Media Coverage - 2002-2003

Tiburon executives have been quoted quite extensively throughout the industry and general media. Below is a list and brief synopsis of those articles from 2002-2003 that the Tiburon staff has been able to locate (Tiburon accepts that there are probably hundreds of other quotes circulating). These short summaries are intended to help prospective Tiburon clients, conference planners, and media representatives understand Tiburon's views on a wide variety of issues throughout the financial services industry. The extensive list of Tiburon quotes has required the use of multiple web site pages. Please click on the links below to view older or more recent article summaries.

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Date Publication Article Title & Description
December 22, 2003 Private Asset Management Private Banks Build Platforms
Tiburon quoted saying that the sales skills of bank professionals are not necessarily geared toward open architecture.

December 2, 2003 Fund Fire Mass Mutual Dumps SEI After Wealth Strategy Shift
SEI's recent shift in high net worth strategy has cost the firm a client. MML Investors Services, the broker/dealer arm of Mass Mutual, will stop giving new managed account or mutual fund business to SEI's platform. Tiburon quoted saying that SEI has been very successful and that this is a natural evolution of its business. Tiburon also quoted saying that firms like EnvestnetPMC and AdvisorPort are likely to benefit.

December 2003 Investment Advisor Blowing Your Own Horn
In this, the first of a three-part series on the challenges facing fee-only financial advisors, the authors address these advisors' marketing challenges. The next two articles in future months will address how advisors can employ technology to increase their efficiency and competitiveness, and how they can use comprehensive business benchmarking to measure success and improve their practices.

November 24, 2003 Financial Planning Rydex Unveils Custody Platform for Advisers
Since about 70% of its $9.5 billion in assets under management comes from registered investment advisers and registered reps, Rydex Funds - known for its inverse and sector rotation funds - is moving away from just mutual funds and more towards becoming a complete financial services firm. Tiburon quoted saying that Rydex is carving out a unique niche of active and academically-minded advisors, which may make them successful.

November 21, 2003 Ignites.Com Datalynx Slashes ETF Trading Fee
With assets in exchange traded funds growing, trading platform Datalynx slashed trading fees for the products.  While This development may help Datalynx win new advisors as clients and it could also help fuel ETF's continued growth. Tiburon quoted saying that Datalynx is the fourth largest custodian, with 356 advisors and $6 billion in assets, and that the move may boost the usage of ETFs by its advisors.

November 17, 2003 Investment News Merrill Lynch Money Manager Services: Far Beyond the Basics
Merrill Lynch Money Manager Services has been emerging as a force in providing custody related services to money managers and family offices ($27 billion in custody). Tiburon Managing Principal Chip Roame recently caught up with Merrill's management team and the article summarizes that conversation.

November 10, 2003 Investment News Rydex Unveils Asset Custody Venture
Rydex Funds has jumped into the increasingly crowded custody game for fee-only financial advisors. Rydex Financial Services now boasts 46 advisors with $700 million assets in custody. Tiburon quoted saying that Rydex may have an edge because of its historical position with more active financial advisors who are less welcome at the leading custodial firms.

November 3, 2003 Denver Business Journal Independent Brokerages Courting Wary Investors
Investors are increasingly looking towards independent brokerage firms instead of big name firms, particularly in light of the negative publicity that the larger firms have received in recent years. Tiburon quoted saying that the number of independent reps has grown substantially while numbers at the wirehouses have remained steady or even declined.

November 2003 Financial Planning The Bear Hug
In the race to embrace high-end advisors, Bear Stearns is adding sales and technology services to push its custodial platform. Tiburon quoted saying that Bear Stearns is a savvy decision-maker and will likely do well in the mid-tier advisor market.

November 2003 Registered Representative Among Indies, LPL Reps are Happiest
A recent survey of reps who work at independent firms ranked Linsco/Private Ledger as the most satisfying at which to work. Article summarizes findings from Tiburon research report, A Comprehensive Overview of the Product usage, Business Models, & Best Practices of Independent Reps.

November 2003 Financial Advisor A Special Thanks to All of Our Exhibitors & Speakers at the Sixth Annual Financial Advisor Symposium
Financial Advisor magazine ran advertisement in its own publication, thanking the exhibitors and speakers at its recent financial advisor conference. Tiburon's Chip Roame is listed amongst the speakers being thanked.

November 2003 Financial Advisor Extraordinary Versus Ordinary
Although their firms are nearly 3,000 miles apart, David Bugen and Tim Kochis have taken some similar steps that have made their financial advisory practices among the most successful in the nation. Article profiles speech of Tiburon's Chip Roame at recent Financial Advisor magazine Conference.

October 27, 2003 Investment News Schwab Offers Rinse to Graying Clientele
Schwab Institutional faces a graying future, but it is about to unveil a program designed to find the silver lining. The firm is developing succession planning assistance for its 5,300 advisors with $258 billion AUM. Tiburon quoted saying that Schwab would certainly rather the advisors sell to other Schwab advisors than to outside advisors

October 20, 2003 Investment News Waterhouse Shines Among Asset Custodians
TD Waterhouse Institutional Services is a distant third to its two larger rivals in size. But the results of an industry survey may help explain how the firm's custody assets jumped to about $25 billion thus far in 2003. Article highlights findings from Tiburon's Fee-Only Financial Advisor Best Practices survey.

October 16, 2003 Financial Planning Is Foliofn Ready for Prime Time?
When Foloifn first launched back in 2000, many industry observers looked at the innovative web-based investment platform and said, this is the future of investing. Tiburon quoted saying that Foliofn's technology could become the backbone of the separately managed accounts market.

October 13, 2003 Investment News A Schwabfest
Tiburon Strategic Advisors held its fifth semi-annual offsite meeting this month, and more than twenty financial advisor-related professionals attended. The meeting is the brainchild of Chip Roame who is trying to create a premier think tank of talent he can draw from Northern California and beyond. Article summarizes the most recent Tiburon semi-annual offsite.

