--- JUNE 1, 2007 ---



Tiburon releases summary highlights of the guest speaker presentations at its recently held Tiburon CEO Summit XII. Guest speakers included John DesPrez (CEO, John Hancock Financial Services, Manulife Financial), Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan), Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company), Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group), and Paul Stevens (President & CEO, Investment Company Institute)


Tiburon Strategic Advisors held its Tiburon CEO Summit XII last month in San Francisco, CA. Over 100 senior industry executives attended and participated. Chip Roame (Managing Principal, Tiburon Strategic Advisors), John DesPrez (CEO, John Hancock Financial Services, Manulife Financial), Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan), Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company), Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group), and Paul Stevens (President & CEO, Investment Company Institute) made general session presentations. Other sessions included the popular Ask the Consumers, Ask the Advisors, and Ask the Distributors panels. Tiburon's CEO Summits have become a unique forum for industry CEOs and leading strategy officers to gather and debate the future of the brokerage, investments, advice, and wealth management businesses. Tiburon's research serves as the foundation of the CEO Summits and all participants share views openly. To facilitate further information sharing, Tiburon provides a series of summaries like this one after each CEO Summit.

The 107 attendees at Tiburon's CEO Summit XII held April 18-19, 2007 in San Francisco, CA

Guest Speaker Presentations

Aside from Tiburon Managing Principal Chip Roame's opening keynote presentation, five guest presentations anchored the CEO Summit XII agenda:

John DesPrez (CEO, John Hancock Financial Services, Manulife Financial)

Tiburon CEO Summit XII Guest Speaker John DesPrez (CEO, John Hancock Financial Services, Manulife Financial)

John DesPrez has served as CEO of John Hancock Financial Services, the US division of Toronto-based Manulife Financial, since 2005, shortly after Manulife acquired John Hancock, in what arguably has been one of the most successful mergers in the financial services industry. Mr. DesPrez is also a member of Manulife’s Executive & Management Committees. He is based in Boston and directs all of John Hancock’s operations, including its core life insurance, variable annuities, long-term care insurance, retirement plans, guaranteed & structured financial products, mutual funds, and college savings plans businesses. He also is responsible for the common investment platform that underlies many of these products. In addition, Mr. DesPrez oversees the multiple distribution channels, including non-proprietary broker/dealers, banks, and the John Hancock Financial Network (its career agency system), which distribute the company’s broad range of insurance & investment products.

Mr. DesPrez address, titled Better Than the Alternative: The Longevity Revolution, focused on three key points:

  • Longevity will increasingly drive the financial needs of many consumers
  • Insurance products are best positioned to respond to longevity risk
  • John Hancock is particularly well-positioned in the insurance industry

Echoing the words of Tiburon’s Managing Principal Chip Roame earlier in the day, Mr. DesPrez began with the comment, “increasing life expectancies are creating dynamic changes all around – new products, new technologies, new regulations, and new sources of wealth.” Many agree with that point, but Mr. DesPrez utilized some Madison Avenue examples and also provided some subtle points that further clarified the gravity of the situation:

  • Life expectancy at birth is now 76.5 years; this is up dramatically from 68 in 1950, 47 in 1900, and 38 in 1800 (life insurance companies like John Hancock were around in those days!)
  • Life expectancy at age 65 has risen steadily since 1950; it is now approaching 20 years (18.7), up from 14 years in 1950. This is critical because it helps better define the retirement income challenge
  • Furthermore, Mr. DesPrez noted that, "there is an increasing need for couples to plan for a three or four decade retirement", with more than half (52%) of couples likely to have at least one member reach age 90
  • The traditional three-legged stool included Social Security, defined benefit pension plans, and individual savings. Mr. DesPrez joked though, that, "the traditional three-legged stool will end up looking much more like a barstool - with only a single leg of individual savings"
  • There is too much weight being placed on Social Security. In 1950, there were 16 workers for every Social Security recipient. This number is 3 to 1 today, and will be 2 to 1 in 20 more years (2030). It is increasingly possible that the US will be unable to deliver on the Social Security promise
  • Meanwhile, employers are backing away from defined benefit pension plans at an alarming rate, with coverage having reached an all time low of only 18% (17.9%), down from 35% in 1984
  • Furthermore, consumers are not solving their own problems. More than half (52%) of workers over age 55 have less than $50,000 in savings (a statistic similar to one quoted by Tiburon's Managing Principal Chip Roame earlier in the day).

