Prior Tiburon CEO Summits (2010-2011)
Tiburon has held 47 prior CEO Summits, with the first Tiburon CEO Summit taking place in 2001. Details of Tiburon CEO Summits XVIII, XIX, XX, & XXI are included below; for details of other Tiburon CEO Summits, please click here: Most Recent, 2024-2025, 2022-2023, 2020-2021, 2018-2019, 2016-2017, 2014-2015, 2012-2013, (2010-2011), 2008-2009, 2006-2007, 2004-2005, 2001-2003.
Tiburon CEO Summit XXI: October 12-13, 2011
Tiburon CEO Summit XXI was held October 12-13, 2011 at the Ritz Carlton Hotel in San Francisco CA. Tiburon CEO Summit XXI started at 7:45am on Wednesday, October 13, 2011, included a group dinner that evening in Tiburon, & concluded at 12:00pm on Thursday, October 13, 2011. Over 140 senior industry executives took two days out of their busy schedules to participate. Along with Tiburon's Managing Partner Chip Roame and award recipients Rob Arnott (CEO, Research Affiliates) & Bill Sharpe (Professor Emeritus, Stanford University), guest speakers included Pete Kight (Managing Partner, The ComVest Group), Michael Sapir (CEO, ProShares), & Paul Steiger (CEO, Pro Publica). Tiburon CEO Summit XXI also featured the firm's traditional client-centric panel discussions, an innovation panel featuring four Tiburon clients, five less formal break-out sessions, & two networking-based social events.
Opening Keynote Presentation Highlights
Tiburon CEO Summit XXI featured a general session keynote opening presentation by Tiburon's Managing Partner Chip Roame regarding the state of the financial services industry. This presentation served as the backdrop and overview of the entire CEO Summit.
Chip Roame (Managing Partner, Tiburon Strategic Advisors)
Tiburon Strategic Advisors is pleased to provide a summary of the content of its Tiburon CEO Summit XXI opening keynote presentation. Chip Roame (Managing Partner, Tiburon Strategic Advisors) kicked off Tiburon CEO Summit XXI with his presentation broadly addressing the state of the financial services industry. Though Mr. Roame is included on lists of key industry voices and influencers regularly, he commented that given Tiburon's unique mission, he sees himself as, "an observer of the industry, not in the industry". Tiburon Strategic Advisors focuses on corporate level strategy consulting and research across all of the channel, product, & strategic areas, within the financial services industry.
Charles ("Chip") Roame is the Managing Partner of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the brokerage, investments, banking, & insurance markets. Prior to forming Tiburon in 1998, Mr. Roame served in similar capacities, first as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. Mr. Roame is quoted daily throughout the media and, due to Tiburon's widely shared research; he may be the most frequently demanded board advisor and conference speaker. His particular expertise is that of corporate strategy for larger financial services firms, designing broad multi-faceted strategies and making trade-offs between alternative businesses, products, & markets.
At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses - mutual funds, exchange traded funds, separately managed accounts, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and investment banking transactions. At Tiburon, Mr. Roame has led over 1,400 client engagements for over 300 corporate clients since 1998.
Mr. Roame has won numerous awards throughout the consulting and financial services industries, including being named one of the power 25 elite by Investment News, one of the twenty-five most influential people in financial planning by Investment Advisor magazine, & one of the five experts with the answers by Boomer Market Advisor. Tiburon has also been named one of the fastest growing companies by the San Francisco Business Times in multiple years.
Mr. Roame is frequently sought as a board member by Tiburon client company boards. He presently serves as a board member at Envestnet (NYSE: ENV). In the past, he has served on a variety of other boards, including those for start-up ventures Anira Advisory Group, One Harbor, & Prima Capital Holdings, the SA Funds mutual fund family, and the Institute of Investment Management Consultants trade group.
Overview
Mr. Roame addressed the state of the financial services industry, including the most important news stories in the past six months, recent Tiburon research findings, and strategic developments at dozens of Tiburon clients. His outline included the broad market environment, including world events, the economy & markets, financial services industry stumbles, consumer wealth, growing baby boomer issues, consumers' attitudinal & behavioral issues, and the regulatory environment. His outline went on to include the resulting product trends, distribution channel trends, and strategic activity. And Mr. Roame closed by offering a take-away which was the top dozen fundamental trends impacting all financial services firms.
Broad Market Environment
As it pertains to the broad market environment, Mr. Roame sought to put recent world events into perspective for the financial services CEOs who attended Tiburon CEO Summit XXI, saying that, "we got the bad guy" regarding Bin Laden's demise, and touching on less certain but still relevant issues of continued turbulence in the Middle East, natural disasters on the US East Coast, and politically charged issues like the Solyndra bankruptcy. He addressed the potential outcomes from various economic & market scenarios, touching on the fact that, "bank failures are down to just 88 in 2011", questioning the idea that "..that is good?", and that, "while we like to "blame the European Debt Crisis for our woes in the US, that in fact our high unemployment and sluggish economy are more products of internal and political problems here at home. Mr. Roame highlighted the continued slump in housing as a key factor impacting prospective retirees as we now have the, "inverse of the 1990s Wealth Effect, where all three (investable assets, principal residences, & small business values) went up".
Mr. Roame went on to highlight Federal Reserve Flow of Funds data showing the unequal consumer wealth recovery, and making the keen observation that, "this is why you are seeing Occupy Wall Street happening". And taken together with some of the industry's stumbles & scandals (Mr. Roame listed Galleon Group, Berkshire Hathaway, UBS, etc.), led him to suggest that consumer attitudes may have changed enough so that, "the end result may be a self-serve revolution" as opposed to investors working with an industry that keeps stumbling all over itself".
Finally in this opening section of his presentation, Mr. Roame offered a top down recap of the complicated regulatory and political environment, revealing attendee survey data pointing to FINRA being named as the RIA Regulator, and that the US would have a Republican president in 2012. His own bold outlook is that Obama will be re-elected after, "seeing Romney get the Republican nomination and then Obama replacing Biden with Hillary (Clinton)" in 2012, but that they will continue to be working with a Republican Congress, suggesting no meaningful change to either the legislative or executive branches of government.
Distribution Trends
Mr. Roame made predictions for the growth of leading distribution channels, including the RIA market ("fastest growing channel"), the IBD market, where he give context to the discussion of the "break away broker trend" by pointing out that 90% of those leaving the wirehouses "have been fired", suggesting to the group, "that you want to call the guy a breakaway broker, go ahead, but I think he was broken away!". He also discussed the continued evolution of self-serve channels (e.g., discount brokers) saying there are, "fifty firms but only five that matter", and highlighting the new Schwab independent business operator (IBO) strategy as, "exactly the spirit of the original Schwab model", and touched on several other, "pretty nifty products in this space such as the recently introduced Personal Capital Corporation".
Product & Service Trends
Mr. Roame made similar predictions for product trends, including those for mutual funds, which, "have mroe assets that all other financial products added together", exchange traded funds (ETFs), which are, "almost synonymous with indexing", a part of the fastest growing product trend that he sees, "continuing", but that it will be a "slow takeover" (in relation to active management, still at 80% of assets). Mr. Roame also highlighted the other rapidly growing trend, alternative investments, and the, "polarization" (the parallel growth in indexing & alternatives) paradigm which he highlighted ten years ago, saying "we were right, and I would gamble that this will still be right ten years from now". He commented on the emergence of active ETFs ("not a big deal yet"), variable annuities ("the product that is always about to win and never does"), and within alternatives he discuss hedge funds, noting that while many have emerged, most of the assets are still flowing to the larger funds, saying that, "big hedge funds are getting super big".
Strategic Activity
Lastly in this section, Mr. Roame addressed recent strategic activity like the purchase of Securities America by Ladenburg Thalmann, and venture capital and private equity trends in financial services, including recent transactions like Lovell Minnick acquiring First Allied, Parthenon's investment in HD Vest Financial Services, and investments in leading RIAs like The Mutual Fund Store. Mr. Roame noted that, " as a general rule, the private equity business is dormant, but in financial services, its active".
The Top Dozen Fundamental Industry Trends
In an effort to offer an outsider's view of the key points, Mr. Roame offered that there are a dozen fundamental trends driving the financial services industry. These trends include: 1) fee-based pricing; 2) indexing & ETFs; 3) alternative investments; 4) retirement income & longevity insurance; 5) product simplicity; 6) tactical asset allocation; 7) financial advisor independence; 8) the dominance of high-end financial advisors; 9) the re-emergence of the self-serve channels; 10) fundamental shifts in defined contribution business; 11) growth in all types of outsourcing; & 12) financial advisor aggregation.
Award Recipients
Tiburon Strategic Advisors is pleased to announce the most recent recipients of its Tiburon CEO Summit Awards. Rob Arnott (CEO, Research Affiliates) & Bill Sharpe (Professor Emeritus, Stanford University) were recognized as Tiburon CEO Summit award winners at Tiburon CEO Summit XXI on October 12-13, 2011 because they exemplify three central themes; Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility. The award recipients are chosen by a running tally of the votes of thousands of prior Tiburon CEO Summit attendees.
Rob Arnott (CEO, Research Affiliates)
Rob Arnott founded Research Affiliates in 2002 as a research-intensive asset management firm focused on innovative products, especially as they pertain to quantitative investing. Today, the firm manages over $50 billion in assets and continues to explore novel approaches to active asset allocation, optimal portfolio construction, & more efficient forms of indexation. Research Affiliates distributes investment products globally in partnership with leading financial institutions.
