (CEO, LJ Altfest & Company)
  • Adam Antoniades (CEO, First Allied Securities)
  • Mike Apker (Executive Vice President, Advisor Suite, Envestnet)
  • Daniel Applegarth (Chief Financial Officer, NorthStar Financial Services Group)
  • Rob Arnott (CEO, Research Affiliates)
  • Carla Avila (Business Head, Financial Institutions, Baron Capital Group)
  • Chuck Baldiswieler (President, Angel Oak Capital Advisors)
  • David Ballard (Chief Operating Officer, Advisor Group, American International Group, (AIG))
  • Ron Baron (CEO, Baron Capital Group)
  • David Barry (CEO, Trust Company of America)
  • Tony Batman (CEO, First Global Capital Corporation)
  • John Battaglia (CEO, Aris Wealth Services)
  • David Baum (Partner, Investment Products & Services Group, Alston & Bird)
  • Ryan Beach (President, CLS Investments)
  • Noreen Beaman (CEO, Brinker Capital)
  • Brent Beene (Managing Partner, Regent Atlantic Capital)
  • Rusty Benton (Business Head, Wealth Management, Cap Trust Financial Advisors)
  • Jud Bergman (CEO, Envestnet)
  • Rich Bernstein (CEO, Richard Bernstein Advisors)
  • Marty Bicknell (CEO, Mariner Holdings)
  • Jack Bogle (Founder, The Vanguard Group)
  • David Booth (Co-CEO, Dimensional Fund Advisors)
  • Joe Bottazzi (Chief Communications Officer, Edelman Financial Services)
  • David Brill (General Counsel, American Stock Transfer & Trust Company)
  • Valerie Brown (CEO, Cetera Financial Group)
  • Todd Brunskill (Chief Marketing Officer, First Rate Investment Systems)
  • David Bugen (Chairman, Regent Atlantic Capital)
  • Jack Bulla (CEO, Bankoh Investment Services)
  • Rick Buoncore (Managing Partner, MAI Wealth Advisors)
  • Dick Burridge (CEO, RMB Capital)
  • Jessica Campbell (Executive Vice President, Client Success, BrightScope)
  • Robbie Cannon (CEO, Horizon Investments)
  • David Canter (Executive Vice President, Practice Management & Consulting, Fidelity Institutional Wealth Services)
  • Mitch Caplan (CEO, Jefferson National Financial)
  • John Carey (Chief Operating Officer, FolioDynamix)
  • Mark Casady (CEO, LPL Financial)
  • Christine Cataldo (Chief Operations Officer, Edelman Financial Services)
  • Rene Chaze (Chief Financial Officer, The Edelman Financial Group)
  • Kent Christian (President, Wells Fargo Advisors Financial Network)
  • Roman Ciosek (Partner, HighTower)
  • Brett Clarke (President, Blu Giant Advisor Studios)
  • Eric Clarke (President, Orion Advisor Services)
  • Todd Clarke (President, CLS Investments)
  • David Conover (President, Wealth Management & Brokerage, EverBank Financial)
  • Steve Cortez (Partner, Fiduciary Network)
  • Scott Couto (President, Fidelity Financial Advisor Solutions)
  • Trish Cox (Business Head, Schwab Corporate Brokerage Services)
  • John Coyne (Vice Chairman, Brinker Capital)
  • Jason Creel (Business Head, Managed Accounts & Sourcing, TIAA-CREF)
  • Kevin Crowe (Executive Vice President, Advisor Solutions, SEI Advisor Network)
  • Ben Cukier (Partner, FTV Capital)
  • Scott Curtis (President, Raymond James Financial Services)
  • Marvin Davis (Chief Marketing Officer, The Edelman Financial Group)
  • Peter Daytz (Business Head, Investments, Citi Trust)
  • Will Dolan (Business Head, Fidelity ActionsXchange)
  • Mark Doman (CEO, The Doman Group)
  • Allison Dukes (Executive Vice President, Private Wealth Management, Sun Trust Bank)
  • Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  • Steve Dunlap (Executive Vice President, Wealth Management, Cetera Financial Group)
