在峰会上

2011 · 演讲 · 原文约 39569 词

译文与英文原文逐段对齐可在本页展开英文，也可打开发布者原址核对上下文。

蒂伯龙战略顾问公司首席执行官峰会 XX，2011 年 4 月 13-14 日蒂伯龙首席执行官峰会 XX，2011 年 4 月 13-14 日目录蒂伯龙首席执行官峰会 XX 概述• 议程…1• 与会名单…2 第一天：星期三• 欢迎致辞：盖尔·格雷厄姆与奇普·罗姆…3• 主题开题演讲：奇普·罗姆…4• 颁奖典礼：约翰·博格…5• 全体会议嘉宾演讲：大卫·卡罗尔…6• 分组会议…7– 金融顾问聚合商：斯蒂芬·朗格卢瓦– 受托人机遇：在不断变化的咨询环境中取得成功：比尔·克拉格– 你想知道的关于社交媒体的一切，但又不敢问：布鲁斯·莫里斯– 融合：从销售产品到提供解决方案的演变：谢丽尔·纳什– 劳工部法规：金融服务行业的游戏规则改变者：斯基普·施韦斯• 全体会议嘉宾演讲：基思·班克斯…8• 全体会议嘉宾演讲：艾伦·索普…9• 颁奖典礼：马克·卡萨迪…10 第二天：星期四• 第二天开场致辞：斯基普·施韦斯…11• 全体会议嘉宾演讲：查尔斯·布兰德斯…12• 全体会议嘉宾演讲：埃德·芬恩…13• 全体会议嘉宾演讲：里克·埃德尔曼…14• 全体会议小组讨论：咨询顾问问答（由斯特林·谢主持）…15• 全体会议小组讨论：蒂伯龙首席执行官峰会 XX 洞见（由奇普·罗姆主持）…16 蒂伯龙首席执行官峰会 XX 参考资料• 蒂伯龙手册…17• 蒂伯龙管理合伙人奇普·罗姆简介…18• 蒂伯龙首席执行官峰会…19• 蒂伯龙首席执行官峰会 XX 赞助商…20• 蒂伯龙首席执行官峰会 XX 志愿者…21• 蒂伯龙首席执行官峰会过往媒体报道…22 即将举行的首席执行官峰会：蒂伯龙首席执行官峰会 XX 蒂伯龙首席执行官峰会 XX 将于 2011 年 4 月 13 日星期三上午 7 点 45 分在纽约市丽思卡尔顿酒店正式开始，当晚在德尔莫尼科餐厅举行团体晚宴，并于 2011 年 4 月 14 日星期四下午 1 点结束。

Tiburon Strategic Advisors CEO Summit XX April 13-14, 2011 Tiburon CEO Summit XX April 13-14, 2011 Table of Contents Tiburon CEO Summit XX Overview • Agenda.................................................................................................................................................................... 1 • Attendee List.......................................................................................................................................................... 2 Day 1: Wednesday • Welcome: Gail Graham & Chip Roame................................................................................................................ 3 • Keynote Opening Presentation: Chip Roame..................................................................................................... 4 • Award Presentation: John Bogle......................................................................................................................... 5 • General Session Guest Presentation: David Carroll.......................................................................................... 6 • Break-Out Sessions............................................................................................................................................... 7 – Financial Advisor Aggregators: Stephen Langlois – The Fiduciary Opportunity: Succeeding in a Changing Advisory Landscape: Bill Crager – Everything You Wanted to Know About Social Media But Were Afraid to Ask: Bruce Morris – Convergence: The Evolution from Selling Products to Providing Solutions: Cheryl Nash – Department of Labor Rules: Game Changers for the Financial Services Industry: Skip Schweiss • General Session Guest Presentation: Keith Banks............................................................................................ 8 • General Session Guest Presentation: Allen Thorpe........................................................................................... 9 • Award Presentation: Mark Casady....................................................................................................................... 10 Day 2: Thursday • Day Two Kick-Off: Skip Schweiss...................................................................................................................... 11 • General Session Guest Presentation: Charles Brandes.................................................................................... 12 • General Session Guest Presentation: Ed Finn................................................................................................... 13 • General Session Guest Presentation: Ric Edelman........................................................................................... 14 • General Session Panel Discussion: Ask the Advisors (Facilitated by Sterling Shea)................................... 15 • General Session Panel Discussion: Tiburon CEO Summit XX Insights (Facilitated by Chip Roame).......... 16 Tiburon CEO Summit XX Reference Documents • Tiburon Brochure................................................................................................................................................... 17 • Tiburon Managing Principal Chip Roame Biography......................................................................................... 18 • Tiburon CEO Summits........................................................................................................................................... 19 • Tiburon CEO Summit XX Sponsors..................................................................................................................... 20 • Tiburon CEO Summit XX Volunteers................................................................................................................... 21 • Tiburon CEO Summits Past Media Coverage..................................................................................................... 22 Upcoming CEO Summit: Tiburon CEO Summit XX Tiburon CEO Summit XX will officially start at 7:45am on Wednesday, April 13, 2011 at the Ritz Carlton Hotel in New York, NY, include a group dinner that night at Delmonico's, and finish at 1:00pm on Thursday, April 14, 2011.

更为轻松随意的是，第二十届蒂伯龙首席执行官峰会将在前一天晚上，也就是 2011 年 4 月 12 日（星期二）下午 6:00，在丽思卡尔顿酒店以鸡尾酒招待会开始。

More casually, Tiburon CEO Summit XX will begin with a cocktail reception the prior evening Tuesday April 12, 2011 at 6:00pm at the Ritz Carlton Hotel.

会议议程

计划议程如下：2011 年 4 月 12 日（星期二）下午 6:00-晚上 9:00：鸡尾酒招待会。Tiburon 将在丽思卡尔顿酒店举办一场休闲鸡尾酒招待会。2011 年 4 月 13 日（星期三）早上 7:00-早上 7:45：欧式早餐。与会者可在开幕式前随意携带早餐食物入场。早上 7:45-早上 8:15：Tiburon CEO 峰会 XX 欢迎致辞。由盖尔·格雷厄姆（富达投资执行副总裁）与奇普·罗姆（Tiburon 战略顾问公司执行董事）致辞。早上 8:15-早上 9:45：开幕主题演讲。Tiburon 执行董事奇普·罗姆将开启 Tiburon CEO 峰会 XX。金融服务行业现状。由奇普·罗姆（Tiburon 战略顾问公司执行董事）主讲。早上 9:45-早上 10:00：手机休息时间。早上 10:00-上午 11:00：Tiburon CEO 峰会 XX 奖项颁发。峰会 XX。约翰·博格尔（先锋集团创始人）。获奖者约翰·博格尔。由奇普·罗姆（Tiburon 战略顾问公司创始人兼执行董事）主持。上午 11:00-上午 11:15：茶歇与手机休息时间。上午 11:15-中午 12:00：全体会议嘉宾演讲。大卫·卡罗尔（富国银行高级执行副总裁）。由奇普·罗姆（Tiburon 战略顾问公司执行董事）介绍。中午 12:00-下午 1:15：午餐与分组讨论会。峰会 XX 特邀嘉宾大卫·卡罗尔（富国银行高级执行副总裁）。设有五个分组讨论会选项：金融顾问聚合商：斯蒂芬·朗格卢瓦（LPL Financial 执行副总裁）。受托人机会：在不断变化的咨询环境中取得成功：比尔·克拉格（Envestnet 资产管理公司总裁）。关于社交媒体你一直想问却不敢问的一切：布鲁斯·莫里斯（Source Media 执行副总裁）。融合：从销售产品到提供解决方案的演变：谢丽尔·纳什（Fiserv 投资服务业务发展全球负责人）。劳工部规定：金融服务行业的游戏规则改变者：斯基普·施韦斯（TD Ameritrade 信托公司总裁）。请携带午餐前往您选择的分组讨论会。下午 1:30-下午 2:15：全体会议嘉宾演讲。由基思·班克斯（美国信托公司总裁）主讲。峰会 XX 特邀嘉宾艾伦·索普（Hellman & Friedman 董事总经理）。由奇普·罗姆（Tiburon 战略顾问公司执行董事）介绍。下午 2:15-下午 2:30：茶歇与手机休息时间。下午 2:30-下午 3:15：全体会议嘉宾演讲。由艾伦·索普（Hellman & Friedman 董事总经理）主讲。由奇普·罗姆（Tiburon 战略顾问公司执行董事）介绍。下午 3:15-下午 3:30：手机休息时间。峰会 XX 获奖者马克·卡萨迪（LPL Financial 首席执行官）。下午 3:30-下午 4:30：Tiburon CEO 峰会 XX 奖项颁发。马克·卡萨迪（LPL Financial 首席执行官）。由奇普·罗姆（Tiburon 战略顾问公司执行董事）主持。下午 4:30-下午 6:05：自由活动与集体步行前往晚宴。集体步行选项：与会者可以在下午 6:15 在丽思卡尔顿酒店大堂集合，下午 6:20 出发，步行四个短街区到达餐厅，于下午 6:30 抵达鸡尾酒会。下午 6:30-晚上 9:30：Tiburon CEO 峰会 XX 团体晚宴，地点为纽约州纽约市的 Delmonico’s 餐厅。Delmonico’s 餐厅地址：56 Beaver Street, New York, NY 10004 (212-509-1144)。下午 6:30-晚上 7:30：鸡尾酒会。晚上 7:30-晚上 9:30：晚宴。2011 年 4 月 14 日（星期四）峰会 XX 嘉宾查尔斯·布兰德斯（Brandes Investment Partners 主席）。早上 7:00-早上 7:45：欧式早餐。与会者可在开幕式前随意携带早餐食物入场。早上 7:45-早上 8:00：Tiburon CEO 峰会 XX 第二天开场。由斯基普·施韦斯（TD Ameritrade 信托公司总裁）致辞。早上 8:00-早上 8:45：全体会议演讲。由查尔斯·布兰德斯（Brandes Investment Partners 主席）主讲。峰会 XX 嘉宾埃德·芬恩（《巴伦周刊》总裁）。由奇普·罗姆（Tiburon 战略顾问公司执行董事）介绍。早上 8:45-早上 9:00：手机休息时间。早上 9:00-早上 9:45：全体会议嘉宾演讲。由埃德·芬恩（《巴伦周刊》总裁）主讲。由奇普·罗姆（Tiburon 战略顾问公司执行董事）介绍。峰会 XX 嘉宾里克·埃德尔曼（Edelman Financial Services 首席执行官）。早上 9:45-早上 10:00：茶歇与手机休息时间。早上 10:00-早上 10:45：全体会议嘉宾演讲。由里克·埃德尔曼（Edelman Financial Services 首席执行官）主讲。由奇普·罗姆（Tiburon 战略顾问公司执行董事）介绍。早上 10:45-上午 11:00：茶歇与手机休息时间。上午 11:00-中午 12:00：全体会议小组讨论。咨询顾问问答。由斯特林·谢伊（《巴伦周刊》咨询与财富管理项目业务负责人）主持。金融顾问小组成员：斯科特·汉森（Hanson McClain 联席首席执行官）。理查德·萨珀斯坦（Treasury Partners 管理合伙人）。中午 12:00-下午 12:30：盒装午餐与手机休息时间。下午 12:30-下午 1:00：全体会议小组讨论。Tiburon CEO 峰会 XX 洞见。由奇普·罗姆（Tiburon 战略顾问公司执行董事）主持。客户小组成员：迈克尔·金（Genworth Financial Wealth Management 执行副总裁）。兰迪·摩尔（Alston & Bird 合伙人）。谢丽尔·纳什（Fiserv 投资服务业务发展全球负责人）。斯基普·施韦斯（TD Ameritrade 信托公司总裁）。莎拉·塞奇负责所有后勤、摄影与媒体关系事宜；如有任何疑问，请随时通过 415-789-2540 或 [email protected] 与她联系。Tiburon CEO 峰会 XX 欢迎！纽约州纽约市，2011 年 4 月 13 日。提纲。Tiburon CEO 峰会 XX 主持人欢迎辞与以往经验、议程亮点及基本规则。Tiburon 概述、Tiburon CEO 峰会愿景及 Tiburon CEO 峰会 XIX 介绍。© Tiburon Strategic Advisors, LLC™。1。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX - 主持人欢迎辞与以往经验。Tiburon CEO 峰会 XX 主持人欢迎辞与以往经验。参与历史。最喜爱的过往演讲者、成功故事及其他回忆。照片集。参会与赞助逻辑。预期议程与活动。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。2。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XIX – 获奖者与嘉宾演讲者。Tiburon CEO 峰会 XIX 获奖者与嘉宾演讲者（去年十月在加利福尼亚州旧金山举行）。朱迪·巴伯（Family Money Consultants）。杰夫·马吉奥卡拉达（Financial Engines）。迈尔·斯塔特曼（圣克拉拉大学）。戴尔·布朗（金融服务协会）。乔·曼苏埃托（晨星公司）。马克·尤斯科（摩根溪资本管理公司）。罗恩·卡森（Carson Wealth Management）。唐·菲利普斯（晨星公司）（获奖者）。哈罗德·埃文斯基（Evensky & Katz）。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。3。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XIX 与会者给活动的总体满意度评分为 9.1 分（满分 10 分），与 Tiburon CEO 峰会 XII-XVIII 自迁至丽思卡尔顿酒店以来获得的评分持平。Tiburon CEO 峰会总体满意度（1-10；10 = 最高）。9.2。9.3。9.1。8.5。8.7。8.7。8.6。8.7。峰会 XII。峰会 XIII。峰会 XIV。峰会 XV。峰会 XVI。峰会 XVII。峰会 XVIII。峰会 XIX。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。4。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XIX 的开幕主题演讲（奇普·罗姆主讲）与嘉宾演讲（马克·尤斯科主讲）均跻身历史前十高分。Tiburon CEO 峰会 XII - XIX 全体会议演讲者反馈评分。奇普·罗姆 (XIX)：9.3。奇普·罗姆 (XVIII)：9.3。奇普·罗姆 (XII)：9.3。皮特·凯特 (XVII)：9.3。唐·菲利普斯 (XIII)：9.3。奇普·罗姆 (XIII)：9.2。大卫·蒂茨沃思 (XVIII)：9.2。奇普·罗姆 (XV)：9.1。奇普·罗姆 (XIV)：9.1。史蒂夫·福布斯 (XVIII)：9.1。马克·尤斯科 (XIX)：9.1。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。5。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX - 议程亮点。Tiburon CEO 峰会 XX 议程亮点。Tiburon 开幕主题演讲（奇普·罗姆）。获奖者演讲（约翰·博格尔与马克·卡萨迪）。六位嘉宾演讲者。今天午餐时间的五个分组讨论会。今晚在 Delmonico’s 的晚宴。咨询顾问问答小组讨论。总结性亮点小组讨论。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。6。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX – 简单基本规则。Tiburon CEO 峰会 XX 简单基本规则。媒体政策（奇普的开幕致辞以及约翰·博格尔与马克·卡萨迪的奖项颁发）。其他时间不允许。即使在这些时段，也“保留要求不记录的权利”。会议将准时开始。提问时请说明姓名与公司。反馈表格（请在现场填写）（如希望再次受邀，这越来越必要）。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。7。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX - 流程提示。Tiburon CEO 峰会 XX 流程提示。午餐。分组讨论会、主持人及会议室信息见活页夹（一些在 2 楼，另一些在 14 楼）。今天提供丽思卡尔顿酒店盒装午餐。请高效地携带午餐前往您选择的分组讨论会，以便立即开始。晚宴。安排巴士不值得麻烦。下午 6:15 集体步行（酒店大堂）。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。8。11.04.13 – Tiburon CEO 峰会 XX。提纲。Tiburon CEO 峰会 XX 主持人欢迎辞与以往经验、议程亮点及基本规则。Tiburon 概述、Tiburon CEO 峰会愿景及 Tiburon CEO 峰会 XIX 介绍。© Tiburon Strategic Advisors, LLC™。9。11.04.13 – Tiburon CEO 峰会 XX。Tiburon 战略顾问公司。Tiburon 战略顾问公司。专注于公司层面战略。仅服务于金融服务公司高级管理人员。关键服务：战略咨询与市场研讨会。自 1998 年以来，已服务超过 300 家企业客户并完成超过 1,300 个项目。发布一系列共 94 份现成研究报告（每份 5,000 美元；支付 25,000 美元可让所有员工在一年内查阅所有报告）。举办半年度 Tiburon CEO 峰会。奇普·罗姆背景。麦肯锡公司。嘉信理财公司。自 1998 年起（13 年以上）任职于 Tiburon。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。10。11.04.13 – Tiburon CEO 峰会 XX。Tiburon 战略顾问公司服务。Tiburon 战略顾问公司服务。会议、市场演讲、研讨会、市场研究（RRAP）、战略咨询、顾问董事会角色、项目。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。11。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX 已确认有 172 位客户与会者，为史上最大规模。Tiburon CEO 峰会客户与会者人数。117。118。70。67。58。58。17。19。7。10。11。I、II、III、IV、V、VI、VII、VIII、IX、X、XI、XII、XIII、XIV、XV、XVI、XVII、XVIII、XIX、XX。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。12。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX – 获奖者。Tiburon CEO 峰会 XX 获奖者。专注于消费者（及其他客户）需求。约翰·博格尔与马克·卡萨迪。挑战传统智慧。承担责任。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。13。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX – 获奖者与嘉宾演讲者。Tiburon CEO 峰会 XX 获奖者与嘉宾演讲者。基思·班克斯（美国信托公司）。大卫·卡罗尔（富国银行）。埃德·芬恩（《巴伦周刊》）。艾伦·索普（Hellman & Friedman）。杰克·博格尔（先锋集团）（获奖者）。马克·卡萨迪（LPL Financial）（获奖者）。查尔斯·布兰德斯（Brandes Investment Partners）。里克·埃德尔曼（Edelman Financial Services）。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。14。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XXI – 获奖者与嘉宾演讲者。Tiburon CEO 峰会 XXI 获奖者与嘉宾演讲者（2011 年 10 月 12-13 日 * 丽思卡尔顿酒店 * 加利福尼亚州旧金山）（正在进行中）。罗布·阿诺特（Research Affiliates）（获奖者）。迈克尔·萨皮尔（Pro Funds Group）。约翰·塔夫特（RBC 财富管理）。比尔·汉布雷希特（WR Hambrecht）（获奖者）。比尔·夏普（斯坦福大学）（获奖者）。保罗·齐格勒（Pro Publica）。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。15。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XXI – 与会者政策。Tiburon CEO 峰会 XXI 与会者政策。单日、单份研究报告、单份研究报告、咨询时间、访问计划（仅限新客户）。董事会简报。94 份研究报告（另加 2011 年约 20 份新报告）。每份 94 份研究报告 5,000 美元。管理委员会和/或高级管理团队现场报告。每份售价 5,000 美元（在研究报告访问计划下每份 266 美元）。对不确定如何选择的人的建议。员工或财务顾问会议、培训课程或会议演讲。订购 TBD 报告，待真正需要时再选择。赞助非营利组织会议演讲。购买后即可访问所有报告的所有组成部分，包括所有修订版本，供所有员工在 2011 年全年使用。赠送作为礼物。Tiburon CEO 峰会赞助商（支付 30,000 美元）将免费获得其研究报告访问计划。进行市场研讨会或会议演讲，面向重要的机构或财务顾问客户。向 Tiburon 介绍您的业务（可带来更详细的研究报告覆盖）。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。16。11.04.13 – Tiburon CEO 峰会 XX。Tiburon CEO 峰会 XX - 致谢。Tiburon CEO 峰会致谢。与会者（感谢您的业务）（请问候您身边的邻居）。获奖者（感谢您抽出时间加入我们）。演讲者（这份工作报酬不高）。志愿者（报酬同样微薄）。赞助商（您的意见是宝贵的反馈，也是本次活动的共同支持者）。主持人（盖尔与斯基普）（在赞助之外自愿奉献）。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。17。11.04.13 – Tiburon CEO 峰会 XX。Tiburon 战略顾问公司评论。专注于公司层面战略。仅服务于金融服务公司高级管理人员。关键服务：市场研讨会、市场研究与战略咨询。自 1998 年以来，已服务超过 300 家企业客户并完成超过 1,300 个项目。举办半年度 CEO 峰会，提供免费每周研究报告发布，并为所有类型的顾问提供免费商业基准测试工具。奇普·罗姆背景。麦肯锡公司。嘉信理财公司。自 1998 年起任职于 Tiburon。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。18。11.04.13 – Tiburon CEO 峰会 XX。金融服务行业现状。Tiburon CEO 峰会 XX 开幕主题演讲。纽约州纽约市，2011 年 4 月 13 日。Tiburon CEO 峰会 XX – 开幕主题演讲目标。Tiburon CEO 峰会 XX 开幕主题演讲目标。总结过去六个月（有时是十二个月）中最重要的金融服务行业发展动态、Tiburon 研究成果以及演讲者与赞助商公司亮点，旨在为 Tiburon CEO 峰会 XX 奠定基调并鼓励讨论与辩论。来源：Tiburon 研究与分析。© Tiburon Strategic Advisors, LLC™。1。11.04.13 – Tiburon CEO 峰会 XX。提纲。广泛的市场环境。广泛的重大世界事件与金融服务行业在新闻中的持续失误。美国经济仍在挣扎，股市高歌猛进，房地产市场仍然喜忧参半。消费者财富复苏但伴随着态度变化。监管改革进展有限与政治格局重置。金融服务行业策略。持续的市场与分销渠道演变。持续的产品趋势。战略活动加速。© Tiburon Strategic Advisors, LLC™。2。11.04.13 – Tiburon CEO 峰会 XX。广泛的重大世界事件与金融服务行业在新闻中的持续失误。广泛的重大世界事件与金融服务行业在新闻中的持续失误。日本地震与海啸。纽约州配售代理问题。中东与北非动荡（埃及；利比亚；巴林；突尼斯）。伯尼·麦道夫。欧洲主权债务危机（爱尔兰；希腊；葡萄牙；西班牙）。高盛集团（“神仙”交易）。两次新西兰地震。Axa Rosenberg（隐瞒编码错误）。Galleon 内幕交易案。Provident Royalties 与 Medical Capital（Securities America）。伯克希尔·哈撒韦。雷曼兄弟破产。嘉信理财（短期债券基金定位）。华盛顿互助银行。房利美与房地美。瑞银与巴克莱（LIBOR 操纵）。抵押贷款服务（机器人签名）。来源：4/7/11 Turning Point Email (Vigeveno); 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™。3。11.04.13 – Tiburon CEO 峰会 XX。日本地震与海啸造成 15,000-30,000 人丧生，其破坏性巨大，但在规模上远不及其他自然灾害，甚至不及去年海地地震。按生命损失计的自然灾害。中国洪水 (1931)：1,000,000。黄河洪水 (1887)：900,000。陕西地震 (1556)：830,000。博拉气旋 (1970)：500,000。印度气旋 (1839)：300,000。安条克地震（526）：250,000。唐山地震 (1976)：242,419。海原地震 (1920)：234,117。印度洋海啸 (2004)：230,210。海地地震 (2010)：222,570。来源：4/7/11 Impact Communications Email (Swift); 4/4/11 Insurance Newscast; 4/4/11 Gather Web Site; 4/4/11 National Oceanic & Atmospheric Administration Web Site; 4/4/11 Wikipedia Web Site; 4/3/11 Yahoo News; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™。4。11.04.13 – Tiburon CEO 峰会 XX。日本地震与海啸（约 2,000 亿美元）很可能超过卡特里娜飓风，成为有史以来经济损失最惨重的自然灾害。按经济损失计的自然灾害（十亿美元）。日本地震与海啸（预估）（2011）：$200。卡特里娜飓风 (2005)：$125。日本神户地震 (1995)：$100。中国四川地震 (2008)：$80。美国加州北岭地震 (1994)：$45。艾克飓风 (2008)：$40。中国长江与哈尔滨洪水 (1998)：$31。智利中部海岸地震与海啸 (2010)：$30。日本西海岸地震 (2004)：$28。安德鲁飓风 (1992)：$25。来源：4/11/11 Fortune; 4/7/11 Impact Communications Email (Swift); 4/7/11 Shah & Associates Email (Shah); 4/4/11 Business Wire; 4/3/11 Yahoo News; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™。5。11.04.13 – Tiburon CEO 峰会 XX。其他广泛的重大世界事件。其他广泛的重大世界事件。中东与北非动荡。埃及；利比亚；巴林；突尼斯。欧洲主权债务危机。爱尔兰；希腊；葡萄牙；西班牙。两次新西兰地震。来源：4/7/11 TD Ameritrade Email (Schweiss); 4/4/11 Business Wire; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™。6。11.04.13 – Tiburon CEO 峰会 XX。Galleon 内幕交易案。Galleon 内幕交易案（拉吉·拉贾拉特南）。有史以来最大的内幕交易丑闻。获利 4,500 万美元（涉及 Akamai Technologies；Google；Hilton Hotels；Polycom）。三人认罪 -> Danielle Chiesi、Roomy Khan 及 Adam Smith。辩护方庭审在 Tiburon CEO 峰会 XX 期间进行。相关问题。专家网络 - Gerson, Lehrman – 受到质疑。大型管理咨询公司因其笨拙操作而受到密切关注。对主动管理构成威胁，并为主流化趋势增添了另一助力。冰山一角？（许多人预测 SAC 与史蒂夫·科恩可能是下一个目标）。来源：4/7/11 Bridgewater Email (Milliman); 4/4/11 Financial Times; 4/4/11 Wall Street Journal; 4/4/11 New York Times; 4/4//11 San Francisco Chronicle; 4/3/11 Wall Street Journal; 4/1/11 Wall Street Journal; 3/29/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™。7。11.04.13 – Tiburon CEO 峰会 XX。Galleon 内幕交易案。Galleon 内幕交易案（拉吉·拉贾拉特南）。“他们会调低指引（给股票分析师更低的盈利预测）。我刚接到我的人（Akamai Technologies 的 Kieran Taylor）的电话。我像戏弄一架调好音的钢琴一样操纵了他。”

