Prior CEO Summit

Tiburon CEO Summits

Tiburon has held 24 prior Tiburon CEO Summits, with the first Tiburon CEO Summit taking place in 2001. Details of Tiburon CEO Summit XXIV are included below. For details of earlier Tiburon CEO Summits, please click here: 2012, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.

Tiburon CEO Summit XXIV: April 9-10, 2013

Tiburon CEO Summit XXIV was held April 9-10, 2013, at the Ritz Carlton Hotel in New York, NY. Tiburon CEO Summit XXIV officially started at 7:45am on Tuesday, April 9, 2013, included a group dinner that night and finished at 1:00pm on Wednesday, April 10, 2013. There were 225 senior industry executives who took two days out of their busy schedules to participate. There were over twenty sessions. Along with Tiburon's Managing Partner Chip Roame & Tiburon Principal Matt Lynch, Tiburon CEO Summit XXIV included economy & markets presentations by Rich Bernstein (CEO, Richard Bernstein Advisors) & Bob Doll (Chief Equity Strategist, Nuveen Asset Management), and speakers & panelists, including Jud Bergman (CEO, Envestnet), Tom Bradley (President, Retail Distribution, TD Ameritrade), Dale Brown (CEO, Financial Services Institute), Valerie Brown (CEO, Cetera Financial Group), David Bugen (Founding Principal, Regent Atlantic Capital), Ric Edelman (CEO, The Edelman Financial Group), Harold Evensky (President, Evensky & Katz), George Gatch (CEO, JP Morgan Funds Management), Bill Harris (CEO, Personal Capital Corporation), Paul Hatch (Vice Chairman, Morgan Stanley Wealth Management), Chet Helck (CEO, Global Private Client Group, Raymond James Financial), Jim Jessee (President, MFS Fund Distributors), Jonathan Korngold (Managing Director, General Atlantic Partners), Sallie Krawcheck (Former President, Global Wealth & Investment Management, Bank of America Corporation), Steve Lockshin (Chairman, Convergent Wealth Advisors), Don Phillips (President, Research, Morningstar), Scott Powers (CEO, State Street Global Advisors), Larry Roth (CEO, Advisor Group, American International Group (AIG)), Esther Stearns (CEO, NestWise), Mark Tibergien (CEO, Pershing Advisor Solutions), David Tittsworth (Executive Director, Investment Adviser Association), & Fred Tomczyk (CEO, TD Ameritrade). Tiburon CEO Summit XXIV also featured the firm's traditional client-centric panel discussions, three less formal break-out sessions, & two networking-based social events.

Keynote Presentation

Tiburon CEO Summit XXIV featured a keynote presentation by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry, with a specific focus on the growing wealth management market. This presentation served as the backdrop and overview of the entire Tiburon CEO Summit.


	Summit XXIV Keynote Presentation 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 XXIV keynote presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) kicked off Tiburon CEO Summit XXIV 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, & investments 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 1,500 client engagements for over 350 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) and as a trustee for the SA mutual funds family which is sponsored by Loring Ward and employs Dimensional Fund Advisors as its sole sub-advisor.

Overview of Tiburon CEO Summit XXIV Keynote Presentation

Mr. Roame addressed the state of the financial services industry, with a specific focus on the growing wealth management market, including the most important news stories in the past six months, recent Tiburon research findings, third-party research findings, and strategic developments at dozens of Tiburon clients. Mr. Roame expressed that his objectives were fourfold, including not simply reporting existing trends but attempting to predict future trends; digging below trends to identify successful corporate strategies; reviewing all opportunities in a relative way akin to the process at private equity firms; and setting an agenda for Tiburon CEO Summit XXIV.

Before presenting 177 PowerPoint charts supporting Tiburon’s views, Mr. Roame outlined what he labeled as the 35 fundamental trends. A comprehensive list of these 35 trends is included below as part of Mr. Roame’s conclusions.

After reviewing the 35 fundamental trends, Mr. Roame began with some opening notes, including a few additional thoughts on the economy & markets, followed by a “know your market” test, which traditionally stumps most Tiburon CEO Summit attendees. The “test” included facts about consumers and industry competitors. Mr. Roame then outlined the future of wealth management, including rapidly evolving investment approaches & products; the independent advisors & consumer empowerment movements; and institutional & international opportunities. Mr. Roame also addressed two potential game changers, including governance & regulatory issues, and potential strategic activity.

Opening Notes

Mr. Roame began the analysis portion of his presentation with a few additional economy & markets points as they pertain to business issues. For perspective, he noted that the Dow Jones Industrial Average is back to the level of Tiburon CEO Summit XIII (October 2006 or 6½ years ago) and is up 80% since Tiburon CEO Summit XVI (April 2008 or five years ago). He also posed some questions, including whether investors have grasped that the stock markets have been up for the past four years, and the likely impact of industry executives having low market expectations. He revealed that Tiburon CEO Summit XXIV attendees on average expect the Dow Jones Industrial Average to reach just 14,723 by October 2013 for Tiburon CEO Summit XXV. Mr. Roame also encouraged attendees to consider how firms will generate revenues if interest rates remain low for several more years. Again, revealing the results of a survey of Tiburon CEO Summit XXIV attendees, he noted that the ten year treasury rate is not expected to reach 3.00% until 2015 or beyond. Mr. Roame also wrapped up this section of his presentation reminding the group that the industry had yet another semi-annual period with one stumble after another, including with the SAC Capital Advisors settlement, Raj Rajaratnam conviction, and both Jerome Kervel (SocGen) and Kweku Adoboli (UBS) being sent to prison.

The second section of Mr. Roame’s presentation was his traditional “know your market” test. He updated the Tiburon CEO Summit XXIV attendees on the latest Federal Reserve Flow of Funds data and tried to impress upon them some key points buried in the data:

Consumer household net worth at the end of 2012 reached the 2007 peak level of $66.1 trillion
Common perception is that consumers were slow to re-enter the stock markets but the bulk of investable assets sits in individual securities that were not liquidated and/or with high net worth households and in defined contribution plans, so investable assets are up substantially more than talking heads imply. Specifically, investable assets, retirement plan assets, & financial assets all up ~10% since 2007 (“industry view”)
Meanwhile, personal assets, real estate assets, real estate equity, & private business valuations all still down 15%-20% since their 2005-2006 peaks
In aggregate, consumer household assets are down 10% since 2007
Consumer household debt is down 5% since 2007 (also down from 14.0% to 10.5% debt to disposable income)
Consumer household net worth ended 2012 at the same level as 2007 ($66.1 trillion) (six years of no growth)

Mr. Roame stated, "consumers have the same net worth now that they had at the end of 2007 ($66.1 trillion)," but that, "underlying this aggregate fact are some impactful points; consumers have more financial assets and less debt but also less personal assets (due to depressed housing prices)." As a result, he concluded that, "consumers looking through a personal assets lens (e.g., the value of their homes) still feel and are poor," while "the shift from personal assets to financial assets has disproportionally benefited the 8% of households who own most of the financial assets."

Mr. Roame spent a minute on the well known consumer wealth concentration, saying that, “consumer households with less than $500,000 investable assets make up 91% of all consumer households but control just 23% of financial assets.” Meanwhile, the affluent market comprises just 8% of consumer households but controls 77% of financial assets.

Mr. Roame believes that baby boomers continue to face four major financial issues, including their own aging, their lengthening life expectancies, inheritances that are not materializing, and now the twin thoughts of boomerang children and parents needing elder care. Mr. Roame predicted that, "baby boomers will liquidate their retirement plans, homes, & small businesses over the next two decades, driving continual flow of assets to the investable assets business."

Mr. Roame also addressed the resulting consumer attitudinal & behavioral changes, including those driven by the widening wealth gap. He addressed consumer confidence, consumer sentiment, and the substantial financial services industry trust gap. He also addressed behavioral changes, including consumers’ reduced spending, some deleveraging, some increased savings, net flows out of equity mutual funds, and the renewed growth in the self-serve channels. He revealed another Tiburon CEO Summit XXIV attendee survey result which was that attendees expect consumer household home mortgage debt to stabilize or increase in 2013, ending the deleveraging.

Mr. Roame also tested attendees knowledge of their competitors, saying that, "no product or distribution firm has any significant market share." He pointed to the still dominant market position of the wirehouses, and yet predicted that, “Schwab Institutional will catch UBS in assets under administration in 2013.” He also noted the dominance of BlackRock, which has $3.8 trillion assets under management.

The Future of Wealth Management

Mr. Roame addressed the rapid evolution of investment approaches, including the shifting of fundamental investment strategies, the defensive bias driving fixed income & cash allocations, evolving retirement income & guarantees strategies, and the growing dominance of rep as advisor & portfolio manager programs. Mr. Roame said, "buy & hold was the best investment strategy in the past four years after many industry experts were calling for more tactical asset allocation," and that, “rep as advisor & rep as portfolio manager programs are collecting all of the assets but their returns are often weaker than consumer direct.” Mr. Roame summarized many facts:

Packaged fee-account programs gathered more net flows than either ETFs or mutual funds in 2012
Advisor managed portfolios increasingly include mutual funds & ETFs
Packaged product flows were up over 100% in 2012, suggesting good results for many investment products
ETFs and mutual funds had similar net flows in 2012, both far ahead of separately managed accounts
Fixed income, balanced, & alternative mutual funds all had positive net flows in 2012 while money market and equity funds had outflows
Over the past five years, bond mutual funds have had $1.1 trillion net flows, while equity ETFs have collected $0.6 trillion, and fixed income ETFs have collected $0.2 trillion. Meanwhile, equity mutual funds had $0.5 trillion of net outflows
Index mutual funds have gathered $821 billion assets under management, up over 100% since 1999
Exchange traded funds have gathered $1.3 trillion assets under management, up from $1.0 billion in 1993
Exchange traded funds have net flows of $187 billion, up 500% since 2001, and above their prior peak of $177 billion in 2008
Passive equity assets (index mutual funds & ETFs) now comprise 29% of equity mutual fund & ETF assets
Institutional mutual funds & ETFs have now surpassed no transaction fee mutual funds in assets under management
Tiburon CEO Summit attendees believe that ETFs will not surpass mutual fund assets under management until 2020 or beyond, if ever

After he concluded with views on a variety of other products, Mr. Roame returned to two key points, reminding the attendees that, “mutual funds and ETFs had nearly identical flows in 2012" and that, "equity mutual funds had negative net flows for five years but positive in the first quarter of 2013."

