Research Releases - 2001-2003

Tiburon makes an effort to widely share its research with members of the financial services community, including industry executives, media representatives, conference planners, and individual advisors. A key part of this sharing process is the series of free weekly research releases Tiburon emails each Friday; over 90,000 industry participants have signed up to receive these releases. If you would like to join the recipients list, please visit the Sign Up to Receive Tiburon's Research Releases page. Please click on the links below for summaries and links to full copies of prior or recent Tiburon research releases.

2016-2017, 2014-2015, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003


December 26, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release highlights the fifth best practice learned from leading fee-only financial advisors. Specifically, leading fee-only financial advisors define business goals and develop written plans; keys include focusing on the correct economic measures (e.g., revenues/assets, pre-tax profit margins, and absolute profits), developing business documentation (e.g., business plans, policies & procedures manuals), clarifying retirement & business exit plans, and possibly leveraging the services of a financial advisor coach.

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December 19, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release highlights the fourth best practice learned from leading fee-only financial advisors. Specifically, leading fee-only financial advisors have built the necessary support infrastructure; the key leverage points in the advisor business are people and technology. The largest fee-only financial advisors have 8.4 employees (9.5 total staff) versus the industry average of 4.1 (5.3) and allocate over $500,000 to staff compensation versus the $85,000 industry average.

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December 12, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release highlights the third best practice learned from leading fee-only financial advisors. Specifically, leading fee-only financial advisors develop appropriate marketing methodologies; while the industry is heavily reliant on client referrals (54% of all new clients) and especially passive referrals (43%), the leading fee-only financial advisors have found ways to create more referrals and at the same time lessen their reliance on such referrals.

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December 5, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release highlights the second best practice learned from leading fee-only financial advisors. Specifically, the leading advisors chose product & service offers to support their chosen target markets; three key opportunities are fee-accounts, investment consulting, and wealth management. Fee-based pricing is certainly the booming business model for all independent advisors and fee-only financial advisors are well down this path, with 85% of client assets invested in fee-accounts and 92% of revenues coming from investment advisory fees.

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November 28, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release highlights the first best practice learned from leading fee-only financial advisors. Specifically, the leading advisors develop clear target markets; this includes the investable asset levels and sources of the wealth of targeted clients. Many of the largest advisors have concentrated on high net worth households (~50%-70% of clients) and IRA rollovers (37% of assets).

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November 21, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release reveals the five best practices learned from the most successful advisors: 1) determine target markets, 2) chose product & service offers to support chosen target markets, 3) develop appropriate marketing methodologies, 4) build necessary support infrastructure, and 5) define goals & develop written plans.

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November 14, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release reveals averages across assets under management segments; findings clarify the distinct practices of the most successful advisors. For instance, the average financial advisory firm has 4.1 employees, while the largest firms have 8.4... All advisors rely on client referrals but larger advisors are no more reliant (53%)... Most advisor assets are invested in no-load mutual funds inside fee-accounts (~51%-72%); the largest advisors use a bit more individual securities... Other data reveals the leading vendors in dozens of categories across asset ranges...

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November 7, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release reveals averages across the custodians. For instance, TD Waterhouse has the youngest advisors (40 years old) and Schwab has the oldest (49)... First Trust/Datalynx has the most experienced advisors (18 years business tenure) and Schwab has those with the longest tenures as RIAs (15 years as RIAs)... Fidelity advisors have the most leverage through employees (5.2 employees) and TD Waterhouse advisors have the least (2.3 employees)... Other data reveals the leading vendors in dozens of categories at each custodian...

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October 31, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors. This release reveals broad findings covering all areas of the fee-only financial advisor business. For instance, the average fee-only financial advisor is 45 years old... The average minimum account size is $333,000... And Centerpiece (33%) and Advent (25%) are the two most popular portfolio management software products.

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October 28, 2003 - Tiburon Speaks Out! - Tiburon held its fifth semi-annual offsite in October 2003 at the Water's Edge Hotel in Tiburon, CA. Tiburon's offsites have become a leading-edge forum for industry thinkers to gather and debate the future of the brokerage and investments industry. Tiburon's research serves as the foundation of the meetings and the meetings are open to a select group of industry consultants and advisors who have been approved by the existing members of Tiburon's CEOs-in-Residence, FA Roundtable, and Consulting Fellows programs. All attendees communicate openly and share ideas of the future of the industry and specific business opportunities.  As an outcome of this offsite, Tiburon releases thoughts about the industry's future from the participants, entitled Tiburon Speaks Out!

