Research Releases - 2004- 2005

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 Tiburon research releases.

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December 30, 2005 - Tiburon releases 2005 year-end client letter that summarizes annual industry developments and shares Tiburon's huge success in multiple areas. In short, Tiburon served its 250th corporate client and executed its 800th project in 2005, held its eighth and ninth CEO Summits, exceded 4,000 users in its advisor benchmarking tools, and released seven new research reports

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December 23, 2005 - Tiburon recently released its updated research report on the fee-accounts, turnkey asset management programs (TAMPs), & separately managed accounts markets. This updated report provides a comprehensive understanding of fee-accounts, addresses those platform-oriented TAMPs that have made it over the hump, and expands its focus on the dominant programs of the wirehouses and regional brokerage firms. This release addresses the market background & driving factors, market growth, current status, and Tiburon's predictions for the future of the fee-accounts market

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December 16, 2005 - Tiburon recently release its twentieth research report titled An Initial Overview of the Mutual Funds Industry. This release addresses the seven key debates in the mutual funds industry: equity versus fixed income, passive versus active, growth versus value, load versus no-load, advice versus no advice, transaction-fees versus no transaction-fees, and value versus no value. In short, all of these choices have bearing on that last debate, determining whether or not mutual fund companies offer value to the markets they intend to reach

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December 9, 2005 - Tiburon recently released a research report titled A Synopsis of the Independent Rep & Independent Broker/Dealer Markets that addresses the dynamic indpendendnt rep & independent broker/dealer markets. The report includes history, methods of segmenting, competitive forces, key vendors, market predictions, and profiles of over 100 leading independent broker/dealers. This release provides a summary of the history, emergence, and current state of the independent rep & independent broker dealer markets

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December 2, 2005 - Tiburon is pleased to release its twentieth research report titled An Initial Overview of the Mutual Funds Industry. This new report provides an initial understanding of the mutual funds industry by addressing the evolution of the mutual funds business, mutual fund company rankings, and an overview of mutual funds markets & distribution channels. The report also outlines the seven key mutual funds industry debates, and profiles over 400 mutual fund companies and mutual fund service providers. This release inlcudes key highlights from the report

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November 25, 2005 - Tiburon is pleased to provide media-only pre-release access to its twentieth research report titled An Initial Overview of the Mutual Funds Industry. This new report provides an initial understanding of the mutual funds industry by addressing the evolution of the mutual funds business, mutual fund company rankings, and an overview of mutual funds markets & distribution channels. The report also outlines the seven key mutual funds industry debates, and profiles over 400 mutual fund companies and mutual fund service providers

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November 18, 2005 - Tiburon announces plans for its upcoming Tenth Semi-Annual CEO Summit which will be held April 19-20, 2006 in San Francisco, CA. Tiburon's CEO Summits utilize a mix of presentations, panel discussions, and break-out sessions to provide executives from various sectors of the industry with a better understanding of customer needs and leading-edge products such as exchange traded funds and hedge funds, as well as markets such as the self-serve, independent rep, fee-only financial advisor, and international markets. This upcoming CEO Summit will feature presentations from industry leaders Mark Casady, CEO of LPL Financial Services, Greg Johnson, CEO of Franklin Templeton Investments, Dave Pottruck, Managing Director of Red Eagle Ventures (and former CEO of Charles Schwab & Company), and Norton Reamer, CEO of Asset Management Finance (and former CEO of United Asset Management)

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November 11, 2005 - Tiburon recently released its eighteenth research report titled Financial Advisor Benchmarking & Best Practices. The report provides a comprehensive understanding of benchmarking data and best practice profiles of over 700 leading financial advisors across a variety of markets. This release provides an overview of overall profitability for four leading markets. In short, overall profitability figures show that fee-only financial advisors are building the most well-managed and profitable practices

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November 4, 2005 - Tiburon releases summary highlights of its recently held Ninth Semi-Annual Tiburon CEO Summit. The meeting shined a light on the need for a better understanding of customer needs, and created a forum for the discussion of leading-edge products such as exchange traded funds and hedge funds, as well as markets such as the self-serve, independent rep, fee-only financial advisor, and international markets. Conversations were open, frank, and wide ranging. Highlights included presentations by Chip Roame from Tiburon Strategic Advisors, and Tiburon clients Stan Kelly, President of Wealth Management at Wachovia Bank, Tim McCarthy, CEO of Nikko Asset Management, Jeff Montgomery, CEO of NFP Securities, and Michael Sapir, CEO of Pro Funds