Meeting Agenda The planned agenda is as follows: Tuesday, April 12, 2011 6:00pm-9:00pm: Cocktail Reception Tiburon will host a casual cocktail reception at the Ritz Carlton Hotel Wednesday, April 13, 2011 7:00am-7:45am: Continental Breakfast Attendees should feel free to bring breakfast foods to the opening session 7:45am-8:15am: Tiburon CEO Summit XX Welcome Presented by Gail Graham (Executive Vice President, Fidelity Investments) & Chip Roame (Managing Principal, Tiburon Strategic Advisors) Tiburon's Managing 8:15am-9:45am: Opening Keynote Presentation Principal Chip Roame will kick-off Tiburon CEO Summit XX State of the Financial Services Industry Presented by Chip Roame (Managing Principal, Tiburon Strategic Advisors) 9:45am-10:00am: Cell Phone Break 10:00am-11:00am: Tiburon CEO Summit Award Presentation CEO Summit XX John Bogle (Founder, The Vanguard Group) Award Recipient John Bogle Facilitated by Chip Roame (Founder, The (Managing Principal, Tiburon Strategic Advisors) Vanguard Group) 11:00am-11:15am: Refreshments & Cell Phone Break 11:15am-12:00pm: General Session Guest Presentation David Carroll (Senior Executive Vice President, Wells Fargo Corporation) Introduction by Chip Roame (Managing Principal, Tiburon Strategic Advisors) 12:00pm-1:15pm: Lunch & Break-Out Sessions CEO Summit XX Guest Speaker Five break-out session choices: David Carroll (Senior Executive Financial Advisor Aggregators: Stephen Vice President, Wells Langlois (Executive Vice President, LPL Fargo Corporation) Financial) The Fiduciary Opportunity: Succeeding in a Changing Advisory Landscape: Bill Crager (President, Envestnet Asset Management) Everything You Wanted to Know About Social Media But Were Afraid to Ask: Bruce Morris (Executive Vice President, Source Media) Convergence: The Evolution from Selling Products to Providing Solutions: Cheryl Nash CEO Summit XX (Global Business Head, Business Guest Speaker Development, Investment Services, Fiserv) Keith Banks (President, US Trust) Department of Labor Rules: Game Changers for the Financial Services Industry: Skip Schweiss (President, TD Ameritrade Trust Company) Please take lunch to your choice of break-out sessions 1:30pm-2:15pm: General Session Guest Presentation Presented by Keith Banks (President, US Trust) CEO Summit XX Introduction by Chip Roame Guest Speaker (Managing Principal, Tiburon Strategic Advisors) Allen Thorpe (Managing Director, Hellman & Friedman) 2:15pm-2:30pm: Refreshments & Cell Phone Break 2:30pm-3:15pm: General Session Guest Presentation Presented by Allen Thorpe (Managing Director, Hellman & Friedman) Introduction by Chip Roame (Managing Principal, Tiburon Strategic Advisors) 3:15pm-3:30pm: Cell Phone Break CEO Summit XX Award Recipient 3:30pm-4:30pm: Tiburon CEO Summit Award Presentation Mark Casady (CEO, LPL Financial) Mark Casady (CEO, LPL Financial) Facilitated by Chip Roame (Managing Principal, Tiburon Strategic Advisors) 4:30pm-6:05pm: Free Time & Group Walk to Dinner Group Walk Option: Attendees can decide to meet in the lobby of the Ritz Carlton Hotel at 6:15pm to depart at 6:20pm, walking four short blocks to the restaurant to arrive for the cocktail hour at 6:30pm 6:30pm-9:30pm: Tiburon CEO Summit XX Group Dinner at Delmonico's Restaurant in New York, NY Delmonico's Restaurant is located at 56 Beaver Street, New York, NY 10004 (212-509-1144) 6:30pm-7:30pm: Cocktail Hour 7:30pm-9:30pm: Dinner Thursday, April 14, 2011 CEO Summit XX 7:00am-7:45am: Continental Breakfast Guest Speaker Charles Brandes (Chairman, Brandes Attendees should feel free to bring breakfast foods to Investment Partners) the opening session 7:45am-8:00am: Tiburon CEO Summit XX Day #2 Kick-Off Presented by Skip Schweiss (President, TD Ameritrade Trust Company) 8:00am-8:45am: General Session Presentation Presented by Charles Brandes CEO Summit XX (Chairman, Brandes Investment Partners) Guest Speaker Ed Finn Introduction by Chip Roame (President, Barron's) (Managing Principal, Tiburon Strategic Advisors) 8:45am-9:00am: Cell Phone Break 9:00am-9:45am: General Session Guest Presentation Presented by Ed Finn (President, Barron's) Introduction by Chip Roame (Managing Principal, Tiburon Strategic Advisors) CEO Summit XX 9:45am-10:00am: Refreshments & Cell Phone Break Guest Speaker Ric Edelman (CEO, Edelman 10:00am-10:45am: General Session Guest Presentation Financial Services) Presented by Ric Edelman (CEO, Edelman Financial Services) Introduction by Chip Roame (Managing Principal, Tiburon Strategic Advisors) 10:45am-11:00am: Refreshments & Cell Phone Break 11:00am-12:00pm: General Session Panel Discussion Ask the Advisors Facilitated by Sterling Shea (Business Head, Advisory & Wealth Management Programs, Barron’s) Financial Advisor Panelists: Scott Hanson (Co-CEO, Hanson McClain) Richard Saperstein (Managing Partner, Treasury Partners) 12:00pm-12:30pm: Box Lunch & Cell Phone Break 12:30pm-1:00pm: General Session Panel Discussion Tiburon CEO Summit XX Insights Facilitated by Chip Roame (Managing Principal, Tiburon Strategic Advisors) Client Panelists: Michael Kim (Executive Vice President, Genworth Financial Wealth Management) Randy Moore (Partner, Alston & Bird) Cheryl Nash (Global Business Head, Business Development, Investment Services, Fiserv) Skip Schweiss (President, TD Ameritrade Trust Company) Sarah Sage is responsible for all logistics, photography, & media relations; feel free to contact her with any questions at 415-789-2540 or [email protected] Tiburon CEO Summit XX Welcome New York, NY April 13, 2011 Outline • Tiburon CEO Summit XX Moderator Welcome & Prior Experiences, Agenda Highlights, & Ground Rules • Tiburon Overview, Tiburon CEO Summit Vision, & Tiburon CEO Summit XIX Introductions © Tiburon Strategic Advisors, LLC™ 1 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX - Moderator Welcome & Prior Experiences Tiburon CEO Summit XX Moderator Welcome & Prior Experiences Involvement history Favorite past speakers, success stories, & other memories Photo books Attendance & sponsorship logic Anticipated sessions & events Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 2 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XIX – Award Recipients & Guest Speakers Tiburon CEO Summit XIX Award Recipients & Guest Speakers (Last October in San Francisco, CA) • Judy Barber (Family • Jeff Maggioncalda • Meir Statman (Santa Money Consultants) (Financial Engines) Clara University) • Dale Brown • Joe Mansueto • Mark Yusko (Morgan (Financial Services (Morningstar) Creek Capital Institute) (Award Recipient) Management) • Ron Carson (Carson • Don Phillips Wealth Management) (Morningstar) (Award Recipient) • Harold Evensky (Evensky & Katz) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 3 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XIX Attendees Rated the Event a 9.1 on a 10.0 Scale, Consistent with Scores Received at Tiburon CEO Summits XII-XVIII Since Moving to the Ritz Carlton Hotels Tiburon CEO Summits Overall Satisfaction (1-10; 10 = High) 9.2 9.3 9.1 8.5 8.7 8.7 8.6 8.7 CEO CEO CEO CEO CEO CEO CEO CEO Summit Summit Summit Summit Summit Summit Summit Summit XII XIII XIV XV XVI XVII XVIII XIX Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 4 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XIX’s Keynote Opening Presentation by Chip Roame and Guest Speaker Presentation by Mark Yusko Joined the All-Time Top Ten Scores Tiburon CEO Summit XII - XIX General Session Speakers Feedback Scores Chip Roame (XIX) 9.3 Chip Roame (XVIII) 9.3 Chip Roame (XII) 9.3 Pete Kight (XVII) 9.3 Don Phillips (XIII) 9.3 Chip Roame (XIII) 9.2 David Tittsworth (XVIII) 9.2 Chip Roame (XV) 9.1 Chip Roame (XIV) 9.1 Steve Forbes (XVIII) 9.1 Mark Yusko (XIX) 9.1 Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 5 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX - Agenda Highlights Tiburon CEO Summit XX Agenda Highlights Tiburon keynote opening presentation (Chip Roame) Award recipients presentation (John Bogle & Mark Casady) Six guest speakers Five break-out sessions at lunch today Dinner this evening at Delmonico’s Ask the Advisor panel discussion Highlights panel to wrap up Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 6 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX – Simple Ground Rules Tiburon CEO Summit XX Simple Ground Rules Media policy (Chip’s opening & John Bogle & Mark Casady awards presentation) No other time And even then “right to declare off record” Sessions to start on time Please state name & company when asking questions Feedback forms (please do on site) (increasingly required if you want to be invited back) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 7 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX - Process Tips Tiburon CEO Summit XX Process Tips Lunch Sessions, moderators, & rooms listed in binder (some on 2nd floor and others on 14th floor) Ritz Carlton Hotel box lunches today Please efficiently take lunch to break-out session of choice for immediate start Dinner Bus not worth the trouble Group walk at 6:15pm (hotel lobby) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 8 11.04.13 – Tiburon CEO Summit XX Outline • Tiburon CEO Summit XX Moderator Welcome & Prior Experiences, Agenda Highlights, & Ground Rules • Tiburon Overview, Tiburon CEO Summit Vision, & Tiburon CEO Summit XIX Introductions © Tiburon Strategic Advisors, LLC™ 9 11.04.13 – Tiburon CEO Summit XX Tiburon Strategic Advisors Tiburon Strategic Advisors • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: strategy consulting & market seminars - Served over 300 corporate clients and completed over 1,300 projects since 1998 - Publish series of 94 off-the-shelf research reports ($5K each; $25K for access to all reports for all employees for a year) - Host semi-annual Tiburon CEO Summits • Chip Roame background - McKinsey & Company - The Charles Schwab Corporation - Tiburon since 1998 (13+ years) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 10 11.04.13 – Tiburon CEO Summit XX Tiburon Strategic Advisors Services Tiburon Strategic Advisors Services Conference Market Speeches Seminars Research (RRAP) Strategy Advisory Consulting Board Roles Projects Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 11 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX Has 172 Confirmed Client Attendees, Making it the Largest Ever Tiburon CEO Summit Tiburon CEO Summits Client Attendees 117 118 70 67 58 58 17 19 7 10 11 I II III IV V VI VII VIII IX X XI XII XIII XIV XV XVI XVII XVIII XIX XX Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 12 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX – Award Recipients Tiburon CEO Summit XX Award Recipients Focusing on Consumer (& Other Client) Needs John Bogle & Challenging Mark Casady Conventional Wisdom Taking Responsibility Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 13 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX – Award Recipients & Guest Speakers Tiburon CEO Summit XX Award Recipients & Guest Speakers • Keith Banks (US • David Carroll (Wells • Ed Finn (Barron’s) Trust) Fargo Corporation) • Allen Thorpe (Hellman • Jack Bogle (The • Mark Casady (LPL & Friedman) Vanguard Group) Financial) (Award (Award Recipient) Recipient) • Charles Brandes • Ric Edelman (Brandes Investment (Edelman Financial Partners) Services) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 14 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XXI – Award Recipients & Guest Speakers Tiburon CEO Summit XXI Award Recipients & Guest Speakers (October 12-13, 2011 * Ritz Carlton Hotel * San Francisco, CA) (Work in Progress) • Rob Arnott (Research • Michael Sapir (Pro • John Taft (RBC Wealth Affiliates) (Award Funds Group) Management) Recipient) • Bill Sharpe (Stanford • Paul Ziegler (Pro • Bill Hambrecht (WR University) (Award Publica) Hambrecht) (Award Winner) Recipient) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 15 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XXI – Attendee Policy Tiburon CEO Summit XXI Attendee Policy Single Day of Research Report Single Research Report Consulting Time Access Program (New Clients Only) • Board of directors briefing • 94 research reports (plus ~20 • $5,000 for each of 94 research • Management committee new reports in 2011) reports and/or senior management • Sell for $5,000 each ($266 • Suggestions for those team offsite presentation each under research report unsure… • Employee or financial advisor access program) - Order TBD report and pick meeting, training session, or • Access to all components of later when really have conference speech all reports, including all need • Sponsor non-profit revised versions, for all - Give as a gift conference speech employees throughout all of • Give market seminar or 2011 • Tiburon CEO Summit conference speech to an sponsors (who pay $30,000) important institutional or are afforded complementary financial advisor client access to its research report • Brief Tiburon on your access program business (results in more detailed research report coverage) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 16 11.04.13 – Tiburon CEO Summit XX Tiburon CEO Summit XX - Thanks Tiburon CEO Summit Thanks Attendees (for your business) (greet they neighbor) Award recipients (for making the time to join us) Speakers (it does not pay well) Volunteers (pays equally poorly) Sponsors (sounding board & the co-champions of this event) Moderators (Gail & Skip) (volunteer on top of sponsorship) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 17 11.04.13 – Tiburon CEO Summit XX Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 300 corporate clients and completed over 1,300 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - McKinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 18 11.04.13 – Tiburon CEO Summit XX The State of the Financial Services Industry Tiburon CEO Summit XX Keynote Opening Presentation New York, NY April 13, 2011 Tiburon CEO Summit XX – Keynote Opening Presentation Objective Tiburon CEO Summit XX Keynote Opening Presentation Objective Summarize the most important financial services industry developments, Tiburon research, and speaker & sponsor firm highlights from the past six (or sometimes twelve) months to help set the stage and encourage discussion & debate at Tiburon CEO Summit XX Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 1 11.04.13 – Tiburon CEO Summit XX Outline • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating © Tiburon Strategic Advisors, LLC™ 2 11.04.13 – Tiburon CEO Summit XX Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News Japan Earthquake & Tsunami New York State Placement Agent Issues Middle East & North Africa Unrest (Egypt; Libya; Bahrain; Tunisia) Bernie Madoff European Sovereign Debt Crisis Goldman Sachs Group (Fabulous (Ireland; Greece; Portugal; Spain) Fab) Two New Zealand Earthquakes Axa Rosenberg (Concealing Coding Error) Galleon Insider Trading Case Provident Royalties & Medical Berkshire Hathaway Capital (Securities America) Lehman Brothers Bankruptcy The Charles Schwab Corporation Washington Mutual (Positioning of Short-Term Bond Fund) Fannie Mae & Freddie Mac UBS & Barclays (LIBOR Mortgage Servicing (Robo Manipulation) Signings) Source: 4/7/11 Turning Point Email (Vigeveno); 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 3 11.04.13 – Tiburon CEO Summit XX The Japanese Earthquake & Tsunami, with 15,000-30,000 Lost Lives, is Devastating, But it is Dwarfed in Scale by Other Natural Disasters, Even as Recently as Last Year in Haiti Natural Disasters By Lives Lost China Floods (1931) 1,000,000 Yellow River Flood (1887) 900,000 Shaanxi Earthquake (1556) 830,000 Bhola Cyclone (1970) 500,000 India Cyclone (1839) 300,000 Antioch Earthquake (526) 250,000 Tangshan Earthquake (1976) 242,419 Haiyuan Earthquake (1920) 234,117 Indian Ocean Tsunami (2004) 230,210 Haiti Earthquake (2010) 222,570 Source: 4/7/11 Impact Communications Email (Swift); 4/4/11 Insurance Newscast; 4/4/11 Gather Web Site; 4/4/11 National Oceanic & Atmospheric Administration Web Site; 4/4/11 Wikipedia Web Site; 4/3/11 Yahoo News; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 4 11.04.13 – Tiburon CEO Summit XX The Japanese Earthquake & Tsunami (~$200 Billion) is Likely to Surpass Hurricane Katrina as the Costliest Natural Disaster in Terms of Economic Losses Natural Disasters By Economic Losses ($ Billions) J a pa n E a rthqua k e & T s una m i(E s t im a t e ) (2 0 11) $200 H urrica ne Ka t rina ( 20 0 5 ) $125 Ko be , J a pa n E a rt hqua k e ( 19 9 5 ) $100 S ichua n P ro v inc e , C hina E a rthqua k e ( 20 0 8 ) $80 N o rt hridge , C a lifo rnia E art hqua k e ( 19 9 4 ) $45 H urrica ne Ik e ( 20 0 8 ) $40 Y a ngt ze R iv e r & H arbin, C hina F lo o ds ( 19 9 8 ) $31 C ent ral C o a s t o f C hile E a rthqua k e & T s una m i (2 0 10 ) $30 We s t C o a s t o f Ja pa n E a rthqua k e ( 20 0 4 ) $28 H urrica ne A ndre w ( 19 9 2 ) $25 Source: 4/11/11 Fortune; 4/7/11 Impact Communications Email (Swift); 4/7/11 Shah & Associates Email (Shah); 4/4/11 Business Wire; 4/3/11 Yahoo News; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 5 11.04.13 – Tiburon CEO Summit XX Other Broad Overarching World Events Other Broad Overarching World Events Middle East & North Africa Unrest Egypt; Libya; Bahrain; Tunisia European Sovereign Debt Crisis Ireland; Greece; Portugal; Spain Two New Zealand Earthquakes Source: 4/7/11 TD Ameritrade Email (Schweiss); 4/4/11 Business Wire; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 6 11.04.13 – Tiburon CEO Summit XX Galleon Insider Trading Case Galleon Insider Trading Case (Raj Rajaratnam) Biggest ever insider trading scandal Made $45 million (Akamai Technologies; Google; Hilton Hotels; Polycom) Three guilty pleas -> Danielle Chiesi, Roomy Khan, & Adam Smith Defense case occurring during Tiburon CEO Summit XX Related issues Expert networks - Gerson, Lehrman – questioned Large management consulting firms under microscope as unwieldy Threat to active management and adds another trend supporting indexing Tip of the iceberg? (many predict that SAC & Steve Cohen may be next) Source: 4/7/11 Bridgewater Email (Milliman); 4/4/11 Financial Times; 4/4/11 Wall Street Journal; 4/4/11 New York Times; 4/4//11 San Francisco Chronicle; 4/3/11 Wall Street Journal; 4/1/11 Wall Street Journal; 3/29/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 7 11.04.13 – Tiburon CEO Summit XX Galleon Insider Trading Case Galleon Insider Trading Case (Raj Rajaratnam) “They are going to guide down (give stock analysts lower earnings estimate). I just got a call from my guy (Kieran Taylor at Akamai Technologies). I played him like a finely tuned piano.”

丹妮尔·切西（Danielle Chiesi）致拉杰·拉贾拉特南（Raj Rajaratnam），2008 年 7 月 24 日 [拉贾拉特南随后卖空了 50 万股] 来源：4/1/11 《旧金山纪事报》；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 8 11.04.13 – Tiburon CEO 峰会第 XX 届伯克希尔·哈撒韦伯克希尔·哈撒韦戴夫·索科尔（Dave Sokol）投资 1000 万美元于路博润（此前曾请花旗投资银行家询问对方对收购的兴趣）以伯克希尔·哈撒韦员工的信托身份呈报向沃伦·巴菲特推荐了这项收购先前的冲突中美能源公司（1999）：改变会计方法以消灭少数股东；被判赔偿超过 3200 万美元《滚雪球》：追查作者艾丽斯·施罗德（Alice Schroeder），要求披露发给 3000 名 NetJets 高管的备忘录来源；索科尔辞职后，上周撤回诉讼来源：4/4/11 《纽约时报》；4/4/11 《华尔街日报》；4/4/11 Argyle Executive Forum 电子邮件（Doe）；4/1/11 《华尔街日报》；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 9 11.04.13 – Tiburon CEO 峰会第 XX 届伯克希尔·哈撒韦伯克希尔·哈撒韦 “如果为公司亏了钱，我会理解；如果为公司损失了一丁点声誉，我会毫不留情” 沃伦·巴菲特来源：4/1/11 《旧金山纪事报》；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 10 11.04.13 – Tiburon CEO 峰会第 XX 届 “内幕交易”这个词也许有了新含义…… 内幕交易来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 11 11.04.13 – Tiburon CEO 峰会第 XX 届伯尼·麦道夫依然在新闻中…… 伯尼·麦道夫 “银行肯定知情” 伯尼·麦道夫来源：4/7/11 TD Ameritrade 电子邮件（Schweiss）；4/4/11 《金融时报》；4/1/11 《华尔街日报》；3/29/11 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 12 11.04.13 – Tiburon CEO 峰会第 XX 届麦道夫之后，庞氏骗局是否依然可能存在？

Danielle Chiesi to Raj Rajaratnam July 24, 2008 [Rajaratnam subsequently shorted 500,000 shares] Source: 4/1/11 San Francisco Chronicle; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 8 11.04.13 – Tiburon CEO Summit XX Berkshire Hathaway Berkshire Hathaway Dave Sokol invested $10 million in Lubrizol (after asking Citi investment bankers to inquire about interest in acquisition) Presented in fiduciary capacity as a Berkshire Hathaway employee Recommended the acquisition to Warren Buffett Prior scuffles Mid-American Energy (1999): Changed accounting method to eliminate minority shareholders; judgment against for $32+ million The Snowball: Pursued author Alice Schroeder to reveal source of memo sent to 3,000 Net Jets executives; lawsuit dropped last week after Sokol resigned Source: 4/4/11 New York Times; 4/4/11 Wall Street Journal; 4/4/11 Argyle Executive Forum Email (Doe); 4/1/11 Wall Street Journal; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 9 11.04.13 – Tiburon CEO Summit XX Berkshire Hathaway Berkshire Hathaway “Lose money for the firm and I will be understanding; lose a shred of reputation for the firm and I will be ruthless” Warren Buffett Source: 4/1/11 San Francisco Chronicle; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 10 11.04.13 – Tiburon CEO Summit XX The Term Insider Trading May Have Taken on a New Meaning… Insider Trading Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 11 11.04.13 – Tiburon CEO Summit XX Bernie Madoff Still in the News… Bernie Madoff “The banks must have known” Bernie Madoff Source: 4/7/11 TD Ameritrade Email (Schweiss); 4/4/11 Financial Times; 4/1/11 Wall Street Journal; 3/29/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 12 11.04.13 – Tiburon CEO Summit XX Can Ponzi Scheme Still Exist Even After Madoff?

狱中的麦道夫

来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 13 11.04.13 – Tiburon CEO 峰会 XX

许多消费者对金融服务行业持怀疑态度；四分之三的人认为伯尼·麦道夫式的行为很普遍

消费者——按倾向认为麦道夫式行为在金融顾问和金融机构中很常见的情况分类

不常见：24%

常见：76%

来源：3/09《财务规划期刊》；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 14 11.04.13 – Tiburon CEO 峰会 XX

新年新丑闻（第 1 页）

新年新丑闻

房利美与房地美
救助计划中最昂贵的部分（1560 亿美元；可能达到 3630 亿美元）
追查前首席执行官们
批评新首席执行官的薪酬
高盛集团
就其在次级抵押贷款（CDO）方面误导投资者，导致他们亏损的指控，支付了 5.5 亿美元罚款（这是投资银行有史以来最大的一笔和解金）。（还记得那个“神奇的 Fab”吗？）
A 级·罗森伯格
就其隐瞒量化投资产品编码错误的指控，支付了 2.42 亿美元

来源：4/7/11 TD Ameritrade 电子邮件（Schweiss）；4/4/11《金融时报》；4/3/11《华尔街日报》；4/1/11《华尔街日报》；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 15 11.04.13 – Tiburon CEO 峰会 XX

新年新丑闻（第 2 页）

新年新丑闻

美国证券公司
出售了 4 亿美元的普罗维登特版税和医疗资本
提出 1.92 亿美元（占损失的 48%）的赔偿方案
还可能流失注册代表
嘉信理财公司
就其短期债券基金的误导性陈述指控，支付了 1.18 亿美元
顺便提一下……巴里·邦兹
他以为那只是亚麻籽油
决定是在印刷厂做出的吗？

Madoff in Prison Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 13 11.04.13 – Tiburon CEO Summit XX Many Consumers are Skeptical of the Financial Services Industry; Three-Quarters Believe that Bernie Madoff Type Behavior is Common Consumers By Propensity to Believe that Bernie Madoff Type Behavior is Common Among Financial Advisors & Financial Institutions Not Common 24% Common 76% Source: 3/09 Journal of Financial Planning; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 14 11.04.13 – Tiburon CEO Summit XX New Year, New Scandals (Page 1) New Year, New Scandals Fannie Mae & Freddie Mac Most expensive part of bailout ($156 billion; may reach $363 billion) Chasing down ex-CEOs Criticizing pay of new CEOs Goldman Sachs Group Paid $550 million penalty on charges that it misled investors on sub-prime mortgages (CDOs) causing them to lose money (largest ever settlement by an investment bank) (remember the Fabulous Fab?) Axa Rosenberg Paid $242 million on charges that it concealed coding error in quantitative investment product Source: 4/7/11 TD Ameritrade Email (Schweiss); 4/4/11 Financial Times; 4/3/11 Wall Street Journal; 4/1/11 Wall Street Journal; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 15 11.04.13 – Tiburon CEO Summit XX New Year, New Scandals (Page 2) New Year, New Scandals Securities America Sold $400 million of Provident Royalties & Medical Capital $192 million reimbursement (48% of loss) offer on the table Potential for lost reps as well The Charles Schwab Corporation Paid $118 million over charges that it made misleading statements on short-term bond funds For Skip… Barry Bonds He thought it was just flax seed oil Decision made while at the printer?

资料来源：4/7/11 Impact Communications 邮件（Swift）；4/7/11 Turning Point 邮件（Vigeveno）；4/7/11 TD Ameritrade 邮件（Schweiss）；4/5/11 《投资新闻》；4/4/11 《投资新闻》；4/4/11 《金融时报》；4/1/11 《华尔街日报》；Tiburon 研究与分析 © Tiburon Strategic Advisors，LLC™ 16 11.04.13 – Tiburon CEO 峰会 XX 大纲 • 广泛市场环境 – 广泛的全球性重大事件以及财经服务业在新闻中不断受挫 – 美国经济仍在挣扎，股市却强势上扬，房市依然好坏参半 – 消费者财富有所恢复，但消费观念发生改变 – 监管改革与政治格局重塑方面进展有限 • 财经服务业策略 – 市场与分销渠道持续演变 – 产品趋势持续变化 – 战略活动加速 © Tiburon Strategic Advisors，LLC™ 17 11.04.13 – Tiburon CEO 峰会 XX 美国经济仍在挣扎美国经济仍在挣扎失业率略有改善（8.8%） 2009 年末达到峰值 10.9% 但仍有 1350 万美国人失业（失业型复苏）按当前改善速度，需要 8 年时间才能恢复到金融危机前 5.0% 的失业率经济分化或两极化 -> 富人复苏，但其他人并未受益几个问题依然存在住房抵押贷款问题持续去杠杆化延续每天都有更多婴儿潮一代达到退休年龄预期寿命增加社会保障与医疗保险成为严重问题资料来源：4/7/11 Impact Communications 邮件（Swift）；4/7/11 Bridgewater 邮件（Milliman）；4/7/11 TD Ameritrade 邮件（Schweiss）；12/13/10 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors，LLC™ 18 11.04.13 – Tiburon CEO 峰会 XX 失业率仍高达 8.8%……

Source: 4/7/11 Impact Communications Email (Swift); 4/7/11 Turning Point Email (Vigeveno); 4/7/11 TD Ameritrade Email (Schweiss); 4/5/11 Investment News; 4/4/11 Investment News; 4/4/11 Financial Times; 4/1/11 Wall Street Journal; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 16 11.04.13 – Tiburon CEO Summit XX Outline • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating © Tiburon Strategic Advisors, LLC™ 17 11.04.13 – Tiburon CEO Summit XX US Economy Still Struggling US Economy Still Struggling Marginal improvements in unemployment rate (8.8%) Peak was 10.9% in late 2009 But still 13.5 million Americans unemployed (jobless recovery) And at current improvement pace, will take eight years to get back to 5.0% pre-financial crisis unemployment rate Economic divergence or bifurcation -> rebound for wealthy but not for others Several issues still exist Home mortgage issues continue Deleveraging continues More baby boomers are reaching retirement age every day Life expectations increasing Social Security & Medicare loom as serious issues Source: 4/7/11 Impact Communications Email (Swift); 4/7/11 Bridgewater Email (Milliman); 4/7/11 TD Ameritrade Email (Schweiss); 12/13/10 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 18 11.04.13 – Tiburon CEO Summit XX The Unemployment Rate Remains at a Substantial 8.8%...

