Tiburon CEO Summits
Tiburon has held 31 prior Tiburon CEO Summits, with the first Tiburon CEO Summit taking place in 2001. Details of the most recent Tiburon CEO Summits XXXI & XXX are included below. For details of earlier Tiburon CEO Summits, please click here: 2014-2015, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003. Tiburon CEO Summit XXXI was held on October 10-12, at the Ritz Carlton Hotel in San Francisco, CA. Tiburon CEO Summit XXXI featured a keynote presentation by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry, focusing on the rapid evolution being driven all across the business value chain. This presentation served as the backdrop and overview of the entire Tiburon CEO Summit.
Tiburon CEO Summit XXXI was held on October 10-12, at the Ritz Carlton Hotel in San Francisco, CA.
Tiburon CEO Summit XXXI featured a keynote presentation by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry, focusing on the rapid evolution being driven all across the business value chain. This presentation served as the backdrop and overview of the entire Tiburon CEO Summit.
Chip Roame (Managing Partner, Tiburon Strategic Advisors)
Tiburon Strategic Advisors is pleased to provide a summary of the expected content of its Tiburon CEO Summit XXXI keynote presentations. Chip Roame (Managing Partner, Tiburon Strategic Advisors) will give a day #1 presentation broadly addressing the state of the financial services industry, with a specific focus on the growing wealth management market. He will also give 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 at Envestnet (NYSE: ENV), as a board member of the parent company 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 will give two keynote presentations at Tiburon CEO Summit XXXI.
Tiburon CEO Summit XXXI Day #1 Keynote Presentation Overview
The Future of Wealth Management: The Top Ten Industry Trends
Context Setting: Consumers & Their Money
Consumer households have $39.6 trillion investable assets, $61.3 trillion financial assets, $100.3 trillion total assets, and $85.6 trillion net worth. There are 10.1 million consumer households with over $1.0 million net worth, back above its prior peak of 9.2 million in 2007. Baby boomers will liquidate some portion of the $60.7 trillion in retirement plans, personal assets, & small businesses.
Discount Brokerage Firms
Discount brokerage firms changed the transaction pricing & value proposition; now underappreciated full-service financial advisors. Both the retail & financial advisor support models at both Fidelity Investments & The Charles Schwab Corporation are now amongst the leading financial advisor channels with assets under administration ranging from $1,107 billion to $1,522 billion. The wirehouse channel leads the financial advisor channels in average financial advisor assets under administration with $124.7 billion. Discount brokerage closely follows it with $110.1 billion in assets under administration.
Indexing & Exchange Traded Funds
Indexing & Exchange traded funds have changed the investment management pricing & value proposition. In 2015 investors pulled $207 billion out of actively managed funds & invested $414 billion into passive funds. In 2016 only fixed income mutual funds have positive net flows amongst actively managed mutual funds, with US equity funds in their third straight negative net flows years. Actively managed mutual funds have been losing share of assets under management to index mutual funds & exchange traded funds. Exchange traded funds have gathered $2.4 trillion assets under management, up from $1.0 billion in 1993. The Vanguard group had the largest inflows with $236.1 billion. PIMCO had the largest outflow with -$86.9 billion.
There are at least 51 online advice firms, up from 30 in 2009. All online advice firms have gathered $245.9 billion assets under management, up from $16.0 billion in 2007. Online advice firms' assets under management are dominated by the defined contribution focused firms. The leading online firms are the defined contribution plan focused firms & the large discount brokerage firms & mutual funds companies with Financial Engines leading with $114.5 billion assets under management. Tiburon CEO Summit attendees have become fare more aware of the online advice models when asked to name the most impressive.
Tiburon CEO Summit attendees continue to believe the role of financial advisors is gaining value to clients, although this view is declining. Tiburon CEO Summit attendees increasingly think the number of financial advisors will decrease or at best remain steady over the next five years. Tiburon CEO Summit attendees continue to say that the number of independent advisors will grow the fastest over the next five years.
Successful financial advisor teams that move an average of $344 million assets under administration in 2015 have remained relatively consistent since 2010. Successful financial advisor teams & financial advisors that moved in 2015 took $142 billion assets under administration, up from $77 billion in 2010. Tiburon CEO Summit attendees continue to believe that the break-away brokers trend will grow hugely or at least moderately over the next five years.
Hedge Funds & Liquid Alternatives
Hedge funds have gathered $2.7 trillion assets under management, up from $1.3 trillion in the first quarter of 2009, but down from its peak of $2.9 trillion in the second quarter of 2015. Hudge funds has $20 billion net outflows in 2015, and it's gaining speed.
Socially Responsible Investing & Impact Investing
Socially responsible investing & impact investing is a big wildcard in the top ten industry trends and may be driven by women & millenials. Socially responsible investing & impact investing strategies have gathered $6.6 trillion assets under management, upfrom $200 billion in 1995. Europe has the highest proportion of share managed assets (59%) devoted to sustainable investments. There are 69% of millennial investors are interested in environmental, social, & governance issues, up from 19% of nonmillennial investors.
The fiduciary standard changes everything & the biggest winners may be managed accounts, ETFs, Robo Advisors, & Define Contribution plan providers. Some claim that hundreds of billions of dollars in individual retirement accounts (IRAs) may be orphaned. Front-end commission A-shares have gathered $1.9 trillion assets under management, up from $0.8 trillion in 2000. Mutual Funds' 12b-1 fees are $13.2 billion, up from $10.0 billion in 2000, but down from their peak of $13.4 billion in 2007. Most predict that products like variable annuities will see declines in usage. buron CEO summit attendees believe that a uniform fiduciary standard will not be implemented for retail advice in 2016-2017.
The impact interest rates have on the future of wealth management is huge & may be hiding many emerging trends. Global private banks' gross margin is 95 basis points, down from 116 points in 2007 & its peak of 126 basis points in 2008. Life insurance companies average investment portfolio yield is 4.4%, down from 7.0% in 2000.
The 2016 elections are a poor choice & it does matter. The election affects fed policy by includence, Dodd Frank, CFPB, Capital gains tax rates, estate tax rates, carried interest provision, SCOTUS, & more.
Tiburon's Conclusions on The Future of Wealth Management
Trend is your friend with the rapidly growing market; historically terrific economics will be challenged (bet on transparency); & remember that closest to client almost always eventually wins.
Tiburon CEO Summit XXXI Day #2 Keynote Presentation Overview
The purpose objectives of the day #2 keynote presentation are to recognize Tiburon's increasing role in strategic industry activity by devoting second day of agenda to such; share the facts & avoid sensationalism & deal promotions; & potentially build day #2 conference agenda. Tiburon Managing Partner Chip Roame's day #2 keynote presentation is intended to address strategic adctivity in the wealth management industry, including venture capital, private equity, and mergers & acquisitions.
Financial Services Industry Profitability & Valuations
Life insurance companies average investment portfolio yield is 4.4%, down from 7.0% in 2000. Fee-based financial advisors' operating income margin is 28.2%, up from 22.2% in 2010. BlackRock & Janus Capital group have positive stock appreciation in 2016, BlackRock leading with 9.5%.
Financial Services Industry Venture Capital & Minority Growth Equity Investments
Venture capital funds invested $59.0 billion, up from $15.0 billion in 1997 but down from its peak of $105.0 in 2000. Venture capitalists invested $10.5 billion in financial technology firms in 2015, up from $1.4 billion in 2010. SoFi has raised the most venture cpaital amongst financial services firms, with $1.2 billion. Betterment Holdings, Personal Capital Corporation, & Walthfront have raised the most venture capital amongst the online advice firms. Tiburon CEO Summit attendees increasingly believe that venture capital's bet on online financial advice will see only moderate growth or stagnate. Tiburon CEO Summit attendees increasingly say that Bitcoins will catch on.
Financial Services Industry Public Offerings
There were 130 initial public offerings in 2015, down from 580 in 1995 & its peak of 840 in 1996. Technology companies accounted for 15% of initial public offerings in 2015, down from 35% in 1995 & its peak of 72% in 1999.
Financial Services Industry Mergers & Acquisitions
Amundi & DE Shaw have the largest investment management firm areas with $1.2 & $1.1 trillion respectively. Tiburon CEO Summit attendees increasingly say that financial services firm merger & acquisition activity will stagnate or grow moderately. Tiburon CEO Summit attendees say that financial technology firm consolidation activity will increase in 2016-2017. There were 84 fee-based financial advisor merger & acquisitions, up from thirteen 1999. Tiburon CEO Summit attendees said that United Capital Financial, Edelman Financial Services, & HighTower have the best chance at building nationwide financial advisor business.
Financial Services Industry Activists Campaigns
Activist hedge funds have gathered $125 billion assets under management, up from $10 billion in 2003. Activist hedge funds have $6.0 billion net flows, up from $2.0 billion in 2004, but down from their peak of $14.0 billion in 2014. Activist hedge funds pursued 355 campaigns, up from 253 in 2008.
Tiburon Conclusions on FSI Strategic Activity
Tiburon's conclusions on FSI strategic activity include profitability to increase; valuations to increase; venture capital & minority growth equity investments to increase; initial public offerings & secondary offerings to stagnate; mergers & acquisition activity to increase led by investment management firms & financial advisors; & activism to increase.
Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXXI included speakers Walt Bettinger (CEO, The Charles Schwab Corporation), Ryan Beach (President, CLS Investments), Tom Bradley (President, Retail Distribution, TD Ameritrade), Len Brennan (CEO, Russell Investments), Alan Cloping (Co-CEO, Pure Financial Advisors), Todd Crockett (Managing Director, TA Associates), Mark Delfino (CEO, Hoyle Cohen), Kyle Griswold (Partner, FTV Capital), Dough Hammond (CEO, NFP), Bob Heller (Former Governor, Federal Reserve Board, & Former CEO, Visa USA), Anton Honikman (CEO, MyVest Corporation), Rob Klapprodt (President, Vestmark), Chris Kitze (Partner, Crosslink Capital), Aaron Klein (CEO, Riskalyze), Michael Kossman (Chief Operating Officer, Aspiriant), Bruce Lavine (CEO, 55 Capital Partners), Jim Lockhart (Vice Chairman, WL Ross & Company), Bo Lu (CEO, FutureAdvisor), Steve McLaughlin (Managing Partner, Financial Technology Partners), Nathan Mersereau (President, Planning Alternatives), Bob Moser (CEO, Laird Norton Wealth Management), Russ Norwood (Founding Partner, Venturi Wealth Management), Josh Pace (CEO, Trust Company of America), Alex Potts (CEO, Loring Ward Group), Lowell Putnam (CEO, Quovo), Steve Savage (CEO, Litman Gregory Asset Management), Skip Schweiss (President, TD Ameritrade Trust Company), Mike Sha (CEO, SigFig), Erik Strid (CEO, Concentus Wealth Advisors), Andy Swan (CEO, LikeFolio), Bill Van Dresser (Managing Partner, Legacy Wealth Advisors), Tom Wagner (Partner, Summit Wealth Group), Craig Wietz (President, First Rate), Jane Williams (Chairman, Sand Hill Global Advisors), John Wise (CEO, InvestCloud), & Justin Wisz (CEO, Vestorly). Tiburon CEO Summit XXXI also featured the firm's traditional client-centric panel discussions and two networking-based social events.
Walt Bettinger has been Chief Executive Officer of The Charles Schwab Corporation since October 2008 and concurrent with his appointment, he was named to the board of directors of The Charles Schwab Corporation. In addition, Bettinger serves on the Board of Directors of Charles Schwab Company. and Charles Schwab Bank, and as a Chairman of The Board of Trustees for the Schwab managed mutual funds and exchange traded funds. Prior to assuming his current role, he was most recently President of The Charles Schwab Corporation. Bettinger's duties include leading the development of strategies and services that assist millions of people worldwide in their efforts to save and invest – either directly, with the help of independent investment advisors or through company-sponsored retirement or benefit plans. He is credited with leading Schwab through the financial crisis. Post crisis, from 2009 through 2012 Schwab grew client assets by $530 billion – $200 billion more than the growth of all four of Schwab's primary publicly traded competitors added together. Bettinger has been recognized throughout his career as a leader in financial services including selection in 2014 to Fortune magazine's Businessperson of the Year listing, in 2010 to the Power 30 by Smart Money magazine of the world's most powerful and influential players; the 2009 lifetime achievement award for contributions to the retirement security of working Americans by Plan Sponsor magazine and receipt by Tiburon Strategic Advisors of a 2012 Tiburon CEO Summit award. In 1983, at the age of 22, Bettinger founded The Hampton Company, a provider of retirement plan services to corporations and their employees. The Charles Schwab Corporation acquired Hampton in 1995.
