Tiburon Advisors: Americans' Investable Assets Up Nearly 50% From 2018
Americans have a whopping $67 trillion of investable assets, meaning that financial advisors are fishing in a well-stocked pond.  Article summarizes recent Tiburon Research Call on Consumer Wealth.

AssetMark Widens Offensive on Envestnet by Creating SMA Mini-Market After Canceling the Product Line in 2017 as Demand for Direct Stock Ownership Shoots Up
The Concord, CA company, with $85 billion in TAMP assets, is rebooting with tighter manager curation and software that allows SMAs to work better in a portfolio with non-SMA products - namely ETFs. Article quotes Tiburon saying that recent trends towards direct indexing, ESG, tax awareness, and costs have driven a resurgence in SMAs.

Take a Hike: Fund Pros Turn to Great Outdoors to Bond, Unwind
Nature is playing a role in firms' cautious approach to bringing all employees back to their offices. Article mentions Chip & Skip Excellent Adventure 10.0.

Almost Sidetracked by Bear Market, Chip Roame & Skip Schweiss's Hike-and-Network Group Goes (Mostly) Long-Only in Montana with an Upsized Group
The Tiburon CEO Summit off-shoot took a decade to grow from thirteen aging white guys to a cavalcade of 61 men and women on the age spectrum who like a brutal challenge near a soft hotel bed - and may represent a succession plan in the making. Article summarizes Chip & Skip Excellent Adventure 10.0.

Let's Bury the Term TAMP
In the mid-1990s, a bright young executive at Charles Schwab, Chip Roame, noticed that a handful of investment advisory firms were opening an inordinate number of client accounts. Article references identification of turnkey asset management program (TAMP) market by Tiburon managing partner.

Fisher Investments Surpassed $100 Billion in AUM in Early 2019, Contained the Flames of a Late-2019 Public Relations Crisis and Has a Legit Shot at Hitting $200 Billion in AUM this Year
Ken Fisher's 4,000 employee RIA took 40 years to manage $100 billion in assets, hit a speed bump, then got back to business. Article references inappropriate comments made at Tiburon CEO Summit XXXVIII.

AIG-Blackstone Deal A Power Move For Both, Analyst Says
Wednesday's blockbuster AIG-Blackstone deal is likely to power up both companies in their respective worlds of insurance and private equity, according to a leading industry analyst. Article summarizes Tiburon views of this transaction, including that Blackstone secured long-term capital to manage.

Warn Your Clients Against Buying Dogecoin
Blockchain and digital assets, which have already entered the mainstream, continue to gain momentum. Article references Tiburon projection of expected five-to-ten times price increase.

InvestCloud to Acquire Advicent and NaviPlan Planning Software
Global technology platform InvestCloud announced Wednesday that it is acquiring financial planning developer Advicent and its NaviPlan platform in a move that could position the firm to rival wealthtech powerhouses like Envestnet. Article quotes Tiburon saying that the prior acquisition of Tegra118 and this acquisition bring important capabilities to InvestCloud.

Avatar Advice: Why Advisors are Creating Explainer Videos
While the country was obsessed last year with the pandemic and the presidential election, financial advisor Ben Hockema turned himself into a cartoon character. Article quotes Tiburon saying that financial advisor prospects are likely to appreciate, and share, basic educational videos.

Do Not Call them Slackers: Why Generation X is Really Generation $
Sure, Generation X are the overshadowed younger siblings of baby boomers - who seem to have grabbed all of the fun and the money. Article summarizes recent Tiburon Research Call on Consumer Wealth.

Facet Wealth is Doubling in Size Every Six Months with Subscription Model, On-the-Job Training, No Central Offices, & A Rising Belief that it can be the Next Fidelity
With Warburg Pincus spigots flowing, the Baltimore-based $502 million AUM RIA does its part keeping overhead radically low and worker care high. Article quotes Tiburon saying that FacetWealth may serve 100,000-20,000 clients in five years.

Edelman, Other Players on Cusp of Crypto-Related Offerings
In the next year or two, bitcoin will be as common in client portfolios as stock ETFs. Article quotes Tiburon saying that fee-based financial advisors (RIAs) rely heavily on open-end mutual funds and exchange traded funds (ETFs), and on the products available at their custodians.

Advisor Who Tweeted on Ken Fisher's Crude Remarks Has No Regrets
Advisors need to be careful not to let social media consume them, Alex Chalekian tells ThinkAdvisor. Article mentions unacceptable comments made at Tiburon CEO Summit XXXVIII in 2019.