October 6, 2003 Accounting Today Report: Best Practices for Independent Reps
Independent reps must chose products and services that support their chosen target markets to achieve success, according to research by strategic consulting firm Tiburon Strategic Advisors. Article summarizes product and service findings from Tiburon research report "A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Independent Reps".

October 6, 2003 Investment News Advisers Rarely Conduct Client Surveys
A troubling omission by financial advisors is that few ask clients the simple question: How am I doing? Article quotes Tiburon research showing that only 1% of financial advisors conduct client satisfaction surveys.

October 2003 Financial Advisor Tiburon Study Finds Need to Increase Marketing
Client referrals are the lifeblood of the independent advisor industry, but advisors need to consider that taking in new business may not always be so easy, a new study warns. Article quotes Tiburon research showing that 56% of all new clients of independent reps come from client referrals. Tiburon also warns of growing competitive marketplace.

October 2003 Financial Advisor Profits in the Middle-Income Market
Article reports finding advisors across the country who are determined to stay focused on the middle market as they build firms and profitability. Tiburon quoted saying that strategies can include hiring paraplanners. Tiburon data also used to show that the average client nets a fee-only financial advisor $1,800 per year.

September 2003 Annuity Market News Fee-Only Planners, Reps Stick to Annuities
Hedge funds and other alternative investments may be getting a lot of hype in the press, but some think they are unnecessary. Article quotes recent Tiburon studies on independent reps and fee-only financial advisors, showing that mutual funds and annuities are the most popular investment vehicles used with clients.

September 2003 Financial Planning No Thanks, I'll Do it Myself
Independence means never having to take on a partner. That's one standout theme from a new survey of the independent rep market conducted by Tiburon Strategic Advisors. Article profiles Tiburon's Independent Rep Best Practices survey.

September 2003 Financial Advisor Welcome Back
Publisher's note suggests that attendees should look forward to industry experts such as Tiburon's Chip Roame. Biographies include that of Chip Roame. And schedule notes Chip Roame's presentations on the Best Practices of Independent Reps & RIAs and Successful Practice Growth in Any Market.

September 2003 Investment Advisor Reality Check
Four new advisor surveys delve into compensation, firms' profitability, and more. Article includes summary of Tiburon's new studies on fee-only financial advisors and independent reps.

August 18, 2003 Money Management Executive At Deadline: Fee-Only Planners, Reps Stick with Mutual Funds
Hedge funds, separately managed accounts, and other alternative investments may be getting a lot of hype in the press, but some intermediaries prefer old-fashioned mutual funds. Article summarizes some of the findings from the latest release of Tiburon research reports "A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors" and "A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Independent Reps".

August 11, 2003 Investment News Trying to Drive the FPA to Tiers
The Financial Planning Association should group advisors into two distinct categories - fiduciaries and non-fiduciaries - insists a leader in the investment consulting field. Tiburon quoted saying that it sees little downside in the FPA stepping up its leadership role on the issue and that when one creates a ladder, it incents people to work harder to get there. But Tiburon also cautioned that it sees danger in separating advisors into separate fiduciary classes based on whether or not they take fees or commissions.

August 7, 2003 Financial Planning Tiburon Looks at Best Practices of Advisors and Reps
Article profiles findings from latest release of Tiburon research reports "A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors" and "A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Independent Reps". The article focuses specifically on advisors lack of marketing, client profitability, and average pricing.

August 4, 2003 Ignites.Com Advisors Slowly Drifting Away From Mutual Funds
Article profiles findings from latest release of Tiburon research report "A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Independent Reps". The article focuses on mutual fund utilization statistics as well as the growing trend towards using separately managed accounts, exchange traded funds, and alternative investments.

August 1, 2003 Advisor Page Survey Results: Tiburon Releases Summary Facts Coming From Its Independent Rep Best Practices Survey
Article reprints Tiburon research release of August 1, 2003 addressing broad findings from Independent Rep Best Practices benchmarking tool.

August 2003 Registered Representative Cold Calling on Ice
The new federal do not call list promises to make cold calling a more challenging process. Tiburon quoted saying that the average rep secures just 3% of new business from cold calling and that leading reps also look down at the process, but that it is still widespread.

August 2003 Senior Consultant The Next Generation of Management: Integrating Privately Managed Accounts Into Your Financial Advisory Business
Article points out the rapid growth of US consumer wealth and points to privately managed accounts as the likely product winner. Article quotes Tiburon statistics about US consumer investable Assets ($11.6 trillion) and assets in privately managed accounts ($372 billion).

August 2003 On Wall Street What do these Industry Specialists have in Common?
Mutual Service Corporation advertisement includes picture of Tiburon's Managing principal Chip Roame as one of the speakers at the firm's Business Builder Series.

July 28, 2003 Investment News Mortgage/Planning Firm Eyes New MDs, Lawyers
One regional mortgage broker/banker is taking a stab at financial planning, with the hope of wooing wealthy clients. Tiburon quoted as saying one potential market in need of financial planning is small law firms and medical practices.

July 21, 2003 Business Week Bibliowicz's Tricky Pitch
Sanford Weill bought company after company and now is chairman of Citigroup, the biggest financial powerhouse in the US. Likewise, his 43-year-old daughter, Jessica Bibliowicz, has shown she's no slouch in the acquisition game. Tiburon quoted saying that more than a dozen companies have tried and failed to roll up big groups of financial advisors. Further, Tiburon expresses optimism on success of NFP, saying that the stock market plunge has likely slowed the firm's acquisition pace.

July 17, 2003 Investment Advisor Week Hedge Fund Managers Already IA Competition
Article questions impact of Congress or the SEC possibly requiring hedge fund managers to register as advisors. Tiburon quoted saying that hedge fund managers already are in the investment advisor business but registering may encourage them to roll out new products such as low minimum investment products or mutual funds. Tiburon also notes that the possibility of registering would also make hedge funds better known to the public.