    Tiburon CEO Summit XII Guest Speaker John DesPrez (CEO, John Hancock Financial Services, Manulife Financial) & Chip Roame (Managing Principal, Tiburon Strategic Advisors)

In shifting to his second theme, Mr. DesPrez said that there is a need for new products to solve the retirement income challenge, including products that relieve baby boomers of the burden of being investment managers, hybrid products combining insurance, principal protection, and asset management, and life insurance replacing death insurance:

  • Lifestyle and lifecycle mutual funds will do well as they relieve baby boomers of the burden of being their own investment managers
  • Hybrid products will emerge that combine insurance, principal protection, and asset management
  • Life insurance will displace death insurance as baby boomers' key need

In his concluding remarks, Mr. DesPrez expressed that he thinks that the image of life insurance companies will change in the coming decades and that John Hancock is exceedingly well positions to address baby boomers' needs, with its well-recognized 145 year old brand and its Standard & Poor’s AAA rating. After finishing his prepared remarks, Mr. DesPrez conducted a lively 30 minute question & answer session. Tiburon’s Managing Principal Chip Roame said that, “John did a great job of bringing the retirement income challenge to life; this is not a text book issue but the biggest financial challenge ahead for most baby boomers. We are grateful for John's front-line insights, and for his sharing John Hancock’s strategies so openly.”

Manulife Financial and John Hancock Financial Services have both benefited from the purchase of multiple Tiburon research reports and Mr. Roame is speaking at a John Hancock conference this fall. Mr. DesPrez was introduced by Tiburon CEO Summit Planning Committee member Tif Joyce (President, Joyce Financial Management).

Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan)

Tiburon CEO Summit XII Guest Speaker Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan)

Ed Haldeman has served as CEO of Putnam Investments since 2003, and he was previously co-head of Putnam's Investments Division, which he led from 2002-2003. During his tenure, Putnam became the first firm to adopt reforms based on the Mutual Fund Protection Principles, a series of reforms endorsed by CalPERS and CalSTRS, which are among the largest pension funds in the United States.

With Putnam’s $3.9 billion sale to Power Financial Group in process, Mr. Haldeman candidly provided first-hand insights into industry consolidation. By way of introduction, Mr. Haldeman noted that Power Financial Group has returned 20% per year to its shareholders over the past 15 years, and it is the number two performing financial services stock in that period. He then made three key points:

  • Putnam’s struggles were substantial and required quick & decisive action
  • The core reason Power Financial Group was interested in Putnam was its vison, agenda, business plan, management team, management processes, and culture
  • Putnam’s turnaround is real

Mr. Haldeman began by addressing Putnam’s previous struggles head-on, especially those regarding the 2003 market timing scandal that nearly killed the firm. He shared that his efforts to settle quickly actually partially caused Putnam’s longer recovery, as state regulators saw this as a move of weakness, and held out for larger settlements.

Mr. Haldeman spent the majority of his time addressing his management philosophies and the reasons behind Power Financial Group's interest in acquiring Putnam:

  • Putnam created a new vision – we take care of other people’s money. He has encouraged all employees to think of the firm less as a mutual fund company and more as "a trusted advisor in stewardship and management of other people’s money." Mr. Haldeman added that he feels that, "visions must be clear & concise statements of the direction of organizations, that firms should not aim too high, and that executives should repeat their visions often"
  • Putnam created a decentralized, entrepreneurial, & transparent culture. Mr. Haldeman seeks, "to push decision making down and get out of the way." To facilitate this culture, he made dozens of changes, including eliminating the firm's executive dining room, disbanding its exclusive partners group, eliminating layers of management (saying that, "everyone now has a real job"), and holding meetings of all employees (not just officers). Furthermore, Mr. Haldeman pushes himself and all executives to get out of their offices, saying that, "a minute spent in the office is a minute wasted"
  • Mr. Haldeman said that Putnam needed to create a new agenda, which he did; it is now to produce results that are, "consistent, dependable, & superior." To support this agenda, Mr. Haldeman said that the firm’s compensation plan for portfolio managers is based 20% on one year performance, and 40% on each three and five year performance, with an emphasis on finishing in the upper half of their competitive peer groups. To emphasize the goal of consistently, Mr. Haldeman said that, “portfolio managers do not receive any additional compensation for being in the top decile, so as to discourage more volatile results"
  • Putnam created an easy to articulate business plan around retaining all asset classes and distribution channels, while, "taking out as much costs as possible in redundancies, management levels, & infrastructure"

