Tiburon CEO Summits

Tiburon has held 33 prior CEO Summits, with the first CEO Summit taking place in 2001. Details of the prior Tiburon CEO Summit XXXIII are included below. For details of earlier Tiburon CEO Summits, please click here: Most Recent, 2016-2017, 2014-2015, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003.

Tiburon CEO Summit XXXIII: October 9-11, 2017

Tiburon CEO Summit XXXIII was held October 9-11, 2017 at the Ritz Carlton Hotel in San Francisco, CA. Tiburon CEO Summit XXXIII officially started at 7:45am on Tuesday, October 10, 2017, included a group dinner that night, and finished at 1:00pm on Wednesday, October 11, 2017. Senior industry executives took two days out of their busy schedules to participate. There were over twenty sessions. Along with Tiburon's Managing Partner Chip Roame, speakers included Joe Mansueto (Executive Chairman, Morningstar), Cooper Abbott (President, Carillon Tower Advisors), Blaine Aikin (Executive Chairman, fi360), Anil Arora (CEO, Envestnet Yodlee), Vivina Berla (Co-Managing Partner, Sarona Asset Management), David Blumberg (Managing Partner, Blumberg Capital), Phyllis Borzi (Former Assistant Secretary, Employee Benefits Security Administration, Labor Department, United States of America), Dave Butler (Co-CEO, Dimensional Fund Advisors), Margo Cook (President, Nuveen Advisory Services), Walter Cruttenden (Co-Founder, Acorns), Robert DeChellis (Chairman, Insured Retirement Institute (IRI)), Stuart DePina (President, Envestnet Tamarac), Colin Falls (President, GeoWealth Management), Rob Foregger (Co-Founder, NextCapital Group), Tim Freundlich (President, ImpactAssets), Nick Good (Co-Business Head, SPDR Business, State Street Global Advisors), Bob Guillocheau (CEO, Ascensus), Jan Hier-King (Co-Founder, Bicycle Financial), Tif Joyce (Partner, Sonoma County Wealth Advisors), Kunal Kapoor (CEO, Morningstar), Rick Lacaille (Global Chief Investment Officer, State Street Global Advisors), Vincenzo LaRuffa (Partner, Aquiline Capital Partners), Liz Michaels (CEO, ESG & SRI, Aperio Group), Joe Mrak (CEO, FolioDynamix), Ed O'Brien (CEO, eMoney Advisor), Bob Oros (CEO, HD Vest Financial Services), Stuart Parker (CEO, PGIM Investments, Prudential Financial), Alex Rampell (Partner, Andreessen Horowitz), Simon Roy (CEO, Jemstep), Dave Ryan (President, California, Upton Financial Group), Schwark Satyavolu (Partner, Trinity Ventures), Drew Sievers (CEO, Trizic), Babu Sivadasan (President, Envestnet Retirement Solutions), Laurel Taylor (CEO, FutureFuel.IO), Jason Thomas (CEO, Savos Investments), Bill Van Law (President, Investment Advisors Division, Raymond James Financial), Ken Weise (CEO, Sonoma County Wealth Advisors), Dave Welling (CEO, Mercer Advisors), & Kim Wright-Violich (Managing Partner, Tideline).

Keynote Presentations

Tiburon CEO Summit XXXIII featured two keynote presentations by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry. These presentations served as the backdrop and overview of the entire Tiburon CEO Summit. 

 




 

 



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

 

 

 

 

 

 

Chip Roame (Managing Partner, Tiburon Strategic Advisors)

Tiburon Strategic Advisors is pleased to provide a summary of the content of its Tiburon CEO Summit XXXIII keynote presentations. Chip Roame (Managing Partner, Tiburon Strategic Advisors) gave a day #1 presentation broadly addressing the state of the financial services industry, with a specific focus on the growing wealth management market. He also gave a day #2 presentation addressing strategic activity within the industry.

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

Mr. Roame has responsibility for all of Tiburon's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses -- exchange traded funds, hedge funds & other alternative investments, bitcoin & blockchain, 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 regulatory issues such as the fiduciary standard, and in financial services industry venture capital & private equity opportunities and mergers & acquisitions transactions. At Tiburon, Mr. Roame has led over 1,900 client engagements for over 450 corporate clients since 1998.

Mr. Roame has won numerous awards throughout the private equity, investment banking, 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 of Envestnet (NYSE: ENV), as a board member of Edelman Financial Services (Ric Edelman’s business backed by Hellman & Friedman), and as a trustee of the SA mutual funds family (which is sponsored by Loring Ward and employs Dimensional Fund Advisors as its sole sub-advisor).

Tiburon Managing Partner Chip Roame gave two keynote presentations at Tiburon CEO Summit XXXIII.

Tiburon CEO Summit XXXIII Day #1 Keynote Presentation Overview

The objectives of the Tiburon CEO Summit Day #1 Keynote Presentation were to anchor Tiburon CEO Summit discussion on consumers; to offer a broad view of the wealth management industry; set a discussion agenda for Tiburon CEO Summit XXXIII (framing the dozens of “three big points"), & to introduce 40+ speakers. The basis of the Tiburon CEO Summit XXXIII Keynote Presentation is industry developments (“the news”), recent Tiburon & third-party research findings, the Tiburon CEO Summit XXXIII attendee content survey, & Tiburon CEO Summit XXXIII guest speaker presentations (and prior presentations).

The Future of Wealth Management: The Ten Wealth Management Industry Trends & the Top Five Potential Disruptors

The theme for the Tiburon CEO Summit Day #1 Keynote Presentation at Tiburon CEO Summit XXXIII is the top ten wealth management industry trends & the top five potential disruptors. The top trends are the following:

1. Consumer Households & the Importance of Baby Boomers, the Baby Boomer Retirement Crisis, Consumer Wealth, Delayed Retirements, & the Expected Liquidation

The number of consumers has been growing consistently since 1990. Currently there are 326.5 million consumers, up from 75 million in 1990.

Tiburon CEO Summit attendees continue to estimate that ~50% to ~75% of financial advisor clients are baby boomers. Specifically, 59% of Tiburon CEO Summit attendees surveyed believed ~50% of financial advisor clients are baby boomers, while 34% of Tiburon CEO Summit attendees surveyed believed ~75% of financial advisor clients are baby boomers.

Tiburon CEO Summit attendees continue to believe that baby boomers are not yet financially ready for retirement. Specifically, 55% of Tiburon CEO Summit attendees believe that baby boomers are not close to being financially ready for retirement, while 41% of Tiburon CEO Summit attendees believe that baby boomers are getting there.

Tiburon CEO Summit attendees say that lack of savings & increasing life expectancies are the biggest financial issues for baby boomers. In particular, 38% of Tiburon CEO Summit attendees say that life savings is the biggest financial issue for baby boomers, while 31% of Tiburon CEO Summit attendees say that increasing life expentencies is the biggest financial issue for baby boomers.

Currently, consumer households have $43.1 trillion investable assets and $65.8 trillion financial assets. They also have $106.6 trillion total assets and $91.4 trillion of net worth.

Tiburon CEO Summit attendees mostly believe that the personal savings rate will remain steady or even stagnate over the next five years. Specifically, 69% of Tiburon CEO Summit attendees believe there will be moderate growth in the personal savings rate over the next five years, while only 28% of Tiburon CEO Summit attendees believe the personal savings rate will stagnate.

Tiburon CEO Summit attendees expect many consumers to rely on later retirement ages. Exactly 86% of Tiburon CEO Summit attendees expect that many consumers will rely on later retirement ages, while only 14% of Tiburon CEO Summit attendees expect that few consumers will rely on later retirement ages.

Baby boomers will liquidate some portion of the $63.5 trillion in retirement plans, personal assets, & small businesses. Specifically, baby boomers will liquidate $22.7 trillion in retirement plan assets, $29.5 trillion in personal assets, & $11.3 trillion in small business valuations.

2. Evolving Consumer Investment Approaches: Risk Management & Retirement Income Strategies

Tiburon CEO Summit attendees said that consumers’ risk management focus will increase moderately or even hugely over the next five years. In particular, 22% of Tiburon CEO Summit attendees said that consumers' risk management focus will increase hugeley over the next five years, while 74% of Tiburon CEO Summit attendees said that consumers' risk management focus will increase moderately over the next five years.

Tiburon CEO Summit attendees said that the most impactful investment approach trends are retirement income strategies & goals-based investing. On a 10-point scale, with 10 meaning huge impact, Tiburon CEO Summit attendees rated retirement income strategies a 7.4 regarding the impact of consumer investment approach trends. Tiburon CEO Summit attendees rated goals-based investing a 7.2 regarding the impact of consumer investment approach trends.

3. Indexing & Exchange Traded Funds (ETFs): Market Returns & Cost Conscious Investing Here to Stay

Indexing & exchange traded funds have changed the investment management pricing & value proposition. The Vanguard Group has gathered $3.4 trillion assets under management, up from $2 billion in 1976. The Vanguard Group's assets under management have increased consistently since 2008.

The Vanguard Group’s financial advisor services has gathered $1.2 trillion assets under management, up from $163 billion in 2005. The Vanguard Group's financial advisor services assets under management stayed relatively consistent at $1.2 trillion assets under management in 2015 & 2016.

Tiburon CEO Summit attendees said that they personally own individual securities, exchange traded funds (ETFs), money market funds, & open-end mutual funds. Specifically, 100% of Tiburon CEO Summit attendees personally own individual securities, 96% own exchange traded funds (ETFs), 85% own money market funds, & 81% own open-end mutual funds.

Fee-based financial advisors are the largest holders of exchange traded funds (ETFs), with $475 billion. Directly behind fee-based financial advisors, independent broker/dealers are the second largest holders of exchange traded funds (ETFs) with $385 billion.

Millennials allocate 36% of their portfolios to exchange traded funds (ETFs) versus 23% for all investors.

4. Socially Responsible Investing & Impact Investing: A Fundamental Change in Philosophy for Women & Millennials?

Nearly two-thirds of socially responsible investing & impact investing assets under management are in Europe. Specifically, Europe makes up 64% of socially responsible investing & impact investing assets under management, followed by the United States with 31% of socially responsible investing & impact investing assets under management.

Socially responsible investing & impact investing firms have gathered $8.7 trillion assets under management, up from $0.2 trillion in 1995. Socially responsible investing & impact investing firms' assets under management nearly doubled in 2014, increasing from $3.7 trillion in 2012 to $6.6 trillion in 2014.

Over half of socially responsible investing & impact investing institutional markets assets under management are from public plans. Specifically, 56% of socially responsible investing & impact investing markets assets under management are from public plans.

Millennials & women are more interested in socially responsible investing & impact investing than traditional men investors. Exactly 85% of millennials and 77% of women are interested in socially responsible investing & impact investing, which is significantly higher than traditional men investors at at 61%.

Tiburon CEO Summit attendees are only one-quarter likely to have personally made socially responsible & impact investments. In particular, 44% of Tiburon CEO Summit attendees have personally made socially responsible investing & impact investing.

Nearly two-thirds of financial advisors have little or no interest in socially responsible investing & impact investing. Specifically 63% of financial advisors had little or no interest in socially responsible investing & impact investing.

Several Tiburon CEO Summit attendees predicted the importance of socially responsible investing & impact investing over the next five years even though not engaging in the trend themselves. Tiburon CEO Summit attendee Skip Schweiss said, I am a 54 year old guy who does not really care about socially responsible investing. I will let my fund managers decide if that is the best place to allocate part of the portfolio. I have a 21 year old millennial daughter who will probably put all the money she ever saves into SRI funds."

5. Discount & Online Brokerage Firms: The Robo & Episodic Advice Trends

Both the retail and financial advisor support models at both Fidelity Investments & The Charles Schwab Corporation are now amongst the leading financial advisor channel firms. Speciifcally Fidelity Investments Retail & Fidelity Clearing & Custody lead with $3 trillion assets under management, followed closely by Schwab Investor Services & Schwab Advisor Services' $2.8 trillion assets under management.

Tiburon CEO Summit attendees said that the do it yourself trend will grow moderately over the next five years. Specifically 67% of Tiburon CEO Summit attendees expect the do it yourself trend will grow moderately over the next five years, while 22% of Tiburon CEO Summit attendees expect the trend to grow hugely.

The episodic advice market will rise from millennials believing that they can invest on own and technology-empowering financial advisors to deliver their services at better price points.

There are 52 online advice firms, up from two in 2000. The number of online advice firms has grown consistently since 2000, with the number of online firms increasing nearly every year.

Online advice firms have gathered $315.6 billion assets under management, up from $16.0 billion in 2007. Online advice firms' assets under management have increased consistently every year.

Online advice industry firms can specifically be segmented to include defined contribution plan focused online advice firms, B2C focused online advice firms, & wholesale robo advisor technology firms. B2C focused online advice firms can be sub-segmented to include discount brokerage firms & mutual fund companies and robo advisors.

Tiburon CEO Summit attendees believe that online advice firms will realize moderate or huge growth over the next five years. Specifically 67% of Tiburon CEO Summit attendees believe that online advice firms will realize moderate growth over the next five years, while 30% of Tiburon CEO Summit attendees believe there will only be huge growth.

