Tiburon CEO Summits

Tiburon has held 27 prior Tiburon CEO Summits, with the first Tiburon CEO Summit taking place in 2001. Details of the most recent Tiburon CEO Summit XXVII 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 XXVII: October 7-8, 2014

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

Keynote Presentation

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




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







Chip Roame (Managing Partner, Tiburon Strategic Advisors)

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

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

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

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

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

Overview of Tiburon CEO Summit XXVII Keynote Presentation

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

Tiburon CEO Summit XXVI - Keynote Presentation Recap

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

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

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

Tiburon CEO Summit XXVII Themes

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

50 Underlying Trends


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

Consumer Wealth, Attitudes, & Behaviors

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


  1. Core investment approaches evolving (goals-based investing; outcome versus benchmark focus; retirement income strategies; downside protection strategies; tactical asset allocation & possibly thematic investing)
  2. Parallel centralization & decentralization investment advice trends (managed accounts & TAMPs versus financial advisor directed programs & break-away brokers)
  3. ETFs, open-end mutual funds, & liquid alternatives to dominate flows
  4. Passive investing booming (30% of equity mutual fund & ETF AUM)
  5. Managed ETF programs gathering huge assets (F-Squared Investments; Windhaven; Amerivest; Good Harbor Financial) but some are stumbling and vulnerable to poor performance
  6. Active ETFs are a wild card
  7. American Funds – low cost & manager ownership (same conclusion as Morningstar)
  8. Holy grail for alternative investments remains lowering volatility (but many pundits are often confused with low correlations and high returns)
  9. Leading hedge funds (Pershing Square; Third Point; Tiger Global) have great returns in both up & down markets but hedge fund investments in the aggregate are questionable (product proliferation leads many to pick weak funds; objectives often “rephrased” as lowering volatility, lowering correlations, & earning returns; available data is weak & misleading; & vast range of categories have average returns ranging from -20% to +20%); CALPERS exits



  1. Liquid alts… Maybe… Lower fees & no performance fees; daily pricing & redemption; and limits on illiquid investments & leverage but… Still fourteen categories with returns ranging form -20% to +20% (one needs to look under the hood)
  2. Private equity deserves more respect (10.0% ten year returns). Private equity remains the last frontier for the masses
  3. CNL, Realty Capital Corporation, & WP Carey innovating in non-traded products
  4. Socially responsible investing & impact investing emerging rapidly (mass market products coming soon!)
  5. Vanguard follows Morningstar’s Gamma and promotes 3% Advisor’s Alpha (rethink pricing models?)

Financial Advisor Channels

  1. Number of financial advisors continues to decline (304,097)
  2. Wirehouses continue to bully & pay retention payments to avoid the free market outcome
  3. Break-away broker trend steady but less so than some claim
  4. Independent advisors taking share (quickly in bodies; moderately quickly in AUMA) and this is likely to continue
  5. Independent broker/dealers stand to win flow of hybrids; market bifurcating
  6. Independent broker/dealers aggressively trying to capture share of product economics (e.g., white label TAMPs) (more pricing power to accrue to IBDs due to scale)
  7. 22,000 fee-based financial advisors (retail RIAs) and growing; RIAs likely to take share even from IBD reps
  8. The Edelman Financial Group reaches 25,000 clients & adds David Bach
  9. RIA custodians doing well (even beyond the big four firms) but also face threat of aggregators and TAMPs
  10. Advice models to continue to proliferate (e.g., Schwab, Mutual Fund Store, Edelman, Dynasty, HighTower, United Capital)
  11. New intermediaries arising & seeking to build scale in exchange for economics (TAMPs; roll-ups; aggregators; producer groups; super OSJs; back office providers) (TAMPs becoming channel unto themselves with growing pricing power)

Discount Brokers & Online Advice Firms

  1. Discount brokerage firms and online advice firms both looking to fill market gaps (mass affluent; disenfranchised; millenials)
  2. Discount brokerage firms doing well (TD Ameritrade reaches 500,000 DARTs; Schwab generates 80% of revenues as asset manager & bank). And Schwab & TD Ameritrade offer advice guarantees
  3. Online advice firms raising substantial venture capital, market getting very crowded, & a few raising substantial AUMA (Wealthfront another $30 million) (FENG ~$100 billion AUMA; Wealthfront $2.0 billion; Personal Capital $700 million)
  4. Discount brokerage firms likely to win online investment advice business (Schwab; Vanguard; acquisitions)
  5. Other firms building online advice offerings for financial advisors (Advisor Software; Upside)

Strategic Activity

  1. RCAP acquires alts products, IBDs, & more (Docupace Technologies; Bill Dwyer)
  2. Other firms also continue to consolidate and expand capabilities (e.g., LPL Financial; Ladenburg Thalmann Financial Services; Morningstar; Great West Lifeco (Putnam))
  3. Platforms consolidate (and demand huge prices). FolioDynamix sold to Actua for $200 million (a huge price)
  4. FSI private equity betting on financial advisor scale models (The Edelman Financial Group; The Mutual Fund Store; United Capital Financial Partners) & outsourcing models (AssetMark; FolioDynamix)
  5. FA acquirers go quiet but Boston Private Financial Holdings acquires Banyan Partners (Peter Raimondi)
  6. FSI venture capital betting on online advice firms (Betterment; Wealthfront; LearnVest; Personal Capital Corporation; Motif Investing; Jemstep)
  7. Peer-to-peer lenders first to go public









Consumer Wealth

Consumers have $37.4 trillion investable assets, $20.4 trillion retirement plan assets, & $57.8 trillion financial assets. Consumers have $25.5 trillion of personal assets (driven by home values) (with $10.8 trillion of that being home equity). Consumer household assets are $92.5 trillion with the potential to reach $100 trillion in 2014 depending on stock & real estate markets. Consumers have $13.9 trillion of household debt, of which $9.4 trillion is mortgages. Consumer net worth reached a new peak of $78.6 trillion in 2Q/14.

Consumer Wealth Since 2008

Investable assets, retirement plan assets, & financial assets are all up 40%-50% since 2008. Personal assets (driven by home values) finally rose, now up 15% since 2008 (and 20% since 2011 bottom), with consumers’ real estate equity up 50% since 2008 and 70% since bottoming in 2011 and consumers’ equity share of home values back to 54% from low of 39% in 2008-2009. Consumer household assets are now slightly up over 30% since 2008 ($92.5 trillion versus $71.5 trillion), and likely to reach $100 trillion in 2014 (depending on stock & real estate markets). Consumer household debt overall is up a few percent since 2008 but mortgages are still down 10%. Consumer net worth reached a new peak of $78.6 trillion in 2Q/14 versus $54.7 trillion in 2008 (with $11.5 trillion of the $23.9 billion increase coming in 2013-2014).

Rich Folks

There are a growing numbers of wealthy households, including 1,645 billionaires, 132,000 with $25 million, 1.2 million with $5 million, 9.6 million millionaires (including 600,000 new millionaires in 2013). 38.6 million consumer households have $100,000 or more.

Consumer Wealth Concentration

Consumer households with less than $500,000 investable assets account for 92% of all consumer households but control just 23% of consumer household financial assets, with 8% of consumer households (about nine million) controlling 77% of consumer household financial assets, 0.01% of consumer households (that is about 16,000) controlling 11% of all investable assets, about the same as the bottom 2/3 of consumer households (that is about 80 million). 10% of consumer households earn 48% of income. European countries are at 28%-42%.

Averages & Medians

The average consumer household net worth is ~$600,000. The average per person net worth is $252,000. But, the median per person net worth is $44,911, the median per person home equity is $18,863, & the median per person financial assets (investable & retirement plan) is $26,048 (less household goods, other real estate, & small business holdings) (Tiburon estimate: $8,000). The median consumer household income is $51,939, with three-quarters of consumer households still earning <$100,000. Regarding the median income, Mr. Roame stated, “it is down now for a decade, although average income is up. The typical guy makes less today than he did a decade ago.”

Baby Boomers

93% say baby boomers are key. Attendees say baby boomers are ~75% of clients. The first baby boomers turned 65 in 2011 (birth years 1946 to 1964) and 10,000 baby boomers turn 65 each day 2011-2029. Tiburon CEO Summit XXVII attendees mostly believe that baby boomers are not close to retirement financial readiness.

Baby boomers face a lack of defined benefit plans & a lack of savings, with 57% having less than $100,000. The average employee has $49,000 saved outside of their retirement plan. Inheritances are not materializing (~2% of baby boomers will receive over $100,000). They also face Social Security & Medicare challenges. Average life expectancy has reached 78, and it is an incremental eight-to-ten years for those who reach retirement age. The average length of retirement for those currently turning 65 is nineteen years. Health care costs, including long-term care, are creeping higher, and now, there is the twin threats of elder care and the kids moving back in -- plus the ever present risks of market volatility & inflation. The US personal savings rate has held relatively steady between 5.0% and 6.0% since the financial crisis. Female retiree (age 65) life expectancy is 89 years, up from 84 in 1980. Male retiree (age 65) life expectancy is 86, up from 80 in 1980. Regarding life expectancy of retirees, Mr. Roame stated, “everyone quotes the average life expectancy which is completely useless. It refers to babies born this year. That is irrelevant to the consumer. The guy that makes it to retirement lives longer. What you should care about is the life expectancy to the guy who makes it to 60.” Tiburon CEO Summit XXVII attendees expect that many consumers will retire later over the next five years. Baby boomers’ pending retirement will drive more assets into the investable assets market. Mr. Roame stated, "maybe baby boomers did save more than we are being led to believe. But what they need to do is liquidate it. They may have money in illiquid things."

Consumer Confidence in Financial Services Industry (Trust Gap)

Tiburon CEO Summit XXVII attendees said that Wall Street scandals are the biggest factor in low consumer confidence in the financial services industry. Tiburon CEO Summit XXVII attendees said that the majority of financial advisors are ethical, but about two-thirds of Tiburon CEO Summit XXVII attendees said that the majority of financial advisors are not well trained. Tiburon CEO Summit XXVII attendees increasingly believe that consumer confidence in the financial services industry will stagnate at its low levels. Some Tiburon CEO Summit XXVII attendees are optimistic, while other Tiburon CEO Summit XXVII attendees are not. Mr. Roame succinctly summarized one data slide by saying, "everyone hates your industry; that is what this says." Mr. Roame also stated that because of the complicated nature of the industry, “the ability to hide fees and product performance has always been extremely high.” Mr. Roame added that, “technology is promoting transparency, and transparency will drive down costs.” Regarding consumerism, Mr. Roame said, “when consumerism comes, or price pressure, who you want to be is the guy who owns the customer, because he/she will forever squeeze the other portions of the value chain to keep his/her fee as high as possible. I have long thought that I want to be in the distribution business. I want to be close to the customer.”

Consumer Attitudes & Behavioral Changes

Consumer attitudes & behavioral changes include deleveraging, increased savings, high cash holdings ($10 trillion deposits versus loans of just $7.5 trillion), risk management focus (e.g., life insurance; fixed assets), bailing on equities, reduced trading, a focus on cost, more informed prospects (akin to consumers with carfax), being generally more involved, diversifying across providers, demanding only episodic advice, and do it yourself consumers. Regarding evolving consumers, Mr. Roame stated, "the next generation thinks differently, plus 2008 changed even older consumers’ views.” Mr. Roame relayed that Tiburon CEO Summit XXVII attendees said the most interesting change is that consumers are more informed. In response, Mr. Roame said, “really? Did you watch the consumer panel? I am not so sure. I think the industry has been pretty cloudy for a long time.”

Rapidly Evolving Investment Approaches

Rapidly evolving investment approaches include goals-based investing, including asset liability matching & personal performance reporting; retirement income strategies including bond ladders, dividend stocks, retirement income funds, deferred income annuities, GMWB annuities (will they ever win?), reverse mortgages, & life settlements; downside protection strategies such as Brinker Capital Crystal Strategies, longevity insurance (annuities), insurance linked securities, & options & straddles; tactical asset allocation (will mobile technology lead to more tactical trading?); & thematic investing (will social media lead to thematic investing?). Tiburon CEO Summit XXVII attendees said that the most impactful investment strategy trends are retirement income strategies & goals-based investing.

Rapidly Evolving Financial Advisor Models

Rapidly evolving financial advisor models include managed accounts, financial advisor directed portfolio management, break-away brokers, & utilization of TAMPs. Tiburon CEO Summit XXVII attendees (interestingly) said that none of the financial advisor model trends are compelling amongst packaged managed account programs. Financial advisor directed programs have been taking share from SMAs & UMAs. Tiburon CEO Summit XXVII attendees said that the break-away brokers trend will increase or at least remain steady over the next five years. Tiburon CEO Summit XXVII attendees believe that TAMPs use will increase or at least remain steady over the next five years.

Investment Product Trends

Mutual funds, variable annuities, & exchange traded funds have substantial flows of $100-$200 billion each. Tiburon CEO Summit XXVII attendees said that they personally own individual securities, open-end mutual funds, & exchange traded funds (ETFs). Tiburon CEO Summit XXVII attendees said that exchange traded funds, open-end mutual funds, & liquid alternatives will have the highest investment product usage. Mr. Roame also stated that, “open end mutual funds are here to stay” and “passive investing is about 30% of equity mutual funds and ETFs today.” Mr. Roame observed that, “centralization and decentralization are happening at the same time. Managed accounts and TAMPs are booming. They centralize investment advice. Simultaneously, breakaway brokers are going independent. The fastest wirehouse programs are the rep driven programs, which decentralizes.” Mr. Roame stated, “strong sales skills keep bad products in business.” Mr. Roame predicted, “I am waiting to watch Google or Amazon buy Betterment or Wealthfront. They might not even know anything about these firms, but if they did, that changes a lot.”

Open-End Mutual Funds

Open-end mutual funds have $152 billion net flows. Some big players present include The Vanguard Group ($3.0 trillion (15.5%)), Fidelity Investments ($1.7 trillion (9.6%)), & American Funds ($1.3 trillion (7.3%)). Winning flows are with The Vanguard Group (12.4% YTD) and T. Rowe Price Group (9.4% YTD). Equity, bond, & hybrid funds gathered $152 billion net flows, still less than 50% of that in 2009. Tiburon CEO Summit XXVII 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. The top 50 fund groups hold 86% of the market share. 


Tiburon CEO Summit XXVI & XXVII attendees said that they cannot predict stock market movements. Nearly half of Tiburon CEO Summit XXVII attendees believe that one can predict interest rate movements. At least one Tiburon CEO Summit XXVII attendee claims the ability to predict interest rate movements, while other Tiburon CEO Summit XXVII attendees noted that few have been successful predicting interest rate movements. Tiburon CEO Summit XXVII attendees mostly utilize a mix of active & passive portfolio management styles, with substantial segments at either end. Index equity mutual funds now account for 18.4% of equity mutual fund assets under management, up from 11.8% in 2007. Index equity mutual funds & ETFs now account for 30% of equity mutual fund & ETF assets under management, up from 19% in 2007. Gene Fama believes that active management is never a good option and expresses that you can not tell luck from skill regarding active managers. Just under half (47%) of large-cap US stock funds beat the S&P 500 between 1994 & 2013. Morningstar has long suggested cost is a critical component. American Funds is a good example of a low cost active mutual fund company. The five largest stock mutual funds are all low cost Vanguard & American Funds mutual funds. Mr. Roame relayed that, “literally no one here owns a fixed annuity. Not sure why we sell them then!” but that, “indexing is alive and well."