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October 28, 2005 - Tiburon is pleased to release its updated research report titled A Comprehensive Overview of the Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & Separately Managed Accounts Markets. This updated report provides a comprehensive understanding of fee-accounts, addresses those platform-oriented TAMPs that have made it over the hump, and expands its focus on the dominant programs of the wirehouses and regional brokerage firms. This release provides key highlights from the 566-page report that is a bible of information on the fee-accounts, turnkey asset management programs (TAMPs), and separately managed accounts markets

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October 21, 2005 - Tiburon is pleased to provide media-only pre-release access to its updated research report titled A Synopsis of Fee-Accounts, Turnkey Asset Management Programs (TAMPs), & Separately Managed Accounts Markets. This updated report provides a comprehensive understanding of fee-accounts, addresses those platform-oriented TAMPs that have made it over the hump, and expands its focus on the dominant programs of the wirehouses and regional brokerage firms

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October 14, 2005 - Tiburon releases summary agenda for its upcoming Ninth Semi-Annual Tiburon CEO Summit. The meeting will be held October 19-20, 2005 in San Francisco, CA. Seventy-five Tiburon executive clients are scheduled to attend. The agenda will include a variety of presentations, panel discussions, and break-out sessions. Highlights will include the semi-annual state of the industry presentation by Tiburon Managing Principal Chip Roame, and guest presentations by Stan Kelly from Wachovia Bank, Tim McCarthy from Nikko Asset Management, Jeff Montgomery from NFP Securities, and Michael Sapir from Pro Funds

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October 7, 2005 - Tiburon's research report titled A Synopsis of the Independent Rep & Independent Broker/Dealer Markets addresses these dynamic markets. The report includes the history, methods of segmenting both reps and broker/dealers, competitive forces, key vendors, market predictions, and profiles of over 100 leading independent broker/dealers. This release provides a summary of Tiburon's suggested market predictions, market opportunities, and wholesaling strategies for the independent rep market

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September 30, 2005 - Tiburon is pleased to release its eighteenth research report titled A Synopsis of the Independent Rep & Independent Broker/Dealer Markets. This new report addresses these dynamic markets, including history, methods of segmenting, competitive forces, key vendors, and market predictions. The report also includes profiles of over 100 leading independent broker/dealers

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September 23, 2005 - Tiburon is excited to announce the impressive keynote & guest speaker lineup for its upcoming Ninth Semi-Annual CEO Summit. Tiburon's Managing Principal Chip Roame will kick off the Summit by sharing Tiburon's views on the state of the financial services industry. Guest speakers will include thought leaders Stan Kelly from Wachovia Bank, Tim McCarthy from Nikko Asset Management, Jeff Montgomery from NFP Securities, and Michael Sapir from Pro Funds, all of whom will share their highly sought after views on consumer needs and innovative business models

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September 16, 2005 - Tiburon is pleased to provide media-only pre-release access to its nineteenth research report titled A Synopsis of the Independent Rep & Independent Broker/Dealer Markets. This new report provides a comprehensive understanding of these dynamic markets, including history, methods of segmenting, competitive forces, key vendors, and market predictions. The report also includes profiles of over 100 leading independent broker/dealers

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September 9, 2005 - Tiburon is pleased to announce the release of its eighteenth research report titled Financial Advisor Benchmarking & Best Practices. This new report provides a comprehensive understanding of benchmarking data and best practice profiles of over 700 leading financial advisors across a variety of markets. The report addresses data ranging from profit margins to employee efficiency as well as issues such as marketing methods and technology usage

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September 2, 2005 - Tiburon is pleased to provide media-only pre-release access to its eighteenth research report titled Financial Advisor Benchmarking & Best Practices. This new report provides a comprehensive understanding of benchmarking data and best practice profiles of leading financial advisors across a variety of markets. The report addresses data ranging from profit margins to employee efficiency as well as issues such as marketing methods and technology usage

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August 26, 2005 - Tiburon executives have given hundreds of speeches to both financial industry executives and financial advisors. All Tiburon speeches are continuously updated and share insights from the firm's ongoing research efforts. This release provides information on Tiburon's conference speaking availability, the firm's new conference planner relations manager Vera Belova, and the firm's upcoming speeches just for September 2005

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August 19, 2005 - Tiburon recently released its seventeenth research report titled Consolidation of the Banking, Brokerage, Insurance, & Asset Management Industries. This release highlights potential blockbuster deals in the financial services industry and describes the deciding factors in institutional acquisitons. In short, Bank of America, Citigroup, Merrill Lynch, Wachovia, and Wells Fargo may potentially be involved in blockbuster deals. The ultimate winners will have high market caps (large companies) with high P/E ratios (strong valuations)