Mr. Bettinger’s comments included:
Ken Arthur, one of three founders of ETF Engine, has worked for 35 years in the information technology industry primarily specializing in investor record keeping. He has had positions in corporate management, marketing, business development, product development and IT development, participating in the creation and processing of multiple recordkeeping systems for mutual funds, stocks & bonds, managed accounts, and wrap processing. Ken was instrumental in building, selling and servicing investor recordkeeping for some of the largest banks, brokerage firms and mutual fund companies in the US. His career started in programming for Lockheed and he then moved into data processing services and sales for the IBM Company. At IBM Ken participated in the development of a mutual fund transfer agency system that became the recordkeeping platform for Applied Financial Systems (AFS). He joined Applied Financial Systems where he was Vice President of sales and marketing. AFS was acquired by SunGard and during his tenure at SunGard he continued with the development of new investor recordkeeping systems, eventually becoming president of SunGard Shareholder Services. Ken was one of the four founders of Funds Associates Ltd (FAL) that built and processed the SuRPAS shareholder recordkeeping system that has become the largest mutual fund omnibus recordkeeping system in the US, processing over 150 million shareholder records, representing more than 2.6 trillion dollars of assets. After the sale of Funds Associates to PFPC (PNC Bank Subsidiary) Ken became a Senior Vice President in Advanced Product Development supporting E-commerce activities for PFPCs product lines. Upon leaving PFPC Ken, with his partners, started KDS Partners, a consulting firm specializing in investor recordkeeping both in the USA and internationally. Ken has a degree in Physics from the University of Colorado and an MBA from Santa Clara University
Mr. Arthur's comments included:
Ryan Beach has been the President of CLS Investments since 2012. CLS Investments is one of the largest ETF strategists & third party money managers in the United States. Prior to CLS Investments, he was an associate general counsel at NorthStar Financial Services Group from 2011 to 2012, where he advised clients on SEC and FINRA requirements. From 2005 to 2011, Mr. Beach was an attorney at Scudder Law Frim. He graduated from Brigham Young University with a Bachelor’s degree in Economics and later graduated from the University of Nebraska College of Law with a Juris Doctorate in 2005.
Mr. Beach’s recent comments included::
Marty Beaulieu has been Executive Chairman of Altegris Investments since 2016. He is responsible for firm strategy and the day-to-day management of the company. He is a Director of MFS Institutional Advisors. Mr. Beaulieu serves as a Member of Advisory Board of Vestigo Ventures. He served as Head of Retail iShares US at BlackRock. He is an Advisory Board Member of BrightScope. Previously, Mr. Beaulieu served as Managing Director at BlackRock Financial Services and served as the CEO and Chairman of McLean Budden Limited. Previously, Mr. Beaulieu was responsible for McLean Budden's worldwide distribution efforts through its retail, institutional, and international sales subsidiaries. He joined MFS in 1990. Mr. Beaulieu served as Vice Chairman of Massachusetts Financial Services Company. Mr. Beaulieu joined Altegris as a member of its Board in March 2016 and graduated from Santa Clara University in 1980.
Mr. Beaulieu’s comments included:
Tom Bradley is President of Retail Distribution at TD Ameritrade. Tom Bradley is responsible for retail distribution at TD Ameritrade, which includes the company's branch network, marketing, investor service & sales call centers, guidance solutions, investment products and investor education businesses. He also serves as a member of the company's senior operating committee, which shapes the strategic focus of the organization. Mr. Bradley’s experience in the financial services industry began as a financial advisor with Northwestern Mutual Life and RW Baird & Company. He joined TD Waterhouse in 1986 and continued with the firm until it merged with Ameritrade in 2006 to form TD Ameritrade. At TD Waterhouse he was responsible for correspondent clearing and capital markets businesses, and he also launched what is now known as TD Ameritrade Institutional1, supporting independent registered investment advisors (RIAs). In his most recent role, as president of TD Ameritrade Institutional, Mr. Bradley was responsible for all business functions, including independent RIA services segment and corporate services business. Mr. Bradley was recently awarded the 2013 Pioneers in Financial Services Award by William Paterson University's Cotsakos College of Business. In 2011 he was named one of the 25 most influential people in the RIA community by Investment Advisor magazine, an honor he received in 2004, 2006 and 2009 as well. He was named Visionary of the Year by Texas Tech University’s Division of Personal Financial Planning in 2008. The National Association of Personal Financial Advisors (NAPFA) also recognized Mr. Bradley with the 2006 Special Achievement Award.
Mr. Bradley’s comments included:
Len Brennan serves as CEO at Frank Russell Company and previously served as the President. Mr. Brennan served as CEO at Russell Investments at London Stock Exchange Group plc since 2011 until 2016 and it’s Group Director of Buyside Solutions until 2016. He served as the Chief of Europe, Middle East and Africa business at Frank Russell Company. Previously, he served as the President, and Chief Executive Officer at Rainier Investment Management. He joined the Rainier Investment Management in November 2005 and was responsible for the overall business and operational activities. Mr. Brennan has an extensive experience in the financial services industry. Prior to joining the firm, he was the Managing Director at Russell Investment Group and was responsible for the Individual Investor Services globally. Over the same period, he served as President of Frank Russell Investment Management Company, President of Russell Funds Distributors, and President of Frank Russell Investment Company. He managed all aspects of the Frank Russell's U.S. retail business, including sales, client service, marketing, new business development, operations, and compliance. A native of Canada, he managed the firm's Toronto and London offices and launched the company's first multi-manager investment fund outside the United States. He serves as a Director of Russell Investments and Rainier Investment Management. He is a CFA charter holder and is a Member of the CFA Institute. Mr. Brennan received a Bachelor’s degree in commerce from Carleton University, Ottawa, Canada.
Mr. Brennan’s comments included:
Bernie Clark is head of Schwab Advisor Services and a member of Charles Schwab’s Executive Committee. He oversees the business that provides custodial, operational, and trading support to nearly 7,000 independent investment advisory firms with $1.1 trillion in assets under management In addition to custody services, Schwab Advisor Services provides practice management and consultative support to help independent advisors start, build and grow their firms. A recognized industry leader, he has been named by Investment Advisor magazine as one of the “IA 25 ,” which annually ranks the 25 most influential people in the industry. Clark has more than 30 years of financial industry experience serving individual and institutional investors. He began his career at Schwab in 1998 as senior vice president of trading and operations for Schwab Institutional. He later worked on the retail business as leader of the client services organization, before returning to the advisor business to lead the sales and relationship management organization. He took on his current role as head of Schwab Advisor Services in 2010. Prior to joining Schwab, Clark was with the London office of Deutsche Morgan Grenfell. There he held the position of managing director in charge of global sales support, hedge fund operations and technology, including managing client service support in Asia, Europe and the U.S. He also spent 13 years with Salomon Brothers as a member of the executive committee responsible for North American operations. Clark serves on the board of the Foundation for Financial Planning and the Arizona State University W.P. Carey School of Business, Center for Services Leadership. He is very involved in organizations in the Phoenix area, including serving as president of the Saguaro High School Football Foundation and as an active supporter of the Phoenix Children’s Hospital. Clark earned his Bachelor of Science degree in accounting from St. John’s University in New York.
Mr. Clark’s comments included:
Alan Clopine is the CEO of Pure Financial Advisors. He currently shares the CEO role with Michael Fenison, the original founder of the company. Alan is primarily responsible for the day-to-day activities of the firm while Michael’s focus is on expansion and hiring. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. Now, in 2016, Pure Financial has over 1,600 clients and over $1.4 billion of assets under management. Prior to joining Pure Financial Advisors, Alan was the founding and senior partner at Clopine & Associates; a CPA firm established in 1987 and located in San Diego. The firm was consistently ranked in the top 50 CPA firms in the San Diego Business Journal, Book of Lists. Alan has provided tax planning services for individuals, corporations and trusts for over 30 years while running multiple companies. His goal is to help clients create tax-efficient income streams that are sustainable in retirement.
Mr. Clopine’s comments included:
Todd Crokett is Managing Partner of TA Associates. Todd joined TA in 1994 as an associate in the Boston office and has worked in the Menlo Park office since 2000. Before joining TA Associates, Todd Crockett worked for Salomon Brothers Financial Analyst in the Financial Institutions and Structured Finance Groups. He received his BA in Politics from Princeton University and his MBA from Harvard Business School. He is currently a board member at DiscoverOrg, Evanston Capital Management, NorthStar Financial Services Group, Procare Software and Russel Investments.
Mr. Crockett’s comments included:
Mark Delfino is the CEO of HoyleCohen. In 2008, he joined the HoyleCohen team as part owner and Managing Director. Under his leadership, he has scaled operations and has positioned the firm for continual growth and ever-increasing investment, financial planning, and client service capabilities. He navigated the firm through the recent financial crisis, continues to lead during a time of volatile, yet opportunistic economic recovery, and maintains a clear purpose and vision for the future of the firm and our clients. He is an Investment Advisor Representative (IAR) and has extensive experience in business, planning, and investment management. With an MBA from Harvard University and undergraduate degree in Economics from Butler University, Mark’s professional pedigree includes over twenty years as an operating executive and trusted advisor. Prior to joining HoyleCohen, Mark was the founding principal of D-Rock Investment Services. He was also a Partner of The Boston Consulting Group (BCG), and a senior executive of a technology services company that was acquired and merged into Yahoo.
Mr. Delfino’s comments included:
Scott Grauer is executive vice president for Wealth Management at BOK Financial and CEO of the companys broker/dealer BOSC. BOK Financial is one of the largest bank holding companies in the United States. In his current role, Grauer is responsible for all the companys wealth management business lines in all markets, including Institutional Wealth, The Private Bank, and International Banking. In addition to his role as CEO of BOSC, he serves as chairman on both of the companys registered investment advisers, Cavanal Hill Investment Management, and The Milestone Group. Grauer holds numerous FINRA securities licenses, registrations and designations. Grauer joined BOK Financial in 1991 as part of the companys acquisition of an independent retail brokerage operation and was named manager of BOSC retail in 1996. In late 1999, he was named president and CEO of the firm and assumed responsibilities for retail, institutional and investment banking activities when BOK Financial first combined these units under one organization. Under Grauers leadership, BOSCs strong revenue growth has been one of BOK Financials most prominent success stories. A native of Cedar Rapids, Iowa, Grauer grew up in Leawood, Kansas and graduated from Shawnee Mission South High School in Overland Park, Kansas. He earned a bachelors degree in business administration from Baker University in Baldwin City, Kansas.
Mr. Grauer’s comments included:
Kyle Griswold joined FTV Capital in 2007 after working as an investment banking associate at Berkshire Capital Securities. Mr. Griswold, based in FTV's New York office, has been actively involved in many successful FTV investments in the financial services and payments/transaction processing sectors. He is currently a board member at Apex Fund Services, a global fund administrator, Aspire Financial Services, a retirement plan solutions provider, True Potential, an investment and wealth management platform, and World First, a foreign exchange solutions platform. He is a board observer at Swan Global Investments, an investment management firm, and also actively involved with CardConnect, a payment processing services company. Mr. Griswold helped successfully exit Fleet One (acquired by Wright Express in 2012), IndexIQ (acquired by NYLife Investment Management in 2015) and VelocityShares (acquired by Janus Capital in 2014). Mr. Griswold received a BA in economics and mathematics from Trinity College and is a CFA® charterholder.
Mr. Griswold’s comments included:
Doug advances initiatives that ensure NFP is synonymous with a leading, full-capability insurance broker and consultant that cares deeply about its employees and clients’ well-being. He’s held several leadership roles at NFP since 1999, including chief operating officer and general counsel, and has over two decades’ experience in executive management, operations, underwriting, and law. Doug’s committed to building exceptional leadership teams that embody NFP’s dedication to trust, transparency and communication, and to delivering clients a broader range of high-quality solutions. In 2013, he led NFP’s pivotal $1.4 billion go-private transaction with Madison Dearborn Partners (MDP), a leading private equity firm, providing NFP with significant opportunities for future growth. Prior to NFP, Doug practiced corporate insurance law at a national firm, where he represented NFP’s founding capital partner before and during its startup phase. Doug is a member of the MDP Financial Services Advisory Board and serves on the board of directors of Kestra Financial, one of the largest hybrid retail independent broker-dealers in the U.S. He also serves on the Advisory Council of the Dolan School of Business of Fairfield University. In addition, he co-authored Reinsurance Law, a leading subscription treatise on reinsurance practice and legal trends. He earned his Bachelor of Arts from Fairfield University and his Juris Doctor from St. John’s University School of Law.
Mr. Hammond’s comments included:
Bob Heller served on the Board of Governors of the Federal Reserve System from 1986, until 1989. From 1965 to 1971, Heller taught economics at UCLA. He accepted a professorship at the University of Hawaii and continued to teach economics for two more years. In 1974, Heller became chief of the financial studies division at the International Monetary Fund. In 1978, he became senior vice president and director of international economic research at Bank of America in San Francisco. In the fall of 1986, President Ronald Reagan nominated Heller to the Board of Governors. Heller served as chairman of the Committee on Bank Supervision and Regulation, was a member of the Federal Financial Institutions Examination Council, the National Advisory Council on International Monetary and Financial Policies, and represented the Board at the Organization for Economic Co-operation and Development. After leaving the Board of Governors, Heller returned to the private sector, joining Visa. In 1991, Heller became president and chief executive officer of Visa USA. and served in the role for two years. From 1994 - 2001, he served as the executive vice president of Fair Isaac Corporation. Heller is active in many business and civic organizations. He has served on the boards of VISA, the Fair Isaac Corporation and BMW of North America. He has also been Chairman of Marin General Hospital. He currently is a member of the boards of Bank of Marin, Bank of Marin Bancorp and Sonic Automotive. as well as several private corporations. Heller is the author of seven books and over one-hundred articles on economics, finance, and business.