Exchange Traded Funds

Exchange traded funds have gathered $1.8 trillion assets under management, up from $102 billion in 2002. Exchange traded funds have net flows of $138 billion, up 400% since 2001 but down from its peak of $187 billion in 2012. Tiburon CEO Summit XXVII attendees said that they do not believe that ETFs have replaced passive mutual funds. Blackrock, State Street Global Advisors, & The Vanguard Group dominate US exchange traded fund assets under management. Exchange traded funds are primarily used strategically but not always. Managed ETF programs have raised substantial assets under management, including $27.7 billion at F-Squared Investments and $18.6 billion at Windhaven Investment Management. Mr. Roame stated, "I send my caution flag up regarding managed ETFs. They sell performance and are going to die by performance." He also stated that, “managed ETFs are gathering a lot of assets but are stumbling all over themselves. Let us call a spade a spade. It is just the next bet. I am not sold on investing that just moves the money around a lot.” He said, “it is not about active versus passive; it is about keeping cost down and managers having some skin in the game.”

Active ETFs

The active ETFs market is still relatively small, with 1% of the ETF market. Non-transparent ETFs may become a transformative hedge fund access vehicle for investors. PIMCO has the most assets under management among active ETF families, with $7.9 billion. Tiburon CEO Summit XXVII attendees anticipate that active ETFs will have moderate or limited growth in the next five years.

Alternative Investments (Hedge Funds)

Many predict alternatives will gain share, with some saying they will dominate active flows. Some leading players present include Fidelity Investments $19.6 billion (absolute return; commodities; real estate) and the #2 asset class for RS Investments. Alternative investments are the #1 source of dissent on recent Tiburon CEO Summit presentations.

Hedge funds have $2.4 trillion as of 2Q/14. Leading hedge funds (Pershing Square; Third Point; Tiger Global) have great returns in both up & down markets. Hedge funds are pitched as the new safe investment but hedge fund investments in the aggregate are questionable. 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. 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. Regarding hedge funds, Mr. Roame stated, “product proliferation leads a lot of people to pick bad investments. The average hedge fund is not good. There are good ones out there but the average investor finds their way into the weak funds. Hedge fund data is still self reported. If you do lousy, what do you do? You do not report. That is the data. We have no better data.”

Liquid Alternative Investments

Liquid alternative mutual funds have $157.5 billion assets, up over 300% since 2007. Liquid alternative mutual funds gathered $37.1 billion net flows, up 150% since 2004. Tiburon CEO Summit XXVII attendees said that ETFs & open-end mutual funds will be the preferred package for alternative investments over the next five years. Tiburon CEO Summit XXVII attendees said liquid alternatives will experience moderate or huge growth over the next five years. Tiburon CEO Summit XXVII attendees are skeptical of the industry’s ability to deliver democratization of alternatives. Mr. Roame stated, “maybe is my philosophy. Just understand that you are putting your money into an asset class with category returns from plus 20 to minus 20. We have to talk about it as something beyond more than one category.” Additionaly, he stated, "watch where the flows go, as opposed to the alternatives. There is a story – which one is getting the money?" 

Venture Capital & Private Equity

Private equity has received little respect but has the best ten year returns amongst alternative investments. CalSTRs made more than $1.0 billion in private equity & real estate commitments in just the 2Q/14. For venture capital, crowd funder Kick Starter raised $480 million from 3.0 million people. Institutional investor venture capital & private equity portfolios had a ten year annualized return of 10.0% through 2013, better than real estate, hedge funds, & real assets. Kleiner, Perkins, Caufield, & Byers and Sequoia Capital are the firms with the most recent exits, with fifteen each. Tiburon CEO Summit XXVII attendees are divided on whether venture capital managers add value on post fee basis. Tiburon CEO Summit XXVII attendees said venture capital will experience moderate growth over the next five years. Tiburon CEO Summit XXVII attendees said that average private equity (leverage buy out) managers add value on post fee basis. Tiburon CEO Summit XXVII attendees said private equity net flows will experience moderate growth over the next five years. Mr. Roame stated, “private equity deserves more respect. It remains the last frontier for the masses.”

Other Alternative Investments

Other alternative investments real estate, commodities & managed futures, structured notes, catastrophe bonds, equipment leasing funds (tough to explain), oil & gas partnerships (sometimes speculative), sports teams, Bitcoins, sports cars, wine, etc. The LA Clippers were sold for $2.0 billion, over 200% more than other recent NBA franchise sales. Donald Sterling received a 15,900% return over 33 years on his investment in the Los Angeles Clippers. Americans drink 2.82 gallons of wine per resident per year, up over 200% since 1962. Over half of consumers agree that it is important to take ethical, social, or religious convictions into account when investing.

Retail Financial Advice Trends

Tiburon CEO Summit XXVII attendees use online banking, law firm (trust & estate businesses), & retail bank channels. Tiburon CEO Summit XXVII attendees said that online advice firms, RIAs (custodians), & online financial planning will have the highest retail advice channel growth rates. Many Tiburon CEO Summit XXVII attendees expect growth in all types of online channels.

Financial Advisors

The number of financial advisors has declined in recent years (304,097) and is expected to continue to decline. Independent advisors are taking share (quickly in bodies; moderately quickly in AUMA). Primerica, Morgan Stanley, & Wells Fargo Corporation have the largest financial advisor forces, with Morgan Stanley, Bank Of America Merrill Lynch, & Wells Fargo Corporation having gathered the most AUMA. Tiburon CEO Summit XXVII attendees said that the number of independent advisors will grow the fastest over the next five years. Attendees say LPL Financial, Bank Of America Merrill Lynch, and Edward Jones & Company have most impressive financial advisor forces. Regarding the number of financial advisors, Mr. Roame said, “almost weekly you read that there are not enough financial advisors; I am betting the number will go even further down.”


UBS Wealth Management Americas has the most average assets per rep with $144 million. Almost all existing wirehouse retention deals will expire by 2019. Tiburon felt the bullying of wirehouse anti-transparency itself this past semi-annual period. Tiburon CEO Summit XXVII attendees said that the wirehouses will continue to offer retention deals. Tiburon CEO Summit XXVII attendees said that wirehouses will avoid the free market. Tiburon CEO Summit XXVII attendees said wirehouses will soon allow top financial advisors to operate under their own RIAs. At least one Tiburon CEO Summit XXVII attendee said that the RIA model could further stem the break-away broker trend. Tiburon CEO Summit XXVII attendees mostly believe that wirehouses have a neutral or negative future over the next five years.

Independent Broker/Dealers

LPL Financial, RCS Securities, Ameriprise Financial, & a few other firms lead the independent reps market in number of financial advisors. LPL Financial, Ameriprise Financial, RCS Securities, & Raymond James Financial lead the independent broker/dealer market in assets under administration. Tiburon CEO Summit XXVII attendees said that independent broker/dealers have a positive or at least neutral future. Tiburon CEO Summit XXVII attendees have positive views about the future of independent broker/dealers over next five years. Regarding breakaway brokers, Mr. Roame commented, “people are enamored with how many there are until you do the math. Journalists are writing about this trend but I do not see it as a trend.” Regarding independents, Mr. Roame stated, “they are grabbing bodies a lot quicker than they are growing money.”

Fee-Based Financial Advisors (RIA custodians)

The Edelman Financial Group’s Edelman Financial Services serves 25,000 clients, up 400% since 2003. 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. Tiburon CEO Summit XXVII attendees said that custodians have a positive or at least neutral future nearly every time. Many Tiburon CEO Summit XXVII attendees said that all custodians may do well.

Discount Brokerage Firms & Online Advice Firms

Discount brokerage firms & online advice firms are both looking to serve the disenfranchised, including the underserved mass affluent market and millenials comfortable with technology. The holy grail is the ability to cost efficiently serve the mass market (face-to-face via video; financial advice for episodic events). Discount brokerage firms are well positioned to serve all client levels. Tiburon CEO Summit XXVII attendees said that they personally have self-serve (discount brokerage) investment accounts. The Charles Schwab Corporation now consistently generates over three-quarters of its revenues from asset management & administration fees and net interest revenues. The Vanguard Group’s personal advisor services unit has quickly gathered $3.6 billion assets under management, up from $0.8 billion in 2013. Tiburon CEO Summit XXVII attendees said that the discount brokerage trend will grow over the next five years. There are at least 38 online advice firms. One-third of Tiburon CEO Summit XXVII attendees already personally have money with an online advice firm. Mr. Roame stated, "30% of you said you have money with an online advice firm. I am shocked." Financial Engines has become the largest RIA while Wealthfront, Personal Capital, & Betterment have all gathered hundreds of millions of dollars of assets under management. Almost all Tiburon CEO Summit XXVII attendees said that the online advice firm trend will increase over the next five years. Some Tiburon CEO Summit XXVII attendees are sold on the future of online advice while other Tiburon CEO Summit XXVII attendees remain skeptical of the potential technology transformation. Tiburon CEO Summit XXVII attendees have become far more aware of the online advice models when asked to name the most impressive. Many Tiburon CEO Summit XXVII attendees know Financial Engines. Mr. Roame stated, "the only DIY channel with a proven economic model is Financial Engines."

The Six Fundamental VC & PE Bets

1. Distribution will increasingly take economics from product manufacturing. Closest to the client almost always wins

2. Financial advisor and do it yourself channels are probably better bets than the institutional and international channels

  • Private equity -> bet on financial advisors
  • Venture capital -> bet on online advice

3. Financial advisor channel smart bets include scale, aggregation, & outsourcing

4. Do it yourself channel smart bets are probably those with proven economic models, substantial capital, and a multi-pronged delivery plan

5. If you insist on products, bet on those with either huge scale, friendly distribution, or sustainable margins

6. Beyond asset & wealth management, best opportunities with disruptors generally, mobile firms, and big data & predictive analytics firms

Several Tiburon CEO Summit XXVII attendees defended products. Tiburon CEO Summit XXVII attendees said that private equity independent financial advisor distribution will continue in 2014. A few Tiburon CEO Summit XXVII attendees said that private equity may slow its bet on independent advisors. Tiburon CEO Summit XXVII attendees said that venture capital’s bet on online financial advice will continue in 2014. Some Tiburon CEO Summit XXVII attendees questioned the viability of the online advice business.

And a few Tiburon CEO Summit XXVII attendees pointed to opportunities outside of the financial advisor and self-serve channels, specifically internationally, especially in Asia. Some Tiburon CEO Summit XXVII attendees challenged the financial advisor scale and aggregation opportunities. Tiburon CEO Summit XXVII attendees said that The Edelman Financial Group, HighTower, & Carson Wealth Management have the best chance at building a nationwide financial advisory business. Tiburon CEO Summit XXVII attendees pointed to a variety of firms as having the best chance at building a nationwide financial advisory business. Tiburon CEO Summit XXVII attendees said that the most successful financial advisor aggregators are HighTower, Focus Financial Partners, & Dynasty Financial Partners. Wealthfront, Personal Capital, & Motif Investing have raised the most venture capital amongst the online advice firms. Tiburon CEO Summit XXVII attendees said that winners in the online world are still to be determined. Many Tiburon CEO Summit XXVII attendees pointed to specific product opportunities.


Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXVII included speakers Joe Mansueto (CEO, Morningstar & Tiburon CEO Summit Award Winner), Bob Reynolds (CEO, Putnam Investments & Tiburon CEO Summit Award Winner), & Bill Sharpe (Professor Emeritus, Stanford University; Nobel Prize Winner in Economics; & Tiburon CEO Summit Award Winner), Asheesh Advani (CEO, Covestor), Audie Apple (Co-Founder, GuardVest), Brian Ascher (Partner, Venrock), David Bach (Vice Chairman, Edelman Financial Services), Chas Burkhart (CEO, Rosemont Partners), Jeff Burrow (Co-Founder, FlexScore), Jerry Chafkin (Chief Investment Officer, AssetMark), Tim Draper (Founding Partner, Draper, Fisher, & Jurvetson), Greg Friedman (CEO, Private Ocean), Charles Goldman (CEO, AssetMark), David Grau (CEO, FP Transitions), Brian Haskin (CEO, Alternative Strategy Partners), Gary Henson (CEO, Montage Investments), Tom Kimberly (CEO, Upside), Kevin Knull (President, PIETech), Bo Lu (CEO, FutureAdvisor), Jeff Maggioncalda (CEO, Financial Engines), Bill McNabb (CEO, The Vanguard Group), Bill Miller (Chief Investments Officer, Brinker Capital), Sanjiv Mirchandani (President, National Financial Services), Charles Moldow (General Partner, Foundation Capital), Jim Nagengast (CEO, Securities America), Liz Nesvold (Managing Partner, Silver Lane Advisors), Andrew Rogers (CEO, Gemini Fund Services), Larry Roth (CEO, Realty Capital Securities), Matt Scanlan (CEO, RS Investments), Ron Suber (President, Prosper Marketplace), Jon Sundt (CEO, Altegris Investments), Todd Thomson (Chairman, Dynasty Financial Partners), & Derek Young (Vice Chairman, Pyramis Global Advisors).

Joe Mansueto
(CEO, Morningstar & Tiburon CEO Summit Award Winner)




Joe Mansueto
(CEO, Morningstar & Tiburon CEO Summit Award Winner)








Joe Mansueto is the chairman & CEO of Morningstar. He founded the company in 1984. Mr. Mansueto received the 2007 Skip Viragh Award, sponsored by Rydex Investments & Financial Advisor magazine, which recognizes new & innovative services that positively impact the financial advisor community. Mr. Mansueto also received the 2007 Visionary Award and was one of ten winners of the 2007 Chicago Innovation Award, sponsored by the Chicago Sun-Times and Kuczmarski & Associates. In 2007, Smart Money magazine recognized Mr. Mansueto in the Smart Money Power 30, its annual list of the top 30 most powerful forces in business & finance. He received the Distinguished Entrepreneurial Alumnus Award from the University of Chicago Graduate School of Business in 2000. He received the KPMG Peat Marwick High Tech Entrepreneur of the Year Award in 1993 and won the Rosenthal Award for Excellence in Investment Research from the University of Chicago in 1992. Before founding Morningstar, Mr. Mansueto was a securities analyst at Harris Associates.

Mr. Mansueto's recent comments have included:

  • “I started Morningstar because I love investing and wanted to build something around my passion. I did not know how to build a company; I have learned how to grow a company in the last thirty years and learned those professional management skills along the way. My vision was to build a big, enduring company. I was well aware of what happens to most entrepreneurs”
  • “The real enjoyment is the incremental. I get tremendous pleasure from watching our methodology improve”
  • “In the early days, we all answered the phone. We became very close to our clients. I really liked those days but I kind of like our position better today”
  • “To me it is very important that a company have intellectual honesty about how we are doing. We have to be able to tell the good and the bad. We look for other managers to be transparent and offer a lot of disclosure. I approach it like an academic, looking at the data. If it is not working, we have an obligation to make it better”
  • “Good advice is effective in helping someone reach their goal, making sure it is appropriated in terms of risk level and appetite”
  • “Good advice can be delivered online. The really exciting thing is that millions more people will be served”
  • “What I really like with these smaller firms is the advancement they are making with the user interface”
  • “I am not really keen on acquisitions; for us it is about weaving capabilities together. Previously we had not made any acquisitions for three years. Recent ones were extraordinary companies that we thought we could not match their skill set”
  • "My approach is to go slower, build it organically. I think a lot of people raise too much money too quickly, give away too much equity and essentially lose control of the business. They might not know how to spend the money until they really get to know their customers, maybe have a few iterations of their product"
  • "There are a lot of role models out there like the Mark Zuckerbergs and Pinterest that inspire a lot of younger people. It is very possible to start a business at young age with little capital and do extremely well. So with lower startup costs and very successful role models where a lot of people have created a lot of value in a short time, it draws in a lot of people to follow similar pursuits"
  • "To me, a modern workplace is very collaborative. It is transparent, nimble, fast-moving and non-hierarchical"
  • "A lot of entrepreneurs might get shaken off during a downturn. They read the business press about a Groupon or Facebook, and it zooms up to billions in sales. But most businesses are not like that. It takes really a decade to grow a business. I have been at it 30 years and we still have a lot of things ahead of us"
  • "We believe aggregation will only grow in importance"

Bob Reynolds
(CEO, Putnam Investments & Tiburon CEO Summit Award Winner)




Bob Reynolds
(CEO, Putnam Investments & Tiburon CEO Summit Award Winner)








Bob Reynolds is CEO of Putnam Investments, a member of Putnam
Investments’ executive board of directors, and president of the Putnam Funds. He has more than 30 years of investment and financial services experience and has revitalized Putnam Investments through strong, sustained investment performance, new products to address today’s market challenges, and though leadership for the retirement marketplace. Mr. Reynolds is also president & CEO of Great West Financial, one of the nation’s top providers of retirement savings products & services, life insurance, annuities, and executive benefits products. Prior to joining Putnam Investments in 2008, Mr. Reynolds was vice chairman & chief operating officer of Fidelity Investments. Mr. Reynolds is regarded as a driving force of innovation and progress in institutional and retail financial services. He was named Fund Leader of the Year at the Mutual Fund Industry Awards in 2010, in recognition of a series of strategic changes he has implemented to improve investment performance and position Putnam Investments as an industry leader. He has restructured the money management process, overseen the development of a more investor-friendly fee structure, introduced new products, and revitalized Putnam Investment's commitment to the defined contribution business. In 2005, Mr. Reynolds received a Lifetime Achievement Award from Plansponsor Magazine for his contributions to the retirement services industry. Under his leadership, Putnam Investments was named the inaugural recipient of the Retirement Leader of the Year award at the18th Annual Mutual Fund Industry Awards in 2011 for its initiatives and innovative solutions in the workplace savings arena. Mr. Reynolds serves on several not-for-profit boards, including West Virginia University Foundation, Concord Museum, & Dana-Farber Cancer Institute.