Mr. Arnott was previously chairman of First Quadrant, which he built out of the former internal money management operations of Crum & Foster. Prior to this, he was global equity strategist at Salomon Brothers (now part of Citigroup), the founding CEO of TSA Capital Management (now part of Analytic Investors), and a vice president at The Boston Company. In recognition of his achievements as a financial writer, Mr. Arnott has received five Graham & Dodd Scrolls, awarded annually by the CFA Institute for best articles of the year. He has also received two Bernstein-Fabozzi/Jacobs-Levy awards from the Journal of Portfolio Management and Institutional Investor magazine.
As it pertains to the Tiburon CEO Summit award criteria, some of Mr. Arnott's accomplishments include:
- Challenging Conventional Industry Wisdom (Innovation): Mr. Arnott has pioneered several unconventional portfolio strategies that are now widely applied, including the fundamental index approach to indexation, which has at its crux the belief that because some stock prices are inefficient, capitalization weighted indexes necessary lead to the purchase of more of the overpriced securities and less of the underpriced securities. Specifically, Mr. Arnott said, "the market is not passive at all from a company centric point of view", and went on to site the current premium for AAPL (Apple Inc. - NASDAQ) and discount on BAC (Bank of America Corporation - NYSE). Mr. Arnott has challenged conventional industry wisdom in other areas as well, including asset allocation whereby he argued for including a broader range of risky asset classes, tactical asset allocation ("which some call market timing") that he promoted before its current trendiness, global tactical asset allocation, & tax-advantaged equity management.
- Focusing on Consumer (and Other Client) Needs: Mr. Arnott has a well earned reputation as one of the world's most provocative and respected financial analysts. He seeks only products that add value for clients and investors, eschewing marketing gimmicks. For instance, Mr. Arnott likely could have maintained the fundamental index approach in a black box and charge far higher fees as an active manager. He explained though that it, "comes down to the fact that the end customer has to win...", and he believes that, "our industry, contrary to many views, has ethical standards" in alluding to the lower cost model for delivery of his technology.
- Taking Responsibility: Mr. Arnott speaks at many conferences, often for no fees, and has written over 100 articles in journals such as the Journal of Portfolio Management, the Harvard Business Review, & the Financial Analysts Journal, as well as being the co-author of The Fundamental Index: A Better Way to Invest. He has served on the board of the Financial Analysts Journal, including as editor-in-chief from 2002 to 2006, and as a visiting professor at the UCLA Anderson School of Management. When asked about his academic and professional accomplishments in this regard, Arnott replied that, "I blame it on my urge to test ideas and see if they are true..." pointing to his fundamental curiosity and his willingness to share his findings.
Bill Sharpe (Professor Emeritus, Stanford University)
Bill Sharpe is the STANCO 25 Professor of Finance, Emeritus, at Stanford University's Graduate School of Business and also Director Emeritus at Financial Engines, which he cofounded in 1996. Professor Sharpe's research interests focus on macro-investment analysis and equilibrium in capital markets. He is associated with dozens of widely utilized investment concepts, including being one of the originators of the Capital Asset Pricing Model (CAPM), and the creator of the Sharpe Ratio for risk-adjusted investment performance analysis, the binomial method for the valuation of options, the gradient method for asset allocation optimization, and returns-based style analysis for evaluating the style and performance of investment funds. Professor Sharpe received the Nobel Prize in Economic Sciences in 1990.
As it pertains to the Tiburon CEO Summit award criteria, some of Professor Sharpe's accomplishments include:
- Challenging Conventional Industry Wisdom (Innovation): Professor Sharpe has proven to be a master at expressing complicated concepts in elegant simplistic terms, making them widely usable. For instance, Professor Sharpe's Nobel Prize work on Modern Portfolio Theory captured the simplicity of the risk & reward relationship. At Tiburon CEO Summit XXI, Professor Sharpe was quick to share credit for his inspiration with one of his early mentors, Armen Alchian (Professor Emeritus - UCLA), saying that, "I guess it goes back to my original influence; Alchian encouraged us to simplify things..." so, "I think of things simplistically..".
- Focusing on Consumer (and Other Client) Needs: Professor Sharpe's more recent work at Financial Engines, which, "came out of helping defined benefit pension plans understand risk". Upon recognizing that the 401K market had shifted the problems of pension management to consumers, Professor Sharpe led the building of a firm that has as its mission an effort to address the fact that average investors are not well served by financial advisors and product companies. Professor Sharpe said that, "I started turning all my academic research and writing towards the individual", and in fact, the goal of Financial Engines, "is to put the proper advisory tools in the hands of these investors". Even at the beginning, Professor Sharpe was credited with focusing on consumers, often referring to Chilean consumers where defined contribution plans had first grown. Founded in 1996, Financial Engines is now the largest RIA serving consumers directly, with 518,000 clients, $44 billion assets under management, and a moderate median client of $38,000. One of the early business decisions made by Financial Engines was to sell no proprietary products and accept no commissions, the two common drivers of industry profitability at the time.
- Taking Responsibility: Professor Sharpe has given back substantially in his business activities focused on average consumers; Financial Engines has a noble purpose. Professor Sharpe added, that "the objective was to help employees to save and invest" and "it is still that simple". Professor Sharpe was also the past president of the American Finance Association and a trustee of the Economists for Peace & Security.
Tiburon Strategic Advisors is pleased to share highlights of its Tiburon CEO Summit XXI guest speaker presentations. Along with Tiburon's Managing Partner Chip Roame and Tiburon CEO Summit award recipients Rob Arnott (CEO, Research Affiliates) & Bill Sharpe (Professor Emeritus, Stanford University), guest speakers included Pete Kight (Managing Partner, The ComVest Group), Michael Sapir (CEO, ProShares), & Paul Steiger (CEO, Pro Publica).
Pete Kight (Managing Partner, The ComVest Group)
Pete Kight is Managing Partner (and co-chairman) of The ComVest Group. He is a pioneer in financial services technology, especially in electronic funds transfer, online banking, and electronic billing & presentment.
Mr. Kight previously served as CEO (and chairman) of CheckFree Corporation from its inception in 1981 until it was acquired by Fiserv for $4.4 billion in cash in 2007. Mr. Kight founded CheckFree in his grandmother's basement, with a vision of providing electronic funds transfer services to businesses & consumers. After the realization of those goals, his vision expanded into building infrastructures to support new services that enable & simplify the electronic movement & management of personal & business finances. Today, those products & services have become pervasive, particularly the ability for consumers to view & pay bills online. Mr. Kight has more than a dozen patents for electronic banking and payment systems, and he has been recognized as one of ten unsung financial heroes by Money magazine and featured in Fortune magazine, where CheckFree's e-payments functionality was named one of the Seven Silver Bullet Technologies. In 2007, he received the Ellis Island Medal of Honor and was the first recipient of the Peter Kight Lifetime Achievement Award from Bank Technology News. Pete is a member of the board of directors of Akamai Technologies, Manhattan Associates, & Fiserv.
Mr. Kight provided his views on the intersection of finance and technology. Mr. Kight was a returning guest speaker at the Tiburon CEO Summits, having previously received one of the highest attendee satisfaction scores over the prior eleven years. A self effacing speaker, Mr. Kight provided an update on his predictions from 2009 summing up a number of developments by saying, "it is not happening as fast as I thought it would, but it is happening". Mr. Kight discussed the concept of the Digital Consumer as, "ultimately where we are headed", and though he described the financial services industry as having, "incrementally moved forward, slower than in most areas" (related to other industries), and went on to describe what he called Digital Distribution Power, and the emergence of technology companies like Apple, Google, Facebook, Amazon, & Netflix as, "the concentration of power with a few players". Mr. Kight summarized with a description of Google Wallet by stating, that "in some ways it has been delivered 1,000 times in the last 15 years, but this is the first time someone had the end to end solution".
Michael Sapir (CEO, ProShares)
Michael Sapir is CEO (and Chairman) of ProFund Advisors in Bethesda, MD, a firm that he founded in 1997. Mr. Sapir described the firm's original target market by saying that, "we were aware of some RIAs (Registered Investment Advisors) who were bucking the trend" in using tactical asset allocation as opposed to the more traditional strategic model. ProFund Advisors is perhaps now best known for pioneering the ProShares family of leveraged & inverse ETFs in 2006. The ProShares family has since grown to 90 ETFs and $31 billion assets under management, making it the fourth largest ETF family. ProFund Advisors also manages 115 ProFunds mutual funds and manages the Canada-based Horizon BetaPro ETFs.
Mr. Sapir previously served as a principal at Padco Advisors, the advisor to the Rydex Funds, and a partner at the Washington, DC law firm of Jorden Burt, where he represented financial institutions. An innovator before founding ProFunds, Mr. Sapir was integrally involved in the creation of the first prime rate fund, the first registered fund investing exclusively in developing market securities, and the first general account annuity. He has been a staunch defender of the benefits of leveraged funds, butting heads with regulators and the media on numerous occasions.
Mr. Sapir provided his views of indexing by saying that, "..in the early days, tactical might have been code for market timing..", and on exchange traded funds, active ETFs, and inverse & leveraged funds by asserting that, "actively managed ETFs will be successful if they can take the reasons that index ETFs have been successful, and transfer them". He also discussed his views of business transformation, flatly stating, in response to a question about opportunities for new entrants to the ETF arena, "the time is not right; there are too many players".