  • Mike Durbin (President, Fidelity Institutional Wealth Services)
  • Ric Edelman (CEO, The Edelman Financial Group)
  • Ken Ehinger (CEO, M Holdings Securities)
  • Greg Ehret (Chief Operating Officer, State Street Global Advisors)
  • Tom Embrogno (Executive Vice President, Docupace Technologies)
  • Pete Engelken (President, Pathway Strategic Advisors)
  • Randy Epright (Chief Information Officer, AIG Life & Retirement)
  • Harold Evensky (President, Evensky & Katz)
  • Mike Everett (Chief Business Development Officer, MyVest Corporation)
  • John Fennelly (Business Head, Global Wealth Management, Thomson Reuters)
  • Ed Finn (President, Barron’s)
  • Kim Fleming (CEO, Hefren-Tillotson)
  • Liz Forget (CEO, MetLife Advisors)
  • Ed Forst (CEO, Lincoln Investment Planning)
  • George Foulke (Chief Information Officer, AIG Financial Distributors)
  • Rob Francais (CEO, Aspiriant)
  • Stuart Frankel (CEO, Narrative Science)
  • Kathy Freeman (President, Kathy Freeman Company)
  • Chris Frieden (Partner, Financial Services & Products, Alston & Bird)
  • Matt Frymier (CEO, Corrum Capital Management)
  • Jane Gladstone (Senior Managing Director, Advisory Business, Evercore Partners)
  • Gregg Glaser (Chief Financial Officer, First Allied Holdings)
  • Mark Goldberg (President, Carey Financial)
  • Charles Goldman (CEO, AssetMark)
  • Michael Goodman (CEO, Wealthstream Advisors)
  • Craig Gordon (Business Head, New Businesses, DST Systems)
  • Mark Gormley (Partner, Lee Equity Partners)
  • Ben Goss (CEO, Distribution Technology)
  • Gail Graham (Chief Marketing Officer, United Capital Financial Partners)
  • Phil Green (Chief Financial Officer, Brinker Capital)
  • Larry Greenberg (President, Jefferson National Financial)
  • Stan Gregor (CEO, Cantor Fitzgerald Wealth Partners)
  • Oscar Hackett (Chief Financial Officer, BrightScope)
  • Jim Hale (Founding Partner, FTV Capital)
  • Scott Hanson (Co-CEO, Hanson McClain)
  • Bill Harris (CEO, Personal Capital Corporation)
  • Craig Hawley (General Counsel, Jefferson National Financial)
  • Gary Henson (President, Montage Investments)
  • Shari Hensrud (Chief Investment Officer, FolioDynamix)
  • Brooks Herman (Business Head, Data & Research, BrightScope)
  • Don Herrema (Founder, Black Sterling Partners)
  • Bob Herrmann (CEO, Discovery Data)
  • Kyle Hiatt (Executive Vice President, Orion Advisor Services)
  • Ben Hochberg (Partner, Lee Equity Partner)
  • Steven Holstein (Chief Marketing Officer,Covestor)
  • Anton Honikman (CEO, MyVest Corporation)
  • Bill Hortz (President, Institute for Innovation Development)
  • Bob Huebscher (CEO, Advisor Perspectives)
  • Bob Huret (Founding Partner, FTV Capital)
  • Mark Hurley (CEO, Fiduciary Network)
  • Paul Ingersoll (CEO, Good Harbor Financial)
  • Peter Jantzen (Executive Vice President, Global Sales, Vestmark)
  • David Johnson (Partner, Harpeth Partners)
  • Zack Karabell (Chief Investment Strategist, Envestnet)
  • Deena Katz (Chairman, Evensky & Katz)
  • Mark Katzelnick (Chief Operations Officer, Fidelity Institutional)
  • Meg Kelleher (Executive Vice President, Sales & Relationship Management, Fidelity Institutional Wealth Services)
  • Dan Kern (President, Advisor Partners)
  • Doug King (CEO, Cetera Advisor Networks)
  • Rob Klapprodt (President, Vestmark)
  • Mark Klein (CEO, Professional Capital Services)
  • Deirdre Koerick (Chief Compliance Officer, Lincoln Investment Planning)
  • Jon Korngold (Managing Director, Portfolio Management, General Atlantic)