6. Declining Number of Financial Advisors: RIAs & Headsets?

Financial advisor channels firms have 301,126 financial advisors, down from 339,450 in 2004 and its peak of 339,920 in 2005. Financial advisor channels firms have decreased consistently over the last nine years.

Tiburon CEO Summit attendees now believe that the role of financial advisors is losing value to clients. Specifically 54% of Tiburon CEO Summit attendees believe that the role of financial advisors is losing value to clients, while 46% of Tiburon CEO Summit attendees believe that the role of financial advisors is gaining value to clients.

Tiburon CEO Summit attendees increasingly think that the number of financial advisors will stagnate or at least grow only moderately over the next five years. Specifically 38% of Tiburon CEO Summit attendees think that the number of financial advisors will grow moderately over the next five years, while %62 of Tiburon CEO Summit attendees think that the number of financial advisors will stagnate.

7. Break-Away Brokers: A Slow & Steady Flow or About to Ramp Up?

Financial advisor teams & financial advisors move in three patterns, including captive-to-captive, independent-to-independent, & captive-to-independent (break-away brokers).

There are 645 successful financial advisor teams & financial advisors that moved in 2016, up from 544 in 2010. Successful financial advisor teams & financial advisors that move average $234 million assets under administration, down from $340 million in 2010. Between 2010 and 2016 there was a dip in the number of successful financial advisor teams & financial advisors changing firms.

Successful financial advisor teams & financial advisors that moved average $234 million assets under administration, down from $340 million in 2010. This has been a significant decrease from $344 million assets under administration in 2015.

Successful financial advisor teams & financial advisors that moved took $151 billion assets under administration, down from $185 billion in 2010. There was a dip in successful financial advisor teams & financial advisors changing firms asset under managements between 2010 and 2016.

Tiburon CEO Summit attendees continue to believe that the break-away brokers trend will grow moderately over the next five years. Specifically 74% of Tiburon CEO Summit attendees continue to believe that the break-away brokers trend will grow moderately over the next five years.

The break-away broker movement could triple in size if the wirehouses continue on strategy to cease paying brokers to move. Specifically captive-to-captive & independent-to-independent moves have $300 billion of successful financial advisor teams changing firms assets under managemet, break-away broker moves have $150 billion, & potential break-away broker moves have $450 billion of successful financial advisor teams changing firms' assets under management.

8. Nationwide RIAs: Nationwide Organic & Acquisitive RIA Firms Coming Soon!

Tiburon CEO Summit attendees continue to say that the number of independent advisors will grow the fastest over the next five years. Specifically 94% of Tiburon CEO Summit attendees say that the number of independent advisors will grow the fastest over the next five years.

Tiburon CEO Summit attendees have become less optimistic on independent broker/dealers over the next five years. Specifically 48% of Tiburon CEO Summit attendees believe that there will be moderate growth in the future of independent broker/dealers over the next five years, while 45% of Tiburon CEO Summit attendees believe that the future of independent broker/dealers' growth will stagnate.

Tiburon will seek to prove the financial advisor bifurcation; it is possible that a few dozen fee-based financial advisors are driving the markets’ growth.

The number of multi-billion fee-based financial advisors mergers & acquisitions is impressive. Hellman & Friedman (Edelman Financial Services) leads fee-based financial advisors mergers & acquisition deals with $14.8 billion assets under management.

9. Financial Advisor Technology & Outsourcing: Continuing to Support Independence

Tiburon CEO Summit attendees believe that technology is an empowering force. Tiburon CEO Summit attendee Stuart DePina said, "Technology will continue to enable financial advisors to operate more cost efficient practice."

FA TAMPs have gathered $2.8 trillion assets under management & administration, up hugely since 1995. FA TAMPs have consistently increased their assets under management & administration every year since 1995.

Tiburon CEO Summit attendees believe that TAMPs will realize moderate or huge growth over the next five years. Specifically 74% Tiburon CEO Summit attendees believe that TAMPs will experience moderate growth, while 15% of Tiburon CEO Summit attendees believe that TAMPs will experience huge growth.

10. Financial Advisor Force Aging: Succession Planning Happening? Huge Consolidation Trend Coming?

Financial advisor succession planning is important for three key reasons, including client retention, ethical responsibility, & potential regulatory mandate.

There are 123 independent advisor merger & acquisitions, up from thirteen in 1999. The number of independent advisor merger & acquisitions nearly doubled between 2014 and 2015, going from 54 independent advisors mergers & acquisition transactions in 2014 to 123 transactions in 2015.

Tiburon CEO Summit attendees say that financial advisor consolidation activity will see moderate or even huge growth in 2017-2018. Specifically 76% of Tiburon CEO Summit attendees believe that there will be moderate growth in financial advisor consolidation activity, while 20% of Tiburon CEO Summit attendees believe that there will be huge growth.

The Top Five Potential Disruptors

The top five potential disruptors are as follows:

1. Interest Rates, the Stock Market, Industry Profitability, & Industry Trends

The first potential disruptor is interest rates, the stock market, industry profitability, & industry trends. Interest rates, the stock market, & industry profitability includes low interest rates & bull stock market. Tiburon CEO Summit attendees primarily said the eight year bull market will end. Specifically 61% of Tiburon CEO Summit attendees said the eight year bull market will end, while 39% believe it will not.

2. The Department of Labor (DoL), the Securities & Exchange Commission (SEC, & the Fiduciary Standard

The second potential disruptor is the Department of Labor. Tiburon CEO Summit attendees say that a potential fiduciary regulation by the Securities & Exchange Commission (SEC) is the most important regulatory issue to their firms. Tiburon CEO Summit attendees rated fiduciary regulation (SEC) a 7.8 on a 10-point scale with 10 meaning the most important regulatory issue to your firm. Tiburon CEO Summit attendees said that financial advisor directed programs (rep as advisor & rep as portfolio manager) will grow moderately or even stagnate over the next five years. Specifically 51% of Tiburon CEO Summit attendees said that financial advisor directed programs will grow moderately, while 23% of Tiburon CEO Summit attendees said the growth would stagnate.

3. Tax Reform: Growth Engine or Deficit Creator?

The third potential disruptor is tax reform. Tiburon CEO Summit attendees are relatively more positive on Trump’s tax reform as opposed to his other policies. Tiburon CEO Summit attendees rated personal & corporate income tax rate a 7.0 on a 10-point scale with 10 meaning highest feedback on support for the issues under President Donald Trump's administration. President Trump’s tax proposal includes changes to corporate taxes rates (35% to 20%), LLC tax rates (39.6% to 25%); & personal income tax rates (12%-35%).

4. 2018 & 2020 Elections: More of the Same or a Reversal?

The fourth potential disruptor is the 2018 & 2020 elections. Tiburon CEO Summit attendees’ have shifted to another affiliation. Tiburon CEO Summit attendees said Republicans will retain control in the 2018 House of Representatives election. Tiburon CEO Summit attendees said Democrats will win control in the 2018 Senate election. Tiburon CEO Summit attendees said democrats will win the 2020 United States presidential election. Tiburon CEO Summit attendees said the specific winner of the 2020 United States presidential election has yet to emerged.

5. Artificial Intelligence & the FANG Companies: Facebook, Amazon, & Google

The fifth potential disruptor is artificial intelligence & the FANG Companies: Facebook, Amazon, & Google. Tiburon CEO Summit attendees are primarily not worried about artificial intelligence disrupting the financial services industry. Specifically 59% Tiburon CEO Summit attendees are not worried at all about artificial intelligence disrupting the financial services industry. One recent study said that almost three-quarters of millennials would take financial advice from the FANG companies with 70% of millennials agreeing that they would take financial advice from FANG companies.

Tiburon's Conclusions on The Future of Wealth Management

Tiburon has two conclusions on the future of wealth management.

Tiburon's first conclusion is the trend is your friend with the rapidly growing market. The future of wealth management industry trends include: rapidly growing market; pricing pressure (transactions; investment management; & financial advice); industry consolidation; technology solutions; & remember that closest to client almost always eventually wins. One to consider: numerous of the cryptocurrencies returned over 1,000% in the first half of 2017. Critical to all trends… Tiburon recognizes the small market shares held by even the largest financial services firms with Fidelity Investments controlling about 10% of financial assets or 3% if adjusted for velocity.

Tiburon's second is industry structure. Financial services industry structure will be increasingly altered by financial services industry venture capital, financial services industry mergers & acquisitions, & financial services industry private equity.

Tiburon CEO Summit XXXIII Day #2 Keynote Presentation Overview

Tiburon Managing Partner Chip Roame's day #2 keynote presentation is intended to address strategic activity in the wealth management industry, including venture capital, private equity, and mergers & acquisitions. Financial services industry investment opportunities is defined by financial services industry profitability & valuations, financial services industry venture capital & minority growth equity, financial services industry public offerings, and financial services industry public stock investing.

Financial Services Industry Profitability & Valuations

The Charles Schwab Corporation generates $1.0 billion quarterly net interest revenues, up from $772 million in 1q/16. The Charles Schwab Corporation's net interest revenues have grown consistently over the last year.

The Charles Schwab Corporation has the lowest cost to serve its client base. Specifically The Charles Schwab Corporation has 18 basis points of expenses-to-average assets under administration, significantly lower than Morgan Stanley Wealth Management's 58 basis points.

The Charles Schwab Corporation earned 41.8% pre-tax profit margin, up from 38.1% in 4q/15. The Charles Schwab Corporation's pre-tax profit margin has grown consistently since the first quarter of 2016.

SS&C Financial Technologies & SEI Investments have the highest revenues amongst FinTech companies. Specifically SS&C Financhial Technologies' 2017 revenues are $1.7 billion, while SEI Investments' 2017 revenues are $1.5 billion.

Envestnet & Financial Engines have the highest expected revenue growth amongst FinTech companies. More specifically, Envestnet's 2017 revenue growth was 14.6% and Financial Engines' revenue growth was 14.5%.

The Charles Schwab Corporation trades at the highest price-to-earnings ratio amongst discount & online brokerage firms at 27.0x. TD Ameritrade follows closely behind with its price-to-earnings reatio amongst discount & online brokerage firms at 23.0x.

BlackRock’s dominant share in passive investing shows up in its price-to-earnings ratio. Specifically BlackRock's forward price-to-earnings ration is 17.7x.

Envestnet, MSCI, & Financial Engines have the highest price-to-earnings ratios amongst FinTech firms. Specifically Envestnet's price-to-2018E EPS is 24.7x, MSCI's price-to-2018E EPS is 24.5x, & Financial Engine's price-to-2018E EPS is 24.2x.

Tiburon CEO Summit attendees say that financial services firm stock prices (valuations) will increase moderately in the next five years. Specifically 81% of Tiburon CEO Summit attendees say that financial services firm stock prices (valuations) will experience moderate growth over the next five years.

Financial Services Industry Venture Capital & Minority Growth Equity Investments

Venture capital firms have invested in the financial services industry in at least six markets including, B2C, front-office technology, payments, operations, data & analytics, and market structure. Venture capitalists invested $25.0 billion in financial technology firms in 2016, up from $1.4 billion in 2010.

SoFi has raised the most venture capital amongst financial services firms, with $1.3 billion. SoFi's venture capital investments outnumber all the other leading financial services firm recipients by more than three-fold with the second highest firm.

Robo advisors have raised $223 million venture capital, up from $9 million in 1998. There was a significant increase in venture capital between 2013 and 2016, going from $47 million to $208 million. Robo advisors have raised $991 million venture capital, up from $560 million in 2015.

Betterment Holdings, Personal Capital Corporation, & Wealthfront have raised the most venture capital amongst the online advice firms. Specifically Betterment Holdings has raised $275 million, Personal Capital Corporation has raised $179 million, & Wealthfront has raised $130 million in venture capital.

Tiburon CEO Summit attendees increasingly believe that venture capital’s bet on online financial advice will see only moderate growth or stagnate. Specifically 54% of Tiburon CEO Summit attendees believe that venture capital's bet on online financial advice will see moderate growth, while 23% of Tiburon CEO Summit attendees believe that venture capital's bet on online financial advice's growth will stagnate.

Private equity firms have invested in the financial services industry in at least three markets, including investment management (alternative investments managers & long-only managers), FinTech (technology platforms & outsourcing (back office)), & independent advisors (organic growth stories & Pa Aggregators).

Tiburon CEO Summit attendees said that private equity will continue to invest moderately or even hugely in independent financial advisor distribution. Specifically 52% of Tiburon CEO Summit attendees expect moderate growth in independent financial advisor distribution, while 36% of Tiburon CEO Summit attendees expect huge growth in independent financial advisor distribution.

Financial Services Industry Public Offerings

Tiburon CEO Summit attendees said financial services industry initial & secondary public offerings will grow only moderately or even stagnate. Specifically 69% of Tiburon CEO Summit attendees said financial services industry initial & secondary offerings will grow moderately, while 31% of Tiburon CEO Summit attendees said financial services industry initial & secondary offerings' growth will stagnate.

There are 160 private companies are valued at $1.0 billion or more, up from six in 2010. This is significantly more than the 60 private companies just three years prior in 2014. Late stage start ups are valued at $490 billion, up from $40 billion in 2010.