Paul Steiger (CEO, Pro Publica)Paul Steiger is the CEO (and Editor-in-Chief) of Pro Publica, the investigative journalism firm. Pro Publica reporters received Pulitzer Prizes in both 2010 and 2011. He is also a member of the steering committee for the Reporters Committee for Freedom of the Press, which provides free legal assistance to journalists and a trustee of the John & James Knight Foundation, which funds efforts to enhance journalism and the functioning of American communities.
Mr. Steiger was previously the managing editor of the Wall Street Journal from 1991 to 2007. During his tenure, staff members were awarded sixteen Pulitzer Prizes. Previously, Mr. Steiger worked for fifteen years as a reporter, the Washington economics correspondent, & the business editor for the Los Angeles Times, and for 26 years as a reporter and editor for the Wall Street Journal. He was also a member of the Pulitzer Prize Board from 1999 to 2007, serving as its chairman in his final year.
Mr. Steiger opened with both humor and a bit of warning by introducing his message to the Tiburon CEO Summit Attendees with, "Good morning, Masters of the Universe, I bring you greetings from Occupy Wall Street". He shared his views on the cost and challenges to continuing to provide traditional investigative journalism, the decline of newspapers (a function of budgets and the rise of both legitimate and unsubstantiated blogs), and the growth of investigative journalism in a new format (the Pro Publica model). He also discussed his take on the financial services industry, and Pro Publica's extensive coverage of recent financial services industry events reported in the news. Mr. Steiger challenged the Tiburon CEO Summit attendees, as representatives of the financial services industry, to take this opportunity to have a positive impact, stating that, "you also have leverage with key people in both parties" and touched on the public relations problems of Wall Street by advising the group that, "one of the best ways for the industry (financial services) to address the public relations problem is to be less defensive". In fact, he outlined a more comprehensive plan for this issue by suggesting that the financial services industry should: 1) "accept that the past two or three decades before 2008 were anomalies", 2) "..don't whine..", 3) "tell your industry associations and lobbyists not to push for every last concession", & 4) "put better people in charge of handling distressed mortgage loans". The talk was both informative, and sobering, and a productive departure from the norm at Tiburon CEO Summits.
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Media Representatives
Tiburon CEO Summit XXI also welcomed select media attendees, including:
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Tiburon CEO Summit XX: April 12-13, 2011
Tiburon CEO Summit XX was held April 12-13, 2011 at the
Ritz Carlton Hotel in
Opening Keynote Presentation Highlights
Tiburon CEO
Summit XX featured a general session keynote opening presentation by Tiburon's
Managing Partner Chip Roame regarding the state of the financial services
industry. This presentation served as the backdrop and overview of the entire
CEO Summit.
Chip Roame (Managing Partner, Tiburon Strategic Advisors)
Charles Roame is the Managing Partner of Tiburon Strategic
Advisors and a leading strategic consultant to CEOs, other senior executives,
& boards of directors in the brokerage, investments, banking, &
insurance markets. Prior to forming Tiburon in 1998, Mr. Roame served in
similar capacities, first as a management consultant at McKinsey &
Company, and later as a business strategist at The Charles Schwab
Corporation. Mr. Roame is quoted daily throughout the media and, due to
Tiburon's widely shared research, he may be the most
frequently demanded conference speaker. His particular expertise is that of
corporate strategy for larger financial services firms, designing broad
multi-faceted strategies and making trade-offs between alternative
businesses, products, & markets.
At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses - mutual funds, exchange traded funds, separately managed accounts, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and investment banking transactions. At Tiburon, Mr. Roame has led over 1,300 client engagements for over 300 corporate clients since 1998.
Mr. Roame has won numerous awards throughout the consulting and financial services industries, including being named one of the power 25 elite by Investment News, one of the 25 most influential people in financial planning by Investment Advisor magazine, & one of the five experts with the answers by Boomer Market Advisor. Tiburon has also been named one of the fastest growing companies by the San Francisco Business Times in multiple years.
Mr. Roame is frequently sought as a board member by
Tiburon client company boards. He presently serves as a board member at
Envestnet (NYSE: ENV). In the past, he has served on a variety of other
boards, including those for start-up ventures Anira Advisory Group,
Mr. Roame addressed the state of the financial services industry and key issues faced by Tiburon's financial services CEO-level clients, structuring his comments around the broad market environment and financial services industry strategies. Specifically, Mr. Roame addressed the broad overarching world events & continual financial services industry stumbles in the news; the US economy which is still struggling, the stock markets, which are roaring ahead, & the housing markets which are still mixed; recovering consumer wealth, including consumers' attitudinal changes; the limited progress on regulatory reform & the resetting of the political landscape, continuing market & distribution channel evolution; continuing product trends; & the accelerating strategic activity.
Mr. Roame first addressed the broad overarching world
events & continual financial services industry stumbles in the news. He
stated that among events impacting the world economy that, in terms of lives
lost, the earthquake in
Mr. Roame further addressed the
Mr. Roame continued to address recovering consumer wealth but with attitudinal changes. He noted that the US personal savings rate is up, and that many investors have become more sophisticated, stating that, “I think you are seeing a generational shift right now” in relation to more self-directed activity.
Mr. Roame went on to address the limited progress on health care reform, financial services reform, the fiduciary issue, & the 12b1 issue, as well as the resetting of the political landscape. He stated that most of these issues are, "a long way from being settled right now".
Mr. Roame also reviewed the continuing market & distribution channel evolution, including those in the financial advisory markets (wirehouses, break-away brokers, independent broker/dealers, & fee-based financial advisors), self-serve markets, institutional markets, & international markets. He said that, “all of the growth is in the independent channel…all other channels have shrunk”. Further, about the break-away broker trend he said, “it is not accurate to say that they are breaking away in mass from the wirehouses” to go independent as “2/3 of those who left wirehouses went to other wirehouses”, and many of those reported as going independent “were fired”, which hardly supports the break-away broker trend as broadly reported in the media.
Mr. Roame went on to address accelerating product shifts such as those in mutual funds (target date mutual funds), exchange traded funds (ETFs), hedge funds (40 act structured funds), & guaranteed products. He stated that, “the flows are all going to mutual funds and ETFs”, and that the hedge fund industry is "rapidly maturing".
Mr. Roame concluded that strategic activity is accelerating, including mergers & acquisitions opportunities in the banking, mutual funds, & independent broker/dealer markets. He closed saying that because the majority of total financial services industry market capitalization is held by retail banks, "that makes banks the acquirers", and in a bit of a challenge to one of the keynote speakers, David Carroll of Wells Fargo Corporation, Mr. Roame predicted that, “Wells Fargo will acquire UBS’ brokerage business" in 2011 or 2012.
Tiburon recognized John Bogle
(Founder, The Vanguard Group) & Mark Casady (CEO, LPL Financial) as the
third annual recipients of its Tiburon CEO Summit awards at
Tiburon CEO Summit XX. Tiburon's CEO Summits are built around three
key themes, including focusing on consumer (and other client) needs,
challenging conventional industry wisdom (innovation), & taking
responsibility. In order to recognize leaders in the financial services
industry who have supported these themes, Tiburon initiated its Tiburon CEO
Summit Awards. Tiburon Strategic Advisors is pleased to share some highlights
of the Tiburon CEO Summit XX awards presentations.
Jack Bogle (Founder, The Vanguard Group)
John Bogle founded The Vanguard
Group in 1974, served as chairman & CEO until 1996 and senior chairman
until 2000, and today serves as the president of Vanguard's
Mr. Bogle has been a recipient of
numerous awards, including being named as one of the world's 100 most
powerful & influential people by Time magazine in 2004 and one of the
investment industry's four giants of the twentieth century by Fortune Magazine
in 1999. He also is a recipient of Institutional Investor magazine's Lifetime
Achievement Award in 2004, the Woodrow Wilson Award from
Mr. Bogle was being recognized as a Tiburon CEO Summit award recipient because he exemplifies the three central themes, including Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility. Mr. Bogle, 81 years old, is one of the most respected mutual fund leaders and a legend to many. As it pertains to Tiburon CEO Summit award criteria, some of Mr. Bogle's accomplishments include:
- Focusing on Consumer (and Other Client Needs): Mr. Bogle structured The Vanguard Group as a mutual, in which its mutual funds own the company. In turn, investors own the mutual funds and benefit directly from its low costs. Mr. Bogle has likely given up billions in personal wealth and allows investors to determine how to share their savings. Numerous studies have shown that low expenses are the most reliable indicator of mutual fund performance
- Challenging Conventional Industry Wisdom (Innovation): Mr. Bogle has been at the forefront of two of the mutual fund industry's most impactful innovations, including index funds (1976) and no-load mutual funds (1977). Neither was an overnight success (Vanguard's S&P 500 index fund raised only $11 million in its initial offering period). Mr. Bogle's passion and stamina in part led to their success
- Taking Responsibility: Mr. Bogle has been relentless in telling the indexing and other stories to assist investors, having published nine books
Tiburon's Managing Partner Chip Roame sat down with Mr. Bogle at Tiburon CEO Summit XX to recognize him for focusing on consumer (and other client) needs, challenging conventional industry wisdom (innovation), & taking responsibility. Prior to Mr. Roame's questions, Mr. Bogle made a few opening comments to the group, and with equal parts humor and wisdom, he thanked Tiburon for the award, and humbly said, that fifteen years after a heart transplant he was, '"pleased to be anywhere". He briefly recounted the story of the development of Vanguard and the origins of the first index mutual fund and said that "time after time, lady luck smiled on me".