Mr. Heller’s comments included:
Mr. Anton Honikman is CEO of MyVest. Prior to MyVest, Anton served as President of Ada Investment Management, a boutique alternative investment manager. Previously, Mr. Honikman was at Barclays Global Investors (BGI, now BlackRock), where he established and ran BGI’s Strategic Ventures Group, spearheading strategic investments and partnerships with innovative financial services companies. Before the Strategic Ventures Group, Mr. Honikman designed and represented defined contribution, and retirement income, and international index products for BGI. Mr. Honikman joined BGI from Barra (now MSCI), the market leader in portfolio risk analytics, As Barra’s VP of Product Strategy, Anton was responsible for the conception and commercialization of BarraOne, Barra’s flagship web-based multi-asset class portfolio analytics platform, now the established standard among large U.S. pension funds. He earned a Bachelor of Business Science with honors in financial economics and applied statistics from the University of Cape Town, South Africa. He is a trustee of the San Francisco School.
Mr. Honikman’s comments included:
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:
Mr. Rob Klapprodt serves as President of Vestmark. Mr. Klapprodt served as the President of Vestmark Software of Vestmark. Mr. Klapprodt has been at Vestmark since 2001 and is responsible for sales, marketing, business development and products. Prior to Vestmark, Mr. Klapprodt served as a Senior Product Manager at Vignette Corporation (NASDAQ: VIGN), where he was responsible for Vignette's analysis and personalization solutions. Mr. Klapprodt joined Vignette through their acquisition of DataSage, an eCRM software provider, in January 2000. At DataSage, Mr. Klapprodt held various positions in sales, consulting and product management, including the construction of the initial eCRM prototype which became DataSage's flagship product. Mr. Klapprodt worked at Oracle Corporation prior to DataSage, where he focused on Oracle's data warehousing and business intelligence solutions for large enterprises. Mr. Klapprodt holds a BS from Pennsylvania State University where he studied Economics and Mathematics.
Mr. Klapprodt’s comments included:
Chris is a serial entrepreneur who has created companies with over $7 billion of market capitalization over his 25-year career. He’s been part of the Lycos’ IPO team, was founder and CEO of Xoom.com (IPO: 1998), and was CEO of NBCi, formed by the merger of Xoom.com and Snap.com, in addition to other companies in digital media and payments, such as Wine.com and Unseen. He is Chairman of Unseen, Director of IQzone, and General Partner at Flying Disc Investments. He was previously Director at iNome / Intelius, Chairman of Wine.com, CEO at Yaga, CEO at NBC Internet, Chairman at Xoom.com, VP Marketing at Lycos, CEO of Point Communications, Publisher at Softkey International, Publisher at The Learning Company, and CEO of Aris Multimedia. Chris’s patents include Method and system for delivering files in digital file marketplace, Method and system for generating a secure message as a URL message, Digital file marketplace, Method and system for automatically distributing fees, including a reseller commission, during a digital file transaction, and Efficient transportation of digital files in a peer-to-peer file delivery network. Chris authored The Electric Image and earned his BS in Chemical Engineering at the University of Colorado Boulder in 1981.
Mr. Kitze’s comments included:
Aaron’s career has largely been at the intersection of finance and technology. As Co-Founder and CEO at Riskalyze, he led the company to twice being named one of the world’s top ten most innovative companies in finance by Fast Company Magazine. Today, 90 Riskalyzers serve thousands of advisors who manage over $90 billion on the platform. In his spare time, Mr. Klein serves as a Sierra College Trustee, and co-founded a school project for orphans and vulnerable kids in Ethiopia. He has been honored by Investment News as one of the industry’s top 40 Under 40 executives.
Mr. Klein’s comments included:
Michael is currently the Chief Operating Officer of Aspiriant, a premier wealth management firm serving an elite clientele. He joined a predecessor firm (Kochis Fitz) in August, 2000 and was Aspiriant’s Chief Financial Officer from formation in 2008 until 2012. He now serves on the firm's Board of Directors, Managing Committee, and Firm Strategy Committee, as well as Chairs the Compensation Committee. He brings over 25 years of broad-based business experience in finance, human resources, technology, operations, taxation, regulatory environments, and strategic planning. Michael received his CPA license in 1991, and shortly thereafter joined Gap, succeeding to the role of International Tax Manager, providing planning and compliance support to both domestic and foreign operating companies and expatriates in Canada, the United Kingdom, France, Hong Kong, and Japan. Michael also had the honor of being selected to serve on the Gap Foundation Grants Committee. After leaving Gap, Michael worked as the Deputy Executive Director at Project Open Hand, a large institutional social services agency, for six years, where he ultimately oversaw programs that fed more than 2,000 people daily through home delivered meals, drop-in grocery programs, and congregate lunch sites.Michael has devoted significant amounts of time and energy to the community of San Francisco, including board positions with DIFFA/San Francisco, The National AIDS Memorial Grove, and Frameline. He was also a founding board member of ANSA, now the premier international voice for nutrition services programs, and a very early member of Plan C, a local political organization. In recognition of his efforts, March 31, 2000 was proclaimed Michael Kossman Day in San Francisco by Mayor Willie L. Brown. Michael earned his Bachelor of Arts degree in Business Economics from the University of California, Santa Barbara in 1986 where he graduated Magna Cum Laude.
Mr. Kossman’s comments included:
Bruce Lavine has been the CEO of 55 Capital Partners since 2016. 55 Capital Partners is an asset management firm that implements sophisticated institutional portfolio management strategies with ETFs for a variety of different client types. Mr. Lavine was the Vice Chairman of Equilar Atlas from 2012 to 2016, and prior to that, he was Equilar Atlas’ Chief Operating Officer from 2006 to 2012. Bruce revieced a Bachelor’s degree with distinction in commerce and a master’s in finance from the University of Virginia. Mr. Lavine is a Chartered financial analyst with many years of experience in senior management positions in the ETF industry.
Mr. Kranefuss’ recent comments have included:
Jim Lockhart is Vice Chairman of WL Ross & Company. His responsibilities include overseeing financial services portfolio companies and sourcing new opportunities in the financial services industry. Mr. Lockhart previously was the director of Federal Housing Finance Agency and chairman of its Oversight Board, and director of its predecessor agency, the Office of Federal Housing Enterprise Oversight. He also served on the Financial Stability Oversight Board, overseeing the TARP Program. Mr. Lockhart was the deputy commissioner and chief operating officer of the Social Security Administration and executive director of Pension Benefit Guaranty Corporation. Mr. Lockhart's private sector financial services experience includes senior positions at an investment bank, reinsurer, insurance broker, risk management firm and major oil company. He also served as an officer aboard a nuclear submarine.
Mr. Lockhart’s comments included:
Bo Lu is CEO and co-founder of FutureAdvisor, a robo advisor that has automated portfolio management. He is the eldest son of Chinese immigrants who fled communist China in the years after Tiananmen Square. The Lu's settled in Chicago, and Bo majored in computer science at the University of Illinois Urbana-Champaign. Mr. Lu joined Microsoft, where he met his co-founder Jon Xu, as a software engineer. An investor since the dot-com bubble, Mr. Lu saw that the young professionals working with him were unable to find unbiased financial advice. In 2010, he and Jon Xu founded FutureAdvisor, took it through YCombinator, and raised their first round. The company now employs nearly 40 people, manages about $250 million in assets (18 times more than a year ago), and is backed by Sequoia Capital and Canvas Venture Fund. Mr. Lu is a registered investment advisor and holds a Series 65 license. .
Mr. Lu's comments included:
Joel Mandelbaum is the CEO of Strategic Insight. Joel has deep experience delivering information and workflow solutions to financial services clients and is a graduate of Massachusetts Institute of Technology. Joel joined Asset International from Warburg Pincus, where he was Entrepreneur in Residence and Senior Advisor where he advised on investments in financial software & technology. Previously, he held the position of CEO at Wall Street Systems. He also served as President of Thomson Market Information Services where he ran eight companies that included securities pricing, asset-backed securities, municipal bonds, trading, & electronic publishing. Asset International is the twelfth financial services business managed by Joel.
Mr. Mandelbaum’s comments included:
Financial Technology Partners, founded by Steve McLaughlin, Managing Partner, formerly a senior investment banker in Goldman Sachs Group’s Financial Technology Group and Financial Institutions Group in New York and San Francisco. Mr. McLaughlin has personally advised on hundreds of highly successful FinTech transactions over the years and no other investment banker has a more consistent track record for successfully completing deals across the wide array of FinTech that includes Payments, Banking Tech, Alternative Lending, Insurance Tech, Healthcare Tech, Financial Management Solutions and Financial BPO. Having earned a reputation for delivering record setting results for his clients, Steve has demonstrated that his unique focus and insight into the FinTech marketplace provides a competitive advantage unmatched in the sector.
Mr. McLaughlin’s comments included:
With over twenty years of experience in the financial services industry, Nathan Mersereau brings a wealth of knowledge and expertise to Planning Alternatives. Prior to joining the firm in 2009, Nathan was the owner and President of Oakland Wealth Management. Nathan is responsible for leading the strategic direction of Planning Alternatives as well as overseeing WealthCare Advisors, an affiliate firm providing wealth management services to physicians. As a Certified Financial Planner®, Nathan provides comprehensive financial planning solutions to clients with a specialization in planning for financial independence. Nathan has contributed to various media publications including USA Today, the Wall Street Journal and Michigan Medicine, as well as appeared on NBC’s WDIV-TV Channel 4. Nathan holds a Bachelors of Arts in Administrative and Commercial Studies from the University of Western Ontario and a Bachelors of Commerce in Finance from the University of Windsor. He is a member of Young Presidents’ Organization (YPO), a premier peer network of chief executives and business leaders. Nathan is a contributing member of the CNBC – YPO Chief Executive Network.
Mr. Mersereau’s comments included:
Sanjiv Mirchandani is president of Fidelity Clearing & Custody Solutions, the business that offers a comprehensive clearing and custody platform, trading capabilities and business process and operations consulting to banks, broker-dealers, registered investment advisors, professional asset managers, strategic acquirers and retirement advisors and recordkeepers. Mr. Mirchandani joined Fidelity Investments in 1994 and has held several positions, including president of products and marketing for Personal and Workplace Investing, where he was responsible for the management, growth and profitability of Fidelity's consumer products and services for retail and workplace investors. Prior to that role, he acted as executive vice president of brokerage and asset management products within the personal investments business, including Fidelity's retail mutual funds, FundsNetwork, Portfolio Advisory Services, brokerage accounts and retirement, education and healthcare savings products. Before that, he was general manager for the retail retirement business, including contributory IRAs, rollover IRAs, self-employment plans and pre-retiree services. Prior to being named general manager, he was senior vice president of customer segment management, where he was responsible for marketing and improving customer profitability for all of Fidelity's retail customer segments. Mr. Mirchandani began his career at Fidelity as senior vice president of retail market planning, overseeing retail strategy with functional responsibility for market research, database marketing and industry analysis. Prior to joining Fidelity, Mr. Mirchandani spent six years at the American Express Company as a director of marketing in the consumer card business. He began his career at the Citibank consumer bank, where he worked for three years. Mr. Mirchandani received a bachelor of commerce degree from the University of Bombay, in India, in 1982 and an MBA from Cornell University in 1984.
Mr. Mirchandani’s comments included:
Robert Moore was appointed CEO of Cetera Financial Group in 2016. As CEO, Mr. Moore assumes overall executive responsibility for Cetera Financial Group, which includes: Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, and Cetera Financial Specialists along with First Allied Securities, The Legend Group, Summit Brokerage Services, and Girard Securities. He also continues to serve as a member of Cetera’s board of directors. Mr. Moore was formerly the chief executive officer of Legal & General Investment Management America (LGIMA). Prior to joining LGIMA, Mr. Moore served as president of LPL Financial with oversight of the company’s primary client-facing functions, client service and operations teams. Prior to becoming president of LPL, he served as CFO. Before joining LPL Financial, Mr. Moore served as chief executive officer at ABN AMRO North America and La Salle Bank Corporation. He has also held a number of finance management positions, as well as key investment and portfolio management roles earlier in his career. He currently serves on the Insured Retirement Institute (IRI) Executive Committee, Advisory Board for the Securities Industry & Financial Markets Association (SIFMA), as well as a board member for Invest in Others, the Chicago Shakespeare Theater, and Chicago History Museum. He is a former member of the board of the Financial Services Institute, the development board for The University of Texas, Austin and has also served on the LIGMA board since 2008. Mr. Moore currently holds Series 7, 24, 27, 99 securities registrations and is a Charted Financial Analyst (CFA).