Financial Services Industry Mergers & Acquisitions

Retail banks mergers & acquisitions activity has been quiet. Since 2007, USA targets valuations have decreased from $60 billion to $10 billion in 2017.

Tiburon CEO Summit attendees said that the importance of investment & wealth management businesses to large financial services firms will increase moderately or hugely the next five years. Specifically, 73% of Tiburon CEO Summit attendees believe that there believe there will be moderate growth in the importance of investment & wealth management businesses to large financial services firms, while 18% believe there will be huge growth.

Tiburon CEO Summit attendees said that big banks will not divest investment & wealth management businesses in the next downturn, although a larger minority see the possibility again. Specifically 73% of Tiburon CEO Summit attendees believe that big banks will not divest investment & wealth management businesses in the next downturn, while 27% of Tiburon CEO Summit attendees believe that they will.

Tiburon CEO Summit attendees said that broker/dealer consolidation activity will either grow moderately or hugely in 2017-2018. Specifically 73% of Tiburon CEO Summit attendees said that broker/dealer consolidation activity will grow moderately, while 22% of Tiburon CEO Summit attendees said that broker/dealer consolidation activity will grow hugely.

Tiburon CEO Summit attendees say that financial advisor consolidation activity will see moderate or even huge growth in 2017-2018. Specifically 76% of Tiburon CEO Summit attendees say that financial advisor consolidation activity will see moderate growth, while 20% of Tiburon CEO Summit attendees say that financial advisor consolidation activity will see huge growth.

Tiburon CEO Summit attendees said that other RIAs or roll-up firms will be the most frequent financial advisor acquirers. Specifically 45% of Tiburon CEO Summit attendees said that other RIAs will be the most frequent financial advisor acquirers and another 45% of Tiburon CEO Summit attendees said that roll-up firms will also be the most frequent advisor acquirers.

Tiburon CEO Summit attendees say that financial technology firm consolidation activity will increase moderately or even hugely in 2017-2018. Specifically 62% of Tiburon CEO Summit attendees say that financial technology firm consolidation activity will increase moderately, while 35% believe that financial technology firm consolidation activity will increase hugely.

Financial Services Industry Activists Campaigns

Financial services industry public stock investing can specifically be segmented by financial services industry mutual funds & ETFs and financial services industry hedge funds.

Tiburon Conclusions on FSI Strategic Activity

Tiburon's conclusions on FSI strategic activity include profitability evaluations to see mixed results; venture capital & minority growth equity investments to increase (B2C; FA technology; & other market segments); initial public offerings & secondary offerings to stagnate; mergers & acquisition activity to increase led by investment management firms & financial advisors (investment management & financial advice; financial advice; other market segments); & activism to increase.

Speakers

Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXXIII included speakers Joe Mansueto (Executive Chairman, Morningstar), Cooper Abbott (President, Carillon Tower Advisors), Blaine Aikin (Executive Chairman, fi360), Anil Arora (CEO, Envestnet Yodlee), Vivina Berla (Co-Managing Partner, Sarona Asset Management), David Blumberg (Managing Partner, Blumberg Capital), Phyllis Borzi (Former Assistant Secretary, Employee Benefits Security Administration, Labor Department, United States of America), Dave Butler (Co-CEO, Dimensional Fund Advisors), Margo Cook (President, Nuveen Advisory Services), Walter Cruttenden (Co-Founder, Acorns), Robert DeChellis (Chairman, Insured Retirement Institute (IRI)), Stuart DePina (President, Envestnet Tamarac), Colin Falls (President, GeoWealth Management), Rob Foregger (Co-Founder, NextCapital Group), Tim Freundlich (President, ImpactAssets), Nick Good (Co-Business Head, SPDR Business, State Street Global Advisors), Bob Guillocheau (CEO, Ascensus), Jan Hier-King (Co-Founder, Bicycle Financial), Tif Joyce (Partner, Sonoma County Wealth Advisors), Kunal Kapoor (CEO, Morningstar), Rick Lacaille (Global Chief Investment Officer, State Street Global Advisors), Vincenzo LaRuffa (Partner, Aquiline Capital Partners), Liz Michaels (CEO, ESG & SRI, Aperio Group), Joe Mrak (CEO, FolioDynamix), Ed O'Brien (CEO, eMoney Advisor), Bob Oros (CEO, HD Vest Financial Services), Stuart Parker (CEO, PGIM Investments, Prudential Financial), Alex Rampell (Partner, Andreessen Horowitz), Simon Roy (CEO, Jemstep), Dave Ryan (President, California, Upton Financial Group), Schwark Satyavolu (Partner, Trinity Ventures), Drew Sievers (CEO, Trizic), Babu Sivadasan (President, Envestnet Retirement Solutions), Laurel Taylor (CEO, FutureFuel.IO), Jason Thomas (CEO, Savos Investments), Bill Van Law (President, Investment Advisors Division, Raymond James Financial), Ken Weise (CEO, Sonoma County Wealth Advisors), Dave Welling (CEO, Mercer Advisors), & Kim Wright-Violich (Managing Partner, Tideline).

Joe Mansueto
(Executive Chairman, Morningstar)

 

 

Tiburon CEO Summit XXXIII
Prior Award Recipient
Joe Mansueto
(Executive Chairman, Morningstar)


 

 

 

 

 

 

 

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

Mr. Mansueto’s comments included:

  • "I started Morningstar because I love investing and wanted to build something around my passion. I did not know how to build a company; I have learned how to grow a company in the last thirty years and learned those professional management skills along the way. My vision was to build a big, enduring company. I was well aware of what happens to most entrepreneurs."
  • "The real enjoyment is the incremental. I get tremendous pleasure from watching our methodology improve."
  • "In the early days, we all answered the phone. We became very close to our clients. I really liked those days but I kind of like our position better today."
  • "Good advice is effective in helping someone reach their goal, making sure it is appropriated in terms of risk level and appetite."
  • "Good advice can be delivered online. The really exciting thing is that millions more people will be served."
  • "We put a lot of thought into our management transition (from me to Kunal), and we had the luxury of time. We had weekly meetings on how to make this work, and announced it on Labor Day and answered questions at each location. I don’t think we’ve missed a beat and its worked out very well."
  • "The bulk of our products have been organic; our strategy is all based on organic."
  • "We put investors interests above our own in everything we do."
  • "The print world is struggling, frequency is less, it really hasn’t find a good solution. It will move to digital at some point, it’s just a question of when."
  • "Not only having the data but also interpreting it, is really where we made our mark in the industry."

Cooper Abbott
(President, Carillon Tower Advisors)

 

 

Tiburon CEO Summit XXXIII
Speaker
Cooper Abbott
(President, Carillon Tower Advisors)


 

 

 

 

 

 

 

Cooper Abbott is President of Carillon Tower Advisors. Mr. Abbott is also the President of Eagle Asset Management. Mr. Abbott joined the firm in 2003 and has extensive investment industry experience. Mr. Abbot previously served as a vice president at Raymond James Financial and at Deutsche Bank.

Mr. Abbott’s comments included:

  • "At the end of the day its performance at a price."
  • "Carillon Tower Advisers allows teams to concentrate on their primary goal of investing and allows us to provide scalable business support solutions to a growing ecosystem of distinct and talented investment teams."
  • "This approach frees teams to focus on their investment process with limited distraction, as experienced professionals provide operational, back-office, infrastructure, distribution and other important business functions."
  • "Solution-based approaches are evolving and becoming a more integral component of investor portfolios."
  • "Technology is making cost to do business lower in terms of the back office."
  • "Alignment of results for compensation makes a lot of sense."

Blaine Aikin
(Executive Chairman, fi360)

 

 

Tiburon CEO Summit XXXIII
Speaker
Blaine Aikin
(Executive Chairman, fi360)


 

 

 

 

 

 

 

Blaine Aikin is the Chief Executive Officer of fi360. Mr. Aikin received his Master of Public Management and Policy degree from the Heinz School of Carnegie-Mellon University. Upon graduation from CMU, he was selected for the prestigious Presidential Management Intern Program which involved management assignments in the United States Department of Treasury and the United States Senate. He subsequently served as Budget Officer for Prince William County, Virginia. Mr. Aikin previously served as a principal and Chief Investment Officer of Allegiance Financial Advisors.

Mr. Aikin’s comments included:

  • "The transition to greater transparency and objectivity in financial services is undeniable."
  • "As the regulatory environment changes and more investors demand fiduciary oversight, the need for highly skilled and educated professionals has skyrocketed."
  • "It's fine to call out the importance of the fiduciary standard but the divisive type of rhetoric we often use ultimately is not helpful."
  • "You can have real ranges in terms of degree of complexity of the participant’s situation that extend beyond what you see if you’re just looking at the plan assets."
  • "As advisers may find it necessary to place greater emphasis on managing longevity risks for clients, it behooves them to better understand the problem."
  • "Really you should look at much more than the regulatory picture. There are many more forces that are working in fiduciary fraction that make it inevitable that the future is very fiduciary in orientation."

Anil Arora
(CEO, Yodlee)

 

 

Tiburon CEO Summit XXXIII
Speaker
Anil Arora
(CEO, Yodlee)


 

 

 

 

 

 

 

Anil Arora is CEO of Envestnet Yodlee and Vice Chairman of Envestnet Board. Prior to the merger with Envestnet, Mr. Arora had been President and CEO of Yodlee since 2000. Under his leadership, Yodlee has been a disruptive catalyst for creativity and ingenuity in the financial industry by collaborating with leading financial institutions, entrepreneurs, and financial technology developers to build and distribute data-driven financial apps used by millions of consumers and small businesses all over the world. Today, Mr. Arora is helping Envestnet | Yodlee lead the charge for better outcomes for both customers and advisors through innovative financial data and technology solutions. Mr. Arora has extensive experience building some of the world’s most recognized brands at companies like General Mills, Kraft, and Gateway, as well as innovating new market strategies, and increasing the lifetime customer value for companies in a variety of industries.

Mr. Arora’s comments included:

  • "We have to look at our industry at a very broad level, and view it with the perspective of a client, advisor, or player. We are in for a dramatic amount of changes. 82% of clients say they’re overwhelmed and have anxiety about their finances. 65% of clients are losing sleep over it during the night."
  • "Financial institutions have craved the ability to accelerate innovation with both internal and external developers, but have never had a safe and effective way to do so....We are pleased to finally meet those needs with a revolutionary new approach that we believe will fundamentally change the paradigm for bank innovation and agility."
  • "The addition of new customers in wealth management underscores the positive response Yodlee customers have had to the news that Yodlee reached a definitive agreement to merge with Envestnet Inc., a leading provider of unified wealth management technology and services to financial advisors during the third quarter."
  • "As a group, we fully support the creation of an Open API framework to enable financial innovation and improve the financial health of consumers."
  • "There is an enormous transformation going on in financial services, and we are going to accelerate that."
  • "If you want to be a network, you better have scale, broad functionality, and a lot of data. I’m very focused on the data part."
  • "We recognize the disruption, and if we want to be a player we need an aggressive vision and have an aggressive strategy."
  • "I read a study the other day that 77% of millennials would prefer doing their financial services with FANG companies than financial institutions. It’s stunning. We have to do a better job of the next few years."

Vivina Berla
(Co-Managing Partner, Sarona Asset Management)

 

 

Tiburon CEO Summit XXXIII
Speaker
Vivina Berla
(Co-Managing Partner, Sarona Asset Management)


 

 

 

 

 

 

 

Vivina Berla is Co-Managing Partner at Sarona Asset Management. Ms. Berla joined Sarona Asset Management in 2011 to lead the growth and evolution of the firm into the institutional market. Prior to that Ms. Berla worked for 20 years in the institutional investment world, of which 11 years included private equity in the United States and Europe. Ms. Berla held senior positions during 10 years at Merrill Lynch Investment Managers in London and left her role as Managing Director of Alternative Investments to join Gartmore Investment Management as Head of EMEA in 2004. Ms. Berla's first career included 11 years in the steel industry in Latin America, Asia, Africa and Middle East.

 

Ms. Berla’s comments included:

  • "Private equity in frontier and emerging markets is a young but rapidly maturing industry and it displays characteristics similar to the US private equity industry of the 1980s — plenty of potential opportunities for investors who have an ‘information advantage’ to capture the growth of the ‘real’ economy."
  • "The investment opportunity is driven by four main factors — a rising middle class (increasing spending power and demand for locally produced goods and services); change in demographics (young and growing population with significant aspirations, energy and drive); increasing urbanisation (cities’ contribution to the national economy is growing at a faster pace than the country average); and returning expatriates (well-educated professionals driven by an entrepreneurial desire to make a difference in their respective countries while generating profits)."
  • "The key to attractive returns resides in the ability of investors to find managers who are able to source great deals, manage and improve companies before exiting them successfully."
  • "The equity risk premium of frontier markets is much higher and the required return should also be much higher due to the lack of liquidity and higher cost of entering a frontier market."
  • "During periods of extreme market stress, frontier markets’ relatively illiquid stock markets can suffer sharp declines in the face of heavy selling."
  • "Frontier and emerging markets today represent 50% global GDP and also represent 70% of global GDP growth."
  • "Bridge the distance between smart capital and entrepreneurs, businesses and companies that are growing faster than North America."
  • "Percentage of investors’ money allocated in that investment opportunity is almost insufficient."