When Mr. Roame asked Mr. Bogle about focusing on consumer needs, Mr. Bogle stated quite clearly that is The Vanguard Group's entire mission. He stressed his career long fight against, "the tyranny of costs", and the beneficial impacts of a simpler and lower cost model that puts shareholders first, ahead of the profits and growth of the mutual fund company.
When Mr. Roame shifted to the topic of challenging conventional wisdom, Mr. Bogle referred to the original objective of The Vanguard Group. He said early on it was far from a certainty that the low cost index mutual fund would work, and said that it had been referred to as, "Bogle's folly", raising only $11 million in its initial offering period.
And finally on the topic of taking responsibility, Mr. Bogle discussed The Vanguard Group's long standing policy to help both regulators and the media, saying that, "the mutual funds industry does not need Vanguard....every industry needs a Vanguard!"
Mr. Roame also welcomed Tiburon CEO Summit XX attendees to pose questions to Mr. Bogle. One attendee asked Mr. Bogle about continuing to challenge conventional wisdom, and Mr. Bogle commented that, "I love a good fight", saying that, "it is even better when you win".
Mr. Bogle was recognized as a
Tiburon CEO Summit award recipient as he exemplifies the three central
themes, including Focusing on Consumer (and Other Client) Needs, Challenging
Conventional Industry Wisdom (Innovation), & Taking Responsibility.
Mark Casady (CEO, LPL Financial)
Mark Casady is the CEO of LPL
Financial. Before joining the firm in 2002, Mr. Casady was managing director
of the mutual funds group at Deutsche Asset Management,
Mr. Casady serves on the Financial
Industry Regulatory Authority's (FINRA) board of governors and is former
chairman and a current board member of the Insured Retirement Institute. Mr.
Casady also previously served on the executive committee of the Investment
Company Institute board of governors. Mr. Casady was recognized as the financial
executive of the year by DePaul University College of Commerce in 2007 and
was also named one of the top 50 financial professionals by Irish American
magazine in 1999. Mr. Casady was inducted into the Redefining Investment
Strategy Education Hall of Fame by the
Mr. Casady was recognized as a Tiburon CEO Summit award recipient because he exemplifies the three central themes, including Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility.
Mr. Casady made a rather dramatic career shift in moving from the manufacturing (Scudder Investments) side of the business to the independent financial advisor distribution (LPL Financial) side and has met with great success, including leading LPL's 2010 initial public offering. As it pertains to Tiburon CEO Summit award criteria, some of Mr. Casady's accomplishments include:
- Focusing on Consumer (and Other Client Needs): Mr. Casady has been a vocal supporter of both objective advice and the democratization of advice. LPL's core clients are not consumers but rather its independent advisor clients. As one LPL executive team member reported to Tiburon, "Mark came to take us public and fell in love with financial advisors." As an example of his commitment to LPL's financial advisor clientele, Mr. Casady updated and redistributed LPL's commitment creed that was originally written in 1986 and which lays out five fundamental premises about serving financial advisors
- Challenging Conventional
Industry Wisdom (Innovation): Prior to LPL's ascendency under Mr.
Casady's leadership, independent broker/dealers were small key person
organizations. Mr. Casady institutionalized the LPL value proposition,
built out an executive team, and grew its number of financial advisor
clients from 3,000 to 12,000, making LPL the third largest brokerage
firm in the
- Taking Responsibility: Mr. Casady serves on the Financial Industry Regulatory Authority’s (FINRA) board of governors and is former chairman and a current board member of the Insured Retirement Institute. Mr. Casady also previously served on the executive committee of Investment Company Institute board of governors. On a more personal level, Mr. Casady & LPL formed the Invest in Others Foundation which includes matching gifts to LPL financial advisors' charities as well as an industry charitable event (in association with Investment News) recognizing charitable efforts across the industry
Tiburon's Managing Principal Chip Roame sat down with Mr. Casady at Tiburon CEO Summit XX to recognize him for focusing on consumer (and other client) needs, challenging conventional industry wisdom (innovation), & taking responsibility.
When Mr. Roame asked Mr. Casady about focusing on consumers, Mr. Casady stated quite clearly that LPL Financial, “remains true to Todd Robinson’s (LPL founder) original vision from when he started the firm as a 27 year old Smith Barney broker”, eschewing the traditional Wall Street model of selling proprietary products to the firm’s clients, and instead creating an independent platform for financial advisors to provide planning based conflict-free solutions.
When Mr. Roame shifted to the topic of Mr. Casady’s role in challenging conventional wisdom, growing the firm, and recently having taken LPL Financial public, Mr. Casady confirmed a quote from one of his senior colleagues at LPL Financial who said that, "Mark came to LPL to take it public, and he fell in love with financial advisors along the way". Mr. Casady amplified that feeling by discussing the, “need for advice” on the part of investors and “the important work” that independent financial advisors do in that respect.
And finally on the topic of taking responsibility, Mr. Casady discussed LPL Financial's growing efforts to support independent financial advisors with regulators, saying that, “our model (independent advisors) is under tremendous threat”, and that he has, in conjunction with two separate lobbying firms been spending a lot of time in Washington, DC, citing an old Capitol Hill adage that, “if you are not at dinner, you are on the menu”.
Mr. Roame also welcomed Tiburon CEO Summit attendees to pose questions to Mr. Casady. Several attendees were curious about Mr. Casady’s impressions on the fiduciary issue, and he said that, “the SEC study was actually pretty good….the standard, as written by the SEC would work..” in reference to unbiased advice and LPL Financial’s dually registered financial advisor model.
Mr. Casady was recognized as a Tiburon CEO Summit award recipient because he exemplifies the three central themes, including Focusing on Consumer (and Other Client) Needs, Challenging Conventional Industry Wisdom (Innovation), & Taking Responsibility.
Along with Tiburon's Managing Principal Chip Roame and award
recipients John Bogle (Founder, The Vanguard Group) & Mark Casady (CEO,
LPL Financial), guest speakers at Tiburon CEO Summit XX included
Keith Banks (President, US Trust), Charles Brandes (Chairman, Brandes
Investment Partners), David Carroll (Senior Executive Vice President, Wells
Fargo Corporation), Ric Edelman (CEO, Edelman Financial Services), Ed Finn
(President, Barron's), & Allen Thorpe (Managing Director, Hellman &
Friedman).
Keith Banks (President, US Trust)
Keith Banks is president of US Trust, Bank of
Mr. Banks has been with Bank of America Corporation and its
predecessor organizations since 2000 when he joined Fleet Boston Financial.
He previously served as president of Global Private Client, Institutional and
Investment Management, president of Global Wealth & Investment
Management, and president & chief investment officer of Columbia
Management. Prior to joining Fleet Boston Financial, Mr. Banks spent sixteen
years at JP Morgan Investment Management, where his roles included head of
Mr. Banks addressed his views of the private banking and asset management businesses. Mr. Banks said that in relation to the clarity and simplicity of his mission, “this is a rocket science free zone…we are focused on blocking & tackling”. Mr. Banks went on to say that, “our goal is to become the pre-imminent private bank”, and that, “I talk about getting the swagger back” in relation to returning US Trust to its former market position.
Mr. Banks also welcomed Tiburon CEO Summit XX attendees to pose
questions in an extended question & answer session. One attendee asked
Mr. Banks about the working relationship between US Trust and Merrill Lynch,
and Mr. Banks commented that, “it is not easy, but it is doable”.
Another attendee asked Mr. Banks about open architecture versus proprietary
products, and Mr. Banks asserted that, “proprietary products were once
viewed by clients as a way for us to charge them more money, and now they see
it as us controlling the quality of the investment process".
Charles Brandes (Chairman, Brandes Investment Partners)
Charles Brandes is the chairman of the Executive Committee of Brandes
Investment Partners, where he shares responsibility for driving strategic
decisions and monitoring implementation of the firm’s vision &
objectives. Mr. Brandes is also a member of the firm’s Investment
Oversight Committee, which monitors the processes & activities of the
firm’s investment committees. Mr. Brandes presently serves on the board
of trustees of the Salk Institute for Biological Studies and the
Mr. Brandes founded the firm in 1974 after training to be a stockbroker and after becoming an acquaintance of Benjamin Graham, widely considered the father of the value investing approach. Mr. Brandes is one of the most closely followed value investors and also authored a 2003 book called Value Investing Today.
Mr. Brandes addressed his views of the investment management business, including numerous successful 2000s investments in financial services stocks. Mr. Brandes said that, “value investing is the new alternative investment”. Speaking not long after Mr. Bogle’s award, and about the strength of the trend toward indexing, Mr. Brandes went on to say that, “quoting Warren Buffett from about ten years ago, I like it when all my competition has gone away”, suggesting that the indexing movement indicates a thinning in the ranks of active managers.
Mr. Brandes also welcomed Tiburon CEO Summit XX attendees to pose
questions in an extended question & answer session. One investment
professional asked Mr. Brandes about the Russian equity markets, and Mr.