July 17, 2003 Fund Fire Start-Up Managed Account Platform Readies Push
Lockwood Financial, Brinker Capital, EnvestnetPMC, et. al. have some new competition lining up for the attention of financial advisors seeking a managed account platform. Minneapolis-based Global Bridge is ready to raise its profile after hiring the former head of US Bancorp Piper Jaffray's private client business. Tiburon quoted saying that Ross Rogers knows the broker community well and had a good track record of making the Piper Jaffray brokers productive.

June 30, 2003 Investment News Paraplanners in Demand
With financial planning practices on the rise, so too is the need for someone to handle the minutiae of managing clients. Tiburon quoted saying that the use of paraplanners is a growing trend as it is a phenomenal way to leverage young talent and groom them into your business model.

June 11, 2003 Financial Planning Nationwide's Fee-Based 401(K) to Help Transition Commission Reps
Nationwide Financial has rolled out a new program that allows RIAs and CPAs to sell its retirement plans for a fee rather than a commission, making it the first major 401(K) provider to do so. Others are likely to follow as the entire financial services industry moves towards fee-based business. Tiburon quoted saying that the home run is serving the enormous number of transitioning reps, making the move from commissions to fees.

June 9, 2003 Investment News Investors Hot for IPO, Targets Cool to NFP
The initial public offering of National Financial partners is expected to get a warm reception from investors. Tiburon quoted saying that NFP is the first legitimate acquisition model for advisors and that additional capital should allow it to grow even faster.

June 2, 2003 Investment News KPMG Takes Another Stab at Financial Advice
A few years ago, KPMG tried and failed to make a splash in the financial advisory business. But it is trying again with a new, but humbler, strategy that is winning praise from consultants. Tiburon quoted saying that the big four CPA firms have struggled in the business but that KPMG's new wealth management orientation in support of other advisors should be a big success.

June 2003 Financial Advisor Flying High in Stormy Weather
A Financial success may be advisors' true business, but it seems to be catching up to them. Advisors and their consultants report rampant profit margin and time compression has meant more work for the same money. A fight to keep pace with client demand, and acknowledgement that all forms of competition are ramping up to embrace the successful planner model. Tiburon quoted saying that boomer demographics will continue to make the advice business exciting. Tiburon also encourages the formalization of marketing programs.

June 2003 Financial Advisor The 6th Annual Financial Advisor Symposium
Advertisement for upcoming conference features picture of Tiburon Managing Principal Chip Roame and mention of Tiburon topic - Best Practices of Independent Advisors.

May 26, 2003 Investment News Pershing Joins RIA Custody Fray
A leader in the clearing and custody of assets for broker/dealers is jumping feet-first into the market for the assets of registered investment advisors. Tiburon quoted saying that Pershing has real potential in the financial advisor space because of the firm's relationship with many independent broker/dealers.

May 22, 2003 Montana Standard Market Timing... Bunk or Bonanza
Wouldn't it be great to ride the stock market to the top, then sit safely on the sidelines when it tumbles back down? Tiburon quoted saying that advisor industry is feeling effects of numerous industry scandals.

May 19, 2003 Investment News Schwab Fund Fees Making Few Waves
Charles Schwab & Company will impose a new fee on its mutual fund transaction fee platform at a time when advisors, fund companies, and investors are most sensitive to price shocks. Tiburon quoted saying Schwab's price increase is not surprising given the power of distribution and Schwab's need to earn higher margins through charging more for advice.

May 2003 Financial Planning Fee-Accounts Set to Take Off
Advisors will embrace fee-accounts over the coming decade, according to Tiburon Strategic Advisors. A wider range of products from broker/dealers, such as turnkey asset management programs and separately managed accounts, will facilitate the change. Article quotes from recent Tiburon research report on Fee-Accounts, TAMPs, & the Booming Separately Managed Accounts Market.

April 28, 2003 Investment News Deal Boosts Goldman's Planning Expertise
Wall Street's leading investment bank is expanding its efforts to offer financial advice to top executives. Goldman Sachs announced that it would acquire Ayco, an Albany, NY-based financial planning firm that works primarily with corporate executives. Tiburon quoted saying that there could be interesting synergies between Goldman Sach's investment banking prowess and Ayco's capabilities in serving the executives of those firms.

April 24, 2003 Fund Fire Lockwood Lays Out Wealth Mission
Lockwood Financial is fast outgrowing its roots as a leading provider of separate accounts for independent advisors. The third-party platform is undergoing a dramatic face-lift as it bids to become the platform of choice for independent advisors. A host of new products and capabilities are on their way. Tiburon quoted saying that Lockwood is one of the few third-party platforms that will be able to compete at the custodian level.

April 21, 2003 Investment News A Feeding Frenzy for Advisors: Waterhouse, Ameritrade Circle as Vanguard Ends Custody Business
With the blood of Vanguard advisors in the water, the sharks are circling. The Vanguard Group made plans to cast adrift about 400 of its advisors. Tiburon quoted saying that TD Waterhouse, which made a deal to serve these advisors, is likely giving up $8 million of money market fund revenues over two years and setting a dangerous precedent.

April 2003 Investment Advisor Dear Readers: Thank You
Editorial reads, "This month's column begins with a note of thanks to you, our loyal readers. In two separate surveys, conducted online by Advisor Benchmarking.Com and FA BestPractices.Com, fee-based advisors declared Investment Advisor to be the magazine they read the most." Article also quotes Tiburon in regards to managed accounts, saying that not all fee-only financial advisors are convinced that separately managed accounts are cheaper or better than mutual funds.

