Tiburon CEO Summits

Tiburon has held 28 prior Tiburon CEO Summits, with the first Tiburon CEO Summit taking place in 2001. Details of Tiburon CEO Summit XXVIII are included below. For details of earlier Tiburon CEO Summits, please click here: Most Recent, 2014-2015, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.

Tiburon CEO Summit XXVIII: April 7-8, 2015

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

Keynote Presentation

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




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







Chip Roame (Managing Partner, Tiburon Strategic Advisors)

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

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

At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses -- mutual funds, exchange traded funds, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and mergers & acquisitions transactions. At Tiburon, Mr. Roame has led over 1,700 client engagements for over 400 corporate clients since 1998.

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

Mr. Roame is frequently sought as a board member by Tiburon client company boards. He presently serves as a board member at Envestnet (NYSE: ENV), as a board member of the parent company of The Edelman Financial Group (Ric Edelman’s business backed by Lee Equity Partners), and as a trustee of the SA mutual funds family which is sponsored by Loring Ward and employs Dimensional Fund Advisors as its sole sub-advisor.

Overview of Tiburon CEO Summit XXVIII Keynote Presentation

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

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


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



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









Consumer Wealth

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

Baby Boomer Retirement Situation & Financial Issues

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

Baby Boomer Responses

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

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

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

Fiduciary Standard

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

The Great…and Very Slow…Migration to Independence

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

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

Financial Services Industry Outsourcing

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

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

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

Open-End Mutual Funds

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

Product Price Pressure

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


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

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

Exchange Traded Funds

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

Alternative Investments (Hedge Funds)

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

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

Liquid Alternative Investments

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

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

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

Online Brokerage Firms

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

Online Advice Firms

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

Trend #4: Financial Advisors Value 2.0

Financial Advisor Multi-Channel Offerings

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

Financial Planning & Insurance

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

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

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

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

Financial Services Industry Target Markets

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

Financial Services Industry Sales & Marketing Strategies

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

Financial Services Industry Client Service Strategies

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

Socially Responsible Investing & Impact Investing

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

Financial Services Industry Staffing & Compensation Strategies

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


Financial Services Industry Mergers & Acquisitions

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

Tiburon Fundamental View: Financial Services Industry Investing

Financial Services Industry Venture Capital

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

Financial Services Industry Private Equity

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

Financial Services Industry Public Offerings

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

Financial Services Industry Activists Opportunities

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


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

Mark Casady
(CEO, LPL Financial Holdings)




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








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

Mr. Casady's recent comments have included:

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

Don Phillips
(Managing Director, Morningstar)




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








Don Phillips is a Managing Director at Morningstar. Previously Mr. Phillips oversaw the firm’s global fund, equity, & credit research. He has also served on the company’s board of directors since 1999. Mr. Phillips joined Morningstar in 1986 as the company’s first mutual fund analyst and soon became editor of its flagship publication, Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. Mr. Phillips helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards.

Mr. Phillips' recent comments have included:

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

Mike Alfred
(CEO, Brightscope)




Mike Alfred
(CEO, Brightscope)








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

Mr. Alfred's recent comments have included:

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

Anil Arora
(CEO, Yodlee)




Anil Arora
(CEO, Yodlee)








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

Mr. Arora's recent comments have included:

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

Jud Bergman
(CEO, Envestnet)




Jud Bergman
(CEO, Envestnet)








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

Mr. Bergman's recent comments have included:

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

Brad Bernstein
(Partner, FTV Capital)




Brad Bernstein
(Partner, FTV Capital)








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

Mr. Bernstein's recent comments have included:

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

Marty Bicknell
(CEO, Mariner Holdings)




Marty Bicknell
(CEO, Mariner Holdings)








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

Mr. Bicknell's recent comments have included:

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

Tom Bradley (President, Retail Distribution, TD Ameritrade)




Tom Bradley
(President, Retail Distribution, TD Ameritrade)








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

Mr. Bradley's recent comments have included:

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

Roy Burns
(Managing Director, TA Associates)




Roy Burns
(Managing Director, TA Associates)








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

Mr. Burns' recent comments have included:

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

Bob Caruso
(Chairman, Impact Republic)




Bob Caruso
(Chairman, Impact Republic)








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

Mr. Caruso's recent comments have included:

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

Todd Clarke
(CEO, CLS Investments)




Todd Clarke
(CEO, CLS Investments)








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

Mr. Clarke's recent comments have included:

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

Gil Crawford
(CEO, MicroVest Capital Management)




Gil Crawford
(CEO, MicroVest Capital Management)








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


Mr. Crawford's recent comments have included:

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


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




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








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

Mr. Draper's recent comments have included:

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

Ric Edelman
(CEO, Edelman Financial Services)




Ric Edelman
(CEO, Edelman Financial Services)








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

Mr. Edelman's recent comments have included:

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

Tad Edwards
(CEO, Benjamin Edwards & Company)




Tad Edwards

(CEO, Benjamin Edwards & Company)








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


Mr. Edwards' recent comments have included:

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

Alexandra Lebenthal
(CEO, Lebenthal Holdings)




Alexandra Lebenthal(CEO, Lebenthal Holdings)








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


Ms. Lebenthal's recent comments have included:

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

Jim Lockhart
(Vice Chairman, WL Ross & Company)




Jim Lockhart

(Vice Chairman, WL Ross & Company)








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


Mr. Lockhart's recent comments have included:

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

Steve Lockshin
(Founder, Convergent Wealth Advisors)




Steve Lockshin
(Founder, Convergent Wealth Advisors)








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

Mr. Lockshin's recent comments have included:

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

Erica McGinnis
(CEO, AIG Advisor Group)




Erica McGinnis

(CEO, AIG Advisor Group)








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


Ms. McGinnis' recent comments have included:

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

Joe Mrak
(CEO, FolioDynamix)




Joe Mrak

(CEO, FolioDynamix)








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


Mr. Mrak's recent comments have included:

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

John Patterson
(CEO, NextCapital)




John Patterson
(CEO, NextCapital)








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

Mr. Patterson's recent comments have included:

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

Lowell Putnam
(CEO, Quovo)




Lowell Putnam
(CEO, Quovo)








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

Mr. Putnam's recent comments have included:

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

Andrew Rudd
(CEO, Advisor Software)




Andrew Rudd

(CEO, Advisor Software)








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

Mr. Rudd's recent comments have included:

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

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




Scott Ryles

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








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

Mr. Ryles' recent comments have included:

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

Mike Sha
(CEO, SigFig)




Mike Sha
(CEO, SigFig)








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

Mr. Sha's recent comments have included:

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


Jay Sidhu
(CEO, Customers Bancorp)




Jay Sidhu

(CEO, Customers Bancorp)








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

Mr. Sidhu's recent comments have included:

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

Jon Stein
(CEO, Betterment)




Jon Stein

(CEO, Betterment)








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


Mr. Stein's recent comments have included:

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

John Streur
(CEO, Calvert Investments)




Johh Streur

(CEO, Calvert Investments)








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


Mr. Streur's recent comments have included:

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

John Taft
(CEO, RBC Wealth Management US)




John Taft

(CEO, RBC Wealth Management US)








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


Mr. Taft's recent comments have included:

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

    Frank Trotter
    (Chairman, EverBank Global Markets)



    CEO Summit XXVIII

    Frank Trotter

    (Chairman, EverBank Global Markets)








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

    Mr. Trotter's recent comments have included:

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

    Edmond Walters
    (CEO, eMoney Advisor)



    CEO Summit XXVIII

    Edmond Walters

    (CEO, eMoney Advisor)








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


    Mr. Walter's recent comments have included:

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

    Mike Weil
    (CEO, RCS Capital Corporation)



    CEO Summit XXVIII

    Mike Weil

    (CEO, RCS Capital Corporation)








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


    Mr. Weil's recent comments have included:

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

    John Wotowicz
    (CEO, InStream Solutions)



    CEO Summit XXVIII

    John Wotowicz

    (CEO, InStream Solutions)








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



    Tiburon is pleased to announce that the following 228 Tiburon clients attended Tiburon CEO Summit XXVIII:


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


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


    Prior Tiburon CEO Summits

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

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