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August 12, 2005 - Tiburon recently released its seventeenth research report titled Consolidation of the Banking, Brokerage, Insurance, & Asset Management Industries. This release provides an overview of the likely winning channels and the emergence of three institutional merger & acquisition models: bank-based companies, insurance-based companies, and foreign-based companies

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August 5, 2005 - Tiburon is pleased to release its seventeenth research report titled Consolidation of the Banking, Brokerage, Insurance, & Asset Management Industries. This new report addresses the evolving market for institutional mergers & acquisitions and seeks to bring a common set of facts to all market participants. The report describes current acquisition trends amongst financial institutions & asset managers, brought to life with profiles of over two hundred recent acquisitions

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July 29, 2005 - Tiburon is pleased to provide media-only pre-release access to its seventeenth research report titled Consolidation of the Banking, Brokerage, Insurance, & Asset Management Industries. This new report addresses the evolving market for institutional mergers & acquisitions and seeks to bring a common set of facts to all market participants. The report describes current acquisition trends amongst financial institutions & asset managers, brought to life with profiles of over two hundred recent transactions

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July 22, 2005 - Tiburon's recent Eighth Semi-Annual CEO Summit generated substantial media attention as it continues to emerge as the financial service industry's A-list event. Specifically, the Eighth Semi-Annual CEO Summit was featured in articles by Investment News and Research Magazine that shined a light on the CEO Summit's power to attract industry leaders and its mission to help financial firms focus on consumer needs in order to capitalize on the vast amount of consumer wealth in the US. Tiburon's new Consumer Wealth, Target Markets, & Marketing Strategies research report embodies this mission

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July 15, 2005 - Investment Advisor Magazine named Tiburon's Managing Principal Chip Roame as one of the twenty-five most influential people in and around the financial planning profession. Chip was chosen based on his ability to "poke holes in the common wisdom of the financial services industry". Tiburon's signature conference speech and research report - The Future of Advice - does just that by providing a clear view of both the opportunities and challenges that financial services firms and individual advisors face as baby boomers age

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July 8, 2005 - Tiburon recently released its sixteenth research report titled Estate Planning & Charitable Giving Through Life Insurance & Trust Accounts. This release summarizes Tiburon's conclusions on the leading distribution channels in trust accounts & life insurance. In short, retail banks are experiencing difficulty keeping up with changing market conditions with respect to personal trusts, leading to client attrition. Insurance companies are abandoning their capitve agents and are beginning to view full-service brokers as a new channel

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July 1, 2005 - Tiburon recently released its sixteenth research report titled Estate Planning & Charitable Giving Through Life Insurance & Trust Accounts. This release summarizes the estate planning issue, providing insights on key opportunities and challenges. In short, baby boomers are entering the liquefaction phase of their lives, and although the Tax Relief Act provides some relief from estate taxes, estate planning is still crucial for this huge segment of the US population

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June 24, 2005 - Tiburon is pleased to release its sixteenth research report titled Estate Planning & Charitable Giving Through Life Insurance & Trust Accounts. This new report addresses the aging baby boomer population and the growing demand for estate planning & charitable giving services, often through trust accounts & life insurance. The report profiles the trust & life insurance offerings of leading distribution channels, with profiles of specific companies as examples, as well as key independent trust companies and life insurance product providers

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June 17, 2005 - Tiburon is pleased to provide media-only pre-release access to its sixteenth research report titled Estate Planning & Charitable Giving Through Life Insurance & Trust Accounts. This new report addresses the aging baby boomer population and the growing demand for estate planning & charitable giving services, often through trust accounts & life insurance. The report profiles the trust & life insurance offerings of leading distribution channels, with profiles of specific companies as examples, as well as key independent trust companies and life insurance providers

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June 10, 2005 - Tiburon recently released a new research report on consumer wealth, target markets, & marketing strategies. This release summarizes five fundamental marketing strategies for financial advisors. In short, client and professional referrals remain the primary marketing strategies for many advisors, but there is potential to attract larger clients by developing target marketing strategies

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June 3, 2005 - Tiburon recently released a new research report on consumer wealth, target markets, & marketing strategies. This release summarizes the key challenges advisors face in serving consumers. In short, almost three-quarters of high net worth investors are dissatisfied with their financial advisors on some level, creating opportunities for advisors in many markets. However, consumers are slow to act on dissatisfaction and competition in the advice market is fierce, with close to 400,000 financial advisors fighting for a share of the high net worth consumer segment