April 2003 Investment Advisor Setting Sail: Vanguard Pulls the Plug on Custodial services for 400 Advisors and Recommends TD Waterhouse Instead
Vanguard Group announced in March that it plans to stop providing custody services to RIAs by July 31.  It has set up a special program to help advisors shift their assets to TD Waterhouse Institutional. Tiburon quoted saying that Vanguard was once on par with Schwab, Waterhouse, Fidelity, and Datalynx in providing custodial services but that more recently it has become specifically the place to access Vanguard funds with no transaction fee.

April 2003 Financial Planning Giant Steps: the Era of Robust All-In-One Technology Platforms is at Hand
Financial planners affiliated with independent broker/dealers at times find themselves in a grey area, responsible for their own clients and the health of their practices, they are also dependent on their broker/dealers for many services. Tiburon quoted saying that they financial advisor industry has been bombarded with new technology over the last two years.

April 2003 Financial Planning An Aria for Custodians: Advisor Emotions Run High After Some Dramatic Moves by Back Office Firms
An avant-garde composer could write an opera about custodians and the advisors they serve - the interplay of relationships is rife with rage, accusations of betrayal, shifting loyalties, even sudden death. Tiburon research report, A Comprehensive Overview of the Product Usage, Business Models, & Best Practices of Fee-Only Financial Advisors, quoted showing that 40% of fee-only financial advisors use Schwab as a custodian and they score the firm a 8.4 on a ten point satisfaction scale.

April 2003 Wealth Manager Looming Larger: Schwab's Portfolio Center and Advent's Axys aren't the Only Portfolio Management Programs Available
Plenty of smaller vendors also offer impressive software packages. Tiburon quoted saying that Advent receives feedback that its products are fabulous but that its pricing and service are arrogant. Recent Tiburon research on the fee-only financial advisor market also quoted, showing that 33% of advisors use Centerpiece and 25% use Axys.

April 2003 Financial Advisor The 6th Annual Financial Advisor Symposium
Advertisement for upcoming conference features picture of Tiburon Managing Principal Chip Roame and mention of Tiburon topic - Best Practices of Independent Advisors.

April 2003 Financial Advisor Research Predicts SMA Pricing Model Changes
In 2002, assets in separately managed accounts held steady while the assets in mutual funds declined. Part of the reason is that separately managed accounts are aggressively being introduced into the independent advisor markets, giving them more fuel to move ahead. To further explain how fee-accounts and SMAs will prosper, Tiburon released an updated version of its report Fee-Accounts, TAMPs, & the Booming Separately Managed Accounts Market. Article distills and focuses on three predictions from the report.

April 2003 Registered Representative Size Matters: Increasingly the Managed Account Phenomenon is Coming Within Reach of Smaller Investors and Advisors who aren't Connected to Major Wirehouses
For the past several years, separately managed accounts have been among the fastest growing investment vehicles. Tiburon quoted saying that practical reasons are driving this movement, including the fact that they major wirehouses are offering an additional 3%-6% on their payout grids for selling annuitized products.

March 24, 2003 Financial Planning Fee-Accounts Set to Take Off, Study Says
Advisors will increasingly turn to fee-accounts over the coming decade, according to a new report by Tiburon. Article summarizes highlights of Tiburon's latest research report on Fee-Accounts, TAMPs, and the Booming Separately Managed Accounts market.

March 24, 2003 Investment Advisor Week Multiple Style Portfolios: The New Thing
If you haven't heard of multiple style portfolios (MSPs), your business people undoubtedly have. In consultant-speak, MSPs are being hailed as the hot new thing in the investment management space. Tiburon quoted saying that the use of MSPs is expanding rapidly.  Article goes on to explain the difference between the model and allocation approaches, with Tiburon offering commentary.

March 23, 2003 Investment Advisor Fee-Based Advisors Rank Investment Advisor Top Trade Publication
More fee-based advisors say that they read Investment Advisor than any other financial magazine, two national surveys have concluded. Article utilizes data from Tiburon's FA Best Practices survey.
March 17, 2003 Investment News Investment Firms are Moving to Embrace New Advice Trend
Brokerage firms and independent advisors alike are implementing a new type of advice to help plus some holes in the financial services industry. Article specifically points to the growing segment of validators. Tiburon quoted saying that TD Waterhouse would be remiss to not create a validator model.

March 17, 2003 Fund Fire Managed Account Minimums Reach New Low
Managed account minimums have reached their lowest level yet. Start-up managed account platform Curian Capital is rolling out separate accounts for investors with just $25,000 in assets. Tiburon quoted saying that Curian has made multiple revolutionary moves, including assembling 10-20 managers in small accounts and offering a fee advance program.

February 24, 2003 Investment News Waterhouse to Compete Against its Own Advisors
In a move sure to rock the industry, TD Waterhouse will soon start competing with independent advisors. Article refers to a speech at the recent TD Waterhouse conference in which Waterhouse executives reportedly said they would offer retail advice. Tiburon quoted saying that the move is reality given the evolution of consumers and that advisors should focus instead on encouraging TD Waterhouse to help them lift their own game.

February 21, 2003 Ignites.Com American Century Drops Fidelity's Supermarket
American Century is walking away from one of the nation's largest mutual fund distribution platforms. The firm has decided that it will no longer sell its funds through Fidelity's no-transaction fee supermarket. Tiburon quoted saying that supermarkets have become extremely important among no load investors.

February 6, 2003 Fund Fire NC Bank Opens Trust Department to Managed Assets
First Citizens Bank is introducing managed accounts into its $4 billion trust business. A new program, Paramount Trust Choice, permits clients to select outside managers to run trust assets. Tiburon quoted saying that there is a lot of activity with banks looking to introduce third-party money management.

February 2003 Financial Advisor Breaking Away
Sponsored section profiles TD Waterhouse advisor conference. Included in article is a profile of Tiburon speech "Trends in Succession Planning, Firm Valuations, and the Growing Acquisition Market for Financial Advisors."