 

  • Mike LaMena (President, HighTower)
  • Stephen Langlois (Business Head, Distribution Strategy & Planning, Fidelity Institutional)
  • Kevin Laraia (Chief Strategy Officer, Docupace Technologies)
  • David Lau (Chief Operating Officer, Jefferson National Financial)
  • Tom Lee (CEO, Lee Equity Partners)
  • Chuck Lewis (Vice Chairman, MyVest Corporation)
  • William Lieberman (Chief Financial Officer, Xtiva Financial Systems)
  • Steve Lockshin (Chairman, Convergent Wealth Advisors)
  • Igor Lojevsky (Vice Chairman, Eastern Europe, Deutsche Bank)
  • Mark Lopez (Principal, Tiburon Strategic Advisors)
  • John Lunny (CEO, Vestmark)
  • Matt Lynch (Principal, Tiburon Strategic Advisors)
  • David Lynn (Chief Investment Strategist, Cole Real Estate Investments)
  • Mary Mack (CEO, Wells Fargo Advisors)
  • Bill Maguire (CEO, Signature Securities Group)
  • Kevin Mahn (President, Hennion & Walsh Asset Management)
  • Frank Maiorano (Business Head, RIA Business, Baron Capital Management)
  • Harry Markowitz (President, Harry Markowitz Associates)
  • Matt McBride (Chief Information Officer, First Global Capital Corporation)
  • Pat McClain (Co-CEO, Hanson McClain)
  • Chuck McKenzie (Business Head, Institutional Custom Solutions, Pyramis Global Advisors)
  • Bob McNichol (Chairman, Aris Corporation of America)
  • John Michel (CEO, CircleBlack)
  • Fielding Miller (CEO, Cap Trust Financial Advisors)
  • Sanjiv Mirchandani (President, National Financial Services)
  • Ed Moore (President, Edelman Financial Services)
  • Randy Moore (Partner, Financial Services & Products Group, Alston & Bird)
  • Tom Moysak (CEO, Xtiva Financial Systems)
  • Joe Mrak (CEO, FolioDynamix)
  • Jerry Murphy (CEO, FSC Securities Corporation)
  • Tim Murphy (CEO, Investors Capital Corporation)
  • Sean Murray (Executive Vice President, National Retirement Sales, Defined Contribution Practice, PIMCO)
  • Brian Nielsen (CEO, Northern Lights Distributors)
  • Mike Norton (Business Head, Bank Group, National Financial Services)
  • Ed Orazem (President, Fidelity Family Office Services)
  • Kevin Osborn (Executive Vice President, Wealth Management Solutions, Envestnet)
  • John Parsons (Executive Vice President, Pacific Southwest Financial & Insurance Group)
  • Heeren Pathak (Chief Technology Officer, Vestmark)
  • Jim Patrick (Business Head, High Net Worth Advisory Business, Envestnet)
  • Mark Penske (CEO, United Advisors)
  • David Perkins (CEO, Hatteras Funds)
  • Damian Peter (President, Larkin Point Investment Advisors)
  • Don Phillips (President, Research, Morningstar)
  • John Phillips (Executive Vice President, Strategic & Global Sales, National Financial Services)
  • James Poer (President, NFP Advisor Services Group)
  • Alex Potts (CEO, Loring Ward Group)
  • Andy Putterman (CEO, 1812 Park)
  • Peter Raimondi (CEO, Banyan Partners)
  • Les Quick (Founding Partner, Massey Quick)
  • Evan Rapoport (CEO, HedgeCo.Net)
  • Grant Rawdin (CEO, Wescott Financial Advisory Group)
  • Paul Reaburn (Chief Financial Officer, Foresters)
  • Rich Repetto (Principal, Exchanges, eBrokers, & Trading Companies, Equity Research, Sandler, O'Neill & Partners)
  • George Riedel (Business Head, Intermediary Distribution, Third-Party Distribution, T. Rowe Price Group)
  • Neal Ringquist (President, Advisor Software)
  • Ben Robins (Partner, Fiduciary Network)
  • Tony Rochte (President, SelectCo Division, Fidelity Asset Management)
  • Kelly Rodriques (CEO, Pensco Trust Company)