Brandes commented that he did not find the market that compelling, saying
that investors, “still have a problem regarding the rule of law”
as a broad issue, and went on to say that he is “not finding valuations
attractive enough to take that level of risk”.
David Carroll (Senior Executive Vice President, Wells Fargo Corporation)
David Carroll is the senior executive vice president of Wells Fargo
Corporation’s wealth, brokerage, & retirement services business.
His responsibilities include the firm’s private banking, trust &
estate services, retail brokerage, & institutional recordkeeping
businesses. Mr. Carroll also serves on the board of the Mint Museum of Art in
Mr. Carroll has been employed by Wells Fargo Corporation and its
predecessor organizations since 1979 when he joined then Wachovia Bank &
Trust Company (and in 1981 when he joined then First Union Bank). He
previously served in a variety of capacities, including as head of corporate
services & merger integration, chief of ecommerce & technology, and
head of First Union’s General Banking Group in
Mr. Carroll addressed his views on the wealth, brokerage, &
retirement businesses. Mr. Carroll said that, “we love this
business…the business of helping our clients achieve financial
success”. Mr. Carroll went on to say that, at Wells Fargo Corporation,
“we do business with one in three households in the
Mr. Carroll also welcomed Tiburon CEO Summit XX attendees to pose
questions in an extended question & answer session. When discussing why
he believed Wells Fargo Corporation had grown while competitors had lost
ground, Mr. Carroll said, “I am a huge believer in plan-based
advice” and continued by saying that it (plan-based advice) has a,
“higher ROA (return on assets) than the traditional brokerage
model”. Mr. Carroll, commenting on why a bank would want to be in the
brokerage business, said that, “it is almost a dumb question as banks
are slower growing on balance and this business (investments) has some tail
wind to it”.
Ric Edelman (CEO, Edelman Financial Services)
Ric Edelman is CEO of Edelman Financial Services, as well as president
of Sanders Morris Harris Group. Mr. Edelman has been ranked by Barron’s
among
Mr. Edelman founded his firm in 1987.
Mr. Edelman addressed his views of the financial advisory business. Mr. Edelman said that with regard to his approach with the mass affluent investor market, “the same people who criticize me for charging 2.00% up to $150,000 would not take that client at any price!” Mr. Edelman went on to say that, “we are known for serving the mass affluent, but that is a misnomer….we (Edelman Financial Services) serve more high net worth households than any other firm has clients”, further stating that his firm has more than 1,000 households with, “seven, eight, & even nine figure net worths”.
Mr. Edelman also welcomed Tiburon CEO Summit XX attendees to pose
questions in an extended question & answer session. One attendee asked
Mr. Edelman about his, “marketing machine”, and Mr. Edelman said
that, “anybody can get someone to buy something once”, but that
at his firm, “we focus very intently on the experience”, citing
the Starbuck’s model, and holding firmly to the service standard of,
“one face, one voice”, with the proof being the firm's,
“98% retention rate” of clients.
Ed Finn (President, Barron’s)
Ed Finn is the president of Barron’s, where he is responsible
for the company’s print, digital, & conference operations.
Mr. Finn joined Barron’s as managing editor in 1993, and was named editor in 1995 and president in 1998. He was previously the editor of American Banker, assistant managing editor at Forbes magazine, & a writer and editor at The Wall Street Journal. Mr. Finn is also the author of Barron’s Guide to Building Wealth.
Mr. Finn addressed his views of the investments industry. Mr. Finn said that, “clients may be back in the market, but they are back in a more conservative way”. Mr. Finn went on to say that investors today have a, “scared and scarred mindset” about the current markets.
Mr. Finn also welcomed Tiburon CEO Summit XX attendees to pose
questions in an extended question & answer session. Mr. Finn commented on
both politics and financial markets, and specifically said, in relation to
the healthcare reform debate, “whichever way we go, we are not going to
let old people starve in the streets”. Then, in a somewhat
unconventional perspective, Mr. Finn discussed investing in high dividend
paying stocks as fixed income substitutes, stating that, “I have (more)
confidence in Johnson & Johnson’s ability to pay a dividend more
than some municipalities' ability to make interest payments”
Allen Thorpe (Managing Director, Hellman & Friedman)
Allen Thorpe is a Managing Director at Hellman & Friedman and
leads the firm's
Mr. Thorpe joined Hellman & Friedman in 1999. He was previously a vice president at Pacific Equity Partners and a manager at Bain & Company.
Before Mr. Thorpe addressed his views on the private equity market, he made a general comment on alternative investments for retail investor saying that, “knowing what is underneath all of this stuff matters a lot”. Mr. Thorpe went on to say that at Hellman & Friedman, “we think of ourselves as investors….not private equity, or deal, or LBO (leveraged buyout) guys”.
Mr. Thorpe also welcomed Tiburon CEO Summit XX attendees to pose questions in an extended question & answer session. Commenting on the trend of investors handling things on their own, Mr. Thorpe said, “I am bearish on the self-seve movement….advice is still important and needed”, as if to further endorse the firm’s investment in LPL Financial. When asked about rollups of investment advisory firms, Mr. Thorpe hedged briefly, saying that, "I am sure that someone will eventually prove me wrong on this...”, but, “the ante is high service and low fee, and that is really challenging”, suggesting that he would not be interested in investing in that area.
Attendees
Tiburon is pleased to announce that the following 167 Tiburon client attendees attended Tiburon CEO Summit XX, including:
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Media Representatives
Tiburon CEO Summit XX also welcomed select media attendees,
including:
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Tiburon CEO Summit XIX: October 6-7, 2010
Tiburon CEO Summit XIX was held October 6-7, 2010 at the Ritz Carlton
Hotel in
Opening Keynote Presentation Highlights
Tiburon CEO Summit XIX featured a general session keynote opening
presentation by Tiburon's Managing Partner Chip Roame regarding the state of
the financial services industry. This presentation served as the backdrop and
overview of the entire CEO Summit.
Chip Roame (Managing Principal, Tiburon Strategic Advisors)
Charles ("Chip") Roame is the Managing Partner of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the brokerage, investments, banking, & insurance markets. Prior to forming Tiburon in 1998, Mr. Roame served in similar capacities, first as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. Mr. Roame is quoted daily throughout the media and, due to Tiburon's widely shared research, he may be the most frequently demanded conference speaker. His particular expertise is that of corporate strategy for larger financial services firms, designing broad multi-faceted strategies and making trade-offs between alternative businesses, products, & markets.
At Tiburon, Mr. Roame has responsibility for all of the firm's consulting, research, & marketing activities which keeps him on the leading-edge of strategic initiatives in the industry's fastest growing businesses - mutual funds, exchange traded funds, separately managed accounts, hedge funds & other alternative investments, financial planning, wealth management services, life insurance, annuities, family office services, online financial services, and the growing independent advisor markets. He has also taken a substantial interest in financial services industry venture capital & private equity opportunities and investment banking transactions. At Tiburon, Mr. Roame has led over 1,300 client engagements for over 300 corporate clients since 1998.
Mr. Roame has won numerous awards throughout the consulting and financial services industries, including being named one of the power 25 elite by Investment News, one of the twenty-five most influential people in financial planning by Investment Advisor magazine, & one of the five experts with the answers by Boomer Market Advisor. Tiburon has also been named one of the fastest growing companies by the San Francisco Business Times in multiple years.
Mr. Roame addressed the State of the Financial Services Industry and included 25 issues he felt financial services industry CEOs needed to be addressing, grouped into six categories. Specifically, Mr. Roame's points included issues surrounding significant consumer changes, the new legislative & regulatory agenda, accelerating product shifts, accelerating channel shifts, a return to tactical basics, & abundant financial services investment opportunities.
Mr. Roame first addressed significant consumer changes and how net worth has declined and consumers turned conservative.
Mr. Roame further addressed the new legislative & regulatory agenda, including health care reform, financial services reform, and fiduciary issue, & the 12b1 issue.
With significant consumer changes & a new regulatory regime, Mr. Roame went on to address accelerating product shifts such as those in mutual funds (target date mutual funds), exchange traded funds (ETFs), hedge funds (40 act structured funds), & guaranteed products.
Mr. Roame also reviewed accelerating channel shifts, including those in the financial advisory markets (wirehouses, break-away brokers, independent broker/dealers, & fee-based financial advisors), institutional markets, & international markets.
Mr. Roame further went on to address the return to basics in which three key tactics for financial services industry & financial advisors included sales & marketing, staffing & compensation, and technology & outsourcing.
Mr. Roame concluded that there are abundant financial services investment opportunities, including mergers & acquisitions opportunities in the banking, mutual fund, & independent broker/dealer markets; financial advisor acquisitions as the aging RIAs & independent reps begin to retire; & the recent pick up in financial services industry IPOs.
Award Recipients Highlights
Tiburon CEO Summit
XIX featured the second annual Tiburon CEO Summit Award
presentations to Joe Mansueto (CEO) & Don Phillips (President,
Fund Research) of Morningstar.
Joe Mansueto (CEO, Morningstar)
Joe Mansueto is the founder, chairman, & CEO of Morningstar. He founded the company in 1984.