February 2003 Registered Representative The Business Handoff
Planning an exit from your own business might be hard to contemplate - but it is of critical importance. Tiburon quoted saying that an advisory business is often the most valuable asset of many advisors, more valuable than ever their homes.

February 2003 Financial Advisor Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market
Tiburon Managing Principal Chip Roame will speak at the TD Waterhouse Partnership 2003 Conference, discussing recent trends in succession planning for advisory practices. Article summarizes that speech.

January 31, 2003 Fund Fire Fund Fire's Friday People Roundup
Tiburon Strategic Advisors is looking to hire six to ten consultants and researchers as the firm grows. Tiburon quoted saying that client demand is calling for more hires.

January 20, 2003 Fund Marketing Alert Tiburon Looks to Expand Consulting
San Francisco-based Tiburon Strategic Advisors is looking to hire about six to ten officials with consulting and research experience. Tiburon quoted saying that the firm is specifically looking for consulting trained executives.

January 16, 2003 US Banker Fee-Accounts Industry Has Held Up Better than Most Other Financial Products
New research from Tiburon shows that the fee-accounts market has swelled to almost $800 billion and evolved to include four types of programs.  Article profiles recent Tiburon research report on Fee-Accounts, TAMPs, & the Booming Separately Managed Accounts Market.

January 13, 2003 San Francisco Business Times Book of Lists: 100 Fastest Growing Private Companies
Tiburon included on list as 73rd fastest growing company with 50% annual revenue growth.

January 8, 2003 Fund Fire Turnkey Platforms Post Robust Asset Growth
The increasing popularity of separate accounts among independent advisors helped turnkey asset management platforms reap rewards last year. And platforms such as AdvisorPort and EnvestnetPMC expect adoption of separate accounts to increase this year. Tiburon quoted saying that AdvisorPort and EnvestnetPMC are pulling away from competitors.

January 6, 2003 Investment Adviser Week Managed Accounts Hotter than Funds?
Tiburon issued a research report on separately managed accounts, mutual fund wrap products, broker wrap products, and fee-based brokerage accounts. Article provides highlights of that report.

January 1, 2003 Wealth Services Technology No Smoke Without Fire
In the US, the managed account is replacing the mutual fund as the investment vehicle of choice for the mass affluent sector, but firms' ability to meet the demand is being hampered by their lack of automation. Article quotes a recent Tiburon research report saying the managed accounts market reached $770 billion in 2002.

January 2003 Registered Representative Reality
The separately managed accounts revolution might well be sweeping the financial services industry - transforming sales-junkie brokers into fee-based financial consultants with the knowledge to design and implement for clients over their lifetimes. Tiburon quoted saying that the average broker uses only 3.1 managers for all accounts, calling the diversification claim into question.

January 2003 Financial Planning A Few Good Recruits
Between the hard times on Wall Street and slow times in asset growth, independent advisory firms are drawing on a deep pool of talent. Tiburon quoted saying that those with a big book of business are in high demand today; with assets not growing organically, acquisitions of books are one of the few ways to grow.

December 9, 2002 Investment News Life-Agent Void Means Opportunity
Life insurance agents are becoming an endangered species and this could mean an opportunity for financial advisors if they develop the necessary sales expertise. Tiburon quoted saying this is a big opportunity for advisors to expand their value proposition.

December 2002 On Wall Street Client Events & Referrals
Tie the two marketing efforts together easily to generate more business among wealthy clients and prospects. Article quotes Tiburon survey showing that 58% of all financial business is referral based.

December 2002 Financial Planning Role Reversal
When planning to sell your firm, you should first adopt the attitude of a buyer looking for the right acquisition. Article profiles Tiburon's latest research on Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors.

November 11, 2002 Private Asset Management GE Private Asset Management Forms CEO Advisory Board
GE Private Asset Management has formed a CEO Advisory Council comprised of executives from a broad swath of its distribution partners. Tiburon quoted saying that advisory councils are becoming an increasingly popular idea amongst companies.

November 11, 2002 Fund Marketing Alert GEPAM Creates CEO Advisory Council
GE Private Asset Management has formed a CEO Advisory Council comprised of executives from a broad swath of its distribution partners. Tiburon quoted saying that advisory councils are becoming an increasingly popular idea amongst companies.

November 8, 2002 Fund Fire TD Waterhouse Sets Up Managed Account Platform
TD Waterhouse has launched a managed account platform for independent advisors. The firm is tapping EnvestnetPMC's third-party platform. Tiburon quoted saying that this will allow the firm to compete with programs at Schwab and Fidelity.

November 2002 Financial Advisor Who Will Buy Your Firm?
What's selling, who's buying, and what they're doing right and wrong.  After years of failed expectations of merger and acquisition activity in the planning industry, factors are finally falling into place that will drive planning firm sales. Article summarizes speech given by Tiburon Managing Principal.

October 30, 2002 Financial Advisor Financial Advisor Magazine
Financial Advisor magazine references #1 ranking in Tiburon's survey in its profile in the Schwab conference brochure.

October 29, 2002 Fund Fire PFPC Builds Managed Account Operating Platform
PFPC has entered the separate account arena via a partnership with AdvisorPort.  The service provider can now offer a complete operating platform to managed account sponsors. Tiburon quoted saying that this is a powerful entry in the arena of building a common operating platform for separate accounts.

October 15, 2002 Advisor Page Updated Research Report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors
Article is third in a series of research releases by Tiburon regarding its most recent version of its research report Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors. This releases specifically addresses the available M&A advisors for financial advisors.

Fall 2002 Accounting Today Independent Practitioners Make Over Half of their Earnings from Tax Prep
A survey of more than 500 independent tax professionals (CPAs and EAs) shows that tax return fees still account for more than 50% of the revenues of independent tax professionals and that the number of tax returns completed each year averages more than 600. Article summarizes data from Tiburon's tool

October 2, 2002 Advisor Page Tiburon Releases Updated Research Report on Trends in Succession Planning
Article is a press release by Tiburon regarding its most recent version of its research report Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors.