Mr. Reynolds' recent comments have included:

  • “This business always comes down to having the right people. At Putnam there were tremendous amounts of good people when I got there. There was a feeling though that people were playing to lose because they had been beat down. You have to come in everyday playing to win. We changed by creating a true meritocracy and worked to exceed client expectations”
  • “Money follows performance. You can never have too much talent. It is all about trying to be the best. You start there”
  • “The rollover business is an opportunity set but we sell totally through advisors”
  • “I have unbelievable respect for what Ned Johnson has done. He was such a visionary. He could see around corners. He came up with check writing on money market accounts. He said the more access they have the more they will put in. The business exploded”
  • “Ned [Johnson] believed clients did not know what they wanted and market research was a waste of time and money. He went a lot on hunch and I learned a lot from that”
  • “People save more if they have access to the money. I will put more in, if I know when I need I can draw it out”
  • “I do think the Pension Protection act was landmark for defined contribution in this country”
  • “There are 33 million American that are on track to have more than 100% replacement of their income upon retirement – one common thread – saving more than 10% of their income”
  • “I thoroughly enjoyed the interview process for NFL commissioner”
  • “Social Security in its current structure is going to have to be cut dramatically or we are going to have to be taxed more dramatically”
  • “I am concerned about whenever the government gets involved in anything. In the UK they have the nest program and it is not a good program, there are not options. I think I would love to see a solution come from the private sector. There are enough people in the business that this can be accomplished. I think universal IRA was a good idea”
  • "We are hoping this report on the economic benefits of higher US saving will change the politics of savings and encourage policymakers to do more to enhance savings. If we can convince lawmakers that savings will increase economic growth, then the politics of this issue will change"
  • "The impact on the economy of savings is much larger than anyone would expect"
  • "We should engage in a full debate with lawmakers on ways to make Social Security solvent"
  • "The infrastructure that exists today represents a combination of ideas from the retirement industry, private individuals, advocates, & public policymakers. It is a joint effort like this, in a coordinated, full-court press, that is needed to take America’s retirement savings system to the next level"
  • "By putting these businesses together, we think that two plus two equals six. Both Great West Lifeco and Putnam Investments' offerings will be even better. We want to be the best in this space. That is our goal. If you have that as a goal then size and growth takes care of itself. We are clearly focusing on growing this business and becoming a major provider in the retirement space"

Bill Sharpe
(Professor Emeritus, Stanford University; Nobel Prize Winner in Economics; & Tiburon CEO Summit Award Winner)




Bill Sharpe
(Professor Emeritus, Stanford University; Nobel Prize Winner in Economics; & Tiburon CEO Summit Award Winner)








Bill Sharpe is the STANCO 25 Professor of Finance, Emeritus, at Stanford University's Graduate School of Business and also Director Emeritus at Financial Engines, which he co-founded in 1996. Mr. Sharpe's research interests focus on macro-investment analysis and equilibrium in capital markets. He is associated with dozens of widely utilized investment concepts, including being one of the originators of the Capital Asset Pricing Model (CAPM), and the creator of the Sharpe Ratio for risk-adjusted investment performance analysis, the binomial method for the valuation of options, the gradient method for asset allocation optimization, and returns-based style analysis for evaluating the style and performance of investment funds. Mr. Sharpe received the Nobel Prize in Economic Sciences in 1990. Mr. Sharpe previously taught at the University of Washington and the University of California at Irvine, and also worked at the RAND Corporation. He has written six books, including Portfolio Theory & Capital Markets; Asset Allocation Tools; Fundamentals of Investments; and Investments. He has also written articles in many professional journals.

Asheesh Advani
(CEO, Covestor)




Asheesh Advani
(CEO, Covestor)








Asheesh Advani is CEO of Covestor. Mr. Advani joined Covestor in 2011 and has led the company through a transformation from a social investing network to an online asset management company, growing its subscriber base and client base at over 20% per quarter. Prior to Covestor, Mr. Advani served as Global Head of Financial Advisor products at Lipper, a Thomson Reuters company. Previously, he founded CircleLending which helped pioneer the business of person-to-person lending within social networks, and was acquired by Richard Branson's Virgin Group in 2007. Mr. Advani began his career as a consultant with the World Bank and with Monitor Group. Mr. Advani serves on the financial advisory committee of Saint Antony's College at Oxford University, and is on the board of Young Presidents' Organization in Boston, CFED, & Babson Global. He was selected as one of Boston's top 40 under 40 by the Boston Business Journal and is active in the community.

Mr. Advani's recent comments have included:

  • “We see that while millennials are a share of our clients, there is broad appeal across age groups to be tech & mobile”
  • “We are proud of having both active & passive”
  • “The average fee self-directed clients will pay on our marketplace is 131 basis points”
  • “We are finding that people want to interact with us in the way that suits them. Providing a phone ability is reassurance. They may not want us to reach out to them but they want the capability to contact us”
  • “There will be many entrants of larger players into the robo space. We have opted to partner with many. I believe in the next five years we will see various approaches trying to capture online”
  • “I think we are still five-ten years away from consumers being aware enough of price”
  • "Not only do the central bankers want to grab global assets, they are planning to block the poor investor who has been led into a trap by the bond buying the banks had done during the financial crisis of 2008 & 2009"
  • "In the same way we learned more than a decade ago that being a dot-com was not in itself a guarantee of success, today we are learning that not all Internet marketplaces gain traction"
  • "Many people want to manage their own money, but either do not have the time or in-depth experience to do it"
  • "The price of ETFs has been dropping historically because of the commoditization of the product. We believe that we are ahead of the trend of bringing the price to as close to zero as possible"
  • "Every start-up could use more people, more marketing expertise, more product development skills; the list goes on and on. But entrepreneurs committed to their business do not wait for capital to grow. They find a way to make it happen, often using the people they already have around them: their employees, vendors and even customers"

Audie Apple
(Co-Founder, GuardVest




Audie Apple
(Co-Founder, GuardVest)








Audie Apple is Co-Founder of GuardVest. During his more than twenty years in financial services, Mr. Apple has worked with some of the most respected firms in the industry including AllianceBernstein, Bessemer Trust and Principal Financial Group. Mr. Apple has run businesses that cover the entire landscape of individual financial services and has served as a senior portfolio manager as well as in the inner circle of product development for retail and institutional investors. Having advised individuals, institutional investors and multi-generational family offices, Mr. Apple watched how the explosion in complexity and opaqueness of investment management services and products has confused even sophisticated investors. This led him to co-found GuardVest to demystify the financial world to hold advisors accountable in a thoughtful way.

Mr. Apple's recent comments have included:

  • “Guardvest is Lending Tree for investors. It is a tool to evaluate your investment portfolio and hold advisors accountable. It also connects advisor with investors. You can quantify returns, risks, & expenses. This concept is nothing earth shattering, but most investors do not have even that basic experience”
  • “We are here to help investors figure out who the good advisors are; we also want to help those advisors find investors and manage relationships with potential investers by providing a second opinion. This is a high friction exercise”
  • “The robo advisors are precipitating a price war. Investment advice is the only thing people buy and they do not know what they are paying. “We are trying to be the weapons supplier to the price war, helping people know what they are really buying and paying for”
  • “A couple of advisors came to me and asked if we could find out how they are doing for their own clients. The advisors themselves do not know. It is very difficult to stay on top of”
  • “Of the elements you can quantify, we would be willing to rate robo advisors. We can shine a light and deliver transparency on those elements”
  • “What this industry has to contend with right now is some very unpleasant economics. The numbers do not work”
  • "There has been an absolute explosion in complexity, variety, and fortunately opaqueness, of the products that Wall Street uses to gauge individual investors"
  • "An individual investor does not have a good chance to know how much they are actually paying in total fees, or even to very simply measure how they are doing compared to other people like them"
  • "There are a variety of things wrong with the financial advisor business, and one of the big factors is how difficult it is to get an objective second opinion"
  • "In the fall of 2008 the capital markets environment that we all rely on to build our investment portfolios over time changed forever"
  • "What investors are doing today is the moral equivalent of paying 8.5% on your mortgage right now, why would you do that?"

Brian Ascher
(Partner, Venrock)




Brian Ascher
(Partner, Venrock)








Brian Ascher is a Partner at Venrock. Mr. Ascher joined Venrock in 1998 as a Kauffman fellow and is currently based in Venrock’s Palo Alto office. Mr. Ascher invests broadly across enterprise and consumer internet markets. Mr. Ascher currently serves on the board of directors of several companies, including Vocera, Better Finance, Retail Solutions, Inrix, Personal Capital Corporation, and Dynamic Signal. Prior to Venrock, Mr. Ascher was a senior product manager at Intuit responsible for Quicken and Quicken.Com, and earlier in his career was a strategy consultant at the Monitor Group. Mr. Ascher has been named to the Forbes Midas List multiple times, for the venture capitalists who have backed the most profitable winners in the last four years.

Mr. Ascher's recent comments have included:

  • “Firms that are a combination of services delivered by humans plus tech, I like to just call them digital advisors not robo”
  • “Money is emotion. Clients left to their own devices tend to do the wrong thing”
  • “Regarding robo advisors you could get a little cynical. How does this differ from target date funds or ETF? If there is not some level of service I do not know that there is a distinction”
  • “One of our clients said I use this investment bank and I know I am getting screwed, I just do not know how”
  • “A mortgage, a marriage, a couple kids; this changes a lot. Our customers are in their forties. They need to talk through specific situations”
  • "A new breed of software company is emerging... that combines data science expertise with deep understanding of business problems"
  • "Lots of companies market themselves as “big data” companies, but unless you are selling to IT departments whose problems actually include managing lots of data, most business customers do not really care about data. They care about solving business problems"
  • "Providing applications for horizontal business functions like sales, finance, or human resources that function similarly across many industries represents very large opportunities because the market sizes are huge"
  • "Providing deep solutions in specific industry verticals like healthcare, entertainment, or education can be a huge opportunity. This is especially true in industries where data has largely been non-existent or hard to access as has been the case in the three industries I just mentioned"
  • "While some industries are just getting their first taste of big data, others have been sophisticated handlers and miners of big data for a long time, such as the investment industry, airlines, and e-commerce. In those fields a small incremental advantage afforded by a data driven vertical solution can be extremely valuable"

David Bach
(Vice Chairman, Edelman Financial Services)




David Bach
(Vice Chairman, Edelman Financial Services)








David Bach is the Vice Chairman of Edelman Financial Services, one of the country's leading financial advisory firms with over 25,000 clients and over $13 billion in assets under management. Mr. Bach has teamed up with Ric Edelman, Chairman & CEO of Edelman Financial Services to form a powerhouse in the financial advice field, with the goal of providing one million Americans unprecedented access to financial education, financial planning services, & investment management. Mr. Bach is also one of the most prolific and best selling financial authors with nine consecutive New York Times bestselling books including Smart Women Finish Rich, Smart Couples, Finish Rich, The Automatic Millionaire and Start Late, Finish Rich. Mr. Bach’s FinishRich Series has over seven million copies in print translated into over nineteen languages. He is the creator of the FinishRich Seminars, including Smart Women Finish Rich which has educated and inspired over a half million women to take control over their financial future. In addition, Mr. Bach is the founder & Chairman of FinishRich Media, a company dedicated to inspiring people to live their best life financially. Prior to founding FinishRich Media, Mr. Bach was a senior vice president of Morgan Stanley and a partner of The Bach Group, which during his tenure from 1993 to 2001, managed more than $500 million for individual investors.

Mr. Bach's recent comments have included:

  • “One year not working was like getting twenty years back in my life. It was not recharging my battery, it was replacing it”
  • “This is the greatest business in the whole world. We change people’s lives”
  • “Where the customer falls in all this is that no one is thinking about the customer”
  • "I grew up in the investment business, so while I consider myself a financial educator at heart and that is my core passion, I am born and bred a financial advisor"
  • "When I decided to teach that first seminar Smart Women Finish Rich I actually had to take it to management, get it compliance approved, and I was actually told by management that I should not even teach the seminar, that again, no women would come, there is no money in women & money, you know just forget the idea. Thank God I did not listen because I believed there was a need for financial education for women. I believed that there was a need for a book for women and money; that is why I wrote my first book Smart Women Finish Rich”
  • “The key for women to know is this: you are going to be retired significantly longer than your husband if you are married. And because you will be retired longer than your husband if you are married – and even if you are not married you will be retired longer – you need to simply have more money in savings”
  • “People who just focus on paying down debt often get depressed about the slow progress and give up, but when people save at the same time, they see some progress on their debt and on their savings which keeps them motivated to keep going”
  • “Life is not easy. But that is not the only truth that matters in this context. It also happens to be true that it takes just as much effort to have a bad life, in which you do not get what you want, as it does to have a good life, where you do. So given the choice, why not go for the good life?”

Chas Burkhart
(CEO, Rosemont Partners)




Chas Burkhart
(CEO, Rosemont Partners)








Chas Burkhart is CEO of Rosemont Partners. Mr. Burkhart chairs the investment committee and oversees fundraising and sourcing, evaluating and negotiating prospective investments. He works with portfolio companies and industry participants to maintain Rosemont’s visibility within the asset management industry. Prior to forming Rosemont in May 2000, Mr. Burkhart was the president of Investment Counseling, the asset management business consultant and industry strategy firm he founded in 1989. Mr. Burkhart launched Investment Counseling as a research boutique by introducing business, financial and compensation analyses to the investment management industry. In 1990, he created Measuring Operating Efficiency, one of the earliest studies of money management businesses, and the forerunner to Competitive Challenges. He also developed Investment Counseling’s Business Strategy Report and Conference in 1991. Over the past 25 years he has worked on hundreds of advisory assignments on compensation, business strategy, valuation, partnering and best practices in the asset management industry. Prior to establishing Investment Counseling, he was a principal with the executive search firm of Lee Calhoon & Company, specializing in the field of pensions and investments. Mr. Burkhart is a frequent speaker and occasional author on trends and challenges in the investment management business.