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October 24, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals a series of value added opportunities for industry vendors. Specifically, there are dozens of ways that vendors can help independent reps build better businesses. Four possibilities are highlighted in this release - sales & marketing assistance, product & service expansion assistance, business building assistance, and succession planning assistance.

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October 17, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals feedback gathered on industry vendors from Independent Rep Best Practices. Specifically, feedback from all vendors reveals the dominance of American Funds (72% utilization), broker/dealer annual sales or educational conferences (68%), and Morningstar (67% and 61% in two separate product categories). Survey data also shows the competitive nature of several product markets - the independent broker/dealer market (four firms with satisfaction scores > 8.3), the mutual funds market (five firms with utilization scores > 55%); the data & research services market (two firms with satisfaction scores > 8.0); and the publications market (two firms with utilization scores > 55%).

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October 10, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals feedback on mutual fund companies gathered from Independent Rep Best Practices. Specifically, American Funds simply rules in the independent rep market; the firm earns superior utilization (72%) and satisfaction (8.0) scores. Putnam, AIM, Oppenheimer, and a few other firms should also be happy with their results. Wholesaler support (6.4) seems like the best improvement opportunity for other mutual fund companies.

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October 3, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals feedback on broker/dealers gathered from Independent Rep Best Practices. LPL (9.0), Raymond James (8.9), MSC (8.8), and Sentra-Spelman (8.4) receive the highest satisfaction scores amongst independent broker/dealers.  Across broker/dealers, independent reps are the most pleased with payouts & fees (8.0) but least satisfied with field support (5.3), which seems to be the weakest area of the offers of many independent broker/dealers.

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September 26, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release highlights the fifth best practice learned from leading independent reps. Specifically, leading independent reps define business goals & develop written plans; keys include focusing on the correct economic measures (e.g., revenues/assets, pre-tax profit margins, and absolute profits), developing business documentation (e.g., business plans), clarifying a succession plan, and possibly leveraging the services of financial advisor coaches.

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September 19, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release highlights the fourth best practice learned from leading independent reps. Specifically, leading independent reps build the necessary support infrastructure; the key leverage points in the financial advisory business are people & technology. The largest independent reps have 9.4 employees versus the industry average of 4.1 and allocate over $500,000 to staff compensation versus the $85,000 industry average.

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September 12, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release highlights the third best practice learned from leading independent reps.  Specifically, leading independent reps develop appropriate marketing methodologies; while the industry is heavily reliant on client referrals (56% of all new clients), the leading independent reps have found ways to create more referrals and at the same time lessen their reliance on such referrals.

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September 5, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release highlights the second best practice learned from leading independent reps.  Specifically, leading independent reps choose product & service offers to support their chosen target markets; three key opportunities are fee-accounts, investment consulting, and wealth management. Fee-based pricing is certainly the booming business model for independent reps although they are still early in this transition, with just 16% of client assets being invested in fee-accounts and just 18% of revenues coming from investment advisory fees.

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August 29, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release highlights the first best practice learned from leading independent reps. Specifically, the leading independent reps develop clear target markets; this includes the investable asset levels and sources of the wealth of targeted clients. Many of the largest independent reps have concentrated on high net worth households (51% of assets) and IRA rollover assets (34% of assets).

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August 22, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals the five best practices learned from the most successful reps: 1) determine target markets, 2) chose product & service offers to support chosen target markets, 3) develop appropriate marketing methodologies, 4) build necessary support infrastructure, and 5) define goals & develop written plans.

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August 15, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals the distinct practices of the most successful reps. For instance, maybe surprisingly, the largest reps are not the oldest but rather the youngest; this stems from their earlier start in the business than their peers... the largest independent reps advise on $124 million in client assets, generate $2.4 million in revenues, and take-home $1.3 million which is split amongst 1.9 partners... the largest reps are successful in part because they are better at serving high net worth clients (51%), capturing IRA rollovers (~30%-40%), earning client referrals (60%+), and utilizing fee-accounts... Other data reveals the leading vendors in dozens of categories across various independent rep firm sizes...