Mr. Mansueto received the 2007 Skip Viragh Award,
sponsored by Rydex Investments & Financial Advisor magazine, which
recognizes new and innovative services that positively impact the financial
advisor community. Mr. Mansueto also received the 2007 Visionary Award and
was one of ten winners of the 2007 Chicago Innovation Award, sponsored by the
Chicago Sun-Times and Kuczmarski & Associates. In 2007, Smart Money
magazine recognized Mr. Mansueto in the Smart Money Power 30, its annual list
of the top 30 most powerful forces in business and finance. He received the
Distinguished Entrepreneurial Alumnus Award from the University of Chicago
Graduate School of Business in 2000. He received the KPMG Peat Marwick High
Tech Entrepreneur of the Year Award in 1993 and won the Rosenthal Award for
Excellence in Investment Research from the
Don Phillips (President, Fund Research, Morningstar)
Don Phillips is president of fund research for
Morningstar, overseeing global research on mutual funds, exchange traded
funds, & alternative investments. He has also served on the
company’s board of directors since 1999.
Mr. Phillips joined Morningstar in 1986 as the company’s first mutual fund analyst and soon became editor of its flagship publication, Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. Mr. Phillips helped to develop the Morningstar Style Box, the Morningstar Ratings, & other distinctive proprietary Morningstar innovations that have become industry standards. In 2010, Investment Advisor magazine named Mr. Phillips to its thirty most influential individuals list. Investment Advisor also named him to its list of the most influential people in the financial planning industry in 2003 & 2004. Financial Planning magazine named him one of the financial planning industry’s movers & shakers in 2003. Registered Rep named him one of the investment industry’s ten key players in 2002
Guest Speakers Highlights
Tiburon CEO
Summit XIX guest speakers included Judy Barber (CEO, Family Money
Consultants), Dale Brown (CEO, Financial Services Institute), Ron Carson
(CEO, Carson Wealth Management Group), Harold Evensky (President,
Evensky & Katz), Jeff Maggioncalda (CEO, Financial Engines), Meir
Statman (Professor, Santa Clara University), & Mark Yusko (CEO, Morgan
Creek Capital Management)).
Judy Barber (CEO, Family Money Consultants)
Judy Barber founded and
serves as CEO of Family Money Consultants. Ms. Barber has worked with
individuals, couples, families, & family enterprises regarding issues of
accumulated, inherited, sudden, & diminished wealth. She assists
participants in articulating shared goals, enhancing communications,
addressing succession planning, inter-generation transfers, & governance
issues. She is a licensed marriage & family therapist.
Ms. Barber has nearly twenty five years of experience in working with clients
and financial advisors. She is a founding member of the American Bar
Association’s psychological & emotional issues of estate &
financial planning sub-committee of the real property, probate, & trust
law section. She is an advisor member of the Institute for Private Investors.
Ms. Barber also was inaugurated as a Family Firm Institute fellow in 2001.
She is also a member of Attorneys for Family-Held Enterprise and the
Association for Dispute Resolution.
While most were prepared for Ms. Barber to address issues on wealth transfer,
philanthropy, & overlapping family enterprise issues, she went much
further into the dynamics in wealthy families. Ms. Barber said that,
“in 25 years of working with families, the greatest tool I have is the
irrational…when they (families) can talk about the irrational,
we can get to the rational. Ms. Barber went on to say that, “you
can’t stuff rationality down people’s throats if they’re in
an irrational place”. Ms. Barber also welcomed Tiburon CEO Summit
attendees to pose questions in an extended question & answer session. Tif
Joyce (President, Joyce Financial Management) asked Ms. Barber about children
and money, and Ms. Barber commented that “Kids (young children) have
concrete thinking…I want what I want now and the intentional dialogue
must reflect that reality”. She went on to say that “as they
(Kids) age they get more abstract in their thinking…more long term and
future focused”, which seems to set up teachable moments around
financial literacy.
Dale Brown (CEO, Financial Services Institute)
Dale Brown serves as the CEO of the Financial Services Institute. He
is responsible for management of the non-profit organization dedicated to
serving & representing the interests of independent broker/dealers &
their financial advisors.
Mr. Brown brings more than twenty years of association management experience
to the FSI, most recently as the associate executive director of the
Financial Planning Association (FPA). At the IAFP, one of the FPA’s
predecessor organizations, he led the government relations program and the
broker/dealer program, which grew to more than 130 member firms by the time
the FPA was created in 2000. He also led the
successful fight in the mid-1990s against the IRS’s attempts to force
independent broker/dealers to reclassify their representatives as statutory
employees.
Mr. Brown addressed the independent broker/dealer industry as well as
regulatory reform affecting it. Mr. Brown said that “we formed this
mission in response to an oppressive regulatory environment”. Mr. Brown
went on to say that, the Financial Services Institute has “123 member
firms (FINRA has 4,700+ firms)”, and is particularly proud of the
“14,500 financial advisor members”. Mr. Brown also welcomed
Tiburon CEO Summit attendees to pose questions in an extended question &
answer session. When asked by an audience member about the Dodd/Frank
legislation’s intent toward harmonization (between FINRA & SEC
standards for Advisors), Mr. Brown shook up the group by saying “I have
a good friend in Washington who says that Congress does two things very well;
nothing and overreact”. He went on to continue the theme of moderation
in movement toward the Fiduciary Standard being imposed on FINRA member firm
representatives and stuck closely to a thoughtful lobbyist position on changes
impacting his constituency.
Ron Carson (CEO, Carson Wealth Management Group)
Ron Carson founded and
serves as CEO of Carson Wealth Management Group. He has worked extensively in
the field of financial management since 1983. Mr. Carson also founded PEAK, a
coaching program for financial advisors, both based in
Mr. Carson has been honored as one of Barron's Top 100 financial advisors and
was named by Registered Rep Magazine as the #1 independent advisor.
He has also been selected by Worth Magazine as one of The Best 250 Financial
Advisors in the country, as well as being selected by Medical Economics as
one of The Nation’s Top 120 Financial Advisors for Doctors. Mr. Carson
is a regular guest on CNBC’s Squawk on the Street and CNBC’s On
the Money, as well as a frequent guest on KMTV3`s Mid-Day Business Report.
Mr. Carson was also the founder & past president of the Heartland Chapter
of the IAFP, past president & board member of the Child Savings
Institute, and past president of the American Charitable Foundation. Mr. Carson
has shared his success principles, as documented in his book, Tested in the
Trenches, with audiences worldwide. Most recently, Mr. Carson co-authored the
New York Times best selling book, Avalanche.
Mr. Carson addressed his experiences in financial management and as an
independent financial advisor. Mr. Carson, a firm believer in holistic wealth
management and Maslow’s hierarchy of needs said that “we’re
uniquely positioned to have a bigger impact on safety and security than any
other profession”. Mr. Carson went on to challenge a bit of
conventional wisdom by saying that “the bear market wasn’t really
confined to stocks, bonds, and commodities. It was a bear market in
trust”. Mr. Carson struck an engaging mix between motivation speaker,
life coach, and seasoned financial advisor. He also demonstrated his humility
when describing his father’s back handed compliment around his
"persidity" (sic), his unique mix of “persistence and naive
stupidity”. As the single largest producer in the independent broker dealer
universe (as measured by gross revenues) and an accomplished financial
advisor, author, and speaker, Carson was likeable and open. In fact, many of
his peers would probably like to develop their own "persidity” to
more effectively compete with
Harold Evensky (President, Evensky & Katz)
Harold Evensky founded
and serves as the president of Evensky & Katz. Prior to forming Evensky
& Katz, Mr. Evensky served as a vice president of investments with major
investment banking firms.
Mr. Evensky has served as chairman of the International CFP Council, the
CFP Board of Governors, the Board of Examiners, & the Board of Appeals.
He has served on the Editorial Advisory Board of the Asia Financial Planning
Journal, as a columnist for Worth.com, on the Editorial Advisory Board of the
Journal of Financial Planning, & he is currently the research columnist
for the Journal of Financial Planning and a board member of the
Mr. Evensky addressed his experiences in the investments & financial
planning industry. Mr. Evensky said that “we (financial
planners/financial advisors) tend to focus on the probabilities and not the
consequences”. This sobering, yet measured advice in Mr.
Evensky’s 7 Things presentation was his belief that “the
risk of (investors) losing standard of living is our primary focus as
planners”. He went on to say, in relation to investment time horizon
and asset sufficiency for most investors, “what ought to keep you awake
at night is that you won’t die”. But far from gloom and doom, Mr.
Evensky advocates a low fee (“fees matter….a lot!”) Core
& Satellite philosophy, a minimum of two years of cash flow reserve, and
prudence in optimizing portfolios for outperformance by stating that
“costs overwhelm excess returns in pursuing alpha”. Mr. Evensky
also welcomed Tiburon CEO Summit attendees to pose questions in an extended
question & answer session. When asked by one of the few financial
advisors in the audience about the current regulatory environment, Mr.
Evensky did not hesitate and said, “we’re financial
planners…fee-only fiduciaries in our practice”.
Jeff Maggioncalda (CEO, Financial Engines)
Jeff Maggioncalda serves as CEO of Financial Engines, a role he has held since 1996. He has also been a director since 1997. He is responsible for the overall management of the firm.