October 2002 CPA Wealth Provider Discount Cash Flow Best Method
Tiburon has released an updated version of its research report on trends in succession planning, firm valuations, and the growing acquisition market for financial advisors. Article profiles this new Tiburon research report.

October 2002 Wealth Manager A Separate Quandary
Independent advisors have tried to embrace separate accounts, but what's there to like about them? Article is critical of the advantage of separate accounts.  Tiburon research report about Fee Accounts & the Booming TAMPs Market quoted widely to explain separate accounts.

September 27, 2002 San Francisco Business Times 2002 Top 100 Fastest-Growing Bay Area Private Companies
Tiburon listed as 73rd fastest growing private company in the Bay area over the 1999-2001 period with an annualized revenue growth rate exceeding 50%.

September 25, 2002 Advisor Page Financial Computer Support Announces dbCams+ v. 3.7
Article is a press release by Financial Computer Support, announcing a new version of its portfolio management software.  Tiburon's Independent Rep Best Practices study is quoted saying that dbCams+ is the most popular software used by independent reps.

September 25, 2002 Advisor Page The Growing Acquisition Market for Financial Advisors
Article is a press release by Tiburon regarding its most recent version of its research report Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors.

September 23, 2002 Practical Accountant Learn the Secrets of Success
How do thousands of tax practitioners increase their income without increasing overhead? HD Vest advertisement promotes Tax Pro Best Practices web site built by Tiburon Strategic Advisors

September 16, 2002 Fund Marketing Alert Sincere Creates Positions
Sincere & Company has redesigned its web site and begun a search for candidates to fill three newly created positions. Article notes that a research report by Tiburon said that TAMP providers are rapidly gaining market share.

September 16, 2002 Investment News After Struggling, NATCO Goes Back to Drawing Board
Company drafts new plan to go after as many as 40 new advisor investors. Tiburon quoted noting competitive and market challenges for NATCO.

September 12, 2002 Financial Advisor Turnkey Asset Management Providers
The movement into managed accounts in the past decade has been substantial at wirehouses and regional firms, as well as at independent advisory firms. Article profiles recent research report by Tiburon Strategic Advisors.

September 12, 2002 Financial Advisor Everything You Always Wanted to Know About TAMPs
Sidebar article is an interview of Tamas Szarvas at Tiburon Strategic Advisors. Szarvas answers questions such as why certain advisors use TAMPs, how to choose between TAMPs, and how to contact the TAMPs.

September 2, 2002 Accounting Today Calling It Quits? Strategies For A Smooth Succession
Thinking about retiring? You're not alone.  More than half of the tax professionals surveyed by consulting firm Tiburon Strategic Advisors said that they plan to retire in the next six to 15 years. Tiburon Tax Pro Best Practices tool data used in article.

September 2002 Financial Advisor Welcome Back
Article includes highlights and details of upcoming Financial Advisor Symposium. Tiburon repeatedly mentioned; firm executives giving five speeches at the conference.

September 2002 Financial Planning Planner, Prepare Thyself
Even if retirement is years away, planners should already be working on their succession plans. Article summarizes recent Tiburon research report.

September 2002 Financial Advisor Building Your Practice: 10 Tips From the Pros
Financial advisors are so busy working with their clients that they often spend too little time expanding their businesses or cultivating and maximizing current client relationships. Article profiled session to be moderated by Tiburon at the upcoming Financial Advisor Symposium.

September 2002 On Wall Street Five Myths of Big Money
This article covers five myths of affluent investors. Tiburon research is quoted several times regarding market sizes.

September 2002 Registered Representative Managed Accounts Without the Headaches
For many years, managed accounts were a niche, in part due to the difficulties in making them efficient for a mass audience. But with separate accounts set to explode, technology is catching up. Tiburon quoted saying that managed account technology has been fairly weak for 20 years.

August 19, 2002 Accounting Today Report: M&A Among Advisory Firms to Soar Over Next Five Years
While there has not been much buy/sell activity among independent financial advisory firms to date, a recent research report predicts that trend is expected to change. Article highlights recent Tiburon research report.

August 16, 2002 Fund Fire Foliofn Ramps Up For Advisor Push
Foliofn is stepping up its bid to service the independent advisor market. The platform is putting together a roster of separate account managers and is growing its sales force. Tiburon quoted saying Foliofn should get a lot of credit for its tenacity.

August 5, 2002 Accounting Today Tax Pros Continue to Add PFP Component to Client Services Menu
The vast majority of tax professionals who make the leap into financial services do so by becoming a registered rep at an independent broker/dealer, that according to a study by Tiburon Strategic Advisors. Article addresses this movement and quotes various data learned from Tiburon's benchmarking tool

August 5, 2002 Accounting Today Tiburon Report Identifies Key Steps to Business Combination
Tiburon Strategic Advisors recently released an updated version of its research report on Trends in Succession Planning, Firm Valuations, and the Growing Acquisition Market for Financial Advisors. Article profiles recent Tiburon research report.

August 2002 Financial Advisor Report Predicts More Advisory Firms to be Sold
Conditions are right for an increase in the buying and selling of advisory businesses - meaning advisors should have a succession plan. Article profiles recent Tiburon research report.

August 2002 On Wall Street Targeting the High Net Worth
If you have what it takes, a focus on wealthier clients promises greater rewards. If you think the effort isn't worth the bother, consider the benefits. Article quotes Tiburon research regarding the size of the high net worth market.

August 2002 Investment Advisor Acquiring Minds Want to Know
More and more advisors are feeling the urge to merge - or buy or sell - their firms. Article summarizes highlights of Tiburon's recently updated research report on Trends in Succession Planning for Financial Advisors.