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August 8, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals broker/dealer rep averages. For instance, American Express has the youngest reps... LPL and Raymond James seem to have recruited more reps recently... American Express reps run the leanest shops while Sentra-Spelman and Advantage Capital reps have built the largest firms... Raymond James, MSC, and FSC reps have been successful chasing high net worth clients... LPL and SunAmerica Securities reps are best at capturing IRA rollovers... Raymond James, LPL, and MSC reps have moved the quickest to the booming fee-accounts business... Other data reveals the leading vendors in dozens of categories at each broker/dealer...

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August 1, 2003 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release reveals the summary facts gathered from its Independent Rep Best Practices survey tool. Specifically, the average independent rep is 48 years old... most reps are focused on clients with investable assets of $100,000 - $1 million... IRA rollovers (39%) are the leading source of new client assets... independent reps heavily use mutual funds and annuities (60% of assets)... American Funds is the dominant mutual fund company of choice... Morningstar provides the dominant technology product in multiple areas... the average independent rep advises on $37 million in client assets and generates revenues of $437,000, with a 53% profit margin... these profits are split amongst an average of 1.5 partners... 40% of reps plan to retire in the next 15 years and half intend to sell their businesses...

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July 30, 2003 - Tiburon recently upgraded its three benchmarking web sites, released three new research reports on advisor best practices, and restarted its free weekly research releases program. Specifically, the upgraded web sites and latest research reports comprehensively detail product usage, business models, and best practices of three growing segments of financial intermediaries - fee-only financial advisors, independent reps, and tax professionals. This release explains that the reports can be ordered by industry executives from Tiburon for $1,000 each while advisors can obtain free copies of the same reports after completing any of the interactive benchmarking surveys - www.FABestPractices.Com, www.IndependentRepBestPractices.Com, or www.TaxProBestPractices.Com.

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March 18, 2003 - Tiburon held its fourth semi-annual offsite in March 2003 at the Water's Edge Hotel in Tiburon, CA. Tiburon's offsites have become a leading-edge forum for industry thinkers to gather and debate the future of the brokerage and investments industry. Tiburon's research serves as the foundation of the meetings and the meetings are open to a select group of industry consultants and advisors who have been approved by the existing members for inclusion in Tiburon's CEOs-in-Residence, FA Roundtable, and Consulting Fellows programs. All attendees communicate openly and share ideas of the future of the industry and specific business opportunities.  As an outcome of this offsite and all future Tiburon offsites, Tiburon plans to release a series of releases entitled Tiburon Speaks Out! Specific comments from some of the participants about the future of the industry are included in the attached release.

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February 15, 2003 - Tiburon recently released an updated version of its comprehensive report on Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & the Booming Separately Managed Accounts market. This release reveals Tiburon's predictions for the future of these markets, including expected product innovations, expected process improvements, and emerging distribution opportunities.

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February 1, 2003 - Tiburon recently released an updated version of its comprehensive report on Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & the Booming Separately Managed Accounts market. This release highlights the developments in the three components of fee-accounts: client profiling, asset allocation, & proposal generation; investment vehicle & manager selection; and ongoing monitoring, rebalancing, performance reporting, billing, & reallocation.

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January 20, 2003 - Tiburon recently released an updated version of its comprehensive report on Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & the Booming Separately Managed Accounts market. This release profiles the strategies of various TAMP users, including independent broker/dealers, fee-only financial advisors, insurance companies, CPA & law firms, and national, regional, & community banks.

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January 16, 2003 - Tiburon recently released an updated version of its comprehensive report on Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & the Booming Separately Managed Accounts market. This release profiles the leading Turnkey Asset Management Programs (TAMPs), including established leaders SEI and Lockwood, and leading upstarts like EnvestnetPMC and AdvisorPort. This release also profiles dozens of fee-account business enablers like Schwab, Fidelity, Financeware, Greenrock Research, Prima Capital, Placemark, Tamarac, Parametric, and CheckFree.

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December 31, 2002 - Tiburon recently released an updated version of its comprehensive report on Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & the Booming Separately Managed Accounts market. This release highlights the state of the fee-accounts market, including its background, growth, & current status, compares the four types of fee-accounts, and profiles the leading proprietary fee-account program sponsors.