Moving beyond products to address channels, Mr. Roame framed the financial advisor channels as, “both the largest and fastest growing channel.” He shared that attendees predict that the financial advisor (56%) or self-serve (28%) channels will be the fastest growing channels over the next five years. He then outlined the independent advisor & consumer empowerment movements, starting by noting that, "independent advisor channels are picking up share of financial advisors more rapidly than of assets." He noted that, “the wirehouses continue to dominate assets under administration because their financial advisors are substantially more productive, averaging $92.6 million assets under administration per financial advisor.”

Mr. Roame then summarized the status of the wirehouses, regional broker/dealers, insurance reps, and bank reps markets. He noted that, “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 and control about half of the industry’s assets.”

Mr. Roame also addresses a wide variety of related issues to independent advisors, including the break-away brokers movement, fee-based financial advisors who are reaching scale, and technology & outsourcing strategies. He argued that the break-away broker trend ($92.9 billion assets in 2012) is not fully started and that the wirehouses could shut this trend down with higher retention payments and/or half-way house strategies. He called out the substantial business building skills of a few independent advisors, including Ric Edelman whose firm serves 20,000 clients. He took note of the rapid growth in outsourcing models like Orion Advisor Services which serves 575,000 accounts, and he predicted a substantial restructuring of the independent broker/dealers market. Mr. Roame stated, "independent broker/dealers are evolving to look more like custodians, TAMPs, and/or producer groups."

He also discussed the continued evolution of the consumer empowerment movement, starting by clarifying that, "the retail direct business is growing faster than the financial advisor channels" and that, “many financial advisors remain in the dark about their clients’ self-directed accounts.” Mr. Roame argued that when nobody has been watching, the self-serve trend has come back to life, including through the discount brokerage firms ($4.6 trillion assets) and the emergence of online only or online plus financial advisor models (Betterment; Covestor; Learnvest; Mint; Motif Investing; NestWise; Personal Capital Corporation; SigFig; & Wealthfront; etc.). Mr. Roame made a very edgy prediction that the number of discount brokerage offices will skyrocket while the number of bank branches will plummet.

Mr. Roame also discussed institutional & international market opportunities. As for the institutional markets, Mr. Roame first framed the opportunity, which includes about equal size defined contribution and defined benefit plan markets, and much smaller foundation and endowment markets. He also pointed to the substantial underfunded status of defined benefit plans and to the heavier use of alternative investments by endowments & foundations, with weaker resulting investment performance. In the international markets, he noted that 37% of the world’s population lives in China & India, that 48% of mutual fund flows are outside of the US, that the ETF trend is circling the globe, and that both the United Kingdom and Australia have banned commissions on investment product sales. In conclusion, he said that, “changes in the defined contribution plans market and the emergence of the international middle class are re-opening both of these opportunities."

Potential Game Changers

Mr. Roame then shared that he believes that there are two potential game changers, including governance & regulatory issues, and potential strategic activity.

Mr. Roame shared a few views and Tiburon CEO Summit XXIV attendee votes as it pertains to governance & regulatory issues:

Social Security & Medicare account for 44% of federal spending
The top ten financial institutions control 75% of financial assets
Dodd Frank is only one-third complete
Tiburon CEO Summit XXIV attendees were divided on their views about how money market funds will be regulated, with the greatest share believing that there will be no incremental regulation, while 33% expect floating NAVs, and 29% expect capital requirements
Tiburon CEO Summit XXIV attendees primarily believe that a uniform fiduciary standard will not be implemented for retail advice in the next two years
Tiburon CEO Summit XXIV attendees increasingly expect the SEC to continue as the RIA regulator

Mr. Roame also addressed recent & potential strategic activity, and concluded with a private equity view of the industry. He noted that regulatory reform and capital needs are requiring many divestitures, including those driven by Dodd Frank, TARP payoffs & other capital needs, and insurance companies consolidating risks. Mr. Roame noted that M&A activity is up as valuations are increasing, and he pointed to recent transaction such as:

The Carlyle Group acquiring TCW
GTCR acquiring Aligned Asset Managers
Orix Corporation acquiring Robeco Group
Nationwide acquiring Highmark
Hennessey Funds acquiring FBR Funds
Morgan Stanley acquiring the remainder of Smith Barney
Raymond James acquiring Morgan Keegan
Julius Baer acquiring Merrill Lynch (international)
Ladenburg Thalmann acquiring Securities America
Cetera Financial Group acquiring GEIAN
Advisors Group acquiring Woodbury
Envestnet acquiring Tamarac

Mr. Roame also noted dozens of private equity investments, including:

Independent broker/dealers: LPL Financial; Cetera Financial Group; HD Vest Financial Services; First Allied Securities; National Financial Partners
RIAs: The Edelman Financial Group; The Mutual Fund Store; United Capital Financial Partners; Mercer Advisors; Avalon Advisors; Kanaly Trust Company

Mr. Roame left the group with the highlights of a conversation he seemingly has weekly with a variety of private equity firms exploring the financial services markets:

Bet #1: Bet on products or channels? Channels for many reasons, including that the growth in passive investment products will shift profits from manufacturers to distributors
Bet #2: Bet on which channels? Financial advisors and/or self-serve channels over institutional or international channels for many reasons, including growth rates
Bet #3: Bet on which financial advisor channels? Fee-based financial advisors scale and/or outsourcing, even though isolated successes in many other areas
Bet #4: Bet on which self-serve channels? This is a crap shoot, so pick a handful of strong management teams amongst Betterment, Covestor, Learnvest, Motif Investing, Personal Capital Corporation, SigFig, & Wealthfront

Mr. Roame advised that, "private equity should generally bet on channel businesses over product businesses, in part because the firms closest to the clients always win when margins compress."

The 35 Fundamental Trends

Mr. Roame ended his presentation by reviewing the 35 fundamental industry trends:

	Economy still weak (anemic recovery) (unemployment; housing; Washington DC gridlock; municipal bankruptcies; world affairs remain issues) Stock markets back above highs (Stockman: possibly artificially due to Federal Reserve action) Interest rates still low Continued risks in big banks (another $100 billion may exist in claims for LIBOR, mortgages, etc.) Consumer net worth equal to 2007 peak (but differing underlying components explain consumer sentiment) Consumers fundamentally changed (conservative; self-reliant; lost generation)? Core investment strategies evolving (tactical; cash; retirement income) Fee-account flows shifting to rep driven programs and managed ETF programs (but rep as portfolio manager performance worse than consumer direct) ETFs continue to take share (ETF OneSource; Fidelity-BlackRock) Index mutual funds & active institutional share class mutual funds also doing well Active retail class mutual funds getting clobbered (DoA if DC market flows excluded) Active ETFs are a wild card Hedge funds are also a wild card (promise versus reality) (gross versus net) (liquid alts?) Jefferson National reinventing annuities business Financial advisor channels dominate (institutional channels still talk big game though) Financial advisor models multiplying Independent advisors slowly taking share Wirehouse broker productivity is very impressive though			Break-away broker trend motoring along (slowly) Custodians doing well (even second tier players) Financial advisor scale models emerging (The Edelman Financial Group, United Capital Financial Partners) Financial advisor target market models succeeding (Hanson & McClain; Lenox Wealth Management; Regent Atlantic Capital) Independent broker/dealers repositioning as custodians, TAMPs, and/or producer groups Discount brokers doing well (with new revenue models) B2C models re-emerging in three forms (investment managers; financial planners; & financial advisors with online presence) Digital marketing trend (big data; SEO; blogging; social media; & email marketing) emerging to rival traditional marketing efforts Women’s issues finally getting some attention (more risk averse but shorter careers; longer lives) Gen X & Y generations leading to marketing, staffing, & client service changes 401K plan allocations, performance, & advice being evaluated (DoL hires BrightScope) Defined benefit plans remain underfunded Foundation & endowment markets (with snazzy investment strategies) turn in weak performance International consumer markets present wild card Retail bank M&A activity up as is other M&A activity as market values recover Financial advisor channels and self-serve channels rapidly emerge as places for private equity bets San Francisco Giants; San Francisco 49ers; University of Michigan Football; & University of Michigan Basketball all remain powerhouses

General Session Presenter

Matt Lynch

(Principal, Tiburon Strategic Advisors)

			CEO Summit XXIV General Session Presenter Matt Lynch (Principal, Tiburon Strategic Advisors)

Tiburon CEO Summit XXIV featured a general session presentation by Tiburon Principal Matt Lynch. With over 25 years of financial services experience, most recently as CEO of a leading independent broker/dealer & RIA, Mr. Lynch is viewed as a thought leader and change agent known for his innovative approach to the financial services business as a senior executive and as a consultant. Mr. Lynch is among an elite group of industry experts who can leverage experience as a successful executive with consulting expertise. He is sought after for his ability to link strategy with the art of the possible in terms of implementing change. Mr. Lynch accomplishes this through his extensive knowledge of financial advisors, product design & pricing, regulatory requirements & trends, and the benefit of a couple of decades in the trenches. At Tiburon, Mr. Lynch has led corporate strategy engagements for leading banks, insurance companies, broker/dealers, public accounting firms, investment companies, RIAs, & venture capital firms.