Mr. Moore’s comments included:
Bob Moser, CEO of Laird Norton Wealth Management since 2008 has more than 30 years of experience in private wealth management, financial services and business management. Laird Norton Wealth Management was founded by clients for the benefit of clients and it is Bobs Chalenge to broaden and enhance operations at an organization thats already exemplary at what it does.This means focusing on leadership-building and select growth opportunities as the decade unfolds, while at the same time ensuring safety and continuity for clients, employees and owners. Bob focuses on leadership-building and select growth opportunities as the decade unfolds, while at the same time ensuring safety and continuity for clients, employees and owners. He is also is a Board Chair at College Success Foundation, Advisory Board Chair at King County Parks Foundation, a board member for The Virginia Mason Foundation, a board member at Treehouse and a board member at Amara. In 2013, Bob lead LNWMs efforts to create the King County Parks Foundation, in partnership with King County Parks
Mr. Moser’s comments included:
Christine Nigro is vice chairman of AXA Advisors, the broker/dealer for the retail distribution channel for the company. Ms. Nigro is responsible for managing all aspects of the distribution platforms (Broker- Dealer and Crump), digital strategy and adoption, practice management and field support for 5,200 AXA Advisors financial professionals nationwide. Ms. Nigro has more than 20 years of experience in the financial services industry, and joined AXA Advisors in February 2006 as chief operating officer (COO) of the broker/dealer. As COO, she played a major role in enhancing the operational efficiency of the broker/dealer and in providing strategic guidance to expand its service, technology and investment product offerings to support the wide range of needs of AXA Advisors financial professionals and clients. Ms. Nigro has held numerous management roles for domestic and global organizations. Prior to joining AXA Advisors, she was vice president and director of Personal Financial Services, Investment Operations and Customer Service for JP Morgan Chase, where she was responsible for supporting telephone customer sales, service, and product administration. Previously, Ms. Nigro was vice president of the International Private Client Group for Merrill Lynch, where she was responsible for creating new products and developing local markets in the United Kingdom and Australia. Earlier, she spent eight years with Fidelity Investments: four in the United Kingdom where she was responsible for the execution, clearing and custody for the organization’s assets for more than 40,000 clients. Ms. Nigro earned a Bachelor of Arts degree from Ithaca College. She holds the FINRA Series 7, Series 24, 51 and U63 registrations.
Ms. Nigro’s comments included:
Russ Norwood is a Founding Partner for Venturi Wealth Management. Russ provides investment guidance and wealth management strategies to highly affluent clients, with particular depth in discretionary portfolio management, alternative investments, and estate planning. He has significant experience providing planning and investment advisory services to clients with concentrated wealth, predominantly from the ownership of closely held businesses or equity ownership in a publicly traded company. A strategic thinker, Russ is adept at connecting a clients long-term wealth management needs with his or her near-term investment selection and structure. Prior to founding Venturi Wealth Management, Russ spent more than 23 years at Merrill Lynch, where he was a Managing Director and Private Wealth Advisor within the Private Banking and Investment Group. Russ has worked in financial services since 1986. He began his career at Prudential Bache in the Corporate Executive Services Department. Russ earned his B.A. in Business Economics from the University of Texas at AustinBarrons magazine has named Russ one of the Top 1,000 Financial Advisors in America from the inception of the accolade in 2009 through 2015, inclusively.* Russ has served on a number of boards ranging from large-budget social service organizations to his school districts education foundation. An Instrument-Rated Private Pilot and an avid aviator, he flies volunteer missions for Angel Flight, an organization that provides free medical transportation to patients battling cancer and other serious illnesses. In his free time, he enjoys hunting, fishing, tennis, and golf. Russ lives in Lakeway, Texas, with his wife Kelly and their two daughters.
Mr. Norwood’s comments included:
Mr. Pace’s comments included:
Alex Potts is the CEO of Loring Ward Group as well as CEO of the SA Funds – Investment Trust. Previously, he was the Chief Operating Officer of LWI Financial. He has also served as Chief Executive Officer of RNP Advisory Services, a registered investment advisory firm. Potts started the SA Funds – Investment Trust and founded Loring Ward Securities (formerly Assante Capital Management). In addition, he served as Executive Vice President and General Manager of LWI Financial. (formerly Assante Asset Management) Potts earned a Bachelor of Science Degree in Economics from Santa Clara University. He holds General Securities (Series 7), State Law (Series 63) and General Securities Principal (Series 24) licenses.
Mr. Potts’ comments included:
Lowell Putnam is CEO of Quovo, an investment insights company that empowers investors by reimagining elite portfolio analytics as one simple, intelligent platform. Quovo's proprietary technology combines big data horsepower with elegant simplicity, enabling investors of any size or sophistication level to make smarter investment decisions. Mr. Putnam previously worked at Lehman Brothers.
Mr. Putnam’s comments included:
Todd Ruppert has over 30 years of experience in the financial services industry. He retired from T. Rowe Price, the global asset management firm with $775 billion under management, where he established the firm’s intermediary business, led the US institutional business, incepted the firm’s international business, was board member, CEO and president of T. Rowe Price Global Investment Services, board member and co-president, T. Rowe Price International, and a member of the operating steering committee of the T. Rowe Price Group. He is currently a venture partner at Greenspring Associates, a US based venture capital firm with over $4 billion under management. He is the founder and CEO of Ruppert International, a firm with diversified interests globally in various fields including education, financial services, disruptive technologies, publishing, arts and entertainment, and strategy consulting. He is president of London’s Royal Parks Foundation (USA), global ambassador for the Duke of Edinburgh’s Award, and a board member of the Rock & Roll Hall of Fame. His numerous board and advisory board roles are for the following organization‘s located around the globe: Education: INSEAD business school, Duke University, Kenyon College, Furman University, MPowerFinancing, Maryland Academy of Sciences, Cal Ripken Sr. Foundation Financial Services: Athena Capital, inStreamSolutions, SPQ Asia Opportunities, Tandem Bank, Trinity Street, Green Visor Capital, SenaHillPartners, Q Ventures, Nutmeg, Seedrs, Osmosis Investment Management, Brazilinvest Disruptive Technologies: Symbiont.io, AirexMarket, Trov, Tengi.org, Hubub, WISeKey Publishing: Investments & Pensions Europe, Funds Europe, Funds Global, Top 1000 Funds Arts and Entertainment: Pall Mall Art Advisors, Round World Entertainment, Bottletop.org, Iconic Images.net, Infinity Creative Media, Luxios Strategy Consulting: Gold Mercury.org, Laurel Strategies Todd is the executive producer of three documentary films –A Year in Burgundy, A Year in Champagne and A Year in Port. He was the co-producer of the musical, Happy Days.
Mr. Ruppert’s comments included:
Steve joined Litman Gregory in 1999, became a principal in 2003, and became CEO in 2010. In addition to overall business management responsibilities, he directly oversees the Litman Gregory Masters Funds mutual fund business. Prior to joining Litman Gregory, Steve founded and served as executive director of both Value Line's mutual fund research and electronic publishing divisions. In addition to business management, Steve directly oversees research publishing operations including AdvisorIntelligence and the No-Load Fund Analyst. Steve is recognized in the national media for his industry expertise and has over 30 years of experience in mutual fund and investment research.
Mr. Savage’s comments included:
Skip Schweiss serves as President of TD Ameritrade Trust Company at TD Ameritrade Institutional. Mr. Schweiss is responsible for TD Ameritrade Institutional’s Retirement Plan Services platform. Mr. Schweiss serves as Managing Director of Advisor Advocacy & Industry Affairs. In this role, he is charged with increasing TD Ameritrade Institutional’s participation and voice in the financial services industry, and identifying key issues of importance to advisors and their clients. He served as an Executive Vice President of Fiserv Health. Prior to this appointment, he held a variety of management positions at Fiserv Investment Support Services. He holds Series 7 and 24 securities licenses and is a member of the Financial Planning Association. He has completed the Securities Industry Institute program, sponsored by the Securities Industry and Financial Markets Association (SIFMA) at the Wharton School of Business. Mr. Schweiss holds a B.S. in business administration from the University of South Dakota and a M.S. in finance from the University of Colorado..
Mr. Schweiss’ comments included:
Mike Sha is CEO of SigFig. Prior to SigFig, Mr. Sha held senior roles at Amazon where he launched and built the Amazon Visa Card into one of the fastest growing consumer loyalty cards in history, was one of the original inventors of Amazon's Prime program, as well as built sophisticated fraud detection models that leveraged statistical data analysis in preventing online fraud. Mike has a BA in Apllied Math and an MS in Computer Science from Harvard.
Mr. Sha’s comments included:
Erik is one of the co-founders of Concentus Wealth Advisors and currently serves as the CEO of the firm. With over 25 years of industry experience, Erik guides the firm’s overall strategy. Erik currently holds his general securities registrations and insurance licenses, as well as CERTIFIED FINANCIAL PLANNER™ and Chartered Financial Consultant designations. In addition to his formal designations, Erik has appeared on CNBC’s Worldwide Exchange, Fox News’ America’s News HQ, Live Well’s Mary on Money, CN8’s Money Matters Today and The Real Estate Connection. In 2012, Erik was one of thirteen advisors named to Main Line Today’s Top Financial Advisors list. Erik’s career in the financial services industry is based on two key principles: putting the client’s interests first and providing exceptional personal service. Through the personalized service that has become Erik’s trademark, he takes the time to prepare and educate our clients so that they feel more confident with each decision they make. His commitment to identifying specific investment needs—combined with outstanding personalized service—has resulted in many satisfying, long-term relationships for the firm.
Mr. Strid’s comments included:
As President of Prosper Marketplace, Ron is responsible for developing and executing the business development strategy to attract borrowers to the site, as well as ensure a balance between institutional and retail investors on the Prosper platform. He brings more than twenty years’ experience in sales, marketing and business development across the hedge fund, broker dealer and registered investment advisor industries. Before joining Prosper, Ron was Managing Director at Wells Fargo Securities. Prior to Wells Fargo, Ron served as the Head of Global Sales and Marketing and Senior Partner for Merlin Securities. Ron also served as President of Spectrum Global Fund Administration, and spent 14 years at Bear Stearns where he served as Senior Managing Director and Manager of Global Clearing Sales. Ron earned a B.A. in Economics from the University of California, Berkeley.
Mr. Suber’s comments included:
Andy Swan is the CEO of LikeFolio. He is a technologist, entrepreneur, bourbon connoisseur, sports fan, and co-founder of LikeFolio. LikeFolio provides investors and companies with actionable research based on data derived from consumer actions on social media. LikeFolio scans Twitter for mentions of 30,000 brands and consumer products owned by over 2000 publicly traded companies. It scores those mentions on consumer sentiment and purchase intent. Through this unique process of gathering consumer data, LikeFolio’s proprietary approach lends itself to providing accurate predictions of revenue reports, and ultimately the direction of a stock. In 2015, LikeFolio was named one of the Most Innovative Companies in Personal Finance by Fast Company.
Mr. Swan’s comments included:
Bill Van Dresser
Bill VanDresser, previously Executive Vice President and Managing Director of Wealth Management at Gibraltar Private Bank & Trust in Coral Gables, Florida has more than 25 years of experience in the financial services industry. His background of more than two decades includes positions with Global Wealth Management Partners in New York and U.S. Trust Company in Connecticut.
Mr. Van Dresser’s comments included:
Tom is a Partner of the firm. He is a CFP® professional. He is a graduate of the University of Vermont with a degree in math, and holds an MBA in Finance from Wichita State University. After six years in the Air Force as a Captain and ICBM launch officer, he began his financial career as an international banker with a major bank. Returning to Vermont he was a commercial lender with Vermont’s largest bank, and later was a chief financial officer and chief operating officer of a manufacturing firm. Tom enjoys xc skiing, biking, swimming. He and his wife have two children and four grandchildren.
Mr. Wagner and others from Summit Wealth Groups comments included:
As Chair and co-founder, Jane Williams advances the business development goals and advises on the strategic direction of Sand Hill Global Advisors. She sits on the Executive Committee and is responsible for oversight of Sand Hill's compliance function. Jane participates in industry panels and organizations dealing with topics of best business practices; she is a member of the Fidelity Investment Advisors’ Council, and is Vice Chair of the Board of Governors of the Investment Adviser Association (IAA) and a Chair of the Government Affairs Committee.With over 38 years of experience in the investment field, Jane is recognized as an expert for the work she has done with individuals – particularly women – and couples in financial transition. Serving the family court as a qualified expert in several San Francisco Bay Area counties, she testifies on topics ranging from prudent investment strategies, rate of return, and related financial topics. She served for seven years as a Board member of the Silicon Valley Community Foundation, and its predecessor, Peninsula Community Foundation, chairing the Investment Committee for most of her tenure. She served as a Trustee for the University of California-Santa Barbara Foundation, and was a member of the Investment, Finance, and Executive Committees. Currently, Jane serves on the Advisory Board for Ravenswood Family Health Center in East Palo Alto, and is a member of the Palo Alto Medical Foundation Philanthropy Advisors Council. Jane is a frequent speaker in a variety of settings, including the Stanford Charitable Giving Conference. In October 2010, Jane received the Charles Schwab & Co. IMPACT® 2010 Leadership Award. In addition, Jane has been listed as one of the 100 Most Influential Women in Business in the San Francisco Bay Area by the San Francisco Business Times and San Jose/Silicon Valley Business Journal. She was named to the Top 50 Women in Wealth by Wealth Manager Magazine in May 2010. Jane was named to the Barron’s List of Top Women Financial Advisors in the nation in both 2014 and 2015. In September 2014, she was honored by the Palo Alto Chamber of Commerce with the Athena Award, which recognizes the achievements of outstanding professional and business women.