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May 27, 2005 - Tiburon recently released a new research report on consumer wealth, target markets, & marketing strategies. This release provides an overview of some potential client segmentation strategies for use in determining target markets. In short, there is an unlimited number of potential client segments, with many segments of the Baby Boomer population demanding attention

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May 20, 2005 - Tiburon is pleased to release its fifteenth research report titled Consumer Wealth, Target Markets, & Marketing Strategies. This new report summarizes the vast amount of consumer wealth in America, the key challenges advisors face in serving this market, and the strategies for determining target markets and developing sales & marketing strategies. The report also highlights Tiburon's predictions on the evolution of the consumer segment and ways in which advisors will need to adapt to excel

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May 13, 2005 - Tiburon is pleased to provide media-only pre-release access to its upcoming fifteenth research report titled Consumer Wealth, Target Markets, & Marketing Strategies. This new report summarizes the status and growth expectations of consumer wealth in America, the increasingly competitive advice market, and successful strategies for pursuing target markets and developing sales & marketing strategies

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May 6, 2005 - Tiburon announced plans for its upcoming Ninth Semi-Annual CEO Summit which will be held October 19-20, 2005 in San Francisco, CA. Tiburon's CEO Summits utilize a mix of presentations, panel discussions, and break-out sessions to provide executives from various sectors of the industry with a better understanding of customer needs and leading-edge products such as exchange traded funds and hedge funds, as well as markets such as fee-only financial advisors and international markets. This upcoming CEO Summit will feature presentations from industry leaders, and the popular Ask the Consumers and Ask the Advisors panels

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April 29, 2005 - Tiburon recently released a substantially updated version of its research report titled A Comprehensive Overview of Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. This release provides a strategic view for institutional firms including highlights of eight key emerging opportunities. In short, opportunities exist for independent broker/dealers & custodians, mutual fund & other financial product companies, mid-tier financial advisors, and other market participants to capitalize on the succession planning trend

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April 22, 2005 - Tiburon releases summary highlights of its recently held Eighth Semi-Annual Tiburon CEO Summit. The meeting shined a light on the need for a better understanding of customer needs, and created a forum for the discussion of leading-edge products such as exchange traded funds and hedge funds, as well as markets such as fee-only financial advisors and international markets. Conversations were open, frank, and wide ranging. Highlights included presentations by Chip Roame from Tiburon Strategic Advisors, Jessica Bibliowicz from National Financial Partners, Bill Landman from CMS Companies, Don Phillips from Morningstar, and Hersh Shefrin from Santa Clara University

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April 15, 2005 - Tiburon recently released a substantially updated version of its research report titled A Comprehensive Overview of Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. This release summarizes the independent advisor markets and the emergence of the succession planning issue as well as highlighting Tiburon's ten predictions for the future. In short, over 500 fee-only financial advisor transactions will occur over the next five years (plus thousands of additional transactions including independent reps), creating opportunities and challenges for a wide range of constituents

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April 8, 2005 - Tiburon releases summary agenda for its upcoming Eighth Semi-Annual Tiburon CEO Summit. The meeting will be held April 13-14, 2005 in San Francisco, CA. Seventy-five Tiburon executive clients are scheduled to attend. The agenda will include a variety of presentations, panel discussions, and break-out sessions. Highlights will include the semi-annual state of the industry presentation by Tiburon Managing Principal Chip Roame and guest presentations by Jessica Bibliowicz from National Financial Partners, Bill Landman from CMS Companies, Don Phillips from Morningstar, and Hersh Shefrin from Santa Clara University

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April 1, 2005 - Tiburon is pleased to release a substantially updated version of its research report titled A Comprehensive Overview of Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. This updated report summarizes the independent advisor markets & the emergence of the succession planning issue, provides a chronology of the trend brought to life by multiple buyer examples, defines seven keys to successful succession planning, and highlights eight key emerging opportunities

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March 25, 2005 - Tiburon is pleased to provide media-only pre-release access to its upcoming research report titled A Comprehensive Overview of Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. This updated report summarizes the independent advisor markets & the emergence of the succession planning issue, provides a chronology of the trend brought to life by multiple buyer examples, defines seven keys to successful succession planning, and highlights eight key emerging opportunities

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March 18, 2005 - One of Tiburon's most popular services is its half-day market seminar offering. Tiburon market seminars provide clients with quick, yet thorough understandings of industry dynamics and leading players in growing markets. Tiburon market seminars are a great way to kick-off board meetings, management committee meetings, and sales meetings. This release provides an overview of Tiburon market seminars, summaries of six of the most frequently requested seminars, and directions for scheduling seminars