Mr. Lynch addressed evaluating strategic alternatives. He organized his time into two sections, including outlining some strategic principles and highlighting the decision criteria in some recent consulting case examples about ETFs, hedge funds, financial advisor M&A, new intermediaries, and Gen X & Y investors. Amongst his comments on strategic principles, Mr. Lynch said:

"Tiburon clients have access to the same data, yet often develop vastly different strategies”
”Tiburon is often engaged to challenge conventional wisdom; avoid confirmation biases; and identify emerging disruptors”
"Companies need to avoid the trap of just following the herd"
"If your business is not focused on consumers, it is impossible to prosper and do well"
"Distributors have more of the power because they are often closer to the customers"
"At Tiburon, we try to help clients sift through the data, set aside irrelevant information, and move forward in a thoughtful way"

Regarding ETFs, Mr. Lynch said:

“ETF assets under management are booming but products have low fees, market share is concentrated, and 401K is not solved”
“ETFs are good for distribution companies that make money on related balances but bad for active management firms”

Regarding hedge funds, Mr. Lynch said:

"The market has moved faster than the advice & guidance on how to use these products”
“Fees are unreasonably high because of recent performance”
“Many alternative fund managers are absorbing management fee waivers to reduce total costs of ownership”
“RIAs are a growth opportunity but existing pricing is limiting”
“Liquid alternatives have terrible performance and many products are not what they advertise but the diversification story plays well and fees are high”

Regarding financial advisor M&A, Mr. Lynch said:

“Financial advisors have limited exit options”
“Key destination selection criteria for financial advisors looking for new firms include immediate liquidity, payout rate, finding a succession planning solution, & firm culture”
“Private equity continues to bet on financial advisor distribution”

Regarding new intermediaries, Mr. Lynch said:

“New intermediaries include next gen TAMPs and aided do-it-yourselfer models“
”Self-serve channels & their advice movement include Motif Investing; Folio Investing; Personal Capital Corporation; & Wealthfront”
“Wealthfront raised $20 million after gathering $170 million assets under management”

Regarding Gen X & Y investors, Mr. Lynch said:

”They want comprehensive, understandable, actionable financial information”
”They use technology tools for communications, online account access, and management”
“They are skeptical of institutions”
“They may be the conservative generation”

Economy & Markets Speakers

Tiburon CEO Summit XXIV also featured two economy & markets presentations.


			CEO Summit XXIV Economy & Markets Speaker Rich Bernstein (CEO, Richard Bernstein Advisors)

Rich Bernstein
(CEO, Richard Bernstein Advisors)

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

Mr. Bernstein's comments included:

"Bull markets are not periods of wine & roses; fear & indecision dominate the first seven innings of most bull markets”
"Investors are not very good at identifying bull markets until the eighth inning. The average investor has underperformed all asset classes except Japan. Investors even underperformed cash; they would have been better with their cash under their mattress”
"This market is a lot like 1982. The fears during the 1980s bull market are remarkably similar to today's market! Investors have selective memories about bull markets; they forget the first seven innings. For example: the prior decade’s subpar equity returns, slow growth economy, federal entitlements, tax reform, sovereign debt problems, & declining profit margins"
“Sure signs of a market top and bear market include the fed tightening too much and an inverted yield curve, significant overvaluation, and euphoria for asset class of choice”
“The Fed is not about to tighten and the Fed is not a leading indicator”
"You cannot have a lot of overvaluation when you have a lot of uncertainty"
“The emerging markets are where these bear market signs are showing up: India has the highest inflation rate in the world and their central bank is easing; Brazil has the fourth highest inflation rate in the world; and China has a credit bubble building that makes ours look downright amateurish"
"Expectations are way too high for emerging market companies"
"The US is a better growth story than the emerging markets"
"Japan will win the currency race to the bottom and this will be wonderful for the US dollar"
“We have three equity themes, including the American industrial renaissance, early cycle Europe, and reflating Japan”
“We have one fixed income them, specifically that treasuries are the great diversifier. For six years they have been the only true diversifier out there"
“This is what bull markets are all about: the current cycle’s concerns are not unique; there are lots of similarities to the 1980s bull market. US warning signs are not evident”
"I do not think the question for investors is stock versus bonds; it is the US versus non-US"


			CEO Summit XXIV Economy & Markets Speaker Bob Doll (Chief Equity Strategist, Nuveen Asset Management)

Bob Doll
(Chief Equity Strategist, Nuveen Asset Management)

Bob Doll is Chief Equity Strategist of Nuveen Asset Management. Immediately prior to joining Nuveen Asset Management, Mr. Doll served as a senior advisor to BlackRock, where he recently held the role of chief equity strategist. His service with BlackRock dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At Merrill Lynch Investment Managers, he served as the president & chief investment officer. Prior to joining Merrill Lynch Investment Manager, Mr. Doll served as the chief investment officer of Oppenheimer Funds.

Mr. Doll's comments included:

"There have been substantial risk clouds, including the sluggish labor markets, the housing market, the European recession, & China’s slowdown”
"Factors that are good for the economy are not necessarily the same as those that are good for the stock markets"
"US consumers account for 70% of the economy but only 28% of the stock market"
"Deleveraging (debt repayment) is the cause of our anemic economy; if all of us pay down our debt in the same day we go into depression"
"The stock market does well when unemployment is high -- the opposite of consumer expectations"
"Markets love to climb walls of uncertainty"
"Everybody worrying is the best set of circumstances for the stock market"
”We expect more of a muddle though economy and a grind higher equity market in 2013 driven by near-term US political uncertainty resolution, further monetary easing in Europe & Japan, further private sector healing in the US (including housing), less sever bumps in Europe, and improving emerging market economies”
“Nominal growth will be below 5% for an unprecedented seventh year in a row"
"Consumers continue to spend because housing has improved even though taxes are up and gasoline is up"
"We have a world that is slowly healing"
"My simple mind wants to be in equities of countries that will grow, and away from (Japan and Europe) places that are shrinking"
“Expect a nominal return of 6% to 7% from a balanced portfolio in this 3% inflation world watching paint dry; discipline and dollar cost averaging”
“Europe should begin to exit its recession by the end of the year as the ECB eases and financial stresses lessen”
“The US yield curve will steepen as financial risks and deflationary threats lessen”
“US stocks will record new all time highs as stocks advance for the fifth year in a row”
"The only reason you can have rising interest rates and a rising equity market is the lessening of deflationary threats"
“Emerging markets equities will outperform developed markets equities”
“After two years of underperformance, US multi-nationals will outperform domestically-focused companies”
"Large cap stocks will outperform small cap stocks”
“Cyclical companies will outperform defensive companies”
"It would be rare for a bull market to end with defensive stocks leading the way like they are now"
“Dividends will increase a double digit percentage as payout ratios will rise”
"Today half (usually just a handful) of stocks have higher yields than the ten year treasury"
“A nascent US manufacturing renaissance will continue, powered by cheap natural gas”
“The government will pass a $2-$3 trillion ten year budget deal”
"Washington, DC does not follow the same time clock and calendar as the rest of us; they follow the election calendar"
"Where have the moderates gone? They have given up or been voted out of office (red and blue is divided by the Mississippi River)”
“The risks include that politicians play politics; the emerging markets recovery is weak; and European financial issues continue"
"The average investor consistently underperforms all asset classes over the past twenty years"
"Overweight stocks; underweight cash”
“Buy low, sell high; the rest is easy"

Speakers & Panelists

Tiburon CEO Summit XXIV also featured speakers & panelists, including Jud Bergman (CEO, Envestnet), Tom Bradley (President, Retail Distribution, TD Ameritrade), Dale Brown (CEO, Financial Services Institute), Valerie Brown (CEO, Cetera Financial Group), David Bugen (Founding Principal, Regent Atlantic Capital), Ric Edelman (CEO, The Edelman Financial Group), Harold Evensky (President, Evensky & Katz), George Gatch (CEO, JP Morgan Funds Management), Bill Harris (CEO, Personal Capital Corporation), Paul Hatch (Vice Chairman, Morgan Stanley Wealth Management), Chet Helck (CEO, Global Private Client Group, Raymond James Financial), Jim Jessee (President, MFS Fund Distributors), Jonathan Korngold (Managing Director, General Atlantic Partners), Sallie Krawcheck (Former President, Global Wealth & Investment Management, Bank of America Corporation), Steve Lockshin (Chairman, Convergent Wealth Advisors), Don Phillips (President, Research, Morningstar), Scott Powers (CEO, State Street Global Advisors), Larry Roth (CEO, Advisor Group, American International Group (AIG)), Esther Stearns (CEO, NestWise), Mark Tibergien (CEO, Pershing Advisor Solutions), David Tittsworth (Executive Director, Investment Adviser Association), & Fred Tomczyk (CEO, TD Ameritrade).

Jud Bergman
(CEO, Envestnet)

			CEO Summit XXIV Panelist Jud Bergman (CEO, Envestnet)

Jud Bergman is CEO of Envestnet, responsible for directing its core strategies and guiding organizational & business development. Mr. Bergman founded Envestnet in 1999 to provide web-based wealth management software and services and advanced portfolio solutions for independent advisors to better serve their affluent and high net worth clients. Under his direction, Envestnet has grown to empower 23,000 advisors and support $368 billion in financial advisor managed assets. Mr. Bergman also serves as a trustee for Guardian's RS Investments' mutual fund family, which manages over $20 billion in assets. Prior to Envestnet, Mr. Bergman was the managing director, Nuveen Mutual Funds, for Nuveen Investments, a diversified investment manager with over $100 billion under management. In this role he was responsible for the profitable growth of Nuveen's mutual funds business and was a member of Nuveen's Investment Management Committee. From 1992 to 1997, Mr. Bergman directed Nuveen's corporate development activity, where he initiated the development of Nuveen's separately managed accounts business and helped guide the firm's expansion into diversified investment management beyond municipal investments.

Mr. Bergman's comments included:

“Will conflicts be more fully disclosed and to what extent will a fiduciary standard be adopted?”
“What emerging technologies could affect the financial advisor-investor relationship?”
“Are the factors driving financial advisors to independence changing and are they accelerating?”
"I think that economies of scale are shifting rapidly in our line of business. We are seeing advisory practices with $120 to $150 million thrive on top line revenues less than $2.0 million with just two or three people in their shop"
“Will there be capital sufficient to meet the liquidity requirements of retiring advisors?”
“How will advances in investor-facing technology affect industry consolidation activity?”
“How fast will the TAMP industry consolidate?”