David Blumberg
(Managing Partner, Blumberg)

 

 

Tiburon CEO Summit XXXIII
Speaker
David Blumberg
(Managing Partner, Blumberg Capital)


 

 

 

 

 

 

 

David Blumberg is Managing Partner of Blumberg Capital. Mr. Blumberg is an authority on early stage investing with more than 25 years of experience. He founded Blumberg Capital in the early 1990s and launched its first venture-backed fund in 2001. Prior to Blumberg Capital, Mr. Blumberg managed international investments with the Bronfman Family Office, Adler & Co, APAX Partners and at T. Rowe Price. Mr. Blumberg also launched business development for Check Point Software Technologies as one of its top four executives. Mr. Blumberg also serves on the boards of Apester, CaseStack, Credorax, Deep Instinct, DoubleVerify, EarnUp, FeeX, Firmitas, Fortscale, IntSights, Kreditech, Namogoo, Trulioo, Wunder and Zooz. He also serves on the Board of The Lincoln Club of Northern California and is a member of the Pacific Council on International Policy. He is a member of the Investment Committee of 137 Venture and is on the Advisory Committee of StartOut.

Mr. Blumberg’s comments included:

  • "American consumers want financial institutions to help them focus on getting their business done better, but 76% are still afraid of security breaches."
  • "Technology can be used for the benefit of the masses."
  • "We need transparency."
  • "The PO market has been constrained due to a lot of regulatory reasons."
  • "Everyone needs to track their numbers, and needs to have good analytics."

Phyllis Borzi
(Former Assistant Secretary, Employee Benefits Security Administration, Labor Department, United States of America)

 

 

Tiburon CEO Summit XXXIII
Speaker
Phyllis Borzi
(Former Assistant Secretary, Employee Benefits Security Administration, Labor Department, United States of America)


 

 

 

 

 

 

 

Phyllis Borzi is the former Assistant Secretary for Employee Benefits Security of the United States Labor Department. Previously, Ms. Borzi was a research professor at George Washington University Medical Center in the Department of Health Policy's School of Public Health and Health Services. In that position, Ms. Borzi was involved in research and policy analysis involving employee benefit plans, the uninsured, managed care, and legal barriers to the development of health information technology. In addition, Ms. Borzi was of counsel with the Washington, D.C. law firm of O'Donoghue & O'Donoghue LLP, specializing in ERISA and other legal issues affecting employee benefit plans, including pensions and retirement savings, health plans, and discrimination based on age or disability.

 

Ms. Borzi’s comments included:

  • "Investment advisers shouldn’t be able to steer retirees, workers, small businesses, and others into investments that benefit the advisers at the expense of their clients. The consumer’s retirement security must come first."
  • "Opponents of the rule are going to find it extremely difficult to successfully delay or substantially dilute the rule."
  • "The only thing that appears to have changed is the occupant of the White House. If the administration decides to just flip this rule or make major changes in it, they will be sued. I do not think the courts are going to be looking favorably."
  • "I was always very vocal about making sure that the people who were in charge of implementing them balanced the protections — for the workers, the participants and the retirees — against costs."
  • "Whose side are you on? Force people to answer that question. There’s only one possible answer."
  • "Irrespective, of the regulatory events that are taking place, we have to recognize that more and more assets are in the hands of fiduciaries and in fact most of the worlds wealth is in the hands of fiduciaries of some sort and that is true with respect to the institutions."
  • "People don’t understand how an agency puts out a regulation. You can’ t just snap your fingers and put out a regulation, there is a law of administrative procedures act."
  • "Focusing on fiduciary duties was not only good for the customer, but it was good for the business bottom line."

Dave Butler
(Co-CEO, Dimensional Fund Advisors)

 

 

Tiburon CEO Summit XXXIII
Speaker
Dave Butler
(Co-CEO, Dimensional Fund Advisors)


 

 

 

 

 

 

 

Dave Butler is Co-CEO of Dimensional Fund Advisors. Mr. Butler joined Dimensional in 1995 and brings more than 20 years of experience working with financial advisors. Mr. Butler leads a worldwide team of regional directors and client services professionals who apply Dimensional’s strategies and resources to help advisors provide investors with an outstanding client experience. Mr. Butler is on the firm’s Executive Committee and has been involved with firm-wide strategic vision and decision making for many years.

Mr. Butler’s comments included:

  • "Peace of mind may be attributed to many aspects of an advisor relationship, and in our view it is an outcome of advisors helping investors feel prepared by setting the right expectations."
  • "Returns matter, but having a plan and remaining disciplined are just as important for long-term investment success."
  • "Achieving returns in a way that enables people to relax just a little bit more is very important to us and also to investors."
  • "When investors work with an adviser who has a holistic understanding of their personal situation and can help them stay focused on their long-term goals, we believe they are better positioned to benefit from what the capital markets have to offer."
  • "Naturally, many investors have fears about what is likely their most important financial goal - saving for retirement. By helping clients understand what they can and cannot control, advisors can create a different experience to help ease their concerns."
  • "We’re not against private equity at all, we just feel there’s less experience in the private equity space. Private equity is probably somewhere below the microcap space. We have no issue with people putting private equity in their portfolio."
  • "At the end of the day we want to make sure the share cap funds are protected and make sure assets are controlled in a certain way."
  • "There’s a significant passion towards the capital markets and how we think. Passion is confused for religious fever."
  • "Private equity is going to be a part of the game, just hopefully not the whole game."

Margo Cook
(President, Nuveen Advisory Services)

 

 

Tiburon CEO Summit XXXIII
Speaker
Margo Cook
(President, Nuveen Advisory Services)


 

 

 

 

 

 

 

Margo Cook is President of Nuveen Advisory Services. Ms. Cook is responsible for delivering Nuveen’s investment capabilities to clients globally, overseeing product, marketing and distribution. Ms. Cook also leads the firm’s strategy to deliver consultative, outcome-focused advice and investment solutions to clients worldwide. Prior to the integration of the TIAA and Nuveen Investments asset management organizations, Ms. Cook was Co-President of Nuveen Investments. Before joining Nuveen, Ms. Cook led the global institutional business at Bear Stearns Asset Management and also held various senior investment leadership roles within BNY Mellon for more than 20 years, including head of fixed income and Chief Investment Officer of institutional investments.

Ms. Cook’s comments included:

  • "Investors need to solve for a diverse and growing list of challenges – income generation, diversification, longevity risk and retirement readiness, and matching assets with liabilities, among others – and our clients are asking us to be problem solvers and help them think and execute against their goals."
  • "At no other point in our firm’s development have we been as well positioned to draw upon the very best investment thinking, portfolio solutions, product management expertise, and client service resources from across the firm. By undertaking these proposals, we ensure our ability to continue to deliver the most innovative and relevant investment solutions to our clients."
  • "It is really incumbent on us to help our client figure out what the purpose of the asset to structure the portfolio and solve the problem it’s trying to solve."
  • "Is it active versus passive, or is it what’s the purpose of those assets being used for?"
  • "There’s a lot of value in the muni market today."

Walter Cruttenden
(Co-Founder, Acorns)

 

 

Tiburon CEO Summit XXXIII
Speaker
Walter Cruttenden
(Co-Founder, Acorns)


 

 

 

 

 

 

 

Walter Cruttenden is Co-Founder & Chairman of Acorns. Early in his career, Mr. Cruttenden founded and served as CEO of two well known investment banking and brokerage firms: Cruttenden Roth (now Roth Capital, active underwriters of emerging growth companies), and E*Offering, formerly the iBank arm of E*Trade Securities (since merged). As CEO, Mr. Cruttenden led both companies through rapid growth and significant liquidity events. Mr. Cruttenden also co-founded SRS Laboratories (since acquired by DTS), after buying the acoustic technology from Hughes, and developing it into an independent company. Mr. Cruttenden also founded one of the largest growth stock conferences in the US, now the Roth Conference.

Mr. Cruttenden's comments included:

  • "We just want to enjoy our lives and change the world."
  • "There's roughly 100 million people that under save (or under invest). You can open an account at 18 but most people really do not get their act together until they're 30-something."
  • "There are 315,000 financial advisers out there. We're not trying to compete with them. We're trying to be the starter account, the farm school, the incubator."
  • "There's not a place to put in a stock symbol or a price or type of order. It just sweeps your money into this pre-constructed portfolio, and when you want it, you withdraw instantly."
  • "Investing is a powerful first step."

Robert DeChellis
(Chairman, Insured Retirement Institute (IRI))

 

 

Tiburon CEO Summit XXXIII
Speaker
Robert DeChellis
(Chairman, Insured Retirement Institute (IRI))


 

 

 

 

 

 

 

Robert DeChellis is Chairman of Insured Retirement Institute (IRI)). Mr. DeChellis is also President of Allianz Exchange and has more than 25 years of financial services experience. Prior to joining Allianz, Mr. DeChellis was executive vice president at the Travelers Companies Retail Annuities Division. He was responsible for expanding the company's retail annuity distribution network. Mr. DeChellis also was executive vice president and national sales manager for Jackson National Life Distributors. Before that, he managed sales for a broad range of product lines and distribution channels at Goldman Sachs. He was also a regional manager for Lord, Abbett, & company, a pension consultant with Transamerica, and an account manager for Aetna.

Mr. DeChellis’ comments included:

  • "We must continue to broaden and deepen our affinity with financial advisors. This will require us to shift our focus to supporting a more holistic retirement planning process."
  • "IRI's mission and goals align well with those of Allianz. This alignment will create greater awareness of the importance of financial planning and driving global collaborative efforts."
  • "We're in a pretty tenuous spot right now as it relates to timing."
  • "Price is important in the absence of value."
  • "You can't serve a client if you do not know the details and the intimacy of their personal situation."

Stuart DePina
(President, Envestnet Tamarac)

 

 

Tiburon CEO Summit XXXIII
Speaker
Stuart DePina
(President, Envestnet Tamarac)


 

 

 

 

 

 

 

Stuart DePina is President of Envestnet Tamarac. Mr. DePina manages the long-term growth strategy of Tamarac. His balanced leadership is rooted in deep financial experience and the belief that a solid organization is built on customer focus, commitment and thoughtful business practices. Mr. DePina's professional history is distinguished by leadership roles in guiding firms through various stages of development including initial public offerings and acquisitions. Most recently, Mr. DePina served as CEO for Who's Calling, a web-based application that uniquely measured online and traditional direct marketing performance, where he succeeded in doubling the company's revenue base and drove profitability. He served as president and CEO of xSides Corporation, a developer of trusted computing and digital rights management technology. He was chief financial officer for Ticketmaster Corporation, and a partner in the big four firm of KPMG, where he provided consulting and assurance services to a number of clients in the firms' financial services practice.

Mr. DePina’s comments included:

  • "For years they [Advent Software] said, bundling is not a smart strategy; it is better to be great at one thing. They are right but that one thing is a platform."
  • "The widgets that are part of the portal that advisers leverage for clients create more of a sticky relationship between the adviser and investor."
  • "Tools, automation, and artificial intelligence can help manage more relationships for strategists."
  • "What we do is designed for a more scalable solution for advisors including proposal generation, research, rebalancing, reporting etc. All that plumbing is there but it’s not what the end investor sees. This Upside technology is the last mile and it allows us to offer the full spectrum."
  • "As advisors and their clients are shifting their conversations from strictly performance to holistic financial planning, integrations that provide contextual linking help enable these important discussions."
  • Connecting these dots with the advisor and all the information coming out of the investors’ financial life is really rich. The individual that is closest to the consumer is going to have the ability to retain them."
  • "One of the things we have been able to benefit from, is that we are able to piece together the best of what we have. The end game for us is for you to look at a menu of offerings and select the aspects of our offerings that fit your business class. Tamarac wants to be that ecosystem."

Colin Falls
(President, GeoWealth Management)

 

 

Tiburon CEO Summit XXXIII
Speaker
Colin Falls
(President, GeoWealth Management)


 

 

 

 

 

 

 

Colin Falls is President of GeoWealth Management. As President, Mr. Falls primarily focuses on business strategy, organizational management, and platform product development. Prior to joining GeoWealth, Colin served in various roles at Frontier Wealth Management, a Kansas City based Registered Investment Advisor. He graduated from the University of Notre Dame’s Mendoza College of Business in 2007 with a B.A. in Management and Entrepreneurship.

Mr. Fall’s comments included:

  • "Our clients are looking for access to top notch investment capabilities that can be easily accessed through our end-to-end advisor technology."
  • "J.P. Morgan’s technology-enabled model portfolios offer a uniquely differentiated solution that can help advisors efficiently manage and grow their business."
  • "Obviously, technology is the key, especially when it can also improve and enhance the user experience of your clients, as well as free up your time to focus on delivering client value."
  • "Sophisticated and diversified outsourced portfolios are a top priority. "
  • "Custodians seem to be coming out with new offerings every day. As you consider your options, remember that choosing a custodian-provided solution is likely to force your hand and disrupt your practice for a while."