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March 11, 2005 - Tiburon announced the impressive keynote & guest speaker lineup for its upcoming Eighth Semi-Annual CEO Summit. Tiburon's Managing Principal Chip Roame will kick off the Summit by sharing Tiburon's views on the state of the financial services industry. Guest speakers will include thought and opinion leaders Jessica Bibliowicz, CEO of National Financial Partners, Bill Landman, Partner of CMS Companies, Don Phillips, Managing Director of Morningstar, and Hersh Shefrin, Professor at Santa Clara University, all of whom will share their highly sought after views on consumer needs and innovative business models

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March 4, 2005 - Tiburon released an update on its research report series that has grown to include over thirty titles. Fourteen research reports are currently available on topics such as the future of the advice industry and building great advisory businesses. The firm plans to publish eighteen additional research reports throughout the year on high-demand topics such as overviews of the fee-only financial advisor and independent rep markets. This release provides summaries of the current reports, a list of upcoming reports, and details on how to place orders

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February 25, 2005 - Tiburon's consultants are quoted almost daily in a wide variety of media. Periodically, there is such a profound article that Tiburon takes the time to share it broadly. Tiburon's Managing Principal Chip Roame was recently quoted in an article for Research Magazine that served as a wake-up call to advisors who have not developed unique value propositions. In line with the learnings from Tiburon's benchmarking tools about keys for building successful advisory businesses, Chip argued in the Research Magazine article for the importance of determining target markets, something few advisors have done well

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February 18, 2005 - Tiburon recently released its fourteenth research report titled The Future of Advice, summarizing Tiburon's broad views of the future of the brokerage, investments, private banking, and wealth management industries. This release highlights Tiburon's strategic conclusions. In short, independent advisors are likely to gain market share, the industry focus on branding strategies will likely increase, institutional mergers & acquisitions activity will continue to grow substantially, and venture capital opportunities will regain popularity

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February 11, 2005 - Tiburon recently released its fourteenth research report titled The Future of Advice, summarizing Tiburon's broad views of the future of the brokerage, investments, private banking, and wealth management industries. This release highlights the tactics advisors can use to build great businesses. In short, determining target markets, developing sales & marketing strategies, leveraging people & technology, and planning for succession are key steps for success

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February 4, 2005 - Tiburon is pleased to announce the addition of ten new leading industry executives to its Financial Advisor Roundtable and Consulting Fellows programs. The new members include Tim Armour from Morningstar, Larry Roth from Berkshire Capital Securities, and Paul Schaeffer from SEI Investments, and they join existing Tiburon fellows such as Julie Allecta from Paul Hastings, Dennis Clark from Advisor Partners, and Kevin Malone from Greenrock Research. Tiburon's three executive programs include its CEOs-in-Residence, Financial Advisor Roundtable, and Consulting Fellows programs, all of which are intended to help the firm add more value to its clients. This release introduces the new members, provides an overview of Tiburon's executive programs, and hints at things to come

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January 28, 2005 - Tiburon recently released its fourteenth research report titled The Future of Advice, summarizing Tiburon's broad views of the future of the brokerage, investments, private banking, and wealth management industries. This release summarizes the projected winning product & service offers. In short, individual securities account for 30% of high net worth consumers' investable assets, fee-accounts have grown substantially to almost $1 trillion, and the investment process is being polarized with twin growth patterns in market-linked products and alternative investments

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January 21, 2005 - Tiburon recently released its fourteenth research report titled The Future of Advice, summarizing Tiburon's broad views of the future of the brokerage, investments, private banking, and wealth management industries. This release highlights of the huge opportunities in consumer wealth. In short, US households control almost three-quarters of all investable assets in the US, accounting for $17 trillion. Stay tuned for the next release on Tiburon's predictions for the winning product & service offers

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January 14, 2005 - Tiburon announced the release of its fourteenth research report titled The Future of Advice. This release provides key highlights from the report, which addresses Tiburon's views on the future of the brokerage, investments, private banking, and wealth management industries. Stay tuned for subsequent summary releases on the huge opportunities in consumer wealth and the projected winning product & service offers

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January 7, 2005 - Tiburon is pleased to provide media-only pre-release access to its upcoming fourteenth research report. The report, titled The Future of Advice, summarizes Tiburon's broad views on the future of the brokerage, investments, private banking, and wealth management industries. The report addresses the huge opportunity in consumer wealth, predicts how the affluent consumer segment will evolve, defines four keys for product delivery in the future, and defines three keys for building successful advisory businesses