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December 15, 2002 - Tiburon released its 2002 year-end client letter. The letter summarizes annual industry developments and reveals Tiburon's success in many areas including media coverage, conference speeches, market research & strategy consulting projects, and revenues. Additionally, the firm invested in many internal projects such as organizing research completed over the past five years for use in research reports, revising the Tiburon web site, creating the Tiburon business plan & employee handbook, purchasing laptops, and setting up QuickBooks based on client data

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December 2, 2002 - Next week, Tiburon will release an updated version of its comprehensive research report on Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & the Booming Separately Managed Accounts Market. This report will be about 250 pages in length and will cover this topic in extensive detail with the following broad outline

  • The Emergence of the Fee-Accounts & TAMPs Market
  • Key Players in the Fee-Accounts Market
  • Processes & Innovations in the Four Key Components of Fee-Accounts
  • Future Predictions for this Rapidly Growing Business

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November 15, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In an earlier release, Tiburon wrote about the six key steps in the succession planning process; this release will address the fifth step which is negotiating a transaction.

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November 1, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In an earlier release, Tiburon wrote about the six key steps in succession planning; this release will discuss the fourth step which is conducting a search for a buyer or seller.

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October 15, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In an earlier release, Tiburon wrote about the six key steps in the succession planning process; this release will address the first step which involves identifying an appropriate advisor to assist in the process. Specifically, the report points out that while receiving advice during the sale or purchase of an independent advisory firm can be critical, few experienced counselors are available to independent advisors; independent advisors may be forced to piece together advice from a variety of sources.

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October 1, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In an earlier release, Tiburon wrote about valuation techniques and suggested that similar sized firms could be valued within a range. Determining a firm’s precise valuation requires an understanding of four key value drivers: the type and stability of revenues earned (e.g., fees versus commissions); the extent of the institutionalization of firm processes (e.g., sales & marketing, client relations & management, investment management, operations); the benchmarking of firm economics (e.g., superior productivity, efficiency, etc.); and the highlights of client demographics (e.g., average client size, age, tenure, and satisfaction).

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September 16, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In this particular release, Tiburon will address the emergence of the succession planning issue and the challenges and opportunities that it presents for independent broker/dealers, custodians, and other firms serving the independent advisor markets. Earlier Tiburon releases have addressed a synopsis of the six key steps for successful succession planning as well as the process for developing a strategy and the methods of valuation.

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September 1, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In this report, Tiburon reviews the six key steps in the succession planning process; the second of which is to develop objectives, expectations, and a strategy. The crux of this issue for sellers is to consider the advantages and disadvantages of each of six types of buyers: financial buyers, hybrid financial/strategic buyers, strategic buyers, competitor buyers, partner buyers, and employee buyers. Tiburon believes that depending on one’s practice, most often either strategic buyers, competitor buyers, or employee buyers will be most attractive.

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August 15, 2002 - Tiburon recently released an updated version of its research report addressing the comprehensive business practices of independent tax professionals, sourced from a web site supported by Tiburon, H.D. Vest Financial Services, and the National Association of Enrolled Agents (www.TaxProBestPractices.com). This release addresses the tremendous opportunity for independent tax professionals to increase their revenues by converting more of their tax clients into financial planning clients. For instance, the average tax professional in the financial planning business converts only about a quarter (23%) of his/her tax clients into financial planning clients; on average, the full revenue opportunity is almost $200,000; even if only an incremental 25% of clients were converted, this would contribute an additional $45,000 to revenues for the average tax professional.

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August 2, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In this report, Tiburon details transactions that have taken place and offers analysis on how and why certain mergers and acquisitions succeed. In this particular release, Tiburon addresses the issue of valuations and the different valuation methods, declares discounted cash flows to be the best method, and introduces key value drivers which impact the valuation of an advisory firm.

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July 15, 2002 - Tiburon recently released an updated version of its research report covering the comprehensive business practices of independent tax professionals, sourced from a web site supported by Tiburon, H.D. Vest Financial Services, and the National Association of Enrolled Agents (www.TaxProBestPractices.com). This release addresses the propensity of these professionals to make referrals to other professionals and the frequency of those referrals. For instance, over half of tax professionals (52%) make referrals to other financial professionals and larger firms are more likely to make referrals (88%); one potential hypothesis is that these larger firms are attempting to deliver broader wealth management services to their higher net worth clients.