Tom Bradley (President, Retail Distribution, TD Ameritrade)

			CEO Summit XXIV Panelist Tom Bradley (President, Retail Distribution, TD Ameritrade)

Tom Bradley is President of Retail Distribution at TD Ameritrade. Mr. Bradley joined TD Ameritrade in 2006 upon its acquisition of TD Waterhouse and was appointed president of TD Ameritrade Institutional, where he oversaw all institutional business functions, including the company's independent investment advisor services, directed brokerage, self-directed 401(k), & retirement trust businesses. He was named to his current position in 2011.

Mr. Bradley's comments included:

“TD Ameritrade has over 5,000 employees, 105 branches, $500 billion in client assets”
“TD Bank maintains a 45% ownership stake in TD Ameritrade”
"TD Bank is the only AAA rated bank in North America"
“Key issues that the industry should be discussing include disengaged investors, regulation, and transfer of wealth”
“USA Today on January 17, 2013 said ‘Is it too late to jump into the stock market rally?”
“Near zero interest rates provide challenges for financial services firms and investors”
"When it comes to regulation, we need better, not more"
“Fiduciary versus sales -- advice models are moving to RIA & fiduciary and sales is being preserved as it should be, but dual hats is a problem that needs to be addressed”
“AdvisorOne on January 16, 2013 said ‘SEC to take another step toward fiduciary rule”
" Lobbying has become a bad word but there is good lobbying too”
“There is $31.0 trillion of assets up for grabs by financial advisors”
“Consumers are scared, scarred, & skeptical"
“The asset allocation process has been commoditized; it is not enough any more; we need something much higher touch”

Dale Brown (CEO, Financial Services Institute)

			CEO Summit XXIV Panelist Dale Brown (CEO, Financial Services Institute)

Dale Brown is CEO of the Financial Services Institute, an advocacy organization for independent broker/dealers and independent financial advisors. Mr. Brown brings more than twenty years of association management experience to the FSI, most recently as the associate executive director of the Financial Planning Association (FPA). At the IAFP, one of the FPA’s predecessor organizations, he led the government relations program and the broker/dealer program, which grew to more than 130 member firms by the time the FPA was created in 2000. He also led the successful fight in the mid-1990s against the IRS’s attempts to force independent broker/dealers to reclassify their representatives as statutory employees. The FSI now has 107 firm members and 35,000 financial advisor members.

Mr. Brown's comments included:

“FSI’s vision is access to advice for everyone”
“FSI’s mission is to advocate for a healthier business friendly regulatory environment”
“We formed this organization in response to an oppressive regulatory environment"
“I have a good friend in Washington who says that Congress does two things very well: nothing and overreact”
“Political gridlock will prevent any meaningful regulatory reform until after the 2014 mid-term elections”
“The SEC will enact a uniform fiduciary standard of care before the end of 2014”
“FINRA will continue to expand its reach into investment advisory oversight, setting the stage for eventual Congressional authorization in early 2015”
“The Republicans will take back control of the White House in 2016, with a candidate whose last name is not Christie, Paul, Ryan, or Rubio”

Valerie Brown
(CEO, Cetera Financial Group)

			CEO Summit XXIV Panelist Valerie Brown (CEO, Cetera Financial Group)

Valerie Brown is CEO of Cetera Financial Group and its four independently managed broker/dealer firms. Working closely with the Cetera executive team, Ms. Brown leads the strategy execution for company-wide initiatives that enhance value to all customers, employees, shareholders, & business partners. Prior to her current duties with Cetera, Ms. Brown was CEO of ING Advisors Network, a role in which she was responsible for guiding its four broker/dealers. She had previously also served as its president for five years, where her tenure was highlighted by continuous record revenue and earnings. Previous positions included service as president of ING US Retail Annuities and key international appointments within the ING organization, among them, serving as chief of staff for ING Group’s Executive Committees, Americas and Asia/Pacific. Cetera Financial Group was formed in 2010 upon the sale of three ING broker/dealers to Lightyear Capital.

Ms. Brown's comments included:

“Cetera Financial Group is serving multiple faces of independence”
“The firm has 6,200 registered reps (4,300 fo whom are dually registered) and $160 billion assets under administration”
“Key issues that the industry should be discussing include XXXX”
“The advisor must be better off”
“Culture is king”
“The whole kit and kaboodle”

David Bugen
(Founding Principal, Regent Atlantic Capital)

			CEO Summit XXIV Panelist David Bugen (Founding Principal, Regent Atlantic Capital)

David Bugen is the Chairman of Regent Atlantic Capital. He has been providing wealth advisory services since 1979. Mr. Bugen is the former chairman of the Northern New Jersey Chapter of the International Association for Financial Planning and served on the Investment Policy Committee for the Financial Planning Association. Mr. Bugen is a member of the Alpha Group, a nationally recognized group of senior investment advisors that Barron's called, "the nation's most powerful financial planners."

Mr. Bugen's comments included:

“Regent Atlantic has 38 employees, serves 1,000 clients, and manages $2.4 billion”
“The firm utilized Fiduciary network to fund its succession plans”
“Regent Atlantic has several practice specialties, including women on wall Street, matrimonial, Pharma executives, physicians, attorneys, & business owners”
The firm addresses issues such as GRATs, Roths, SLATs, QPRTs, DAFs, deferred compensation, & stock options”
“Many registered investment advisors lack succession plans which may breach their responsibility tot heir clients”
"We can not be all things to all people"
"The most important thing we do is behavioral counseling at critical points in their lives"
“There is a severe talent shortage to address the planning needs of consumers. Owners of advisory firms do not delegate and they are shirking their fiduciary duty. We need to share equity, delegate clients, and create career paths”
“Few registered investment advisors manage their firms in the best interests of clients, colleagues, & owners”

Ric Edelman
(CEO, The Edelman Financial Group)

			CEO Summit XXIV Presenter Ric Edelman (CEO, The Edelman Financial Group)

Ric Edelman is CEO of The Edelman Financial Group. Mr. Edelman has been ranked by Barron’s among America’s top 100 financial advisors nine times, including being ranked as the number one independent financial advisor in 2009, 2010, & 2012. In 2012, RIA Biz named Mr. Edelman the most influential financial advisor in America. Mr. Edelman has also been ranked as a top financial advisor by Research Magazine, Registered Rep, Financial Advisor, & other publications. Mr. Edelman is also a best selling author, syndicated columnist, & host of weekly television and radio shows on personal finance. His seven books on personal finance include The Truth About Money; Ordinary People, Extraordinary Wealth; & The New Rules of Money.

Mr. Edelman's comments included:

"The industry has failed to deal with the 99%. It is more fun helping poor people become rich people than rich people become richer. With Edelman online, we will deliver planning and investment management services to people with as little as $5,000 for a 2% fee or $100"
"No firm has taken market share in the financial advisory industry"
"Singularity is the key to the future"
"The odds are that if you are alive in 2030, then you will live forever"
"Life expectancy could go to 150 to 300!?"
"Most of us are not paying enough attention to where technology is taking us"
"Technological intelligence and human intelligence will be on a par by 2029; this is the singularity"
"The Google Car is legal in 3 states... Odds are your five year old will not drive a car"
"There are no lights in factories that are run by robots"
"Robots will be able to do any human task within twenty years"
“DNA nanotechnology helps these machines replicate themselves using millions of precisely arranged atoms”
“Advances in biotech mean that we will literally eat away all the pollutants on the planet; bio-informatics mean your iPhone can become an EKG device; 3D printing in any material is being done right now; now there is 4D and 5D printing”
"We need to make all of our services available on mobile"
“Nike is FedEx’s number one customer. What happens when the customer can print their shoes or download sweaters from Nordstrom after paying a license fee?”
"The questions we must ask ourselves are how can we protect our clients? How must we change our products, advice, & services? What happens to estate planning if you do not die? What is technology going to do to society and business?"
"There are human body parts being created right now -- should they buy long-term care?"
"I would be happy to have you ask questions but I have no answers"

Harold Evensky
(President, Evensky & Katz)

			CEO Summit XXIV Panelist Harold Evensky (President, Evensky & Katz)

Harold Evensky founded and serves as the President of Evensky & Katz. Prior to forming Evensky & Katz, Mr. Evensky served as a vice president of investments with major investment banking firms. Mr. Evensky has served as chairman of the International CFP® Council, the CFP® Board of Governors, the Board of Examiners, & the Board of Appeals. He has served on the Editorial Advisory Board of the Asia Financial Planning Journal, as a columnist for Worth.Com, on the Editorial Advisory Board of the Journal of Financial Planning, & he is currently the research columnist for the Journal of Financial Planning and a board member of the Academy of Financial Services. He has also served on the National Board of the IAFP and the Charles Schwab Institutional Advisory Board & Council. He is the past chairman of the TIAA-CREF Institute Advisory Board and is a member of the Financial Planning Association, the Academy of Financial Services, & the CFA Institute and is an associate member of the American Bar Association. He is the author of Wealth Management and co-editor of The Investment Think Tank & Retirement Income Redesigned.

Mr. Evensky's comments included:

“Evensky & Katz has 18 employees; 350 clients, 1,400 accounts, & $820 million assets under management”
“The firm’s clients are in 26 states, with 62% in South Florida”
“Evensky & Katz is a member of the Fiduciary Network, the Alpha group, & the Committee for the Fiduciary Standard”
“Key issues that the industry should be discussing include the commoditization of wealth management; the low return, higher volatility, & correlated environment; mortality & the squaring of the curve; small client solutions, including through technology; and the fiduciary standard and regulations”
“Financial planners and financial advisors tend to focus on the probabilities and not the consequences. The risk of investors losing their standard of living is our primary focus as financial planners"
“What ought to keep you awake at night is that you will not die"
“We really earn our money when everyone else is terrified”
"We are financial planners…fee-only fiduciaries in our practice"
"Most financial advisors have a sale plan but not a succession plan"
"We need to get the word out to younger people about the extraordinary opportunities in our industry"

George Gatch
(CEO, JP Morgan Funds Management)

			CEO Summit XXIV Panelist George Gatch (CEO, JP Morgan Funds Management)

George Gatch is CEO of JP Morgan Funds Management. Mr. Gatch joined JP Morgan Chase & Company in 1986 and has held numerous leadership positions throughout the firm in business management, marketing, and sales. JP Morgan asset Management has gathered $2.0 trillion in client assets, generates $10 billion revenues, & earns $3.0 billion pretax income.