Mr. Burkhart's recent comments have included:

  • “Financial services firm are chronically poor owners of asset managers”
  • “Disconnects abound in the valuation of asset management firms”
  • “Valuations are really all over the map”
  • “There is a certain consistency that we look for over fifteen years and we just try to define those metrics”
  • “Internal transition and buy/sell agreements are too long neglected and ill conceived”
  • "We are pleased that Litman Gregory’s succession planning objectives afforded us the opportunity to invest in a premier business. They have a great reputation for serving all their clients through high quality, independent research. We have come to know and respect the investment and business acumen of the Litman Gregory team and are looking forward to partnering with them"
  • "It is important to recognize distinctions within the industry"
  • "[Rosemont] tends not to take on debt in its acquisitions. And it tends to leave people management matters in the hands of executives that it works with in the acquired company. We have a very light touch"
  • "The really successful start-ups are already separate franchises within a large firm—but, many times, the parent companies do not recognize it"
  • "The industry is full of failed startups. There are a lot of business checkmarks that companies need to accomplish to be successful"

Jeff Burrow
(Co-Founder, FlexScore




Jeff Burrow
(Co-Founder, FlexScore)








Jeff Burrow is the Co-Founder of FlexScore. He is also the president & Chief Operating Officer of FlexScore and co-author of the book FlexScore: Financial Advice for the Rest of Us. He is a certified financial planner practitioner, a chartered retirement planning specialist and an accredited investment fiduciary. After graduating with honors from the University of California, Santa Barbara, Mr. Burrow continued his education by earning credentials from the American College, the College for Financial Planning, and the Center for Fiduciary Studies. An active member of his community, Mr. Burrow is a past member of the board of directors for the Stanislaus County Estate Planning Council and the Planned Giving Committee of Emanuel Medical Center. Mr. Burrow was the host of the weekly radio show Making Dollars and Sense and produced the One Minute Market Recap for several radio stations.

Mr. Burrow's recent comments have included:

  • “FlexScore is the industry’s first personal financial health score. We encompass all facets of your financial life. FlexScore can provide better engagement of investors and investors can get an objective view of how they are doing”
  • “The truth hurts. Financial advisors do not want to work with anyone who has less than $250K. Time is money. This has been a growing trend for a number of years”
  • “For robo advisors, the best analogy I can think of is that they have taken the computer screen and shown it to the public, and then handed over the keyboard and said you can do it yourself”
  • “We get paid licensing the technology to financial institutions. Brand loyalty means a lot. We have an engagement technology that allows for more brand loyalty”
  • “If you are trying to add value, you have to go beyond investments. It is hard for robo advisors to add value if they are just lowering costs like everybody else”
  • "What are those things you really want to be doing with your money - or think maybe you should be doing - but you really do not know how? Flexscore gets that monkey off your back by telling you what to do and how to get it done"
  • "We founded our own independent financial services firm because we wanted a practice focused on stewardship, and on placing our clients' needs ahead of our own"
  • "We created FlexScore based on our experience that when people undertake the long form method of traditional financial planning, adhering to six steps based on sound industry standards, they achieve their financial goals more often, more effectively, and in a manner that pleasantly surprises them"
  • "It is easy, and all too common, for people to put off saving or investing toward retirement. They forget the biggest single risk for people once they stop working: running out of money before they run out of life"
  • "Ignorance is not bliss, in life as well as in finances. Being financially ignorant is the surest way to ensure you will never be financially stress free"

Jerry Chafkin
(Chief Investment Officer, AssetMark)




Jerry Chafkin
(Chief Investment Officer, AssetMark)








Jerry Chafkin is Chief Investment Officer of AssetMark, a leading provider of innovative investment and consulting solutions serving independent financial advisors. Mr. Chafkin is responsible for designing, enhancing, and managing the company's investment solutions framework and providing investment and market perspectives to advisors and their clients. Mr. Chafkin leads the teams responsible for architecting the platform's array of investment solutions and for selecting and monitoring its third-party investment strategists and managers. He also oversees all proprietary investment strategies. Mr. Chafkin has over 25 years' experience in investment management, most recently as a portfolio manager and CEO at AlphaSimplex Group, a liquid alternative asset management specialist in Cambridge, MA. Prior to that, he was CEO at IXIS Asset Management in Boston, a U.S. holding company with $240 billion in assets. He spent nearly a decade at Charles Schwab in a range of leadership roles, including CEO of the asset management division and executive vice president responsible for developing and guiding the firm's proprietary advice solutions and offers. Mr. Chafkin also held a variety of senior positions at Bankers Trust Company and managed portfolios for large institutional investors.

Mr. Chafkin's recent comments have included:

  • “Our ownership structure at the moment is very interesting – but in a good way”
  • “One trend has been the run up in US stocks. Investors have been a little weary but there are many reasons to believe this will continue”
  • “There is still plenty of room in mutual funds & hedge funds for increased equity allocation”
  • “We still have plenty of time for investors to recover, just in time for the usual to happen again”
  • “By way of disclosure, I’m a big fan of algorithms. Having said that, what we have seen in connection with robo are very traditional; passive or strategic in nature. That is important because traditional does factor in an element of behavioral finance. Advisor and active managers can be very helpful and add value here. While there is a lot of interest about robo, there has not been a real test and the future will show how well they handle being tested. Some will rise to the challenge”
  • “From my perspective, solutions offered by larger broker dealers are the biggest competitor. For us, that means we need to be more agile, faster, innovative. That is our competitive plan”
  • “The question raised is not about the product but the implementation. With the right bells & whistles, around risk, target dates fund are a strong tool”
  • "The Fed has defined the market for the past few years and will continue to do so. It will require finesse to not scare the market”
  • "I think the old [formula for managing investment risk] is less than fully baked"
  • "I believe AssetMark's curated but complete investment platform can be a hugely valuable tool for advisors to make a difference in the lives of their clients. The opportunity to help shape the future of the platform is very exciting, and I look forward to working with the AssetMark team and the advisors we serve to develop innovative solutions that help their clients achieve their goals"
  • "Our [AlphaSimplex's] objective was to create an equity fund that allowed investors to stay invested for the long term and not suffer through the extreme downturns that sometimes take investors out of the market"
  • "We know that individual investors tend to underperform the indexes because they tend to bail out at the extremes, or they divest because they see something more attractive elsewhere and they chase performance"
  • "When it comes to risk, investors are primarily concerned with the risk of loss, so we focus on downside risk as the key risk measure. The greater the risk of loss, the less exposure we want to the market, and the lower the risk of loss, the more exposure we want to the market"

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 think financial services are going through a time similar to the music business or communications or information when the internet came. We have been able to put this off for a long time and be venture capitalists in a very cushy wonderful world; my feeling is that it is time to get in front of this. Because there are amazing technologies that we can take advantage of”
  • “What do the biggest winners have in common? The same phrase: I want to delight my customers”
  • “We are getting disintermediated by angels who are getting more direct contact with the company”
  • “Bitcoin is really exciting. I have something like 35,000 Bitcoins. It is such a change and so exciting because the wealth of a society or success is all tied to the velocity of the money. The faster the money moves, the wealthier the society. It will make entire world much more wealthy... my Bitcoin is more secure than my Morgan Stanley account”
  • “Prosper, Lending Club, peer-to-peer lending – Prosper was first – they fought the regulatory agency and got beat up – as Prosper makes it across the industry finish line, Lending Club darts across and takes the market, bright and bushy. There is a lesson in there somewhere”
  • “It is fun to be able to step back from your business and rethink it”
  • “When one or two of us say an investment is great and the decibel level in the room goes up, we know it is good. You have to go a couple of levels abstract beyond where others are thinking. The best flock to the ideas in the world that seem impossible. If they can do it you have a monster winner. We look for leaders who attract amazing entrepreneurs who will then build that vision. This is the best way to invest early stage venture capital”
  • “I think there is a possibility for other governments to create FDAs that are more appropriate - maybe even a private company”
  • "Bitcoin frees people from trying to operate in a modern market economy. With the help of Vaurum and this newly purchased bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies"
  • "Nowadays, there is a huge demand for creativity. Because now, if you come up with an idea, it is going to spread around the world faster than it ever could"
  • "The government has been a monopoly for too long; it really needs competition"
  • "Although I am a venture capitalist, I have focused a lot of my efforts on education. When my daughter went to school and had the same great teachers I had but the classrooms were barren, I realized something was wrong with the education system. My entrepreneurial side said that if something is wrong, go see if there is a better way"
  • "California as it is, is ungovernable. It is more and more difficult for Sacramento to keep up with the social issues from the various regions of California"

Greg Friedman
(CEO, Private Ocean)




Greg Friedman
(CEO, Private Ocean)








Greg Friedman is CEO of Private Ocean. Mr. Friedman works directly with clients on financial planning and investment strategy; leads the development of new systems and services; sits on the investment committee; and sets technology strategy for the firm. He also maintains close partnerships with the West Coast's most respected trust and estate attorneys and accountants who serve high net worth individuals. In 1991, Mr. Friedman established Friedman & Associates, which he grew from a sole proprietorship into a nationally recognized wealth management firm. In 2002, he founded Junxure, a technology platform for delivering premium client service. In 2007, Friedman & Associates earned the coveted Schwab IMPACT® award for Best-in-Tech for their innovative use of Junxure to enhance the client experience. Junxure is now embraced as the industry standard. Before starting Friedman & Associates, Mr. Friedman worked as an advisor with CIGNA Financial Services, where he specialized in estate and financial planning for high net worth business owners and their families.


Mr. Friedman's recent comments have included:

  • “I think one of the biggest issues we have is the willingness of the founding generation to sell”
  • “I think people underestimate the effect on clients, the transition of clients in the succession plan and the effect on the business”
  • “I tell advisors: picture your business like a tree. The leaves are your clients, some are greener, some are older. A merger is like shaking the tree from the root, and some of those leaves are going to fall off”
  • “Next generation entrepreneurial talent is a real issue. I am pleased to see things like the leadership program at Schwab”
  • “Without a succession plan, these businesses are going to evaporate overnight”
  • "I think a lot about the incredible coming sea change that is coming in the way clients work with advisors and how it will change the competitive landscape. I know that is not really new, but I have a new way of looking at it"
  • "Think about psychiatrists, for example. They are employing video conferencing and mobile chat. Situations that are considered very personal, and financial advice would certainly fall into that category, are increasingly making use of communication technology"
  • "As you watch the proliferation online of advice dispensers of financial services, more and more are cheap and easy. We dismiss it by saying it is not really customized to the client, but more and more it is. Is it completely the same as going to a financial advisor in person? No, of course not, but the space is getting more and more crowded"
  • "I am thinking about the technology and how to serve a younger generation, but also about how to do it affordably"
  • "Up until a few years ago, something like this would not have crossed my mind. Now, with my 76-year-old mother who travels all the time and has had an online travel agent for ten years who she has never met in person, I am thinking about the possibilities"

Charles Goldman
(CEO, AssetMark)




Charles Goldman
(CEO, AssetMark)








Charles Goldman is CEO of AssetMark. Mr. Goldman is responsible for leading AssetMark and was most recently chairman of the firm's governing board of directors. He guides the company as it continues to expand the services it offers to advisors and their clients. An industry veteran with deep experience working with independent advisors and broker dealers, Mr. Goldman was president of custody & clearing at Fidelity Investments, as well as head of Schwab Institutional (among other senior roles at The Charles Schwab Corporation). He has also served on several boards of companies and associations, and currently serves on the Certified Financial Planner Board of Standards and the board of Personal Capital Corporation.

Mr. Goldman's recent comments have included:

  • “We are owned by two mid-market private equity firms. The alignment of interests comes around putting the client first, the right strategy and execution, and your driving change every minute. If the management believes in those things, the private equity team will believe”
  • “Size just does not matter. We work in an industry where frankly the execution is pretty poor. Big is not better”
  • “We live in a world where consumer choice is very fragmented. One looking for alpha, another brand engagement, another a deep planning experience, some happy with the fee model... it is all about who executes best”
  • “Fee-based advice is generally aligned with clients. I do believe that commission can be aligned, but for the client that is not asking the advisors to look for alpha, fees actually align well”
  • “Fees put in an automatic increase in revenue. So it is very easy to imagine that if there is neither a consumer or adviser need to change, there will be no change”
  • “Most clients talk from their right brain, from their heart. Most advisors talk analytically from their left brain”
  • “We have trained the consuming public to believe that advisors’ jobs are to generate better returns as opposed to develop a diversified portfolio”
  • "We bought [AssetMark] hoping the CEO would be there. My goal was to spend time with the team and help them — a two-day-a-week cadence with clients, salespeople or in the office. Not to manage, but to coach the CEO"
  • "It was about building a broad platform — improving asset management and the way advisors access it — adding new managers, construct portfolios and UMA capability. If [an advisor] wanted J.P Morgan or F-Squared, for example, it took many different steps to figure it out and finally open up an account"
  • "We know advisors need to build on a single platform, bundled fees, proposal generation, interactive reporting, so it is easier for the advisor and the end-investor"
  • "The future of wealth management is so wide open that none of us have market share. Not only are we not in competition with Steve Lockshin — we are not in competition with anyone"
  • "Clients want fee-based advice. They may not understand investing or advisors vs. brokers vs. planners but there is no doubt about the client-driven growth of the RIA industry. Clients like it. They have voted with their wallets"

David Grau
(CEO, FP Transitions)




David Grau
(CEO, FP Transitions)








David Grau is CEO of FP Transitions. As a former securities regulator and securities attorney, David spent almost half his life in the financial services industry, helping advisors set their practices up, take them apart, and everything in between. Mr. Grau is the author of Succession Planning for Financial Advisors: Building an Enduring Business,published by Wiley & Sons in 2014. He has also written over 85 nationally published articles, white papers, & manuals on continuity issues, income perpetuation strategies, mergers & acquisitions, succession planning, tax strategies, & internal ownership tracks. Mr. Grau was named one of the most influential people in the profession in an industry survey of financial advisors by Financial Planning Magazine and is a nationally recognized expert on succession planning in the financial services industry. Mr. Grau is one of the nation’s leading speakers and instructors on equity management & succession planning issues, practice value & valuation, & long-range strategic exit plans, having delivered over 750 presentations and workshops to date. He is a current member of the Oregon State Bar and a past board member of the Oregon & SW Washington Chapter of the Financial Planning Association.

Mr. Grau's recent comments have included:

  • “Firm owners do not tend to plan. We plan for planners”
  • “From the outside looking in, what we see is that the structure of the practices are designed from day one to ensure that the will have one owner and that it will die with the end of the founder’s career”
  • “The lifetime of that practice is tied to the career of the advisors. It has nothing to do with the wealth or lifetime of the clients they serve”
  • “Ask the question: What would you like your business to do?”
  • “Our business model is to help the practice owner build enduring businesses”
  • “Once we get them there, they fly. We just have to give them the tools”
  • "Unfortunately, 99% of advisors do not have a formal, well-though out exit strategy or plan for the future, and most firms only last as long as their founder stays in the business. What that means is that advisors are missing out on reaping the full rewards of the value they have spent years building in their firms. We want to help change that"
  • "Most advisors love what they do, are married to the income, and do not really believe that anybody could do what they do for their particular group of clients better than they could. As a result, they never sell their business"
  • "Succession planning is not just about figuring out who is going to take over when you are gone. It is about building a business that will support your long-term vision, and which will continue to serve clients even when you are not around as much. Whether that means preparing for the firm acquisition or extending ownership to the next generation, continued growth is essential to a successful transition"
  • "Firms with less than $1 million in fee-based income rely too much on the business' cash flow to bring on new partners"
  • "95% of independent financial service professionals are one owner practices. To the positive, these practices are among the most valuable professional service models in America. But almost all advisors are assembling their practices using the wrong tools, tools borrowed from historically successful, but vastly different models including wirehouses, broker/dealers, and even OSJ's & branch managers. Revenue sharing, commission splitting, and other eat-what-you-kill compensation methods dominate the independent sector and virtually ensure that today's independent practices, if left unchanged, will not survive the end of their founder's career"

Brian Haskin
(CEO, Alternative Strategy Partners)




Brian Haskin
(CEO, Alternative Strategy Partners)








Brian Haskin is the Founder & CEO of Alternative Strategy Partners. Having worked with many of the world’s largest institutional investors, Mr. Haskin formed the company with the vision of delivering institutional quality, multi-asset portfolios to a wider audience by capitalizing on the emergence of alternative investment products that are available to nearly every investor through mutual funds, ETFs, ETNs and closed-end funds. Mr. Haskin spent more than eighteen years in the institutional investment business creating, distributing and servicing both traditional and alternative investments in the U.S., Asia and Australia for firms such as Barclays Global Investors (now BlackRock), Wilshire Associates, Deutsche Bank and Analytic Investors. Prior to establishing Alternative Strategy Partners, Mr. Haskin served as head of investment strategy at Analytic Investors, overseeing product strategy and management across a range of products that included long-only and long/short equity, market neutral, global macro and options management.