Ms. Williams’ comments included:
InvestCloud CEO, is a serial entrepreneur and CEO responsible for creating several companies including: Synergo Technology, the UK leading Agency Brokerage solution; TCA Syntec, the first EAI company in Europe; Netik, the securities market leading data warehouse and portal company responsible for 70 of the World’s largest banks including: Citibank, UBS, PNC, SEI, Fortis, BNP, Scotia and Pershing. John received a double honors degree in Cybernetics and Computer Science, and is a Chartered Software Engineer.
Mr. Wise’s comments included::
Justin Wisz is co-founder and CEO at Vestorly. Prior to this he has served as CEO for AdvisorLeap from October 2010 till November 2012. Mr Wisz was founder of ForwardPro Partners from March 2009 to October 2010.
Mr. Wisz's comments included:
Tiburon CEO Summit XXX: April 5-6, 2016
Tiburon CEO Summit XXX was held April 5-6, 2016, at the Ritz Carlton Hotel in New York, NY.
Tiburon CEO Summit XXX featured a keynote presentation by Tiburon Managing Partner Chip Roame regarding the state of the financial services industry, focused on the rapid evolution being driven all across the business value chain. This presentation served as the backdrop and overview of the entire Tiburon CEO Summit.
Chip Roame (Managing Partner, Tiburon Strategic Advisors)
Tiburon Strategic Advisors is pleased to provide a summary of the content of its Tiburon CEO Summit XXX Keynote Presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) gave a presentation broadly addressing the state of the financial services industry, with a specific focus on the growing wealth management market.
Charles ("Chip") Roame is the Managing Partner of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the banking, insurance, brokerage, & investment management markets. Prior to forming Tiburon in 1998, Mr. Roame served in similar capacities, first as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. Mr. Roame is quoted daily throughout the media and, due to Tiburon's widely shared research, he may be the most frequently demanded board advisor. His particular expertise is that of corporate strategy for larger financial services firms, designing broad multi-faceted strategies and making trade-offs between alternative businesses, products, & markets.
At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses -- mutual funds, exchange traded funds, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and mergers & acquisitions transactions. At Tiburon, Mr. Roame has led over 1,700 client engagements for over 400 corporate clients since 1998.
Mr. Roame has won numerous awards throughout the consulting and financial services industries, including being named one of the power 25 elite by Investment News, one of the 25 most influential individuals in the advisor business by Investment Advisor magazine, & one of the five experts with the answers by Boomer Market Advisor. Tiburon has also been named one of the fastest growing companies by the San Francisco Business Times in multiple years.
Mr. Roame is frequently sought as a board member by Tiburon client company boards. He presently serves as a board member at Envestnet (NYSE: ENV), as a board member of the parent company of The Edelman Financial Group (Ric Edelman’s business backed by Lee Equity Partners), and as a trustee of the SA mutual funds family which is sponsored by Loring Ward and employs Dimensional Fund Advisors as its sole sub-advisor.
Overview of Tiburon
CEO Summit XXX Keynote Presentation
Tiburon CEO Summit XXX --> Insights Behind The Most Important Data Inflection Points
Context Setting: Consumers & Their Money
Consumer households have $38.3 trillion investable assets, $59.4 trillion financial assets, $96.9 trillion total assets, and $85.7 trillion net worth. There are 10.1 million consumer households with over $1.0 million net worth, back above its prior peak of 9.2 million in 2007. Baby boomers will liquidate some portion of the $58.6 trillion in retirement plans, personal assets, & small businesses.
The Future Of Wealth Management: The Most Important Data Inflection Points
Exchange Traded Funds
Exchange traded funds have gathered $2.1 trillion assets under management, up from $102 billion in 2002. Exchange traded funds have $232 billion net flows, up from $29 billion in 2001. BlackRock is the leading investable assets firm in terms of assets under management with $4.7 trillion, with the three ETF leaders all in the top four. Index mutual funds have gathered $2.1 trillion assets under management, up from $384 billion in 2000. Index mutual funds’ assets under management have been primarily gathered in equity funds. The Vanguard Group has $216 billion net flows, up from $85 billion in 2010. The five largest stock mutual funds are all low cost Vanguard & American Funds mutual funds. The Vanguard Group has gathered over three-quarters on its assets under management in index mutual funds & exchange traded funds. The Vanguard Group has gathered one-third of its assets under management from financial advisors. Dimensional Fund Advisors has gathered $406 billion assets under management, up hugely since 1983. Dimensional Fund Advisors has gathered more than half of its assets under management from financial advisors. Dimensional Fund Advisors’ financial advisor channels business has gathered $165 billion assets under management, up from $13 billion in 2002.
Liquid alternative funds have gathered $309.2 billion assets under management, up from $174.6 billion in 2012. Liquid alternative funds’ net flows are $3.1 billion, down from their peak of $96.9 billion in 2013. Hedge funds have gathered $2.8 trillion assets under management, up from $491 billion in 2000. Hedge funds have $76.4 billion net flows, up from $23.3 billion in 2000 and -$131.2 billion in 2008. Hedge funds returned 3.3%, down from 9.1% in 2013. Hedge funds have not been performing as well as some low cost mutual funds that do some of the same things.
There are at least 46 online advice firms. All online advice firms have gathered $217.4 billion assets under management, up from $118.0 billion in 2012. Online advice firms can specifically be defined to include defined contribution plan focused firms & B2C focused firms. Online advice firms’ assets under management are dominated by the defined contribution focused firms. The leading online advice firms are the defined contribution plan focused firms & the large discount brokerage firms & mutual fund companies. Two-thirds of financial advisors believe that online advice firms will have no or little impact on their business. Motif Investing offers 100 pre-built motifs, up from 50 in 2011.
Two-thirds of wirehouse & regional broker/dealer brokers who move on their own in any year move to other wirehouses or regional broker/dealers. The bulk of the break-away broker movement really just goes in circles, with brokers moving from one wirehouse to the next for upfront payments. Wells Fargo Advisor Network’s share of financial advisors coming from wirehouses is 65%, compared to 12%-31% at some other leading independent broker/dealers.
The insurance & independent broker/dealer channels lead the financial advisor channels in terms of number of financial advisors with 74,804 & 67,290. The wirehouse channel leads the financial advisor channels in terms of assets under administration with $5.9 trillion. The five year CAGR of dually registered advisors is 9.0%. Primerica, Morgan Stanley, Bank of America Merrill Lynch, & Wells Fargo Corporation have the most financial advisors. 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. Tiburon CEO Summit XXIX attendees said that LPL financial & The Charles Schwab Corporation have the most impressive financial advisor forces. Independent advisors can specifically defined to include independent reps & fee-based financial advisors (RIAs). Independent broker/dealer reps still account for the largest share of independent advisors, although both fee-based financial advisors & dually registered financial advisors are gaining market share. LPL Financial leads the independent reps market in number of financial advisors. LPL Financial also leads the independent broker/dealer market in assets under administration. The Charles Schwab Corporation, Td Ameritrade, & Fidelity Investments are the leading fee-based financial advisor custodians in terms of number of fee-based financial advisor clients, with 7,100, 5,000, & 3,300 respectively. Schwab Advisor Services & Fidelity Institutional Wealth Services are the leading fee-based financial advisor custodians in terms of assets under administration, with $1.1 trillion & $753 billion respectively. TD Ameritrade had a 229% change in fee-based financial advisor assets under custody from 2007-to-2014. Some analysts have huge predictions for the fee-based financial advisor market, with one suggesting 36,900 fee-based financial advisors by 2019.
Turnkey Asset Management Programs (TAMPs)
Envestnet has gathered $713.4 billion assets under administration & management, up 800% since 2007. FolioDynamix’s FDx platform has gathered $700 billion assets under administration, up from $445 billion in 2012. Loring Ward Group’s LWI Financial has gathered $13.0 billion assets under management, up from $1.6 billion in 1996. Dimensional Fund Advisors’ Dimensional Fund Advisors (US)’s fee-based financial advisor business’ TAMPs business has gathered $50 billion assets under management, up over 400% since 2005.
The Missing News Story: Financial Advisor Bifurcation
Financial Advisor Stagnation
Financial advisor channels firms have 301,126 financial advisors, down from its peak of 339,450 in 2004. 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 mutual fund store has 133 offices, up from 73 in 2011. United Capital Financial Partners has 70 offices, up from fourteen in 2007. HighTower Holding has 49 offices, up from twelve in 2011. Edelman Financial Services has 41 offices, up from one in 2005. The Mutual Fund Store serves 37,000 clients, up from 30,000 in 2010. Edelman Financial Services serves 28,000 clients, up from 5,000 in 2003. Fisher Investments’ Private Client Group serves 27,000 private client group clients, up from 12,000 in 2004. Fisher Investments’ Private Client Group manages $35 billion in assets, up from $1 billion in 1997. Edelman Financial Services has gathered $14.9 billion assets under management & administration, up over 400% since 2003. Edelman Financial Services has $131.9 million assets under management & administration per financial advisor.
Edelman Financial Services’ average client has $522,000 assets under management & administration, up from $380,000 in 2009. Edelman Financial Services has 113 financial advisors, up from nineteen in 2003. Fisher Investments’ investment counselors, vice presidents, account executives, & client operations associates account for over half of its employees. Fisher Investments’ private client group creates over three-quarters of its leads from direct mail and web advertisements. Fisher Investments’ private client group attracts two-thirds of its clients to seminars each year. Edelman Financial Services will conduct over 600 seminars, up from 75 in 2012. And in a strange twist…financial advisor fees are down…err…up. Financial advisor average fees range from 1.26% to 0.66% based on portfolio size. Fisher Investments’ private client group’s pricing schedule ranges from 1.25% to 1.00%, and the firm uses a blended methodology. Edelman Financial Services’ pricing schedule ranges from 2.00% to 0.50%.
Financial Services Industry Venture Capital & Minority Growth Equity Investments
Venture capital firms raised $33.0 billion funds, up 75% since 2010 but down from $85.1 billion in 2000. Venture capital investment reached $48.4 billion, up from $30.0 billion in 2013 but down from its peak of $105.0 billion in 2000. SoFi has raised the most venture capital amongst financial services firms, with $1.2 billion. Wealthfront, Betterment, & Personal Capital Corporation have raised the most venture capital amongst the online advice firms.
Financial Services Industry Initial & Secondary Public Offerings
There were 275 initial public offerings in 2014, up from 222 in 2013 but down from its peak of 406 in 2000. Initial public offerings raised $85.3 billion in 2014, up from $54.9 billion in 2013 but down from its peak of $96.9 in 2000. There were 36 initial public offerings in the financial sector in 2014, down from 45 in 2013. Financial services industry public offerings included Worldpay, National Commercial Bank, & Medibank Private.
Financial Services Industry & Financial Advisor Mergers & Acquisitions
Financial Services Industry Mergers & Acquisitions
Mergers & acquisitions’ deal value was $3.5 trillion, up from $2.3 trillion. Private equity firms invested $12.0 billion in financial technology firms, up from $4.0 billion in 2013. Financial technology companies Sungard, Advent Software, Russell Investments, & SNL Financial all sold in the last year for large sums. Leading investment management firms mergers & acquisition deals included TIAA-CREF’s acquisition of Nuveen, Santander Asset Management’s Acquisition of Pioneer Global Asset Management, and the pending acquisition of Russell Investments. The leading public brokerage merger & acquisition deal was Stifel Financial Group’s acquisition of Sterne Agee for $150 million.
Financial Advisor Mergers & Acquisitions
There were 54 fee-based financial advisors mergers & acquisitions transactions in 2014, up 35% since 2006. There have been $32.6 billion fee-based financial advisors assets under management acquired through mergers & acquisitions transactions in 2014. Hellman & Friedman’s acquisition of Edelman Financial Services was the leading financial advisors acquisition at $14.8 billion.
Financial Services Industry Valuations & Activists Opportunities
Financial services firms account for 10%+ of the US economy and 20%+ of the Standard & Poor’s 500. Activist funds have gathered $120 billion assets under management. Activist hedge funds have $10.1 billion net flows, up from $3.4 billion in 2005. Carl Icahn & Southeastern are the leading activist investor funds in terms of value of disclosed US equities with $22.3 billion & $18.3 billion. The average net return among activist hedge funds outpaced the total hedge fund universe in both the short & long term. Financial services industry activist fund specific targets include American Realty Capital Partners, LPL Financial Holdings, State Street Corporation, & The Bank of New York Mellon Corporation.
Along with Tiburon's Managing Partner Chip Roame, Tiburon CEO Summit XXX included speakers Rob Arnott (Chairman, Research Affiliates), Marty Bicknell (CEO, Mariner Holdings), Josh Brown (CEO, Ritholtz Wealth Management), Eric Clarke (CEO, Orion Advisor Services), Dean Cook (President, FTJ FundChoice), Bob Curtis (CEO, PIEtech), Ric Edelman (CEO, Edelman Financial Services), Alex Potts (CEO, Loring Ward Group), Brad Pries (CEO, Sawtooth Solutions), Clara Shih (CEO, Hearsay Social), & Elliot Weissbluth (CEO, HighTower). Tiburon CEO Summit XXX will also feature the firm's traditional client-centric panel discussions and two networking-based social events.