Alex Chalekian: One Tweet Can Drive the Industry Forward, But be Careful
Alex Chalekian was a social media influencer even before the RIA drove change by tweeting a selfie-video chastising money manage Ken Fisher for making crude remarks in a talk at the 2019 Tiburon CEO Summit. Article mentions unacceptable comments made at Tiburon CEO Summit XXXVIII in 2019.

Big Firms Get Even Bigger, Cerulli Says
Consolidation has accelerated at the 25 largest broker/dealers as their technology investments pay off and smaller firms find it difficult to keep up, according to a report from Boston-based consulting firm Cerulli Associates. Article quotes Tiburon saying that it expects substantial brokerage industry consolidation.

How Women Network, Bond at Industry Events
Huffington Post blogger shares what it is like to bond with another female executive at an industry event. Article mentions that the Tiburon CEO Summits have a leave your ego at the door attitude.

Women in Wealth: Why it is Their Moment
Tegra118 CEO Cheryl Nash and tech-savvy marketing expert April Rudin weigh in. Article mentions that Cheryl and April met at a Tiburon CEO Summit and that Cheryl chairs the Tiburon Diversity & Inclusion Committee.

Ken Fisher's Crude Remarks: Forgiven & Forgotten?
The firm's AUM surged in 2020 despite a flight in assets amid the controversy. Article mentions unacceptable comments made at Tiburon CEO Summit XXXVIII in 2019.

Why LPL's Waddell & Reed Deal is a Big Score for Both Sides
The $300 million transaction is a quality acquisition for LPL with substantial benefits for Waddell & Reed financial advisors. Article quotes Tiburon saying that LPL got a substantial size business at a reasonable price.

Stealing (Market Share) From the Rich
The startup's stock trading application is a runaway hit. Article quotes Tiburon saying that Robinhood may be being ignored by established financial advisors, much as the industry ignored The Charles Schwab Corporation in the 1970s.

Heads or Tails He Wins, But Mark Casady's Upside for Making His SPAC Click is Head-Spinning Because the IPOs Will Keep Flying Out the Door
SEC filings detail the Lefteris chairman's overnight gains of maybe $50 million, but if the ensuing reverse merger or buy blossoms, it will trigger a potential virtuous circle. Article quotes Tiburon saying that the Lefteris team has a strong operating team, including three former CEOs.

Women in Wealth: An Examination of Diversity in Financial Services
Women make up over half of all financial services industry employees, yet only 15% of executive jobs. Article summarizes unacceptable behavior by fireside chat participant at Tiburon CEO Summit XXXVII.

Mark Casady Completes IPO of Lefteris Ten Years After LPL Financial's Initial Public Offering and Plans to Use the SPAC's $200 Million Raised to Lift Mom-and-Pop FinTechs
The former LPL CEO has a team for his Boston-based special purpose acquisition company that includes Chip Roame, April Rudin, and Edelman, E*Trade, and LPL alumni. Article mentions Tiburon managing partner as a board member of Lefteris.

Lefteris Successfully Completes its Initial Public Offering
Lefteris Acquisition Corporation is pleased to announce that it successfully completed its initial public offering. Article mentions Tiburon managing partner as a board member of Lefteris.

Advisers Should Take a Fresh Look at Investment Strategies, Business Models
Meeting the needs of Baby  Boomers and Millennials and addressing investors' desire for low costs are key to growing business. Article summarizes recent Tiburon CEO Summit XXXIX keynote presentation.

TAMPs Consolidate to Compete
In a crowded marketplace, turnkey asset management platforms are forging new tactics to jockey for additional market share. Article quotes Tiburon suggesting that the TAMP market will likely consolidate rapidly.

A Year Later, What is the Impact of Fisher's Crude Remarks?
A year ago today, news stories began circulating about crude comments made by investment advisor Ken Fisher at an industry event. Article notes that Tiburon banned Ken Fisher from appearing at future Tiburon CEO Summits.

Facet Wealth Fast-Forwards Five Years in Last Five Months and Gets a "Next Schwab" Nod and a Fresh $25K Million from (Owner) Warburg
Under its 33 year old CEO, the Baltimore firm is selling planning subscriptions to corporations, and scraps criticized too-clever M&A. Article quotes Tiburon saying that Facet Wealth is democratizing financial planning the same way that The Charles Schwab Corporation democratized investing.

2020 Vision - Or Revision?
Will it be another thwack of the tennis ball back to the fiduciary side of the court after the election? Article quotes Tiburon saying that a Biden presidential election win will likely bring back the fiduciary standard.