失业率 10.0% 9.5% 8.8% 7.4% 6.0% 5.7% 5.4% 4.9% 5.0% 4.4% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 年第一季度来源：2011 年 4 月 3 日《顾问视角》；2011 年 4 月 1 日《华尔街日报》；2011 年 4 月 1 日《旧金山纪事报》；2011 年 4 月 1 日 ETF 趋势；2010 年 12 月 13 日《顾问一号》；2010 年 9 月 7 日美国劳工统计局网站；2010 年 9 月 7 日卡森财富管理集团报告（卡森）（美国劳工统计局）；2010 年 6 月摩根溪资本管理报告（尤斯科）（影子统计）；2008 年 10 月 4 日《纽约时报》（美国劳工统计局）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 19 11.04.13 – 提布伦 CEO 峰会 XX …但如果计入沮丧工人，失业率仍为 15.7% 调整后失业率 15.7% 8.8% 官方失业率（U-3）计入沮丧工人的失业率（U-6）来源：2011 年 4 月 4 日美国劳工统计局网站；2011 年 4 月 2 日《顾问视角》；2010 年 12 月 13 日《顾问一号》；2010 年 9 月 7 日卡森财富管理集团报告（卡森）（美国劳工统计局）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 20 11.04.13 – 提布伦 CEO 峰会 XX 股市高歌猛进股市高歌猛进三大主要股指（道琼斯工业平均指数、标普 500 指数、纳斯达克指数）在 2011 年第一季度上涨约 4%-6% 2011 年第一季度普通非行业股票型共同基金：+6.2% 同一三大主要股指在过去六个月上涨约 20%，过去两年（自 2009 年 3 月低点以来）上涨约 75%-100%（许多散户投资者忽略了这一点）此前标普 500 指数在 2000 年代下跌了 23.4% 泡沫？因为它与实体经济脱节？请问查尔斯·布兰德斯和艾德·芬恩来源：2011 年 4 月 3 日《顾问视角》；2011 年 4 月 1 日 ETF 趋势；2011 年 3 月 28 日晨星网站；2010 年 12 月 22 日《投资新闻》；2010 年 9 月 22 日晨星网站；2010 年 9 月 7 日卡森财富管理集团报告（卡森）（雅虎；巴伦周刊；市场观察）；2010 年 8 月 11 日晨星网站；2009 年 4 月 15 日斑马资本管理报告（伊博森）；2009 年 4 月 3 日晨星网站；2008 年 9 月 30 日嘉信理财声明；提布伦研究与分析 © 提布伦战略顾问有限责任公司 21 11.04.13 – 提布伦 CEO 峰会 XX 在 2009 年上涨 19% 和 2010 年上涨 14% 之后，道琼斯工业平均指数在 2011 年第一季度回报率为 6% 道琼斯工业平均指数市场回报率 24% 21% 18% 19% 16% 14% 9% 6% 6% 2001 年 2% 2000 年 2002 年 2005 年 2008 年 1997 年 1998 年 1999 年 2003 年 2004 年 -1% 2006 年 2007 年 2009 年 2010 年 2011 年 -6% -7% -17% -31% 来源：2011 年 4 月 14 日布兰德斯投资伙伴报告（布兰德斯）；2011 年 4 月 7 日 TD Ameritrade 电子邮件（施韦斯）；2011 年 4 月 1 日 ETF 趋势；2011 年 3 月 28 日晨星网站；2010 年 11 月 5 日《华尔街日报》；2010 年 9 月 22 日晨星网站；2009 年 4 月 15 日斑马资本管理报告（伊博森）；2009 年 4 月 3 日晨星网站；2008 年 9 月 30 日嘉信理财声明；2008 年 5 月 20 日《华尔街日报》网站；2004 年 1 月 19 日《商业周刊》；提布伦研究与分析 © 提布伦战略顾问有限责任公司 22 11.04.13 – 提布伦 CEO 峰会 XX 标普 500 指数在 2000 年代下跌 23.4% 后，在 2010 年代迄今已上涨 16% 标准普尔 500 指数各十年回报率 305.0% 230.0% 10.0% 16.0% 2000 年代 1970 年代 1980 年代 1990 年代 2010 年代 -23.4% 来源：2011 年 4 月 14 日布兰德斯投资伙伴报告（布兰德斯）；2011 年 3 月 28 日晨星网站；2010 年 9 月 27 日前向管理报告（谢弗）（标准普尔）；2010 年 9 月 22 日晨星网站；2010 年 9 月 7 日卡森财富管理集团报告（卡森）（雅虎；巴伦周刊；市场观察）；2010 年 8 月 11 日晨星网站；2010 年 6 月摩根溪资本管理报告（尤斯科）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 23 11.04.13 – 提布伦 CEO 峰会 XX 如果你正在寻找一些希望……从历史上看，标普 500 指数在总统任期第三年表现最佳标准普尔 500 指数按总统周期年份计算的超额实际平均回报率 9.5% 第 1 年第 2 年第 4 年第 3 年 -0.3% -3.8% -5.5% 来源：2006 年 2 月摩根溪资本管理报告（尤斯科）（EMO）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 24 11.04.13 – 提布伦 CEO 峰会 XX 房地产市场依然喜忧参半房地产市场依然喜忧参半大多数美国家庭的最大投资房价处于 1999-2000 年水平大多数人仍预期复苏缓慢来源：2011 年 4 月 11 日《财富》杂志；提布伦研究与分析 © 提布伦战略顾问有限责任公司 25 11.04.13 – 提布伦 CEO 峰会 XX 房价中位数已降至 15.6 万美元，比 2006 年 23 万美元的峰值下降了约 33% 房价中位数（千美元） $225 $230 $220 $205 $195 $185 $185 $170 $170 $160 $165 $156 $145 $98 $54 $20 1970 1980 1990 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q/11 来源：2011 年 4 月 7 日 TD Ameritrade 电子邮件（施韦斯）；2008 年 4 月 1 日全美房地产经纪人协会网站；2008 年 3 月 17 日《巴伦周刊》；2005 年 4 月 11 日《商业周刊》；提布伦研究与分析 © 提布伦战略顾问有限责任公司 26 11.04.13 – 提布伦 CEO 峰会 XX 消费者家庭目前仅拥有其房屋价值的 39%，低于 2005 年的 59% 消费者家庭房屋净值占家庭不动产的比例 69% 61% 58% 58% 59% 57% 57% 57% 55% 54% 50% 39% 40% 39% 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2011 年 4 月 3 日《顾问视角》；2009 年 12 月 31 日美联储资金流向报告；2009 年 3 月 12 日美联储资金流数据；2007 年 12 月 31 日美联储资金流向报告；2007 年 3 月 31 日美联储资金流向报告；2005 年 4 月 11 日《商业周刊》；2004 年 9 月 20 日《财富》杂志（汇丰银行）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 27 11.04.13 – 提布伦 CEO 峰会 XX 但并非所有人都受到房价下跌的冲击……数字天空技术公司创始人尤里·米尔纳以 1 亿美元的价格购买了一处独栋住宅，创下历史新高中位房价（百万美元） $100.0 $0.2 $0.7 美国中位房价旧金山中位房价尤里·米尔纳的房价来源：提布伦研究与分析 © 提布伦战略顾问有限责任公司 28 11.04.13 – 提布伦 CEO 峰会 XX 大纲 • 宏观市场环境 – 宏观总体世界大事与金融服务行业新闻中的持续失误 – 美国经济仍在挣扎，股市高歌猛进，房地产市场依然喜忧参半 – 消费者财富在恢复，但伴随态度转变 – 监管改革进展有限，政治版图重置 • 金融服务行业策略 – 市场与分销渠道持续演变 – 持续的产品趋势 – 战略活动加速 © 提布伦战略顾问有限责任公司 29 11.04.13 – 提布伦 CEO 峰会 XX 消费者财富在恢复消费者财富在恢复 2008 年净资产损失 12.8 万亿美元（约占总净值的 20%）；随后两年仅恢复了 5.4 万亿美元自二战后开始追踪以来最大的财富损失（作为对比——科技泡沫破裂导致净值下降约 3%）双重打击——股市和房屋价值冲击了消费者可投资资产（与 1990 年代的财富效应相反）消费者财富缓慢反弹 -> 840 万个百万富翁家庭（斯佩克特伦集团），仍低于 2007 年的 920 万高净值潜在客户减少；以前的衰退并未影响超富裕阶层，但这次受影响有人认为中等净值客户被其他机构忽视，他们更忠诚、简单、风险较低且有利可图来源：2011 年 4 月 14 日爱德曼金融服务报告（爱德曼）；2011 年 4 月 7 日信安桥电子邮件（米利曼）；2011 年 4 月 7 日 TD Ameritrade 电子邮件（施韦斯）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 30 11.04.13 – 提布伦 CEO 峰会 XX 消费者家庭净资产在 2008 年下降 12.8 万亿美元至 51.4 万亿美元，之后才开始非常缓慢的复苏消费者家庭净资产（万亿美元） $63.0 $64.2 $58.0 $56.8 $52.0 $53.6 $51.4 $46.0 $39.2 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2010 年 12 月 31 日美联储资金流向报告；2010 年 6 月 30 日美联储资金流向报告；提布伦研究与分析 © 提布伦战略顾问有限责任公司 31 11.04.13 – 提布伦 CEO 峰会 XX 消费者家庭拥有 28.3 万亿美元的可投资资产，自 2002 年以来增长 75% 消费者家庭可投资资产（万亿美元） $29.7 $28.3 $28.5 $28.3 $26.0 $23.7 $21.9 $18.4 $15.9 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2010 年 12 月 31 日美联储资金流向报告；2010 年 6 月 30 日美联储资金流向报告；提布伦研究与分析 © 提布伦战略顾问有限责任公司 32 11.04.13 – 提布伦 CEO 峰会 XX 消费者拥有 13.0 万亿美元的退休计划资产，自 2002 年以来增长 60%，接近 2007 年的峰值消费者家庭退休计划资产（万亿美元） $13.4 $13.0 $12.7 $11.9 $11.4 $10.6 $10.4 $9.7 $8.2 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2010 年 12 月 31 日美联储资金流向报告；2010 年 6 月 30 日美联储资金流向报告；提布伦研究与分析 © 提布伦战略顾问有限责任公司 33 11.04.13 – 提布伦 CEO 峰会 XX 消费者家庭在 2006 年峰值之后损失了 4.6 万亿美元的房地产净值，此后保持相对稳定消费者家庭房地产净值（万亿美元） $10.9 $10.4 $9.3 $9.6 $8.9 $8.3 $7.8 $6.3 $6.3 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2010 年 12 月 31 日美联储资金流向报告；2010 年 6 月 30 日美联储资金流向报告；2009 年 3 月 11 日美联储资金流向报告；2009 年 4 月《婴儿潮市场顾问》（经济研究中心）；2009 年 3 月《财务规划杂志》；2007 年 12 月 31 日美联储资金流向报告；2007 年 3 月 31 日美联储资金流向报告；2006 年 2 月摩根溪资本管理（尤斯科）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 34 11.04.13 – 提布伦 CEO 峰会 XX 消费者家庭在 2006 年峰值之后损失了 2.6 万亿美元的私人企业估值消费者对私人企业的投资（万亿美元） $8.8 $8.7 $8.4 $7.3 $6.4 $6.4 $6.2 $5.4 $5.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2011 年 4 月 7 日 TD Ameritrade 电子邮件（施韦斯）；2010 年 12 月 31 日美联储资金流向报告；2010 年 6 月 30 日美联储资金流向报告；提布伦研究与分析 © 提布伦战略顾问有限责任公司 35 11.04.13 – 提布伦 CEO 峰会 XX 婴儿潮一代即将到来的退休仍将推动更多资产进入可投资资产市场消费者家庭净资产（万亿美元） $6.2 $70.7 $23.1 $13.0 $28.3 可投资资产退休计划资产个人其他资产非流动性资产总家庭资产来源：2011 年 4 月 8 日富达投资电子邮件（格雷厄姆）；2010 年 6 月 30 日美联储资金流向报告；提布伦研究与分析 © 提布伦战略顾问有限责任公司 36 11.04.13 – 提布伦 CEO 峰会 XX 拥有超过 500 万美元金融资产的消费者家庭数量在 2008 年下降了 30%，至 84 万户，在 2009-2010 年仅恢复了一半不到拥有超过 500 万美元金融资产的消费者家庭（千户） 1,140 1,167 1,061 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2011 年 3 月 15 日斯佩克特伦集团报告；2010 年 6 月 30 日美联储资金流向报告；2010 年 3 月 10 日《美国银行家》（斯佩克特伦集团）；2010 年 3 月 9 日《保险新闻广播》（斯佩克特伦）；2009 年 5 月 21 日《华尔街日报》；2009 年 5 月 14 日第一全球报告（蝙蝠侠）（斯佩克特伦）；2009 年 3 月 16 日《资金管理高管》（斯佩克特伦）；2009 年 3 月 13 日《美国银行家》（斯佩克特伦）；2009 年 3 月 13 日《财务顾问》（斯佩克特伦）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 37 11.04.13 – 提布伦 CEO 峰会 XX 拥有超过 100 万美元金融资产的消费者家庭数量在 2008 年下降了 27%，至 670 万户，在 2009-2010 年恢复了大约三分之二拥有超过 100 万美元金融资产的消费者家庭（百万户） 9.0 9.2 8.4 8.4 7.8 7.5 6.7 6.2 6.2 2002 2003 2004 2005 2006 2007 2008 2009 2010 来源：2011 年 4 月 7 日 TD Ameritrade 电子邮件（施韦斯）；2011 年 3 月 15 日斯佩克特伦集团报告；2011 年 4 月 14 日爱德曼金融服务报告（爱德曼）；2010 年 6 月 30 日美联储资金流向报告；2010 年 3 月 10 日《美国银行家》（斯佩克特伦集团）；2009 年 5 月 21 日《华尔街日报》；2009 年 5 月 14 日第一全球报告（蝙蝠侠）（斯佩克特伦）；2009 年 3 月 16 日《资金管理高管》（斯佩克特伦）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 38 11.04.13 – 提布伦 CEO 峰会 XX 消费者面临的挑战消费者面临的挑战首批婴儿潮一代于 2011 年满 65 岁（出生于 1946 年至 1964 年）他们的父母相继离世（代际财富转移从未发生）许多人未做好退休准备预期将被清算的资产（房屋和退休账户）价值已下跌平均预期寿命达到 78 岁来源：2011 年 4 月 14 日爱德曼金融服务报告（爱德曼）；2011 年 4 月 8 日富达投资电子邮件（格雷厄姆）；2011 年 4 月 7 日信安桥电子邮件（米利曼）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 39 11.04.13 – 提布伦 CEO 峰会 XX 消费者态度转变——怀疑与恐惧消费者态度转变怀疑与恐惧消费者对金融服务行业更加愤世嫉俗；不愿将信任重新投入该系统在线工具与建议（Ever Bank Financial；富达投资；嘉信理财；TD Ameritrade）业绩报酬（邓纳姆与合伙人）消费者仍然信任他们的财务顾问消费者想要简单、透明和个性化的解决方案来源：2011 年 4 月 7 日转折点电子邮件（维杰维诺）；2011 年 4 月 7 日沙阿联合电子邮件（沙阿）；2011 年 4 月 14 日爱德曼金融服务报告（爱德曼）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 40 11.04.13 – 提布伦 CEO 峰会 XX 许多财务顾问认为，客户已受到金融危机的永久性影响财务顾问对金融危机的评论 “他们留下了永久的伤疤……但也许这并非坏事……他们更加谨慎，需要更多的说服” 来源：2010 年 10 月 20 日 Shira Ridge 对话（纳尔东）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 41 11.04.13 – 提布伦 CEO 峰会 XX 许多财务顾问报告称，客户变得愈发犹豫财务顾问对金融危机的评论 “任何程度的信心都是暂时的；客户现在很容易被吓到” 来源：2010 年 10 月 20 日利特曼·格雷戈里对话（霍尔斯坦）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 42 11.04.13 – 提布伦 CEO 峰会 XX 许多财务顾问报告称，潜在客户更加怀疑财务顾问对金融危机的评论 “潜在客户似乎更加怀疑，盘问我们的策略在 2008-2009 年期间会如何比他们当时的情况表现得更好” 来源：2010 年 10 月 19 日 Waypoint 财富伙伴对话（鲍斯）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 43 11.04.13 – 提布伦 CEO 峰会 XX ……还有其他财务顾问甚至担心一些潜在客户可能会转向自主投资财务顾问对金融危机的评论 “我认为，我们可能会看到更多潜在客户倾向于自己动手。作为财务顾问，我们可以轻易地说服自己相信我们的价值，但许多潜在客户似乎对整个行业持怀疑态度” 来源：2010 年 10 月 19 日 Waypoint 财富伙伴对话（鲍斯）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 44 11.04.13 – 提布伦 CEO 峰会 XX 许多财务顾问报告称，客户推迟了退休财务顾问对金融危机的评论 “一些客户工作的时间比预期的要长。部分原因是他们对自己目前拥有的不放心，并想确保如果危机再次发生，他们也能安然无恙” 来源：2010 年 10 月 20 日利特曼·格雷戈里对话（霍尔斯坦）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 45 11.04.13 – 提布伦 CEO 峰会 XX 美国个人储蓄率近年来有所下降，但在 2008 年升至 5.1%，此后保持相对稳定美国个人储蓄率 8.0% 8.0% 8.0% 8.0% 7.0% 7.0% 7.0% 6.0% 5.8% 5.8% 5.6% 5.0% 5.1% 3.3% 2.4% 2.4% 2.1% 1.3% 0.2% 2005 2006 2007 1960 1964 1968 1972 0.08 1980 1984 1988 1992 1996 2000 2001 2002 2003 2004 2008 2009 2010 2011 -0.4% -0.5% -1.0% 来源：2011 年 3 月 28 日经济分析局；2009 年 3 月 9 日乔伊斯财务管理电子邮件（乔伊斯）；2009 年 2 月 10 日《华尔街日报》（美国经济分析局）；2008 年 10 月 16 日《财富》杂志；2007 年 6 月费雪投资公司手册（汤姆森金融）；2007 年 2 月 1 日 MSNBC 网站；2005 年 1 月 26 日《纽约时报》（美联储）；2004 年 12 月 30 日《华尔街日报》；2004 年 11 月 4 日美国商务部网站；2001 年 8 月 1 日《旧金山纪事报》；提布伦研究与分析 © 提布伦战略顾问有限责任公司 46 11.04.13 – 提布伦 CEO 峰会 XX 还有一些财务顾问指出，与此同时，潜在客户变得更加老练财务顾问对金融危机的评论 “客户变得越来越老练，并希望更多地参与其中” 来源：2010 年 11 月 3 日 Rockland 对话（巴克）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 47 11.04.13 – 提布伦 CEO 峰会 XX 大纲 • 宏观市场环境 – 宏观总体世界大事与金融服务行业新闻中的持续失误 – 美国经济仍在挣扎，股市高歌猛进，房地产市场依然喜忧参半 – 消费者财富在恢复，但伴随态度转变 – 监管改革进展有限，政治版图重置 • 金融服务行业策略 – 市场与分销渠道持续演变 – 持续的产品趋势 – 战略活动加速 © 提布伦战略顾问有限责任公司 48 11.04.13 – 提布伦 CEO 峰会 XX 投资银行和零售银行是 2010 年《多德-弗兰克华尔街改革与消费者保护法》的主要目标《2010 年多德-弗兰克华尔街改革与消费者保护法》自营交易（强制退出）衍生品（收紧保证金）消费者金融保护局（收紧消费贷款业务的利润空间，例如透支费、借记卡交换费）来源：2011 年 4 月 14 日爱德曼金融服务报告（爱德曼）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 49 11.04.13 – 提布伦 CEO 峰会 XX 小型银行和大多数投资顾问注意到，最近的法规主要影响大型公司行业 CEO 对悬而未决的监管问题评论 “《多德-弗兰克法案》对小型公司影响不大，但大型公司现在的合规成本更高了” 来源：2010 年 11 月 3 日剑桥·阿普尔顿对话（奥尼尔）；提布伦研究与分析 © 提布伦战略顾问有限责任公司 50 11.04.13 – 提布伦 CEO 峰会 XX 许多行业高管意识到许多问题正处于监管博弈中…… 行业 CEO 对悬而未决的监管问题评论 “几乎所有东西都在博弈之中——信托责任、12B-1 费用、独立承包商身份等等”