Mr. Maggioncalda has over
ten years of experience in the financial services industry. Mr. Maggioncalda
has led Financial Engines through five successful rounds of funding, raising
$140 million and building an organization committed to creating powerful and
innovative financial technology solutions. Previously, Mr. Maggioncalda worked
for McKinsey & Company in their high-technology practice and at
Cornerstone Research conducting securities and software litigation
consulting. He also developed case studies for a business strategy course
taught by Intel Chairman Andy Grove. Mr. Maggioncalda received his MBA from
the Stanford Graduate School of Business and a bachelor’s degree in
quantitative economics and English from
Mr. Maggioncalda took the group through the
evolution of his company’s formation and changing mission with an
engaging degree of humility, calling Financial Engines a mutant company with
a story of survival by adaptation. He described the companies value
proposition by stating that “what makes us different is the way we use
technology”, and went on to suggest that “any broadly shared
financial problem will probably be solved with technology at some
point”. Mr. Maggioncalda addressed the retirement industry as well as
the access to investment advice to retail investors. Mr. Maggioncalda said
that, “people are not in very good shape to retire, at least for the
most part”. Mr. Maggioncalda went on to say that Financial Engines has
done a lot of work around “success by default”, or “setting
up (retirement plan) default choices to better outcomes”. Mr. Maggioncalda
also welcomed Tiburon CEO Summit attendees to pose questions in an extended
question & answer session. When asked about competitive pressure in
his arena, Mr. Maggioncalda said that “the top 4% of all 401(k) plans
have more than half of the assets (of all 401(k) plans)”. He went
on to tell the group that “there’s price pressure everywhere
now”. However the markets seem to be endorsing Financial
Engine’s approach to solving these problems, as evidenced by the
company raising more than $125 million through a successful IPO in the spring
of 2010.
Meir Statman (Professor,
Meir Statman is the Glenn
Klimek Professor of Finance at the Leavey School of Business,
Professor Statman’s
research has been published in the Journal of Finance, the Journal of
Financial Economics, the Review of Financial Studies, the Journal of
Financial & Quantitative Analysis, the Financial Analysts Journal, the
Journal of Portfolio Management, & many other journals. The research has
been supported by the National Science Foundation, the Research Foundation of
the CFA Institute, & the Investment Management Consultants Association
(IMCA). Professor Statman is a member of the Editorial Board of the Financial
Analysts Journal, the Advisory Board of the Journal of Portfolio Management,
the Journal of Wealth Management, & the Journal of Investment Consulting,
an Associate Editor of the Journal of Financial Research, the Journal of
Behavioral Finance, & the Journal of Investment Management, and a
recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award,
a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award, a Davis Ethics
Award, a Moskowitz Prize for best paper on socially responsible investing,
two Baker IMCA Awards, and three Graham & Dodd Scroll Awards. Professor
Statman consults with many investment companies and presents his work to academics
and professionals in many forums in the
Professor Statman addressed behavior finance and
its effects on the financial services industry. Specifically, he discussed
how investors and managers make financial decisions and how these decisions
are reflected in the financial markets. Professor Statman said that
“investors are looking for more than utilitarian benefits (when
investing)”. Professor Statman went on to say that, when
investing, the first lesson is to “know yourself”, then second to
“assure yourself”, and lastly to “protect
yourself”. Professor Statman not only challenged conventional
wisdom, but took the discussion of behavior finance further by positing that
investors are not irrational as many of his peers would argue, but instead
are normal, and that sometimes investors are normal smart, and other times
normal stupid, and that we (people/investors) “..fall
victim to cognitive errors and emotions on our way to what we want”.
Professor Statman provided both serious and whimsical examples to make his
point through a combination of PowerPoint and video, and cautioned financial
advisors to be aware of the difference between what is said to investors, and
ultimately what they hear from advisors.
Mark Yusko (CEO,
Mark Yusko has been the
Founder, CEO, & CIO of Morgan Creek Capital Management since its
formation in 2004. Mr. Yusko is responsible for the oversight of the
firm’s strategic & tactical asset allocation decisions and
operations.
Prior to forming Morgan Creek Capital Management, Mr. Yusko was Founder,
President, & Chief Investment Officer of UNC Management Company, the
Endowment investment office for the
Mr. Yusko addressed his experiences and views of
the global financial markets and the investment management industry. He also
discussed why he feels it is important to think differently when investing by
using alternative thinking strategies. Mr. Yusko said that “we’re
in a depression”, and went on to say that as it relates to some once
great companies with lofty valuations, “you can smoke all the
‘Hope-ium’ you want….it’s not coming back”. Mr.
Yusko went on to say that many Investors and financial advisors are viewing
fees through the wrong paradigm when delegating to investment managers, and
shook up many of the index oriented members of the crowd by stating that
“fees matter…in fact there’s a perfect correlation between
fees and performance”. Yusko posits that the best talent on Wall
Street charges the highest fees, and went on to demonstrate, through charts
and data the dramatic outperformance of hedge funds and private equity (both
historically high fee asset classes) in relation to traditional stock and
bond investments over the past twenty years. Mr. Yusko left
little time for questions from CEO Summit attendees, though he did depart
pretty dramatically from his well documented findings when asked about his
alma mater, Notre Dame (by Chip Roame, a University of Michigan graduate),
and their prospects for the current college football season – clearly
he’s not all facts and figures. The basic take away, on sports
and investing was stated pretty unequivocally by Mr. Yusko when he said,
“Winning is good…losing sucks”. Among the many other
noteworthy comments from Mr. Yusko, his advice on manager selection (his firm
meets with 4,500/yr and selects only 3% for investment) and allocation stands
out as he suggests that “investments are like spice; a little bit makes
the meal, and too much is terrible”.
Attendees
Tiburon CEO Summit XIX had 118 Tiburon client attendees, including:
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Tiburon CEO Summit XVIII: April 14-15, 2010
Tiburon CEO Summit XVIII was held April 14-15, 2010 at the
Ritz Carlton Hotel in Battery Park in
Opening Keynote Presentation Highlights:
Chip Roame (Managing Principal, Tiburon Strategic Advisors)
Tiburon CEO Summit XVIII Welcome, Brief Introductions, & Agenda Highlights
Mr. Roame welcomed Tiburon CEO Summit XVIII
attendees, provided a brief introduction of the firm and the vision behind
the CEO Summits, & then highlighted the agenda for Tiburon
CEO Summit XVIII:
- Tiburon Strategic Advisors maintains a focus on corporate-level strategy:
- Serve senior executives only at financial services companies
- Key services: strategy consulting, market research, & market seminars
- Publish series of 62 off-the-shelf research reports ($5,000 each; $25,000 for access to all reports for all employees for one year)
- Host semi-annual Tiburon CEO Summits
- According to Tiburon CEO Summit attendee feedback forms collected, the most recent Tiburon CEO Summit (XVII) scored a record-high 9.2 out of 10.0 on overall satisfaction, with one speaker, Pete Kight of Fiserv Corporation, tying the all-time high score of 9.3 out of 10.0
- Tiburon CEO Summit XVIII included a White House Briefing Room style media facility
- Tiburon CEO Summit XVIII had 16 sessions, including Chip Roame's Tiburon presentations, seven guest speakers, a choice of five break-out sessions, three general session panels, & two terrific social events
- Tiburon CEO Summit XVIII had 160 confirmed client attendees, with over one-third of them being first time attendees
- Tiburon CEO Summit XVIII had 12 past & future speakers in attendance
The Future of Advice: Top
Five Themes from Tiburon Client Project Requests
Mr. Roame then provided a backdrop for his Future of Advice opening keynote presentation by highlighting recent client project request topics, including significant consumer changes, a new regulatory regime, accelerating product & channel shifts, a return to tactical basics, & abundant financial services investment opportunities:
Significant Consumer Changes
- Consumer household net worth fell $11.5 trillion in 2008 to $51.5 trillion before recovering partially to $54.2 trillion in 2009
- Consumer household net worth increased to $54 trillion due to an increase of $2 trillion in investable & retirement plan assets
- Consumer households’ equity in their homes fell to 38% in 2009, the lowest level since records have been kept
- The number of consumer households with over $1.0 million net worth dropped 27% in 2008 but recovered to 7.8 million in 2009
- The
New Regulatory Regime
- Health care reform
- Financial services reform
- Systemic risk
- Three-tier bank regulation
- Consumer Financial Protection Agency
- Derivatives regulation
- Broker/dealer & RIA harmonization
- Fiduciary issue
- Role of non-fiduciary commission salesman
- SEC support?
