Tiburon CEO Summit XXVI April 8-9, 2014 - Tiburon Strategic Advisors

260 Pages·2014·22.95 MB·English

Tiburon CEO Summit XXVI
April 8-9, 2014
Tiburon CEO Summit XXVI
April 8-9, 2014

Table of Contents

Tiburon CEO Summit XXVI Overview
• Agenda................................................................................................................................ 1
• Attendee List...................................................................................................................... 2

Day 1: Tuesday
• Tiburon CEO Summit XXVI Welcome: Skip Schweiss..……………............................... 3
• General Session Panel Discussion: The Future of the Economy & Markets:
(Facilitated by Dan Kern)……………………..…................................................................ 4
• Ron Baron (CEO, Baron Capital Management)
• Rich Bernstein (CEO, Richard Bernstein Advisors)
• Jeff Saut (Chief Investment Strategist, Raymond James & Associates)
• Derek Young (Vice Chairman, Pyramis Global Advisors)
• General Session Panel Discussion: The Past, Present, & Future of Investment
Strategy: (Facilitated by Mike Alfred)….…………….………………………………………. 5
• Rob Arnott (CEO, Research Affiliates & Tiburon CEO Summit Award
Winner)
• Harry Markowitz (President, Harry Markowitz Associates; Nobel Prize
Winner in Economics; & Tiburon CEO Summit Award Winner)
• Keynote Presentation: Chip Roame………………………………………………………….. 6
• General Session Guest Presentation (Facilitated by Alex Potts)….…………….……… 7
• David Booth (Co-CEO, Dimensional Fund Advisors & Tiburon CEO Summit
Award Winner)
• Break-Out Sessions…….................................................................................................... 8
1. The Future of Exchange Traded Funds (ETFs): (Facilitated by David
Barry)………………………………………………………………………………...
9
• Paul Ingersoll (CEO, Good Harbor Financial)
• Tony Rochte (President, SelectCo Division, Fidelity Asset
Management)
• Jim Ross (Chairman, SSGA Funds Management, State Street Global
Advisors)
• Michael Sapir (CEO, ProShare Advisors)
2. The Future of the Retirement Market, Including Retirement Plans &
Retirement Income: (Facilitated by David Conover)…………………………….. 10
• Pat McClain (Co-CEO, Hanson McClain)
• Andrew Rudd (CEO, Advisor Software)
• Skip Schweiss (President, TD Ameritrade Trust Company)
• Bill Van Law (President, Investment Advisors Division, Raymond
James Financial)
3. The Future of Financial Advisor Acquisitions: (Facilitated by David
Canter)……………………………………………………………………………………. 11
• Dick Burridge (CEO, RMB Capital)
• Rob Francais (CEO, Aspiriant)
• Fielding Miller (CEO, Cap Trust Financial Advisors)
• Peter Raimondi (CEO, Banyan Partners)
• General Session Panel Discussion: The Future of Online Advice: (Facilitated by
Bob Herrmann)................................................................................................................... 12
• Bill Harris (CEO, Personal Capital Corporation)
• Clara Shih (CEO, Hearsay Social)
• Jon Stein (CEO, Betterment)
• Alexa von Tobel (CEO, LearnVest)
• General Session Panel Discussion: The Future of Financial Advisor Channels:
(Facilitated by Damian Peter)............................................................................................ 13
• Mark Casady (CEO, LPL Financial & Tiburon CEO Summit Award Winner)
• Scott Curtis (President, Raymond James Financial Services)
• Mary Mack (CEO, Wells Fargo Advisors)
• Mark Tibergien (CEO, Pershing Advisor Solutions)
• Tiburon CEO Summit XXVI Day One Recap & Closing: Skip Schweiss….................... 14