Unemployment Rate 10.0% 9.5% 8.8% 7.4% 6.0% 5.7% 5.4% 4.9% 5.0% 4.4% 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q/11 Source: 4/3/11 Advisor Perspectives; 4/1/11 Wall Street Journal; 4/1/11 San Francisco Chronicle; 4/1/11 ETF Trends; 12/13/10 Advisor One; 9/7/10 Bureau of Labor Statistics Web Site; 9/7/10 Carson Wealth Management Group Presentation (Carson) (Bureau of Labor Statistics); 6/10 Morgan Creek Capital Management Presentation (Yusko) (Shadow Stats); 10/4/08 New York Times (Bureau of Labor Statistics); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 19 11.04.13 – Tiburon CEO Summit XX … But if Discouraged Workers are Included, the Unemployment Rate is Still 15.7% Adjusted Unemployment Rate 15.7% 8.8% Official Unemployment Rate (U-3) Unemployment Rate Including Discouraged Workers (U-6) Source: 4/4/11 Bureau of Labor Statistics Web Site; 4/2/11 Advisor Perspectives; 12/13/10 Advisor One; 9/7/10 Carson Wealth Management Group Presentation (Carson) (Bureau of Labor Statistics); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 20 11.04.13 – Tiburon CEO Summit XX Stock Markets Roaring Ahead Stock Markets Roaring Ahead Three leading stock market indices (DJIA, S&P 500, NASDAQ) up ~4%-6% in 1Q/11 Average non-sector equity mutual fund 1Q/11: +6.2% Same three leading stock market indices up ~20% in past six months and ~75%-100% in past two years (since March 2009 low) (overlooked by many retail investors) Followed S&P 500 down 23.4% for the 2000s decade Bubble because disjointed from economy? Ask Charles Brandes & Ed Finn Source: 4/3/11 Advisor Perspectives; 4/1/11 ETF Trends; 3/28/11 Morningstar Web Site; 12/22/10 Investment News; 9/22/10 Morningstar Web Site; 9/7/10 Carson Wealth Management Group Presentation (Carson) (Yahoo; Barron’s; Market Watch); 8/11/10 Morningstar Web Site; 4/15/09 Zebra Capital Management Presentation (Ibbotson); 4/3/09 Morningstar Web Site; 9/30/08 Charles Schwab Statement; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 21 11.04.13 – Tiburon CEO Summit XX The Dow Jones Industrial Average Has Returned 6% in 1Q/11 After a 19% Increase in 2009 and a 14% Increase in 2010 Dow Jones Industrial Average Market Returns 24% 21% 18% 19% 16% 14% 9% 6% 6% 2001 2% 2000 2002 2005 2008 1997 1998 1999 2003 2004 -1% 2006 2007 2009 2010 2011 -6% -7% -17% -31% Source: 4/14/11 Brandes Investment Partners Presentation (Brandes); 4/7/11 TD Ameritrade Email (Schweiss); 4/1/11 ETF Trends; 3/28/11 Morningstar Web Site; 11/5/10 Wall Street Journal; 9/22/10 Morningstar Web Site; 4/15/09 Zebra Capital Management Presentation (Ibbotson); 4/3/09 Morningstar Web Site; 9/30/08 Charles Schwab Statement; 5/20/08 Wall Street Journal Web Site; 1/19/04 Business Week; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 22 11.04.13 – Tiburon CEO Summit XX The S&P 500 Has Returned 16% Thus Far in the 2010s After Losing 23.4% in the 2000s Standard & Poor’s 500 Returns by Decade 305.0% 230.0% 10.0% 16.0% 2000s 1970s 1980s 1990s 2010s -23.4% Source: 4/14/11 Brandes Investment Partners Presentation (Brandes); 3/28/11 Morningstar Web Site; 9/27/10 Forward Management Presentation (Schaeffer) (Standard & Poor’s); 9/22/10 Morningstar Web Site; 9/7/10 Carson Wealth Management Group Presentation (Carson) (Yahoo; Barron’s; Market Watch); 8/11/10 Morningstar Web Site; 6/10 Morgan Creek Capital Management Presentation (Yusko); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 23 11.04.13 – Tiburon CEO Summit XX If You are Seeking Some Hope… the S&P 500 Historically Performs Best in the Third Presidential Year Standard & Poor’s 500 Average Excess Real Returns By Presidential Cycle Year 9.5% Year 1 Year 2 Year 4 Year 3 -0.3% -3.8% -5.5% Source: 2/06 Morgan Creek Capital Management Presentation (Yusko) (EMO); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 24 11.04.13 – Tiburon CEO Summit XX Housing Markets Still Mixed Housing Markets Still Mixed Largest investment for most US households Home prices at 1999-2000 levels Most still expect slow recovery Source: 4/11/11 Fortune; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 25 11.04.13 – Tiburon CEO Summit XX The Median Home Price Has Dropped to $156,000, Down About 33% from its Peak of $230,000 in 2006 Median Home Price ($ Thousands) $225 $230 $220 $205 $195 $185 $185 $170 $170 $160 $165 $156 $145 $98 $54 $20 1970 1980 1990 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q/11 Source: 4/7/11 TD Ameritrade Email (Schweiss); 4/1/08 National Association of Realtors Web Site; 3/17/08 Barron’s; 4/11/05 Business Week; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 26 11.04.13 – Tiburon CEO Summit XX Consumers Households Now Own Just 39% of the Value of their Homes, Down from 59% in 2005 Consumer Households Equity as a Share of Household Real Estate 69% 61% 58% 58% 59% 57% 57% 57% 55% 54% 50% 39% 40% 39% 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 4/3/11 Advisor Perspectives; 12/31/09 Federal Reserve Flow of Funds Report; 3/12/09 Federal Reserve Flow of Funds Data; 12/31/07 Federal Reserve Flow of Funds Report; 3/31/07 Federal Reserve Flow of Funds Report; 4/11/05 Business Week; 9/20/04 Fortune (HSBC); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 27 11.04.13 – Tiburon CEO Summit XX But Not Everyone is Suffering the Home Value Crunch… Digital Sky Technologies Founder Yuri Milner Paid the Most Ever for a Single Family Home at $100 Million Median Home Prices ($ Millions) $100.0 $0.2 $0.7 US Median Home Price San Francisco Median Yuri Milner Home Price Home Price Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 28 11.04.13 – Tiburon CEO Summit XX Outline • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating © Tiburon Strategic Advisors, LLC™ 29 11.04.13 – Tiburon CEO Summit XX Recovering Consumer Wealth Recovering Consumer Wealth Lost $12.8 trillion net worth in 2008 (~20% of net worth); regained just $5.4 trillion in the next two years Largest loss of wealth since tracking started after World War II (for comparison –> technology bubble burst led to ~3% decline in net worth) Double whammy - stock market & home values hit consumer investable assets (inverse of 1990s wealth effect) Consumer wealth slowly rebounding -> 8.4 millionaire households (Spectrem) still down from 9.2 in 2007 Fewer high net worth prospects; previous recessions had not impacted ultra affluent but this one did Some argue moderate net worth clients are ignored by others, and are more loyal, simple, less risky, & profitable Source: 4/14/11 Edelman Financial Services Presentation (Edelman); 4/7/11 Bridgewater Email (Milliman); 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 30 11.04.13 – Tiburon CEO Summit XX Consumer Household Net Worth Fell $12.8 Trillion in 2008 to $51.4 Trillion Before Starting a Very Slow Recovery Consumer Households Net Worth ($ Trillions) $63.0 $64.2 $58.0 $56.8 $52.0 $53.6 $51.4 $46.0 $39.2 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 12/31/10 Federal Reserve Flow of Funds Report; 6/30/10 Federal Reserve Flow of Funds Report; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 31 11.04.13 – Tiburon CEO Summit XX Consumers Households Have $28.3 Trillion in Investable Assets, Up 75% Since 2002 Consumer Households Investable Assets ($ Trillions) $29.7 $28.3 $28.5 $28.3 $26.0 $23.7 $21.9 $18.4 $15.9 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 12/31/10 Federal Reserve Flow of Funds Report; 6/30/10 Federal Reserve Flow of Funds Report; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 32 11.04.13 – Tiburon CEO Summit XX Consumers Have $13.0 Trillion in Retirement Plan Assets, Up 60% Since 2002 and Close to its Peak in 2007 Consumer Households Retirement Plan Assets ($ Trillions) $13.4 $13.0 $12.7 $11.9 $11.4 $10.6 $10.4 $9.7 $8.2 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 12/31/10 Federal Reserve Flow of Funds Report; 6/30/10 Federal Reserve Flow of Funds Report; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 33 11.04.13 – Tiburon CEO Summit XX Consumer Households Lost $4.6 Trillion in Real Estate Equity After the Peak in 2006 and Has Been Relatively Consistent Consumer Households Real Estate Equity ($ Trillions) $10.9 $10.4 $9.3 $9.6 $8.9 $8.3 $7.8 $6.3 $6.3 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 12/31/10 Federal Reserve Flow of Funds Report; 6/30/10 Federal Reserve Flow of Funds Report; 3/11/10 Federal Reserve Flow of Funds Report; 4/09 Boomer Market Advisor (Center for Economic Research); 3/09 Journal of Financial Planning; 12/31/07 Federal Reserve Flow of Funds Report; 3/31/07 Federal Reserve Flow of Funds Report; 2/06 Morgan Creek Capital Management (Yusko); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 34 11.04.13 – Tiburon CEO Summit XX Consumer Households Lost $2.6 Trillion in Private Business Valuations After the Peak in 2006 Consumer Investments in Privately Owned Businesses ($ Trillions) $8.8 $8.7 $8.4 $7.3 $6.4 $6.4 $6.2 $5.4 $5.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 4/7/11 TD Ameritrade Email (Schweiss); 12/31/10 Federal Reserve Flow of Funds Report; 6/30/10 Federal Reserve Flow of Funds Report; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 35 11.04.13 – Tiburon CEO Summit XX Baby Boomers’ Pending Retirement will Still Drive More Assets into the Investable Assets Market Consumer Households Net Worth ($ Trillions) $6.2 $70.7 $23.1 $13.0 $28.3 Investable Retirement Personal Other Illiquid Total Assets Plan Assets Assets Assets Household Assets Source: 4/8/11 Fidelity Investments Email (Graham); 6/30/10 Federal Reserve Flow of Funds Report; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 36 11.04.13 – Tiburon CEO Summit XX The Number of Consumer Households with Over $5.0 Million in Financial Assets Dropped 30% in 2008 to 840,000 and Has Recovered Less than Half that Amount in 2009-2010 Consumer Households With $5.0+ Million Financial Assets (Thousands) 1,140 1,167 1,061 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 3/15/11 Spectrem Group Report; 6/30/10 Federal Reserve Flow of Funds Report; 3/10/10 American Banker (Spectrem Group); 3/9/10 Insurance Newscast (Spectrem); 5/21/09 Wall Street Journal; 5/14/09 1st Global Presentation (Batman) (Spectrem); 3/16/09 Money Management Executive (Spectrem); 3/13/09 American Banker (Spectrem); 3/13/09 Financial Advisor (Spectrem); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 37 11.04.13 – Tiburon CEO Summit XX The Number of Consumer Households with Over $1.0 Million in Financial Assets Dropped 27% in 2008 to 6.7 Million and Has Recovered About Two-Thirds of that Amount in 2009-2010 Consumer Households With $1.0+ Million Financial Assets (Millions) 9.0 9.2 8.4 8.4 7.8 7.5 6.7 6.2 6.2 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 4/7/11 TD Ameritrade Email (Schweiss); 3/15/11 Spectrem Group Report; 4/14/11 Edelman Financial Services Presentation (Edelman); 6/30/10 Federal Reserve Flow of Funds Report; 3/10/10 American Banker (Spectrem Group); 3/9/10 Insurance Newscast (Spectrem); 5/21/09 Wall Street Journal; 5/14/09 1st Global Presentation (Batman) (Spectrem); 3/16/09 Money Management Executive (Spectrem); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 38 11.04.13 – Tiburon CEO Summit XX Consumer Challenges Consumer Challenges First baby boomers turn 65 in 2011 (birth years 1946 to 1964) And their parents dying (intergenerational wealth transfer never happened) Many unprepared for retirement Assets expected to be liquidated (home & retirement accounts) are down in value Average life expectancy reaches 78 Source: 4/14/11 Edelman Financial Services Presentation (Edelman); 4/8/11 Fidelity Investments Email (Graham); 4/7/11 Bridgewater Email (Milliman); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 39 11.04.13 – Tiburon CEO Summit XX Consumer Attitudinal Changes – Skeptical & Scared Consumer Attitudinal Changes Skeptical & Scared Consumers more cynical regarding financial services industry; wary of putting trust back in the system Online tools & advice (Ever Bank Financial; Fidelity Investments; The Charles Schwab Corporation; TD Ameritrade) Performance fees (Dunham & Associates) Consumers still believe in their financial advisors Consumers want simple, transparent, & personal solutions Source: 4/7/11 Turning Point Email (Vigeveno); 4/7/11 Shah & Associates Email (Shah); 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 40 11.04.13 – Tiburon CEO Summit XX Many Financial Advisors Believe that Clients Have Been Permanently Impacted by the Financial Crisis Financial Advisor Comment on the Financial Crisis “They are permanently scarred… But maybe that is not a bad thing… They are more cautious and need to be convinced more” Source: 10/20/10 The Shira Ridge Conversation (Nardone); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 41 11.04.13 – Tiburon CEO Summit XX Many Financial Advisors Report that Clients are More Tentative Financial Advisor Comment on the Financial Crisis “Any level of confidence is tentative; clients are easily freaked out now” Source: 10/20/10 Litman Gregory Conversation (Hollstein); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 42 11.04.13 – Tiburon CEO Summit XX Many Financial Advisors Report Prospects are More Skeptical Financial Advisor Comment on the Financial Crisis “Prospects seem more skeptical quizzing us how our strategies would have fared better than where they were in 2008-2009” Source: 10/19/10 Waypoint Wealth Partners Conversation (Bowes); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 43 11.04.13 – Tiburon CEO Summit XX …And Other Financial Advisors are Even Worried that Some Prospects May Become Self-Directed Financial Advisor Comment on the Financial Crisis “I think that it is possible that we are going to see more prospects inclined to do it themselves. We as financial advisors can easily convince ourselves of our value but many prospects seem skeptical of the whole industry” Source: 10/19/10 Waypoint Wealth Partners Conversation (Bowes); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 44 11.04.13 – Tiburon CEO Summit XX Many Financial Advisors Report Clients Have Delayed Retirement Financial Advisor Comment on the Financial Crisis “Some clients are working longer than expected. Some of this is because they are not comfortable with what they have now and want to be sure they are OK if it happens again” Source: 10/20/10 Litman Gregory Conversation (Hollstein); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 45 11.04.13 – Tiburon CEO Summit XX The US Personal Savings Rate Decreased in Recent Years, But Increased to 5.1% in 2008 and Has Been Relatively Consistent Since US Personal Savings Rate 8.0% 8.0% 8.0% 8.0% 7.0% 7.0% 7.0% 6.0% 5.8% 5.8% 5.6% 5.0% 5.1% 3.3% 2.4% 2.4% 2.1% 1.3% 0.2% 2005 2006 2007 1960 1964 1968 1972 0.08 1980 1984 1988 1992 1996 2000 2001 2002 2003 2004 2008 2009 2010 2011 -0.4% -0.5% -1.0% Source: 3/28/11 Bureau of Economic Analysis; 3/9/09 Joyce Financial Management Email (Joyce); 2/10/09 Wall Street Journal (US Bureau of Economic Analysis); 10/16/08 Fortune; 6/07 Fisher Investments Brochure (Thomson Financial); 2/1/2007 MSNBC Web Site; 1/26/05 New York Times (Federal Reserve); 12/30/04 Wall Street Journal; 11/4/04 US Department of Commerce Web Site; 8/1/01 San Francisco Chronicle; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 46 11.04.13 – Tiburon CEO Summit XX And Some Financial Advisors Note that, in Parallel, Prospects Have Become More Sophisticated Financial Advisor Comment on the Financial Crisis “Clients are becoming more sophisticated and want to be more involved” Source: 11/3/10 Rockland Conversation (Barker); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 47 11.04.13 – Tiburon CEO Summit XX Outline • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating © Tiburon Strategic Advisors, LLC™ 48 11.04.13 – Tiburon CEO Summit XX Investment Banks & Retail Banks were the Primary Targets of the Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 Proprietary trading (forces exit) Derivatives (tightens margins) Consumer Financial Protection Agency (tightens margins on consumer lending businesses (e.g., overdraft fees; debit interchange fees) Source: 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 49 11.04.13 – Tiburon CEO Summit XX Smaller Banks and Most Investment Advisors Note that Recent Regulations Primarily Impact Larger Firms Industry CEO Comment on Outstanding Regulatory Issues “Dodd-Frank does not impact smaller firms so much but larger firms now have higher costs of compliance” Source: 11/3/10 Cambridge Appleton Conversation (O’Neal); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 50 11.04.13 – Tiburon CEO Summit XX Many Industry Executives Realize that Many Issues are in Regulatory Play… Industry CEO Comment on Outstanding Regulatory Issues “Nearly everything is in play – the fiduciary issue, 12B-1s, the independent contractor status, etc.”

来源：2011 年 1 月 10 日第一同盟对话（马克斯）；蒂伯龙研究与咨询 © Tiburon Strategic Advisors, LLC™ 51 11.04.13 – Tiburon CEO Summit XX 《2010 年多德-弗兰克华尔街改革与消费者保护法案》（投资管理影响）（第 1 页）《2010 年多德-弗兰克华尔街改革与消费者保护法案》（投资管理影响）必须注册的主体范围发生改变，将对冲基金与私募股权基金纳入其中将管理资产低于 1 亿美元的投资顾问转移至各州监管涉及 4000 家投资顾问的转移各州能否应对？转移至各州后，投资顾问是否会面临更严格的监管或更频繁的检查规模较小的投资顾问是否会出售给大型同行，以规避监管变化？

Source: 1/10/11 First Allied Conversation (Marks); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 51 11.04.13 – Tiburon CEO Summit XX Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 (Investment Management Impacts) (Page 1) Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 (Investment Management Impacts) Universe of required registrants changes, adding hedge funds & private equity funds Transfer of RIAs <$100 Million to the States Moves 4,000 RIAs Can the states handle it? Will RIAs moving to states to have greater oversight or more frequent exams Smaller RIAs to sell to larger ones to avoid regulatory change?

2010 年《多德-弗兰克华尔街改革与消费者保护法》（对投资管理的影响）（第 2 页）

2010 年《多德-弗兰克华尔街改革与消费者保护法》（对投资管理的影响）

受托人标准

美国证券交易委员会（SEC）2011 年 1 月的工作人员报告称，需要统一的受托人标准（共和党委员不同意）（规则原定于 5 月出台）

距离达成共识还很遥远；现已推迟至年底；共和党小组委员会称经济分析不够充分；可能会有例外条款

可能推动收费账户及仅收费理财顾问的趋势

玛丽·夏皮罗（Mary Schapiro）可能没有勇气打这场仗，鉴于委员会内部存在分歧以及她此前与经纪行业的关联

监管机构

SEC 1 月文件提出了三个选项，并将问题推给了国会

美国金融业监管局（FINRA）在游说

来源：4/14/11 Edelman Financial Services 报告（Edelman）；4/4/11《金融时报》；12/21/10 Advisor One；Tiburon 研究与分析

其他行业监管问题（第 1 页）

其他行业监管问题

12B-1 费用（2010 年 7 月提案）

SEC 会推进这一有争议的提案吗？

对小型 401K 计划的影响？

是否会取消对小型投资者的服务？

挑战共同基金超市模式？

为 ETF 打开大门？

© Tiburon Strategic Advisors, LLC™ 52 11.04.13 – Tiburon CEO Summit XX Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 (Investment Management Impacts) (Page 2) Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 (Investment Management Impacts) Fiduciary Standard SEC staff paper published January 2011 said uniform fiduciary standard needed (Republican commissioners did not agree) (rule due in May) Long way from being settled; now delayed until year-end; Republican sub-committee say not enough economic analysis; carve outs likely Likely to drive fee-accounts & fee-only financial advisor trends Mary Schapiro may not have stomach for this fight given the split commission and her prior ties to the brokerage industry Oversight Regulator SEC January paper offered the three options and punted to Congress FINRA lobbying Source: 4/14/11 Edelman Financial Services Presentation (Edelman); 4/4/11 Financial Times; 12/21/10 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 53 11.04.13 – Tiburon CEO Summit XX Other Industry Regulatory Issues (Page 1) Other Industry Regulatory Issues 12B-1 Fees (July 2010 Proposal) Will SEC forge ahead with controversial proposal? Impact on small 401K plans? Eliminate service for small investors? Challenge mutual fund supermarket model? Open door for ETFs?

劳工部受托人标准——最终敲定两项规则，另外提议两项规则（费用披露；参与者披露？；扩大受托人定义；退休计划建议）——旨在为高价销售共同基金和团体年金合同的供应商带来透明度——很可能将退休计划建议业务从经纪公司和保险公司转向受托顾问。来源：2011 年 4 月 7 日 TD Ameritrade 邮件（Schweiss）；2011 年 4 月 4 日《金融时报》；Tiburon 研究分析 © Tiburon Strategic Advisors, LLC™ 54 11.04.13 – Tiburon CEO 峰会 XX 其他行业监管问题（第 2 页）其他行业监管问题——成本基础报告规定（《紧急经济稳定法案》）——2011 年开始实施——重新定义合格投资者定义（剔除房地产）——符合条件的人更少，从而催生了 40 法案基金——附带权益——现按普通收入征税——这将打击创投业务，改变产品结构吗？——波士顿咨询集团对 SEC 的审查。来源：2011 年 4 月 7 日 Triton Pacific 邮件（Michie）；Tiburon 研究分析 © Tiburon Strategic Advisors, LLC™ 55 11.04.13 – Tiburon CEO 峰会 XX 其他行业监管问题（第 3 页）其他行业监管问题——货币市场基金（进一步监管）——纳入总统工作组的意见——可能要求资本金——理财规划师监管——被政府问责局驳回（2011 年 1 月）——独立承包商——共和党领导的众议院可能阻止了辩论——其他问题——招股说明书摘要——ADV 表格第二部分。来源：2011 年 4 月 4 日《金融时报》；2010 年 12 月 21 日 Advisor One；Tiburon 研究分析 © Tiburon Strategic Advisors, LLC™ 56 11.04.13 – Tiburon CEO 峰会 XX 更广泛的金融服务行业监管问题更广泛的金融服务行业监管问题——金融稳定监督委员会——美联储将定义系统重要性公司——将导致更严格的监管——医疗改革——房利美与房地美——抵押贷款 -> 美国 7600 万套住房中有 5100 万套有抵押贷款（11.0 万亿美元）——55% 的抵押贷款（以及 45% 的抵押贷款价值）由房利美与房地美支持——命运将由国会决定——众议院金融服务委员会资本市场与 GSE 小组委员会 -> 八项共和党法案 -> 中等程度的修改以限制范围——协调利益（例如，更高首付比例及要求发起人持有一部分）——必须使政府在住房问题上的角色更加清晰（GSE 是否真的由美国政府的完全信用背书？）

Department of Labor Fiduciary Standard Finalized two rules & proposed two others (fee disclosure; participants disclosure?; broadening fiduciary definition; retirement plan advice) Aiming to shine light on providers selling high priced mutual funds and group annuity contracts Likely to change retirement plan advice business away from brokers & insurance companies and toward fiduciary advisors Source: 4/7/11 TD Ameritrade Email (Schweiss); 4/4/11 Financial Times; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 54 11.04.13 – Tiburon CEO Summit XX Other Industry Regulatory Issues (Page 2) Other Industry Regulatory Issues Cost basis reporting regulation (The Emergency Economic Stabilization Act) Implementation begins in 2011 Redefined accredited investor definition (dropping real estate) Fewer qualify and hence gave rise to 40 Act funds Carried interest - Now taxed as ordinary income Will this bring down the VC business, change product structures? Boston Consulting Group review of the SEC Source: 4/7/11 Triton Pacific Email (Michie); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 55 11.04.13 – Tiburon CEO Summit XX Other Industry Regulatory Issues (Page 3) Other Industry Regulatory Issues Money market funds (further regulation) Incorporating comments of President’s Working Group Potentially to have capital requirements Regulation of financial planners Dismissed by Government Accountability Office (January 2011) Independent contractors Republican House likely headed off debate Other Issues Summary prospectus ADV Part 2 Source: 4/4/11 Financial Times; 12/21/10 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 56 11.04.13 – Tiburon CEO Summit XX Broader Financial Services Industry Regulatory Issues Broader Financial Services Industry Regulatory Issues Financial Stability Oversight Council Federal Reserve to define systemically significant firms Will lead to even more oversight Health care reform Fannie Mae & Freddie Mac Mortgages -> 51 of 76 million US homes have mortgages ($11.0 trillion) 55% of mortgages (and 45% of mortgage values) backed by Fannie Mae & Freddie Mac Fates to be decided by Congress House Financial Services subcommittee on Capital Markets & GSEs -> Eight Republican bills -> medium size changes to limit scope Align interests (e.g., higher down payments & requirement for originators to hold portion) Must make government role in housing more clear (GSEs actually back by full faith & credit of US government?)

来源：2011 年 4 月 11 日《财富》杂志；2011 年 4 月 4 日《金融时报》；2011 年 4 月 7 日 Shah & Associates 邮件（Shah）；2011 年 3 月 29 日 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 57 11.04.13 – Tiburon CEO 峰会 XX 房利美与房地美对抵押贷款业务的重要性怎么强调都不过分，它们为 55% 的抵押贷款及 45% 的抵押贷款价值提供担保按发行机构划分的住房抵押贷款与价值 5600 万笔 11.0 万亿美元银行担保 45% 55% 房利美与 55% 房地美 45% 担保的住房抵押贷款住房抵押贷款价值来源：2011 年 4 月 7 日 Shah & Associates 邮件（Shah）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 58 11.04.13 – Tiburon CEO 峰会 XX 联邦预算与税收问题联邦预算与税收问题美国债务上限社会保障与医疗保险（占联邦支出的 44%）可能削减 SEC 预算 2 亿美元 2013 年即将到来的增税税收递延变得更加重要（Jefferson National）对具有主动税收收割功能的 SMA 兴趣重燃（Fiserv） 2010 年 12 月税收减免法案（遗产税） 2010 年是个好死之年遗产税（豁免额从 100 万美元提高到 500 万美元，几乎免除了所有人的纳税义务）超过 500 万美元部分税率为 35% 可能再次变更来源：2011 年 4 月 7 日 Turning Point 邮件（Vigeveno）；2011 年 4 月 7 日 Shah & Associates 邮件（Shah）；2011 年 4 月 7 日 TD Ameritrade 邮件（Schweiss）；2011 年 4 月 4 日《金融时报》；2011 年 4 月 3 日 Advisor Perspectives；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 59 11.04.13 – Tiburon CEO 峰会 XX 概要 • 广阔市场环境 – 宏观的全球性大事件及金融服务行业在新闻中持续受挫 – 美国经济仍在挣扎，股市高歌猛进，房市依然喜忧参半 – 消费者财富正在恢复，但态度发生转变 – 监管改革进展有限，政治格局重新调整 • 金融服务行业策略 – 市场与分销渠道的持续演变 – 持续的产品趋势 – 战略活动加速 © Tiburon Strategic Advisors, LLC™ 60 11.04.13 – Tiburon CEO 峰会 XX 金融顾问渠道金融顾问渠道金融顾问供给在十年内停滞不前，而婴儿潮一代恰恰需要这样的服务（并且金融顾问群体本身也在老龄化）再次增长全部增长来自独立经纪商（IBD）渠道全服务经纪公司出现分化独立金融顾问渠道持续增长（1.7 万亿美元对比 4.8 万亿美元的算账经纪商渠道）顾问座谈会小组——Sterling Shea 来源：2011 年 4 月 14 日 Edelman Financial Services 演示文稿（Edelman）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 61 11.04.13 – Tiburon CEO 峰会 XX 所有渠道共有 351,845 名金融顾问，在 2007 年至 2009 年下降后，2010 年增长近 10% 金融顾问 351,845 326,500 324,500 2007 2009 2010 来源：2010 年 9 月 1 日 RIA Biz（Cogent Research）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 62 11.04.13 – Tiburon CEO 峰会 XX 金融顾问的增长几乎全部来自独立经纪商和银行渠道金融顾问增长 2007 - 2009 21,000 11,568 区域经纪商算账经纪商 476 名代表代表独立经纪商银行 RIA -2,626 名代表代表 -4,324 来源：2010 年 9 月 1 日 RIA Biz（Cogent Research）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 63 11.04.13 – Tiburon CEO 峰会 XX 算账经纪商算账经纪商算账经纪商的品牌受损，战略似乎停滞不前后一个问题实际上可能更为关键，因为客户喜欢他们的金融顾问算账经纪商在消费者可投资资产中的份额下降（48% -> 41%）算账经纪商出现分化（四大行，很快将成为三大；区域型基本消失）摩根士丹利-美邦的合并非常成功；使金融顾问人数从 8,000 人增至 18,000 人，并大幅提升了平均管理资产规模和收入富国银行顾问-UBS 美洲将于今年夏天合并瑞银规模偏小但具有吸引力脱离经纪商趋势（敬请关注）前算账经纪商 CEO 纷纷支持独立机构变数 => 签约奖金（350%！！！）（经济上是否合理，还是只是为了更长的合同和更高的预期增长？）

Source: 4/11/11 Fortune; 4/4/11 Financial Times; 4/7/11 Shah & Associates Email (Shah); 3/29/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 57 11.04.13 – Tiburon CEO Summit XX The Importance of Fannie Mae & Freddie Mae to the Mortgage Business Can Not be Overstated, as they Back 55% or Mortgages & 45% or Mortgage Values Home Mortgages & Values By Issuer 56 Million $11.0 Trillion Bank Backed 45% 55% Fannie Mae & 55% Freddie Mac 45% Backed Home Mortgages Home Mortgage Values Source: 4/7/11 Shah & Associates Email (Shah); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 58 11.04.13 – Tiburon CEO Summit XX Federal Budget & Tax Issues Federal Budget & Tax Issues US Debt Ceiling Social Security & Medicare (44% of federal spending) May cut SEC spending by $200 million Tax Hikes on the Horizon in 2013 Tax deferral more important (Jefferson National) Renewed interest in SMAs with active tax harvesting (Fiserv) Tax Relief Act 12/10 (Estate Tax) 2010 was good year to die Estate tax (changed $1 to $5 million which exempts almost everyone) 35% rate >$5 million Could be changed again Source: 4/7/11 Turning Point Email (Vigeveno); 4/7/11 Shah & Associates Email (Shah); 4/7/11 TD Ameritrade Email (Schweiss); 4/4/11 Financial Times; 4/3/11 Advisor Perspectives; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 59 11.04.13 – Tiburon CEO Summit XX Outline • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating © Tiburon Strategic Advisors, LLC™ 60 11.04.13 – Tiburon CEO Summit XX Financial Advisor Channels Financial Advisor Channels Supply of financial advisors stagnant for a decade which baby boomers needed such (and financial advisor base was aging as well) Growing again All growth in IBD channel Full-service brokerage firms diverging Independent financial advisor channels continue to grow ($1.7 trillion versus $4.8 trillion in wirehouses) Ask the Advisors panel – Sterling Shea Source: 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 61 11.04.13 – Tiburon CEO Summit XX There are 351,845 Financial Advisors Across All Channels, Up Almost 10% in 2010 After Being Down from 2007-to-2009 Financial Advisors 351,845 326,500 324,500 2007 2009 2010 Source: 9/1/10 RIA Biz (Cogent Research); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 62 11.04.13 – Tiburon CEO Summit XX Nearly All the Growth in Financial Advisors is in the Independent Broker/Dealer and Bank Channels Financial Advisors Growth 2007 - 2009 21,000 11,568 Regional Broker/Dealer Wirehouse 476 Reps Reps Independent Bank RIAs Broker/Dealer Broker/Dealer -2,626 Reps Reps -4,324 Source: 9/1/10 RIA Biz (Cogent Research); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 63 11.04.13 – Tiburon CEO Summit XX Wirehouses Wirehouses Wirehouses’ brands tarnished and strategies seem stagnant Latter issue may actually be the more important issue as clients like their financial advisors Wirehouse share of consumer investable assets declining (48% -> 41%) Wirehouses diverging (big four and soon to be three; regionals mostly gone) Morgan Stanley – Smith Barney great merger; allowed financial advisor growth 8,000 -> 18,000 and big boosts to average AUA & revenues Wells Fargo Advisors - UBS Americas will merge this summer UBS is undersized but attractive Break-away broker trend (stay tuned) Former wirehouse CEOs backing independents Wild card => Signing bonuses (350%!!!) (economically justified or just longer contracts and more expected growth?)