Finally, Mr. Haldeman argued that Putnam’s turnaround is real; he cited that:

Guest Speakers Paul Stevens (President & CEO, Investment Company Institute) & Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan)

  • The firm recently rolled out a family of asset allocation funds to allow professional implementation of a balanced strategy; this was the subject of a Wall Street Journal advertisement the day of his presentation and a supportive example to a point made the prior day by John DesPrez (CEO, John Hancock Financial Services, Manulife Financial)
  • Performance is strong; 69% of Putnam funds beat their Lipper averages for the three years ended March 31, 2007
  • The firm now has a below average redemption rate
  • The firm has had 100 retail platform wins in the past 12 months
  • And the firm has won $5 billion of institutional & global mandates in the past 6 months

After his opening comments, Mr. Haldeman engaged in a lengthy question & answer session with the group. Clearly, Mr. Haldeman has faced more difficult audiences with state & federal regulators, as well as previously disenchanted institutional clients and their consultants, though he answered even the toughest of questions from the audience with an inspiring degree of authenticity and an equally engaging sense of humor. At one point, Mr. Haldeman, a graduate of Dartmouth College and with both a JD and MBA from Harvard, suggested that he needed his chief financial officer’s help to understand, “why there was a C$ in front of the amount” in the negotiations with Power Financial Group, poking fun at his lack of foreign currency expertise. One gets the impression that this humility goes a long way for Mr. Haldeman toward building relationships with diverse constituencies of colleagues, employees, clients, and business partners. Tiburon’s Managing Principal Chip Roame summed up Mr. Haldeman’s comments by saying that, “Ed was open & honest regarding both Putnam's regulatory issues and its pending merger; that was terrific. But maybe even more importantly, he taught all attendees about the need for developing sustainable corporate cultures.”

Putnam Investments has benefited from the purchase of multiple Tiburon research reports and Mr. Haldeman was introduced by Tiburon CEO Summit Planning Committee member Kirk Michie (Managing Director, Lenox Advisors).

Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company)

Tiburon CEO Summit XII Guest Speaker Steve Lockshin (CEO Lydian Wealth Management, Lydian Trust Company)

Steve Lockshin has served as CEO of Lydian Wealth Management, a unit of Lydian Trust Company, since 1994. Lydian Wealth Management was founded as CMS Financial Services in 1994 with a single $10 million client and $300,000 of personal cash. As the company's founder & visionary, Mr. Lockshin led the firm in becoming a market leader in objective consulting services for affluent families. Mr. Lockshin's focus remains on client service, with a particular emphasis on trust & estate tax strategies, concentrated wealth strategies, and overall family wealth planning.

In the opening comments of his address, humbly titled What You See is What You Get (WYSIWYG), Mr. Lockshin described himself as a businessman in the financial services industry, and said that he runs Lydian accordingly. He also shared that Lydian Wealth Management is under contract to be sold to City National Bank and will be henceforth known as Convergent Wealth Advisors. Beyond this, Mr. Lockshin discussed two key points:

  • Lydian Wealth Management has been successful in serving high net worth households (it has gathered $7.5 billion assets under management in twelve years) partly through a series of innovations but more so through superior execution
  • The firm’s recent sale to City National Bank affords the firm dramatic new opportunities

First off, Mr. Lockshin professed that Lydian did little in the way of innovation, but instead, said the firm was an early adopter and that the trick to success has been superior execution:

  • Lydian was an early adopter (e.g., Monte Carlo simulation in 1998, asset allocation in 1990, open architecture in 1990, consolidated reporting in 1990, asset location in 1996, estate planning in 1996, concentrated stock positions in 1995, collateralized loans in 1996, alternative investments in 1997, family governance & education in 1997, private travel in 1998, and wealth & happiness in 2000)
  • Lydian recognized early on that superior execution was the key. Mr. Lockshin said, "there is no secret sauce in this business; back-office service, research, and reporting are the differentiators." Lydian believes that much of its individual success has been built on its investment in people and technology
  • Mr. Lockshin said that, "financial advisors who provide a strong service should be confident in their fee schedule." He feels that, "there is pricing cannibalism in the industry that is hurting the business." Lydian has a cost allocation & quality assurance process (QUAC) which it uses to measure client profitability annually, calculating revenues and time resources invested; this allows the firm to raise fees with existing clients, evaluate pricing models for new clients, and trim unprofitable and low margin clients
  • Lydian created an award winning internship program to further its focus on people

    Tiburon CEO Summit IX Guest Speaker Michael Sapir (CEO, ProFund Advisors), Tiburon CEO Summit XII Guest Speaker Steve Lockshin (CEO Lydian Wealth Management, Lydian Trust Company), and Tiburon CEO Summit Planning Committe members John Cammack (Head of Third-Party Distribution, T. Rowe Price Group) & Dennis Clark (CEO, Advisor Partners)

Steve also addressed Lydian's pending sale to City National Bank and its renaming as Convergent Wealth Advisors. Lydian management is also retaining an interest. Fortigent is staying as a subsidiary of Lydian Trust Company. The Sun Trust acquisition of AMA is a good proxy. This being Mr. Lockshin's fourth merger (e.g., sale to Lydian, acquisition of Copper Beach Advisors, acquisition of Windermere Investment Advisory, sale to City National Bank), Mr. Lockshin had sound advice regarding consolidations:

  • Discuss management philosophies up-front
  • Seek synergies (e.g., Mr. Lockshin said that, "everyone is doing the same basic thing - compliance, research, operations, & reporting" but that his firm may be able to extend the use of hedge funds at City National Bank. Specifically, Mr. Lockshin said that, "hedge funds are not an asset class; this is where the alpha is." He said that Lydian clients, "may be over 50% invested in hedge funds one day, and he's happy to pay the managers"
  • Don't be afraid to use proprietary products if, "they are cheaper, provide better access, and/or are unique"
  • Don't be afraid to change course

Mr. Lockshin was introduced by Chip Roame (Managing Principal, Tiburon Strategic Advisors), who himself recently spoke at a Lydian conference.

Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group)

Tiburon CEO Summit XII Guest Speaker Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group)

Jim Riepe served as vice chairman of T. Rowe Price Group from 1997 until his retirement in 2006. During his 24 year tenure with the firm, he held various positions, including serving as a director of the T. Rowe Price Group and as chairman of the T. Rowe Price Funds. He has also served as chairman of the Investment Company Institute (the CEO of which, Paul Stevens, was also a speaker at Tiburon CEO Summit XII) and currently serves as director of The Nasdaq Stock Market and Genworth Financial (the CEO of which, Mike Fraizer, will speak at Tiburon CEO Summit XIII).

Mr. Riepe offered a wide range of observations about the financial services industry:

  • Retirement security is the most fundamental challenge for the financial services industry
  • Investment companies face a series of challenges that they must address head-on
  • Successful investment management firms put client interests first

Regarding retirement security, Mr. Riepe explained the situation quite simply, saying that, "government entitlements, employer liabilities, and individual savings are the three potential solutions." He addressed the two huge & problematic government programs – Social Security and Medicare, which are now viewed as entitlements by citizens and politicians. Mr. Riepe stated that:

  • There is a growing severity in the Social Security system, with too many retirees being supported by fewer and fewer workers, echoing comments made by John DesPrez (CEO, John Hancock Financial Services, Manulife Financial) the prior day
  • Mr. Riepe believes that, "the Social Security solution entails citizens and politicians reframing Social Security in their minds from an entitlement program to an insurance program." If viewed as insurance, it is much more reasonable not to receive benefits later in life should some Americans not need such, he said. "Three-quarters of the shortfall can be solved by removing benefits gradually for those earning greater than $50,000 when retired." And if the retirement age is raised a few years, the crisis can be solved
  • "Medicare is the elephant in the room," Mr. Riepe said. To solve this problem, he suggested that Americans with higher incomes should have higher deductibles combined with higher co-payments until one's medical expenses exceed a threshold"
  • Mr. Riepe said that, "no matter what actions are taken to solve these twin problems, individuals must save more during their lifetimes. The primary place this can happen is with employers. Yet, corporations are shifting responsibility for securing retirement income to individuals, as shown by the decline in defined benefit plans and the assent of defined contribution plans"
  • We must make the system work, and to do so, we need to continue to educate investors to make wise decisions regarding their savings & investing. The recent introduction of automatic enrollment and target date mutual funds are positive developments
  • The pending retirement of baby boomers will put $13 trillion into motion over the next two decades, which presents the industry with a wonderful opportunity. But, Mr. Riepe continued, “we must temper our enthusiasm to grow our profits with an understanding that more Americans are relying on us for their financial security”

    Tiburon CEO Summit XII Sponsor Ron Cordes (Chairman, Asset Mark Investment Services, Genworth Financial) with Tiburon CEO Summit XII Guest Speaker Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group), and Tiburon CEO Summitt Planning Committee member Tim Armour (Managing Director, Morningstar)

On his second point, Mr. Riepe said that investment companies will face a series of unprecedented challenges that they must address head-on. Success will require responsibility to customers, increasing open architecture, and transparency. Amongst the challenges he identified were:

  • The shift in emphasis from accumulation only to accumulation & distribution which will foster a new generation of products & services
  • Intense competition for clients that will challenge business strategies as well as the ways in which firms conduct their businesses (e.g., active managers will be challenged by exchange traded funds and index funds, while broker/dealers will need to compete against direct sellers)
  • The erosion of the wall between the institutional and retail businesses, which will create new industry roles
  • Greater transparency of costs which will result in fee pressure
  • More strategic alliances between organizations that will seek to combine core competencies to solve customer problems
  • Greater scrutiny from the public, media, and regulators

Finally, to build a sustainable franchise, Mr. Riepe suggested that successful firms must address all of the above challenges and stay profitable. This will require greater operating efficiency and a belief that “all products should be designed and priced for informed consumers.” Mr. Riepe went on to say that, “inherent in a sustainable franchise is creating value that customers want, need, and find useful. The best franchises seem to be able to evolve with their customers, discovering new ways to add value or lower costs.

Prior to taking questions, Mr. Riepe reminded the CEO-level audience of the often unsaid truth, that, “what makes asset managers unique is their fiduciary standards not seen in other industries.” A second difference from other industries is that, “the quality of products (investment returns) is inconsistent. This sets up a very difficult marketing, sales, & service approach. The consequence of forgetting our fiduciary standards was illustrated by the negative impact on Wall Street firms, insurers, and mutual fund companies that placed their interests ahead of those of their customers during recent scandals.” Mr. Roame complimented Mr. Riepe on, “helping to build a terrific firm in T. Rowe Price, and helping it always maintain a consumer orientation.”

T. Rowe Price has benefited from the purchase of multiple Tiburon research reports and Mr. Riepe was introduced by Tiburon CEO Summit Planning Committee member John Cammack (Head of Third-Party Distribution, T. Rowe Price Group).

Paul Stevens (President & CEO, Investment Company Institute)

Tiburon CEO Summit XII Guest Speaker Paul Stevens (President & CEO, Investment Company Institute)

Paul Stevens has served as President & CEO of the Investment Company Institute since 2004. He also is a director of ICI Mutual Insurance Company. Mr. Stevens' career has encompassed a number of roles in government service and the private sector, including being general counsel of the ICI from 1993 to 1997, general counsel for the mutual funds & international enterprises at The Charles Schwab Corporation from 1997 to 1999 (where he overlapped briefly with Tiburon Managing Principal Chip Roame), and a leader of the financial services practice of Dechert from 1999 to 2004.