Accelerating Product & Channel Shifts
- Products shifts worth watching include those in mutual funds, bonds & bond mutual funds, target date mutual funds (alive and well), indexing, ETFs, non-correlated strategies (hedge funds), & guarantees. Specifically, details include:
- Mutual funds had a 52 week streak of net inflows, topping out at $54 billion in last month
- Bond mutual funds dominated inflows in 2009, taking in over $400 billion, while money market funds had outflows of $300 billion
- Traditional long-only active high-fee investing strategies may give way to investing in ETFs & low cost mutual funds, guaranteed products, & hedge funds & hedge fund like products
- Exchange traded fund assets declined from $608 billion to $578 billion in 2008 but rebounded in 2009 to $782 billion
- Hedge fund assets fell to $1.3 trillion in 2008 but recovered to surpass their 2007 high, now at $1.9 trillion
- Channel shifts worth watching include those amongst financial advisors (wirehouses, break-away brokers, independent broker/dealers, & fee-based financial advisors (RIAs)), institutional markets, & international markets. Specifically, details include:
- Perspective is required regarding the rush of break-away brokers…
- A $200 billion move would boost the independent advisors market by 10%
- Traditional full-service brokerage firms & banks are losing share to independent financial advisors & discount brokers
Return to Tactical Basics
- FSI & FA Sales & Marketing (client service)
- Retention
- Aging clients
- Client referrals
- FSI & FA Staffing & Compensation
- 325,000 financial services industry job losses
- Compensation rules for TARP players
- Hedge fund compensation
- Employee morale
- FSI & FA Technology & Outsourcing
- Rapidly changing technology
- Technology outsourcing
- One financial advisor recognized the importance of client communications
- Many financial advisors have event built their businesses around outsourcing models
Abundant Financial Services Investment Opportunities)
- FSI M&A
- Amazing FDIC assisted deals for private equity funds
- Insurance companies
- Mutual fund companies
- FA M&A
- RIAs & IBD reps aging
- Employee economics do not work for large firms
- Lift outs
- FSI Private Equity
- Lack of debt
- FSI IPOs
- Coming soon
- Retail banks will be the most aggressive acquirers because they are the largest institutions…
- Five financial services
institutions collectively raised $22 billion, showing that the IPO
market is opening up, especially in
Guest Speaker Presentation Highlights
Tiburon CEO Summit was held April
14-15, 2010 at the Ritz Carlton Hotel in
Ed Bernard (Vice Chairman, T. Rowe Price Group)
Ed Bernard has served as vice chairman of the board of directors of T. Rowe Price Group since 2007, is a member of the firm's management committee, & chairman of the T. Rowe Price Mutual Funds. He oversees the firm's distribution, client service, technology, operations, & communications activities.
Mr. Bernard has over 20 years of experience in the investment management industry, all of which have been with T. Rowe Price Group. In addition to his responsibilities at T. Rowe Price Group, he serves as chairman of the board of governors of the Investment Company Institute, the national trade association for the mutual fund industry. Prior to joining T. Rowe Price, Mr. Bernard worked for a large direct marketing company.
Mr.
Bernard utilized his experience in distribution, client service, technology,
& communications to address how his firm plans to compete in the new
economy, including highlighting the importance of maintaining client focus
& concentrating on simplified product offerings. Mr. Bernard said,
“if you’re going to be competitive and add value, you’re
going to have to pick your spots”. Mr. Bernard went on to say
“the target date fund is the closest thing I’ve seen to a silver
bullet.”
Abby Cohen (President, Global Markets Institute, Goldman Sachs Group)
Abby
Joseph Cohen is senior investment strategist and president of the Global
Markets Institute at Goldman Sachs Group. Ms. Cohen joined Goldman Sachs in
1990, having specialized in quantitative strategy & economics at other
major financial firms. She began her career as an economist at the Federal
Reserve Board in
Ms.
Cohen’s extracurricular activities focus on education and public
policy. She is the chair of the board of trustees of the Jewish Theological
Seminary. She also serves as a presidential councillor at
Ms.
Cohen utilized her 25 years of experience as a highly regarded economist and
strategist to share her views on the future of investing, both how it has
been affected by recent financial services industry events and how proposed
new regulations might affect it moving forward. Ms. Cohen said “we do
believe that not all of the problems that led to the credit crisis have been
resolved.” Ms. Cohen, however, provided a positive outlook for the
economy and markets citing “70%, the vast majority, of companies are
increasing IT spending.”
Steve Forbes (CEO, Forbes Media)
Steve Forbes has served as CEO of Forbes Media and Forbes Magazine since 1990. Since he assumed his position, Forbes Media has launched several businesses, including Forbes FYI & Forbes Global, the firm's international publication.
Prior
to assuming his current position at Forbes Media, Mr. Forbes served as
chairman of the Board of International Broadcasting for Ronald Reagan,
overseeing the operations of Radio Free Europe & Radio Liberty,
broadcasting behind the Iron Curtain. He has twice campaigned for the
Republican nomination for the presidency of the
Mr.
Forbes shared his perspectives on operating a multinational media corporation
and some of the new challenges he faces. He addressed some of the foundations
of his business that have brought him such success. He discussed the new
regulatory regime from his own perspective as one inside the circle, and
outlined key points that industry leaders are weary of moving forward. Mr.
Forbes said, “you don’t succeed in the free market unless you
meet the needs of the people.” Mr. Forbes went on to cite Austrian
economist Joseph Schumpeter’s ideas on creative destruction by
suggesting that “most people are much happier with the creative part
than about the destruction”.
Jim McCool (Executive Vice President, The Charles Schwab Corporation)
Jim McCool has served as executive vice president of The Charles Schwab Corporation since 2006. Mr. McCool currently oversees Schwab's Institutional Services business with combined assets under management of $850 billion, serving independent investment advisors, corporate clients, & their employees. Schwab Institutional Services provides custodial, operational, practice management, & trading support for more than 6,000 independent investment advisory firms that serve 1.9 million individual clients with $590 billion assets under management Schwab Institutional also provides corporate retirement and brokerage services, either directly to companies or through third party administrators. These services include employer-sponsored retirement plans, stock plans, & corporate brokerage services, in addition to record keeping, trustee, & custodial services. Mr. McCool also oversees Schwab’s investment-only sales and mutual fund clearing businesses.
A 25-year veteran of the financial services industry, Mr. McCool began his career in the retirement plan servicing industry in 1984 and helped establish The Hampton Company, which became a wholly owned subsidiary of The Charles Schwab Corporation in 1995.
Mr.
McCool addressed developments in two of Schwab’s fastest growing
businesses, independent financial advisors & retirement plans. He focused
specifically on the changing landscape for financial advisors and new
challenges in the 401K industry, discussing the shifts in products &
client focus. Mr.
McCool referred to many of what he called
“head fakes in the 401K industry.” Mr. McCool went on to address
a question about insurance products in retirement plans by saying that
“annuities are a solution to a problem that participants don’t
know they have.”
Jonathan Steinberg (CEO, Wisdom Tree Investments)
Jonathan Steinberg has served as CEO of Wisdom Tree Investments since 2004. He is responsible for the overall management of the firm, including overseeing the company’s strategic growth initiatives. Wisdom Tree is an innovative ETF sponsor and asset manager with equity and currency income ETFs covering the domestic, developed, & emerging markets.
Prior to establishing Wisdom Tree, Mr. Steinberg founded and served as CEO of Individual Investor Group. From 1998 to 2004, he held the role of editor-in-chief of Individual Investor and Ticker magazines. Prior to those endeavors, Mr. Steinberg was a mergers & acquisitions analyst at The Bear Stearns Companies.
Mr.
Steinberg addressed his experience in the exchange-traded fund business and
its significance as one of the fastest-growing segments of the asset management
industry. As a leader in the industry, he offered insights into his firm's
model and also offered insights into his firm's strategic initiatives going
forward. Mr. Steinberg said, “I believe that structure matters”.
Mr. Steinberg went on to say “I believe that
investment advisors and their clients have never been less
satisfied.”
David Tittsworth (Executive Director, Investment Adviser Association)
David
Tittsworth has served as executive director of the Investment Adviser Association
since 1996. He is responsible for the management of the non-profit
organization dedicated to serving & representing the interests of
SEC-registered investment advisory firms. Based in
Prior
to assuming his current position, Mr. Tittsworth served as counsel of the
house committee on energy & commerce. Prior to that he was a partner
at government relations firm Chambers, Conlon, & Hartwell. Mr.
Tittsworth has served in
Mr.
Tittsworth addressed
Fred Tomczyk (CEO, TD Ameritrade)
Fred Tomczyk has served as president and CEO of TD Ameritrade since 2008 and previously served as the company’s chief operating officer. His involvement with the company goes back more than five years as he helped to shape the Ameritrade & TD Waterhouse merger and later served on the board of directors. Today, Mr. Tomczyk oversees the management of the firm and progress made toward its strategic objectives: to maintain a leadership position in the trading business and to continue growing as an asset gatherer.
Prior to assuming his current position, Mr. Tomczyk served as vice chairman of corporate operations for TD Bank Financial Group. Prior to that role, Mr. Tomczyk's positions at TD Bank Financial Group included executive vice president of core banking & wealth management, as well as executive vice president of retail distribution, where he led the branch networks of TD Bank and Canada Trust through the merger to become TD Canada Trust. Prior to joining Canada Trust, Mr. Tomczyk served as CEO of London Life.
Mr.
Tomczyk discussed the challenges that he faces in pursuing his strategic
objectives and managing TD Ameritrade for long-term growth, despite difficult
economic & market environments. He also reviewed his learnings from
mergers & acquisitions and discussed the future of such for his firm,
given its relatively strong standing within the industry. Mr. Tomczyk said,
“we are open minded about acquisitions, but they have to make strategic
and financial sense.” When specifically asked about acquiring a major online
competitor, Mr. Tomczyk went on to say “he wouldn’t rule it
out,” but cited balance sheet issues as being of concern.
Tiburon CEO Summit XVIII Attendees
Tiburon CEO Summit XVIII had 141 Tiburon client attendees, including:
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Media Representatives
Tiburon
CEO Summit XVIII also welcomed 22 Tiburon select media attendees,
including:
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Prior Tiburon CEO Summits
As noted above, details on prior Tiburon CEO Summits are also available here:
Most Recent,
2024-2025,
2022-2023,
2020-2021,
2018-2019,
2016-2017,
2014-2015,
2012-2013,
(2010-2011),
2008-2009,
2006-2007,
2004-2005, &
2001-2003.