July 15, 2002 Investment News More Firms Up For Sale, But It May Pay to Wait
For nearly a decade, industry analysts have predicted that a large number of individual planners and advisors will sell their practices. Amid the struggling stock market, which has punished both investors and their advisors, that prediction is now coming true. Article extensively quotes recent Tiburon research report on Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors.

July 3, 2002 Advisor Page Tiburon Releases Updated Research Report on Trends in Succession Planning
Report identifies the five key steps to a successful business combination which include developing a strategy, valuing a firm & positioning it for sale, conducting a search, negotiating a transaction & securing necessary financing, and preparing for the close & making it work after the deal.

July 1, 2002 Investment News A Big Fish Goes After Small Fry
State Street to custody more advisor assets.  State Street keeps custody of $70 billion for 200 advisors. Tiburon quoted saying that banks such as State Street may find new life as custodian of advisory assets.

July 2002 Registered Representative Fun Fact
No matter what their prior occupation (if they had one), independent reps are a different breed, with backgrounds reflecting their entrepreneurial bent and their leadership abilities. Tiburon's Independent Rep Best Practices research quoted extensively.

July 2002 Investment Advisor Managed Account Mania!
One of the most significant trends in the financial services industry is the growing number of managed accounts - and their assets. Tiburon quoted saying the market has grown from $82 billion in 1992 to $582 billion in 2000. Tiburon graph also utilized to highlight TAMP programs.

July 2002 Investment Advisor Full Speed Ahead
National Financial Partners shuffles its broker/dealer and adds to its executive team so it can raise revenues. Tiburon quoted saying that NFP's move should create a better focus on its customers and product lines and help all the product lines move forward more quickly.

June 24, 2002 Fund Marketing Alert Broker/Dealers, Custodians Must Address Advisor Succession Planning
Advisor succession planning is an important issue for independent broker/dealers and custodians. Article extensively summarizes Tiburon's recently revised research report entitled "Trends in Succession Planning, Firm Valuations, & the Growing Acquisition Market For Financial Advisors."

June 6, 2002 Fund Fire New Rankings Test Managed Account Claims
A new ranking system is putting to the test the theory that managed accounts offer better after-tax performance than mutual funds. Tiburon quoted saying that the customization features of managed accounts and the after-tax reporting are both good for consumers but they make each other difficult.

June 2002 Research Multiple Choices
Advisors can choose from a much wider array of independent options than were available just a few years ago. Tiburon profiled on cover of magazine and quoted saying that the advisor increasingly has the power and will be able to increasingly shop amongst many good back-office solutions.

June 2002 Financial Advisor Where Advisors Invest Their Time
Tiburon research used in advertisement by Financial Advisor magazine, showing 64% readership in Independent Rep Best Practices.

May 27, 2002 Investment News Software Race Gains Challenger
The two horse race between Advent Software and Charles Schwab Corporation's Performance Technologies, has turned into a three-horse race, with TechFi winning 20-30 new accounts each month. Tiburon quoted saying that a lot of players intended to displace Advent with TechFi but TechFi has surprised everyone with its stamina.

May 23, 2002 Fund Fire Prudential Hops on Multi-Style Wagon
Prudential has joined the ranks of firms offering multiple style accounts.  The firm is emulating its wirehouse rivals by launching the in-house products. Tiburon quoted saying Prudential has two factors in its favor - a variety of styles under its umbrella and the ideal client base and distribution force for the product.

May 20, 2002 Investment News Merrill Lynch's Cat Leaps Out of the Bag
In what amounts to a top-secret effort capped by high price talent raids, Merrill Lynch has spent the past four years developing a business that targets independent advisors. Tiburon quoted saying Merrill Lynch business leader Derek Bruton is a strong relationship manager.

May 2, 2002 Fund Fire MFS Eases Managed Account Operations Burden
MFS Investment Management has installed new technology to help solve the managed account operations riddle. The Boston-based manager is the first to use LifeHarbor's software. Tiburon quoted saying LifeHarbor is one of the new wave of technology companies targeting the managed account business.

May 2002 On Wall Street Is The Future of Pricing Flat?
Value-based prices aren't here yet, but analysts say it is just a matter of time before more clients start paying by the hour. Tiburon quoted suggesting we will see a movement towards flat fees.

May 2002 FPA Planner Have You Checked this Out?
Article highlights upcoming Northern California FPA conference, with extensive coverage of Tiburon's presentation on Independent Rep Best Practices.

May 2002 Financial Advisor Where Advisors Invest Their Time
Tiburon research used in advertisement by Financial Advisor magazine, showing 64% readership in Independent Rep Best Practices.

May 2002 Financial Advisor The 5th Annual Portfolio Management Symposium
Picture of Tiburon's Managing Principal Chip Roame included in advertisement for upcoming financial advisor conference.

April 23, 2002 Fund Fire Trust Assets Slipping From Banks' Grasp
Trust assets are up for grabs. Banks have lost their dominant position in the market, and managers can cash in. Tiburon quoted noting the growing market for trust services amongst independent advisors.

April 2002 Reuters American Funds Gains on Rivals in College Savings
American Funds, the third-largest US mutual fund group, is hot on the heels of rivals Alliance Capital Management and Putnam Investments in the race to gather assets in college savings plans. Tiburon quoted showing that American Funds was the most popular mutual fund group in Tiburon's Independent Rep Best Practices survey.

April 2002 Financial Advisor The 14th Annual Las Vegas Money Show
Picture of Tiburon Managing Principal Chip Roame included in advertisement for upcoming individual investor conference.

April 2002 Investment Advisor Separation Without Anxiety
Frank Russell is actively marketing its new multi-manager separate accounts offering door-to-door, pitching to advisors that the company's long-held experience in manager research is superior. Tiburon quoted saying that Russell's experience in the multi-manager process is unparalleled.