Facet Wealth Raises $25 Million, Launches Employer-Focused Financial Coaching
Facet Wealth has carved its niche from soaking up the clients others turn away. Now it is turning to employers. Article quotes Tiburon saying that the addition of the Financial Wellness offering will engage forward-thinking employers.

Facet Wealth Raises $25 Million Series B, Sets Sights on Bringing Financial Planning to All American Households
Led by Warburg Pincus, Facet Wealth's Series B will be used to launch offerings for employers and support consumer growth accelerated by Covid-19. Article quotes Tiburon saying that the addition of the Financial Wellness offering will engage forward-thinking employers.

One Year After Alex Chalekian Tweeted, Chip Roame Still Searching for a Tiburon CEO Summit Date to Showcase His New, Improved Inclusive Conference
Roame cancelled the October 12-14 event late last week and will make another run at a live conference this coming April in New York City. Article summarizes upcoming Tiburon CEO Summit XL.

Strategy Decides Winners, Losers in the Advisor Game: Tiburon
There are more than 300,000 financial advisors in the United States all competing for leads, technology, marketing, and ultimately, clients. Article summarizes recent Tiburon Research Call on financial advisor winning tactics & strategies.

Get Ready for Fiduciary if Biden Wins, Tiburon Says
Acknowledging that he has no conviction in the prediction, analyst Chip Roame is sticking with President Donald Trump getting a second term over challenger Joe Biden. Article summarizes recent Tiburon Research Call on elections, legislation, & regulations.

Skip Schweiss Exit From TD Ameritrade Means the RIA Custody Business Lost its Most Visible Corporate-Paid Advocate - For the Moment
TD's now ex-managing director of advisor advocacy is set to become the FPA-president, but most peers agree that the 58 year old is poised to write his ticket with another custodian or national RIA. Article quotes Tiburon saying that Skip Schweiss will be coveted by firms seeking a bigger presence in the RIA market or for a leading RIA itself.

Covid-19 Cuts Into Insurance Agency M&A Dealing
Insurance agencies remained hot properties in 2019, with another record year of merger-and-acquisition activity, but activity appears to be slowing due to Covid-19. Article summarizes recent Tiburon Research Call on financial advisor mergers & acquisitions.

Charles "Chip" Roame
Chip Roame has resigned from Envestnet's board of directors. Article summarizes Tiburon managing partner's resignation from Envestnet board of directors.

Chip Roame Leaves Envestnet Board
Roame joined the Chicago-based advisory technology firm's board of directors in 2011 and was recently named vice chairman. Article summarizes Tiburon managing partner's resignation from Envestnet board of directors.

Notes from the Publisher
In advance of the long July 4 weekend, we have a huge roster of fintech news this week. Article references a parallel article about a recent Tiburon research call on online brokerage & advice.

Robos will Have Lasting Impact on RIA Channel
In a research call today hosted by Chip Roame, the managing partner at Tiburon Strategic Advisors made the punch line abundantly clear: Online brokerage & advice firms will challenge all of the other financial advisor market segments Article summarizes recent Tiburon research call on online brokerage & advice.

Firing on All Cylinders, Fisher Investments Forms East Coast Hub with 600 Desks After it Adds Another $10 Billion of AUM, Leaving Last Year's Social Media Firestorm in the Dust
The Camas, Washington giant is now bi-coastal and growing like crazy with a Tampa, FL hub as both performance and asset gathering shift into high gear and the company works to get past last year's public relations setback. Article references inappropriate comments made at Tiburon CEO Summit XXXVIII.

Has Schwab Won the RIA War?
Consolidation is everywhere but new options for RIAs are rapidly emerging . Article quotes Tiburon saying that Schwab is innovative, Fidelity is well capitalized to benefit, and numerous new custodians are emerging.

Insurance will Grow and Flow Through Different Channels; Analyst
Insurance products remain solidly profitable, but big change is coming in who sells them and how they are sold, one leading industry analyst predicts. Article summarizes recent Tiburon Research Call on the Future of Wealth & Investment Management.

Envestnet Adds Canadian WM Firm to Client Roster
Envestnet says it expanded its Canadian client base with a new strategic partnership. Article mentions that Tiburon managing partner recently became Envestnet vice chairman.

Envestnet Makes Interim CEO Permanent in Leadership Shuffle
Envestnet has named William Crager as CEO, effective immediately as part of a reorganization of its top management and board, the company says. Article mentions Tiburon managing partner becomes Envestnet vice chairman.