Mr. Haskin's recent comments have included:

  • “I believe that alternative investments will dominate the market (as fees continue to come down and the variety of investments increase)”
  • “Alternative investments are a great way to create value in a portfolio – to change the risk and return profile of your portfolio in a meaningful way”
  • “Liquid alts provide advisors with unconstrained investment choices”
  • “Non-transparent ETFs will become a viable product for hedge funds”
  • “Alternatives fill the gap between equities and fixed income investments”
  • “One of the most significant trends I see in the market place is that either you are going to be providing some sort of beta exposure, or you are going to be providing some sort of unconstrained portfolio that’s driving toward delivering active beta in alpha, and so there is bifurcation between beta exposure and active management. If you are not unconstrained, and you are in the middle, you are going to have a difficult time surviving”
  • "These firms (fund of fund advisors) are leveraging their relationships with talented hedge fund managers and convincing them to participate in the retail channel via mutual fund structures where the fees are not nearly as lucrative as they are in private partnerships"
  • "Hedge fund managers are leveraging their investment expertise and launching single strategy products in the retail channel either on their own... or in partnership with a retail-oriented asset management firm" A new breed of software company is emerging... that combines data science expertise with deep understanding of business problems"
  • "For those investors or intermediaries looking for a one-stop solution, the multi-manager, multi-strategy products from the large, fund of fund advisors will fill the need. Other investors, with deeper expertise in manager selection and portfolio construction will use the more focused single manager strategies to fill very specific mandates within an overall portfolio context"
  • "Mutual funds allow for the use of all of these (derivative instruments), thus giving the managers the ability to fully implement their investment approaches. In addition, mutual funds only require quarterly disclosure of holdings, thus providing mutual fund managers a reasonable level of anonymity when implementing new ideas. At the same time, investors have full access to portfolio holdings at least four times per year"
  • "This development (active ETFs), along with the fact that some managers are comfortable with the required daily disclosure of portfolio positions, has resulted in the introduction of a wide range of alternative ETF products... each of the managers for these products takes a systematic approach to investing, thus mitigating the need for confidentiality around the underlying portfolio holdings"

Gary Henson
(President, Montage Investments




Gary Henson
(President, Montage Investments)








Gary Henson serves as President of Montage Investments. Mr. Henson is responsible for strategic and tactical development and is instrumental in lift outs and acquisitions. He also serves as Chief Investment Officer & oversees and serves on the boards of Montage’s asset management affiliates. Mr. Henson has more than two decades of investment experience and has managed equity, derivative and fixed income portfolios for banks, insurance companies, tax-exempt funds and high-net-worth individuals. He has also served as a consultant for the Kansas State University Foundation. Mr. Henson is a Certified Financial Planner professional, a Chartered Financial Analyst (CFA), and a member of the Kansas City Society of Financial Analysts.

Mr. Henson's recent comments have included:

  • “It does not always pay to have a 40 Act in a LLC”
  • “Allocators of capital are PAYING for hyper liquidity”
  • “What was safe five years ago is no longer safe today”
  • “I am very worried about Floating Rate Bank Loan Funds”
  • “I think the pain point for most RIAs is that they do not know what to do with fixed income: the fixed income bucket is shrinking and being filled with liquid alts”
  • "Much of our recent growth has been due to success with key account relationships. At Montage, our goal has always been to provide clients with innovative, relevant solutions to help solve their challenges. As we continue to deliver on that goal, we look forward to enhancing our current relationships and developing new ones"
  • "There has been a ton of growth introduced into the market place termed alternative. Some of it good, some of it bad. I think the whole category is becoming diluted. It is getting crowded very fast"
  • "Generally we have a majority stake in the asset manager and generally we do not exercise that majority stake. We allow them the latitude to be an entrepreneur"
  • "Our value add is the fact that retail investors are able to invest alongside a wealthy family who acts like an institution. You invest side-by-side with us"
  • "We are now moving toward the broker-dealer channel and the independent broker-dealer channel. The gatekeeping for these channels is different to maneuver, and also very expensive... the holy grail is a balance of distribution channels"

Tom Kimberly
(CEO, Upside




Tom Kimberly
(CEO, Upside)








Tom Kimberli is CEO of Upside. Prior to co-founding Upside, Mr. Kimberly spent five years in financial services at McKinsey & Company and Barclays Bank in London. He was vice president, strategy and mergers & acquisitions at Barclays, and led the strategy team for the retail investments business, which brought him to Upside. Mr. Kimberly has Series 7, 24, and 66 registrations. He holds degrees from Yale University and the University of Pennsylvania, where he was a Benjamin Franklin Scholar.

Mr. Kimberly's recent comments have included:

  • “Even if you are delivering greater returns at lower volatility, most individuals do not have an appreciation for this. It is very much about relationship still; it is just a different kind for a different need for a different generation”
  • “Part of why we think we are doing better, is flexibility. The advisor can decide what kind of model he has with his client”
  • “We are not just a tech or data company or a TAMP or a robo. We are an RIA, a sub advisor, and we have a fully automated tech driven platform. We support advisors in the management of emerging affluent clients”
  • “The key trends I see changing the direction of the market are social competition and tech trends – and that makes what we do particularly timely”
  • “Robo advisors are here to stay. Robo advisors are demonstrating in a meaningful and clear way that you can use technology to extend services to reach a larger portion of the population and actually create relationships at an early point and generate revenue from individuals you would otherwise not be able to generate revenue from”
  • "With the complex yet efficient mechanisms of the market at work, we don’t believe that money managers possess a special ability to predict market movements or can spot pricing “mistakes.” To the extent that information is not reflected in the value of equities, it’s because investors are prevented from acting on it by insider trading laws and other regulations"
  • "If fund managers have no special abilities but charge higher fees than exchange-traded index funds, then they are bound to underperform. Although they have come down over the last decade, average expense ratios for equity funds in 2013 were 74 basis points (excluding front and end loads). Even ignoring loads, 74 basis points compares unfavorably to index ETF expense ratios, many of which are 1/10th as high"
  • "In its research on Gen D investors (short for Generation Digital), Accenture suggests that the shift of expectations from analog to digital isn’t the exclusive province of Millennials. In fact, far from it. They identify 75.0 million people representing 44% of the US population and nearly $27.0 trillion in assets. According to Accenture, Gen D is comprised of 26% Millennials, 48% Gen Xers, and 25% Boomers"
  • "Poor customer experience and a lack of simplicity, clarity, and guarantee of service are now directly impacting client behavior and decisions regarding wealth managers"
  • "The regulatory industry is needed, but it can be an innovation killer. We need to make sure any institution we partner with values innovation as much as we do and has a culture that is compatible with out own”

Kevin Knull
(President, PIETech)




Kevin Knull
(President, PIETech)








Kevin Knull is the President of PIETech, the makers of financial planning software MoneyGuidePro. Mr. Knull is also CEO of MoneyGuide Solutions, an affiliate of PIETech. Prior to joining PIETech, Mr. Knull was the head of registered investments for Symetra Financial Corporation’s insurance subsidiaries. He had the responsibility for strategy, design, operation and distribution of Symetra’s variable annuity and registered investment products. During his tenure at Symetra he also held the roles of managing director of Symetra Investment Management and president of Symetra Services, the firm’s broker/dealer. Mr. Knull previously served as the CEO of Investforless, a registered investment advisory firm that provided financial planning and investment advice to the members of the International Association of Fire Fighters, for which he presented financial planning educational forums nationwide to help individuals better prepare for retirement.

Mr. Knull's recent comments have included:

  • “We are the number one financial planning software but you may not have heard of us because we are typically white labeled by our clients and only available through financial advisors”
  • “Our clients range through all channels and we have done a really good job in covering all in a meaningful way”
  • “We started out by saying that the plan should be the center of the universe. Who wins the client? The one with the plan? Or the one with the investment strategy? The advisor who has the plan gets 85% of the wallet share”
  • “When baby boomers become widowed, they are going to go to the advisor with the plan in place”
  • “Everything we do is built around client engagement. If you do not engage the client, you lose the client”
  • “At the end of the day, some will gravitate towards tech solutions while some will gravitate to personal connection. The challenge is that the robo advisors have not been tested”
  • “Consider the 100 basis points you charge your client. What percent is allocated to asset management? The vast majority is allocated to managing the client. Probably 10-25% is asset management. The robo advisor model is replacing some of the back office as well as asset management component”
  • "Since MoneyGuidePro began, we have been focused on one key word: engage. We want to help you engage your clients"
  • "The war for maintaining the best client relationship is not going to be who can provide the prettiest portal or who can provide a ten-basis point additional return; it is going to be who can engage the clients best"
  • "Would you rather be saying to your client when the market drops 300 points, here is what your account value is, or would you rather center the conversation and say let us check and see if your plan is still on track?"
  • "We will integrate with everyone. We are impartial"
  • "Everyone is so focused on the portal and the vault. We do not necessarily believe that it is necessary to be built within the financial planning software. Why? Because you all should control the data at your firms"

Bo Lu
(CEO, FutureAdvisor)




Bo Lu
(CEO, FutureAdvisor)








Bo Lu is CEO and co-founder of FutureAdvisor, a robo-advisor that has automated portfolio management. He is the eldest son of Chinese immigrants who fled communist China in the years after Tiananmen Square. The Lu's settled in Chicago, and Bo majored in computer science at the University of Illinois Urbana-Champaign. Mr. Lu joined Microsoft, where he met his co-founder Jon Xu, as a software engineer. An investor since the dot-com bubble, Mr. Lu saw that the young professionals working with him were unable to find unbiased financial advice. In 2010, he and Jon Xu founded FutureAdvisor, took it through YCombinator, and raised their first round. The company now employs nearly 40 people, manages about $250 million in assets (18 times more than a year ago), and is backed by Sequoia Capital and Canvas Venture Fund. Mr. Lu is a registered investment advisor and holds a Series 65 license.

Mr. Lu's recent comments have included:

  • “We have an opportunity to define what wealth management should be”
  • “Because we are machine dominated, there are things that we are good at and things that we are bad at. In the next six to eight months, there will be a series of launches focused on machine dominated strengths”
  • “In general I am not concerned about Vanguard, Schwab, etc. getting into the robo space”
  • “A fast search team will outpace a slower build team”
  • "Mutual funds and ETFs charge fees to pay for operating expenses and to pay their managers (who make a lot of money). These fees, taken from your retirement savings, is what pays for the buildings and annual bonuses. We too understand that it takes money to run a mutual fund or ETF, but imagine if you were paying ten times what your neighbor paid for identical auto insurance. That happens every day in mutual funds"
  • "The Vanguard Group is a great example of a mutual fund company that has many mutual funds that are equal in expense, and even sometimes less expensive, than most ETF counterparts"
  • "Research shows that real estate investment trusts (REITs) bring unique value to a portfolio. because it has relatively low correlation with stocks and bonds in general, and yet it has high returns like stocks. REITs are more an asset class than a sector, and has unique traits, because it lets retail investors (that is us) own a slice of corporate real estate nationwide, or worldwide."
  • "There is a lot more to our vision of bringing turnkey financial management to everyday American households than just the long-term investment piece that is available today. You can expect us to expand in the future both in terms of the financial goals we help households with, and the breadth of financial instruments we help advise on"
  • "There are 32 million mass-affluent Americans with assets between $100,000 and $1 million, and only 20% have an advisor. 60% of families with more than $1 million in investable assets already work with a financial advisor. 80% of our clients never have had an advisor. No ecosystem has ever served these people. That is a big gap that is artificial and made by economics. We want to bring the penetration up to where it is for affluent, and that is a 14 million household opportunity"


Jeff Maggioncalda
(CEO, Financial Engines)




Jeff Maggioncalda
(CEO, Financial Engines)








Jeff Maggioncalda is CEO of Financial Engines, a role he has held since 1996. He has served as board director since 1997. He is responsible for the overall management of the firm and has over twenty years of experience in the financial services industry. Mr. Maggioncalda has led Financial Engines from its founding through its initial public offering in Marh 2010 to today where it is one of the largest independent registered investment advisors in the US with over $98.0 billion in assets under management. Previously, Mr. Maggioncalda worked at McKinsey & Company in their high technology practice and at Cornerstone Research conducting securities and software litigation consulting. Mr. Maggioncalda is a member the board of directors of the SVB Financial Group & Silicon Valley Bank. 

Mr. Maggioncalda's comments included:

  • “When it comes to innovation pattern, if a small firm figures something out, then a big company exploits it”
  • “Things change really rapidly when one big player moves and then the others’ hands are forced”
  • “Questions to ask are, is it valuable? Is it different?”
  • “The value of creating a diversified account is very high and the price is hitting rock bottom. It is just not different enough”
  • “Bad economics and disintermediation do not have to go together”
  • "There is a way to create a real business via an online service that serves low-balance accounts. For all the economics to work you need low cost acquisition, a low cost service model, & a relationship with the end client"
  • “We have a whole generation of people approaching an important point in their lives where they need to think about retirement, at a time when public policy has shifted all responsibility for retirement onto their shoulders”
  • “Financial Engines’ long term vision is predicated on demographics. That is far more enduring and inevitable than any kind of technology trend”
  • “The decision to manage money is key. What is interesting about this is that it is the same underlying technology in terms of engines; it is the same target customer, which is the employee 401K plan; it is the same distribution strategy, which is through the workplace. It actually is all the same, but previously we just did not have the killer app that everybody wanted”
  • “The way we came up with managed accounts is that we were scratching our heads saying, ‘why is there not more people using online advice?’ We went out and started interviewing people and basically found that they do not want to go online and do this. So we wondered what if we take all the same engines, methodology, and everything else, but create a vision of the service where we will take care of this for our customers”

Bill McNabb
(CEO, The Vanguard Group)




Bill McNabb
(CEO, The Vanguard Group)








Bill McNabb is CEO of The Vanguard Group. He joined Vanguard in 1986, took on the role of CEO in 2008, and became Chairman of the board of directors and the boards of trustees in 2009. Before becoming CEO, he had led each of Vanguard's business divisions that directly serve clients, most recently as managing director of our institutional and international businesses. Mr. McNabb is active elsewhere in the investment management industry and serves on the executive committee of the Investment Company Institute's board of governors. He is also on the boards of the Zoological Society of Philadelphia and the United Way of Greater Philadelphia and Southern New Jersey.