Rob Arnott is Chairman of Research Affiliates. Mr. Arnott founded Research Affiliates in 2002 as a research-intensive asset management firm that focuses on innovative products. The firm explores novel approaches to active asset allocation, optimal portfolio construction, efficient forms of indexation, and other quantitative strategies. Research Affiliates delivers investment solutions globally in partnership with leading financial institutions. He is also portfolio manager on the PIMCO All Asset and All Asset All Authority family of funds and a suite of PIMCO products based on the Fundamental Index approach. Over his career, Mr. Arnott has endeavored to bridge the worlds of academic theorists and financial markets, challenging conventional wisdom and searching for solutions that add value for investors. He has pioneered several unconventional portfolio strategies that are now widely applied, including tactical asset allocation, global tactical asset allocation, tax-advantaged equity management, and the Fundamental Index approach to investing. His success in doing so has resulted in a reputation as one of the worlds most provocative practitioners and respected financial analysts. Mr. Arnott managed two asset management firms before founding Research Affiliates. As chairman of First Quadrant, he built up the former internal money manager for Crum & Forster into a highly regarded quantitative asset management firm. He also was global equity strategist at Salomon Brothers (now part of Citigroup), the founding president and CEO of TSA Capital Management (now part of Analytic Investors), and a vice president at The Boston Company. Mr. Arnott has published more than 100 articles in such journals as the Journal of Portfolio Management, the Harvard Business Review, and the Financial Analysts Journal, where he also served as editor in chief from 2002 through 2006. In recognition of his achievements as a financial writer, Mr. Arnott's papers have received seven Graham and Dodd Scrolls, awarded annually by CFA Institute for top Financial Analysts Journal articles of the year. He also has received three Bernstein Fabozzi/Jacobs Levy awards from the Journal of Portfolio Management. He is co-author of The Fundamental Index: A Better Way to Invest.
Mr. Arnott's comments included:
Don Phillips is a Managing Director at Morningstar. Previously Mr. Phillips oversaw the firm’s global fund, equity, & credit research. He has also served on the company’s board of directors since 1999. Mr. Phillips joined Morningstar in 1986 as the company’s first mutual fund analyst and soon became editor of its flagship publication, Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. Mr. Phillips helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards.
Mr. Phillips’ comments included:
Luis Aguilar served as a Commissioner at the United States Securities & Exchange Commission from July 31, 2008 to December 31, 2015. He was originally appointed by President George W. Bush and was reappointed by President Barack Obama in 2011. Commissioner Aguilar became the eighth longest-serving Commissioner in SEC history, and was one of only three Commissioners to have been nominated by two U.S. Presidents from two different political parties. Commissioner Aguilar’s tenure started only a few weeks before the collapse of Lehman Brothers and the financial turmoil that followed and only a few months before one of the largest financial frauds in U. S. history – the Bernard Madoff Ponzi scheme – was exposed. Consequently, the Commission entered into one of the most transformational periods in its history. During Commissioner Aguilar’s service, the Commission underwent a significant internal restructuring by, among other things, creating a panoply of new Divisions and Offices, and substantially restructuring existing Divisions and Offices. In addition, the Commission entered one of its most active rulemaking periods, and promulgated or amended regulations that impacted almost all aspects of the capital markets. Commissioner Aguilar worked to modernize the SEC’s rules to reflect the innovation and changes that had long transformed the capital markets. He was an early advocate for the importance of focusing on cybersecurity issues and led the effort to bring together public and private sector experts as part of the SEC’s first Cybersecurity Roundtable held in March 2014. He is a recognized leader in the nexus of cybersecurity, investor protection, and publicly traded companies. Commissioner Aguilar represented the Commission as its liaison to both the North American Securities Administrators Association (NASAA) and to the Council of Securities Regulators of the Americas (COSRA). He has served as the primary sponsor of the SEC's first Investor Advisory Committee. Commissioner Aguilar served as sponsor of the SEC's Hispanic and Latino Opportunity, Leadership, and Advocacy Committee, the African American Council, and the Caribbean American Heritage Committee.
Peter Algert is CEO of Algert Global. Mr. Algert established the firm with the goal of becoming recognized as "best-in-class" in systematic active equity investing. Founded in 2002, and 100% employee-owned, Algert Global focuses on managing global absolute return and active long-only strategies for both institutional and private investors. The core investment team has worked together since 2004 and each member can demonstrate a deep academic background in quantitative investing. Prior to creating Algert Global, Mr. Algert served as the Global Head of Research for Barclays Global Investors' stock selection strategies.
Mr. Algert's comments included:
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 fintech 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:
Dave Barton is CEO of Mercer Advisors. Mr. Barton became a member of the California State Bar in 1992 and began his career at Mercer Advisors in 2000 as General Counsel. He has led and managed nearly all Mercer Advisors departments with great success. Mr. Barton was promoted to President in 2004, and became Chief Executive Officer in 2008. He has been a member of the Mercer Advisors Board of Directors since 2004. Prior to joining Mercer Advisors, Mr. Barton practiced as a trial attorney, specializing in commercial and securities civil litigation. Mr. Barton is currently responsible for the overall strategic vision, business plan development and execution, and organizational structure at Mercer Advisors.
Mr. Barton’s comments included:
Jud Bergman is CEO of Envestnet. Mr. Bergman is responsible for leading the Envestnet organization, and is focused on guiding the company’s strategy, as well as organizational and business development. Prior to founding Envestnet, Mr. Bergman was the managing director, Nuveen Mutual Funds, for Nuveen Investments, a diversified investment manager. In this role he was responsible for the profitable growth of Nuveen’s mutual fund business and was a member of Nuveen’s Investment Management Committee. From 1992 to 1997, Mr. Bergman directed Nuveen’s Corporate Development activity, where he initiated the development of Nuveen’s separately managed account business and helped guide the firm’s expansion into a diversified investment manager beyond municipal investments.
Mr. Bergman’s comments included:
Marty Bicknell is CEO of Mariner Holdings, the parent company of Mariner Wealth Advisors and Montage Investments. He serves on the board of directors for all of Mariner Holdings subsidiaries. Prior to forming the firm in 2006, Mr. Bicknell was senior vice president of investments at A.G. Edwards & Sons, where he led a staff of professional financial consultants in providing customized wealth management solutions for public and private corporations, high-net-worth individuals and their families and charitable organizations. Mr. Bicknell has provided counseling on a wide range of financial matters to small and medium-sized businesses. Mr. Bicknell serves on the board of directors for the Catholic Foundation of Northeast Kansas, the American Royal, the KU Advancement Board for the University of Kansas Medical Center and on the MRIGlobal Board of Trustees. He is a member of the Young Presidents Organization (YPO) and is a board member for the Civic Council of Greater Kansas City. He is also involved in supporting several organizations through his sponsorship and committee participation, including Marillac, the Juvenile Diabetes Research Foundation (JDRF), KU Med Cancer Care and Youth Entrepreneurs. Barrons has ranked Mr. Bicknell and the teams at Mariner among the top financial advisors nationally for the past few years, including as the number one advisor in the state of Kansas for 2009, 2010, 2011, 2012, 2013 and 2014.
Mr. Bicknell’s comments included:
Josh Brown is CEO of Ritholtz Wealth Management. Mr. Brown has spent his career helping people invest and manage portfolios. He is the creator of The Reformed Broker blog and was ranked as the number one financial person to follow on social media by Barrons, the Wall Street Journal and TIME Magazine. Mr. Brown is the star of CNBCs The Halftime Report and a featured columnist at Fortune Magazine. He is the author of the books Backstage Wall Street and Clash of the Financial Pundits. In addition to serving as CEO of Ritholtz Wealth Management, he is also on the advisory boards of Riskalyze and Brightscope, two of the leading financial technology startups bringing transparency and analytics to the investment business. In 2015, Investment News named Josh Brown to their 40 Under 40? list of influential financial advisors who represent the future of the wealth management industry.
Mr. Brown’s comments included:
Ryan Caldwell is CEO & Founder of MX Technologies. Mr. Caldwell is a serial entrepreneur driven to transform industries. Currently, Mr. Caldwell directs the strategic vision for MX, a fintech company combining powerful data analytics with engaging technology to enable customer advocacy through a data-driven money management platform delivered through financial institutions. MX, has earned attention and investment from industry-leaders at financial institutions and within the fintech community. Prior to founding MX, Mr. Caldwell consulted in the US, Singapore and London for some of the worlds leading companies, including market leaders like Visa and Microsoft. He has also received multiple industry accolades, including being named to the Utah Business list of Forty Under 40, the v100 list of Top Venture Entrepreneurs and as one of the Utah Valley BusinessQs 10 Coolest Entrepreneurs.
Mr. Caldwell’s comments included:
Eric Clarke is the CEO and Founder of Orion Advisor Services, which develops solutions that improve advisors business operations and interactions with clients. The companys current vision is to integrate its portfolio accounting system with CRM platforms to increase efficiencies for advisors. Mr. Clarke and his colleagues founded Orions predecessor company after they developed an off-the-shelf portfolio accounting system for advisors. Prior to starting Orion, Mr. Clarke served as chief operations officer for CLS Investments, an SECregistered investment advisor. As an industry-recognized expert in portfolio accounting, Mr. Clarke has written articles that have appeared in Investment News, The Journal of Financial Planning, and others.
Mr. Clarke’s comments included:
Alan is Co-Founder and Co-President of Sage Financial Group, and is co-author of The Sage Guide to Mutual Funds. Mr. Cohn has been named one of the most influential people in the investment world by The Wall Street Journal and SmartMoney Magazine. He has been quoted in Money Magazine, Kiplingers Personal Finance and The New York Times. Additionally, Mr. Cohn was named one of the top 40 business leaders under the age of 40 by the Philadelphia Business Journal, and was recognized by Philadelphia Magazine as one of 100 People to Watch. Mr. Cohn co-founded Sage Online in 1995, a leading source of online mutual fund and equity information for individual investors. In March 2000, Multex, a global provider of investment information for the financial services industry, acquired Sage Online. Mr. Cohn is active in many civic associations and serves on the Board of Ben Franklin Technology Partners, is on the Advisory Board of Veritat Advisors, is on Penn Liberty Banks Advisory Board, is Chair of the Alexs Lemonade Stand Foundation Development Committee, and is a member of the Jewish Federation of Greater Philadelphias Investment Committee.
Mr. Cohn’s comments included:
Steve Condon is President of Truepoint Wealth Counsel. As Truepoints president, Mr. Condon is responsible for the firms day-to-day management, guiding the investment strategy, and introducing Truepoint to prospective clients and employees. My favorite thing about Truepoint is being part of a true team dedicated to our clients success and working with professionals who are not only enjoyable to be around, but also masters of their craft. Mr. Condon attended OSU as a University Fellow, was a teaching assistant and worked with the OSU endowment fund. Mr. Condon was elected to the Beta Gamma Sigma and Phi Kappa Phi honor societies, and graduated as both a Fisher and Weidler Scholar. He also holds the Chartered Financial Analyst (CFA) designation. Mr. Condon is a member of the Institutional Advisor Council of Fidelity Investments, the CFA Institute and the CFA Society of Cincinnati. Mr. Condon is also a member of the Young Presidents Organization (YPO), a global network connecting chief executives. His volunteer work includes serving on the board of the Cincinnati Youth Collaborative and tutoring at Silverton Paideia Academy.
Mr. Condon's comments included:
Dean Cook is President of FTJ FundChoice. Mr. Cook is focused on the development and implementation of strategic initiatives designed to assist advisors in simplifying their business through service, technology, and product offering. Before becoming President in 2012, Mr. Cook directed the firm's national marketing and sales operations since 2005. Through his experience as a Registered Representative, Investment Advisor Representative and External Wholesaler, Mr. Cook has taken pride in adding unique insights to advisors as they build profitable advisory firms.
Mr. Cooks comments included:
Ben Cukier is a Managing Partner at Centana Growth Partners. Mr. Cukier founded Centana Growth in 2015. Before founding Centana Growth, Mr. Cukier spent over twenty years in growth equity and finance. Mr. Cukier has developed a keen understanding of the key players, regulatory environment and complexities of the asset management sub sector, as well as the broader financial services world. He previously led investments in companies including Aspire, Cloudmark, ETF Securities, IndexIQ (acquired by NYLife), Powershares (acquired by Invesco), Swan Global, and VelocityShares (acquired by Janus). Mr. Cukier spent sixteen years at FTV Capital, a $2 billion growth equity fund, where he was an equity partner, served on the management committee and led investments in financial services. Before FTV, Mr. Cukier served on the telecommunications and media team at Madison Dearborn Partners in Chicago and was a consultant at McKinsey & Company.
Mr. Cukier’s comments included:
Kevin Knull is President of PIEtech, creator of the industry’s leading financial planning software, MoneyGuidePro. Mr. Knull works extensively with many of the nation’s leading firms to develop and implement strategies to increase revenue, increase financial planning adoption, and dive greater efficiencies. Prior to joining PIEtech, Mr. Knull was Managing Director at Symetra Investment Management, Head of Registered Investments for Symetra Financial, and President of Symetra Services. In addition, Mr. Knull served as an officer in the United States Coast Guard as Commanding Officer.