Day 2: Wednesday
• Tiburon CEO Summit XXVI Day Two Welcome: Frank Trotter...................................... 15
• General Session Panel Discussion: Ask the Consumers (Facilitated by John
Coyne)…………………………….......................................…………………………………… 16
• David B.
• Scott S.
• Mary Q.
• General Session Panel Discussion: The Future of Open-End Mutual Funds & Other
Registered Investment Companies (Facilitated by Mitch Caplan)……………………… 17
• Jud Bergman (CEO, Envestnet)
• Don Phillips (Managing Director, Morningstar & Tiburon CEO Summit
Award Winner)
• General Session Guest Presentation (Facilitated by Chip Roame)……………………. 18
• Tom Lee (CEO, Lee Equity Partners)
• General Session Guest Presentation (Facilitated by Chip Roame)……………………. 19
• Jack Bogle (Founder, The Vanguard Group & Tiburon CEO Summit Award
Winner)
• General Session Guest Presentation (Facilitated by Mike Alfred)……………………… 20
• Nick Schorsch (Executive Chairman, RCS Capital Corporation)
• General Session Panel Discussion: Third-Party Views: Venture Capital & Private
Equity Firms on the Financial Services Industry (Facilitated by Chris Frieden)…….. 21
• Jonathan Korngold (Managing Director, General Atlantic)
• Ben Hochberg (Partner, Lee Equity Partners)
• Bob Huret (Founding Partner, FTV Capital)
• Allen Thorpe (Managing Director, Hellman & Friedman)
• General Session Panel Discussion: Third-Party Views: Investment Bankers, Stock
Analysts, & Financial Journalists on the Financial Services Industry (Facilitated by
Eric Clarke)………………………………………………………………………………………..
22
• Ed Finn (Editor, Barron’s)
• Jane Gladstone (Senior Managing Director, Evercore Partners)
• Rich Repetto (Principal, Exchanges, eBrokers, & Trading Companies,
Equity Research, Sandler, O’Neill, & Partners)
• Jon Stern (Managing Director, Berkshire Capital)
• Tiburon CEO Summit XXVI Recap & Closing: Frank Trotter & Chip Roame…………. 23

Tiburon CEO Summit XXVI Reference Documents
• Tiburon Brochure............................................................................................................... 24
• Tiburon CEO Summits....................................................................................................... 25
• Tiburon CEO Summit XXVI Sponsors.............................................................................. 26
• Tiburon CEO Summit XXVI Media Sponsors................................................................... 27
• Tiburon CEO Summit XXVI Photography & Videography………………………………... 28
• Tiburon CEO Summit XXVI Onsite Team......................................................................... 29
• Tiburon CEO Summit XXVI Attendee Policy.................................................................... 30
• Tiburon CEO Summits Past Media Coverage.................................................................. 31
Tiburon CEO Summit XXVI
Meeting Agenda

Monday, April 7, 2014

6:00pm-9:00pm: Cocktail Reception

Tuesday, April 8, 2014

7:00am-7:45am: Continental Breakfast
• Attendees should feel free to bring breakfast foods to the opening session

7:45am-8:00am: Tiburon CEO Summit XXVI Welcome
• Presented by Skip Schweiss (President, TD Ameritrade Trust Company)

8:00am-9:00am: General Session Panel Discussion: The Future of the Economy & Markets
• Facilitated by Dan Kern (President, Advisor Partners)
• Tiburon Client Panelists:
o Ron Baron (CEO, Baron Capital Management)
o Rich Bernstein (CEO, Richard Bernstein Advisors)
o Jeff Saut (Chief Investment Strategist, Raymond James & Associates)
o Derek Young (Vice Chairman, Pyramis Global Advisors)

9:00am-9:15am: Refreshments & Cell Phone Break

9:15am-10:00am: General Session Guest Presentation via Video and Question & Answer with Rob Arnott
• The Past, Present, & Future of Investment Strategy
• Facilitated by Mike Alfred (CEO, BrightScope)
• Tiburon Client Panelists
o Rob Arnott (CEO, Research Affiliates & Tiburon CEO Summit Award Winner)
o Harry Markowitz (President, Harry Markowitz Associates; Nobel Prize Winner in Economics; &

Tiburon CEO Summit Award Winner)

10:00am-10:15am: Refreshments & Cell Phone Break

10:15am-11:45am: Keynote Presentation
• The Future of Wealth Management
• Presented by Chip Roame (Managing Partner, Tiburon Strategic Advisors)
• Introduced by Skip Schweiss (President, TD Ameritrade Trust Company)

11:45am-12:00pm: Cell Phone Break

12:00pm-12:30pm: General Session Guest Presentation
• Prior Award Recipient One-on-One Chat
• Presented by David Booth (Co-CEO, Dimensional Fund Advisors & Tiburon CEO Summit Award

Winner)
• Facilitated by Alex Potts (CEO, Loring Ward Group)

12:30pm-12:45pm: Cell Phone Break

12:45pm-1:45pm: Box Lunches & Break-Out Sessions: Please take lunch to your choice of break-out session
• BOS Option I: The Future of Exchange Traded Funds (ETFs)
o Facilitated by David Barry (CEO, Trust Company of America)
o Tiburon Client Panelists:
o Paul Ingersoll (CEO, Good Harbor Financial)
o Tony Rochte (President, SelectCo Division, Fidelity Asset Management)
o Jim Ross (Chairman, SSGA Funds Management, State Street Global Advisors)
o Michael Sapir (CEO, ProShare Advisors)