Mr. McNabb's recent comments have included:

  • “Strategy follows structure. Everything we do can be explained by structure. We are owned by the clients so we measure success by the net return to the investor”
  • “On the plane here I sat next to a two year old in 32D. I do not have any status with United”
  • “About 10% of what we do is non-US. We are trying to build our model outside the US”
  • “Cost is a predictor of future performance; I think this will affect all sectors”
  • “In the early days most mutual funds were sold though advisors and on commission. Today about 80% of advisors have a fee-based model – this has put a lot of downward pressure on product providers”
  • “You are going to see a lot of pressure on margins in the advice channels. The 150 basis point wrap is not going to be sustainable”
  • “We think there is a way to do advice for the mass affluent at a much lower price point”
  • “401K plans are away too complicated and we are going to see a simplification of plan features and investment offers”
  • “At the end of the day indexing works because the cost, implicit and explicit, is so much lower than active management”
  • "You know the core of our investment philosophy has really been very consistent for 40 years now and it is—you need to know your goals. You need to implement your portfolio in a balanced and very diversified way. You need to pay attention to cost, and very importantly, you need to have a long-term perspective. I would say those big principles have not changed, and we do not see any reason for them to change"
  • "Balance and diversification—we think about that a little bit differently today than we did 10, 15, 20 years ago, and we recommend to our investors to have, for example, much broader exposure in the equity markets to non-U.S. stocks... the international markets have grown to be a much more important component of overall financial markets, and if you really want to have broad exposure to equities, you need to have a pretty significant international component."
  • "Client ownership has been a very powerful driver of our culture. All of us who work here know that we only work for one constituency, and that is the client. And that is always first and foremost, and that culture is a really important element... to reinforce that culture, we really try to go out and hire the kind of people who want to be in that client-first environment"
  • "You can never be satisfied with what you are doing from a service perspective or an investment perspective. We come to work every day asking ourselves, 'What can we do better? What can we do better?'"
  • "Growth is never an objective. Our objective, when we talk about it with our fellow crew members, is we want to be the best place for people to invest, and we say that over and over again to our folks. We do not talk about being the biggest. That has never been the goal; the goal has been to be the best, and what you find is if you do things really well, growth kind of takes care of itself"

Bill Miller
(Chief Investment Officer, Brinker Capital)




Bill Miller
(Chief Investment Officer, Brinker Capital)








Bill Miller is Chief Investment Officer of Brinker Capital. As CIO of Brinker Capital, Mr. Miller chairs the company’s investment committee and sets the investment philosophy and process for Brinker Capital. He is also responsible for asset allocation, manager selection and review, and alternative investments. Mr. Miller’s investment experience of more than 30 years includes the management and launch of Nationwide Insurance’s Investor Destination Series of passive asset allocation funds, and Optimal Funds, which is an active management product. Mr. Miller initially joined the Conshohocken-based investment operations as interim chief investment officer. Mr. Miller also held senior investment positions at Putnam Investments and Delaware Capital Management.

Mr. Miller's recent comments have included:

  • "Our Crystal Strategy delivers precisely what advisors have been asking for because it was designed to solve their clients’ issues with more traditional absolute return products. No similar investment strategy exists in the financial arena in a separate account format, which makes us confident about the Crystal Strategy’s relevance to today’s investment environment"
  • “More recently we have gained traction in the RIA space”
  • “One thing Chuck Widger has done is eloquently integrated behavioral finance with goals-based investing”
  • “Usually when clients come in, they are upset about one thing or another. The Boston Consulting Group looked at wages, productivity, energy cost, & exchange rates... they ranked Mexico and the United States as rising stars. You want your clients to see this”
  • “We believe that we are still vulnerable to a flash crash”
  • “I was told that I should buy Phillip Morris. I sat there mesmerized. For decades to follow, I said there is no way I can invest in SRI. Little did I know that Phillip Morris would write checks for billions for issues that their business created”
  • “There is no performance penalty if you invest in SRI. This has enormous implications for our industry”
  • “The definitive answer I believe is that social responsible strategies will not hurt your investment”
  • “My biggest concern is that things will get ugly first in Europe. Interest rates are already lower than when Napoleon was walking around the field”
  • "We believe that the Witherspoon Fund is taking the right approach to managed futures. The Commodities Corporation history and strategy embodied in it means a lot to us. We think the new fund is well positioned to meet its investment objectives"
  • "The US Economy continues to do better than what US economists expect"
  • "Another important item when it comes to looking at any equity market or specific security, is what it is worth, is it a good deal or bad deal? Generally speaking, Europe is cheaper than the other developed leaders such as the United States & Japan - not by a wide margin, but it is notable"
  • "Analysts are in the business of forecasing future years' profits. In 2014 analysts are actually looking for a faster gorwth rate in earnings in Europe than they are in the United States or Japan"

Sanjiv Mirchandani
(President, National Financial Services)




Sanjiv Mirchandani
(President, National Financial Services)








Sanjiv Mirchandani is President of National Financial Services, a Fidelity Investments company and leading provider of clearing and custody solutions. Mr. Mirchandani began his current position in March 2009. As president, he is responsible for leading a management team to further National Financial's brokerage operations. Prior to this position, Mr. Mirchandani was president of products and marketing for Fidelity's Personal and Workplace Investing business. In this role, he was responsible for the management, growth, and profitability of Fidelity’s consumer products & services for retail and workplace investors. Prior to his role as president of products and marketing for Fidelity's Personal and Workplace Investing business, Mr. Mirchandani was executive vice president of Brokerage and Asset Management Products within Fidelity's personal investments business including Fidelity’s retail mutual funds, FundNetwork, Portfolio Advisory Services, brokerage accounts & retirement, and education & healthcare savings products. Mr. Mirchandani also held additional roles within Fidelity’s retail business, including retirement, customer segment management, and market planning. Prior to joining Fidelity in 1994, Mr. Mirchandani spent six years at the American Express Company as a director of marketing in the consumer card business. He began his career at the Citibank consumer bank, where he worked for three years.

Mr. Mirchandani's recent comments have included:

  • “Which channel’s value proposition will connect the best with the changing consumer? Demographics are going to drive the business going forward. People underestimate the illiquid assets. There will be a tsunami of cash”
  • “Generations Xers have behaved a little bit like a depression era generation”
  • “Consumers do not want to compromise between high tech and high touch”
  • “Firms will be winners who follow the right strategies”
  • “Wirehouses have a narrow focus to high net worth clients but you have to find a way to scale across”
  • “I agree that there are many wonderful advisors. If you were an investor, I believe you would come to wildly different answers in talking to various advisors”
  • “We have had a fair amount of success hiring young people, the vast majority of which reach a higher level by growing from within”
  • "2013 was a good year for the retail brokerage business. As our clients’ results improved, so did ours, even without any short-term interest rate help"
  • "The weak players have been winnowed out of the broker dealer business, in part because the regulators have been busy, leading to increased consolidation pressures in the industry"
  • "Given halfway decent markets in 2014, there is a tremendous opportunity this year for the independent broker dealer business, though investors’ underlying skitttishness might send them back out of the market"
  • "This can not be a business where only baby boomer advisors serve boomer clients"
  • "Yesterday’s advice model presented a simple choice for investors. They could either do it themselves using online tools and a discount broker, or they could work with an advisor. Today we are seeing a significant convergence of the two models"

Charles Moldow
(General Partner, Foundation Capital)




Charles Moldow
(General Partner, Foundation Capital)








Charles Moldow is General Partner of Foundation Capital. Mr. Moldow joined Foundation Capital in 2005, with a background in general management, sales, marketing, product management, and business development. Before coming to Foundation Capital, he was part of two teams that successfully built companies from early start-up through greater than $100 million in sales and exits near or above a billion dollars. Mr. Moldow has made fourteen investments since joining Foundation Capital, of which five have been acquired: PowerSet to Microsoft; Xoopit to Yahoo!; Adwhirl to Google; Weblistic to Spot Runner; and, Therative to Phillips. Mr. Moldow's current portfolio includes: AdRoll, AuxMoney, BancBox, CloudOn, DogVacay, LendingClub, Lending Home, Motif Investing, and OnDeck. He is an active board observer at both CiiNow and Refresh. Prior to Foundation Capital, Mr. Moldow spent five years with Tellme Networks and was a member of the founding executive team. Prior to Tellme, Mr. Moldow was a member of the founding team of Internet access provider @Home Network.

Mr. Moldow's recent comments have included:

  • “Peer-to-peer lending will be a trillion dollar market by 2025”
  • “Financial services is a key engine of our economy and is growing faster than tech and healthcare”
  • “What I see is that there is a generation that has created a lot of wealth in Silicon Valley, with engineering degrees. They approach things in a very data intensive manner, applying engineering philosophy to investing”
  • “Certain themes hold to a generation: transparency, simplicity, convenience, mobility, where we see 60-70% mobile usage even if it is not a mobile centric product”
  • "Today technology and innovation are making possible a new generation of financial services that are more affordable and more available. That is why we believe what we are calling marketplace lending will be a trillion dollar market by the people, for the people"
  • "We believe that when lending activity is taken off of the books of big banks, there will be much less need for government to backstop those banks – thereby rendering irrelevant the concept of too big to fail"
  • "Successful players will out-FICO FICO and be fairer than Fair Isaac"
  • "Marketplace platforms are neither easy to start nor easy to scale"
  • "Marketplace lenders should be built not just to disrupt but to displace"

Jim Nagengast
(CEO, Securities America)




Jim Nagengast
(CEO, Securities America)








Jim Nagengast is CEO of Securities America. Mr. Nagengast joined the company in 1994 as vice president of finance. He was promoted to chief financial officer in 1997, took responsibility for Information Services in 2000 and became chief operating officer in 2004. Mr. Nagengast was promoted to president of Securities America in August 2008 and became CEO in July 2010. Prior to joining Securities America, Mr. Nagengast served as vice president of Robalt Corporation, a pharmaceutical and food processing firm in Avoca, Iowa. He also worked as an analyst for Merrill Lynch Capital Markets in New York City and as a consultant for Marakon Associates in Greenwich, Connecticut.

Mr. Nagengast's recent comments have included:

  • “We are helping advisors become the experts in their community in retirement income distribution”
  • “In terms of acquisitions, we have targeted the small broker dealer wind-down. Anywhere from 5-20 million, like recruiting a large branch”
  • “Insurance owned broker dealers will face challenges because it is not their primary business”
  • “I do not agree that the majority of advisors are not well trained. We spend a lot of money on continuing education, conferences, training... it is not that we are not trying our hardest”
  • "[Ethics] is about doing the right thing when no one is looking. It is about treating people how you want to be treated"
  • "In [Omaha] your word means something, you can still get a lot done on your word"
  • "If you have built up years of trust you can get things done very quickly"
  • "We frequently challenge our assumptions by asking ourselves would we recommend this to our loved ones?"
  • "It is all about respect. When you treat people with respect it builds trust and allows us to be more effective. We are able to get things done faster when employees and clients are not second guessing our decisions"

Liz Nesvold
(Managing Partner, Silver Lane Advisors)




Liz Nesvold
(Managing Partner, Silver Lane Advisors)








Liz Nesvold is Managing Partner & Founder of Silver Lane Advisors, a mergers & acquisitions advisory firm specializing in the financial services industry. Ms. Nesvold has advised on more than 150 merger & acquisition, valuation, and strategic advisory assignments over her 23 year career. A well-recognized expert in the wealth management industry, Ms. Nesvold co-founded the first merger & acquisition advisory group for the sector in 1998. Other clients have included trust companies, multi-family offices, institutional & alternative managers, investment counselors, financial planners, investment consultants, & financial technology firms. Ms. Nesvold is a frequent speaker at financial services industry conferences and seminars, and has authored several articles, including Who’ll Be Left Standing and How to Make Money in Wealth Management, Trust & Estates, and How to Sell the Family Business (Without Losing Your Sanity) for Private Wealth Management. She is also writing her first book for McGraw-Hill on business valuation.

Ms. Nesvold's recent comments have included:

  • “One consistent theme we see is that people often have not done enough planning in their own businesses”
  • “You have to think about getting the right people on the bus first, then getting them in the right seat, then about the ownership”
  • "The financial world’s increasing focus on the wealth management industry will result in a rapid and significant transition from a cottage industry to a relatively consolidated and considerably more aggressive busines"
  • "Peter Raimondi has built a sizable business in a short period of time. I expect he will take some time to digest the combination and then get back to business on the deal front with Boston Private's capital resources"
  • "In today's business climate, where scale is critical, this deal between Mertiage Capital and Centennial Partners represents a precursor of the merger activity to come. Marrying two hedge fund of fund platforms is no small undertaking, and their longstanding relationship as industry peers created the foundation for a strong combination"
  • “I think it is hard for somebody in their 20s to pair up with Decembers because these are people who are trying to build their valuable skill sets. They may be looking at bigger platforms to get their footing"
  • "Sometimes clients have told me things that I am 100% sure they would have not told a man. The work-life balance is challenging, while we see a lot of young women come into the profession, we do not see that many senior women stay the course"

Andrew Rogers
(CEO, Gemini Fund Services)




Andrew Rogers
(CEO, Gemini Fund Services)








Andrew Rogers is CEO of Gemini Fund Services. Mr. Rogers oversees all areas of Gemini Fund Services, including fund administration, fund accounting, transfer agency and shareholder servicing, client services, and legal administration. He is also responsible for business development, including the conversion of existing mutual and hedge funds to Gemini Fund Services and assisting in the formation of new funds. Mr. Rogers has been instrumental in helping establish additional business lines for Gemini Fund Services and its parent company, NorthStar Financial Services Group. He helped establish Gemcom, a NorthStar Financial Services Group subsidiary that provides EDGAR & printing services. He also helped form Northern Lights Compliance Services, which provides a team of expert Chief Compliance Officers to investment companies on an independent consulting basis. Additionally, Gemini Fund Services' mutual fund shared trust, the Northern Lights Fund Trust, has experienced continuous growth under Andrew’s direction. Prior to joining Gemini Fund Services, Mr. Rogers was vice president, compliance officer, and accounting manager at JP Morgan Chase & Company for almost four years, where he was responsible for approximately 60 funds, onshore & offshore, with approximately $40.0 billion in assets. Mr. Rogers is currently president of four fund families as well as treasurer and assistant officer for numerous mutual fund families.

Mr. Rogers' recent comments have included:

  • “The regulatory environment for leverage is inadequate”
  • “One of the challenges is, how are the regulators going to interpret what leverage is?”
  • “The real goal for alternative funds is smoothing volatility. And they can smooth volatility within the fund with some kind of hedge type strategy or it could be an alternative asset class that is not correlated to the broad based benchmarks”
  • “Managed futures funds are going to have a renaissance”
  • "One of the main things we focus on when a client first comes to me to start a fund, besides developing a values statement, is sales strategy. Financial advisers are usually used to working one-on-one with their clients. But if you really want to have a successful mutual fund with significant assets, you are working with more of a retail based solution. It is much more important to develop a successful sales & marketing process and a business plan"
  • "More board members are going with online and technologically driven board books. Most of the reporting we do can be accessed on the iPad so it really provides an efficient way to access this information. We are definitely embracing the mobile technology out there and using it more and more"
  • "The JOBS Act now allows hedge funds to advertise. This is ultimately, I think, a good thing because they can now promote their performance and advisors can show clients how well certain strategies that they now have access to are performing"
  • "As tax rates rise, more interest is once again in variable annuities. It is a brand new market for alternative strategies, and the variable annuity market is still larger than the ETF market, although the latter seems to get more attention"
  • "People are coming up with different mutual funds that have lower risk. Investors have been requesting these types of funds that are more wealth preservation with liquid alternatives. It is very hard to launch a large-cap-growth fund. That is not going to go anywhere when you are competing against The Vanguard Group, and that is why advisors are launching these alternative funds for their clients"

Larry Roth
(CEO, Realty Capital Securities)




Larry Roth
(CEO, Realty Capital Securities)








Larry Roth is CEO of Cetera Financial Group. Cetera Financial Group’s platform is the second largest independent financial advisor network in the nation and is comprised of Cetera Financial Group, First Allied Securities, The Legend Group, Investors Capital, Summit Brokerage Services, & JP Turner & Company. Prior to Cetera Financial Group, Mr. Roth served as CEO of Realty Capital Securities. Prior to joining RCS, Mr. Roth served as president and CEO of Advisor Group, one of the largest networks of independent broker dealers in the United States. Mr. Roth joined that organization in 2006 as president and CEO of Royal Alliance. Mr. Roth has over 30 years in the financial services industry. In 1990, he assumed ownership of Vestax Securities Corp and built the independent broker dealer to over 700 representatives prior to selling it to ING Group and assuming the CEO role for ING’s U.S. Retail Group. In 2001, Mr. Roth left ING to become managing director at New York-based mergers and acquisitions advisory firm Berkshire Capital Corporation, where he served for almost five years before joining Royal Alliance as its president and CEO. Mr. Roth was named as one of the most influential people in the financial advisor and financial services industry by Investment Advisor in 2012 & 2013. Mr. Roth is a past chairman of the board of directors of the Insured Retirement Institute and is a past chairman of the board of directors for the Financial Services Institute.