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July 1, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. In this report, Tiburon identifies the five key steps to a successful business combination which include developing a strategy, valuing a firm & positioning it for sale, conducting a search, negotiating a transaction & securing necessary financing, and preparing for the close & making it work after the deal.

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June 15, 2002 - Tiburon recently released an updated version of its research report covering the comprehensive business practices of independent tax professionals, sourced from a web site supported by Tiburon, H.D. Vest Financial Services, and the NAEA. Economic data from the report shows that tax professionals who generate revenues from financial planning have more profitable businesses overall. For instance, tax professionals who generate revenues from financial planning average $273,000 in total revenues, almost 50% more than the $193,000 generated by their peers not involved in financial planning. The same is true at the bottom line, with tax professionals involved in financial planning earning $154,000 to their peers’ $108,000.

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June 1, 2002 - Tiburon recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, & the Acquisition Market for Financial Advisors. In this report, Tiburon details transactions that have taken place and offers analysis on how and why certain mergers and acquisitions succeed, while others are doomed to fail from the start. The report includes a comprehensive overview of the different types of buyers and their respective levels of success.

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May 15, 2002 - Tiburon recently released it latest research report on the rapidly growing market for trust services in the independent advisor channel. The report includes a detailed analysis of the trust business, trust products, and the growing number of offers in the independent advisor channel, as well as first-hand feedback from independent reps.

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May 1, 2002 - Tiburon recently released new findings from its Independent Rep Best Practices web-based benchmarking tool. In this newly updated research, Tiburon indicates that there may be five key areas of opportunity for independent reps, including marketing more proactively, aligning product usage to satisfaction scores, attending a wider variety of conferences, paying attention to industry threats, and developing written business and succession plans.
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April 15, 2002 - Tiburon recently released new findings from its Independent Rep Best Practices web-based benchmarking tool. This newly updated research shows that there are at least six best practices that separate the largest independent reps from their peers.

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April 1, 2002 – Tiburon recently released new findings from its Independent Rep Best Practices web-based benchmarking tool. This newly updated research shows that independent reps prefer: Financial Advisor as a magazine, Morningstar’s web site, their broker/dealers’ annual sales or education conference, seminar materials from Emerald Publishing, AdvisorSquare as a web site developer, and Tom Gau as a financial advisor coach.

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March 15, 2002 – Tiburon recently released new findings from its Independent Rep Best Practices web-based benchmarking tool. This newly updated research shows that independent reps prefer products from American Funds, SunAmerica, AIG, SEI, and Morningstar.

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March 1, 2002 – Tiburon recently released new findings from its Independent Rep Best Practices web-based benchmarking tool. This newly updated research shows that while larger independent reps have lower revenue/asset ratios and lower profit margins, they still earn substantially more in pre-tax profits than their smaller colleagues because they serve larger clients and have leveraged themselves in their businesses.

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February 15, 2002 – Tiburon announces its latest research which highlights the processes by which Turnkey Asset Management Programs (TAMPs) choose separate account managers and mutual funds. The research shows that the leading Turnkey Asset Management Programs (TAMPs) present enormous opportunities for money managers which understand their needs.

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February 4, 2002 – Tiburon announced its latest research which highlights the rapid evolution of Turnkey Asset Management Program (TAMPs) from products to platforms. The research shows that the leading TAMPs are rapidly migrating their business models from single product sales pitches into platforms providing multiple products and related supporting technology; Tiburon believes that this movement may revolutionize how independent advisors run their businesses.

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January 15, 2002 – Tiburon released its latest research today which profiles the growing market for separate accounts in the independent advisor channels. The research shows that while separate accounts make up more than half of all wrap assets in the wirehouses, they are just emerging in the independent advisor channels and many opportunities exist for product sponsors, Turnkey Asset Management Program (TAMP) platforms, and money managers.

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January 2, 2002 – Tiburon released its latest research today from its survey of over 500 independent tax professionals, conducted at its Tax Pro Best Practices.Com web site. The research shows that tax return fees still account for over 50% of the revenues of independent tax professionals and that the number of tax returns completed each year exceeds 600.