• BOS Option II: The Future of the Retirement Market, Including Retirement Plans & Retirement Income
o Facilitated by David Conover (President, Wealth Management & Brokerage, EverBank

Financial)
o Tiburon Client Panelists:
o Pat McClain (Co-CEO, Hanson McClain)
o Andrew Rudd (CEO, Advisor Software)
o Skip Schweiss (President, TD Ameritrade Trust Company)
o Bill Van Law (President, Investment Advisors Division, Raymond James Financial)

• BOS Option III: The Future of Financial Advisor Acquisitions
o Facilitated by David Canter (Executive Vice President, Fidelity Institutional Wealth Services)
o Tiburon Client Panelists:
o Dick Burridge (CEO, RMB Capital)
o Rob Francais (CEO, Aspiriant)
o Fielding Miller (CEO, Cap Trust Financial Advisors)
o Peter Raimondi (CEO, Banyan Partners)

1:45pm-2:00pm: Cell Phone Break

2:00pm-3:00pm: General Session Panel Discussion
• The Future of Online Advice
• Facilitated by Bob Herrmann (CEO, Discovery Data)
• Tiburon Client Panelists:
o Bill Harris (CEO, Personal Capital Corporation)
o Clara Shih (CEO, Hearsay Social)
o Jon Stein (CEO, Betterment)
o Alexa von Tobel (CEO, LearnVest)

3:00pm-3:15pm: Refreshments & Cell Phone Break

3:15pm-4:15pm: General Session Panel Discussion
• The Future of the Financial Advisor Channels
• Facilitated by Damian Peter (President, Larkin Point Investment Advisors)
• Tiburon Client Panelists:
o Mark Casady (CEO, LPL Financial & Tiburon CEO Summit Award Winner)
o Scott Curtis (President, Raymond James Financial Services)
o Mary Mack (CEO, Wells Fargo Advisors)
o Mark Tibergien (CEO, Pershing Advisor Solutions)

4:15pm-4:30pm: Tiburon CEO Summit XXVI Day #1 Recap & Closing
• Presented by Skip Schweiss (President, TD Ameritrade Trust Company)

4:30pm-6:30pm: Free Time & Walk to Dinner at Delmonico’s
• Group walk option: Delmonico's is about 20 minutes walking distance from the Ritz Carlton Hotel.
Tiburon team members will lead groups to the restaurant from the Ritz Carlton Hotel lobby every ten
minutes, leaving at 6:10pm, 6:20pm, 6:30pm, 6:40pm, & 6:50pm
6:30pm-9:30pm: Tiburon CEO Summit XXVI Group Dinner
• Delmonico’s Restaurant is location at 56 Beaver Street, New York, NY 10004 (212-509-1144)
• 6:30pm-9:30pm: Cocktails & Dinner
• Dinner sized portions of steak, fish, and other signature Delmonico's dishes with passed hors d'oeuvres
and self serve stations with open seating to facilitate discussion between Tiburon clients

Wednesday, April 9, 2014

7:00am-7:45am: Continental Breakfast
• Attendees should feel free to bring breakfast foods to the opening session

7:45am-8:00am: Tiburon CEO Summit XXVI Day #2 Welcome
• Presented by Frank Trotter (President, EverBank Direct)

8:00am-9:00am: General Session Panel Discussion
• Ask the Consumers
• Facilitated by John Coyne (Vice Chairman, Brinker Capital)
• Consumer Panelists:
o Anne B.
o Colin B.
o Nathan B.

9:00am-9:15am: Cell Phone Break

9:15am-9:45am: General Session Panel Discussion
• The Future of Open-End Mutual Funds & Other Registered Investment Companies
• Facilitated by Mitch Caplan (CEO, Jefferson National Financial)
• Tiburon Client Panelists:
o Jud Bergman (CEO, Envestnet)
o Don Phillips (Managing Director, Morningstar & Tiburon CEO Summit Award Winner)

9:45am-10:00am: Refreshments & Cell Phone Break

10:00am-10:30am: General Session Guest Presentation
• Financial Services Industry Pioneer One-on-One Chat
• Presented by Tom Lee (CEO, Lee Equity Partners)
• Facilitated by Chip Roame (Managing Partner, Tiburon Strategic Advisors)