来源：4/7/11 《转折点》邮件（Vigeveno）；4/7/11 Shah & Associates 邮件（Shah）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 64 11.04.13 – Tiburon CEO 峰会第二十届

四大经纪商在过去两年内削减了近 7,000 名理财顾问（占其销售团队的 13%）

经纪商	理财顾问人数
2008 年	62,488
2010 年	55,516

来源：4/1/11 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 65 11.04.13 – Tiburon CEO 峰会第二十届

经纪商的裁员集中在四大中的三家，只有富国银行顾问公司仍在增长

经纪商	理财顾问增减变动
摩根士丹利	-1,361
美林证券	-2,016
瑞银	-4,148
史密斯·巴尼
富国银行顾问公司

来源：4/7/11 《转折点》邮件（Vigeveno）；4/1/11 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 66 11.04.13 – Tiburon CEO 峰会第二十届

瑞银在理财顾问人数上已远远落后于其他三家经纪商

经纪商	理财顾问人数
摩根士丹利	18,043
史密斯·巴尼
美林证券	15,489
富国银行顾问公司	15,188
瑞银	6,796

来源：4/1/11 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 67 11.04.13 – Tiburon CEO 峰会第二十届

瑞银理财顾问管理的客户投资组合规模最大

经纪商	每位理财顾问平均管理资产（百万美元）
瑞银	119
美林证券	102
摩根士丹利	93
史密斯·巴尼
富国银行顾问公司	61

来源：4/1/11 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 68 11.04.13 – Tiburon CEO 峰会第二十届

由于销售团队规模更大，摩根士丹利、史密斯·巴尼和美林证券在经纪商中管理资产最多

经纪商	管理资产（万亿美元）
摩根士丹利	1.7
史密斯·巴尼
美林证券	1.6
富国银行顾问公司	1.2
瑞银	0.8

来源：4/1/11 Advisor One；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 69 11.04.13 – Tiburon CEO 峰会第二十届

独立经纪商

数据极其可疑；三个关键问题……

来自哪里？

Source: 4/7/11 Turning Point Email (Vigeveno); 4/7/11 Shah & Associates Email (Shah); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 64 11.04.13 – Tiburon CEO Summit XX The Four Wirehouses Have Shed Almost 7,000 Financial Advisors Over the Past Two Years (13% of their Sales Forces) Wirehouses Financial Advisors 62,488 55,516 2008 2010 Source: 4/1/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 65 11.04.13 – Tiburon CEO Summit XX The Wirehouses’ Cuts Have Occurred at Three of the Four Wirehouses, with Only Wells Fargo Advisors Growing Wirehouses Financial Advisors Morgan Stanley Merrill Lynch UBS Smith Barney Wells Fargo Advisors -1,361 -2,016 -4,148 Source: 4/7/11 Turning Point Email (Vigeveno); 4/1/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 66 11.04.13 – Tiburon CEO Summit XX UBS Has Now Fallen Far Behind the Three Other Wirehouses in Terms of Number of Financial Advisors Wirehouses Financial Advisors Morgan Stanley 18,043 Smith Barney Merrill Lynch 15,489 Wells Fargo 15,188 Advisors UBS 6,796 Source: 4/1/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 67 11.04.13 – Tiburon CEO Summit XX UBS Financial Advisors Manage the Biggest Books Wirehouses Average Assets Under Administration Per Financial Advisor ($ Millions) UBS $119 Merrill Lynch $102 Morgan Stanley $93 Smith Barney Wells Fargo $61 Advisors Source: 4/1/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 68 11.04.13 – Tiburon CEO Summit XX Morgan Stanley Smith Barney & Merrill Lynch Have the Most Assets Under Administration Among the Wirehouses Due to their Larger Sales Forces Wirehouses Assets Under Administration ($ Trillions) Morgan Stanley $1.7 Smith Barney Merrill Lynch $1.6 Wells Fargo $1.2 Advisors UBS $0.8 Source: 4/1/11 Advisor One; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 69 11.04.13 – Tiburon CEO Summit XX Break-Away Brokers Break-Away Brokers Data hugely suspect; three key issues… From where?

报告数据的三分之二并非来自大型券商

规模？80% 的数据来自被解雇的理财顾问（查阅美国信托公司向 Dynasty Financial Partners 流失业务的事实）

流向何处？三分之二成功转投其他公司的理财顾问，去了另一家大型券商，而非独立机构

但这一规模仍然可观，尤其是对接收渠道而言

2009 年有 8000 亿美元流动，其中 1880 亿美元转向独立机构

大型券商为何不回应？（除了加大“贿赂”力度之外）是否会有某家大型券商在 2011 年收购一家独立经纪交易商（IBD）？富国银行收购雷蒙德·詹姆斯？

但请确定……大型券商模式不会消失，除非这些公司选择剥离其理财顾问（就像 1980 年代的人寿保险代理人那样）

关于回归大型券商的可笑说法（就像关于疯狂的脱离大型券商者预测一样可笑）

来源：2011 年 4 月 8 日富达投资电子邮件（格雷厄姆）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 70 11.04.13 – 第 20 届 Tiburon CEO 峰会

每年有 12% 的大型券商经纪人离开原公司，加入其他公司或创办自己的公司

大型券商经纪人按当年更换公司的倾向分类

更换 12%

未更换 88%

来源：1/11 《理财规划》（Aite 集团）；11/22/10 福克斯商业频道（Cerulli 联合公司）；8/9/10 RIA Biz；5/13/09 《财富管理信函》（Discovery）；5/14/09 《内部信息》；5/13/09 《财富管理信函》（Discovery）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 71 11.04.13 – 第 20 届 Tiburon CEO 峰会

更换公司的券商主要是一些未收到留任奖金的小型理财顾问

更换公司的券商按更换原因分类

约 600 - 1,000 名成功代表自主流动

约 5,000 - 7,000 名不成功代表被解雇

来源：4/23/10 《投资新闻》；2/23/10 《理财顾问新闻》；5/18/09 《内部信息》；5/13/09 《财富管理信函》（Discovery）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 72 11.04.13 – 第 20 届 Tiburon CEO 峰会

三分之二的大型券商经纪人在流动时，会前往其他大型券商或地区性经纪/交易商

而另外三分之一则走向独立，成为独立代表或收费型理财顾问

脱离大型券商的经纪人按去向分类

成为注册投资顾问（RIA） 7%

成为独立代表 20%

流向另一家大型券商 40%

流向地区性经纪/交易商 23%

来源：12/20/10 《投资新闻》；12/1/10 《理财规划》；6/1/10 RIA Biz；10/09 《注册代表》；9/29/10 注册代表电子邮件（Konig）；7/31/09 《证券技术监测》；5/18/09 《内部信息》；5/13/09 《财富管理信函》（Discovery）；11/19/07 《投资新闻》（Moss Adams）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 73 11.04.13 – 第 20 届 Tiburon CEO 峰会

独立理财顾问渠道（第 1 页）

独立理财顾问渠道

流入已建立机构 → 脱离大型券商者

托管机构都表现良好——嘉信理财、富达投资、TD Ameritrade、百盛

中型注册投资顾问（RIA）大幅增长（Luminous、Presidio、Aspirant、Convergent Wealth Advisors、Carson Wealth Management、Edelman Financial Services）

流程、技术与外包加上营销是关键

LPL 在独立经纪/交易商渠道中遥遥领先（在 Mark Casady 领导下从 3,000 人增长到 12,000 人）

来源：2011 年 4 月 8 日富达投资电子邮件（格雷厄姆）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 74 11.04.13 – 第 20 届 Tiburon CEO 峰会

独立理财顾问渠道（第 2 页）

独立理财顾问渠道

更广泛的独立经纪/交易商市场受到威胁

低利率消除了货币市场基金收入分成，并且合规与技术成本不断上升

招聘挑战及重大应对措施（Commonwealth 在支付方面，Cetera 在行政费用免除方面）

混合型增长及向纯收费模式的转变

独立理财顾问服务提供商的重组

失败案例 -> Gunn Allen、QA3、Securities America？

持续整合的可能性 -> 雷蒙德·詹姆斯、HD Vest 等

重新定位 -> NFP Securities -> NFP Advisor Services Group（不仅仅是更名）

独立经纪/交易商与收费型理财顾问的融合（例如，98% 的 IBD 支付；收费型理财顾问拥有总部和卫星办公室）

脱离大型券商者聚合商（High Tower Advisors）及理财顾问聚合商（Focus Financial Partners）的涌现，加上服务提供商（Envestnet Asset Management；Dynasty Financial Partners）

来源：4/14/11 Edelman Financial Services 演示文稿（Edelman）；4/7/11 Shah & Associates 演示文稿（Shah）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 75 11.04.13 – 第 20 届 Tiburon CEO 峰会

脱离大型券商趋势对独立理财顾问渠道极为重要

独立理财顾问渠道管理资产规模（万亿美元）

$0.2

$2.2

$2.0

独立理财顾问市场（脱离大型券商前）

脱离大型券商

独立理财顾问市场（脱离大型券商后）

来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 76 11.04.13 – 第 20 届 Tiburon CEO 峰会

数家收费型理财顾问公司已发展至巨大规模，其中包括 Genspring，其规模现已超过 100 亿美元

收费型理财顾问按管理资产规模排名（十亿美元）

Genspring Family Office $10.9

Veritable $8.9

Moneta Group Investment Advisors $7.9

Oxford Financial Group $7.8

Geller Family Office Services $6.6

SCS Capital Management $6.7

Convergent Wealth Advisors $6.2

Rockefeller Financial $5.8

Silvercrest Asset Management Group $5.4

Harris myCFO Investment Advisory Services $5.4

来源：4/7/11 Triton Pacific 电子邮件（Michie）；4/7/11 《投资新闻》；6/08 《注册代表》；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 77 11.04.13 – 第 20 届 Tiburon CEO 峰会

独立经纪/交易商模式短期内受到威胁……

独立经纪/交易商 CEO 总结评论

“我担心 IBD 模式的可持续性。”

2/3 of reported numbers are not from the wirehouses Size? 80% of numbers were financial advisors who were let go (review facts on US Trust loss to Dynasty Financial Partners) To where? 2/3 of successful financial advisors who move on own go to another wirehouse, not independent But it is still substantial, especially to the receiving channels $800 billion moved in 2009 with $188 billion going independent Why are wirehouses not responding? (other than bigger bribes) Will one of the wirehouses buy an IBD in 2011? Wells Fargo-Raymond James? But be sure… The wirehouse model is not going away unless the firms chose to spin off their financial advisors (like life insurance agents in the 1980s) Silly claim of reversal to wirehouses (as silly as crazy break-away broker predictions) Source: 4/8/11 Fidelity Investments Email (Graham); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 70 11.04.13 – Tiburon CEO Summit XX 12% of Wirehouse Brokers Leave their Firms for Other Firms or to Start their Own Firms Each Year Wirehouse Brokers By Propensity to Changed Firms in Current Year Changed 12% Not Changed 88% Source: 1/11 Financial Planning (Aite Group); 11/22/10 Fox Business (Cerulli Associates); 8/9/10 RIA Biz; 5/13/09 Wealth Management Letter (Discovery); 5/14/09 Inside Information; 5/13/09 Wealth Management Letter (Discovery); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 71 11.04.13 – Tiburon CEO Summit XX Wirehouse Brokers Changing Firms are Primarily Small Financial Advisors who Did Not Receive Retention Bonuses Wirehouse Brokers Changing Firms By Reason for Changing ~600 - 1,000 Successful Reps Moving on Own ~5,000 - 7,000 Unsuccessful Reps Let Go Source: 4/23/10 Investment News; 2/23/10 Financial Advisor News; 5/18/09 Inside Information; 5/13/09 Wealth Management Letter (Discovery); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 72 11.04.13 – Tiburon CEO Summit XX Two-Thirds of Wirehouse Brokers Move to Other Wirehouses or Regional Broker/Dealers When they do Move while the Other One-Third Go Independent as Independent Reps or Fee-Based Financial Advisors Break-Away Brokers By Destination Became RIA 7% Became Independent Rep Move to Another 20% Wirehouse 40% Move to Regional Broker/Dealer 23% Source: 12/20/10 Investment News; 12/1/10 Financial Planning; 6/1/10 RIA Biz; 10/09 Registered Rep; 9/29/10 Registered Rep Email (Konig); 7/31/09 Securities Technology Monitor; 5/18/09 Inside Information; 5/13/09 Wealth Management Letter (Discovery); 11/19/07 Investment News (Moss Adams); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 73 11.04.13 – Tiburon CEO Summit XX Independent Advisor Channels (Page 1) Independent Advisor Channels Flow in established -> Break-Away Brokers Custodians all doing well – Schwab, Fidelity, TD Ameritrade, Pershing Substantial growth of mid-size RIAs (Luminous, Presidio, Aspirant, Convergent Wealth Advisors, Carson Wealth Management, Edelman Financial Services) Process, technology, & outsourcing plus marketing to be the keys LPL running away in independent broker/dealer channel (3,000 to 12,000 under Mark Casady) Source: 4/8/11 Fidelity Investments Email (Graham); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 74 11.04.13 – Tiburon CEO Summit XX Independent Advisor Channels (Page 2) Independent Advisor Channels Broader independent broker/dealer market under threat Low interest rates eliminated money market fund revenue shares & rising compliance & technology costs Recruiting challenges and significant responses (Commonwealth on payouts, Cetera on administrative fee waving) Growth in hybrids & movement to fee-only model Restructuring of independent advisor service providers Failures -> Gunn Allen, QA3, Securities America? Continued consolidation likely -> Raymond James, HD Vest, etc. Repositioning -> NFP Securities -> NFP Advisor Services Group (more than a name change) Convergence of independent broker/dealers & fee-based financial advisors (e.g., 98% IBD payouts; fee-based financial advisors with home office & satellites) Emergence of break-away broker aggregators (High Tower Advisors) & financial advisor aggregators (Focus Financial Partners) plus service providers (Envestnet Asset Management; Dynasty Financial Partners) Source: 4/14/11 Edelman Financial Services Presentation (Edelman); 4/7/11 Shah & Associates Presentation (Shah); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 75 11.04.13 – Tiburon CEO Summit XX The Break-Away Broker Trend is Hugely Important to the Independent Advisor Channels Independent Financial Advisor Channels Assets Under Administration ($ Trillions) $0.2 $2.2 $2.0 Independent Financial Break-Away Brokers Independent Financial Advisor Market Advisor Market (Pre-Break Away Broker) (Post-Break Away Broker) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 76 11.04.13 – Tiburon CEO Summit XX Several Fee-Based Financial Advisors, Have Grown to Enormous Size, Including Genspring, which is Now Above $10.0 Billion Fee-Based Financial Advisors By Assets Under Management ($ Billions) Genspring Family Office $10.9 Veritable $8.9 Moneta Group Investment Advisors $7.9 Oxford Financial Group $7.8 Geller Family Office Services $6.6 SCS Capital Management $6.7 Convergent Wealth Advisors $6.2 Rockefeller Financial $5.8 Silvercrest Asset Management Group $5.4 Harris myCFO Investment Advisory Services $5.4 Source: 4/7/11 Triton Pacific Email (Michie); 4/7/11 Investment News; 6/08 Registered Rep; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 77 11.04.13 – Tiburon CEO Summit XX The Independent Broker/Dealer Model is Short-Term Threatened… Independent Broker/Dealer CEO Summary Comment “I worry about the sustainability of the IBD model.

这是一场完美的风暴。

It is a perfect storm.

我们的利润率正受到冲击。

Our margins are under attack.

业务增长停滞。我们的基本前提正受到挑战” 来源：2011 年 1 月 10 日 First Allied 对话（Marks）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 78 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届金融顾问聚合商及服务提供商正崭露头角，挑战传统独立金融顾问后台服务提供商的力量与利润率后台服务提供商金融顾问聚合商及服务提供商竞争对手传统独立金融顾问传统独立金融顾问后台服务提供商（独立经纪交易商与托管机构）后台服务提供商新金融金融顾问脱胎型金融顾问（FBFA）、独立经纪交易商代表（IBD Rep）及顾问经纪平台与保险顾问其他服务收购方聚合商聚合商服务提供商聚合商服务提供商传统独立代表大型经纪公司及其他受雇及收费制金融顾问经纪人金融顾问来源：2011 年 4 月 8 日 Fidelity Investments 电子邮件（Graham）；2011 年 1 月 21 日 Fidelity Investments 对话（Graham）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 79 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届一位银行高管对银行的看法相当直白…… 金融顾问竞争格局评论 “银行不太受待见” 来源：2010 年 11 月 3 日 Wells Fargo Corporation 对话（Hayes）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 80 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届美国银行、摩根大通、富国银行与花旗集团凭借近期收购大幅拉大了存款差距零售银行按存款计（单位：十亿美元）美国银行 977 美元摩根大通 888 美元富国银行 816 美元花旗集团 814 美元合众银行 183 美元 PNC 金融服务集团 179 美元纽约梅隆银行 144 美元道明银行金融集团 128 美元太阳信托银行 119 美元第一资本 117 美元来源：2011 年 4 月 13 日 Wells Fargo 演示（Carroll）；2010 年 11 月 29 日 American Banker（SNL Financial）；2010 年 8 月 24 日 American Banker（SNL Financial）；2008 年 10 月 6 日 American Banker；2008 年 9 月 30 日 American Banker；2007 年 8 月 1 日 American Banker（SNL Financial）；2004 年 2 月 6 日 American Banker；2004 年 2 月 5 日 American Banker；2004 年 1 月 15 日 New York Times；2002 年 12 月 10 日 Wall Street Journal；2002 年 12 月 9 日 American Banker（FDIC）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 81 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届许多银行高管承认，银行仍在梳理其业务模式…… 金融顾问产品与服务评论 “传统的信托业务与金融顾问（经纪）业务正在融合” 来源：2010 年 11 月 3 日 Wells Fargo Corporation 对话（Hayes）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 82 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届自助服务渠道自助服务渠道一是年轻世代偏好与对金融顾问信心丧失的双重影响二是年轻富人是否会跳过金融顾问？ Mint.Com 拥有 200 万用户 Y 世代偏好群体沟通（Face Book、Twitter），而非一对一电子邮件（更不在意隐私；更看重速度和易用性）银行业务 -> 催生点对点借贷（Prosper.Com）财务规划 -> Mint-Betterment、Financial Engines 及 Veritat Advisors 的服务可能改变人们消费财务规划服务的方式投资管理 -> 折扣经纪商以约 40 个基点的价格加剧竞争三是金融服务、科技与媒体公司的交汇（还记得 Pete Kight 的评论）金融机构尚未给予足够重视来源：2011 年 4 月 7 日 Shah & Associates 电子邮件（Shah）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 83 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届固定缴款计划市场固定缴款计划市场一是劳工部咨询裁决可能打破共同基金公司及保险公司的垄断二是极其糟糕的投资行为（上次 Maggieonalda 提到）固定收益计划收益率高 200-300 个基点三是趋势目标日期共同基金稳定价值基金 CMTFs ETF 计划内担保（仍为）展期捕捉来源：2011 年 4 月 7 日 TD Ameritrade 电子邮件（Schweiss）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 84 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届固定收益计划市场固定收益计划市场一是对公共工会福利的挑战（威斯康星州、新泽西州及俄亥俄州）公共雇员退休计划资金危机曾是为投资管理业务带来增长的少数来源之一州立大学面临的挑战 -> 529 计划二是计划可能被设限、转为固定缴款计划，或承担更多风险以满足受托责任转为固定缴款计划将为金融服务行业创造更多个人投资者客户三是颠覆 - 对顾问、配售代理薪酬及公共基金员工薪酬（例如 CALPERS）缺乏信心来源：2011 年 4 月 7 日 TD Ameritrade 电子邮件（Schweiss）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 85 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届国际市场（可借鉴趋势）国际市场（可借鉴趋势）一是英国与澳大利亚 - 分别从 2013 年及 2012 年起禁止产品公司向经纪公司支付佣金（费用账户即将到来）二是英国取消抵押贷款利息扣除三是英国要求 75 岁前购买年金来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 86 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届国际市场（海外进入策略）国际市场（海外进入策略）产品与服务公司共同基金市场机遇（48% 非美国） ETF 席卷全球市场与分销公司中国与印度 - 如此诱人加拿大与韩国的例子新加坡，新瑞士来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 87 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届提纲 • 宏观市场环境 – 广泛的全球性事件及金融服务行业在新闻中持续出现的失误 – 美国经济仍在挣扎，股市持续高歌猛进，房地产市场依然喜忧参半 – 消费者财富恢复但伴随态度转变 – 监管改革进展有限，政治版图重新设定 • 金融服务行业策略 – 持续的市场与分销渠道演变 – 持续的产品趋势 – 战略活动加速 © Tiburon Strategic Advisors, LLC™ 88 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届可投资资产可投资资产一是经纪账户的资产管理规模（AUA）是银行账户的两倍为什么银行拥有主导性的市值？这与消费者金融保护局（CFPA）成立的原因相同！二是经纪账户包含三分之二的股票与债券所有打包产品合计占另外三分之一三是费用账户只是新的定价机制，底层投资工具完全相同统一管理账户（UMA）- 显而易见的解决方案四是共同基金拥有的资产超过所有其他打包产品的总和共同基金的净流入也高于所有其他打包产品的总和五是贝莱德现为最大的资产管理公司，结合了 ETF 与对冲基金（长期来看，Tiburon 关于极化的观点中的成功故事）六是先锋集团 > 富达投资（独立顾问的重要性）（1.6 万亿美元；2010 年成为第一；贝莱德、普信集团及 DFA 也从中受益）来源：2011 年 4 月 14 日 Brandes Investment Partners 演示（Brandes）；2011 年 4 月 7 日 TD Ameritrade 电子邮件（Schweiss）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 89 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届长期共同基金与 ETF 主导了 2010 年产品净流入 2010 年打包投资产品净流入（单位：十亿美元） 246 美元 121 美元 37 美元 22 美元 16 美元长期共同基金独立管理账户与共同信托 ETF 对冲基金可变年金来源：2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2010 年 8 月 30 日 Morningstar 演示（Mansueto）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 90 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届近半数金融顾问继续将客户转移至费用账户金融顾问按是否持续将客户转移至费用账户是否 45% 55% 来源：2010 年 10 月 25 日 Accounting Today（Russell Investments）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 91 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届大型经纪公司、区域经纪交易商及独立经纪交易商的管理资产中，超过一半来自费用账户市场与分销渠道按费用账户占管理资产百分比佣金 44% 47% 49% 费用 56% 53% 51% 大型经纪公司区域经纪交易商独立经纪交易商来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 92 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届摩根士丹利美邦的费用账户占其管理资产的四分之一以上，占净流入的四分之三以上摩根士丹利美邦管理资产与净流入按费用账户百分比佣金 11% 72% 费用 89% 28% 管理资产净流入来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 93 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届美国基金公司仅有 5% 的共同基金销售来自前端销售费用美国基金公司按产品来源计收入前端销售费用 5% 其他 95% 来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 94 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届共同基金共同基金一是仍是主导力量长期共同基金资产管理规模 8.4 万亿美元（约占所有可投资资产的 21%） 2006-2010 年总体资产管理规模下降 1.3 万亿美元二是有一些净流入复苏的迹象 2010 年第四季度是自 2008 年第一季度（十一个季度或三年）以来，长期基金与货币市场基金净流入双双为正的第一个季度 2011 年第一季度美国股票共同基金净流入可能为正（自 2009 年第二季度以来首次）三是机构类共同基金日益重要四是向 ETF 的转移将继续来源：2011 年 4 月 14 日 Edelman Financial Services 演示（Edelman）；2011 年 4 月 13 日 Hellman * Friedman 演示（Thorpe）；2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2011 年 4 月 8 日 Fidelity Investments 电子邮件（Graham）；2011 年 4 月 7 日 Bridgewater 电子邮件（Milliman）；2011 年 4 月 4 日 Wall Street Journal；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 95 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届共同基金已成为主导性的美国金融产品金融资产按共同基金持有份额 21% 17% 8% 2% 2% 2% 1959 年 1969 年 1979 年 1989 年 1999 年 2009 年来源：2009 年 12 月 31 日 Investment Company Institute Fact Book；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 96 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 2011 年第一季度长期共同基金的净流入继续相当积极，支撑了 2009-2010 年的复苏长期共同基金净流入（单位：十亿美元） 381 美元 246 美元 220 美元 81 美元 2007 年 2009 年 2010 年 2011 年第一季度 -225 美元来源：2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2011 年 4 月 7 日 Turning Point 电子邮件（Vigeveno）；2010 年 10 月 2 日 Financial Advisor；2010 年 10 月 1 日 Wall Street Journal；2010 年 8 月 30 日 Morningstar 演示（Mansueto）；2010 年 8 月 28 日 Forward Management 演示（Schaeffer）（Strategic Insight）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 97 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届主动管理股票型共同基金在多年净流入后，2008 年净流出 2380 亿美元，但在 2009 年反弹，净流入 380 亿美元主动管理股票型共同基金净流入（单位：十亿美元） 230 美元 210 美元 186 美元 188 美元 182 美元 159 美元 158 美元 141 美元 149 美元 111 美元 95 美元 101 美元 105 美元 100 美元 45 美元 44 美元 38 美元 9 美元 17 美元 5 美元 1988 年 2008 年 -13 美元 1989 年 1990 年 1991 年 1992 年 1993 年 1994 年 1995 年 1996 年 1997 年 1998 年 1999 年 2000 年 2001 年 2002 年 2003 年 2004 年 2005 年 2006 年 2007 年 2009 年 -238 美元来源：2010 年 8 月 31 日 Reuters（Investment Company Institute）；2010 年 8 月 31 日 Seeking Alpha 网站（Investment Company Institute）；2009 年 2 月 19 日 Grail Partners 演示（Putnam）（Strategic Insight）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 98 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届股票共同基金净流入在 2008 年至 2010 年之前一直为 1500 亿至 2000 亿美元，但此后出现流出股票共同基金净流入（单位：十亿美元） 200 美元 200 美元 175 美元 150 美元 150 美元 150 美元 150 美元 75 美元 35 美元 2008 年 0 美元 2010 年 1996 年 1997 年 1998 年 2001 年 2003 年 2004 年 2005 年 2006 年 2007 年 2009 年 -95 美元 -150 美元来源：2011 年 3 月 30 日 Investment Company Institute 网站；2010 年 8 月 30 日 Morningstar 演示（Phillips）；Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 99 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届独立管理账户与共同信托基金独立管理账户与共同信托基金一是 7.9 万亿美元资产管理规模第二大市场，仅次于共同基金二是无净流入来源：Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 100 独立管理账户与共同信托基金仍是第二大可投资资产产品市场，资产管理规模达 7.9 万亿美元，自 2008 年以来增长 25% 独立管理账户与共同信托基金资产管理规模（单位：万亿美元） 7.9 美元 7.3 美元 6.2 美元 2008 年 2009 年 2010 年来源：2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2010 年 8 月 30 日 Morningstar 演示（Mansueto）；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 101 在经历了灾难性的 2008 年后，独立管理账户与共同信托基金的净流入仍然温和独立管理账户与共同信托基金净流入（单位：十亿美元） 65 美元 37 美元 2009 年 2010 年 -284 美元来源：2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2011 年 4 月 7 日 Turning Point 电子邮件（Vigeveno）；2010 年 8 月 30 日 Morningstar 演示（Mansueto）；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 102 指数化指数化一是先锋集团超越富达（2010 年 3 月）（资产管理规模 1.3 万亿美元）（2010 年净流入领先，49 亿对 30 亿美元，其中 80% 流入指数产品）二是控制你能控制的 - 费用与税收（Evensky）三是主动投资是一场零和游戏（税后及费用后更是低于零和游戏）（主动管理支出 1020 亿美元）（Statman）四是低费用 = 共同基金表现最可靠的指标五是主动投资将永远存在六是附带影响…… 费用透明度无处不在来源：2011 年 4 月 5 日 Money Management Executive；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 103 超过四分之三的可投资资产由主动管理投资资产按投资管理风格指数 20% 主动 80% 来源：2010 年 8 月 13 日 Santa Clara University 演示（Statman）；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 104 一位金融顾问评论称，2008-2009 年的金融危机证明了他的量化低费用商业模式是正确的金融顾问产品与服务评论 “2008-2009 年印证了我们量化与低费用的定位” 来源：2010 年 1 月 26 日 Gemmer Asset Management 对话（Gemmer）；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 105 ETF ETF 一是 ETF 达到 1.0 万亿美元（实际上是所有交易所交易产品）（指数共同基金 1976 年；Jack Bogle）二是贝莱德、道富及先锋集团 = 84% 市场份额三是注册投资顾问（RIA）使用 16% ETF；其他金融顾问使用 8% 四是解构风格箱；在许多类别中资产管理规模增长超过共同基金（允许择时；可能使一些人错过了市场复苏？）五是 1210 亿美元净流入（约占共同基金的 50%）六是 ETF 与指数共同基金在 2010 年第二季度超过主动管理共同基金七是嘉信理财与富达 ETF 价格战八是先锋集团追赶贝莱德与道富九是嘉信理财收购 Windhaven Investment Management 十是 TD Ameritrade 强调 Amerivest 来源：2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2011 年 4 月 6 日 RIA Biz；2011 年 4 月 5 日 Money Management Executive；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 106 2010 年 ETF 资产达到 1.0 万亿美元 ETF 资产（单位：十亿美元） 1,082 美元 1,013 美元 782 美元 608 美元 578 美元 410 美元 300 美元 210 美元 140 美元 91 美元 100 美元 36 美元 2000 年 2001 年 2002 年 2003 年 2004 年 2005 年 2006 年 2007 年 2008 年 2009 年 2010 年 2011 年来源：2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2011 年 3 月 28 日 Investment Company Institute；2011 年 3 月 National Stock Exchange；2011 年 2 月 26 日 Wall Street Journal；2011 年 1 月 6 日 USA Today；2010 年 8 月 30 日 Morningstar 演示（Mansueto）；2010 年 2 月 22 日 Money Management Executive（Financial Research Corporation）；2009 年 3 月 1 日 Research（National Stock Exchange）；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 107 自 2007 年以来，ETF 一直保持大幅正净流入，2011 年又迎来快速开局 ETF 净流入（单位：十亿美元） 177 美元 149 美元 121 美元 104 美元 70 美元 55 美元 60 美元 58 美元 30 美元 28 美元 15 美元 15 美元 2000 年 2001 年 2002 年 2003 年 2004 年 2005 年 2006 年 2007 年 2008 年 2009 年 2010 年 2011 年第一季度来源：2011 年 4 月 11 日 Morningstar 电子邮件（Hannan）；2010 年 8 月 30 日 Morningstar 演示（Mansueto）；2010 年 2 月 22 日 Money Management Executive（Financial Research Corporation）；2009 年 3 月 1 日 Research（National Stock Exchange）；Tiburon 研究与分析 2013 年 11 月 4 日 – Tiburon CEO 峰会第二十届 © Tiburon Strategic Advisors, LLC™ 108 主动管理型 ETF – 真的吗？