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December 31, 2004 - Tiburon released its 2004 year-end client letter that summarizes annual industry developments and shares Tiburon's huge success in multiple areas. In short, Tiburon served its 250th corporate client and executed its 600th project in 2004, held its sixth and seventh CEO Summits, exceded 4,000 users in its advisor benchmarking tools, released two new research reports, and added eight employees to its consulting staff

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December 24, 2004 - Tiburon Strategic Advisors released an update on its very successful web-based advisor business benchmarking tools. In short, Tiburon manages thirteen web-based benchmarking tools for a variety of types of advisors, ranging from brokers and fee-only financial advisors to tax professionals and insurance agents. These tools have attracted almost 4,000 users, likely making this the largest survey of advisors ever. Tiburon recently hired a dedicated benchmarking tools manager named Yari Wajid and announced plans to release fourteen new reports summarizing the data gathered from the tools

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December 17, 2004 - Tiburon recently released its thirteenth research report titled A Synopsis of the CPA Industry & Highlights of their Models for Entering the Investments Business. The report has already generated substantial interest among members of the media and financial services industry executives. This release explains how media members can download this report for use in their stories

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December 10, 2004 - Tiburon released a new research report titled A Synopsis of the CPA Industry & Highlights of their Models for Entering the Investments Business. This release provides a summary of CPAs' evolution since the late 1980s, statistics on the success of CPAs offering investments, and highlights of the five most prominent CPA investments business models. In short, over 90,000 CPAs offer financial planning services; the majority (82%) are reps at independent broker/dealers

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December 3, 2004 - Tiburon released a summary of the CPA market from its new research report titled A Synopsis of the CPA Industry & Highlights of their Models for Entering the Investments Business. This release includes details on market size & demographics for this complicated market. For instance, there are now 448,847 CPAs including 176,396 employed at 47,751 CPA firms. Stay tuned for the next release summarizing the highlights of the movement of CPAs into financial planning

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November 26, 2004 - Tiburon released its thirteenth research report titled A Synopsis of the CPA Industry & Highlights of their Models for Entering the Investments Business The report provides a terrific overview of this emerging market, including details on the market size & demographics, highlights of dozen of investment vendors, and profiles of over 100 CPA firms. Subsequent summary releases will focus on the CPA market's size & demographics and the movement of CPAs into financial planning

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November 19, 2004 - Tiburon released its upcoming thirteenth research report to members of the media. The report, titled A Synopsis of the CPA Industry & Highlights of their Models for Entering the Investments Business, provides a terrific overview of this emerging market, including details on the market size & demographics, highlights of dozens of investment vendors, and profiles of over 100 CPA firms

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November 12, 2004 - Tiburon is pleased to announce the addition of another four new employees to its growing team. Because of its successful weekly research releases program, online advisor benchmarking tools, research report series, executive programs, and semi-annual CEO Summits, Tiburon's business is growing quickly, creating new opportunities for research and marketing managers. In recent weeks, the firm has added six new research managers and two new marketing managers

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November 5, 2004 - Tiburon announced plans for its upcoming Eighth Semi-Annual CEO Summit which will be held April 13-14, 2005 in San Francisco, CA. Tiburon CEO Summits bring executives from various sectors of the financial services industry together for dynamic discourse on current industry opportunities and issues. This upcoming CEO Summit will feature presentations from industry leaders, the popular Ask the Consumers and Ask the Advisors panels, and the new Key Issues series of break-out sessions

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October 29, 2004 - Tiburon released summary highlights of its Seventh Semi-Annual Tiburon CEO Summit. The meeting shined a light on the need for a better understanding of customer needs, and created a forum for the discussion of leading-edge products such as exchange traded funds and hedge funds, as well as markets such as fee-only financial advisors and retirement plans. Conversations were open, frank, and wide ranging. Highlights included presentations by Chip Roame of Tiburon Strategic Advisors, Bill Hambrecht of WR Hambrecht & Company, Mark Lopez of LPL Financial Services, Morgan White of Woodside Asset Management, and Cameron Miller of Lovell Minnick Partners

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October 22, 2004 - Tiburon announced its move to new larger offices and the addition of four new employees. This expansion represents Tiburon's next step in what is expected to be a fairly rapid expansion, building on its huge success to date in serving over 250 corporate clients. Future plans include the addition of still more research and marketing managers, as well as principals and vice presidents