Mr. Gatch's comments included:

“JP Morgan Asset Management’s channels include US Private Banking; International Private Banking; & JP Morgan Securities”
“Multi-asset solutions will account for more than 25% of flows and 15% of profits by 2015”
“61% of financial advisors cite asset allocation as he foundation of heir portfolio construction process”
“I wonder if this notion of open architecture results in poor outcomes because we are constantly chasing returns”
“Investors underperformed the market by nearly 6% during the last two decades”
“Investors think globally; do you?”
"Investors anchor themselves to their own equity markets"
“International stocks compromise 54% of the world’s equity markets, yet represent 28% of equity fund assets held by US investors”
“Active versus passive is a false choice”
"Investors will increasingly use alternative investments, but so far their experience with non-traditional products has been limited"
"The only thing that matters is investment performance. Flows go to top performing funds and new strategies with good salespeople"

Bill Harris
(CEO, Personal Capital Corporation)

			CEO Summit XXIV Panelist Bill Harris (CEO, Personal Capital Corporation)

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

Mr. Harris' comments included:

“Personal Capital Corporation provides digital wealth management”
“Another company of which I am a founder, MyVest, is a cloud based investment management platform”
“Key issues that the industry should be discussing include tech versus touch; product versus customer; and manufacturing versus distribution”
“Will services be delivered with technology or people?”
"Today, there are four times as many bank branches than we had in the 1970s"
"I do not reject face-to-face advice... what I reject is the physical substantiation of the face-to-face advice"
“I think the sweet spot is technology and effective touch”
“Hybridization is the ability to combine high tech self service with high touch advice in a seamless application”
"Co-browsing is the future"
“Will we sell products or advise customers?”
"The brokerage account was the craftsman model while the mutual fund was the assembly line or mass production that allowed economies of scale"
"Computing power made mutual funds possible"
“Hyper personalized wealth management is where we are going"
“How will we integrate the creation and delivery fo portfolios”

Paul Hatch
(Vice Chairman, Morgan Stanley Wealth Management)

			CEO Summit XXIV Panelist Paul Hatch (Vice Chairman, Morgan Stanley Wealth Mangement)

Paul Hatch is Vice Chairman of Morgan Stanley Wealth Management, which manages $1.7 trillion in client assets through a network of 17,000 representatives in 740 locations. Mr. Hatch started as a financial consultant for EF Hutton in 1984 and joined Smith Barney as a branch manager in 1992. He has spent 28 years serving the advisors and clients of Morgan Stanley and its processor firm.

Mr. Hatch's comments included:

“Key issues that the industry should be discussing include rep as advisor programs; social media; and improving investor outcomes”
“Are rep as advisor programs good or bad for the industry?”
"We wirehouses’ advisory businesses will grow via rep as PM and rep as advisor because reps want more control and to capture the economics of the model"
"The ultra high net worth teams will look like law firms"
“Senior and junior partners are self liquidating”
“We are looking a lot less for entrepreneurs and a lot more for team members”
“The next generation is of great character”
"Social media is about keeping in constant contact. It changes our relationships. It will transform our ability to interact with clients"
“As an industry what are we doing to focus on improving investor outcomes? Are we doing enough?”
“Relative returns are the wrong measure; we have to focus on client outcomes, not product performance”
"I believe the single biggest problem is financial illiteracy but I also believe it will not be solved in my lifetime"

Chet Helck
(CEO, Global Private Client Group, Raymond James Financial)

			CEO Summit XXIV Panelist Chet Helck (CEO, Global Private Client Group, Raymond James Financial)

Chet Helck is CEO of the Global Private Client Group at Raymond James Financial, which includes the firm’s domestic broker/dealer subsidiaries, Raymond James & Associates and Raymond James Financial Services, together with Canadian subsidiary Raymond James Limited and London-based Raymond James Investment Services. Collectively, the Private Client Group comprises nearly two thirds of the total firm revenues. In addition, his leadership responsibilities include wealth management and marketing and corporate communications. He also serves as a director of Raymond James Financial, as well as of numerous subsidiaries throughout the organization.

Mr. Helck's comments included:

“Raymond James has 6,200+ financial advisors in 2,600+ locations with$392 billion assets under administration”
“The firm has a market capitalization of $5.3 billion and has reported 100 consecutive profitable quarters”
"Putting the client first has always been the mantra”
“Raymond James generates $2.7 of its $4.2 billion fo revenues in its Private Client Group”
"We are a service bureau for financial advisors and they are our clients; we offer a wide range of models in our advisor choice program"
"Our reps’ clients are all free agents and can leave anytime they want and so are our reps"
"There is nothing wrong with being in the direct business; we are just not in it"
“Key issues that the industry should be discussing include trust & confidence; risk management; the fiduciary standard; and the RIA & hybrid models”
"Our industry is in its darkest hour from a perception point of view"
“We as leaders should take a lesson from how hard financial advisors work to gain trust”
“We need more disclosures with regard to conflicts; that is a matter fo trust & confidence”
"I think regulation is going to change dramatically"
“Social media… What we should do is get out of the way and let it happen”

Jim Jessee
(President, MFS Fund Distributors)

			CEO Summit XXIV Panelist Jim Jessee (President, MFS Fund Distributors)

Jim Jessee is President of MFS Fund Distributors. Mr. Jessee is responsible for the marketing and sales of MFS' US-based mutual funds and separately managed accounts. His team also distributes MFS investment offerings through insurance company variable products. He joined the company in 1987. The firm is 80% owned by Sun Life of Canada.

Mr. Jessee's comments included:

“MFS is the oldest mutual fund company in the US (1924)”
“MFS manages $323 billion assets, 55% for the retail markets and 45% for institutional clients”
“Key issues that the industry should be discussing include the rise of advisory platforms using discretion (home office and rep); continued growth of defined contribution opportunities; and global marketplace asset gathering”
“The data we receive as an asset manager is still lacking; if we could get good data at he financial advisor level at all of the firms, we could better align compensation”

Jonathan Korngold
(Managing Director, General Atlantic Partners)

			CEO Summit XXIV Panelist Jonathan Korngold (Managing Director, General Atlantic Partners)

Jonathan Korngold is Managing Director at General Atlantic Partners, where he has worked since 2001. Mr. Korngold has worked in General Atlantic's London office and is now based in New York, where he is a member of the firm's Executive Committee and Investment Committee, and is the head of the firm's Global Financial Services sector, as well as co-head of the firm's Global Healthcare sector. In his capacity as a Managing Director, Mr. Korngold has worked closely with many of the firm's public and private portfolio companies in the financial services, healthcare services, transaction processing, and business services areas, and he is currently a board member of MedExpress Urgent Care and Align Networks.

Mr. Korngold's comments included:

“General Atlantic is a global growth investor”
“The firm has a stable capital base and unique long-term structure”
“Investments range form $75 to $400 million”
“The firms primarily makes minority investments in private companies, and makes ten to twelve investments per year”
“General Atlantic makes investments in specialized asset management and asset services, as well as next generation payments”
“Investments have included CITCO; E*Trade Financial; First Republic Bank; GETCO; NYMEX; NYSE Euronext; Oak Hill Advisors; Pierpont Securities; RiskMetrics Group; and more”
“Key issues that the industry should be discussing include the growth of passive & index products; the success of RIA roll-up platforms; and asset accumulation in the emerging markets”
“The growth of passive & index products will shift profit pools from manufacturers to distributors”
“Demand for liquid alternatives is surging; this is the first thing in years to re-energize mutual funds”
“The RIA roll-ups bring risk in scaling and managing a federation of quasi-independent entrepreneurs”
"Independent platforms like Cetera Financial Group and LPL Financial may be better positioned to capture the independent advisor asset flows”
“In the vast majority of emerging markets, distribution capabilities trump investment performance for retail flows”

Sallie Krawcheck
(Former President, Global Wealth & Investment Management, Bank of America Corporation)

			CEO Summit XXIV Panelist Sallie Krawcheck (Former President, Global Wealth & Investment Management, Bank of America Corporation)

Sallie Krawcheck has had a series of high profile roles, having served most recently as the President of Global Wealth & Investment Management at Bank of America Corporation. Previously she was the CEO of Citi Wealth Management, the Chief Financial Officer of Citigroup, the CEO of Smith Barney, and the CEO of Sanford Bernstein & Company. She is currently considering next steps in her career. In her most recent role at Bank of America Corporation, she led one of the largest wealth management businesses in the world with more than 20,000 financial advisors across the entire wealth spectrum and $2.0 trillion in total client assets.

Ms. Krawcheck's comments included:

"Running Merrill Lynch was like the Disney ride The Tower of Terror"
“Key industry issues that the industry should be discussing include continued risk in the big banks; opportunities for wealth management in niches; and how social media changes everything”
“Do banks, and therefore the industry, have enough capital?”
"Money market funds are not what you think"
"We do not need more disclosure, we need the right disclosure. Only 17% read disclosures. We need a simple one pager”
“We continue as an industry to let the media define us”
“We need to change the value proposition”
"Our industry runs the risk of becoming the Republican Party -- old white guys saying to each other, "we are right, aren't we?"
“As an industry we are in danger of skating to where the puck was”
"Women control 60% of the assets, live eight years longer, and are over 50% of the population, and the industry considers us a niche!”
"We in our industry do not have this right yet... Only 2% of the assets stay when the first generation passes away"
“Social media changes everything”

Steve Lockshin
(Chairman, Convergent Wealth Advisors)

			CEO Summit XXIV Panelist Steve Lockshin (Chairman, Convergent Wealth Advisors )

Steve Lockshin is Chairman of Convergent Wealth Advisors, having founded the firm in 1994 and served as CEO for eighteen years. Mr. Lockshin is also Co-Founder of Advizent. Mr. Lockshin leads Convergent in its efforts to deliver a differentiated offering to the ultra affluent. Under his leadership, the company has emerged as an early adopter of asset allocation strategies for ultra-high-net-worth families, successful use of Monte Carlo simulation to better quantify the risks & reward parameters of alternative portfolios, equity risk management, and other innovative strategies. His focus remains on building the company through client service & differentiated offerings, with a particular emphasis in trust & estate tax strategies, concentrated wealth strategies, and overall family wealth planning. Mr. Lockshin previously served as a partner at Meltzer & Associates, a nationally recognized firm providing services in insurance, estate planning, & executive compensation. From 1985 to 1988, he worked with Legg Mason in various businesses, including an extended period in the municipal bond department.