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December 19, 2001 – Tiburon released its latest research report today on the rapidly growing market for trust services across advisor channels. The report is approximately 100 pages in length and addresses:

  • The Trust Business: Highlights of a Key Trend in Wealth Management
  • Trust Products: An Overly Complicated Industry for a Practical Set of Needs
  • The Competitive Playing Field (The Bundled Bank Model, the Wirehouse Model, and the Independent Broker/Dealer & Custodian Models for Independent Advisors)
  • Detailed Profiles of the Leading Independent Trust Companies (Santa Fe Trust, Capital Trust Company, Wilmington Trust, US Trust, National Advisors Trust, and National Independent Trust Company)

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December 5, 2001 - Tiburon announced today the latest results from a survey of 502 independent tax professionals conducted at its Tax Pro Best Practices.Com web site. The results show that the Wall Street Journal is the most widely read publication; Morningstar is the most widely used data & research service; Oppenheimer and MFS tie as the favorite mutual fund company; and Lincoln Benefit is the most popular annuity & insurance company.

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November 21, 2001 - Tiburon announced today the latest results from a survey of 502 independent tax professionals conducted at its Tax Pro Best Practices.Com web site. The results show that the largest independent tax professional firms earn 34% of their revenues from financial planning, well above the industry average of 21% and almost equivalent to the 37% they earn from their tax businesses.

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November 7, 2001 - Tiburon announced today that its latest research shows that three different segments of independent advisors have vastly different mutual fund selection processes and different preferred mutual fund companies:

  • Fee-only financial advisors utilize mutual funds from a wide variety of fund families. In their fee-based portfolios, they typically build portfolios with 7-9 funds from about five fund families. They most often identify funds through Morningstar Principia Pro and discount the value of wholesalers and broad fund families. Leading fund families utilized are Janus, Invesco, Fidelity, and Vanguard
  • Independent reps have a vastly different mutual fund selection methodology. They sell primarily load funds and more than half of independent reps commit greater than 50% of their client assets to one mutual fund company. Favorite mutual fund companies include American Funds, Putnam, Franklin/Templeton, and AIM
  • Tax professionals (CPAs and EAs) who have become financial planners & investment managers act primarily like independent reps but have slightly different favorite fund companies, including Oppenheimer, MFS, Putnam, and AIM

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October 24, 2001 – Tiburon released its latest research, “Fee Accounts & The Booming Turnkey Asset Management Programs (TAMPs) Market." While fee accounts or “wrap” programs have been written about repeatedly, there is no known comprehensive source of market information about the growing number of Turnkey Asset Management Programs. TAMPs are the leading enablers of independent broker/dealers, fee-only financial advisors, insurance companies, CPA firms, and many banks in building fee-account programs to compete with the “wrap” programs of the wirehouses.

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October 10, 2001 - Tiburon, in partnership with the SunAmerica Financial Network (later renamed AIG Advisor Group), launched an interactive benchmarking web site -- www.IndependentRepBestPractices.Com -- where independent reps can profile their businesses and measure their practices against a database of hundreds of colleagues for free.

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August 25, 2001 - Tiburon, H.D. Vest Financial Services, and the National Association of Enrolled Agents (NAEA) launched an interactive benchmarking web site for tax professionals. The web site allows tax professionals to benchmark everything from their volume of tax returns completed to methods used in their financial planning practices and their overall business profitability.

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Please click on the links below for summaries and links to full copies of prior or recent Tiburon research releases.

2016-2017, 2014-2015, 2012-2013, 2010-2011, 2008-2009, 2006-2007, 2004-2005, & 2001-2003

All of the research releases summarized above are intended for wide distribution; Tiburon sends out these releases in an effort to share research findings widely throughout the industry. If you would like to receive future weekly Tiburon Research Releases, please visit the Sign Up to Receive Tiburon's Research Releases page. Tiburon consultants are also widely quoted in the media; to read short summaries of some of those quotes, please visit the Media Coverage page. If you are a media representative and would like to schedule an interview with one of Tiburon's consultants, please contact Sarah Sage at SSage@TiburonAdvisors.Com or 415-789-2540.