Business growth is stagnant. And our basic premises are being challenged” Source: 1/10/11 First Allied Conversation (Marks); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 78 11.04.13 – Tiburon CEO Summit XX Financial Advisor Aggregators & Service Providers are Emerging to Challenge the Power & Profit Margins of the Traditional Independent Financial Advisor Back Office Service Providers Financial Advisor Aggregator & Service Provider Competitors Traditional Independent Financial Traditional Independent Financial Advisor Advisor Back Office Service Providers (Independent Broker/Dealers & Custodians) Back Office Service Providers New Financial Financial Advisor Break-Away FBFA, IBD Rep, & Advisor Broker Platforms & Insurance Advisor Strategic Other Service Acquirers Aggregators & Aggregators Providers Aggregators Service Providers Traditional Independent Reps Wirehouse & Financial Other Captive & Fee-Based Advisors Brokers Financial Advisors Source: 4/8/11 Fidelity Investments Email (Graham); 1/21/11 Fidelity Investments Conversation (Graham); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 79 11.04.13 – Tiburon CEO Summit XX One Bank Executive was Relatively Blunt About Banks Specifically… Financial Advisor Comment on Competitive Playing Field “Banks are not viewed with a lot of favor” Source: 11/3/10 Wells Fargo Corporation Conversation (Hayes); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 80 11.04.13 – Tiburon CEO Summit XX Bank of America Corporation, JP Morgan Chase, Wells Fargo Corporation, & Citigroup Have Widened the Deposit Gap with their Recent Acquisitions Retail Banks By Deposits ($ Billions) Bank of America Corporation $977 JP Morgan Chase $888 Wells Fargo Corporation $816 Citigroup $814 US Bancorp $183 PNC Financial Serv ices Group $179 The Bank of New York M ellon Corporation $144 TD Bank Financial Group $128 Sun Trust Banks $119 Capital One $117 Source: 4/13/11 Wells Fargo Presentation (Carroll); 11/29/10 American Banker (SNL Financial); 8/24/10 American Banker (SNL Financial); 10/6/08 American Banker; 9/30/08 American Banker; 8/1/07 American Banker (SNL Financial); 2/6/04 American Banker; 2/5/04 American Banker; 1/15/04 New York Times; 12/10/02 Wall Street Journal; 12/9/02 American Banker (FDIC); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 81 11.04.13 – Tiburon CEO Summit XX Many Bank Executives Acknowledge that Banks Continue to Sort out their Business Models… Financial Advisor Comment on Products & Services “There is a convergence of the old trust business with the financial advisor (brokerage) business” Source: 11/3/10 Wells Fargo Corporation Conversation (Hayes); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 82 11.04.13 – Tiburon CEO Summit XX Self-Serve Channels Self-Serve Channels Dual impact of younger generation preferences and loss of confidence in financial advisors Young wealthy to skip financial advisors? Mint.Com has 2.0 million users Gen Y prefers group communications (Face Book, Twitter) over one-on-one emailing (less concerned re privacy; more re speed and ease of use) Banking -> Leads to peer-to-peer lending (Prosper.Com) Financial planning-> Mint-Betterment, Financial Engines, & Veritat Advisors service may transform how people consume financial planning services Investment Management -> Discount brokers add price competition at ~40bps Intersection of financial services, technology, & media companies (remember Pete Kight comments) Financial institutions not yet paying enough attention Source: 4/7/11 Shah & Associates Email (Shah); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 83 11.04.13 – Tiburon CEO Summit XX Defined Contribution Plans Market Defined Contribution Plans Market Department of Labor Advice Rulings May challenge stranglehold by mutual fund companies & Insurance companies Crazy bad investing behaviors (Maggioncalda last time) Defined benefit plans 200-300 basis points better Trends Target date mutual funds Stable value funds CMTFs ETFs In plan guarantees (Still) rollover capture Source: 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 84 11.04.13 – Tiburon CEO Summit XX Defined Benefit Plans Market Defined Benefit Plans Market Challenge to Public Unions’ Benefits (WI, NJ, & OH) Crisis in funding retirement plans for public employees Had been one of the few growing sources of business for investment management business Challenges for state funded universities -> 529 plans Plans may be capped, converted to DC plans, or take on more risk exposure to meet fiduciary obligations Conversion to DC plans would create more individual investor clients for financial services industry Disruption - Lack of confidence in consultants, placement agents pay, public funds employee pay (e.g., CALPERS) Source: 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 85 11.04.13 – Tiburon CEO Summit XX International Markets (Take Home Trends) International Markets (Take Home Trends) UK & Australia - Banned product company payments to brokerage firms starting in 2013 & 2012 respectively (fee-accounts coming) UK eliminate mortgage interest deduction UK requires annuities by age 75 Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 86 11.04.13 – Tiburon CEO Summit XX International Markets (Foreign Entry Strategies) International Markets (Foreign Entry Strategies) Product & Service Companies Mutual Fund Market Opportunity (48% non US) ETFs circling the world Markets & Distribution Companies China & India – so appetizing Canada & Korea examples Singapore, the new Switzerland Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 87 11.04.13 – Tiburon CEO Summit XX Outline • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating © Tiburon Strategic Advisors, LLC™ 88 11.04.13 – Tiburon CEO Summit XX Investable Assets Investable Assets Brokerage accounts have twice the AUA as bank accounts Why do banks have dominant market caps? It’s the same reason the CFPA was created! Brokerage accounts contain 2/3 stocks & bonds All packaged products combined make up the other 1/3 Fee-Accounts Simply the new pricing mechanism, with all the same underlying investment vehicles UMAs - obvious solution Mutual funds have more assets than all other packaged products combined Mutual funds also had higher flows than all other packaged products combined in Black Rock now largest money management firm with combination of ETFs & hedge funds (success story at long-term Tiburon view regarding the polarization) Vanguard > Fidelity Investments (importance of independent advisors) ($1.6 trillion; became #1 in 2010; Black Rock, T. Rowe Price Group, & DFA benefiting too) Source: 4/14/11 Brandes Investment Partners Presentation (Brandes); 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 89 11.04.13 – Tiburon CEO Summit XX Long-Term Mutual Funds & Exchange Traded Funds Dominated 2010 Product Net Flows 2010 Packaged Investment Product Net Flows ($ Billions) $246 $121 $37 $22 $16 Long-Term Separate Exchange Hedge Variable Mutual Funds Accounts & Traded Funds Annuities Commingled Funds Investment Trusts Source: 4/11/11 Morningstar Email (Hannan); 8/30/10 Morningstar Presentation (Mansueto); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 90 11.04.13 – Tiburon CEO Summit XX Almost Half of Financial Advisors Continue to Move Clients to Fee-Accounts Financial Advisors By Propensity to be Continuing to Move Clients to Fee-Accounts Yes No 45% 55% Source: 10/25/10 Accounting Today (Russell Investments); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 91 11.04.13 – Tiburon CEO Summit XX Wirehouses, Regional Broker/Dealers & Independent Broker/Dealers Have Greater than One-Half of Assets Under Management Sourcing from Fee-Accounts Markets & Distribution Channel By Assets Under Management as a Percentage of Fee-Accounts Commission 44% 47% 49% Fees 56% 53% 51% Wirehouses Regional Broker/Dealer Independent Broker/Dealer Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 92 11.04.13 – Tiburon CEO Summit XX Morgan Stanley Smith Barney Fees Account for Over One-Quarter of Assets Under Administration & Over Three-Quarters of Net Flows Morgan Stanley Smith Barney Assets Under Administration & Net Flows as a Percentage of Fee-Accounts 11% Commission 72% 89% Fees 28% Assets Under Administration Net Flows Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 93 11.04.13 – Tiburon CEO Summit XX American Funds Receives Only 5% of Mutual Fund Sales from Front-End Load American Funds Revenues By Product Source Front-End Load 5% Other 95% Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 94 11.04.13 – Tiburon CEO Summit XX Mutual Funds Mutual Funds Remain the kingpin $8.4 trillion in long-term mutual fund AUM (~21% of all investable assets) Overall AUM down $1.3 trillion 2006-2010 Some signs of renewed flows Q4/10 was first quarter since Q1/08 (eleven quarters or three years) in which both long term & money market fund flows were positive Q1/11 may have had positive US equity mutual fund flows (first time since 2Q/09) Institutional class mutual funds increasingly important Shift to exchange traded funds to continue Source: 4/14/11 Edelman Financial Services Presentation (Edelman); 4/13/11 Hellman * Friedman Presentation (Thorpe); 4/11/11 Morningstar Email (Hannan); 4/8/11 Fidelity Investments Email (Graham); 4/7/11 Bridgewater Email (Milliman); 4/4/11 Wall Street Journal; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 95 11.04.13 – Tiburon CEO Summit XX Mutual Funds Have Become the Dominant US Financial Product Financial Assets By Share Held in Mutual Funds 21% 17% 8% 2% 2% 2% 1959 1969 1979 1989 1999 2009 Source: 12/31/09 Investment Company Institute Fact Book; Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 96 11.04.13 – Tiburon CEO Summit XX Long-Term Mutual Funds’ Net Flows Have Continued Quite Positive in the First Quarter of 2011, Supporting the 2009-2010 Recovery Long-Term Mutual Funds Net Flows ($ Billions) $381 $246 $220 $81 2007 2009 2010 1Q/11 -$225 Source: 4/11/11 Morningstar Email (Hannan); 4/7/11 Turning Point Email (Vigeveno); 10/2/10 Financial Advisor; 10/1/10 Wall Street Journal; 8/30/10 Morningstar Presentation (Mansueto); 8/28/10 Forward Management Presentation (Schaeffer) (Strategic Insight); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 97 11.04.13 – Tiburon CEO Summit XX Actively Managed Equity Mutual Funds Had Net Outflows of $238 Billion in 2008 After Years of Positive Net Flows But Rebounded in 2009 with an Inflow of $38 Billion Actively Managed Equity Mutual Funds Net Flows ($ Billions) $230 $210 $186 $188 $182 $159 $158 $141 $149 $111 $95 $101 $105 $100 $45 $44 $38 $9 $17 $5 1988 2008 -$13 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2009 -$238 Source: 8/31/10 Reuters (Investment Company Institute); 8/31/10 Seeking Alpha Web Site (Investment Company Institute); 2/19/09 Grail Partners Presentation (Putnam) (Strategic Insight); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 98 11.04.13 – Tiburon CEO Summit XX Equity Mutual Fund Flows Had Been $150 to $200 Billion Until 2008-to-2010 Which Have Been Outflows Equity Mutual Fund Flows ($ Billions) $200 $200 $175 $150 $150 $150 $150 $75 $35 2008 $0 2010 1996 1997 1998 2001 2003 2004 2005 2006 2007 2009 -$95 -$150 Source: 3/30/11 Investment Company Institute Web Site; 8/30/10 Morningstar Presentation (Phillips); Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 99 11.04.13 – Tiburon CEO Summit XX Separately Managed Accounts & Co-Mingled Investment Funds Separately Managed Accounts & Co-Mingled Investment Funds $7.9 trillion AUM Second largest market to mutual funds No flows Source: Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 100 Separately Managed Accounts & Commingled Investment Funds Continue as the Second Largest Investable Asset Product Market with $7.9 Trillion Assets Under Management, Up 25% Since 2008 Separately Managed Accounts & Commingled Investment Funds Assets Under Management ($ Trillions) $7.9 $7.3 $6.2 2008 2009 2010 Source: 4/11/11 Morningstar Email (Hannan); 8/30/10 Morningstar Presentation (Mansueto); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 101 Separately Managed Accounts & Commingled Investment Funds Net Flows Continue to be Moderate After a Disastrous 2008 Separately Managed Accounts & Commingled Investment Funds Net Flows ($ Billions) $65 $37 2009 2010 -$284 Source: 4/11/11 Morningstar Email (Hannan); 4/7/11 Turning Point Email (Vigeveno); 8/30/10 Morningstar Presentation (Mansueto); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 102 Indexing Indexing Vanguard passes Fidelity (March 2010) ($1.3 trillion AUM) (leading in 2010 flows $49 to $3 billion with 80% to index products) Control what you can - expenses & taxes (Evensky) Active is a Zero Sum Game (and less than zero sum after taxes & expenses) ($102 billion spent on active management) (Statman) Low expenses = most reliable indicator of mutual fund performance Active will always exist Side impact… Shining light on expenses everywhere Source: 4/5/11 Money Management Executive; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 103 Over Three-Quarters of Investable Assets are Managed Actively Investment Assets By Investment Management Style Index 20% Active 80% Source: 8/13/10 Santa Clara University Presentation (Statman); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 104 One Financial Advisor Commented that His Quantitative and Low-Cost Business Model was Proven Correct by the 2008-2009 Financial Crisis Financial Advisor Comment on Products & Services “2008-2009 reinforced our quantitative and low-cost orientation” Source: 1/26/10 Gemmer Asset Management Conversation (Gemmer); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 105 Exchange Traded Funds Exchange Traded Funds ETFs reached $1.0 trillion (actually all exchange traded products) (index MFs 1976; Jack Bogle) Black Rock, State Street, & Vanguard = 84% market share RIAs at 16% ETFs; other FAs at 8% Deconstructing the style box; raising more AUM than mutual funds in many categories (allows market timing; may have allowed some to sit out market recovery?) $121 billion net flows (~50% of mutual funds) ETFs & index mutual funds > active mutual funds in 2Q/10 Schwab & Fidelity ETF price war Vanguard gaining on Black Rock & State Street Schwab acquisition of Windhaven Investment Management TD Ameritrade emphasis on Amerivest Source: 4/11/11 Morningstar Email (Hannan); 4/6/11 RIA Biz; 4/5/11 Money Management Executive; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 106 Exchange Traded Fund Assets Reached $1.0 Trillion in 2010 Exchange Traded Fund Assets ($ Billions) $1,082 $1,013 $782 $608 $578 $410 $300 $210 $140 $91 $100 $36 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: 4/11/11 Morningstar Email (Hannan); 3/28/11 Investment Company Institute; 3/11 National Stock Exchange; 2/26/11 Wall Street Journal; 1/6/11 USA Today; 8/30/10 Morningstar Presentation (Mansueto); 2/22/10 Money Management Executive (Financial Research Corporation); 3/1/09 Research (National Stock Exchange); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 107 Exchange Traded Funds Have Had Substantial Net Positive Flows Since 2007 and 2011is Off to Another Fast Start Exchange Traded Fund Net Flows ($ Billions) $177 $149 $121 $104 $70 $55 $60 $58 $30 $28 $15 $15 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1Q/11 Source: 4/11/11 Morningstar Email (Hannan); 8/30/10 Morningstar Presentation (Mansueto); 2/22/10 Money Management Executive (Financial Research Corporation); 3/1/09 Research (National Stock Exchange); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 108 Active ETFs – Really?

活跃型 ETF——当真？

Active ETFs – Really?

透明度的风险及每日持仓披露

易受抢先交易（front running）与搭便车（free riding）操作影响

大型共同基金公司涌入

ETF 中的 ETF：贝莱德（Black Rock）

固定收益：联博（Alliance Bernstein）、伊顿万斯（Eaton Vance）、杰纳斯资本集团（Janus Capital Group）、普信集团（T. Rowe Price Group）

股票：摩根大通（JP Morgan Chase）、莱格梅森（Legg Mason）、德雷福斯公司（The Dreyfus Corporation）

来源：2011 年 4 月 8 日富达投资邮件（Graham）；2011 年 4 月 5 日 ETF Trends；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

109 对冲基金对冲基金

1.7 万亿美元

高于高水位线（high water mark）

净流入仅 220 亿美元

2010 年收益平庸：平均 8.0%，而标普 500 指数为 12.7%

走向成熟

避险需求 → 新创公司再次涌现，但资金流向更成熟的机构

定价压力 → 失去定价控制权；机构投资者压低定价

散户化 → 共同基金型对冲基金将超越有限合伙型对冲基金（资产管理规模达 1500 亿美元）

强化执法 → +3.00%（库扎米），（促进缓慢而稳定的增长，就像伯尼那样）

2010 年再度迎来巨额薪酬

约翰·保尔森（John Paulson）（49 亿美元）；雷·达里奥（Ray Dalio）（31 亿美元）；詹姆斯·西蒙斯（James Simons）（25 亿美元），部分人甚至收益平庸

来源：2011 年 4 月 14 日 Edelman 金融服务介绍（Edelman）；2011 年 4 月 13 日 Hellman & Friedman 介绍（Thorpe）；2011 年 4 月 7 日桥水邮件（Milliman）；2011 年 4 月 3 日《华尔街日报》；2011 年 2 月 11 日瑞信分析；2010 年 8 月 30 日晨星介绍（Mansueto）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

110 对冲基金管理资产 1.7 万亿美元，相当于其峰值水平，且自 2008-2009 年低谷以来增长 20%

对冲基金资产（万亿美元）

1.7 1.7 1.5 1.4 1.4 1.1 0.9 0.7 0.6 0.5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

来源：2011 年 4 月 5 日 Barclay Hedge；2010 年 8 月 30 日晨星介绍（Mansueto）；2010 年 3 月 8 日《资金管理高管》（Hennessee Group）；2010 年 3 月 3 日《资金管理高管》（Hennessee Group）；2009 年 4 月 15 日 Zebra 资本管理介绍（Ibbotson）（HFR；Van Hedge Fund Advisors；Morningstar）；2008 年 10 月 14 日晨星介绍（Mansueto）；2008 年 3 月 16 日《资金管理高管》（Invest Hedge）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

111 其他另类投资其他另类投资

黄金？别闹了……

期权与外汇（SCH – Options Express；TD Ameritrade – Think or Swim）

能否让风险投资与私募股权大众化？

业绩报酬

日渐增长（占股票共同基金的 4%）

普特南投资（Putnam Investments）与杰纳斯资本集团加入

加州公共雇员退休基金（CALPERS）的决策

葡萄酒 – 高端市场回暖？

价值投资 -> “新的另类”（查尔斯·布兰德斯 Charles Brandes）

来源：2011 年 4 月 7 日 TD Ameritrade 邮件（Schweiss）；2011 年 4 月 1 日 Brandes 投资合伙公司对话（Brandes）；2010 年 12 月 21 日 Advisor One；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

112 精品葡萄酒价格在 2008 年下跌 15% 后上涨 75%

伦敦国际葡萄酒交易所 100 指数

359 300 240 237 205 171 115 94 99 100 98

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

来源：2011 年 4 月 5 日 Liv-Ex 网站；2010 年 4 月 8 日 Liv-Ex 网站；2009 年 3 月 31 日《纽约时报》；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

113 美国银行、富国银行与摩根大通是领先的抵押贷款发放机构，规模分别为 3142 亿美元、2861 亿美元与 2274 亿美元

按抵押贷款发放额划分的贷款服务机构（十亿美元）

美国银行 314.2

富国银行 286.1

摩根大通 227.4

GMAC（住宅资本） 57.2

太阳信托（太阳信托抵押贷款） 37.1

美国银行（美国银行住宅抵押贷款） 34.2

来源：2009 年 7 月《美国银行家》；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

114 保险与年金保险与年金

退休收入产品

需要将赔付年金化

可变年金 -> 资产管理规模 1.5 万亿美元，净流入 500 亿美元（市场规模大于 ETF，但流量仅为 ETF 的一半）

税收效率前沿（类似于优化风险与收益的有效前沿）（杰斐逊国民 Jefferson National）

机遇

为中产阶级提供有保证的收入解决方案（可能成为强制指令或大型计划市场采用）

为高净值家庭提供税收递延机会（杰斐逊国民）

来源：2011 年 4 月 13 日 Hellman & Friedman 介绍（Thorpe）；2011 年 4 月 7 日 Shah & Associates 邮件（Shah）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

115 可变年金的资产管理规模在 2009 年强劲增长后，于 2010 年增速放缓

可变年金的资产管理规模（万亿美元）

1.5 1.4 1.1

2008 2009 2010

来源：2011 年 4 月 11 日晨星邮件（Hannan）；2011 年 4 月 5 日《年金文摘》；2011 年 3 月 7 日退休保障协会；2011 年 3 月 5 日《财务顾问杂志》；2010 年 8 月 30 日晨星介绍（Mansueto）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

116 许多财务顾问认为他们的中产阶级客户需要保障

财务顾问对产品与服务的评论

“我的客户是中产阶级，他们需要保障”

来源：2010 年 1 月 26 日 Park Place Wealth Advisors 对话（Gannett）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

117 其他财务顾问担心可变年金……

财务顾问对产品与服务的评论

“最需要可变年金的是不懂投资的人，但不幸的是，它们是复杂产品”

来源：2010 年 1 月 26 日 Park Place Wealth Advisors 对话（Gannett）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

118 财富管理财富管理

财务规划的重要性

529 计划 – 大学储蓄对 401K 计划的回应

影响力投资（资本市场与慈善事业的交汇点）（解决社会与环境问题）

慈善捐赠

遗产规划

来源：2011 年 4 月 7 日 Shah & Associates 邮件（Shah）；2010 年 12 月 17 日 Advisor One；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

119 许多财务顾问承认他们做了更多财务规划更新

财务顾问对产品与服务的评论

“我做了更多财务规划更新，包括资本充足率分析”

来源：2010 年 10 月 20 日 Litman Gregory 对话（Hollstein）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

120 529 计划的资产管理规模达 1380 亿美元，自 2001 年以来增长超过 1300%

529 计划资产管理规模（十亿美元）

138 119 100 44 26 9 11

2001 2002 2003 2004 2006 2009 2010

来源：2011 年 4 月 4 日《华尔街日报》；2010 年 11 月 18 日 Plan Adviser；2010 年 6 月《吉普林个人理财》；2010 年 2 月《财务规划杂志》；2006 年 5 月 7 日《纽约时报》；2005 年 1 月 12 日《华尔街日报》（UNC Wilmington）；2004 年 9 月 13 日《投资新闻》（金融研究公司）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

121 提纲 • 广泛市场环境 – 广泛全局事件与金融服务行业持续失误的新闻 – 美国经济仍在挣扎，股市高歌猛进，房地产市场仍喜忧参半 – 消费者财富回升，但伴随态度转变 – 监管改革进展有限，政治版图重置 • 金融服务行业战略 – 市场与分销渠道持续演变 – 持续的产品趋势 – 战略活动加速

11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

122 金融服务行业利润传统上约占所有企业利润的 25%-35%，2010 年结果回到熟悉区间

金融服务行业净利润占企业净利润百分比

32% 30% 30% 28% 28% 27% 26% 25% 25% 23% 23% 22% 20% 20% 0% 2008 年第四季度 2007 年第一季度 2007 年第二季度 2007 年第三季度 2007 年第四季度 2008 年第一季度 2008 年第二季度 2008 年第三季度 2009 年第一季度 2009 年第二季度 2009 年第三季度 2009 年第四季度 2010 年第一季度 2010 年第二季度 2010 年第三季度 2010 年第四季度 -10%

来源：2011 年 4 月 13 日 Hellman & Friedman 介绍（Thorpe）；2011 年 3 月 18 日《华尔街日报》（美国商务部）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

123 金融服务行业估值金融服务行业估值

金融服务股涨幅甚至更大

金融服务机构估值在 2008-2009 年跌幅超过其他股票，监管不确定性影响巨大

银行股在 2010 年初上涨，年中回落，年末回升

所有四个类别 – 银行；保险公司；经纪公司；投资管理公司

金融服务股定价仍合理（市盈率 – 嘉信理财 44 倍；摩根士丹利 11 倍）

问问查尔斯·布兰德斯与埃德·芬恩

许多金融服务公司现金短缺，愿意接受收购谈判

来源：2011 年 4 月 7 日 TD Ameritrade 邮件（Schweiss）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

124 基夫-布鲁耶特-伍兹大型银行与储蓄机构指数在 2009 年与 2010 年分别回报 35% 与 33%

金融服务行业基夫-布鲁耶特-伍兹大型银行与储蓄机构指数市场回报

63% 48% 34% 33% 35% 33% 17% 16% 17% 13% 10% 1993 1994 1998 1999 2005 2005 2006 1% 1995 1996 1997 2000 2001 2002 2003 2004 2006 2009 2010 2011 -6% -5% -9% -10% -15% -32% -55%

来源：2011 年 4 月 1 日雅虎财经网站；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

125 基夫-布鲁耶特-伍兹大型保险公司在 2009 年与 2010 年分别回报 57% 与 36%

金融服务行业基夫-布鲁耶特-伍兹大型保险公司指数市场回报

57% 36% 22% 11% 11% 2007 2008 2% 2004 2005 2006 2009 2010 2011 -10% -64%

来源：2011 年 4 月 1 日雅虎财经网站；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

126 AMEX 证券经纪商/交易商指数在 2009 年与 2010 年分别回报 73% 与 12%

金融服务行业 AMEX 证券经纪商/交易商指数市场回报

99% 83% 74% 73% 59% 52% 38% 35% 39% 34% 24% 12% 0% 2002 2007 2008 3% 1995 1996 1997 1998 1999 2000 2001 2003 2004 2005 2006 2009 2010 2011 -16% -21% -98%

来源：2011 年 4 月 1 日雅虎财经网站；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

127 零售银行在金融服务行业中市值最高，达 29.5 万亿美元，是保险公司、资产管理公司与经纪公司总和的两倍

金融服务行业按细分市场划分的市值（万亿美元）

29.5 8.2 4.9 2.2

零售银行保险公司经纪公司资产管理公司

来源：2011 年 4 月 6 日雅虎财经网站；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

128 与其他行业细分相比，资产管理公司的平均市盈率最高，表明市场奖励的是什么

金融服务行业按细分市场划分的市盈率

25.7 倍 23.3 倍 17.7 倍 6.1 倍

零售银行保险公司经纪公司资产管理公司

来源：2011 年 4 月 7 日 TD Ameritrade 邮件（Schweiss）；2011 年 4 月 6 日雅虎财经网站；2004 年 2 月 23 日《商业周刊》；2003 年 12 月 29 日《商业周刊》；2002 年 1 月 22 日 Wachovia 介绍；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