Rob Foregger
(Co-Founder, NextCapital Group)

 

 

Tiburon CEO Summit XXXIII
Speaker
Rob Foregger
(Co-Founder, NextCapital Group)


 

 

 

 

 

 

 

Rob Foregger is Co-Founder of NextCapital Group, a digital advice platform for large financial services firms, and currently serves as Executive Vice President. Mr. Foregger is a seasoned executive with 20 years of managing complex business creation, business growth, and marketplace challenges for direct-to-consumer financial institutions. Mr. Foregger has co-founded and served in leadership roles at several companies, including EverBank Financial and Personal Capital. Mr. Foregger also previously served as President of Fidelity Personal Trust Company.

Mr. Foregger’s comments included:

  • "Some firms had clearly put things on hold, but a lot of others are looking at this as an offensive strategy to provide legal and scalable advice to consumers."
  • "Some of the most exciting innovations in financial technology come from hiring team members with diverse backgrounds."
  • "Applying new technologies to old business models often leads to great things. do not be afraid to think differently!"
  • "It is imperative that the retirement industry provides transparent and cost-effective financial services, which align with the client’s best interests."
  • "Fundamentally, to do lightweight smart financial planning you have to have it connected in your managed accounts functions."
  • "There’s an ecosystem that’s there and you need to try to do this in scale, select ones that do the holy ghost system."

Tim Freundlich
(President, ImpactAssets)

 

 

Tiburon CEO Summit XXXIII
Speaker
Tim Freundlich
(President, ImpactAssets)


 

 

 

 

 

 

 

Tim Freundlich is President of ImpactAssets. Mr. Freundlich is a long-time innovator in new financial instruments in the social enterprise sector, which he now applies as the head of ImpactAssets, the $350mm boutique donor advised fund and investment note offerer for impact investments. While previously at Calvert Foundation for 12 years, Mr. Freundlich conceived of and launched the donor advised fund. Mr. Freundlich was also instrumental in building the $250mm Community Investment Note with more than $1 billion invested into 300-plus nonprofits and for profits globally. Mr. Freundlich co-founded and serves as Managing Partner for Good Capital that, in addition to its flagship Social Enterprise Expansion Fund, founded the 2,500-person annual Social Capital Markets (SOCAP) conferences in San Francisco and four Impact Hubs in the United States; co-working, meeting and community space serving approximately 2,000 social innovators.

Mr. Freundlich's comments included:

  • "Through these professionally managed funds, donors can provide critical ‘gap-filling’ resources by channeling capital to strategies that are not typically funded by traditional capital markets or by philanthropy."
  • "In many instances, client investments fuel high-impact, for-profit enterprises to develop their businesses to the point where more traditional financing becomes available to them."
  • "In addition to the funds our donor advisors are participating in, we are seeing a marked increase in direct company venture investments and we have just completed our 281st deal, with nine completed in the last 30 days alone."
  • "The whole field is evolving. Five years ago there was a lot less going on, and there were not a lot of good track records to look at outside the ESG [environmental, social and governance] stock and bond managers."
  • "Investors and wealth advisors have an increased sense of urgency in aligning and deploying high-impact capital to what they see as a fast opening gap from government policies."
  • "Impact investing is real and here to stay."
  • "Philanthropy is getting a real refresh."

Nick Good
(Co-Business Head, SPDR Business, State Street Global Advisors)

 

 

Tiburon CEO Summit XXXIII
Speaker
Nick Good
(Co-Business Head, SPDR Business, State Street Global Advisors)


 

 

 

 

 

 

 

Nick Good is Co-Business Head of State Street Global Advisors' SPDR Business. In this role, Mr. Good is jointly responsible for State Street Global's $500B SPDR Exchange Traded Funds business globally, with primary responsibility for the North America and Latin America regions as well as for the Global Marketing and Global Strategy & Planning functions. Mr. Good initially joined State Street Global Advisors in 2014 as Chief Operating Officer of the United States Intermediary Business Group with responsibility for strategic relationships, sales strategy and investment outlooks for SPDR Exchange Traded Funds in the United States. Prior to joining State Street Global Advisors, Mr. Good spent eight years with BlackRock, primarily as CEO of iShares, Asia Pacific. Mr. Good also served as Managing Director and Head of Strategy and Business Development, Asia Pacific for BlackRock. Mr. Good initially joined the firm as Managing Director, Strategy & Planning for iShares and the Index and Markets Group globally at Barclays Global Investors (BGI), which merged with BlackRock in 2009. Before joining Barclays Global Investors, Mr. Good was a lead client manager at the Boston Consulting Group and a Senior Consultant at the Kalchas Group.

Mr. Good’s comments included:

  • "A service model in which we segment clients by channel is too simplified in today’s world of fee compression, regulatory change, and the continual need to scale to meet client demands."
  • "The industry is shifting and we must customize our client experience and provide a portfolio of resources focused on the drivers, opportunities and challenges investment professionals face in their practice. This reorganization allows us to deliver a higher level of personalized service and support to the growing universe of financial advisors and wealth managers relying on ETFs to meet their clients’ goals."
  • "While the proliferation of ETFs has democratized asset allocation, there hasn't been enough focus on constructing portfolios."
  • "With new regulation on the horizon, investors will more likely focus their asset allocation decisions solely on price."
  • "To answer the questions of what is the risk profile and what is the performance attribution, we've seen demand for more capable portfolio analytics."
  • "It's not just about management fees but about performance."

Bob Guillocheau
(CEO, Ascensus)

 

 

Tiburon CEO Summit XXXIII
Speaker
Bob Guillocheau
(CEO, Ascensus)


 

 

 

 

 

 

 

Bob Guillocheau is CEO of Ascensus and is responsible for the strategic direction and vision of the company. Mr. Guillocheau has more than 30 years of experience in the financial services industry. Prior to joining Ascensus in 2003, Mr. Guillocheau was executive vice president and general manager of First Data Retirement Services, chief operating officer of ChannelWave, and chief financial officer for Mellon Bank’s Mutual Fund Services Group.

Mr. Guillocheau’s comments included:

  • "We feel when we get to work everyday with a noble purpose, we get to help more than seven million Americans save for some of life’s most important things."
  • "Our focus will continue on growing our business through investing in our people, providing great service to our clients and in turn providing strong financial returns to our investors."
  • "We see a great opportunity to grow through new outsourcing deals, but also through acquisitions. We’re always willing to talk, and if it’s a strategic and cultural fit, we’re more than happy to do business."
  • "There is no question that society needs some sort of government-sponsored plan. Despite everyone’s best efforts, adoption rates of 401ks and similar retirement plans are not where they need to be."
  • "It’s imperative that we maintain our focus on the value that we provide to our clients in helping them save for retirement, college, and health care. We listened hard to what our clients were asking of us with our upcoming digital initiatives—the new solutions are truly being built with our clients in mind."
  • "27% of Americans over the age of 60 have zero saved for retirement. And social security says for the average American social security should replace 33% of your retirement income."

Jan Hier-King
(Co-Founder, Bicycle Financial)

 

 

Tiburon CEO Summit XXXIII
Speaker
Jan Hier-King
(Co-Founder, Bicycle Financial)


 

 

 

 

 

 

 

Jan Hier-King is Co-Founder and Chief Technology Officer at Bicycle Financial. Ms. Hier-King has 30 years of financial technology and operations experience at The Charles Schwab Corporation, Citibank, and Bank of America Corporation. At The Charles Schwab Corporation, Ms. Hier-King led the development of Schwab.com, ran Human Resources, and was Chief Information Officer. Most recently, Ms. Hier-King led The Charles Schwab Corporation’s technology and operations functions, which supported the company’s entire business.

Ms. Hier-King's comments included:

  • "I want every person, no matter how much money they have, to understand and act on their financial dreams."
  • "We wanted to change the narrative of finance from 'show me the money' to 'tell me about your life; tell me about your kids; tell me about how much you save and how much you can save every month.' and if you figure that out, you can make headway."
  • "Your kid might get a college scholarship, but you're never going to get a retirement scholarship."
  • "A house is not liquid, so you can't just right away capture dollars from it."
  • "Financial freedom is the mantra for these folks."
  • When you think of going home, as you do today, and looking at Alexa, and you know that someday the question to Alexa is going to be: Alexa, what do I do with my savings? And Alexa will get the answer eventually…hopefully Alexa will have to answer based on something we have given Alexa."
  • These are folks who are about 25-40 years old, in terms of the demographic, and they are people who don’t care about name brands. So they don’t know or care about Schwab, Fidelity or any of those names. They use Venmo, they use whatever they have on the mobile device, so they’re a different breed.
  • "I cared about investing in financial institutions that I trusted, these people, a lot of them don’t care, the trust element is not high."

Tif Joyce
(Partner, Sonoma County Wealth Advisors)

 

 

Tiburon CEO Summit XXXIII
Speaker
Tif Joyce
(Partner, Sonoma County Wealth Advisors)


 

 

 

 

 

 

 

Tif Joyce is Partner of Sonoma County Wealth Advisors and former President of Joyce Financial Management. Mr. Joyce Tif has been a certified financial planner for more than 27 years. His comprehensive approach to planning and investing ensures that each client’s unique needs will be carefully heard and addressed. He has long been a fierce advocate for the informed financial consumer, and has dedicated his career to educating and guiding the underserved “mass affluent” investor.

Mr. Joyce’s comments included:

  • "While we do have some wealthy people, mostly we have regular folks who did everything the hard way and were patient."
  • "We needed to embrace the tools of the modern age and I wasn’t getting it done."
  • "A lot of stuff I’ve avoided in my life and in my practice is making commonly known errors. I have my act together and succession is part of that."
  • "The important thing is, you can’t spend it all. You need to save enough of that income so that you’re independent, because you never know when it’s going to stop entirely."
  • "Financial planners are really consumer economists."
  • "It takes a unique combination of people to make a good advisor. You’ve to be a numbers person and you got to be a people person. You’ve got to apply this as if it was yourself."
  • "What someone is looking for is a healthy situation, and we are super thorough in what we do for people. It’s a giant checklist, and it needs constant attention. It’s like painting the Golden Gate Bridge, once you’re done you have to start all over again."

Kunal Kapoor
(CEO, Morningstar)

 

 

Tiburon CEO Summit XXXIII
Speaker
Kunal Kapoor
(CEO, Morningstar)


 

 

 

 

 

 

 

Kunal Kapoor, CEO of Morningstar, is responsible for managing the company’s investment databases and related products, including Morningstar® Data, the firm’s comprehensive offering of investment data, real-time market data, documents, and more available through a variety of delivery methods including electronic data feeds. Prior to assuming his current role in 2012, Kapoor was president of Equity and Market Data/Software. In 2009, he became president of Individual Software, responsible for Morningstar.com®, and in 2010, his role expanded to include the firm’s equity data business. Kapoor joined the company as a data analyst in 1997 and became a fund analyst in 1998. In 2001 he joined Morningstar Investment Services, a registered investment advisor and wholly owned subsidiary of Morningstar, as a senior research analyst. He was named editor of Morningstar® Mutual Funds™, the company’s flagship publication, in 2003, and in 2004 was appointed director of mutual fund analysis, where he led Morningstar’s team of mutual fund analysts. In 2006, Kapoor was named director of business strategy for Morningstar’s international operations. He also served as president and chief investment officer of Morningstar Investment Services. Kapoor holds a bachelor’s degree in economics and environmental policy from Monmouth College and a master’s degree in business administration from the University of Chicago Booth School of Business. He also holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society of Chicago. In 2010, Crain’s Chicago Business named Kapoor to its annual 40 Under 40 class, a list that includes professionals from a variety of industries who are contributing to Chicago’s business, civic, and philanthropic landscape.

Mr. Kapoor’s comments included:

  • "Our data reached a certain critical mass, more widespread acceptance of business models, and that wasn’t always the case for growth opportunities."
  • "From my perspective, technology is enabling the adviser to have a closer relationship with the clients that advisers should be spending the most time with. Tech provides a huge opportunity for companies like Morningstar to demonstrate value."
  • "One of the areas in the world that we see as having the biggest opportunities is in the U.S. As good as the opportunities are overseas, they are just as good here. It is not a matter of one over the other."
  • "Everyone thought robo-advisers were going to land with a big thud in the adviser community. But they have gained acceptance in that advisers have found ways to use the new tools they get."
  • "The reality is that the vast majority of assets are concentrated in a few funds, and covering that select group is not a challenge."
  • "You tend to focus on a lot of stuff that isn’t actually in the job during the management transition. We will prove to be as successful as the last team."
  • "We serve investors who want to do it themselves and we serve investors who want us to do it for them."

Rick x
(Global Chief Investment Officer, State Street Global Advisors)

 

 

Tiburon CEO Summit XXXIII
Speaker
Ric Edelman
(Global Chief Investment Officer, State Street Global Advisors)


 

 

 

 

 

 

 

Rick Lacaille is Global Chief Investment Officer at State Street Global Advisors and a member of the firm's Executive Management Group. In his role as Chief Investment Officer Mr. Lacaille has responsibility for all investment management activity at State Street Global Advisors, including research and trading. Prior to his current role, Mr. Lacaille was Business Head of Global Active Equities, and previously European Chief Investment Officer. Before joining State Street Global Advisors in 2000, Mr. Lacaille held a wide variety of posts in quantitative fund management and research at Gartmore Investment Management, including periods as Head of Quantitative Research and Head of Structured Equities.