Mr. Knull’ comments included:
Mike Durbin is President of Fidelity Wealth Technologies, a unit of Fidelity Investments that drives and delivers digital solutions across Fidelity Investments and throughout the financial advice industry. Fidelity Investments is a diversified financial services firm that makes financial expertise broadly accessible to people investing their life savings, businesses managing their employee benefits and advisors investing their clients’ money. Since 1946, Fidelity has been helping people live the lives they want through its customer-centered approach, innovative technology and investment solutions. In addition to his role as president of Fidelity Wealth Technologies, Mr. Durbin is also serving as interim chief executive officer of eMoney Advisor, a wealth planning and management solutions provider for financial advisors, which is part of the Fidelity Wealth Technologies portfolio. Mr. Durbin joined Fidelity in February 2009 as president of Fidelity Institutional Wealth Services (now part of Fidelity Clearing and Custody), a Fidelity Investments company that serves registered investment advisors, including strategic acquirers and professional asset managers, as well as retirement recordkeepers. In that role, he was responsible for the oversight and growth of the business by providing clients access to a flexible, open-technology environment, extensive practice management resources and wealth management investments and related execution and custody services.
Mr. Durbin’s comments included:
Ric Edelman is CEO of Edelman Financial Services. Mr. Edelman has been three times ranked the #1 Independent Financial Advisor in the nation by Barron's. In 2012 RIABiz.com named Mr. Edelman one of the “ten most influential figures” in the investment advisory field. Mr. Edelman is a member of the Financial Advisor Hall of Fame sponsored by Research magazine and the CNBC Digital Financial Advisors Council. Edelman Financial Services was named by Inc. magazine as one of the fastest growing privately held financial planning firm in the country for three years in a row in the late 1990's. In 2014, Mr. Edelman was named among the "Heavy Hundred" in the radio industry by TALKERS magazine. Mr. Edelman's television show, The Truth About Money with Mr. Edelman Edelman, airs on more than 200 public television stations across the country and has won 8 Telly Awards. Mr. Edelman has testified before Congress three times, participated in an SEC Roundtable and appointed by Presidents Bill Clinton and George W. Bush as a delegate to all three National Summits on Retirement Savings. Mr. Edelman taught personal finance at Georgetown University for nine years, publishes an award-winning 16-page monthly newsletter and his website offers comprehensive and free personal finance education. Mr. Edelman served five years on the board of the United Way of the National Capital Area, including two years as Chairman. He serves on the Southeast Board of The Boys and Girls Clubs of America, is a member of The Boys and Girls Clubs of Greater Washington Foundation Board and served on the BGCGW Metropolitan Board of Directors for seven years and serves on the BGCGW Leadership Council. He is a Policy Board Member of the American Savings Education Council. and is on the Foundation Board of Directors for the Wolf Trap Foundation for the Performing Arts.
Mr. Edelman’s comments included:
Ed Forst is CEO of Lincoln Investment. Mr. Forst is a Certified Financial Planner certificant and has been dedicated to helping individuals with all aspects of financial planning since 1980. As President and CEO of the Lincoln Investment Companies, Mr. Forst oversees the activities of 800 licensed advisors and over 200 full-time operations and support personnel. The Lincoln Investment Companies include a full-service broker-dealer and registered investment advisors serving the diverse and changing financial needs of more than 235,000 individual investors, representing over $24.7 billion in assets. For almost 50 years, Lincoln Investment has been committed to helping individuals and families achieve long-term financial well-being through the expert guidance of independent financial professionals.
Mr. Forst’s comments included:
Cody Foster is Co-Founder of Advisors Excel, an industry-leading marketing organization assisting independent insurance agents and financial advisors around the country. Immediately out of college, Mr. Foster joined the financial services arena as the Director of Marketing for a corporately-owned, national field marketing organization. With a passion to pursue something larger and help others succeed, he and close friends David Callanan and Derek Thompson opened the doors to Advisors Excel in 2005 - chasing a dream to redefine their industry.
Mr. Foster’s comments included:
Sherrie Grabot is CEO of GuidedChoice. Before founding GuidedChoice, Ms. Grabot developed some of the earliest technology systems for 401K plans at Apple, T. Rowe Price Group, and Trust Company of the West. With experience as both a former plan sponsor and plan provider, she has a strong understanding of what participants and retirement plans require to succeed, and continues to serve as a leader in the evolution of the 401(k).
Ms. Grabot’s comments included:
Fred Jonske is CEO & President of M Financial Group. Mr. Jonske joined M Financial in 1996 with 25 years of experience in the life insurance industry. He was previously President, Chief Operating Officer, and board member of Lincoln Benefit Life Insurance Company of Lincoln, Nebraska, and Surety Life Insurance Company of Salt Lake City, Utah. Mr. Jonske was also Vice President and a board member of Allstate Life Insurance Company, as well as a board member of Lincoln Benefit Financial Services. In 1971, Mr. Jonske began his career with Allstate Life Insurance Company and, prior to his election as President of Lincoln Benefit Life in 1982, held various actuarial positions in the individual and corporate areas. Mr. Jonske led M Financial’s reorganization from a partnership to a member-owned holding company and remains focused on developing and executing a strategy consistent with the company’s core values—innovation, collaboration, excellence, leadership, and advocacy—that enhances Member Firm competitiveness and drives overall growth. Mr. Jonske is Chair of the MFH Nominating Committee and the M Benefit Solutions Compensation Committee. He is a member of the Board of the American Council of Life insurers (ACLI), the University of Portland Board of Regents, and The American College Board of Trustees. He serves on the ACLI Financial Services Steering Committee, the American Academy of Actuaries, and AALU.
Mr. Jonske’s comments included:
Richard Joyner is the President and CEO of Tolleson Wealth Management’s Private Wealth Management Group. In this role, he is active in setting the vision and strategy for Tolleson Private Wealth Management. Mr. Joyner serves on the company’s Board of Directors, Executive Committee and Investment Committee and leads the company’s Family Education efforts. Mr. Joyner works with multi-generational families to address the complex issues of successful wealth transfer. His expertise encompasses such diverse areas as complex income and estate tax planning; family dynamics and education; and investment management. He facilitates numerous family meetings for clients each year, and speaks regularly to families that want to overcome the old adage of “shirtsleeves to shirtsleeves” in three generations. Over the years, Mr. Joyner has received a number of professional awards, including recognition by Worth Magazine as one of its Top Financial Advisers and by Barron’s Magazine as one of the Top 100 Independent Financial Advisors in the U.S. He served nine years on the Board of Directors of the Investment Management Consultants Association (IMCA), including two years as its President (2002-2003). He has served on IMCA’s wealth management committee for more than 10 years and teaches in the Certified Private Wealth Advisor (CPWA) program offered jointly by IMCA and the University of Chicago. In addition to being a Certified Public Accountant* (CPA), he holds the Certified Investment Management Analyst (CIMA), Certified Private Wealth Advisor (CPWA), Personal Financial Specialist (PFS) designations, and is a Certified Financial Planner™ (CFP®) practitioner.
Mr. Joyner’s comments included:
Roger Kafker is a Managing Director at TA Associates. Mr. Kafker focuses on investments in financial and business services companies with a focus on asset management and transaction processing. Mr. Kafker is a member of TA’s Executive, Core Investment and Portfolio Committees. He joined TA in 1989 and has more than 26 years of experience in the private equity industry. Over his career, Roger has sponsored numerous investments in the asset management and transaction processing sectors. He has served on the board of seven investments in private companies that have gone public, raising well over a billion dollars of capital, including Affiliated Managers Group and ANSYS, both of which have market capitalizations of more than $5 billion today. Mr. Kafker has sponsored 30 investments, 26 of which are fully or partially exited, totaling over $2.2 billion of invested capital. He has significant experience investing in asset management companies having made eight investments in this sector. He has experience investing in transaction processing companies, including Cardtronics and BluePay Processing and helped source and close multiple acquisitions for both companies with an aim to accelerate growth by building scale. Mr. Kafker has served on the Board of Directors of numerous public companies. He is currently on the boards of BluePay Processing, Evanston Capital Management, Keeley Asset Management, & Stadion Money Management.
Mr. Kafker’s comments included:
Charlie Kroll is President & Cofounder of Ellevest Financial, a NYC-based online wealth management startup focused on women investors. Previously, he was founder and CEO of Andera, a venture-backed provider of customer acquisition solutions in the financial services industry, acquired by Bottomline Technologies in April 2014. He led all aspects of company growth from dorm room startup to profitable industry leader with over 100 employees, 3 offices, 500 financial institution customers, and $17MM in capital raised from angel, venture, and strategic investors including Intuit, Edison Ventures, Silicon Valley Bank, and New Markets Venture Partners. Over 10+ years under his leadership, the company adapted to multiple market changes and business cycles, including two major strategy changes and the acquisition of a competitor. Mr. Kroll is passionate about product design and company culture, and has expertise in Cloud, B2B, SaaS, and Fintech business models. He was named 2006 New England Young Entrepreneur of the Year by the United States Small Business Administration (SBA), and is a past Ernst & Young Entrepreneur of the Year finalist. He is also actively involved in the entrepreneurial community, as a founding board member of Venture for America, chair of the Brown University Entrepreneurship Program, and advisor to a number of startups.
Mr. Jones' comments included:
Jeff Lovell is CEO & Co-Chairman of Lovell Minnick Partners and co-founded the firm in 1999. Mr. Lovell serves as chair of its investment committee. Prior to co-founding Lovell Minnick Partners, he co-founded Putnam Lovell Group in 1987. In his years at Putnam Lovell Group, Mr. Lovell served as president and vice chairman through its development from a single office, M&A advisory firm to a full-service investment bank with over 150 employees serving financial institutions worldwide from offices in the US and UK. Putnam Lovell Group became widely recognized as a prominent boutique firm in global financial services and Mr. Lovell served as the senior investment banker on numerous mergers and acquisitions. Prior to the founding of Putnam Lovell Group from 1976 through 1987, Mr. Lovell held executive positions at SEI Investments including managing director of SEI Financial Services (UK), western division manager and senior vice president of national sales. Mr. Lovell is a member of the boards of directors of Matthews International Capital Management and 361 Capital. Mr. Lovell is a board member emeritus of the Leeds School of Business at the University of Colorado and, most recently, was a member of the investment committee of the University of Colorado Foundation for over a decade. Among others, prior board positions include Duff & Phelps Corporation, Leerink Swann Holdings, Mercer Advisors, and Stein Roe Investment Counsel..
Mr. Lovell’s comments included:
John Mauldin is Chairman of Mauldin Economics, and economics publishing firm. Mr. Mauldin is also President of Millennium Wave Advisors which is an investment advisory firm registered with multiple states; and is also President and a registered principal of Millennium Wave Securities, a FINRA and SIPC registered broker/dealer. Mr. Mauldin is a renowned financial expert, a New York Times best-selling author, a pioneering online commentator, and the publisher of one of the first publications to provide investors with free, unbiased information and guidance – Thoughts from the Frontline—one of the most widely read investment newsletters in the world. Mauldin Economics publishes a growing number of investing resources, including both free and paid publications aimed at helping investors do better in today's challenging economy. In addition to publishing, John is cosponsor and host of the Strategic Investment Conference - an annual event for accredited investors that draws a faculty of some of the most respected investment and economic luminaries in the world. He is a frequent speaker at conferences around the world and consults with a number of private firms. He is also a sought-after contributor to numerous financial publications, as well as a regular guest on TV and radio. His books have appeared on the New York Times best-seller list four times.
Mr. Mauldin’s comments included:
Sean McShea is the President of Ryan Labs. He oversees the firm’s investment management strategies for institutional clients, from pension funds and corporations to endowments and insurance firms. Mr. McShea has more than twenty years of experience with Ryan Labs Asset Management providing investment management and liability advisory services to the financial services industry. He is also a member of the Board of Directors. Mr. McShea is a frequent speaker at financial seminars on topics such as asset allocation, custom indices, performance attribution and risk management. Mr. McShea previously served as a management consultant at Accenture in their financial services practice.
Mr. McShea’s comments included:
Joe Mrak is CEO & Chairman of FolioDynamix. Mr. Mrak has led the company’s growth from its inception in 2007 to its current position as a fast-growing leader and innovator in the wealth management industry. With 25 years in the industry, Mr. Mrak is an established thought leader and entrepreneur known for his vision and ability to evolve technology and investment products to meet the dynamic needs of leaders in the industry. The modular, seamless and scalable technology platform of FolioDynamix is quickly becoming the modern-day platform of choice for firms seeking to grow and lead in the new era of wealth management. Prior to launching FolioDynamix, Mr. Mrak co-founded Placemark Investments, the pioneer in overlay management and standards bearer in delivering highly customized account solutions. 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 CheckFree APL. Mr. Mrak is an established authority in investment program design, wealth management technology, business process best practices, and front-, middle- and back-office operations. Mr. Mrak started his career working for top consulting firms including A.T. Kearney and Ernst & Young LLP, where he served as a financial services strategy consultant and gained critical insights into the complexities of the financial services industry.