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October 15, 2004 - Tiburon released summary agenda for its upcoming seventh semi-annual Tiburon CEO Summit. The meeting will be held October 21-22, 2004 in San Francisco, CA. Seventy-five Tiburon executive level clients are scheduled to attend. The agenda will include a variety of presentations, panel discussions, and breakout sessions. Highlights will include the semi-annual state of the industry presentation by Tiburon Managing Principal Chip Roame and a guest appearance by Bill Hambrecht, Founder of both WR Hambrecht & Company and Hambrecht & Quist

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June 4, 2004 - Tiburon announced the introduction of ten new business benchmarking tools at its sixth semi-annual CEO Summit to form a complete family of thirteen Tiburon benchmarking tools. Tiburon’s FREE business benchmarking tools allow various types of financial advisors, brokers, bankers, and others to benchmark their business practices and seek out best practices by comparing to their peers. Tiburon offers all advisors who complete the surveys a free copy of the 200-300 page analytical reports that summarizing the findings.

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May 28, 2004 - Tiburon releases summary highlights of its recently held sixth semi-annual Tiburon CEO Summit. The meeting shined a light on better understanding customer needs, and created a forum for the discussion of leading-edge products such as exchange traded funds and hedge funds as well as markets such as fee-only financial advisors and 401K plans. Conversations were open, frank, and wide ranging.

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May 21, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases provides the detailed table of contents of that report. The report includes insights on conversion strategies, technology use, and profit margins, and can be purchased for $1,000 through Tiburon or received free by independent tax professionals who participate in the business benchmarking survey at www.TaxProBestPractices.Com.

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May 14, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases provides feedback on value added opportunities for vendors serving independent tax professionals. In short, there are dozens of ways that vendors can help independent tax pros build financial planning businesses. Five possibilities are highlighted in this release – conversion assistance, product & service expansion assistance, sales & marketing assistance, business building assistance, and succession planning assistance.

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May 7, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses feedback broadly on industry vendors. In short, there are some leading vendors amongst tax professionals; for instance, HD Vest is named as broker/dealer by 65% of the survey participants utilizing a broker/dealer or custodian and Morningstar is reportedly utilized as a data & research service by 47% of survey participants. Five separate tax software products receive satisfaction scores of 8.3-9.3, including Lacerte, Ultra Tax, CCH, Drake, and Tax Wise. Three mutual fund companies have penetrated almost half of the market – MFS (47%), Oppenheimer (47%), and Putnam (46%).

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April 30, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses feedback on mutual fund companies gathered from its tax pro best practices survey tool. In short, tax professionals use a wide variety of mutual fund families quite extensively, with Oppenheimer (47%), MFS (47%), and Putnam (46%) leading the way. Mutual fund use is consistent across tax professionals of various sizes, with the larger firms concentrating their use a bit more (MFS, Oppenheimer, and Putnam all exceed 60% utilization amongst $1 million + revenue firms) and utilizing a bit more no-load funds like Vanguard and Janus (utilization scores of ~20%-30%).

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April 23, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses feedback on broker/dealers & custodians gathered from its tax pro best practices survey tool. In short, while being the most widely utilized independent broker/dealer or custodian (65%), HD Vest also earns a solid satisfaction score as well (8.1). No other independent broker/dealer or custodian is even close in the business of serving as an independent broker/dealer or custodian for independent tax professionals. Competitors have utilization rates in the single digit percents, with satisfaction scores generally ranging between 7.0 and 8.0.

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April 16, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses the fifth and final best practice learned from tax pros. Specifically, leading independent tax professionals define business goals & develop written plans; keys include focusing on the correct economic measures (e.g., conversion ratios, 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 a financial advisor coach.

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April 9, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses the fourth best practice learned from tax pros. Specifically, leading independent tax professionals build the necessary support infrastructure; the key leverage points in this business are people & technology. The largest independent tax professionals have 21.6 employees versus 3.1 for the smallest tax professionals and they allocate 49% of expenses to non-owners compensation versus 27% for the smallest tax professionals.

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April 2, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses the third best practice learned from tax pros. Specifically, leading independent tax professionals continue to grow their core tax businesses and also develop appropriate marketing methodologies. The largest independent tax professional firms complete 2,522 tax returns each year versus 573 for the average firm. And while the industry is heavily reliant on client referrals (49% 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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March 26, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses the second best practice learned from tax pros. Specifically, leading independent tax professionals choose product & service offers to support their chosen target markets; three key opportunities are in fee-accounts, investment consulting, and wealth management. Fee-based pricing is certainly the booming business model for independent tax professionals although they are still early in this transition, with just 14% of client assets being invested in fee-accounts.