10:30am-10:45am: Cell Phone Break

10:45am-11:15am: General Session Guest Presentation
• Prior Award Recipient One-on-One Chat
• Presented by Jack Bogle (Founder, The Vanguard Group & Tiburon CEO Summit Award

Winner)
• Facilitated by Chip Roame (Managing Partner, Tiburon Strategic Advisors)

11:15am-11:30am: Cell Phone Break

11:30am-12:00pm: General Session Guest Presentation
• News Maker One-on-One Chat
• Presented by Nick Schorsch (Executive Chairman, RCS Capital Corporation)
• Facilitated by Mike Alfred (CEO, BrightScope)

12:00pm-12:15pm: Boxed Lunches & Cell Phone Break

12:15pm-1:15pm: General Session Panel Discussion
• Third-Party Views: Venture Capital & Private Equity Firms on the Financial Services Industry
• Facilitated by Chris Frieden (Partner, Financial Services & Products, Alston & Bird)
• Tiburon Client Panelists
o Ben Hochberg (Partner, Lee Equity Partners)
o Bob Huret (Founding Partner, FTV Capital)
o Jonathan Korngold (Managing Director, General Atlantic)
o Allen Thorpe (Managing Director, Hellman & Friedman)

1:15pm-1:30pm: Cell Phone Break

1:30pm-2:30pm: General Session Panel Discussion
• Third-Party Views: Investment Bankers, Stock Analysts, & Financial Journalists on the Financial

Services Industry
• Facilitated by Eric Clarke (President, Orion Advisor Services)
• Tiburon Client Panelists:
o Ed Finn (Editor, Barron’s)
o Jane Gladstone (Senior Managing Director, Evercore Partners)
o Rich Repetto (Exchanges, eBrokers, & Trading Companies, Equity Research, Sandler, O’Neill,

& Partners)
o Jon Stern (Managing Director, Berkshire Capital)

2:30pm-2:45pm: Tiburon CEO Summit XXVI Recap & Closing
• Presented by Frank Trotter (President, EverBank Direct) & Chip Roame (Managing Partner, Tiburon

Strategic Advisors)