Mr. Lockshin's comments included:

"As chairman, I will concentrate my efforts on the areas of the business I am most passionate about"
“The financial services & advisory industry will become increasingly commoditized as a result of technology”
“Pricing remains disconnected from value. Obfuscation and complexity stand in the way. As a result, the world is upside down when it comes to value versus compensation”
“We are limited by the estate planning tools out there”
"Good tax & estate planning will trump good investments every time"
“Our industry is plagued with conflicts. What does it mean to be a true fiduciary?”
“We have benefited as an industry through hidden fees and obfuscation but technology in the hands fo consumers will enable them to recognize differences between real value and commoditized services”
"We are a bunch of salespeople trying to be a profession"
"We have an ego problem in this industry"
"I like flat fees; it takes the conflict out of it”
”If you can not provide advice beyond portfolio allocation and manager selection, you may find the future quite difficult”

Don Phillips
(President, Fund Research, Morningstar)

			CEO Summit XXIV Panelist Don Phillips (President, Fund Research, Morningstar)

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

Mr. Phillips' comments included:

“Morningstar is a leading provider of independent investment research”
“Morningstar’s mission is to create great products that help investors reach their financial goals”
“Key issues that the industry should be discussing include the need to restore confidence among investors; the need for better relationships with Washington, DC; and the need to establish a sense of responsibility and pride around investing”
“There is a good story: performance is up; 401K balances well up from 2007; buy & hold, diversification, dollar cost averaging are not dead. The industry’s tools worked”
“Fund launches like target date funds have been responsible”
“Costs, transparency, & investor protections are better in the US fund market than in any other”
“Global investor experience: The US fund industry gets an A for quality, transparency, & cost but a C for taxation and regulation”
“Mutual funds are the vehicle fo choice for America’s middle class. They are something to champion and export”
“The UK fund industry partners with the government and regulators to promote investing and bring assets to its fund industry”
“The US president appoints former prosecutors of organized crime to lead the SEC and DOL and oversee funds”
“Asset managers must prove that they align their interests with Main Street, not Wall Street”
“We need to focus on the problem. Americans are not saving well for retirement”
“Casting investing as a game, appealing to greed, as done in the late 1990s, was short sighted”
“We need to put pride into being an investor”
“Reputations are forged in decades, not in quarters”
“In the end if investors do not win, then everything else has failed”
“Today mutual funds are bought not sold”

Scott Powers
(CEO, State Street Global Advisors)

			CEO Summit XXIV Panelist Scott Powers (CEO, State Street Global Advisors)

Scott Powers is CEO of State Street Global Advisors (SSGA), the investment management arm of State Street Corporation and one of the largest institutional asset managers in the world. Mr. Powers is also a member of State Street's Management Committee, the company's senior-most strategy and policy-making team. Prior to joining State Street in 2008, Mr. Powers served as CEO of Old Mutual US, the US operating unit of London-based Old Mutual. During his seven year tenure at Old Mutual, he was one of six senior executives overseeing the worldwide operations and was also a member of Old Mutual's executive committee, where he was actively involved in the development and execution of overall business strategy.

Mr. Power's comments included:

“State Street Global Advisors has gathered $2.1 trillion assets under management”
“We need to help investors regain confidence in the capital markets and that they can get a fair deal"
“Active ETFs will probably be relevant in five or ten years”
“This is not about mutual fund versus ETFs or active versus passive; investors use both mutual funds & ETFs, including active and passive”
“Separation of alpha and beta: advance beta; ETFs”
"Clients increasingly want to see the alignment of the economics with the results they get delivered"
“Tail risk management: managed volatility strategies; divergent return strategies; multi asset class solutions”

Larry Roth
(CEO, Advisor Group, American International Group (AIG))

			CEO Summit XXIV Panelist Larry Roth (CEO, Advisor Group, American International Group (AIG))

Larry Roth has been CEO of the Advisor Group at American International Group (AIG) since 2007. Advisor Group is a leading independent broker/dealer, with four primary subsidiaries, including FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, & Woodbury Financial. Mr. Roth has also served as CEO of Royal Alliance Associates. Mr. Roth serves as director at The United States Life Insurance Company in the City of New York.

Mr. Roth's comments included:

“Advisor Group has 6,000 reps, two million unique clients, $130 billion assets under management, and generates $1.1 billion revenues”
“Key issues that the industry should be discussing include those surrounding consumers, product manufacturers, & distributors”
"Consumers need help but we are not prepared to serve them"
“During every stage of their lives, baby boomers have created demand for innovative products to satisfy their needs. This time, their need is to preserve their lifestyles in retirement, without running out of money”
"Insurance product manufacturing is difficult; demand is up but supply is down"
“The macroeconomics of low interest rates makes manufacturing new products, and supporting existing ones, cost prohibitive”
"We do not have enough financial advisors to serve the number of consumers"
“Financial advisors will need to bifurcate their services between the mass market, looking for retirement planning support, and more affluent clients who expect high-touch personalized financial services”
"Aging financial advisors are jettisoning their smaller consumers right when they need their help the most"
"When we talk about growth & succession strategies to successful financial advisors they say, ‘that sounds like work!’"
“Younger financial advisors are more difficult to get in, take longer to get up and running, and we are not training as much as in the past”
“Our industry business model is out of touch with client expectations”

Esther Stearns
(CEO, NestWise)

			CEO Summit XXIV Panelist Esther Stearns (CEO, NestWise)

Esther Stearns is CEO of NestWise at LPL Investment Holdings. Ms. Stearns has been in the financial services industry for 30 years. She started her career at The Charles Schwab Corporation and remained for fourteen years in a variety of operational, compliance, & technology-related positions. Ms. Stearns then moved to LPL Financial, where she was in charge of technology for many years before becoming president and chief operating officer. NestWise has a presence in Atlanta, Dallas, & Denver, and ten financial advisors.

Ms. Stearns' comments included:

“NestWise is a new kind of financial services company, committed to providing middle class Americans with access to affordable personal financial advice”
“Using innovative technology, financial advisors are trained for this market, and a financial plan designed for this audience, we are poise dot serve a 32-40 million household underserved market”
“NestWise addresses three compelling industry issues, including meeting the growing need fr middle class financial advice; financial planning is what people need; and our industry is not socially relevant”
“Self-service and impersonal advice is not the answer”
“We place too much emphasis on investing”
“We need to serve a broad base of Americans to solve real problems”
“Managing the long-term needs of middle class Americans is hard.”
“We have a social imperative to provide this; we need a call to action as an industry to address this issue”

Mark Tibergien
(CEO, Pershing Advisor Solutions)

			CEO Summit XXIV Panelist Mark Tibergien (CEO, Pershing Advisor Solutions)

Mark Tibergien is CEO of Pershing Advisor Solutions, a BNY Mellon company. Pershing Advisor Solutions is one of the country's leading custodians for registered investment advisors and family offices. Pershing Advisor Solutions’ assets under custody have increased from $30 to $109 billion over the past five years. Mr. Tibergien is also a managing director of Pershing, a BNY Mellon company, and a member of Pershing's Executive Committee and BNY Mellon's Operating Committee. Mr. Tibergien joined Pershing in 2007. He was previously at Moss Adams.

Mr. Tibergien's comments included:

“Pershing Advisor Solutions perceives itself as the new model custodian. It serves professionally managed growth oriented advisory firms that serve clients with complex lives”
“Pershing Advisor Solutions believes that what makes it different is its bank & brokerage custody model; private banking solutions; global reach; and practice management capabilities”
“Key issues that the industry should be discussing include the globalization of the advisory model; designing new model financial services companies around clients; & the implications of the age gap”
"Pershing has a fast growing segment of financial advisors working with clients in international markets"
"The right perspective to approach this business is to focus on financial advisors' client satisfaction"
"The really successful firms are focused on defining their optimal clients."
"We have not been very successful in bringing in younger financial advisors. The average age of financial advisors is 57. Only 22% of financial advisors are under the age of 40 and only 5% are under 30; there are implications for the future."
“The amount of assets owned by those 45 and under is almost the same as those owned by the baby boomers”
"I think people are confusing succession planning with selling practices. Succession should be part of your growth strategy. If you do not have a succession strategy as part of your growth strategy, you are going to be selling an empty oil well."
"Older financial advisors call themselves entrepreneurs but I am convinced that entrepreneur is a French word that means, ‘I do not want to be accountable.’"
"Our generation views work by how much we put in and the next generation gauges it by how they get out."

David Tittsworth
(Executive Director, Investment Adviser Association)

			CEO Summit XXIV Panelist David Tittsworth (Executive Director, Investment Adviser Association)

David Tittsworth has served as Executive Director of the Investment Adviser Association since 1996. He is responsible for the management of the non-profit organization dedicated to serving & representing the interests of SEC-registered investment advisory firms. Founded as the Investment Counsel Association of American and based in Washington, DC, the IAA engages in numerous advocacy, compliance, & educational services on behalf of its membership. Prior to assuming his current position, Mr. Tittsworth served as counsel of the house committee on energy & commerce. Prior to that he was a partner at government relations firm Chambers, Conlon, & Hartwell. Mr. Tittsworth has served in Washington, DC, almost continuously, since 1987, including stints on the house budget committee and as senior counsel to the house subcommittee on transportation, trade, & hazardous materials.