Mr. Roth's recent comments have included:

  • “We are very excited about the IBD space and currently affiliated with 10,000 financial advisors and $240 billion AUA. We really love this space for a bunch of reasons. Investors are underserved. The revenue model is about 70% recurring, expense model 80% variable. The model itself has some built in shock absorbers”
  • “We are looking at products and platforms differently. Our intention is to be a much more dynamic organization going forward”
  • “One of the challenges is many advisors with good practices are not inclined to change. What they do is not designed for the next twenty years of their client’s life. We can do a better job of helping them understand how to better server their client”
  • “The regulators do not like some of the solutions that are out there. Also there are not that many options for advisors with average clients in their 60s, working as long as they can improve their standing”
  • “I think Uber is going to be a complete failure”
  • "We want to more than double where we are now. The goal is to have 20,000 or more advisers in three to five years. The big picture plan is to build the leading open architecture, financial advisory firm in the country"
  • "We are going to continue to grow through recruiting and organic growth. And we want additional acquisitions"
  • "We have a master plan, and me having this job was not in the plan. Valerie [Brown] deciding to leave is something we had to act on quickly. I am excited to lead the business, and that was absolutely not in cards until two days ago. She is one of the brightest people I have ever met. I respect her very much"
  • "Most of the $60 million [in potential savings] comes from the revenue synergies and work with product vendors, both investment and technology products"
  • "I have always been kind of a pain in everybody’s backside [at AIG] with my Saturday and Sunday calls and emails and never knowing what time zone they are in. But that is kind of the culture at ARC"


Matt Scanlan
(CEO, RS Investments




Matt Scanlan
(CEO, RS Investments)








Matt Scanlan is CEO of RS Investments. Mr. Scanlan serves as president and trustee of the RS Investment Trust and RS Variable Products Trust. He joined RS Investments in 2012 and has more than 30 years of experience in the investment management industry. Mr. Scanlan previously served as president and CEO of Renaissance Institutional Management, where he was responsible for overseeing the firm's institutional investment business. Prior to that, he managed Barclays Global Investors' institutional business, focusing on the corporate and public defined benefit and defined contribution markets, as well as endowments and foundations. Mr. Scanlan also previously served as a senior portfolio manager at the Northern Trust Company in Chicago. He serves on the board of governors of the CFA Institute, the board of the Marshall School of Business at the University of Southern California, and the board of trustees of the Mechanics Institute in San Francisco. He is the 2006 winner of the C. Steward Sheppard Award for contributions to the global curriculum of the CFA Institute, and is also a winner of the 2006 Jacobs/Levy Award for Outstanding Article appearing in the Journal of Portfolio Management.

Mr. Scanlan's recent comments have included:

  • “The fact that we have so many different types of clients gives us terrific insight on discerning trends and recognizing challenges”
  • “The retirement benefits crisis is a big dark cloud that hangs over our entire industry”
  • “In our view, all three legs, government subsidies, personal savings, & company sponsored plans are buckling under the tremendous weight of demographics. Most people are woefully unprepared to live a long life and do not have the financial resources to do so”
  • “The average baby boomer has less than $100,000 in savings outside home equity”
  • “Pension plans are tremendously underfunded. They will unfortunately continue to decline. They are being replaced with 401K. The problem with 401K is options are not holistic. There is a lack of education, resulting in less than optimum retirement security. Also very few are annuitized”
  • “We see a growing appetite for products that are more holistic in nature. We are also seeing a threefold increase in investors demanding growth and income funds as well as global macro funds which take advantage of risk adjusted returns and offer opportunities to capitalize on other economies & interest rates”
  • “Benchmark focus solutions are not going away, as exhibited by the growth of ETFs”
  • “Investors are looking for managers that are going to outperform. The problem is there are many claiming to do it but few with the actual skill. Investors need to do as much due diligence as possible. It takes a lot of time and interest and skill; not many managers have the wherewithal to do that. The investors that do find them pay higher fees but we find that it is quite worth it when you find highly skilled managers”
  • “For optimization, the key is to get a diversified set & then give managers enough time to perform. You must look at how consistent their investment philosophy has been over the years”
  • "Giving a fund one year or two years to perform is woefully inadequate. At least five years should be given to a highly skilled manager. It makes sense to give them enough time to demonstrate skill”
  • “People are anxious to experiment and try managers that offer something outside the ordinary”
  • “When you do not have any tools, the first one is better than anything before. Targeted funds are a massive improvement over having to sort through 15 or 16 options. Are they perfect? Far from it”
  • “Younger investors are probably going to be working longer, voluntarily. If we could move social security back five years, we could keep that going longer. There is no need for government stipends to kick in so early”
  • “Let us hope and pray that we do not go back to 2007-2008. This time we have less tools to deal with it and more retirees”
  • "RS is well-positioned today as a result of the firm's well-established culture of investment excellence and its unwavering commitment to serving clients"
  • "We are intensely focused today on expanding our capabilities to fit our clients' evolving investment needs"
  • "We continuously strive to provide our clients with investment management solutions that match their growing asset allocation needs"
  • "Mike [Reynal] has brought a strong investment philosophy to our emerging markets offerings, combining quantitative analysis and fundamental research with a disciplined risk management process to find companies across the market cap spectrum. We are excited to be able to leverage this investment approach with our new small-cap fund"
  • "By transitioning the GNR Team to SailingStone, we are able to ensure that our clients will continue to benefit from the GNR strategy while primarily focusing our in-house strategies on our broad investor base"


Ron Suber
(President, Prosper Marketplace)




Ron Suber
(President, Prosper Marketplace)








Ron Suber is President of Prosper Marketplace. Mr. Suber is responsible for developing and executing the business development strategy to attract borrowers to the site, as well as ensure a balance between institutional & retail investors on the Prosper platform. He brings more than 20 years experience in sales, marketing, and business development across the hedge fund, broker/dealer, and registered investment advisor industries. Prior to joining Prosper Marketplace, Mr. Suber was managing director at Wells Fargo Securities. Prior to Wells Fargo Securities, he served as the head of global sales & marketing and senior partner for Merlin Securities. Mr. Suber also served as president of Spectrum Global Fund Administration, and spent fourteen years at Bear Sterns where he served as senior managing director & manager of global clearing sales.

Mr. Suber's recent comments have included:

  • “We got to one billion in eight years – and two billion in eight months”
  • “Millenials are telling us this is the way – with people and with technology”
  • “Sometimes clients say why are you calling me, the reason I do business with you is because I do not want to talk to someone”
  • “Marketplace lending is about trust and transparency”
  • “There are going to be a lot more coffee shops because bank branches are going to close”
  • “Everybody regulates us. We file as if we are a public company. We are SEC registered. We also register with every state we do business with. We proactively work with every regulatory body possible”
  • “Why do we not skip investors and do it ourselves? Because running a business is harder than it looks! We decided to create this public marketplace, and just be good at that one thing”
  • "In our country, there are two major players in the peer-to-peer finance space, or the online direct consumer space. It is Prosper Marketplace and Lending Club. We are roughly one quarter Lending Club's size. In the United Kingdom, there are three major players, and then there are fifteen other marketplaces or exchanges around the world in Asia and Latin America, and other parts of Europe that are helping borrowers and lenders meet & exchange credit"
  • "We are hearing from many financial planners and wealth managers that they are putting a portion of their clients' assets in the fixed income category into peer-to-peer finance loans, and I can tell you why in two quick numbers. First, if you look at the aggregate US bond market, and the index of it, the one-year performance is -2.02%, as of today. If they had invested the portion in peer-to-peer finance, and done a diversified index portfolio, the yield would be roughly 8% for that same one-year period. Second, if we look at the one-month period, the aggregate US bond market index was down, -0.57%, but if you had indexed the peer-to-peer platform, Prosper Marketkplace, in a diversified index portfolio, the yield for that one-month period would be positive 0.60%, so up more than one half of one percent for the one-month period"
  • "We think that diversification is key for all lenders, and we work very closely with lenders. If we see somebody come on with too small of an account to get diversified, if they cannot purchase more than 100 loans, we do not think they are diversified, and we are really working with them to ensure they understand the need for diversification, and we are really making sure that people understand the need to invest over time to have a balanced, diversified portfolio"
  • "We think that these online market places for credit are a blend of both retail and institutional investors. We are actually very focused now on adding additional retail investors, even more so than before, so we are working today with some great investment advisors and wealth managers who are helping retail investors gain access to Prosper Marketplace"
  • "What really excites me is the opportunity to work with my current teammates and the new people joining Prosper Marketplace. We have very talented people out of college, people in the middle of their careers and people leaving big successful technology and finance firms with PhDs. There are people coming from all over the world to work with us. I am excited about the brand new office that we are building for the Prosper team. We hope to move there in December. This is more than work for me; it is my passion"

Jon Sundt
(CEO, Altegris Investments




Jon Sundt
(CEO, Altegris Investments)








Jon Sundt is CEO of Altegris Investments. Mr. Sundt founded Altegris in 2002 and has more than 28 years of experience in the alternative investment industry. Altegris Investments is one of the leading providers of alternative investments including private funds & mutual funds. Mr. Sundt began his career as an options trader in 1986. Prior to founding Altegris Investments, he served six years as director of managed accounts and senior vice president of the managed investments division of Man Financial, a subsidiary of the Man Group. An expert in managed futures & alternative investment strategies, Mr. Sundt is widely quoted by leading financial media and is a frequent guest on CNBC. He was the recipient of Institutional Investor’s Rising Stars in the Mutual Fund Industry award in 2011 and received the Ernst & Young Entrepreneur of the Year Award in 2012. Mr. Sundt was awarded the 2013 Pioneer of the Investment Industry from the California HFA, CFA San Diego & CAIA Southern California. He was also named to the 2013 Investment Advisor’s Top 25 Industry Leaders.

Mr. Sundt's recent comments have included:

  • “Several hedge funds have had a franchise on the market, but that is changing over the next five years as thousands of hedge funds become able to show long term track records”
  • “Hedge funds are transitioning to the liquid alt side; they want to get into a business where that have legacy”
  • “Private equity is still not distributed to the retail investor”
  • “The biggest intellectual challenge in the liquid alt world is, how do you analyze returns?”
  • “There is a bifurcation occurring between liquid and illiquid investments”
  • "I was one of the forerunners of bringing true, high-quality, best-of-breed managers to the market. The problem that most advisors have is how do they know if these managers are any good?"
  • "The right type of long/short manager will not necessarily get clobbered during down days, because he has a low correlation to long-only equities. That is the key. They come into the market maybe long gold, short crude oil, long US equities or short US equities; our software lets us follow them in real time"
  • "I think it is becoming more of a stock pickers market, not a market that you can just replicate by being in an index fund. Stock selection as measured by dispersion and correlations is now becoming more important. You can still build the argument that there are stocks that are going to go up. You have got an accommodating fed policy that looks like it will continue to provide a wind at the back of equities, but I think stock selection is key now"
  • "Two strategies that you can find in our mutual funds are long/short equities and long/short credit. You can approach the market and say “Look, I want to be exposed to the equities market, but I want a manager that has the mandate to be able to pull out, go to the sidelines, hedge, or manage risk through shorting the market.” So that is a long/short equity manager and we build products around those type of managers"
  • "Today's investors face unprecedented challenges in the markets; with stocks at record highs and interest rates at all-time lows, they are looking for guidance to deploy capital into the markets with confidence"

Todd Thomson
(Chairman, Dynasty Financial Partners)




Todd Thomson
(Chairman, Dynasty Financial Partners)








Todd Thomson is Chairman of Dynasty Financial Partners, a leading investment& technology platform for independent advisors. Mr. Thomson is also CEO of Headwaters Capital, a strategy advisory and private investing firm, where he is structuring & co-leading the $155 Million recapitalization of West Coast Bancorp. Headwaters Capital is also a founder of Cordia Bank, which acquired a majority interest in Bank of Virginia in 2010. Prior to founding Headwaters Capital, Mr. Thomson served in top management positions for nine years at Citigroup, including chief finance officer of the company for five years and CEO of the Global Wealth Management division. He also was vice chairman and a director of Citibank North America. Mr. Thomson is also a leading global practitioner and advisor on mergers & acquisitions and business strategy, having led the acquisition and strategy efforts over many years for Citigroup and GE Capital, as well as serving as advisor to dozens of Fortune 500 firms while at Bain & Company, Booz Allen Hamilton, and Barents Group. Mr. Thomson is a member of the board of directors of Commtouch Software, Cordia Bancorp, & Bank of Virginia. He is a member of the Board of Directors of Commtouch Software, Cordia Bancorp, and Bank of Virginia. He is a member of the Economic Club of New York and the chairman of the Wharton Leadership Advisory Board. Mr. Thomson is also a past member of the Board of the World Resources Institute and the Board of Trustees of Davidson College. 