Mr. Mrak’s comments included:
Michael Nathanson is CEO, Chairman, & President of The Colony Group. Mr. Nathanson is widely regarded as a leader in the wealth management industry. Previously, Mr. Nathanson served as Chief Financial Officer and General Counsel of The Colony Group. Prior to joining the firm, he was a Senior Partner at the international law firm of Wilmer Cutler Pickering Hale and Dorr, where he held several leadership positions. Mr. Nathanson has been recognized eight times by Barron’s magazine as one of the top 100 independent financial advisors in the nation and has been included in Worth magazine’s list of the country’s top 250 wealth advisors.* He also was selected six times as a “Super Lawyer,” as published in Massachusetts Super Lawyers, while practicing at WilmerHale. He is committed to sharing his knowledge and experience with clients, colleagues, and the next generation of industry leaders and is a frequent speaker at industry conferences. He also has served on the Fidelity Institutional Wealth Services Advisor Council and the Schwab Advisor Services Advisory Board. Previously, he served on the Board of Advisors for Boston University’s Program for Financial Planners and as Co-Chairman of the Boston Bar Association Tax Section. Mr. Nathanson has frequently been interviewed and published on a wide variety of financial, tax, and legal topics by many national and local news outlets, including Reuters, Dow Jones, the Wall Street Journal, Investment News, Financial Planning, the Boston Business Journal, and numerous journals and industry publications. Mr. Nathanson is also passionate about public service. He serves as the Chairman of the Board of Directors of the National Brain Tumor Society and also serves on the Boards of Cure GBM and Pediatric Cancer Cure. He is a member of the Israel Bonds National New Leadership Board and also has served as a member of the Investment Committee of the Massachusetts Service Alliance and as a Trustee and Director of the Needham Historical Society.
Mr. Nathanson comments included:
Roger Ochs is CEO & President of HD Vest Financial Services. Mr. Ochs manages the day-today operations and directing the future of the firm, which has approximately 300 employees based in Irving, Texas. He has been with the firm since February 1987 and was named president in 1999. HD Vest provides innovative solutions and the latest tools to help HD Vest Advisors meet their clients’ needs. Before becoming president of HD Vest, Mr. Ochs held multiple management positions within the organization, overseeing sales, marketing and technical support for Advisors. Prior to joining HD Vest, Mr. Ochs worked with Prudential-Bache Securities as a financial planner. Mr. Ochs served as the vice chair on the Independent Firms Committee of the Securities Industry and Financial Markets Association (SIFMA), is a member of the Texas Bar Association and the Dallas Bar Association, and is an associate member of the National Association of Enrolled Agents. He is licensed to practice law in the state of Texas, is a Certified Financial PlannerTM (CFP) professional, Chartered Life Underwriter, Chartered Financial Consultant and holds the Series 4, 7, 24, 53, 63, and 65 securities registrations.
Mr. Ochs’ comments included:
Deval Patrick is a Managing Director at Bain Capital. Mr. Patrick joined Bain Capital in 2015 to found a new business that focuses on impact investing. Prior to joining, Mr. Patrick served as Governor of the Commonwealth of Massachusetts for eight years. Before entering public office, Mr. Patrick was Executive Vice President and General Counsel of The Coca-Cola Company. He also worked as Vice President and General Counsel of Texaco, and served on the company’s Executive Council. Mr. Patrick was previously a Partner at Day, Berry & Howard and a Partner at Hill & Barlow. In 1994, he was appointed by President Clinton as Assistant Attorney General overseeing the Civil Rights Division of the U.S. Department of Justice.
Mr. Patrick’s comments included:
Matt Patsky is CEO of Trillium Asset Management and a portfolio manager, leading our Sustainable Opportunities strategy. He joined Trillium 2009, and has three decades of experience in investment research and investment management. Mr. Patsky began his career at Lehman Brothers in 1984 as a technology analyst. In 1989, while covering emerging growth companies for Lehman, he began to incorporate environmental, social and governance factors into his research, becoming the first sell side analyst in the United States to publish on the topic of socially responsible investing in 1994. As Director of Equity Research for Adams, Harkness & Hill, he built that firm’s powerful research capabilities in socially and environmentally responsible areas such as renewable energy, resource optimization, and organic and natural products. Prior to joning Trillium, Mr. Patsky was at Winslow Management Company in Boston, where he served as director of research, chairman of the investment committee and portfolio manager for the Green Solutions Strategy and the Winslow Green Solutions Fund. Mr. Patsky currently serves on the board of Environmental League of Massachusetts, Shared Interest, and Pro Mujer. He recently served on the board of US SIF and Root Capital. Mr. Patsky is a member of the Social Venture Network (SVN). He is a Chartered Financial Analyst charterholder and a member of the CFA Institute.
Mr. Patsky's comments included:
Alex Potts is the CEO & President of Loring Ward Group, as well as CEO & President of the SA Funds – Investment Trust. Previously, he was the Chief Operating Officer of LWI Financial. Mr. Potts has also served as CEO of RNP Advisory Services, a registered investment advisory firm. Mr. Potts started the SA Funds – Investment Trust and founded Loring Ward Securities (formerly Assante Capital Management). In addition, he served as Executive Vice President and General Manager of LWI Financial. (formerly Assante Asset Management). Mr. Potts holds General Securities (Series 7), State Law (Series 63) and General Securities Principal (Series 24) licenses.
Mr. Potts’ comments included:
Brad Pries is CEO of Sawtooth Solutions. Mr. Pries is responsible for all operations at Sawtooth Asset Management. Prior to founding Sawtooth, Mr. Pries was the president and chief communications officer of Redhawk Wealth Advisors, an SEC registered investment adviser located in Minneapolis. Prior to co-founding Redhawk, Mr. Pries was a senior vice president at Mt. Yale Capital Group where he headed up new product development. Prior to joining Mount Yale, Mr. Pries was the chief operating officer for MAI Advisors, an alternative investment firm specializing in the use of Index and Equity Option strategies. Mr. Pries was vice president of Integrated Portfolio Management from 1996 to 2003, a registered investment advisory firm based in Minneapolis. Prior to Integrated Portfolio Management, Mr. Pries was an owner and financial operations principal & general securities principal of Financial Management Services, a broker dealer. Prior to that, he was principal for Royal Alliance Associates, a large independent broker dealer, for whom he managed an office and had supervisory/compliance responsibility for fifteen brokers. Mr. Pries started his career as an asset manager for BEI/RITZ where he managed a $100 million tranche of a $2 billion portfolio of “distressed” assets.
Mr. Pries’ comments included:
Tony Salewski is a Managing Director with Genstar Capital. Mr. Salewski helps to identify, evaluate and execute acquisition and investment opportunities. Prior to joining Genstar in 2007, Mr. Salewski was the Chief of Staff at Barclays Global Investors, where he executed strategic initiatives for the Executive Committee. Prior to BGI, Mr. Salewski was an Associate at Hellman & Friedman, a private equity investment firm in San Francisco. Mr. Salewski began his career in the investment banking division of Morgan Stanley in New York.
Mr. Salewski’s comments included:
Jeremy Schein is Managing Director of Corsair Capital. Mr. Schein joined Corsair Capital in 2001 and is responsible for the origination, analysis, execution, monitoring and realization of fund investments. He has worked on transactions in the banking, insurance, financial technology, asset management and specialty finance sectors across the Americas, Europe and Asia. Mr. Schein is a director of NoteMachine Holdings, and acts as Corsair Capital's investment representative in many other transactions.
Mr. Schein’s comments included:
Aamir Sheikh is the Chief Investment Officer, Head of Research, and Managing Member at Echelon Asset Management. Mr. Sheikh joined Echelon from Bank of America, where he was Managing Director in the Enterprise Portfolio Management Group, part of the Corporate Investment Group. Prior to moving to the Corporate Investment Group, Mr. Sheikh was Managing Director of Portfolio Analytics in the Global Equities group of Merrill Lynch. From 1994 to 2005, Mr. Sheikh served in various roles at Barra, including Manager of Derivatives Research, Head of Enterprise Risk Management, Director of Research at Barra Rogers Casey, Director of Research and Head of the Content Group (Research, data development and maintenance, and model delivery), Head of Distribution (Sales, Marketing and Client Support), and President. Mr. Sheikh was an Assistant Professor of Finance at Indiana University from 1987 to 1994. Mr. Sheikh has numerous publications in both academic and practitioner journals.
Mr. Sheikh’s comments included:
Clara Shih is CEO and founder of Hearsay Social, whose predictive analytics technology helps salespeople reach out to clients at the right time with the right message while staying in compliance with industry regulations. A pioneer in the social media industry, Ms. Shih developed the first social business application in 2007 and subsequently authored the New York Timesfeatured best-seller, The Facebook Era. Ms. Shih has been named one of Fortune’s “Most Powerful Women Entrepreneurs,” Fast Company’s “Most Influential People in Technology,” BusinessWeek’s “Top Young Entrepreneurs,” and both Fortune’s and Ad Age’s “40 Under 40.” She was also named a “Young Global Leader” by the World Economic Forum, InvestmentNews’ “40 under 40,” and “5 to Watch” in ThinkAdvisor’s 2015 IA 35 for 35. Ms. Shih is a member of the Starbucks board of directors and previously served in a variety of technical, product, and marketing roles at Google, Microsoft, and Salesforce.com. She graduated #1 in computer science at Stanford University, where she also received an MS in computer science. She also holds an MS in internet studies from Oxford University, where she studied as a U.S. Marshall Scholar.
Ms. Shihs comments included:
Andy Sieg is the Head of Global Wealth & Retirement Solutions at Merrill Lynch and is a member of the Bank of America Operating Committee. Prior to his career at Merrill Lynch, Andy served in the White House as an aide to the assistant to the President for Economic and Domestic Policy. In 1992, he joined Merrill Lynch as an analyst in the Global Wealth Management business, serving in senior strategy and field leadership roles during the next 13 years. Before rejoining the company in 2009, Andy led the Emerging Affluent Client Segment within Citigroup Global Wealth Management from 2005 to 2009. Andy was named an Alumni Fellow of Penn State in 2013, and is a member of the Schreyer Honors College External Advisory Board. He also represents Bank of America Merrill Lynch on the Advisory Board of the Global Coalition on Aging and the Stanford University Longevity Institute. In addition to his work at Merrill Lynch, Andy serves on the boards of ReadWorks.org, a nonprofit dedicated to ensuring that students in our nation’s neediest public schools have literacy skills to compete and succeed in life. He’s also a part of the Peter Westbrook Foundation that helps inner-city children develop life skills through the sport of fencing, academic support and mentoring.
Mr. Siegs comments included:
Michael Stier is CEO of Adhesion Wealth Advisor Solutions. Mr. Stier joined Adhesion in 2000. He has 30 years of global financial services technology expertise, a unique background that combines asset management, strategic organizational leadership and business integration management. Mr. Stier was previously Senior Vice President, Asset Management Group, Bank of America; Technology Head, Worldwide Capital Markets Group, Goldman Sachs; and Senior Consulting Manager, Advanced Systems Group, Anderson Consulting (now Accenture) His functional expertise includes Technology leadership in private banking, trust, institutional and wealth investment management, brokerage, mutual fund businesses; strategic planning, technology infrastructure and organizational management; & enterprise-wide systems integration and acquisition management.
Mr. Stiers comments included:
Scott Stuart is Managing Partner of Sageview Capital. Mr. Stuart co-founded Sageview in 2005 and is based in Greenwich. He is currently the lead independent director at EverBank Financial and a director at Cadence Bancorp, Reflexis, and United Capital. Prior to founding Sageview, Mr. Stuart was a Partner at KKR serving on their investment committee from 2000 to 2005. He joined KKR’s New York office in 1986 and became Partner in 1994, where he was responsible for the utilities and consumer products industry groups. Prior to joining KKR, Mr. Stuart worked at Lehman Brothers Kuhn Loeb in the mergers and acquisitions group. Mr. Stuart is also a member of the board at Memorial Sloan-Kettering Cancer Center.
Mr. Stuarts comments included:
Andrew Tsai is the Managing Principal and Chief Investment Officer of Chalkstream Capital Group. Mr. Tsai co-founded Chalkstream Capital Group in 2004 with Peter Muller. He formed Chalkstream after a ten year career in finance, with various roles including the chief investment officer of Integrity Capital Management, as well as head of German Government Fixed-Income Trading at Lehman Brothers International in London. Mr. Tsai is on the board of trustees for both the Cancer Research Institute and The Brearley School.
Mr. Tsais comments included:
Anna-Marie Wascher is CEO & Founding Partner of Flat World Partners. She previously served as a Director at Cantor Fitzgerald as a senior member of the Capital Introduction team. She launched Cantor’s West Coast Capital Introduction Program as well as leading an initiative to support the capital development of minority and women run funds. She is a venture partner to Aera, a venture fund investing in high growth early stage ventures defined by both purpose and profit. She has worked as a member of investment teams for several family offices in the US and Europe. Ms. Wascher started her career with Accenture as a financial consultant in their London investment banking practice as well as supported Accenture’s Socially Responsible business arm. In 2009 Ms. Wascher left Accenture to become Co-founder and COO of Malaika For Life, a nonprofit based in Tanzania. Ms. Wascher is a board member of the Michael J Fox Foundation Young Professionals group and a Young Collectors Committee Member of Henry Street Settlement, as well as a member of the Milken Young Leaders Circle.
Ms. Wascher’s comments included:
Tiburon is pleased to announce that the following 219 Tiburon clients attended Tiburon CEO Summit XXX: