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.
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.
Roame (Managing Partner, Tiburon Strategic Advisors)
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.
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
Tiburon CEO Summit XXVIII --> The Five Most Important Trends
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.
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 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:
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:
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:
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:
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:
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:
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:
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:
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:
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
Mr. Caruso's recent comments have included:
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:
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:
Mr. Draper's recent comments have included:
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:
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:
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:
Mr. Lockhart's recent comments have included:
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:
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:
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:
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:
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:
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:
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:
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:
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:
Mr. Stein's recent comments have included:
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:
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:
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:
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:
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:
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.