April 2002 On Wall Street No Money in Broccoli
Tiburon referenced in Editor-In-Chief's letter. Article reads in part, consultant Chip Roame and money manager Mark Hurley see fees becoming uncoupled from assets. They predict more advisors will charge hourly fees or retainers for advice.

April 2002 On Wall Street Mutual Service Corporation's Business Builder Series
MSC ran an advertisement for its upcoming Business Builder Series. Chip Roame profiled as speaker in Seattle on leading-edge practices of independent reps.

April 2002 Registered Representative Crossing Over
Everybody's talking about individually managed accounts. So why aren't more brokers selling them? Tiburon quoted saying that older brokers may never convert to separate accounts.

March 18, 2002 Investment News Making a Run for Brokers Chased by Change
Cambridge Investment Research has thrown open the door to reps who believe the future is fee-based but loath to give up working through a broker/dealer. Tiburon quoted about the need for IBDs to create better fee-based programs.

March 11, 2002 Investment News Popular Site May Go Pro
Yahoo Finance portal eyes services for ready market - advisors. Yahoo Finance already is the second most visited web site by advisors; only Morningstar/Morningstar Advisor is more popular, according to a survey by Tiburon Strategic Advisors.

March 8, 2002 Ignites.Com Which Fund Groups Do Brokers Like Best?
The newest rankings of the most popular mutual funds among independent brokers shows that American Funds and Putnam are continuing to dominate the market. At the same time, eight other firms have shuffled positions in the rankings.

March 2002 Financial Advisor The Fifth Annual Portfolio Management Symposium
Intershow runs advertisement for fifth annual Portfolio Management Symposium for Financial Advisors. Advertisement includes picture of Tiburon's Managing Principal Chip Roame.

March 2002 Wealth Manager On The Web: Special Report
With the demand for trust services is expected to mushroom in the next four years, independent trust companies, broker/dealers, and banks are positioning themselves to compete for greater market share. Article profiles new Tiburon research report on independent trust companies.

March 2002 Wealth Manager A Different Kind of Return
CPAs are now boldly muscling their way into territory occupied by entrenched competitors. They're vying with stockbrokers, financial planners, insurance agents, and others by morphing into financial jacks-of-all-trades. Tiburon quoted regarding methods of CPAs entering the investments business.

February 21, 2002 Fund Fire Third-Party Platforms Repay Heavy Outlay
Managed account newcomers should spend the majority of their resources on breaking into third-party platforms. There's more opportunity, higher growth potential, and the fees are higher than at the wirehouses. Tiburon research report on TAMPs quoted extensively.

February 19, 2002 Fund Fire MFS Managed Account Blueprint Worth Copying
Asset managers entering the managed account business should emulate MFS, say industry experts. One year from its first major distribution deal, its managed account unit has $1.7 billion AUM. Tiburon quoted saying MFS has done well.

February 18, 2002 Investment News Specter of Andersen Looms Over Main Street
The Enron scandal threw the spotlight on potential conflicts of interest for big accounting firms, a la Arthur Andersen, that work as bean counters and consultants to the same company. While the damage so far is linked to Wall Street, some industry observers say that the mass migration of Main Street accountants into financial advice poses similar concerns. Tiburon study quoted saying that the average CPA has 591 tax clients and 141 financial planning clients.

February 11, 2002 Investment News Vanguard's Stealth Custody Play
The Vanguard Group has long treated the custody of advisor assets as a necessary evil. But now its approach appears to be changing. Tiburon quoted in reference to Fee-Only Financial Advisors Best Practices survey data which shows Vanguard is the most popular mutual fund company amongst the largest advisors.

February 2002 Registered Representative Not Your Typical Wall Street Suit
Jessica Bibliowicz's National Financial Partners is buying small advisors and other financial firms - promising a good deal for both sides of the trade. Tiburon quoted saying that NFP has a good senior management team and a financial model appropriate for advisors who want to grow their businesses.

February 2002 IMCA Monitor Masters of the Universe
As managing principal of Tiburon Strategic Advisors, Chip Roame keeps a close watch on the little tweaks and the revolutions in the investments industry. A frequent speaker at conferences, he serves as a consultant to senior executives and board members. This article is a wide ranging interview of Tiburon's industry views.

January 25, 2002 Fund Fire Eaton Vance Joins Multi-Discipline Elite
Eaton Vance has created a multi-discipline account (MDA), drawing on the expertise of its subsidiaries. The firm intends to be one of the elite group that benefits from the surge in interest in MDAs. Tiburon quoted saying SAM Wraps could reach $700 billion in AUM by 2005 and MDAs could account for 33%.

January 2002 Registered Representative How Do You Move Up?
January's a good time to assess how you did in 2001 and figure out where you are going in the new year. This year, there is a new web site that is specifically designed to help brokers with their annual ritual. Article profiles

January 2002 The CPA Journal Web Site of the Month: Tax Pro Best Practices
Tax Pro Best Practices (www.TaxPro provides a way for tax professionals to compare many aspects of their businesses with those of other independent tax professionals by completing an online survey. The CPA Journal named it as Web Site of the Month.

January 2002 Financial Advisor We're in Good Company
Financial Advisor Magazine runs advertisement stating that according to Tiburon Strategic Advisors' recent report, A Comprehensive Review of the Best Practices of Independent Reps, Financial Advisor ranked second, in a tie with The Wall Street Journal among the most widely read publications.

January 2002 Financial Advisor Commissions are Alive and Well
They won't disappear, although fees are the rage. Tiburon research report on Independent Rep Best Practices quoted saying that larger independent reps serve larger clients.

January 2002 Financial Planning High Time to Sell
Despite the recession and falling revenues, the market for advisory practices remains strong. Tiburon quoted saying that banks are focused on creating fee income and CPA firms have a need to add financial planning capabilities.


The extensive list of Tiburon quotes has required the use of multiple web site pages. Please click on the links above to view older or more recent article summaries.