Mr. Tittsworth's comments included:

“The IAA has 550 investment management firm members that manage $10 trillion for a variety of individual and institutional clients”
“Most regulatory reform is well intentioned but poorly executed. Examples include money market reform; SEC registration of hedge funds & private equity funds; CFTC & SEC redundancy; Dodd Frank; & Federal Reserve Bank stress tests”
“Next in line are investigations into money laundering; derivatives; & predatory lending”
“Nobody can regulate mortality”
“Washington, DC brings risks, including legislative risks, regulatory & compliance risk, reputational risk, & political risk”
“Legislative risk includes the Dodd Frank Act and the potential SRO legislation”
"FINRA is actively lobbying to expand its turf"
“Regulatory & compliance risk includes the fiduciary duty and the harmonization of broker/dealer and investment advisor regulations"
"Do not weaken or water down the Advisors Act fiduciary duty"
“Regulation will not close the trust gap between Wall Street and consumers”

Fred Tomczyk
(CEO, TD Ameritrade)

			CEO Summit XXIV Panelist Fred Tomczyk (CEO, TD Ameritrade)

Fred Tomczyk is CEO of TD Ameritrade. He is a 25 year veteran of the financial services industry with extensive expertise in wealth management, insurance, & banking. Mr. Tomczyk has served as CEO of TD Ameritrade since 2008 and previously served as the company’s chief operating officer. His involvement with the company goes back more than five years as he helped to shape the Ameritrade & TD Waterhouse merger and later served on the board of directors. Today, Mr. Tomczyk oversees the management of the firm and progress made toward its strategic objectives: to maintain a leadership position in the trading business and to continue growing as an asset gatherer. Prior to assuming his current position, Mr. Tomczyk served as vice chairman of corporate operations for TD Bank Financial Group. Prior to that role, Mr. Tomczyk's positions at TD Bank Financial Group included executive vice president of core banking & wealth management, as well as executive vice president of retail distribution, where he led the branch networks of TD Bank and Canada Trust through the merger to become TD Canada Trust. Prior to joining Canada Trust, Mr. Tomczyk served as CEO of London Life.

Mr. Tomczyk's comments included:

"TD Ameritrade has 5,400 employees in two channels, retail brokerage with ~$300 billion of client assets and RIA custody with ~$200 billion of client assets”
“Our retail brokerage business has 105 branches, 800 investment consultants, and five million funded retail accounts”
“Our RIA custody business serves 4,700 RIAs”
“We processes 360,000 client trades per day in 2012, 38% of which was options & futures”
“TD Ameritrade had $80 billion of client cash at the end of 2012, which is painful at these low rates”
“The firm generates $2.6 billion of revenues and a 35% pretax margin”
"We are open minded about acquisitions, but they have to make strategic and financial sense"
“Key issues that the industry should be discussing include whether the trend in ETF and index products (and the continued low interest rate environment) means the wealth management model needs to be structurally changed; if the breakaway broker trend is over or if it will continue; and how active asset managers will compete given the trend to passive asset management and the more recent price wars”
"The mishandling of the Facebook initial public offering in 2012 rattled the confidence of retail investors who were already leery of financial markets"
“There is always turmoil in the industry, including the breakaway broker trend, which we see as opportunity for us”
"You have to be in favor of more disclosure in principle"

Attendees

Tiburon CEO Summit XXIV had 225 confirmed client attendees, including:

Chip Roame (Managing Partner, Tiburon Strategic Advisors)
Rick Adler (Board Member, Convergent Capital Management)
Gurinder Ahluwalia (CEO, Genworth Financial Wealth Management)
Sonia Ahuja (Executive Vice President, Business Development & Strategy, BrightScope)
David Akellian (Executive Vice President, Custom Clearing Services, LPL Financial)
Mike Alfred (CEO, BrightScope)
Ryan Alfred (President, Product Development, BrightScope)
Alan Alzfan (Partner, McGladrey)
Daniel Applegarth (Chief Financial Officer, NorthStar Financial Services Group)
Lee Argush (Business Head, Concord Trust & Wealth Solutions, LPL Financial)
Marion Asnes (Chief Marketing Officer, Envestnet)
Carla Avila (Business Head, Financial Institutions, Baron Capital Group)
Jeni Bahr (Chief Financial Officer, Wealth Enhancement Group)
Chuck Baldiswieler (CEO, TCW Funds)
David Ballard (Chief Operating Officer, Advisor Group, American International Group (AIG))
David Barry (CEO, Trust Company of America)
Tony Batman (CEO, 1st Global Capital Corporation
John Battaglia (CEO, Aris Wealth Services, Aris Corporation of America)
David Baum (Partner, Investment Products & Services Group, Alston & Bird)
Brent Beene (Managing Partner, Regent Atlantic Capital)
Ed Beggs (CEO, Laser App Software)
Michael Bell (CEO, Curian Capital)
Jud Bergman (CEO, Envestnet)
Brad Bernstein (Partner, FTV Capital)
Rich Bernstein (CEO, Richard Bernstein Advisors)
Rudy Bethea (Chief Business Development Officer, NestWise)
John Blamphin (Chief Operating Officer, Retirement Management Systems)
Phil Blancato (President, Ladenburg Thalmann Asset Management)
Joe Bottazzi (Chief Communications Officer, Edelman Financial Services)
Phillip Bowman (Chief Marketing Officer, TD Ameritrade)
John Brackett (Managing Partner, Bar Financial Network)
Tom Bradley (President, Retail Distribution, TD Ameritrade)
Dale Brown (CEO, Financial Services Institute)
Josh Brown (Partner, Fusion Analytics Investment Partners)
Valerie Brown (CEO, Cetera Financial Group)
Todd Brunskill (Chief Marketing Officer, First Rate Investment Systems)
David Bugen (Founding Principal, Regent Atlantic Capital)
Randy Bullard (CEO, ETF Strategy Group)
Derek Burke (President, First Investors Management Company)
Jim Cahn (Chief Investment Officer, Wealth Enhancement Group)
Bruce Cameron (CEO, Berkshire Capital Securities)
Jessica Campbell (Executive Vice President, Client Success, BrightScope)
David Canter (Executive Vice President, Practice Management & Consulting, Fidelity Institutional Wealth Services)
Mitch Caplan (CEO, Jefferson National Financial)
John Carey (Chief Operating Officer, FolioDynamix)
Jay Carter (CEO, Stern Agee Financial Services)
Christine Cataldo (Chief Operating Officer, Edelman Financial Services)
Carolyn Clancy (Executive Vice President, Funds Network, Personal, Workplace, & Institutional Services, Fidelity Investments)
Eric Clarke (President, Orion Advisor Services)
Andy Clipper (Business Head, North America, Wealth Management Services, Citi Open Wealth, Citi Investor Services, Citigroup)
John Cochran (Managing Director, Lovell Minnick Partners)
Steve Cohen (Chief Strategy Officer, Pro Funds Group)
David Conover (President, EverBank Wealth Management)
Dean Cook (President, FTJ Fund Choice)
Ron Cordes (Co-Chairman, Genworth Wealth Management)
Brian Corkery (Business Head, National Accounts, North America, Wealth Management Services, Citi Open Wealth, Citi Investor Services, Citigroup)
Trish Cox (Business Head, Schwab Corporate Brokerage Services, The Charles Schwab Corporation)
John Coyne (President, Brinker Capital)
Bill Crager (President, Envestnet)
Peter Crenier (Business Head, Business Development, Investment Services, Fiserv)
Kevin Crowe (Executive Vice President, Advisor Solutions, SEI Advisor Network, SEI Investments)
Jim Crowley (Business Head, National Accounts, Pershing)
Ben Cukier (Partner, FTV Capital)
Scott Curtis (President, Raymond James Financial Services)
Jeff Cusack (Business Head, RIA Sales & Alternatives Distribution, Nuveen Investments)
Dick Davies (Business Head, Defined Contribution, Americas Institutional, Russell Investments)
Peter Daytz (Business Head, Investments, Citi Trust, Citigroup)
Joe Deitch (Chairman, Commonwealth Financial Network)
Jeff Dekko (CEO, Wealth Enhancement Group)
Joseph DiTalia (Chief Operating Officer, North America, Wealth Management Services, Citi Open Wealth, Citi Investor Services, Citigroup)
Bob Doll (Chief Equity Strategist, Nuveen Investments)
Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
Joe Duran (CEO, United Capital Financial Partners)
Ric Edelman (CEO, The Edelman Financial Group)
Ken Ehinger (CEO, M Holdings Securities, M Financial Group)
Tom Embrogno (Executive Vice President, Docupace Technologies)
Harold Evensky (President, Evensky & Katz)
Mike Everett (Chief Marketing Officer, My Vest Corporation)
Mike Falcon (Business Head, Retirement Business, JP Morgan Asset Management)
Pat Farrell (CEO, Investacorp)
Ed Forst (CEO, Lincoln Investment Planning)
Chris Frieden (Partner, Financial Services & Products, Alston & Bird)
Mary Gaspar (Business Head, Technology, Citi Wealth & Asset Services, Citigroup)
George Gatch (CEO, Global Funds Management, JP Morgan Asset Management)
Davin Gibbins (Chief Investment Officer, Aris Corporation of America)
Mark Goldberg (President, Carey Financial, WP Carey & Company)
Charles Goldman (Co-Founder, Advizent)
Craig Gordon (Business Head, RBC Correspondent & Advisor Services)
Gail Graham (Business Head, Strategy & Execution, United Capital Financial Partners)
Phil Green (Chief Financial Officer, Brinker Capital)
Larry Greenberg (President, Jefferson National Financial)
Tony Guerrerio (Partner, Wedgewood Partners)
Oscar Hackett (Chief Financial Officer, BrightScope)
Trista Hannan (Executive Vice President, Corporate Sales, Morningstar)
Scott Hanson (Co-CEO, Hanson McClain)
AJ Harper (CEO, BNY Mellon Managed Investments Hong Kong, The Bank of New York Mellon Corporation)
Bill Harris (CEO, Personal Capital Corporation)
Paul Hatch (Vice Chairman, Morgan Stanley Wealth Management)
Chet Helck (CEO, Global Private Client Group, Raymond James Financial)
Shari Hensrud (Chief Investment Officer, FolioDynamix)
Bob Herrmann (CEO, Discovery Data)
Pat Hoffmann (Business Head, Defined Contribution Investment Only Business & Strategic Relationships, Asset Management Group, Wells Fargo Distributor, Wells Fargo Corporation)
Spencer Hoffman (Managing Director, Lovell Minnick Partners)
Anton Honikman (CEO, My Vest Corporation)
Chris Housen (CEO, Housen Financial Group)
Bob Huebscher (CEO, Advisor Perspectives)
Harold Hughes (Senior Managing Director, Global Distribution, Alliance Bernstein)
Jay Hummel (President, Lenox Wealth Management)
Paul Ingersoll (Managing Partner, Good Harbor Financial)
Brian Jacobs (CEO, Jacobs Strategic Consulting)
Peter Jantzen (Executive Vice President, Global Sales, Vestmark)
Jim Jessee (President, MFS Fund Distributors)