In his comments, titled the State of the Mutual Funds Industry, Mr. Stevens addressed:

  • The ICI's mission and role in influencing public policy
  • Shifting policies and priorities on Capitol Hill with the regulators
  • Some new ICI research that, like Tiburon research, supports the benefits and growing use of financial advisors

Mr. Stevens started by describing the ICI’s role in influencing public policy. He detailed the specific activities that the ICI has undertaken as it seeks to execute on its mission to advance the interests of mutual funds, their shareholders, directors, & advisors, to encourage adherence to high ethical standards, and to promote public understanding of mutual funds. Mr. Stevens noted that:

  • The ICI’s role is to take member priorities and investor focus, and utilizing legal, government affairs, research, public communication, and outreach, deliver these views to the policy community
  • The public policy environment has shifted substantially since 2004 when he became President & CEO of the ICI. The key parties – congress, the media, and the regulatory agencies – are still the same, but outside forces and issues have shifted from the Dot.Com bubble, the 2000-2002 bear market, Enron, Sarbanes-Oxley, and the mutual fund trading scandals to 401k fees, proxy voting, digital delivery, 12b1 fees, regulatory rationalization, and the political power shift

Second, the audience enjoyed Mr. Stevens’ keen insights into the inter-workings within the Washington, DC beltway. Mr. Stevens said that, “today’s lame duck president and the divided Senate and House will likely result in little real progress on a host of important issues related to taxes, regulation, and retirement security.” He noted that:

  • The Democrats are taking charge on Capitol Hill but with a divided government, a lame duck president, and partisanship (over Iraq), gridlock is the likely outcome
  • He also noted that the 2008 election is starting early, further distracting the players from the legislative landscape
  • Mr. Stevens predicted that issues, such as the Bush tax cuts set to expire after 2010 and the 15% capital gains & dividends tax rates, would likely not see any near-term action
  • Possibly most close to home, he addressed the mutual fund disclosure issue before the regulators. He noted that “investors are overwhelmed” (only 34% consult prospectuses and 80% want concise descriptions). He said that the opportunity is “internet disclosure” (92% of mutual fund investors are online, including even 72% of investors 65 years old or older)
  • Mr. Stevens also added a series of retirement security issues to the regulatory agenda, including the 2006 Pension Protection Act, as well as auto-enrollment, default investments, and investment advice within 401k plans
  • He also noted that other financial services issues (e.g., executive compensation, corporate governance, privacy & data security, and hedge fund regulations) are the key issues likely to stall
  • Finally, Mr. Stevens also added a note of caution, saying that, "many of the oversight committees lose sight of the fact that consumer sentiment around the mutual funds industry remains highly correlated with stock market performance." He said that, “investors invest in mutual funds to make money, and if the market goes down, the level of satisfaction and investor confidence goes with it.” He observed that, "the Washington regulators typically respond by increasing oversight and regulation, which is not necessarily in the interests of anyone."

Finally, Mr. Stevens shared some new ICI research supporting the benefits of financial advisors. He noted that over three-quarters (82%) of shareholders who own mutual funds outside of retirement accounts do so at least partially with the help of financial advisors. He also called into question any changes to the current 12b1 system, saying that, "over half (52%) of 12b1 fees are used to pay for ongoing shareholder services and 40% are used to compensate financial advisors, and that the financial advisors will get paid somehow.” Mr. Stevens added that “85% of investors receive regular portfolio reviews & recommendations, 83% receive periodic discussions of financial goals, and 75% even say that they receive comprehensive financial planning.” Other ICI research shows that mutual fund fees have been coming down and that 401k plan investors cluster in low cost funds. Mr. Roame congratulated Mr. Stevens on, “running the most important financial services trade group, whose members control 40% of all consumer financial assets.”

The Investment Company Institute has benefited from the purchase of multiple Tiburon research reports, and Mr. Stevens was introduced by Tiburon CEO Summit Planning Committee member Dennis Clark (CEO, Advisor Partners).

Upcoming Tiburon CEO Summit XIII: October 9-10, 2007

Tiburon CEO Summit XIII will be held October 9-10, 2007 in San Francisco, CA at the Ritz Carlton Hotel. The meeting will start at 7:45am on Tuesday, October 9, include a group dinner that night in Tiburon, and finish at 2:00pm on Wednesday, October 10. There are almost twenty planned sessions. Along with Tiburon's Managing Principal Chip Roame, guest speakers will include Stephanie DiMarco (CEO, Advent Software), Mike Fraizer (CEO, Genworth Financial), George Gatch (CEO, JP Morgan Funds Management, JP Morgan Chase), Ron Peyton (CEO, Callan Associates), and others to be announced soon. Click here for more details on the upcoming Tiburon CEO Summit XIII. Follow on links will include the tentative attendee list, tentative meeting agenda, and details on hotels & other logistics.