2:45pm: Dismissal & Open Discussion
Tiburon CEO Summit XXVI
Attendees
Tiburon is pleased to announce that the following 271 Tiburon clients have confirmed their
attendance for Tiburon CEO Summit XXVI:
• Chip Roame (Managing Partner, Tiburon • Rusty Benton (Business Head, Wealth
Strategic Advisors) Management, Cap Trust Financial
• Cooper Abbott (Co-Chief Operating Advisors)
Officer, Eagle Asset Management) • Jud Bergman (CEO, Envestnet)
• Asheesh Advani (CEO, Covestor) • Rich Bernstein (CEO, Richard Bernstein
• Sonia Ahuja (Executive Vice President, Advisors)
Business Development & Strategy, • Marty Bicknell (CEO, Mariner Holdings)
BrightScope) • Wayne Bloom (CEO, Commonwealth
• Mike Alfred (CEO, BrightScope) Financial Network)
• Ryan Alfred (President, BrightScope) • Jack Bogle (Founder, The Vanguard
• Lew Altfest (CEO, LJ Altfest & Company) Group)
• Adam Antoniades (CEO, First Allied • David Booth (Co-CEO, Dimensional
Securities) Fund Advisors)
• Mike Apker (Executive Vice President, • Joe Bottazzi (Chief Communications
Advisor Suite, Envestnet) Officer, Edelman Financial Services)
• Daniel Applegarth (Chief Financial • Valerie Brown (CEO, Cetera Financial
Officer, NorthStar Financial Services Group)
Group) • Todd Brunskill (Chief Marketing Officer,
• Rob Arnott (CEO, Research Affiliates) First Rate Investment Systems)
• Steve Ayer (Partner, HighTower) • Derek Bruton (Business Head,
• Chuck Baldiswieler (President, Angel Independent Advisor Services, LPL
Oak Capital Advisors) Financial)
• David Ballard (Chief Operating Officer, • David Bugen (Chairman, Regent Atlantic
Advisor Group, American International Capital)
Group, (AIG)) • Jack Bulla (CEO, Bankoh Investment
• Ron Baron (CEO, Baron Capital Group) Services)
• David Barry (CEO, Trust Company of • Rick Buoncore (Managing Partner, MAI
America) Wealth Advisors)
• Tony Batman (CEO, First Global Capital • Dick Burridge (CEO, RMB Capital)
Corporation) • Bruce Cameron (CEO, Berkshire Capital
• John Battaglia (CEO, Aris Wealth Securities)
Services) • Jessica Campbell (Executive Vice
• David Baum (Partner, Investment President, Client Success, BrightScope)
Products & Services Group, Alston & • David Canter (Executive Vice President,
Bird) Practice Management & Consulting,
• Ryan Beach (President, CLS Fidelity Institutional Wealth Services)
Investments) • Mitch Caplan (CEO, Jefferson National
• Noreen Beaman (CEO, Brinker Capital) Financial)
• Brent Beene (Managing Partner, Regent • John Carey (Chief Operating Officer,
Atlantic Capital) FolioDynamix)
• Mark Casady (CEO, LPL Financial)
• Christine Cataldo (Chief Operations • Lisa Dolly (Chief Operating Officer,
Officer, Edelman Financial Services) Pershing)
• Jerry Chafkin (President, Alpha Simplex • Mark Doman (CEO, The Doman Group)
Group) • Allison Dukes (Executive Vice President,
• Rene Chaze (Chief Financial Officer, The Private Wealth Management, Sun Trust
Edelman Financial Group) Bank)
• Kent Christian (President, Wells Fargo • Jeffrey Dunham (CEO, Dunham &
Advisors Financial Network) Associates Investment Counsel)
• Roman Ciosek (Partner, HighTower) • Steve Dunlap (Executive Vice President,
• Brett Clarke (President, Blu Giant Advisor Wealth Management, Cetera Financial
Studios) Group)
• Eric Clarke (President, Orion Advisor • Mike Durbin (President, Fidelity
Services) Institutional Wealth Services)
• Todd Clarke (President, CLS • Ric Edelman (CEO, The Edelman
Investments) Financial Group)
• Vanessa Colella (Business Head, Global • Ken Ehinger (CEO, M Holdings
Venturing, Citi Ventures) Securities)
• Tracy Colins (CEO, SmartFinance) • Greg Ehret (Chief Operating Officer,
• David Conover (President, Wealth State Street Global Advisors)
Management & Brokerage, EverBank • Tom Embrogno (Executive Vice
Financial) President, Docupace Technologies)
• Steve Cortez (Partner, Fiduciary • Pete Engelken (President, Pathway
Network) Strategic Advisors)
• Scott Couto (President, Fidelity Financial • Randy Epright (Chief Information Officer,
Advisor Solutions) AIG Life & Retirement)
• Trish Cox (Business Head, Schwab • Harold Evensky (President, Evensky &
Corporate Brokerage Services) Katz)
• John Coyne (Vice Chairman, Brinker • Mike Everett (Chief Business
Capital) Development Officer, MyVest
• Bill Crager (President, Envestnet) Corporation)
• Jason Creel (Business Head, Managed • John Fennelly (Business Head, Global
Accounts & Sourcing, TIAA-CREF) Wealth Management, Thomson Reuters)
• Jon Creighton (Business Head, • Ed Finn (President, Barron’s)
Information Technology Operations, • Kim Fleming (CEO, Hefren-Tillotson)
Silicon Valley Bank) • Liz Forget (CEO, MetLife Advisors)
• Kevin Crowe (Executive Vice President, • Ed Forst (CEO, Lincoln Investment
Advisor Solutions, SEI Advisor Network) Planning)
• Jim Crowley (Chief Relationship Officer, • George Foulke (Chief Information Officer,
Pershing) AIG Financial Distributors)
• Ben Cukier (Partner, FTV Capital) • Rob Francais (CEO, Aspiriant)
• Scott Curtis (President, Raymond James • Stuart Frankel (CEO, Narrative Science)
Financial Services) • Kathy Freeman (President, Kathy
• Scott David (Business Head, Third-Party Freeman Company)
Distribution, T. Rowe Price Group) • Chris Frieden (Partner, Financial
• Marvin Davis (Chief Marketing Officer, Services & Products, Alston & Bird)
The Edelman Financial Group) • Matt Frymier (CEO, Corrum Capital
• Peter Daytz (Business Head, Management)
Investments, Citi Trust) • Scott Ganeles (CEO, Ipreo Holdings)
• Steve Deschenes (Business Head, • Miralda Gingrich (President, Advisory
Defined Contribution, American Funds) Services Corporation)
• John DeVincent (Executive Vice • Jane Gladstone (Senior Managing
President, Marketing, eMoney Advisor) Director, Advisory Business, Evercore
• Will Dolan (Business Head, Fidelity Partners)
ActionsXchange)