Fred Jonske (CEO, M Financial Group)
Tif Joyce (President, Joyce Financial Management)
Baird Juckett (Executive Vice President, Copy Talk)
Deena Katz (Chairman, Evensky & Katz)
Dan Kern (President, Advisor Partners)
Michael Kim (Business Head, Business & Sales Channel, Genworth Wealth Management)
Rob Klapprodt (President, Vestmark)
Aaron Klein (CEO, Riskalyze)
David Knoch (President, 1st Global Capital Corporation)
Deirdre Koerick (Chief Compliance Officer, Lincoln Investment Planning)
Jon Korngold (Managing Director, Portfolio Management, General Atlantic Partners)
Sallie Krawcheck (Former President, Global Wealth & Investment Management, Bank of America Corporation)
Dan Krems (Executive Vice President, Corporate Strategy, LPL Financial)
Stephen Langlois (Chief Administrative Officer, National Financial Services)
Raef Lee (Business Head, Third-Party Platform Strategy, SEI Advisor Network)
Scott Lee (CEO, FinaConnect)
Chuck Lewis (Vice Chairman, My Vest Corporation)
Sarah Libbey (President, Fidelity Charitable Gift Fund)
Steve Lockshin (Chairman, Convergent Wealth Advisors)
Steve Lundquist (Business Head, RIA Channel, JP Morgan Funds Management, JP Morgan Asset Management)
John Lunny (CEO, Vestmark)
Matt Lynch (Principal, Tiburon Strategic Advisors)
Frank Maiorano (Business Head, RIA Business, Baron Capital Management)
Tim McCarthy (Chairman Emeritus, Nikko Asset Management)
Bob McNichol (Chairman, Aris Corporation of America)
Bob Mehringer (Executive Vice President, Advisory Services, FolioDynamix)
Doris Meister (President, Tri-State Region, US Markets, BNY Mellon Wealth Management)
John Michel (President, Bloomberg Personal Wealth)
Viggy Mokkarala (Executive Vice President, Strategic Development, Envestnet)
Chris Momsen (Co-Business Head, Sales & Solutions, Advent Software)
Ed Moore (President, Edelman Financial Services)
Randy Moore (Partner, Financial Services & Products Group, Alston & Bird)
Bruce Morris (Executive Vice President, Banking & Corporate Groups, Source Media)
Maree Moscati (CEO, Copy Talk)
Joe Mrak (CEO, FolioDynamix)
Cecile Munoz (President, US Executive Search & Consulting)
David Murphy (Business Head, Americas, Prime Finance, Citigroup)
David Musto (CEO, Retirement Plan Services, JP Morgan Asset Management)
Jim Nagengast (CEO, Securities America)
Steve Nesbitt (CEO, Cliffwater)
Brian Nielsen (CEO, Northern Lights Distributors)
Roger Ochs (President, HD Vest Financial Services)
Steve Onofrio (Senior Managing Director, Sales & Service, SEI Advisor Network, SEI Investments)
Jennifer Openshaw (President, Finect)
Nico Oriol (CEO, Finect)
Kevin Osborn (Executive Vice President, Managed Accounts, Wealth Management Solutions, Prudential Investments)
Jennifer Papadopolo (Managing Partner, Regent Atlantic Capital)
Stuart Parker (President, Prudential Investments)
Heeren Pathak (Chief Technology Officer, Vestmark)
Jim Patrick (Business Head, High Net Worth Advisory Business, Envestnet)
John Peluso (President, First Clearing Correspondent Services)
Damian Peter (President, United Advisors)
Don Phillips (President, Fund Research, Morningstar)
John Phillips (Executive Vice President, Strategic & Global Sales, National Financial Services)
Michael Pinsker (CEO, Docupace Technologies)
Laura Pollard (Executive Vice President, Fidelity ActionsXchange, Fidelity Investments)
Alex Potts (CEO, Loring Ward Group)
Scott Powers (CEO, State Street Global Advisors)
Laura Pruitt (Partner, Financial Services & Products Group, Alston & Bird)
Chris Rasmussen (CEO, Doxim)
Neal Ringquist (President, Advisor Software)
Tony Rochte (President, SelectCo Division, Fidelity Asset Management, Fidelity Investments)
Andrew Rogers (CEO, Gemini Fund Services)
Jeremy Ross (Executive Vice President, Sales, BrightScope)
Jim Ross (Senior Managing Director, Intermediary Business Group, State Street Global Advisors)
Gary Roth (Chief Financial Officer, United Capital Financial Partners)
Larry Roth (CEO, Advisor Group, American International Group (AIG))
Myra Rothfeld (Chief Marketing Officer, Genworth Wealth Management)
Trey Ruch (Executive Managing Director, Stern Agee Financial Services)
Andrew Rudd (CEO, Advisor Software)
Michael Sapir (CEO, Pro Funds Group)
Paul Sari (Business Head, Institutional Client Development, BNY Mellon Wealth Management)
Mark Schoenbeck (Chief Marketing Officer, Curian Capital)
Mike Schott (Group Publisher, On Wall Street & Bank Investment Consultant, Source Media)
Aaron Schumm (Chief Customer Officer, FolioDynamix)
Eric Schwartz (CEO, 76 West Holdings)
Skip Schweiss (President, TD Ameritrade Trust Company)
Brandon Sharrett (Business Head, Sales & Account Management, Investment Services, Fiserv)
Sterling Shea (Business Head, Advisory Programs, Barron’s)
Stuart Silverman (Chairman Emeritus, Fusion Advisor Network, NFP Advisor Services Group)
Savneet Singh (CEO, Gold Bullion International)
Babu Sivadasan (Executive Vice President, Engineering & Product Development, Envestnet)
David Smith (Founding Publisher, Financial Advisor & Private Wealth Magazines, Charter Financial Publishing Network)
Lex Sokolin (CEO, Nest Egg Wealth)
Esther Stearns (CEO, NestWise, LPL Investment Holdings)
Beth Stelluto (Chief Marketing Officer, NestWise)
Jon Stern (Partner, Berkshire Capital Securities)
Jim Stueve (President, RidgeWorth Investments)
Ram Subramaniam (Executive Vice President, Brokerage & Cash Management, Fidelity Investments)
Leslie Swid (Executive Vice President, Impact Communications)
Marie Swift (CEO, Impact Communications)
Mark Tibergien (CEO, Pershing Advisor Solutions)
David Tittsworth (Executive Director, Investment Adviser Association)
Fred Tomczyk (CEO, TD Ameritrade)
Andrea Trachtenberg (Chief Marketing Officer, Altegris Funds, Altegris Investments)
Frank Trotter (President, EverBank Direct)
Bill Van Law (President, Investment Advisors Division, Raymond James)
Enrique Vasquez (CEO, Cetera Financial Specialists, Cetera Financial Group)
Greg Vigrass (CEO, Folio Institutional, Foliofn)
Kathy Wallman (Co-Founder, Foliofn)
Steve Wallman (CEO, Foliofn)
Gib Watson (President, Envestnet Prima, Envestnet)
Dorothy Weaver (CEO, Collins Capital Investments)
Dave Welling (Business Head, Black Diamond-Advent Software, Advent Software)
Peter Wheeler (President, Commonwealth Financial Network)
Rob Whitaker (Group Publisher, Source Media)
Chuck Widger (Chairman, Brinker Capital)
Craig Wietz (President, First Rate Investment Systems)
Matt Wilson (President, Brokerage, Scottrade)
Martin Wise (CEO, Relationship Capital Partners)
Mike Woods (CEO, DWS Investments Distributors, DWS Investments)
Bill Wostoupal (President, Northern Lights Distributors, NorthStar Financial Services Group)
Jeffrey Yager (Partner, McGladrey)
Jason Yates (Chief Technology Officer, BrightScope)

Media Representatives

Tiburon was also pleased to welcome the following 22 journalists who registered to attend specific sessions at Tiburon CEO Summit XXIV:

Dave Armstrong (Managing Editor, Wealth Management.Com)
Mason Braswell (Associate Editor, On Wall Street)
Greg Bresinger (Contributing Writer, Financial Advisor)
Diana Britton (Managing Editor, Rep)
Lee Conrad (Editor-in-Chief, Bank Investment Consultant)
Margarida Correia (Associate Editor, Bank Investment Consultant)
Veronica Dagher (On Air & Online Columnist, Wealth Management, WSJ.Com)
Rachel Elson (Executive Editor, Financial Planning)
Anne Field (Columnist, Registered Rep)
Bruce Fraser (Contributing Editor, Financial Advisor Magazine)
Dina Hampton (Managing Editor, RIA Biz)
Joyce Hanson (Associate Editor, AdvisorOne)
Warren Hersch (Editor, Life Insurance News, LifeHealthPro.Com)
Lorie Konish (Managing Editor, On Wall Street)
Quinn Law (Video Producer, Impact Productions Group, Impact Communications)
Megan Leonhardt (Associate Editor, WealthManagement.Com, Penton Business Media, Penton Media)
Joseph Lingad (Videographer & Producer, Dow Jones & Company)
Daisy Maxey (Special Writer, Dow Jones Newswires)
Charlie Paikert (Senior Editor, Financial Planning)
Evan Simonoff (Executive Editor, Financial Advisor Magazine)
Paula Vasan (Senior Digital Editor, Financial Planning, On Wall Street, & Bank Investment Consultant)
Scott Wenger (Editorial Director, Independent Advisor Group, Source Media)


Tiburon CEO Summit Video Highlights Tiburon CEO Summit XXIV Videos Coming Soon

Prior Tiburon CEO Summits As noted above, details on prior Tiburon CEO Summits are also available here: 2012, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.