2008-2009 Tiburon CEO Summits

Tiburon will continue to hold semi-annual CEO Summits in 2008-2009. Dates are April 10-11, 2008, October 14-15, 2008, April 9-10, 2009, and October 7-8, 2009.

Spring 2008 speakers will include Walt Bettinger (President, The Charles Schwab Corporation), John Hailer (CEO, IXIS Asset Management Advisors, Groupe Caisse D'Epargne), John Murphy (CEO, Oppenheimer Funds, Mass Mutual Financial Group), and others to be announced soon.

Starting in 2008, Tiburon will be holding its Spring CEO Summits at the Ritz Carlton Hotel in New York, NY in an effort to help the firm's predominately east coast & European clientele attend more easily.

Related Links


Tiburon Strategic Advisors

Tiburon Strategic Advisors, based in Tiburon, CA, was formed in 1998 to offer market research & strategy consulting services to all types of financial institutions and investment managers:

  • The firm has served over 300 corporate clients and completed almost 1,000 projects since its founding, and today, its knowledge base includes mutual fund distribution, separately managed account programs, alternative investments, wealth management, insurance products, banking services, the fee-only financial advisor market, the CPA firm market, the family office market, and various international markets.
  • Tiburon holds a series of CEO Summits semi-annually for its executive-level clients. The next CEO Summit is scheduled for October 9-10, 2007 at the Ritz Carlton Hotel in San Francisco, CA. 2008-2009 dates are April 10-11, 2008 (New York, NY), October 14-15, 2008 (San Francisco, CA), April 9-10, 2009 (New York, NY), and October 7-8, 2009 (San Francisco, CA). Attendance is by invitation only and attendance at each Summit is limited to 100 senior industry executives. Visit the CEO Summits section of Tiburon's web site for details on current and past CEO Summits, including attendee lists, meeting agendas, and highlights. Please contact Tiburon’s Managing Principal Chip Roame at CRoame@TiburonAdvisors.Com or (415) 789-2541 if you are a Tiburon client and have an interest in attending a future Tiburon CEO Summit.
  • Tiburon offers thirteen online business benchmarking tools that are available to all types of financial advisors in an effort to help them benchmark their business practices and build more successful businesses. The sites include www.BrokerBestPractice.Com for wirehouse & regional brokers, www.FABestPractices.Com for fee-only financial advisors, www.IndependentRepBestPractices.Com for independent reps, and www.PrivateBankerBestPractices.Com for private bankers. Almost 5,000 advisors have used these tools. By completing one of the online surveys, financial advisors can access a FREE copy of the relevant comprehensive Tiburon research report, which summarizes and analyzes the collective results.
  • Tiburon has published twenty-six ~300-400+ page research reports, which offer detailed analyses of growing business segments; each is available for $5,000; these reports can be ordered by contacting Brian Cotter at BCotter@TiburonAdvisors.Com or (415) 789-2546.
  • Tiburon’s weekly research releases, like this one, are emailed for free to interested industry executives, media representatives, conference planners, and individual financial advisors. Over 40,000 industry executives now receive these releases. Feel free to sign up to receive future research releases at Tiburon’s web site (www.TiburonAdvisors.Com) if this release was passed to you by a colleague and you would like to receive them directly in the future.
  • Tiburon plans to expand its workforce in 2007 and 2008. New research managers will develop proprietary research content for Tiburon research reports and client projects and new marketing managers will enhance the firm's web site, weekly research releases program, and the firm's relationships with media representatives, conference planners, and its clients & executive program members. The firm is also seeking to add a research president, principal candidates, and possibly a chief consulting officer in 2007 or 2008.
  • Tiburon has built three executive programs (CEOs-in-Residence, Financial Advisor Roundtable, and Consulting Fellows) in an effort to bring the experiences of additional senior level industry executives to Tiburon clients. Feel free to contact any of the members of Tiburon’s executive programs directly or ask that they be included in any ongoing Tiburon project.