Mr. Lacaille’s comments included:

  • "We are overweighting equities although we are not ignorant of the risks of euphoria. When we look at the combination of relatively low interest rates and improving earnings growth, that’s a combination that leads us to conclude that we should be risk on."
  • "As an investor, you have to find the sweet spot where there is enough slack in the labor market to keep costs down, but enough growth in the economy to feed the operating leverage of earnings."
  • "On the United States I think we'll see a little bit more core inflation but frankly we do not think that's going to be a real problem."
  • "If you look at the euro zone landscape overall I'm not sure you see quite so many inflationary signs and I think that puts the ECB in a little bit of a dilemma with push and pull coming from different parts of the union."
  • "In today’s market environment, heavily influenced by macro events and political uncertainty, investors are seeking innovative strategies that can exploit the breadth of the investment universe."
  • "The other part of the equation that scares people is low productivity growth and low inflation, and the rationale that one leads to the other.”

Vincenzo LaRuffa
(Partner, Aquiline Capital Partners)

 

 

Tiburon CEO Summit XXXIII
Speaker
Vincenzo LaRuffo
(Partner, Aquiline Capital Partners)


 

 

 

 

 

 

 

Vincenzo LaRuffa is a Partner at Aquiline Capital Partners and is a member of the Investment Committee of Aquiline Technology Growth. Prior to joining Aquiline, Mr. LaRuffa was managing director of Susquehanna Growth Equity, a growth equity group he co-founded that focuses on financial technology and software in the United States, Europe, and Israel. Previously, Mr. LaRuffa was an investor with NGP Energy Technology Partners and began his career at Deutsche Bank in the mergers and acquisitions group.

Mr. LaRuffa’s comments included:

  • "Robo advice is going to be the fabric of customer acquisition."
  • "Togetherwork is in a unique position to leverage and expand upon the success and capabilities of OmegaFi as it brings together similar companies to create the unrivaled leader in group management and payments software, which is an attractive and under-recognized sector within financial technology."
  • "This is an industry where chatter and know-how, on not just what deals are getting done in the market but what portfolio companies are experiencing, are extraordinarily powerful."
  • "It comes up because today people think about robo-advisers, or alternative lenders or other consumer-facing things. I don’t think things are being labeled fintech that aren’t fintech. I just think that certain end markets get much more consumer attention than others."
  • "The payments market, for example, has had tremendous activity by small companies that became large by providing innovative solutions,” he said. “The insurance market is in much earlier innings."
  • "It’s a different world view from B2C, there aren’t as many customers when companies deployed a bunch of capital."
  • "Facilitation of lending solutions to smaller RIAs would be a powerful change in the market."

Liz Michaels
(CEO, ESG & SRI, Aperio Group)

 

 

Tiburon CEO Summit XXXIII
Speaker
Liz Michaels
(CEO, ESG & SRI, Aperio Group)


 

 

 

 

 

 

 

Liz Michaels is CEO of ESG & SRI at Aperio Group. Prior to joining Aperio, Liz was responsible for the $11 billion defined contribution managed accounts business at Ibbotson Associates, a wholly-owned subsidiary of Morningstar. Earlier in her career, she was the Chief Operating Officer of Morningstar and served on the company's executive committee.

Ms. Michaels' comments included:

  • "Financial advisors are increasingly challenged to construct smart investment strategies that reflect the values and/or missions of their clients."
  • "BlueStar's data provides us with an additional tool to help clients interested in aligning their interests in Israel in thoughtfully designed, risk-controlled, low-cost portfolios. We are excited to integrate this new offering into our solution set."
  • "These aren't easy discussions within foundations. If your job is to perpetuate the foundation for future generations, the question is whether this is going to negatively impact your ability to do so."
  • "The combination of information in the press, and a proliferation of products and offerings in this space means investors are no longer taking no for an answer from their advisers. That means they're either taking their money and walking, or pressuring advisers to make it work."
  • "Investors are becoming more sophisticated and more aware of the issue areas, and at the same time they are becoming more demanding, and I do not mean in a negative way."

Joe Mrak
(CEO, FolioDynamix)

 

 

Tiburon CEO Summit XXXIII
Speaker
Joe Mrak
(CEO, FolioDynamix)


 

 

 

 

 

 

 

Joe Mrak is CEO of FolioDynamix. With 20 years in the industry, Mr. Mrak is an established thought leader and entrepreneur known for his vision and ability to evolve technology and investment products to meet the dynamic needs of leaders in the industry. Prior to launching FolioDynamix, Mr. Mrak co-founded Placemark Investments, the pioneer in overlay management and standards bearer in delivering highly customized account solutions. Mr. Mrak also served as general manager of BISYS WealthSolutions, now owned by Citigroup, and headed up product strategy for CheckFree Investment Services, now Fiserv, where he led product development for Check Free Corporation.

Mr. Mrak’s comments included:

  • "Integrating FolioDynamix’s powerful trading tools into Envestnet’s unified wealth management, financial planning and data analytics platform offers each of our customers the best of both worlds."
  • "Data aggregation is something our clients really wanted to get, and we’re finally giving it to them."
  • "As an industry, we are seeing more and more advisors go the independent RIA route, and we think the technology solution we bring to market is exactly what these advisors need to grow their businesses exponentially, across custodial platforms."
  • "The market is so fragmented that it’s very hard to get critical mass [in the RIA arena]. FolioDynamix has been around for a long time. They’ve been at the much larger end and scaling that down to the advisor world is very difficult to do."
  • "I really think we’re on par with Envestnet. They’re across the table from us nine times out of 10 on any deal we’re selling to. They’re our core competitor. We are probably the last two standing. I think Envestnet tried to get more into our market and we’re going to go right after them. The best way to put it is we’ve got a lot more gas to go after the marketplace."
  • "I think you are going to see a lot more Ron Carson’s in the world, because they realize there is going to be a lot more opportunities in this market."

Ed O'Brien
(CEO, eMoney Advisor)

 

 

Tiburon CEO Summit XXXIII
Speaker
Ed O'Brien
(CEO, eMoney Advisor)


 

 

 

 

 

 

 

Mr. O'Brien is CEO of eMoney Advisor and has spent his 30-year career focused on the development of technology platforms that enable business growth for financial professionals. Prior to eMoney Advisor Mr. O'Brien served as a Senior Vice President and Vice President at Fidelity Investments. Mr. O'Brien also previously served as a Senior Vice President at AdvisorTech.

Mr. O'Brien’s comments included:

  • "We have grown 25% to 30% annually since Fidelity bought us. Our development teams have never been busier or more energized. When you have our infrastructure and foundation, and the backing of Fidelity, there isn’t much you can’t do."
  • "At Fidelity, we’ve been talking about how we help advisors to evolve. When you look at what eMoney is doing, it is creating tools to help advisors that don’t even clear or custody with Fidelity."
  • "What happens a lot of time is advisors and clients think that once they’ve created a plan, that’s it. We don’t believe that. We think it’s much more engagement, much more collaboration … it’s helping the clients achieve the goals, not just put them down on paper."
  • "All of this is built on a single platform, so when the advisor decides a client needs more than pure digital service, they don’t have to pick them up and put them on a different platform. Estate plans or more complex distribution plans, those are things that the advisor just turns on for the client."
  • "Advisors need solutions that simplify their everyday lives and appeal to a growing market of investors looking for digital options."
  • "We’re using planning to engage your existing client base as well as potential new clients."
  • "Planning works when the clients engage."

Bob Oros
(CEO, HD Vest Financial Services)

 

 

Tiburon CEO Summit XXXIII
Speaker
Bob Oros
(CEO, HD Vest Financial Services)


 

 

 

 

 

 

 

Bob Oros is the CEO of HD Vest Financial Services. Mr. Oros has more than 20 years of sales and operational experience and has served in leadership roles at leading brokerage and investment advisory firms where he had a strong track record of successfully recruiting, retaining, and serving advisors. Prior to HD Vest Financial Services, Mr. Oros served as the Executive Vice President at Fidelity Clearing & Custody. In that role, Mr. Oros also oversaw the retirement strategy for Fidelity Custody & Clearing, providing retirement tools, resources and consulting services to advisors who service retirement plans helping them stay at the forefront of their industry. Prior to Fidelity, Mr. Oros served as a National Sales Manager at Trust Company of America, Executive Vice President and Head of Custom Clearing Services at LPL Financial, and Vice President at The Charles Schwab Corporation.

Mr. Oros' comments included: 

  • "We really wanted to help our own employees understand what it takes to run an advisory firm and to make decisions and deal with pressure and to feel the real issues. This matters a tremendous amount to us."
  • "Thirty a month is a big number. But I would look at it less as an absolute number. They’re actively engaged in how their assets are managed."
  • "We all know what is happening in the industry with aging advisors and succession is happening right now."
  • "I think the industry needs something like this. If we have a strong vibrant industry, we all get rewards from it. I think it’s healthy to have diversity of who is in the room and who they work with as custodians as well as the diversity of technology. It’s really helpful. We certainly expect to have a large contingency of Fidelity clients but we want others too."
  • "If you peel the layers back, most advisors are dictating the experience clients get, rather than clients dictating that experience."

Stuart Parker
(CEO, PGIM Investments, Prudential Financial)

 

 

Tiburon CEO Summit XXXIII
Speaker
Stuart Parker
(President, PGIM Investments, Prudential Financial)


 

 

 

 

 

 

 

Stuart Parker is President of PGIM Investments at Prudential Financial, a manufacturer and distributor of retail mutual funds sold primarily through third-party distribution channels. Prior to PGIM Investments, Mr. Parker was Executive Vice President for both Dennison Associates’ sub advisor relationships and Prudential Investment’s retail distribution of mutual funds and managed accounts. Before joining Jennison Associates, Mr. Parker spent fourteen years at Citigroup Asset Management as Head of nonproprietary distribution for its retail and subadvisory business.

Mr. Parker's comments included: 

  • "Our investors need new strategies that offer the opportunity to generate income and investment returns in a challenging low-yield environment."
  • "In addition to the demand for alpha, our clients are increasingly looking for depth of asset class expertise, ease of geographic access and robust risk protocols. We’re proud that we have the global expertise to meet these needs and that clients trust us to source the best investment opportunities on their behalf."
  • "The change to PGIM Investments showcases our ability and commitment to delivering actively managed investment solutions to our global clients through the deep expertise of our multi-manager model."
  • "There is a big difference between what you do to justify your fees and what will sell."
  • "We're looking to understand the whole convergence between technology-based and human advice. I'm expecting to hear that there are more similarities than differences (among their market) segments in their strategies for providing advice to clients."
  • "There is a tremendous advantage to have scale as an organization."

Simon Roy
(CEO, Jemstep)

 

 

Tiburon CEO Summit XXXIII
Speaker
Alex Rampell
(Partner, Andreessen Horowitz)


 

 

 

 

 

 

 

Alex Rampell is a General Partner at Andreessen Horowitz where he leads the firms fintech investments and serves on the boards of Branch, PeerStreet, Point, and Quantopian. Prior to joining a16z, Mr. Rampell was the CEO and cofounder of TrialPay, a leading transactional advertising and payments company serving digital goods and e-commerce clients such as Facebook, Zynga, and Gap, with 100 employees and over $300M in revenue. TrialPay was acquired by Visa in 2015. TrialPay also spun out another company, Yub, the first offline affiliate network, where Mr. Rampell simultaneously served as CEO through its acquisition in late 2013 by Coupons.com.

Mr. Rampell’s comments included:

  • "The best time to sell life insurance is when you’re not looking for it."
  • "13% of groceries in the United States are bought with food stamps."
  • "When gmail came out, it gave them 1gb of storage space, yahoo gave 10mb. They made it 100 times better."
  • "It’s expensive to be poor in this country, and these are things banks don’t focus on."
  • "A lot of these companies say I’m going to use all tech and no fin."

Simon Roy
(CEO, Jemstep)

 

 

Tiburon CEO Summit XXXIII
Speaker
Simon Roy
(CEO, Jemstep)


 

 

 

 

 

 

 

Simon Roy is CEO of Jemstep and has responsibility for overall business strategy and management. In his over eight years at Jemstep, Mr. Roy has had direct responsibility for functions including strategy, corporate and business development, sales, services and investment systems. Mr. Roy has more than 20 years of experience serving as an investor in, consultant to and chief executive officer (CEO) including as CEO of a start-up, Accrue Software, which was subsequently listed on the Nasdaq. Prior to that, Mr. Roy served as a senior consultant with McKinsey & Company, serving the financial services industry.

Mr. Roy’s comments included:

  • "If we were standalone, it would be no-go."
  • "If you try to close the platform, it will fail. Invesco gets that."
  • "Ultimately, advisors get to decide passive, active, ETFs or mutual funds. We hope to earn the opportunity to have some of Invesco products included."
  • "It’s not the case that the only options will be Invesco-only set of portfolios. It’ll be introduced among a set of options. Those will be an options available to advisory firms to decide if they want to offer those options or not."
  • "What I’m essentially saying is many of these firms are looking for a set of models whether they can trade them in-house or through a TAMP. We essentially support both models."
  • "At the end of the day we’re in the business of connecting advisors."
  • "We’re a white label digital advice platform."
  • "We love the technology that asks are you going to be around tomorrow?"