Behind the Scenes, Envestnet's Board of Directors Had Much to Tussle Over Before Finally Subtracting the Interim from Bill Crager's CEO Title
With Jud Bergman gone at chairman, a power struggle ensued to fill that spot, and the process dragged when taking the company private came under review. Article mentions Tiburon managing partner becomes Envestnet vice chairman.

Envestnet Names Crager CEO, Announces New President, Chairman
Envestnet has announced that William Crager will serve as its ongoing CEO. Article mentions Tiburon managing partner becomes Envestnet vice chairman.

Envestnet Taps William Crager as Permanent CEO
Envestnet late Monday said it had names William Crager, who has been with the technology company since its founding, as its permanent CEO. Article mentions Tiburon managing partner becomes Envestnet vice chairman.

Envestnet Announces Leadership Appointments
The board of directors of Envestnet announced today the following leadership appointments, effective immediately: William Crager as CEO, Stuart DePina as president, James Fox as chairman, and Charles Roame as vice chairman. Article mentions Tiburon managing partner becomes Envestnet vice chairman.

Envestnet Names Crager CEO, Fox Chairman
Envestnet names William Crager, a co-founder and president of the company since 2002, as CEO. Article mentions Tiburon managing partner becomes Envestnet vice chairman.

Why Monthly & Yearly Advisory Fees will Gain in Popularity
Monthly subscription fees will emerge as a dominant payment method for wealth managers in the next few years, according to Chip Roame, managing partner for Tiburon Strategic Advisors. Article summarizes recent Tiburon Research Call on the Future of Wealth & Investment Management.

James Gorman Delivers Chilling Remarks to E*Trade RIAs After Doing No-Money-Down Deal for the Zero-Commission Discount Broker
The Morgan Stanley CEO is arbitraging his puffed-up shares for downtrodden E*Trade stock and admits old Trust Company of America custody unit is an afterthought in bigger game. Article quotes Tiburon saying that if Morgan Stanley wanted to enter custody for RIAs, it could have, itself, bought TCA when E*Trade bought it and spent far less money than it spent today.

Trump is Going to Win, Analyst Tells Advisors
There is no reason to expect any change in the Beltway distribution of power. Article quotes Tiburon saying that President Donald Trump is on track for another four-year term.

Five Trends that Could Continue in the New Decade
Many of last year's trends in the financial advice industry will be front and center again this year, including consolidation, fees, and fiduciary regulation. Article summarizes unacceptable behavior by fireside chat participant at Tiburon CEO Summit XXXVII.

Financial Advisor Sandra Nesbit Launches Consultancy
Financial advisor Sandra Nesbit has officially launched Mainsail Capital Group, a consultancy that will assist with other financial advisors in making decisions for the future. Article refers to Ms. Nesbit having spoke at Tiburon CEO Summit XXXVI.

The Odd Case of Envestnet Yodlee Getting Singled Out as Data Scofflaw, Just Four Days After Visa Deal to Buy Rival Plaid and Nine Months After Raj Udeshi's Theranos' Outcry
Three Capitol Hill Democrats urged the Federal Trade Commission to probe the small firm - and nobody else - with little explanation of where its practices allegedly diverge from the norm. Article refers back to comments made by HiddenLevers CEO Raj Udeshi at Tiburon CEO Summit XXXVI.

The Ins & Outs of Outsourcing Your Investment Management
As competition heats up, everyone is looking for an edge. Article summarizes recent Tiburon Written Research on financial advisor turnkey asset management programs (FA TAMPs).

Why the Envestnet-Dynasty Deal Matters
Envestnet's minority stake in Dynasty Financial Partners marks a critical strategic juncture for the industry powerhouses. Article quotes Tiburon saying that this ties the leading technology platform to additional services many independent advisor seek.

Measuring Vanguard Founder Jack Bogle's Legacy
It has been almost a year since Vanguard founder Jack Bogle passed away. Article quotes Tiburon saying that Jack Bogle has many positive legacies, including investors' greater appreciation for the importance of low costs.

Bogle's Legacy, One Year Later
A new national survey on Jack Bogle's legacy - designed to commemorate his passing on January 16, 2019 - reveals how much the trailblazing index fund entrepreneur and Vanguard founder truly influenced investors. Article quotes Tiburon saying that Jack Bogle has many positive legacies, including investors' greater appreciation for the importance of low costs.

Creating a Gold Standard on Harassment Policies
One advisor is using his new influence to help firms create policies to prevent inappropriate behaviors. Article summarizes unacceptable behavior by fireside chat participant at Tiburon CEO Summit XXXVII.