129 金融服务行业并购（第 1 页）

金融服务行业并购

财务顾问与自助渠道

SCH – Options Express（期权与外汇主流；持续关注活跃交易者）（TD Ameritrade – Think or Swim）

Wells – UBS

Sterne Agee – SWS

LPL 整合先前收购

大型 IBD 积极收购（LPL Financial、Advanced Equities、Ladenburg & Thalman、Advisor Group、The Prudential）

更多私募股权追逐 IBD

Edelman – Sanders Morris Harris Group

E*Trade 出售 Kobren（退出财务顾问并购）

来源：2011 年 4 月 14 日 Edelman 金融服务介绍（Edelman）；2011 年 4 月 7 日 TD Ameritrade 邮件（Schweiss）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

130 金融服务行业并购（第 2 页）

金融服务行业并购

投资管理证券交易所

RBC – Blue Bay Asset Mgmt（15 亿美元） NYSE – Deutsche Borse – NASDAQ

Schwab – Windhaven Investment Management（巨大溢价） London – Toronto

Genworth – Altermis（3000 万美元） Singapore – Australia

相关技术与媒体核心银行业

Fiserv 收购 TDBFG – Chrysler Financial

AT&T – T-Mobile

AOL – HuffPo

来源：2011 年 4 月 13 日 Hellman & Friedman 介绍（Thorpe）；2011 年 4 月 7 日 Shah & Associates 邮件（Shah）；2011 年 4 月 6 日 RIA Biz；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

131 金融服务行业风险投资与 IPO

金融服务行业风险投资与 IPO

六个月前……Envestnet 与 Financial Engines（等待 LPL，后者于 2010 年 6 月注册）

之后 LPL 上市

Ever Bank（Frank Trotter）保持沉默，随后不久跟进

Bank United

Apollo Global Management（5.65 亿美元）（继黑石、KKR、堡垒与橡树资本之后）（预计后续有凯雷集团与 TPG）

TPG 也向 KIA 与 GIC 出售 5%（继 Apollo 于 2006 年向阿布扎比投资局出售 9% 之后）

来源：2011 年 4 月 7 日 Triton Pacific 邮件（Michie）；2011 年 4 月 1 日《华尔街日报》；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

132 几位独立经纪商/交易商首席执行官庆祝 LPL Financial IPO

独立经纪商/交易商首席执行官对 LPL IPO 的评论

“LPL IPO 对独立经纪商/交易商业务有利。它使这种模式合法化”

来源：2010 年 12 月 1 日 Investacorp 对话（Farrell）；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

133 总结 • 广泛市场环境 – 广泛全局事件与金融服务行业持续失误的新闻 – 美国经济仍在挣扎，股市高歌猛进，房地产市场仍喜忧参半 – 消费者财富回升，但伴随态度转变 – 监管改革进展有限，政治版图重置 • 金融服务行业战略 – 市场与分销渠道持续演变 – 持续的产品趋势 – 战略活动加速

11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

134 最后……对我职业选择的一些看法……

战略咨询

来源：2010 年 11 月 10 日《今日会计》；Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

135 Tiburon Strategic Advisors 评论 • 专注于企业级战略 – 仅服务于金融服务公司的高管 – 主要服务：市场研讨会、市场研究与战略咨询 – 自 1998 年以来已服务超过 300 家企业客户，完成超过 1300 个项目 – 举办半年度 CEO 峰会，提供免费每周研究报告，并为各类顾问提供免费业务基准测试工具 • Chip Roame 背景 – 麦肯锡公司 – 嘉信理财公司 – 自 1998 年起任职于 Tiburon

来源：Tiburon 研究与分析 11.04.13 – Tiburon 首席执行官峰会 XX © Tiburon Strategic Advisors, LLC™

136 Tiburon CEO Summit XX 2011 年 4 月 13 日获奖者：约翰·博格尔（先锋集团创始人）

约翰·博格尔于 1974 年创立先锋集团，担任董事长兼首席执行官至 1996 年，担任高级董事长至 2000 年，现任先锋集团博格尔金融市场研究中心总裁。

Risks of transparency & disclosing their day-to-day holdings Susceptible to front running & free riding schemes Large mutual fund companies entering ETFs-of-ETFs: Black Rock Fixed Income: Alliance Bernstein, Eaton Vance, Janus Capital Group, T. Rowe Price Group Equities: JP Morgan Chase, Legg Mason, The Dreyfus Corporation Source: 4/8/11 Fidelity Investments Email (Graham); 4/5/11 ETF Trends; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 109 Hedge Funds Hedge Funds $1.7 trillion Above high water mark Only $22 billion in net flows Mediocre 2010 returns: average 8.0% versus 12.7% for S&P 500 Maturation Flight to Quality -> Start-ups emerging again but assets flowing to more established firms Pricing pressure -> Losing pricing control; institutional investors driving down pricing Retailization -> Mutual fund hedge funds to surpass limited partnership hedge funds ($150 billion AUM) Enforcement -> +3.00% (Khuzami) (promotes slow & steady growth just like Bernie) Huge paydays again in 2010 John Paulson ($4.9 billion); Ray Dalio ($3.1 billion); James Simons ($2.5 billion), some even with mediocre returns Source: 4/14/11 Edelman Financial Services Presentation (Edelman); 4/13/11 Hellman & Friedman Presentation (Thorpe; 4/7/11 Bridgewater Email (Milliman); 4/3/11 Wall Street Journal; 2/11 Credit Suisse Analysis; 8/30/10 Morningstar Presentation (Mansueto); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 110 Hedge Funds Have $1.7 Trillion Assets, Back Equivalent to their Peak and Up 20% Since their Bottom in 2008-2009 Hedge Fund Assets ($ Trillions) $1.7 $1.7 $1.5 $1.4 $1.4 $1.1 $0.9 $0.7 $0.6 $0.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: 4/5/11 Barclay Hedge; 8/30/10 Morningstar Presentation (Mansueto); 3/8/10 Money Management Executive (Hennessee Group); 3/3/10 Money Management Executive (Hennessee Group); ; 4/15/09 Zebra Capital Management Presentation (Ibbotson) (HFR; Van Hedge Fund Advisors; Morningstar); 10/14/08 Morningstar Presentation (Mansueto); 3/16/08 Money Management Executive (Invest Hedge); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 111 Other Alternative Investments Other Alternative Investments Gold? Come on… Options & FX (SCH - Options Express; TD Ameritrade – Think or Swim) Ability to democratize venture capital & private equity? Performance fees Growing (4% of equity mutual funds) Putnam Investments & Janus Capital Group joined CALPERS decision Wine – High-end market back? Value investing -> “the new alternative” (Charles Brandes) Source: 4/7/11 TD Ameritrade Email (Schweiss); 4/1/11 Brandes Investment Partners Conversation (Brandes); 12/21/10 Advisor One; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 112 The Price of Fine Wines is Up 75% After a Decline of 15% in 2008 London International Vintners Exchange 100 Index $359 $300 $240 $237 $205 $171 $115 $94 $99 $100 $98 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: 4/5/11 Liv-Ex Web Site; 4/8/10 Liv-Ex Web Site; 3/31/09 New York Times; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 113 Bank of America Corporation, Wells Fargo Corporation, & JP Morgan Chase are the Leading Mortgage Origination Companies with $314.2 Billion, $286.1 Billion, & $227.4 Billion Respectively Lending Services Companies By Mortgage Originations ($ Billions) Bank of America $314.2 Corporation Wells Fargo $286.1 Corporation JP Morgan Chase $227.4 GMAC (Residential $57.2 Capital Sun Trust (Sun Trust $37.1 Mortgage) US Bank (US Bank $34.2 Home Mortgage) Source: 7/09 American Banker; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 114 Insurance & Annuities Insurance & Annuities Retirement income products Need to annuitize payouts Variable annuities -> $1.5 trillion AUM with $50 billion net flows (larger market than ETFs but with only half the flows) Tax efficient frontier (akin to efficient frontier that optimizes risk & return) (Jefferson National) Opportunities Guaranteed income solution for middle class (potential for mandate or large plan market adoption) Tax deferral opportunity for high net worth households (Jefferson National) Source: 4/13/11 Hellman & Friedman Presentation (Thorpe); 4/7/11 Shah & Associates Email (Shah); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 115 Variable Annuities’ Assets Under Management Saw a Decrease in Growth in 2010 After a Strong 2009 Variable Annuities Assets Under Management ($ Trillions) $1.5 $1.4 $1.1 2008 2009 2010 Source: 4/11/11 Morningstar Email (Hannan); 4/5/11 Annuity Digest; 3/7/11 Insured Retirement Institute; 3/5/11 Financial Advisor Magazine; 8/30/10 Morningstar Presentation (Mansueto); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 116 Many Financial Advisors Believe that their Middle America Clients Need Guarantees Financial Advisor Comment on Products & Services “My clients are middle America and need guarantees” Source: 1/26/10 Park Place Wealth Advisors Conversation (Gannett); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 117 Other Financial Advisors Worry About Variable Annuities… Financial Advisor Comment on Products & Services “Variable annuities are needed most by non-investment savvy people which is unfortunate because they are complex products” Source: 1/26/10 Park Place Wealth Advisors Conversation (Gannett); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 118 Wealth Management Wealth Management Importance of financial planning 529 plans - college savings’ answer to 401K plans Impact Investing (intersection of capital markets & philanthropy) (address social & environmental issues) Charitable giving Estate planning Source: 4/7/11 Shah & Associates Email (Shah); 12/17/10 Advisor One; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 119 Many Financial Advisors Recognize that they Have Been Doing More Financial Planning Updates Financial Advisor Comment on Products & Services “I have done a lot more financial plan updates, including capital sufficiency analyses” Source: 10/20/10 Litman Gregory Conversation (Hollstein); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 120 529 Plans Have $138 Billion Assets Under Management, Up Over 1,300% Since 2001 529 Plan Assets Under Management ($ Billions) $138 $119 $100 $44 $26 $9 $11 2001 2002 2003 2004 2006 2009 2010 Source: 4/4/11 Wall Street Journal; 11/18/10 Plan Adviser; 6/10 Kiplinger’s Personal Finance; 2/10 Journal of Financial Planning; 5/7/06 New York Times; 1/12/05 Wall Street Journal (UNC Wilmington); 9/13/04 Investment News (Financial Research Corporation); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 121 Outline • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 122 Financial Services Industry Earnings Have Traditionally Averaged About 25%-35% of All Corporate Profits, with 2010 Results Back in Familiar Territory Financial Services Industry Net Profits As a Percentage of Corporate Net Profits 32% 30% 30% 28% 28% 27% 26% 25% 25% 23% 23% 22% 20% 20% 0% 4Q/08 1Q/07 2Q/07 3Q/07 4Q/07 1Q/08 2Q/08 3Q/08 1Q/09 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10 -10% Source: 4/13/11 Hellman & Friedman Presentation (Thorpe); 3/18/11 Wall Street Journal (US Department of Commerce); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 123 Financial Services Industry Valuations Financial Services Industry Valuations Financial services stocks up even more Financial Services Institutions valuations down more than other stocks in 2008-2009, with regulatory uncertainty having weighed heavily Bank stocks up early 2010, slipped mid-year, & clawed back at year-end All four categories - banks; insurance companies; brokerage firms; investment management firms Financial services stocks still priced fairly (P/Es - Schwab at 44; Morgan Stanley at 11) Ask Charles Brandes & Ed Finn Many financial services companies are cash poor and open to acquisition discussions Source: 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 124 The Keefe, Bruyette, & Woods Large Cap Banks & Thrift Index Returned 35% & 33% in 2009 & 2010 Financial Services Industry Keefe, Bruyette, & Woods Large Cap Banks & Thrift Index Market Return 63% 48% 34% 33% 35% 33% 17% 16% 17% 13% 10% 1993 1994 1998 1999 2005 2005 2006 1% 1995 1996 1997 2000 2001 2002 2003 2004 2006 2009 2010 2011 -6% -5% -9% -10% -15% -32% -55% Source: 4/1/11 Yahoo Finance Web Site; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 125 The Keefe, Bruyette, & Woods Large Cap Insurance Companies Returned 57% & 36% in 2009 & 2010 Financial Services Industry Keefe, Bruyette, & Woods Large Cap Insurance Companies Index Market Return 57% 36% 22% 11% 11% 2007 2008 2% 2004 2005 2006 2009 2010 2011 -10% -64% Source: 4/1/11 Yahoo Finance Web Site; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 126 The AMEX Securities Broker/Dealer Index Returned 73% & 12% in 2009 & 2010 Financial Services Industry AMEX Securities Broker/Dealer Index Market Return 99% 83% 74% 73% 59% 52% 38% 35% 39% 34% 24% 12% 0% 2002 2007 2008 3% 1995 1996 1997 1998 1999 2000 2001 2003 2004 2005 2006 2009 2010 2011 -16% -21% -98% Source: 4/1/11 Yahoo Finance Web Site; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 127 Retail Banks Have the Highest Market Capitalization in the Financial Services Industry at $29.5 Trillion, Twice the Size of Insurance Companies, Asset Managers, & Brokerage Firms Combined Financial Services Industry Market Capitalization By Segment ($ Trillions) $29.5 $8.2 $4.9 $2.2 Retail Banks Insurance Brokerage Firms Asset Managers Companies Source: 4/6/11 Yahoo Finance Web Site; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 128 Asset Managers Have the Highest Average Price-to-Earnings Ratios Compared to Other Industry Segments, Suggesting What is Rewarded by the Market Financial Services Industry Price-to-Earnings Ratios By Segment 25.7x 23.3x 17.7x 6.1x Retail Banks Insurance Brokerage Firms Asset Managers Companies Source: 4/7/11 TD Ameritrade Email (Schweiss); 4/6/11 Yahoo Finance Web Site; 2/23/04 Business Week; 12/29/03 Business Week; 1/22/02 Wachovia Presentation; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 129 Financial Services Industry Mergers & Acquisitions (Page 1) Financial Services Industry Mergers & Acquisitions Financial Advisor & Self-Serve Channels SCH - Options Express (mainstream of options & FX; continual focus on active traders) (TD Ameritrade-Think or Swim) Wells-UBS Sterne Agee-SWS LPL consolidating prior acquisitions Big IBDs on acquisition hunt (LPL Financial, Advanced Equities, Ladenburg & Thalman, Advisor Group, The Prudential) More PE chasing IBDs Edelman-Sanders Morris Harris Group E*Trade sells Kobren (exits FA M&A) Source: 4/14/11 Edelman Financial Services Presentation (Edelman); 4/7/11 TD Ameritrade Email (Schweiss); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 130 Financial Services Industry Mergers & Acquisitions (Page 2) Financial Services Industry Mergers & Acquisitions Investment Management Securities Exchanges RBC-Blue Bay Asset Mgmt ($1.5 NYSE-Deutsche Borse-billion) NASDAQ Schwab-Windhaven Investment London-Toronto Management (huge premium) Singapore-Australia Genworth- Altermis ($30 million) Related Technology & Media Core Banking Fiserv acquisitions TDBFG-Chrysler Financial AT&T-T-Mobile AOL-HuffPo Source: 4/13/11 Hellman & Friedman Presentation (Thorpe); 4/7/11 Shah & Associates Email (Shah); 4/6/11 RIA Biz; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 131 Financial Services Industry Venture Capital & IPOs Financial Services Industry Venture Capital & IPOs Six months ago… Envestnet & Financial Engines (and waiting on LPL which had registered June 2010) LPL did thereafter Ever Bank (Frank Trotter) stayed quiet and then followed shortly therafter Bank United Apollo Global Management ($565 million) (followed Blackstone, KKR, Fortress, & Ochs Zifff) (likely to follow are Carlyle Group & TPG) TPG also sold 5% to KIA & GIC (followed Apollo which had sold 9% to Dhabi Investment Authority in 2006) Source: 4/7/11 Triton Pacific Email (Michie); 4/1/11 Wall Street Journal; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 132 Several Independent Broker/Dealer CEOs are Celebrating the LPL Financial IPO Independent Broker/Dealer CEO Comment on LPL IPO “The LPL IPO was good for the independent broker/dealer business. It legitimizes the model” Source: 12/1/10 Investacorp Conversation (Farrell); Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 133 Summary • Broad Market Environment – Broad Overarching World Events & Continual Financial Services Industry Stumbles in the News – US Economy Still Struggling, Stock Markets Roaring Ahead, Housing Markets Still Mixed – Recovering Consumer Wealth but with Attitudinal Changes – Limited Progress on Regulatory Reform & Resetting of the Political Landscape • Financial Services Industry Strategies – Continuing Market & Distribution Channel Evolution – Continuing Product Trends – Strategic Activity Accelerating 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 134 Lastly… Some Perspective on My Career Choice… Strategy Consulting Source: 11/10 Accounting Today; Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 135 Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 300 corporate clients and completed over 1,300 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - McKinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis 11.04.13 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ 136 Tiburon CEO Summit XX April 13, 2011 Award Recipient: John 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 Bogle Financial Markets Research Center.

博格尔先生获奖无数，包括 2004 年被《时代》杂志评为全球 100 位最具影响力人物之一，1999 年被《财富》杂志评为二十世纪投资界四大巨头之一。他还于 2004 年获得《机构投资者》杂志的终身成就奖，1999 年获得普林斯顿大学伍德罗·威尔逊奖以表彰其在国家服务中的杰出成就，1998 年获得投资管理与研究协会（现 CFA 协会）的专业卓越奖，以及 2006 年因对财务报告的杰出贡献获得伯克利奖。博格尔先生是一位畅销书作家，著有九本书，包括《博格尔谈共同基金：聪明投资者的新视角》（1993 年）、《共同基金常识：聪明投资者的新准则》（1999 年）、《约翰·博格尔论投资：前 50 年》（2000 年）、《品格至上：先锋集团的创建与建设》（2002 年）、《为资本主义的灵魂而战》（2005 年）、《够了》（2007 年）和《别指望它！》（2010 年）。博格尔先生的生平和职业生涯也是一本书的主题，书名为《约翰·博格尔与先锋实验：一人重塑共同基金行业之探索》（1996 年，罗伯特·斯莱特著）。

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 was a recipient of Institutional Investor magazine’s Lifetime Achievement Award in 2004, the Woodrow Wilson Award from Princeton University for distinguished achievement in the Nation’s service in 1999, and received the Award for Professional Excellence from the Association for Investment Management & Research (now CFA Institute) in 1998, and the Berkeley Award for Distinguished Contributions to Financial Reporting in 2006. Mr. Bogle is a best-selling author, with nine books, including Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (1993), Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999), John Bogle on Investing: The First 50 Years (2000), Character Counts: The Creation & Building of The Vanguard Group (2002), The Battle for the Soul of Capitalism (2005), Enough (2007), & Don’t Count on It! (2010). Mr. Bogle’s life and career is also the subject of a book titled John Bogle & the Vanguard Experiment: One Man’s Quest to Transform the Mutual Fund Industry (1996 by Robert Slater).

博格尔先生获得提伯龙 CEO 峰会的奖项，因为他体现了三个核心主题：关注消费者（及其他客户）需求、挑战行业传统智慧（创新）、承担责任。81 岁的博格尔先生是最受尊敬的一位共同基金领袖，也是许多人心中的传奇人物。就提伯龙 CEO 峰会的评选标准而言，博格尔先生的一些成就包括：• 关注消费者（及其他客户）需求：博格尔先生将先锋集团构建为互助结构，即其共同基金拥有该公司。反过来，投资者拥有共同基金，并直接从其低成本中受益。博格尔先生很可能放弃了数十亿美元的个人财富，允许投资者自行决定如何分享储蓄。大量研究表明，低费用是共同基金表现最可靠的指标。• 挑战行业传统智慧（创新）：博格尔先生一直走在共同基金行业两项最具影响力的创新的前沿，包括指数基金（1976 年）和无佣共同基金（1977 年）。两者都不是一夜成功（先锋旗下标普 500 指数基金在最初发行期仅募集了 1100 万美元）。博格尔先生的热情和毅力在一定程度上促成了它们的成功。• 承担责任：博格尔先生坚持不懈地讲述指数化等故事以帮助投资者，已出版了九本书。提伯龙 CEO 峰会 XX，2011 年 4 月 13 日。演讲嘉宾：大卫·卡罗尔（富国银行集团高级执行副总裁）。大卫·卡罗尔是富国银行集团财富、经纪和退休服务业务的高级执行副总裁。他的职责包括该行的私人银行、信托和遗产服务、零售经纪以及机构记录保存业务。卡罗尔先生还在北卡罗来纳州夏洛特的薄荷艺术博物馆董事会任职，并在北卡罗来纳大学教堂山分校的凯南-弗拉格勒商学院访客委员会任职。

Mr. Bogle is 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 leader 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 CEO Summit XX April 13, 2011 Guest Speaker: 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 Charlotte, NC and on the board of visitors of the Kenan-Flager Business School at the University of North Carolina at Chapel Hill.

卡罗尔先生自 1979 年加入当时的瓦乔维亚银行与信托公司（并于 1981 年加入当时的第一联合银行）以来，一直受雇于富国银行集团及其前身机构。他曾担任多种职务，包括公司服务与并购整合主管、电子商务与技术主管，以及第一联合银行乔治亚州和佛罗里达州普通银行集团负责人。1985 年，他被任命为当时瓦乔维亚集团资本管理集团的高级执行副总裁，该集团包括零售经纪（瓦乔维亚证券）、资产管理（长青投资）以及退休与投资产品。

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 Georgia & Florida. In 1985, he was named senior executive vice president of then Wachovia Corporation’s Capital Management Group, which included retail brokerage (Wachovia Securities), asset management (Evergreen Investments), and Retirement & Investment Products.

卡罗尔先生将分享他对财富、经纪和退休业务的看法。

Mr. Carroll will address his views of the wealth, brokerage & retirement businesses.

提伯龙 CEO 峰会

大卫·卡罗尔

高级执行副总裁

财富、经纪和退休业务

纽约州纽约市

Tiburon CEO Summit David Carroll Senior Executive Vice President Wealth, Brokerage and Retirement New York, N.Y.

2011 年 4 月 13 日

富国银行服务于比任何其他美国银行都更多社区的消费者和企业 ▪ 超过 7000 万客户 ▪ 9000 家门店 ▪ 12000 台 ATM ▪ 57000 名销售人员 ▪ 1800 万在线银行客户 • 15188 名财务顾问和 4386 名持牌银行家。富国银行门店、瓦乔维亚银行门店、富国银行顾问办公室、富国银行家庭抵押贷款门店。数据截至 2010 年第四季度。

Wells Fargo serves consumers and businesses in more communities than any other U.S. Bank ▪ 70+MM customers ▪ 9,000 stores ▪ 12,000 ATMs ▪ 57,000 salespeople ▪ 18MM online banking customers • 15,188 financial advisors and 4,386 licensed bankers Wells Fargo Bank stores Wachovia Bank stores Wells Fargo Advisors offices Wells Fargo Home Mortgage stores As of 4Q10.

财富、经纪和退休业务（1） 117 亿美元收入（2） 1.4 万亿美元客户资产（3） 430 亿美元贷款 15188 名财务顾问 1280 亿美元存款。财富管理（4）经纪业务（1）退休业务（4） 218000 个家庭 400 万个家庭 360 万名退休计划参与者/领取人，来自富裕客户合作关系高净值、富裕和大众客户超过 7600 个企业、工会和政府计划高净值和超高净值关系战略重点：战略重点： 370 万零售退休关系 – 增长忠实客户家庭 – 客户安心战略重点： – 通过整体财务建议提供安心 – 深化客户关系 – 成为企业和个人的卓越退休服务提供商 – 为您提供客观、深思熟虑的建议 – 完整的财富解决方案 19574 名注册代表近 300 名销售总监和 2300 名客户专业人士 – 一个富国银行关系经理品牌品牌品牌富国银行顾问 SM 富国银行机构私人银行富国银行顾问金融网络 SM 退休和信托富国银行家族财富 WellsTrade Wystar Global 富国银行投资富国银行咨询（BPS&M） H.D. Vest, First Clearing Union Hamilton （1）数据截至 2010 年 12 月 31 日。

（3）包括 480 亿美元的财富存款，之前未包含在内。

（4）数据截至 2010 年 8 月 31 日。

Wealth, Brokerage and Retirement (1) $11.7B revenue (2) $1.4T client assets (3) $43B loans 15,188 Financial Advisors $128B deposits Wealth Management (4) Brokerage (1) Retirement (4) 218,000 households 4.0MM households 3.6 MM retirement plan Affluent Client Partnership High Net Worth, Affluent and participants/pensioners from High Net Worth & Ultra High Net Mass clients more than 7,600 business, Worth Relationships union, and government plans Strategic Focus: Strategic Focus: 3.7 MM retail retirement – Grow loyal client households – Client peace of mind relationships by delivering – Deep client relationships peace of mind through Strategic Focus: – Objective, thoughtful advice holistic financial advice – Become pre-eminent – Complete wealth solutions 19,574 Registered Reps retirement provider for businesses and individuals – One Wells Fargo – 15,188 FAs Nearly 300 Sales Directors and 2,300 Client Professionals Relationship Mgrs Brands Brands Brands Wells Fargo AdvisorsSM Wells Fargo Institutional The Private Bank Wells Fargo Advisors Financial NetworkSM Retirement and Trust Wells Fargo Family Wealth WellsTrade Wystar Global Wells Fargo Investments Wells Fargo Consulting (BPS&M) H.D. Vest, First Clearing Union Hamilton (1) As of December 31, 2010.

（2） Full Year 2010.

(2) Full Year 2010.

天塌下来了吗？

(3) Includes $48 billion of Wealth deposits, previously not included. (4) As of August 31, 2010.

传统经纪模式消亡了吗？ RIA——媒体炒作还是真实威胁？界限日渐模糊参与所有牌局交叉销售的力量，如果做得好私人银行家和经纪人能共存吗？

Is the sky falling?

这不必是非此即彼的选择无论客户从哪扇门进入，建议和服务应保持一致银行为什么要涉足经纪业务？

Is the traditional brokerage model dead? RIAs – Media hype or real threat? The blurring of the lines Keeping a hand in all the poker games The power of cross-selling, done well Can private bankers and brokers coexist?

我们经营的美国可投资资产达 24 万亿美元

是一个拥有庞大收入池的市场…… 目标细分市场负债达 3 万亿美元

约 1800 亿美元

巨大机遇…… 退休浪潮

利用“资金流动”和与富国银行富裕客户的交叉销售服务

……轨迹很高

未来 5 年预计将有 4 万亿美元资金流动

……正在整合

大者恒大

前三名公司在全服务领域占据主导地位

小型参与者激增

……且要求更高

赢家是那些拥有深度和广度、能够提供整体建议和统一客户体验的公司

对“综合财富管理”（即资产和负债）的需求增长

未来会是什么样子？

It doesn’t have to be an either/or proposition The advice and service should be consistent, regardless of the door which client enters through Why would a bank want to be in the brokerage business?