Schwark Satyavolu
(Partner, Trinity Ventures)

 

 

Tiburon CEO Summit XXXIII
Speaker
Schwark Satyavolu
(Partner, Trinity Ventures)


 

 

 

 

 

 

 

Schwark Satyavolu is a Partner at Trinity Ventures focusing on early stage technology investments in financial technology, security and artificial intelligence. An entrepreneur himself, Mr. Satyavolu was the co-founder of two financial technology companies: Yodlee and Truaxis. Before joining Trinity, Mr. Satyavolu served as Executive Vice President at LifeLock and head of MasterCard’s global rewards and offers initiatives. An engineer by background, Schwark has also worked for Microsoft Corporation.

Mr. Satyavolu’s comments included:

  • "If investments continue at the current rate, this could become the next mortgage crisis with people – including institutional investors – losing hundreds of millions of dollars when (not if) many of these companies go out of business"
  • "All the increases in functionality will become ingredients instead of a final destination."
  • "I'm very bearish about online lending. I do not expect it to come back."
  • "Fundamentally, it is because you have investors who feel like they are missing out on the next bitcoin. That's getting people to jump in."
  • "These companies running ICOs could have the best intentions, but they might also have no idea what they're doing. And in many cases, you just do not have the proper information to make an informed decision."
  • "The ICO craze will become a bubble and make some carnage in its way."
  • "Small banks are hurting, they used to be some of the best places to be, but they can’t compete."
  • "If you look at the directive consumer innovations align, the experience gap between the small wealth management and the large wealth management is widening."

Dave Ryan
(President, California, Upton Financial Group)

 

 

Tiburon CEO Summit XXXIII
Speaker
Dave Ryan
(President, California, Upton Financial Group)


 

 

 

 

 

 

 

Dave Ryan is President of California at Upton Financial Group. Mr. Ryan has more than 25 years of experience in the Mergers & Acquisitions industry. Mr. Ryan has initiated and completed a wide range of mergers, acquisitions, sales and financings for an extensive range of clients. Mr. Ryan’s previous experience as a practicing Certified Public Accountant, Certified Valuation Analyst, and investor has proven to be an ideal background to work with buyers, sellers, and their representatives in structuring and completing transactions.

Mr. Ryan’s comments included:

  • "Many business owners wait years to sell their businesses until the market is healthy enough to command a good price. We’re in one of those markets now."
  • "If you’re carrying paper or you’ve got something contingent, you’re making an investment in the guy who is buying your practice. You better have the ability to say something and be part of it."
  • "The higher the offer you get, the more likely it is to include requirements that lower your chances of getting paid in full. And often, higher prices come with tax consequences that can leave you reeling like you got hit on the open field by Clay Matthews."
  • "Buyers often try to negotiate conditions into the deal you must meet to get paid in full...Think very hard about whether you can realistically do what they’re asking before you bet your final payment on it."
  • "If you’re selling to a big company or a private equity firm, they probably will ask you to stay on board for two years or more —and no matter what they say about autonomy, you won’t be the boss anymore."
  • "A key question you have to ask yourself on smaller deals is how are you introducing this person to your clients. If you are not all onboard, it is not going to good."

Drew Sievers
(CEO, Trizic)

 

 

Tiburon CEO Summit XXXIII
Speaker
Drew Sievers
(CEO, Trizic)


 

 

 

 

 

 

 

Drew Sievers is CEO of Trizic, a leading provider of enterprise grade, white labeled digital advice and workflow technology to firms like John Hancock/ManuLife and Fidelity Information Systems/Sungard. Formerly, Mr. Sievers was the CEO at mFoundry (acquired by Fidelity Information Systems), where he was pivotal in establishing the North American mobile banking industry, securing more than 1,000 financial institution customers. Mr. Sievers is also Managing Director at Operative Capital, an investor in late seed and Series A financial technology companies.

Mr. Sievers’ comments included:

  • "Digital wealth advisory is following the same trajectory as online and mobile banking, and Trizic's disruptive model is well-positioned to bring change to an industry ripe for innovation."
  • "I’m a big fan of advisors, I don’t think advisors are going away."
  • "If there’s 14,000 banks and credit unions out there, we should be able to go to half that market."
  • "When you think about the evolution of the robo arena, these big bank firms moving into this area is a tectonic shift and will create a major disturbance for traditional robo advisors."
  • "Without a doubt, compared to any of our competitors, we have the most technically advanced enterprise level software out there. That's what I do; all these other guys, that's not what they do."
  • "There’s so much data now, with advisors & firms, you’re going to get access to client’s Facebook feeds and other data coming it. Artificial intelligence will tell you hey, this person just had a kid, or this person has a kid in college."

Babu Sivadasan
(President, Envestnet Retirement Solutions)

 

 

Tiburon CEO Summit XXXIII
Speaker
Babu Sivadasan
(President, Envestnet Retirement Solutions)


 

 

 

 

 

 

 

Babu Sivadasan is President of Envestnet Retirement Solutions. Mr. Sivadasan has a distinguished record working with entrepreneurs, turning their ideas into innovative companies, and delivering solutions for Fortune 500 companies. He has extensive experience in global software delivery models and coordination of engineering activities across geographically distributed groups. He also is experienced in leading architecture, design, and development for large projects. For the past fifteen years, his focus has been on the internet and e-commerce application, and he has acted as a lead architect and programmer for Hewlett-Packard, where he worked on building a Java Virtual machine and an embedded application delivery platform. He was also the founding technology officer for several start-up companies, including Stamps.Com. Mr. Sivadasan has also worked as a technology consultant for application infrastructure companies like Quest Software and financial services companies like Discover Card.

Mr. Sivadasan’s comments included:

  • "Traditionally, when you look at it, we’ve created silos. We can’t advise a client holistically, that is true even today. We wanted to make a meaningful change to that, and enable that advisors will be able to serve the client holistically, not be a fiduciary, serve the client holistically. We are 100% behind the advisor whether it is human or digital."
  • "The ERS Fund Strategist Network enables us to provide the independent, unbiased fiduciary oversight and support that retirement plan sponsors, broker-dealers, and advisors are seeking. Given the adoption of the fiduciary standard and prudent investment practices in the retirement industry, we believe the Network can help broker-dealers, banks and trusts, and retirement advisors to truly act in the best interests of plan sponsors and participants"
  • "You should be focusing on the participant first, and the company, the employer, comes second. And it’s the other way around today; we believe that we can make a meaningful change there."
  • "At a time when many advisors are still adapting to the fee-based business model, our flexible, single-source fiduciary channel empowers advisors working with retirement plan sponsors to deliver advice and solutions that are in every plan participant's best interest."
  • "The latest DOL regs compliance tools are just another component of what we’ve been delivering to advisors for the past seventeen or so years."
  • "We are really passionate about improving the outcomes of millions of Americans. Today if you look at it, there are 30 million Americans who don’t have coverage, maybe more."

Laurel Taylor
(CEO, FutureFuel.IO)

 

 

Tiburon CEO Summit XXXIII
Speaker
Laurel Taylor
(CEO, FutureFuel.IO)


 

 

 

 

 

 

 

Laurel Taylor is the founder and driving force behind FutureFuel.IO. Prior to founding FutureFuel.IO, Ms. Taylor was Head of Industry at Google’s Global Business Unit within the Large Customer Sales division, where she was responsible for meeting and exceeding eight-figure revenue targets. During this time, she also served as a super connector and cross-functional bridge within Google: Google Ventures, Partnerships, X, and Enterprise. Prior to Ms. Taylor's role at Google, she served as the Chief Revenue Officer and Executive Vice President of TEECOM, a technology and engineering firm.

Ms. Taylor’s comments included:

  • "Users today prefer student debt repayment over food, foosball, and a 401(k). What we see, in general, is that 50% of employees opt-out of their 401(k). They're saying, 'My student debt is crushing. I have to pay down my debt first."
  • "Our system is broken. Education benefits our entire country but it also benefits corporate."
  • "Student debt repayment as a benefit is incredibly difficult to operate because, on the back end, the people getting money don’t provide a lot of transparency."
  • "Loan servicers and lenders are fairly antiquated in their abilities to electronically take in money, post money and create visibility around the fact that payments were received and deposited correctly."
  • "By integrating student debt repayment and refinancing as a standard part of health and wellness benefits packages, companies alleviate their employees’ number one source of financial stress: student debt."

Jason Thomas
(CEO, Savos Investments)

 

 

Tiburon CEO Summit XXXIII
Speaker
Jason Thomas
(CEO, Savos Investments)


 

 

 

 

 

 

 

Jason Thomas is CEO & Chief Investment Officer of Savos Investments, a division of AssetMark. He is responsible for the leadership and oversight of the Savos investment platform and the strategic direction of the division. Mr. Thomas joined Savos Investments in December 2014. Previously, he was the CEO of Portfolio Design Labs, a company he founded to provide next generation risk measurement and management to investment advisors and institutional investors. Prior to that, he was the chief investment officer of Aspiriant, the leading independent wealth management firm in the U.S. with $8 billion in assets under management and advisement. Mr. Thomas began his career at the Federal Reserve Bank of San Francisco.

Mr. Thomas’ comments included:

  • "We believe wealth is reliably created only through participation in profitable economic activity. Risk is unavoidable, but take it intelligently."
  • "Remember that both advisors and clients evaluate their entire experience; we sometimes forget that an individual’s feelings are integral to the investment process."
  • "Because so much of the total wealth generated by a bull market comes at the very end of the cycle, reallocating away from equities due to client concerns about the current market environment can be a very costly strategy."
  • "Like Billy Beane [the general manager of the Oakland A’s], Savos’ job is to build a championship team. When we build a stock portfolio, our goal is to combine companies with appealing individual characteristics that also complement the other holdings."
  • "Embrace volatility and look for undervalued areas of the market; for example, our research has indicated a significant current opportunity in high yield municipal bonds."
  • "One of the things that is so rewarding is identifying the opportunities that was missed before."
  • "The hardest thing about being owned by a platform is creditability; we’re credited as the B team that works for the platform."

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

 

 

Tiburon CEO Summit XXXIII
Speaker
Bill Van Law
(President, Investment Advisors Division, Raymond James Financial)


 

 

 

 

 

 

 

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

Mr. Van Law’s comments included:

  • "I did a really deep dive so we could create something competitive. We want to position ourselves to really grow this. We saw advisors who did not stay at Raymond James and left for an RIA model, and that was disturbing. That reinforced that the strategy was not going to work going forward unless we created something more competitive."
  • "It is about quality caliber and diversity of the team. It is important that we have people with outstanding experience from all areas of where we are going to recruit from. If you look at our team, now we have got experience from two major custodians, Schwab and Fidelity, and experience from independent broker-dealers and the wirehouses."
  • "It does not matter where you are in terms of value, if you are not priced the right way, no one will come."
  • "Breakaway recruiting is going to hit a tipping point. Reversing that trend just isn’t going to happen."
  • "As the markets turn, we have to think of how to add value to the advisors."
  • "I fully believe that this trend towards M&A, is real and going to continue."
  • "Technology is one of the core items that activate the RIA space, technology can be a real competitive edge."

Dave Welling
(CEO, Mercer Advisors)

 

 

Tiburon CEO Summit XXXIII
Speaker
Dave Welling
(CEO, Mercer Advisors)


 

 

 

 

 

 

 

Dave Welling is CEO at Mercer Advisors and has more than 20 years of experience in the advisory and wealth management industry. Most recently, Mr. Welling was Managing Director and Co–General Manager of SS&C Advent, a leading provider of technology and operational support to advisors, investment managers and hedge funds. Mr. Welling's past professional experiences include executive leadership roles at Black Diamond Performance Reporting and The Charles Schwab Corporation, as well as management consulting with Bain & Company.

Mr. Welling’s comments included:

  • "It’s not the aggregator model, which says, ‘Join us, we’ll take care of the overhead, you keep doing everything you want to do."
  • "I have good empathy for what it feels like to be the acquired, and how to manage that transition effectively."
  • "Mercer is one of the country's leading RIAs, and I am excited to be working with Genstar and the Mercer team to fulfill our vision for the company's future."
  • "I've had a 20-year love affair with the RIA industry and have passionately been a supporter and service provider to RIAs since 1997. This is a first chance to do it for real."
  • "The large firms are starting to outsource. I feel like the momentum is building."
  • "Financial planning is finally sexy, financial planners used to be the nerds in high school, but now we’re finally becoming popular, you can also see this in the technology industry."
  • "There is so much moving in the technology space, and now moving beyond, that it’s not just from the front office, it’s to the back porch."
  • "Consolidation is definitely happening. Some of the bigger firms will break from the path and they’ll become a little more bar belled."

Ken Weise
(CEO, Sonoma County Wealth Advisors)

 

 

Tiburon CEO Summit XXXIII
Speaker
Ken Weise
(CEO, Sonoma County Wealth Advisors)


 

 

 

 

 

 

 

Ken Weise is CEO of Sonoma County Wealth Advisors. Mr. Weise has been a financial advisor since 2001. In order to better serve his clients, he earned the Accredited Asset Management Specialist designation from the College of Financial Planning. Prior to his current role, Mr. Weise served as a Financial Advisor at Weise Financial Services and Edward Jones & Company.