Mr. Thomson's recent comments have included:

  • “Dynasty is not an aggregator but a liberator and a growth partner”
  • “The historical model for wealth management is broken. Innovation is happening and allowing fragmentation of the industry”
  • “We want to attract those firms that want to be the consolidators and growers in this industry”
  • “If you are a breakaway broker and going to start your own firm; you need a name; branding materials; marketing, budgeting, web, strategy, etc... we provide that capability to allow them to walk out and walk into a functional office”
  • “We are not trying to convince people to be entrepreneurs”
  • "There is a lot of back-and-forth movement of executives, entertainers, athletes and the like across the US & Canada border, yet the financial services industries of the two countries are quite separate"
  • "What I came to realize was that the right way to serve clients was to serve them in an open-architecture, independent way. Over time, you would expect that to be the winning model"
  • "As an independent advisor, you now have access to better products and better thinking and better technology than on Wall Street; that is a revolutionary change that is happened in the last 20 or 30 years"
  • "The more I looked at the wealth management industry and evaluated potential acquisitions, the more clear it became that there was a screaming need for a business to serve those corner office advisors with wealthy, sophisticated clients who are independent or want to leave a wirehouse or bank and go independent"
  • "Independent advisors will continue to grow and take share. What I believe is going to happen over the next ten years is you are going to see an acceleration of the larger teams with larger more sophisticated clients choosing to operate as independents"

Derek Young
(Vice Chairman, Pyramis Global Advisors)




Derek Young
(Vice Chairman, Pyramis Global Advisors)








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

Mr. Young's recent comments have included:

  • “What is going on in the markets right now? We are in midcycle. Very good for equities. I still believe the US looks phenomenally good compared to Europe, China, and Japan”
  • “Positives in China are credit oriented. They are extending credit to promote growth. This is a very dangerous situation”
  • “There is a negative correlation between stocks & bonds. We build portfolios for clients all about diversification. Investment grade bonds are great right now. Balancing is a very powerful tool that we all have to take advantage. Diversification is beginning to work again. This is very important after 2008”
  • “Since 2008 there is an anticipation of regret. There are tremendous equity returns but not a lot of reentry”
  • “When people are scared it creates a good opportunity for equity”
  • “There is no way the Fed is going to create a deflationary environment”
  • “From Fidelity’s perspective, you have to lose money to make money. Lower dollar clients we lose money on, but we are creating a model where we give the client what we want”
  • “I worry about where we are in the bond market. What happens is, in times of crisis you will see volatility where it did not exist previously”
  • “Target dates funds are so important to me. A scatter poll would show that before target date funds, people either had all cash or all equities. After the introduction of target dates funds, you can see much more of a movement to the appropriate aged spaced allocation. As boomers age, we see them exit to managed accounts. I would argue that they are fulfilling their purpose, to help investors get enough wealth to exit”
  • “My single biggest concern is that the Fed makes the wrong move. The idea of pushing this country in a deflationary environment scares me to death”
  • “The questions for a young person are the same. The answers are different. How much willingness the younger generation has to trust is a factor. Collectively we have to figure out how to gain that trust. We have to reengage and win back confidence”
  • “I have a lot of respect for central banks but government involvement is one of those issues that I take great concern with because what you are seeing is artificial stimulation”
  • “There is significant corruption in the Chinese markets. They are now beginning to take it seriously and face off on it. This is a long-term game and they have significant issues in the next decade. This is all part of it being a growing economy”
  • “It has been a real challenge in the last five years to keep people in the right frame of mind, focused on long-term”
  • "Individuals fear running out of money more than death itself"
  • "I am much more thinking about our long term views for those saving for retirement, saving for college, et cetera. And, basically I love the U.S, still. I think the U.S. equity market is a good market for our shareholders to be in"




Tiburon is pleased to announce that the following 203 Tiburon clients attended Tiburon CEO Summit XXVII:


  • Chip Roame (Managing Partner, Tiburon Strategic Advisors)
  • Mike Abelson (Executive Vice President, Investment & Product Management, AssetMark)
  • Asheesh Advani (CEO, Covestor)
  • Blaine Aikin (CEO, Fiduciary 360)
  • Mike Alfred (CEO, BrightScope)
  • Ryan Alfred (President, BrightScope)
  • Mike Apker (Executive Vice President, Advisor Suite, Envestnet)
  • Audie Apple (Co-Founder, GuardVest)
  • Daniel Applegarth (Chief Financial Officer, NorthStar Financial Services Group)
  • Dan Arnold (Chief Financial Officer, LPL Financial)
  • Anil Arora (CEO, Yodlee)
  • Brian Ascher (Partner, Venrock)
  • Steve Atkinson (Executive Vice President, Advisor Relations, Loring Ward Group)
  • Carla Avila (Business Head, Financial Institutions, Baron Capital Group)
  • David Bach (Vice Chairman, Edelman Financial Services)
  • Nathan Bachrach (CEO, Simply Money Advisors)
  • Chuck Baldiswieler (President, Angel Oak Capital Advisors)
  • John Barragan (President, Girard Securities, RCS Capital Corporation)
  • David Barry (CEO, Trust Company of America)
  • Tony Batman (CEO, First Global Capital Corporation)
  • David Baum (Partner, Investment Products & Services Group, Alston & Bird)
  • Ryan Beach (President, CLS Investments)
  • Noreen Beaman (CEO, Brinker Capital)
  • Dave Bellaire (General Counsel, Financial Services Institute)
  • Catherine Bonneau (CEO, Cetera Financial Institutions)
  • Bob Borgert (Chief Marketing Officer, Jefferson National Financial)
  • Peter Boyle (President, Clifford Swan Investment Counsel)
  • Art Brown (Partner, McGladrey)
  • Dale Brown (CEO, Financial Services Institute)
  • Joe Brusuelas (Chief Economist, McGladrey)
  • Chas Burkhart (CEO, Rosemont Partners)
  • Jeff Burrow (Co-Founder, Flex Score)
  • Dewey Bushaw (Executive Vice President, Retirement Solutions Division, Pacific Life Insurance Company)
  • Katherine Calvert (Chief Marketing Officer, Advent Software)
  • Jim Cameron (Chief Strategy Officer, Jefferson National Financial)
  • Mike Capelle (Chief Strategy Officer, Platform & Technology, United Capital Financial Partners)
  • Mitch Caplan (CEO, Jefferson National Financial)
  • John Carey (Chief Operating Officer, FolioDynamix)
  • John Cataldo (Chief Compliance Officer, Investors Capital Corporation)
  • Jerry Chafkin (Chief Investment Officer, AssetMark)
  • Brett Clarke (President, Blu Giant Advisor Studios)
  • Eric Clarke (President, Orion Advisor Services)
  • Mike Clinton (Chief Operating Officer, Loring Ward Group)
  • Bill Connolly (Senior Managing Director, Global Distribution, Putnam Investments)
  • David Conover (President, Wealth Management & Brokerage, EverBank Financial)
  • Jim Cox (Chief Financial Officer, Advent Software)
  • Trish Cox (Business Head, Schwab Corporate Brokerage Services)
  • John Coyne (Vice Chairman, Brinker Capital)
  • Erika Cramer (Partner, Silver Lane Advisors)
  • Todd Crockett (Managing Director, TA Associates)
  • Ben Cukier (Partner, FTV Capital)
  • Marvin Davis (Chief Marketing Officer, The Edelman Financial Group)
  • Michael Deggelman (Partner, Deggelman Parker Group)
  • Stuart DePina (President, Envestnet Tamarac)
  • Steve Distante (CEO, Vanderbilt Securities)
  • Will Dolan (Business Head, Fidelity ActionsXchange)
  • Tim Draper (Founding Partner, Draper, Fisher, & Jurvetson [DFJ])
  • Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  • Steve Dunlap (Executive Vice President, Wealth Management, Cetera Financial Group)
  • Ric Edelman (CEO, The Edelman Financial Group)
  • Tom Embrogno (Executive Vice President, Docupace Technologies)
  • Pete Engelken (President, Pathway Strategic Advisors)
  • Michelle Farmer (General Counsel, Advisor Software)
  • Mike Fierman (Managing Partner, Angel Oak Capital Advisors)
  • Patrick Flaherty (Business Head, Akron Wealth Mnagement Platform)
  • Bill Floyd (Chief Operating Officer, Simply Money Advisors)
  • Lynne Ford (Executive Vice President, Distribution, Calvert Investments)
  • Rob Foregger (Executive Vice President, NextCapital)
  • Chris Frieden (Partner, Financial Services & Products, Alston & Bird)
  • Greg Friedman (CEO, Private Ocean)
  • Matt Frymier (CEO, Corrum Capital Management)
  • Terry Gaines (Managing Director, Products, First Rate)
  • Gareth Gaston (Executive Vice President, Virtual Banking, US Bancorp)
  • Charles Goldman (CEO, AssetMark)
  • Craig Gordon (Business Head, Clearing, DST Market Services)
  • Gail Graham (Chief Marketing Officer, United Capital Financial Partners)
  • David Grau (President, FP Transitions)
  • Phil Green (Chief Financial Officer, Brinker Capital)
  • Larry Greenberg (President, Jefferson National Financial)
  • Holly Greer (Chief Legal Officer, CNL Financial Group)
  • Jim Hale (Founding Partner, FTV Capital)
  • Scott Hanson (Co-CEO, Hanson McClain)
  • Brian Haskin (CEO, Alternative Strategy Partners)
  • Gary Henson (President, Montage Investments)
  • Bob Herrmann (Executive Vice President, Discovery Data)
  • Pete Hess (CEO, Advent Software)
  • Kevin Hogan (CEO, Investment Program Association)
  • Bomy Hong (Partner, Berkshire Capital Securities)
  • Anton Honikman (CEO, MyVest Corporation)
  • Steve Holstein (Chief Marketing Officer, Covestor)
  • Lex Huberts (President, Mellon Capital Management)
  • Bob Huebscher (CEO, Advisor Perspectives)
  • Bob Huret (Founding Partner, FTV Capital)
  • Tom Idzorek (President, Morningstar Investment Management)
  • Peter Jantzen (Executive Vice President, Global Sales, Vestmark)
  • David Jegen (Managing Director, Devonshire Investors)
  • Brian Jones (Chief Financial Officer, RCS Capital Corporation)
  • Chris Jones (Chief Investment Officer, Financial Engines)
  • Kunal Kapoor (President, Global Client Solutions Group, Morningstar)
  • Kevin Keefe (President, First Allied Securities)
  • Dan Kern (President, Advisor Partners)
  • Tom Kimberly (CEO, Upside Advisor)
  • Rob Klapprodt (President, Vestmark)
  • David Knoch (President, First Global Capital Corporation)
  • Kevin Knull (President, PIETech)
  • Dan Krems (Executive Vice President, Mergers & Acquisitions, Treasury, & Investor Relations, LPL Financial)
  • Kent Kuhlmann (CEO, Kuhlmann Associates Financial)
  • Randy Lambert (Chief Operating Officer, Orion Advisor Services)
  • Stephen Langlois (Business Head, Distribution Strategy & Planning, Fidelity Institutional)
  • Chuck Lewis (Vice Chairman, MyVest Corporation)


  • Linda Lillard (Chief Operating Officer, Mellon Capital Management)
  • Dave Linaugh (CEO, Pacific Southwest Financial & Insurance Group)
  • John Linnehan (Chief Financial Officer, Guggenheim Investments)
  • Kathy Lintz (CEO, Matter Family Office)
  • Dan Littman (Chief Financial Officer, Simply Money Advisors)
  • Bo Lu (CEO, FutureAdvisor)
  • Matt Lynch (Principal, Tiburon Strategic Advisors)
  • Jeff Maggioncalda (CEO, Financial Engines)
  • Rick Maholchic (Executive Vice President, Pacific Southwest Financial & Insurance Group)
  • Frank Maiorano (Business Head, RIA Business, Baron Capital Management)
  • Joe Mansueto (CEO, Morningstar)
  • Josh Mayer (Chief Operating Officer, Envestnet)
  • Brendan McConnell (Chief Operating Officer, Brinker Capital)
  • Chuck McKenzie (Business Head, Institutional Custom Solutions, Pyramis Global Advisors)
  • Sean McLaughlin (Chief Investment Officer, CNL Financial Group)
  • Bill McNabb (CEO, The Vanguard Group)
  • John Michel (CEO, CircleBlack)
  • Bill Miller (Chief Investment Officer, Brinker Capital)
  • Sanjiv Mirchandani (President, National Financial Services)
  • Blake Mohr (CEO, Capitas Financial)
  • Viggy Mokkarala (Executive Vice President, Strategic Development, Envestnet)
  • Charles Moldow (General Partner, Foundation Capital)
  • Chris Momsen (Executive Vice President, Sales & Solutions Management, Advent Software)
  • Kirk Montgomery (General Counsel, Corporate Capital Trust)
  • Randy Moore (Partner, Financial Services & Products Group, Alston & Bird)
  • Robert Moser (CEO, Laird Norton Wealth Management)
  • Tom Moysak (CEO, Xtiva Financial Systems)
  • Joe Mrak (CEO, FolioDynamix)
  • Sean Murray (Executive Vice President, National Retirement Sales, Defined Contribution Practice, PIMCO)
  • Jim Nagengast (CEO, Securities America)
  • Liz Nesvold (Managing Partner, Silver Lane Advisors)
  • Valerie Newell (Chairman, Riverpoint Capital Management)
  • Paul Orlander (President, TD Mutual Funds)
  • Bill Parsons (Chief Customer Officer, Yodlee)
  • John Parsons (Executive Vice President, Pacific Southwest Financial & Insurance Group)
  • Damian Peter (President, Larkin Point Investment Advisors)
  • Don Phillips (Managing Director, Morningstar)
  • John Phillips (Executive Vice President, Strategic & Global Sales, National Financial Services)
  • Michael Pinsker (CEO, Docupace Technologies)
  • Mark Piquette (Chief Marketing Officer, Trust Company of America)
  • Alex Potts (CEO, Loring Ward Group)
  • Jennifer Povlitz (Business Head, Executive Client Wealth Group, Merrill Lynch)
  • Bob Reynolds (CEO, Putnam Investments)
  • Chris Riggio (Chief Revenue Officer, BrightScope)
  • Rodger Riney (CEO, Scottrade)
  • Ed Rodden (Partner, Silicon Valley Consulting)
  • Andrew Rogers (CEO, Gemini Fund Services)
  • Jeremy Ross (Executive Vice President, Institutional Sales, BrightScope)
  • Gary Roth (Chief Operating Officer, United Capital Financial Partners)
  • Larry Roth (CEO, Cetera Financial Group)
  • Andrew Rudd (CEO, Advisor Software)
  • Kevin Ruth (Business Head, Wealth Planning, Private Wealth Management, Personal Investing, Fidelity Investments)
  • Rich Santos (Group Publisher, Wealth Management Group, Penton Media)
  • Matt Scanlan (CEO, RS Investments)
  • Jon Schepke (CEO, SIM Partners)
  • Jeff Schnitz (Business Head, Silicon Valley Bank Investments, SVB Financial Group)
  • Aaron Schumm (Chief Customer Officer, FolioDynamix)
  • Skip Schweiss (President, TD Ameritrade Trust Company)
  • Jeff Shafer (President, CNL Securities)
  • Bill Sharpe (Professor Emeritus, Stanford University; Nobel Prize Winner in Economics; & Tiburon CEO Summit Award Winner)
  • Kevin Shields (CEO, Griffin Capital)
  • Bruce Simon (Chief Investment Officer, City National Rochdale Investment Management)
  • Tom Sittema (CEO, CNL Financial Group)
  • Babu Sivadasan (Executive Vice President, Engineering & Product Development, Envestnet)
  • David Smith (Founding Publisher, Financial Advisor & Private Wealth Magazines)
  • Daron Smith (Executive Vice President, Worldwide Sales, Advisor Software)
  • Jon Stern (Partner, Berkshire Capital Securities)
  • Bill Stevens (Business Head, Wine Division, Silicon Valley Bank)
  • Helen Su (Of Counsel, Alston & Bird)
  • Ron Suber (President, Prosper Marketplace)
  • Jon Sundt (CEO, Altegris Investments)
  • Eric Sutherland (Executive Vice President, Advisor Sales & Key Accounts, Global Wealth Management, PIMCO)
  • John Sweeney (Executive Vice President, Retirement & Investing Strategies, Fidelity Investments)
  • Todd Thomson (Chairman, Dynasty Financial Partners)
  • Brett Thorne (Chief Operating Officer, Correspondent & Advisor Services, RBC Capital Markets)
  • Frank Trotter (President, EverBank Direct)
  • Byron Udell (CEO, Byron Udell & Associates)
  • John VanDerHeyden (Chief Operating Officer, NFP Advisor Services Group)
  • Joe Vap (Chief Financial Officer, Jefferson National Financial)
  • Steve Warren (Chief Operating Officer, MyVest Corporation)
  • Cathy Weatherford (CEO, Insured Retirement Institute)
  • Dave Welling (Business Head, Black Diamond)
  • Todd Westby (President, T. Hayes Consulting)
  • Craig Wietz (President, First Rate Investment Systems)
  • Matt Wilson (President, Brokerage, Scottrade)
  • Michael Winchell (Chief Investment Officer, Larkin Point Investment Advisors)
  • Kevin Winters (Executive Vice President, Global Wealth Management, PIMCO)
  • Wayne Withrow (Executive Vice President, SEI Advisor Network)
  • Matt Wolniewicz (Chief Revenue Officer, Fiduciary 360)
  • Derek Young (Vice Chairman, Pyramis Global Advisors)
  • Anjun Zhou (Business Head, Multi-Asset Research, Mellon Capital Management)
  • Gary Zyla (Chief Financial Officer, AssetMark)


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