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March 19, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses the first best practice - leading independent tax professionals focus on conversion ratios and develop leading-edge conversion processes. The average tax professional converts 21% of his/her tax clients into financial planning clients. Many (68%) report including financial planning in tax appointments.

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March 12, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases estimates the size of the opportunity for CPA, EAs, & other tax professionals in entering the financial planning & investment management business. This release also addresses five best practices learned from the most successful independent tax professionals: 1) determine client conversion expectations & develop systematic conversion processes, 2) chose product & service offers to support conversion process, 3) continue growing core tax business, 4) build necessary support infrastructure, and 5) define business goals & develop written plans.

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March 5, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses the distinct practices of successful tax professionals. First off, surprisingly, the largest tax professionals are not the oldest but rather younger than the average; this stems from their earlier start in the business than their peers. The largest independent tax professionals have 4.1 partners (versus the 1.3 industry average), 17.5 employees (versus 3.3), 2,628 tax clients (versus 558), 640 financial planning clients (versus 118), $1.8 million of revenues (versus $242,000), and 54% high income clients (versus 30%). Other data reveals the leading vendors in dozens of categories across various independent tax professional firm sizes.

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February 27, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. This releases addresses a wide range of the differences amongst tax professionals using various models. For instance, Charles Schwab serves the youngest tax professionals while 1st Global serves the oldest. Those tax professionals using the independent broker/dealers have had the most experience in financial planning. Charles Schwab and HD Vest seem best at helping their tax professionals convert tax clients into financial planning clients as well (conversion ratios of 38% and 21% respectively).

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February 20, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Tax Professionals. Broad findings cover all areas of a tax professional’s business, especially in regards to entering the financial planning & investment management business. The average independent tax professional generates $242,000 of revenues, with 54% coming from tax services, 19% from accounting, and 15% from financial planning. The average tax pro has chosen to enter the financial planning business to increase income (8.4), is focused on relatively less wealthy clients (with 50% of clients having investable assets <$100,000), relies on an independent broker/dealer model (77%), and heavily utilizes mutual funds (60%), with Oppenheimer, MFS, and Putnam being the three most popular mutual fund families.

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February 13, 2004 - Tiburon recently released an updated version of its comprehensive report on the Product Usage, Business Models, & Best Practices of Independent Reps. This release summarizes the table of contents of that report. Copies can be ordered for $1,000 from Krista Jenssen at Tiburon.

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February 6, 2004 - Tiburon recently released its year-end client letter. The letter reveals huge success in multiple areas - market research & strategy consulting, research reports & market seminars, CEO summits, executive programs, benchmarking tools, and research releases.

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January 30, 2004 - 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 summarizes the table of contents of that report. Copies can be ordered for $1,000 from Krista Jenssen at Tiburon.

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January 23, 2004 - 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 value-added opportunities for vendors serving fee-only financial advisors. Five specific areas of opportunity exist in helping advisors to: 1) define appropriate target markets, 2) choose product & service offers to meet client demands, 3) develop successful sales & marketing strategies, 4) build the necessary infrastructure in terms of people & technology, and 5) document business processes and plan for retirement.

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January 16, 2004 - 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 feedback on vendors utilized by fee-only financial advisors.  Specifically, feedback reveals the dominance of Morningstar (76%, 68%, and 66% utilization scores in three separate categories) and Schwab (50%, 45%, and 44% in three categories as well). Survey data also shows the competitive nature of several product markets, including the publications market (four publications with readership levels above 40%) and the mutual funds market (four mutual fund companies with utilizations above 42%).

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January 9, 2004 - 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 feedback on mutual fund companies.  Specifically, the research reveals that although it has had numerous set backs over recent years, Janus is still the most widely utilized mutual fund family amongst fee-only financial advisors, still with 60% utilization. Other mutual fund families though have been gaining on Janus, including Vanguard (45%) and Fidelity (43%). Small mutual fund companies, while being the focus of many advisors, have a difficult time making the leaders board due to the industry's fragmentation.

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January 2, 2004 - 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 feedback on custodians.  Specifically, the data reveals an interesting anomaly in advisor views. On one hand, fee-only financial advisors claim to be most satisfied with Charles Schwab, giving Schwab an overall satisfaction score of 8.4 (versus 6.4 - 7.7 for its competitors). On the other hand, TD Waterhouse often receives the highest satisfaction score on individual components.

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Please click on the links below for summaries and links to full copies of prior 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.