Mr. Weise’s comments included:

  • "I wasn’t chomping at the bit. Tif had a much bigger practice. It was a little scary. But I drilled a little deeper… The value I could bring was very good and the personality fit was right."
  • "The fact that the practice was so fee-based, versus transaction-oriented, gave me a comfort that what I was buying should be fairly reliable."
  • "It seems like a big hurdle to buy a business, but it’s not bad if you baby-step your way through it."
  • "Without the selling of a practice, there’s a massive opportunity that’s missed. Clients will win with a good succession plan with a continued level of service, the seller will benefit from maximizing his business, the staff will have a longer term vision, and the buyer will have exponential growth."
  • "Insurance matters more in retirement planning than you may think. It is seldom “top of mind” in retirement planning conversations, but the right coverage could help you maintain some financial equilibrium in the face of sudden money pressures."
  • "It became clear to me as a buyer, if I could buy experienced clients- that is invaluable."

Kim Wright-Violich
(Managing Partner, Tideline)

 

 

Tiburon CEO Summit XXXIII
Speaker
Kim Wright-Violich
(Managing Partner, Tideline)


 

 

 

 

 

 

 

Kim Wright-Violich is Managing Partner at Tideline and co-leads the firm’s strategy, operations, and client engagement. Prior to Tideline, Ms. Wright-Violich was the CEO of Schwab Charitable, a stand-alone nonprofit corporation founded by The Charles Schwab Corporation to provide turnkey charitable asset management and philanthropic services to investors. In her time as CEO, Ms. Wright-Violich oversaw Schwab Charitable’s growth from a start-up to the second-largest donor advised fund in the United States, with $3.5 billion in assets and over $5 billion in contributions, serving over 25,000 investors and their wealth advisors.

Ms. Wright-Violich’s comments included:

  • "Larger firms have a bigger brand and corporate reputation to protect; they have deeper pockets for R&D; and, with client-and asset-retention front of mind, making relationships stickier through innovation is critical, even if just serving a niche."
  • "We have witnessed a significant shift in institutional interest in impact investing over the past few years, as managers have established track records of success and more investment options have become available."
  • "Non-conflicted, actionable advice on impact investing is needed now more than ever."
  • "Donors with accounts of $10 million or more have access to alternative investments, allowing them to customize their investment choices so that their DAFs have similar investment flexibility as private foundations."
  • "Donor advised funds are designed to remove the barriers to giving, by outsourcing the administration, record keeping, and due diligence on the charities and receiving some protection from charitable solicitations. Understanding what aspects of charitable giving you want to be relieved of and what you do not want to outsource, helps you make the right choice."
  • "Private markets have more horse power than philanthropy by itself."


Attendees

Tiburon is pleased to announce that the following 160 Tiburon clients attended Tiburon CEO Summit XXXIII:

  • Chip Roame (Managing Partner, Tiburon Strategic Advisors)
  • Cooper Abbott (President, Carillon Tower Advisors)
  • Mike Abelson (Executive Vice President, AssetMark)
  • Rahul Agrawal (Chief Investment Officer, Advisor Partners)
  • Blaine Aikin (Executive Chairman, fi360)
  • Mike Alfred (CEO, BrightScope)
  • Mike Apker (Executive Vice President, Envestnet)
  • Anil Arora (CEO, Envestnet Yodlee)
  • Steve Atkinson (Executive Vice President, Loring Ward Group)
  • Jon Baum (Executive Chairman, NorthStar Financial Services Group)
  • Ryan Beach (CEO, CLS Investments)
  • Steven Begleiter (Managing Director, Flexpoint Ford)
  • Bob Belke (Partner, Lovell Minnick Partners)
  • Vivina Berla (Co-Managing Partner, Sarona Asset Management)
  • David Blumberg (Managing Parnter, Blumberg Capital)
  • Phyllis Borzi (Former Assistant Secretary, Employee Benefits Security Administration, Labor Department, United States of America)
  • Brad Burgess (Chief Technical Officer, Orion Advisor Services)
  • Dave Butler (Co-CEO, Dimensional Fund Advisors)
  • Bruce Cameron (Co-CEO, Berkshire Capital Securities)
  • Sal Campo (Chief Delivery Officer, InvestCloud)
  • David Canter (Executive Vice President, Fidelity Clearing & Custody Solutions)
  • Mike Capelle (Business Head, FinLife Partners, United Capital Financial Partners)
  • Jeff Carlin (Senior Managing Director, United States Retail Distribution, Nuveen Investments)
  • Tim Carroll (CEO, New York Private Trust Company)
  • James Caulkins (Chief Revenue Officer, Docupace Technologies)
  • Jerry Chafkin (Chief Investment Officer, AssetMark)
  • Rene Chaze (Chief Financial Officer, Edelman Financial Services)
  • Eric Clarke (CEO, Orion Advisor Services)
  • Mike Clinton (Chief Financial Officer, Loring Ward Group)
  • Alan Clopine (Co-CEO, Pure Financial Advisors)
  • Frank Coates (CEO, Wheelhouse Analytics)
  • John Cochran (Partner, Lovell Minnick Partners)
  • Randy Conner (President, Churchill Management Group)
  • Margo Cook (President, Nuveen Advisory Services)
  • John Coyne (Vice Chairman, Brinker Capital)
  • Todd Crockett (Managing Director, TA Associates)
  • Walter Cruttenden (Co-Founder, Acorns)
  • Jeff Cusack (Senior Managing Director, Nuveen Investments)
  • Peter DeBoer (CEO, CFRA Research)
  • Robert DeChellis (President, Allianz Exchange)
  • Stuart DePina (President, Envestnet Tamarac)
  • Russ Diachok (CEO, Geneos Wealth Management)
  • Ryan Diachok (President, Geneos Wealth Management)
  • Linda Drucker (Associate General Counsel, The Charles Schwab Corporation)
  • Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
  • Steve Dunlap (President, FolioDynamix)
  • Danny Dunn (Chief Revenue Officer, Morningstar)
  • Mark Earley (CEO, Hines Securities)
  • Ric Edelman (Executive Chairman, Edelman Financial Services)
  • Colin Falls (President, GeoWealth Management)
  • Michelle Farmer (General Counsel, Advisor Software)
  • John Faustino (Chief Strategy Officer, fi360)
  • Ryan Fickel (Chief Technology Officer, AdvisorsExcel)
  • Rob Foregger (Co-Founder, NextCapital Group)
  • Tiffany Freitas (Chief Financial Officer, Vestmark)
  • Tim Freundlich (President, Impact Assets)
  • Terry Gaines (Chief Business Development Officer, First Rate)
  • Paul Gamble (CEO, 55 Institutional)
  • Adi Garg (Chief Technology Officer, Hanson McClain)
  • Charles Goldman (CEO, AssetMark)
  • Nick Good (Co-Business Head, SPDR Business, State Street Global Advisors)
  • Craig Gordon (Chief of Strategic Development, RBC Correspondent & Advisor Services)
  • Bob Guillocheau (CEO, Ascensus)
  • Bomy Hagopian (Partner, Berkshire Capital Securities)
  • Jim Hale (Founding Partner Emeritus, FTV Capital)
  • Scott Hanson (Co-CEO, Hanson McClain)
  • Jimmy Hausberg (Partner, Hausberg Group)
  • Bob Herrmann (CEO, Discovery Data)
  • Kyle Hiatt (Executive Vice President, Orion Advisor Services)
  • Jan Hier-King (Co-Founder, Bicycle Financial)
  • Anton Honikman (CEO, MyVest Corporation)
  • Jonathan Hudacko (CEO, JustInvest)
  • Bob Huret (Founding Partner Emeritus, FTV Capital)
  • Drew Hurt (Chief Financial Officer, fi360)
  • Peter Jantzen (Executive Vice President, Vestmark)
  • David Jegen (Partner, F-Prime Capital)
  • Anders Jones (CEO, Facet Wealth)
  • Tif Joyce (Partner, Sonoma County Wealth Advisors)
  • Kunal Kapoor (CEO, Morningstar)
  • Craig Katz (Executive Vice President, Discovery Data)
  • Lewis Katz (Chief Business Development Officer, FS Investments)
  • Kevin Keller (CEO, Certified Financial Planner Board of Standards (CFP Board))
  • Iain Kennedy (Chief Operating Officer, Trizic)
  • Michael Kim (Executive Vice President, AssetMark)
  • James Kirk (Managing Principal, Corsair Capital)
  • Rob Klapprodt (President, Vestmark)
  • Matthias Kuhlmey (Partner, Kuhlmey Group)
  • Rick Lacaille (Global Chief Investment Officer, State Street Global Advisors)
  • Vincenzo LaRuffa (Partner, Aquiline Capital Partners)
  • Kim Laughton (President, Schwab Charitable)
  • Doug Lennick (CEO, Think2Perform)
  • Steve Lewczyk (Chief Revenue Officer, Trizic)
  • Chuck Lewis (Co-Founder, MyVest Corporation)
  • Lon Macdonald (Chief Marketing Officer, Vestmark)
  • Scott MacKenzie (CEO, Fidelity Clearing Canada)
  • Joe Mansueto (Executive Chairman, Morningstar)
  • Phil Markgraf (Chief Operating Officer, FTJ FundChoice)
  • Doug Maxwell (Chief Financial Officer, Mercer Advisors)
  • Michael McClary (Chief Investment Officer, Valmark Advisers)
  • Mike McDaniel (Chief Investment Officer, Riskalyze)
  • Patrick McKenna (Executive Chairman, Facet Wealth)
  • Liz Michaels (CEO, ESG & SRI, Aperio Group)
  • John Michel (CEO, CircleBlack)
  • Steven Miyao (President, Distribution Solutions, DST Systems)
  • Viggy Mokkarala (Executive Vice President, Envestnet)
  • Joe Mrak (CEO, FolioDynamix)
  • Bill Mueller (CEO, fi360)
  • Ryne Nishimi (Executive Vice President, PIMCO)
  • Ed O'Brien (CEO, eMoney Advisor)
  • Harry O'Mealia (CEO, 1919 Investment Counsel)
  • Curt Olson (Executive Vice President, PIEtech)
  • Bob Oros (CEO, HD Vest Financial Services)
  • Stuart Parker (President, PGIM Investments, Prudential Financial)
  • John Phillips (Executive Vice President, Fidelity Investments)
  • Loren Pierson (President, Mercer Advisors)
  • Rob Pinkerton (Chief Marketing Officer, Morningstar)
  • Michael Pinsker (CEO, Docupace Technologies)
  • Ryan Porter (Executive Vice President, Riskalyze)
  • Alex Potts (CEO, Loring Ward Group)
  • Dean Rager (President, Geneos RIA)
  • Jodee Rager (Chief Compliance Officer, Geneos Wealth Management)
  • Alex Rampell (Partner, Andreessen Horowitz)
  • Craig Ramsey (Chief Operating Officer, AdvisorEngine)
  • Lisa Rapuano (Chief Revenue Officer, Facet Wealth)
  • Brandon Rembe (Chief Technology Officer, Envestnet Tamarac)
  • Rich Rosenbaum (Partner, Aquiline Capital Partners)
  • Gary Roth (Executive Vice President, United Capital Financial Partners)
  • Trish Rothschild (Chief Product Officer, Morningstar)
  • Dave Ryan (President, California, Uptown Financial Group)
  • Tony Salewski (Managing Director, Genstar Capital)
  • Schwark Satyavolu (Partner, Trinity Ventures)
  • Paul Schaeffer (Advisor, Aquiline Capital Partners)
  • Eram Schlegel (Chief Product Officer, CFRA Research)
  • Skip Schweiss (President, TD Ameritrade Trust Company)
  • Sachin Shah (Chief Revenue Officer, 55 Institutional Partners)
  • Drew Sievers (CEO, Trizic)
  • Babu Sivadasan (President, Envestnet Retirement Solutions)
  • Marshall Smith (Chief Product Officer, First Rate)
  • Neil Smith (Executive Vice President, Ascensus)
  • Steven Spiegel (Partner, Aquiline Capital Partners)
  • Noel Stave (Chief Operating Officer, RBC Correspondent & Advisor Services)
  • Brian Stimpfl (Business Head, Scottrade Advisor Services)
  • Hal Strong (Partner, Genstar Capital)
  • Laurel Taylor (CEO, FutureFuel.IO)
  • Jason Thomas (CEO, Savos Investments)
  • Ben Thornley (Managing Partner, Tideline)
  • Mark Trousdale (Chief Marketing Officer, InvestCloud)
  • Bill Van Law (President, Investment Advisors Division, Raymond James Financial)
  • Rusty Vanneman (Chief Investment Officer, CLS Investments)
  • Corey Walther (Chief Operating Officer, Allianz Life Financial Services)
  • Bob Ward (Chief Revenue Officer, Vertical Management Systems)
  • Steve Warren (Co-Founder, MyVest Corporation)
  • Ken Weise (CEO, Sonoma County Wealth Advisors)
  • Dave Welling (CEO, Mercer Advisors)
  • Craig Wietz (President, First Rate)
  • Matt Wolniewicz (President, fi360)
  • Kim Wright-Violich (Managing Partner, Tideline)
  • Derek Young (Vice Chairman, Fidelity Institutional Asset Management)
   

Prior Tiburon CEO Summits

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

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