  • Andrew Rogers (CEO, Gemini Fund Services)
  • Jeremy Ross (Executive Vice President, Sales, BrightScope)
  • Jim Ross (Executive Vice President, Exchange Traded Funds, State Street Global Advisors)
  • Larry Roth (CEO, Realty Capital Securities)
  • Andrew Rudd (CEO, Advisor Software)
  • Kevin Ruth (Business Head, Wealth Planning, Private Wealth Management, Fidelity Investments)
  • Rich Santos (Group Publisher, Wealth Management.Com, Penton Media)
  • Michael Sapir (CEO, ProShare Advisors)
  • Jeff Saut (Chief Investment Strategist, Equity Capital Markets)
  • Jon Schepke (CEO, SIM Partners)
  • Nick Schorsch (Executive Chairman, RCS Capital Corporation)
  • Aaron Schumm (Chief Customer Officer, FolioDynamix)
  • Skip Schweiss (President, TD Ameritrade Trust Company)
  • Maggie Serravalli (Executive Vice President, Client Experience, Operations Service Group, Fidelity Institutional)
  • Sterling Shea (Business Head, Advisory Programs, Barron’s)
  • Clara Shih (CEO, Hearsay Social)
  • Bill Simon (Executive Vice President, Sales & Distribution, Brinker Capital)
  • David Smith (Founding Publisher, Financial Advisor & Private Wealth Magazines, Charter Financial Publishing Network)
  • Jon Stein (CEO, Betterment)
  • Jon Stern (Partner, Berkshire Capital Securities)
  • Charlie Stroller (CEO, Charter Financial Publishing Network)
  • Jim Stueve (President, RidgeWorth Investments)
  • Ram Subramaniam (President, Fidelity Brokerage Services)
  • Eric Sutherland (Executive Vice President, Advisor Sales & Key Accounts, Global Wealth Management, PIMCO)
  • Zohar Swaine (President, Mink Hollow Advisors)
  • Mitchell Tanzman (Co-CEO, Central Park Group)
  • Todd Taylor (Partner, Heidrick & Struggles International)
  • Darren Tedesco (Managing Principal, Innovation & Strategy, Commonwealth Financial Network)
  • Brett Thorne (Chief Operating Officer, Correspondent & Advisor Services, RBC Capital Markets)
  • Allen Thorpe (Managing Director, Hellman & Friedman)
  • Mark Tibergien (CEO, Pershing Advisor Solutions)
  • Catie Tobin (Business Head, Correspondent & Advisor Services, RBC Wealth Management US, Royal Bank of Canada)
  • Frank Trotter (President, EverBank Direct)
  • Bill Van Law (President, Investment Advisors Division, Raymond James Financial)
  • Greg Vigrass (CEO, Folio Institutional)
  • Alexa von Tobel (CEO, LearnVest)
  • Gib Watson (Vice Chairman, Bank & Trust Wealth Management Services, Envestnet)
  • Cathy Weatherford (CEO, Insured Retirement Institute)
  • Keith Weir (Chief Operating Officer, Aris Corporation of America)
  • Chuck Widger (Chairman, Brinker Capital)
  • Craig Wietz (President, First Rate Investment Systems)
  • Andy Williams (President, Advisors Asset Management)
  • Matt Wilson (President, Brokerage, Scottrade)
  • Michael Winchell (CEO, Larkin Point Investment Advisors)
  • Wayne Withrow (Executive Vice President, SEI Advisor Network)
  • Bob Worthington (President, Hatteras Funds)
  • Bill Wostoupal (President, Northern Lights Distributors)
  • Jeff Yager (Partner, Financial Services, Assurance Practice, McGladrey)
  • Derek Young (Vice Chairman, Pyramis Global Advisors)
  • Joni Youngwirth (Managing Principal, Practice Management, Commonwealth Financial Network)
  • Mike Zebrowski (Chief Operating Officer, eMoney Advisor)

 

   

Prior Tiburon CEO Summits

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

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