更像欧洲模式公司品牌资产更重要杠铃化——精品店和大公司整体化、全方位资产负债表导向

提伯龙 CEO 峰会 XX

2011 年 4 月 13 日

分组讨论

分组主题主持人楼层房间

1 财务顾问聚合商斯蒂芬·朗格卢瓦二楼沙龙 II 和 III

2 受托人机遇：在不断变化的咨询环境中取得成功比尔·克拉格二楼沙龙 I

3 关于社交媒体你想知道但不敢问的一切布鲁斯·莫里斯二楼传统厅

4 融合：从销售产品到提供解决方案的演变谢丽尔·纳什十四楼启明 II

5 劳工部规则：金融服务行业的游戏规则改变者斯基普·施韦斯十四楼启明 III

We operate $24T in U.S. investable assets Assets represent a in a large revenue pool of marketplace… $3T in liabilities in target segments approximately $180B Significant opportunities to …with a high Retirement Wave capitalize on “Money-growth $4T in expected money movement over in-Motion” and cross-sell trajectory… 5 years services with affluent Wells Fargo Bank clients …that’s Big getting bigger Top 3 firms dominate full-consolidating… service space Proliferation of small players Winners are firms with the …and demanding Growth in need for “Total Financial depth and breadth to offer holistic advice Management” (i.e., Assets and the client a unified Liabilities) experience What does the future look like?

提伯龙 CEO 峰会 XX

2011 年 4 月 13 日

财务顾问聚合商（由 LPL Financial 的斯蒂芬·朗格卢瓦主持）

Focus Financial Partners、Dynasty Financial Partners、High Tower Advisors、United Capital Financial Partners、Geneos 和 Wealth Trust。这些公司是谁？它们是什么？从何而来？什么驱动了它们的增长？它们如何赚钱？是潮流？趋势？可持续？泡沫？2003 年，并购型经纪交易商约占 RIA 资产的 8%，2005 年占 20%，到 2009 年第三季度接近 30%。对一些人来说，这看起来不像是一时潮流。本次分组讨论将为提伯龙 CEO 峰会参与者提供一个论坛，分享他们对此类新型参与者的看法和经验；讨论这些公司对财务顾问和 RIA、产品制造商、服务提供商乃至私募股权公司和其他机构资本提供者等机构投资者的价值主张；讨论对行业和特定参与者的潜在影响；并最终讨论它们对财务咨询业务和最终投资者的影响。

More like the European model More brand equity with the firm Barbelling – boutiques and large players Holistic, full balance sheet orientation Tiburon CEO Summit XX April 13, 2011 Breakout Sessions Session Topic Facilitated By Floor Room Financial Advisor 1 Stephen Langlois Second Salon II & III Aggregators The Fiduciary Opportunity: Succeeding 2 Bill Crager Second Salon I in a Changing Advisory Landscape Everything You Wanted to Know About Social 3 Bruce Morris Second Heritage Media But Were Afraid to Ask Convergence: The Evolution from Selling 4 Cheryl Nash Fourteenth Rise II Products to Providing Solutions Department of Labor Rules: Game Changers 5 Skip Schweiss Fourteenth Rise III for the Financial Services Industry Tiburon CEO Summit XX April 13, 2011 Financial Advisor Aggregators (Facilitated by Stephen Langlois from LPL Financial) Focus Financial Partners, Dynasty Financial Partners, High Tower Advisors, United Capital Financial Partners, Geneos, & Wealth Trust. Who are these firms? What are they? Where did they come from? What is driving their growth? How do they make money? Fad? Trend? Sustainable? Bubble? Roll-Up broker/dealers accounted for about 8% of RIA assets in 2003, 20% in 2005, & nearly 30% by 3Q/09. This does not look like a fad to some. This breakout session will provide a forum for Tiburon CEO Summit participants to share their perspectives and experiences with this new category of players; discuss the firms' value propositions to financial advisors and RIAs, product manufacturers, service providers, and even institutional investors like private equity firms and other institutional capital providers; discuss potential implications for the industry and specific players; and ultimately their impact on the financial advice business and end-investors.

提伯龙 CEO 峰会 XX

2011 年 4 月 13 日

受托人机遇：在不断变化的咨询环境中取得成功（由 Envestnet Asset Management 的比尔·克拉格主持）

大多数接受咨询的投资者表示，近年来他们的财务顾问始终以他们的最佳利益行事，并且他们从财务顾问那里获得的价值远超付出的成本。许多人还表示，与大多数他们认识的人相比，近年来他们的投资组合表现更好。然而，尽管个人顾问深受客户好评，但财务顾问和投资者都一致认为，如今的投资者对金融服务行业的态度比以往更加怀疑。令挑战更加复杂的是，鉴于行业整合和独立渠道的增长，在既有且值得信赖的公司品牌属性的支持下运营的财务顾问越来越少。这带来的有力影响是，财务顾问需要发展自己的品牌属性。在这种背景下，对于每一位财务顾问而言，证明其清晰且坚定地与投资者利益保持一致，比以往任何时候都更为紧迫。这就是受托人机遇。本次会议将梳理立法问题，提供受托人的定义，并讨论如何赋予财务顾问实践受托人流程的工具，这可能会成为一个关键的区别因素。

第 XX 届蒂伯龙 CEO 峰会

2011 年 4 月 13 日

你想知道的关于社交媒体的一切，却又不敢问

（由 Source Media 的布鲁斯·莫里斯主持）

无论是用于商业还是个人用途，社交媒体已经接管了互联网，并且能对你的品牌产生实质性的积极影响。金融服务提供商如何在合规且有效的同时，利用这一媒介来推广品牌、发展业务？本环节将审视针对金融服务业社交媒体使用的专属研究及具体案例。

第 XX 届蒂伯龙 CEO 峰会

2011 年 4 月 13 日

融合：从销售产品到提供解决方案的演变

（由 Fiserv 的谢丽尔·纳什主持）

对投资者而言，最理想的做法是让事物变得简单、透明且个性化。然而，金融服务业在运作方式上却无法实现这一点。相反，不同技术被用来管理各种项目和投资者账户。在许多财富管理公司内部，这种技术上的碎片化正成为提升账户和风险管理效率与效果的障碍。投资者仍然对重拾对系统的信任持谨慎态度。他们希望投资公司提供一种不同类型的整体管理。他们希望自己的财务顾问了解他们的生活目标，并据此管理他们的投资。我们需要的是一种无缝的方式来管理投资者账户。整个行业需要一场转型，让公司从孤立的产品模式转向基于账户的解决方案。是时候利用统一管理账户的力量，让项目——例如，共同基金咨询、独立账户管理、ETF——在同一个托管账户中得以实现。正是这种融合，将使财务顾问能够超越一次推销一个产品的做法，转而帮助客户创建综合解决方案，以实现财富积累和保障财务目标。它还促进了统一管理家庭资产的方法，让家庭能够同时查看所有资产和负债。凭借这种整合后的视角，投资者可以清楚地看到自己的投资组合相对于其独特的人生目标（退休、教育、度假等）的表现如何，同时也能更好地理解自己的投资风险。投资服务技术和投资管理的融合，将通过加强客户与财务顾问之间的联系，重振投资行业的信心。

________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ Tiburon CEO Summit XX April 13, 2011 Everything You Wanted to Know About Social Media But Were Afraid to Ask (Facilitated by Bruce Morris from Source Media) Whether for business or personal use, social media has taken over the internet and can have a material positive impact on your brand. How do/should financial services providers use this medium in a compliant and effective way to promote their brands and build their businesses? This session will examine proprietary research and specific case studies of social media usage in financial services. _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ _______________________________________________________ Tiburon CEO Summit XX April 13, 2011 Convergence: The Evolution from Selling Products to Providing Solutions (Facilitated by Cheryl Nash from Fiserv) Making things simple, transparent, & personal is what is best for investors. However, the financial services industry just has not been wired in a way to deliver. Instead, disparate technologies are used to manage various programs and investor accounts. This fragmentation of technology within many wealth management firms is acting as a barrier to enhanced and efficient account and risk management. The investors are still wary of putting their trust back into the system. They want a different type of overall management from their investment firms. They want their financial advisors to know and manage their investments to their life goals. What is needed is a seamless way to manage investor accounts. The industry needs a transformation that moves firms away from siloed products and into accounts based solutions. It is time to leverage the power of unified managed accounts, and have programs -- for example, mutual fund advisory, separate account management, ETFs -- enabled in one custodial account. It is this convergence that will enable financial advisors to go beyond selling one product at a time to assisting their clients in the creation of comprehensive solutions for building wealth and securing financial goals. It also facilitates the unified managed household approach that allows families to look at all assets and liabilities simultaneously. With this consolidated view, investors can clearly see how their portfolios are performing against their unique life goals (retirement, education, vacation, etc) and at the same time also better understand their investment risks. Convergence in investment services technology and investment management will renew confidence in the investment industry by strengthening the bonds between clients and financial advisors.

提布伦首席执行官峰会第二十届

2011 年 4 月 13 日

劳工部规则：金融服务业格局颠覆者

（由 TD Ameritrade 的斯基普·施韦斯主持讨论）

美国劳工部已最终确定两项规则，并提议另外两项规则，这些规则可能对金融行业向退休计划（可能包括个人退休账户）提供服务的方式产生重大影响。这些规则的制定似乎笼罩在《多德-弗兰克法案》关于金融顾问和经纪商受托人身份及监管的争论阴影之下，但其影响可能至少同样深远。业内公司如何应对已确定和拟议中的有关费用披露、参与者披露、受托人定义扩展以及退休计划建议规则的新规？

提伯伦 CEO 峰会 XX

2011 年 4 月 13 日

特邀嘉宾：基思·班克斯（美国信托总裁）

基思·班克斯是美国信托（美国银行私人财富管理）的总裁。班克斯先生还负责监管美国银行全球资本管理业务，即美国银行的货币市场基金业务。

班克斯先生还是美国银行慈善基金会的董事会成员，并担任美国银行家协会投资咨询委员会、林肯中心企业基金领导委员会、迈克尔·杰尔特鲁德基金会以及哥伦比亚大学医学中心访问委员会的成员。

Mr. Banks is also a board member of the Bank of America Charitable Foundation and is a member of the American Bankers Association Investment Advisory Committee, the Lincoln Center Corporate Fund’s Leadership Committee, the Michael Geltrude Foundation and the Board of Visitors of Columbia University Medical Center.

班克斯先生自 2000 年加入 Fleet Boston Financial 以来，一直任职于美国银行公司及其前身机构。他曾担任全球私人客户、机构与投资管理业务总裁、全球财富与投资管理业务总裁，以及哥伦比亚管理公司总裁兼首席投资官。在加入 Fleet Boston Financial 之前，班克斯先生在摩根大通投资管理公司工作了 16 年，其职责包括美国股票主管、全球股票研究及美国股票研究主管、股票研究分析师及投资组合经理。

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 & 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 16 years at JP Morgan Investment Management, where his roles included head of US equity, head of global equity research & US equity research, equity research analyst, & portfolio manager.

班克斯先生将阐述他对私人银行业务和资产管理业务的看法。

Mr. Banks will address his views of the private banking and asset management businesses.

添宝龙首席执行官峰会第 20 届

2011 年 4 月 13 日

特邀演讲人：基思·班克斯（美国信托公司总裁）

2008 年以来的经济事件促使财富管理公司重新评估其商业模式。美国信托公司总裁基思·班克斯将讨论美国信托的战略计划如何为公司定位以实现增长，并提升高净值及超高净值客户的整体体验。班克斯先生的讨论将聚焦于美国信托成为顶尖私人银行的目标，具体包括：其运营战略、人才、文化。

添宝龙首席执行官峰会第 20 届

2011 年 4 月 13 日

特邀演讲人：艾伦·索普（赫尔曼·弗里德曼公司董事总经理）

艾伦·索普是赫尔曼·弗里德曼公司的董事总经理，负责领导该公司纽约办公室。索普先生的主要关注领域是金融服务和医疗保健。他担任 LPL 投资控股公司（纳斯达克：LPLA）的首席董事，并兼任 Emdeon 公司（纽交所：EM）、谢里丹医疗保健公司和蒙德里安投资合伙公司的董事，同时也是 Artisan Partners 有限合伙公司和格罗夫纳资本管理控股公司咨询委员会的成员。索普先生曾担任 Gartmore 投资管理有限公司、米切尔国际公司、Vertafore 公司和 Activant 解决方案公司的董事。

Tiburon CEO Summit XX April 13, 2011 Guest Speaker: Keith Banks (President, US Trust) Economic events since 2008 have caused wealth management firms to re-evaluate their business models. Keith Banks, president of U.S. Trust, will discuss how U.S. Trust’s strategic plan will position the firm for growth and enhance the overall high- and ultra-high-net-worth client experience. Mr. Banks’ discussion will center on U.S. Trust’s goal of becoming the pre-eminent private bank through its: • Operating strategy • Talent • Culture Tiburon CEO Summit XX April 13, 2011 Guest Speaker: Allen Thorpe (Managing Director, Hellman & Friedman) Allen Thorpe is a Managing Director at Hellman & Friedman and leads the firm's New York office. Mr. Thorpe’s primary areas of focus are financial services & healthcare. Mr. Thorpe serves as lead director at LPL Investment Holdings Inc. (Nasdaq-LPLA), as a director at Emdeon Inc (NYSE-EM), Sheridan Healthcare & Mondrian Investment Partners, and as a member of the advisory board at Artisan Partners LP and Grosvenor Capital Management Holdings. Mr. Thorpe was formerly a director of Gartmore Investment Management Limited, Mitchell International, Vertafore, & Activant Solutions.

索普先生于 1999 年加入赫尔曼与弗里德曼公司。此前，他曾在太平洋股权投资公司担任副总裁，并在贝恩公司担任经理。

Mr. Thorpe joined Hellman & Friedman in 1999. He was previously a vice president at Pacific Equity Partners and a manager at Bain & Company.

索普先生将阐述他对金融服务私募股权市场的看法。

Mr. Thorpe will address his views of the financial services private equity market.

蒂伯龙 CEO 峰会 XX，2011 年 4 月 13 日奖项获得者：马克·卡萨迪（LPL 金融 CEO）马克·卡萨迪是 LPL 金融的董事长兼 CEO。在 2002 年加入公司之前，卡萨迪先生曾任德意志资产管理公司（美国）（前身为斯库德投资公司）共同基金部门的董事总经理。他还曾是斯库德、史蒂文斯与克拉克公司董事会及管理委员会的成员。在斯库德投资公司之前，卡萨迪先生曾在康科德金融集团和北方信托任职。

Tiburon CEO Summit XX April 13, 2011 Award Recipient: Mark Casady (CEO, LPL Financial) Mark Casady is the chairman & CEO of LPL Financial. Before joining the firm in 2002, Mr. Casady was managing director of the mutual funds group at Deutsche Asset Management, Americas (formerly Scudder Investments). He was also a member of the Scudder, Stevens, & Clark board of directors and management committee. Prior to Scudder Investments, Mr. Casady held roles at Concord Financial Group and Northern Trust.

卡萨迪先生目前在美国金融业监管局（FINRA）理事会任职，曾任受保退休协会（Insured Retirement Institute）主席，现任该协会理事。他还曾在投资公司协会（Investment Company Institute）理事会执行委员会任职。2007 年，卡萨迪先生被德保罗大学商学院评为年度金融高管；1999 年，他被《爱尔兰裔美国人》杂志评为顶尖金融专业人士 50 强。2008 年，卡萨迪先生入选代顿大学重新定义投资战略教育名人堂。

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 University of Dayton in 2008.

卡萨迪先生荣获蒂伯龙 CEO 峰会奖项，是因为他践行了三大核心主题，包括聚焦消费者（及其他客户）需求、挑战行业传统智慧（创新）、以及承担责任。

Mr. Casady is 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.

卡萨迪先生的职业生涯经历了一次相当戏剧性的转型——他从制造业（先智投资 Scudder Investments）转向独立财务顾问分销领域（LPL 金融），并取得了巨大成功，包括带领 LPL 在 2010 年完成首次公开募股。就蒂伯龙 CEO 峰会的评选标准而言，卡萨迪先生的成就包括：• 关注消费者（及其他客户需求）：卡萨迪先生一直积极倡导客观建议和普惠金融。LPL 的核心客户并非终端消费者，而是其独立顾问客户。正如一位 LPL 高管团队成员向蒂伯龙汇报的那样，“马克来带我们上市，却爱上了财务顾问。”作为他对 LPL 财务顾问客户承诺的例证，卡萨迪先生更新并重新发布了 LPL 的承诺信条——该信条最初写于 1986 年，列出了服务财务顾问的五项基本原则。• 挑战行业传统思维（创新）：在卡萨迪先生领导下 LPL 崛起之前，独立经纪自营商大多是依赖关键个人的小型组织。卡萨迪先生将 LPL 的价值主张制度化，组建了高管团队，并将财务顾问客户数量从 3000 人增长到 1.2 万人，使 LPL 成为美国第三大经纪公司。• 承担责任：卡萨迪先生任职于美国金融业监管局（FINRA）的董事会，并曾任保险退休研究所所长，目前仍是该所董事会成员。卡萨迪先生还曾担任美国投资公司协会董事会执行委员会成员。在更个人化的层面，卡萨迪先生与 LPL 共同创立了“投资他人基金会”，包括为 LPL 财务顾问的慈善机构提供配捐，以及一个行业慈善活动（与《投资新闻》合作），表彰全行业的慈善努力。蒂伯龙 CEO 峰会 XX 第二天欢迎致辞纽约，纽约州 2011 年 4 月 14 日蒂伯龙 CEO 峰会 XX – 第二天主持人欢迎辞蒂伯龙 CEO 峰会 XX 第二天主持人欢迎辞参与历史最受喜爱的往届演讲者、成功案例及其他回忆照片集 01 参与及赞助逻辑来源：蒂伯龙研究与分析 ©蒂伯龙战略顾问有限责任公司™ 1 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙 CEO 峰会 XX – 第一天回顾蒂伯龙 CEO 峰会 XX 第一天回顾 01 蒂伯龙主题开场演讲（奇普·罗姆） 01 获奖者介绍（约翰·博格与马克·卡萨迪） 01 特邀演讲嘉宾：大卫·卡罗尔、基思·班克斯与艾伦·索普 01 五场分组讨论会议 01 在德尔莫尼科餐厅的晚宴 ©蒂伯龙战略顾问有限责任公司™ 2 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙 CEO 峰会 XX – 简单规则蒂伯龙 CEO 峰会 XX 简单规则 01 媒体政策今天房间内不允许有媒体在场 01 会议准时开始 01 提问时请说明姓名及公司 01 反馈表格（请当场填写）（如果你希望再次被邀请，这点日益重要）来源：蒂伯龙研究与分析 ©蒂伯龙战略顾问有限责任公司™ 3 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙 CEO 峰会 XX – 流程提示蒂伯龙 CEO 峰会 XX 流程提示 01 午餐流程总结环节期间，在丽思卡尔顿酒店熟食自助餐区取餐请带回房间，用于闭幕亮点小组讨论 01 蒂伯龙 CEO 峰会 XXI 立即行动……参与一个项目，哪怕只参与一天的咨询，订购研究报告访问计划，和/或加入我们的赞助商团体下周将开始向符合条件的人士发出邀请 ©蒂伯龙战略顾问有限责任公司™ 4 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙 CEO 峰会 XX – 第二天欢迎辞蒂伯龙 CEO 峰会 XX 第二天开场 01 查尔斯·布兰德斯（布兰德斯投资伙伴） 01 埃德·芬恩（《巴伦周刊》） 01 里克·埃德尔曼（埃德尔曼金融服务公司） 01 “请教顾问”小组讨论 01 蒂伯龙 CEO 峰会 XX 亮点小组讨论 ©蒂伯龙战略顾问有限责任公司™ 5 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙战略顾问公司说明 • 聚焦公司层面战略 - 仅服务金融服务公司的高管 - 关键服务：市场研讨会、市场研究与战略咨询 - 自 1998 年以来，已服务超过 300 家企业客户，完成超过 1300 个项目 - 举办半年度 CEO 峰会，提供免费每周研究报告，并为各类顾问提供免费商业基准测试工具 • 奇普·罗姆背景 - 麦肯锡公司 - 嘉信理财公司 - 自 1998 年起任职于蒂伯龙来源：蒂伯龙研究与分析 ©蒂伯龙战略顾问有限责任公司™ 6 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙 CEO 峰会 XX 2011 年 4 月 14 日特邀演讲嘉宾：查尔斯·布兰德斯（董事长，布兰德斯投资伙伴）查尔斯·布兰德斯是布兰德斯投资伙伴的创始人兼执行委员会主席，负责推动战略决策并监督公司愿景与目标的实施。布兰德斯先生还是公司投资监督委员会的成员，该委员会监督公司各投资委员会的流程与活动。布兰德斯先生目前任职于索尔克生物研究所和加州圣迭戈当代艺术博物馆的董事会。

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 US • 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 CEO Summit XX Day #2 Welcome New York, NY April 14, 2011 Tiburon CEO Summit XX – Day #2 Moderator Welcome Tiburon CEO Summit XX Day #2 Moderator Welcome Involvement history Favorite past speakers, success stories, & other memories Photo books Attendance & sponsorship logic Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 1 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XX - Day #1 Recap Tiburon CEO Summit XX Day #1 Recap Tiburon keynote opening presentation (Chip Roame) Award recipients presentation (John Bogle & Mark Casady) Guest speakers: David Carroll, Keith Banks, & Allen Thorpe Five break-out sessions Dinner at Delmonico’s © Tiburon Strategic Advisors, LLC™ 2 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XX – Simple Ground Rules Tiburon CEO Summit XX Simple Ground Rules Media policy No media should be in room today Sessions to start on time Please state name & company when asking questions Feedback forms (please do on site) (increasingly required if you want to be invited back) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 3 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XX - Process Tips Tiburon CEO Summit XX Process Tips Lunch process Ritz Carlton Hotel deli buffet during wrap up Please bring back in room for closing highlights panel discussion Tiburon CEO Summit XXI Act now… Engage for a project, engage even for a single day of consulting, order the research report access program, and/or join our sponsor group Invites will start going out next week to those qualified © Tiburon Strategic Advisors, LLC™ 4 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XX - Day #2 Welcome Tiburon CEO Summit XX Day #2 Kick-Off Charles Brandes (Brandes Investment Partners) Ed Finn (Barron’s) Ric Edelman (Edelman Financial Services) Ask the Advisors Panel Tiburon CEO Summit XX Highlights Panel © Tiburon Strategic Advisors, LLC™ 5 11.04.14 – Tiburon CEO Summit XX Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 300 corporate clients and completed over 1,300 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - McKinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 6 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XX April 14, 2011 Guest Speaker: Charles Brandes (Chairman, Brandes Investment Partners) Charles Brandes is the founder and 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 Museum of Contemporary Art in San Diego, CA.

布兰德斯先生在接受股票经纪人培训并结识了被广泛视为价值投资之父的本杰明·格雷厄姆后，于 1974 年创立了该公司。布兰德斯先生是最受关注的价值投资者之一，并于 2003 年出版了《今日价值投资》一书。

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.

布兰德斯先生将分享他对投资管理行业的看法，包括 2000 年代在金融服务股票上的许多成功投资。

Mr. Brandes will address his views of the investment management business, including numerous successful 2000s investments in financial services stocks.

蒂伯龙 CEO 峰会 XX 2011 年 4 月 14 日新另类投资查尔斯·布兰德斯（董事长，布兰德斯投资伙伴）一些传统的投资风格——比如价值投资——并不仅仅处于典型的‘失宠’周期，而是已经从投资组合构建的主流位置滑落到了边缘。被对冲基金、指数基金、ETF 等所取代——价值投资已成为新的另类。

Tiburon CEO Summit XX April 14, 2011 The New Alternative Investment Charles Brandes (Chairman, Brandes Investment Partners) Rather than just being in a typical ‘out of favor’ cycle, some of the traditional investment styles – like value investing - have moved from being in the mainstream of portfolio construction to the position of an outlier. Replaced by hedge funds, index funds, ETFs and the like – value has become the new alternative.

价值投资并不具备当下流行的风险最小化、阿尔法最大化的特性。对于价值投资这门手艺来说，这确实是一个转折点。

Value investing doesn’t have the risk minimizing, alpha optimizing characteristics that are en vogue today. This is indeed an inflection point for the craft of value investing.

我们今天投资的世界已经改变——我们取得了进步，这些进步带来了计算、技术和互联网的巨大飞跃——而这些进步导致信息共享的速度大大加快。

The world we invest in today has changed – we’ve made progress and that progress has resulted in great advancements in computing, technology and the internet – and that progress has led to a vastly increased speed at which information is shared.

投资者的反应比以往任何时候都快，最终结果是转向另类投资策略的趋势。但正是将价值投资等风格推到边缘的一些趋势，恰恰也保证了其长期的成功。

Investors respond more quickly than they ever have before and net result is the trend to alternative investment strategies. But some of the very trends driving styles like value investing to the sidelines are the same trends that guarantee its long-term success.

特别是近期一些最大的趋势——比如转向被动投资——正在为更传统风格的投资回归创造切实的机会。查尔斯·布兰德斯将审视这些趋势，并向听众指出，行业未来可能会看到回归一些更传统投资方法的转变，这些方法追求财富创造，而非规避风险。

In particular some of the greatest trends of late – like the flight to passive investing – are creating tangible opportunities for a comeback of the more traditional styles Charles Brandes will look at some of these trends and suggest to the audience that the industry may see a shift in the future back to some of the more traditional investment approaches that seek wealth creation not risk avoidance.

蒂伯龙 CEO 峰会 XX 2011 年 4 月 14 日特邀演讲嘉宾：埃德·芬恩（主编，《巴伦周刊》）埃德·芬恩是《巴伦周刊》的主编兼总裁，负责该公司的印刷、数字和会议业务。

Tiburon CEO Summit XX April 14, 2011 Guest Speaker: Ed Finn (Editor, Barron's) Ed Finn is the editor & president of Barron’s, where he is responsible for the company’s print, digital, & conference operations.

芬恩先生于 1993 年加入《巴伦周刊》担任执行主编，1995 年被任命为主编，1998 年出任总裁。他此前曾担任《美国银行家》主编、《福布斯》杂志助理主编，以及《华尔街日报》的记者和编辑。芬恩先生还是《巴伦周刊财富指南》的作者。

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.

芬恩先生将分享他对投资行业的看法。

Mr. Finn will address his views of the investments industry.

蒂伯龙 CEO 峰会 XX 2011 年 4 月 14 日特邀演讲嘉宾：里克·埃德尔曼（CEO，埃德尔曼金融服务公司）里克·埃德尔曼是埃德尔曼金融服务公司的董事长兼 CEO，同时担任桑德斯·莫里斯·哈里斯集团的总裁。埃德尔曼先生曾七次被《巴伦周刊》评为美国百大财务顾问，其中在 2009 年和 2010 年连续被评为排名第一的独立财务顾问。他还被《研究杂志》、《注册代表》、《财务顾问》及其他媒体评为顶级顾问。埃德尔曼先生也是一位畅销书作家、辛迪加专栏作家，以及每周个人理财电视和电台节目的主持人。他的七本个人理财著作包括《关于金钱的真相》、《普通人，非凡财富》和《金钱新规则》。埃德尔曼先生曾任职于首都地区联合之路董事会五年，包括担任主席两年，目前还任职于沃尔夫·特拉普表演艺术基金会和美国男孩女孩俱乐部的董事会。

Tiburon CEO Summit XX April 14, 2011 Guest Speaker: Ric Edelman (CEO, Edelman Financial Services) Ric Edelman is chairman & CEO of Edelman Financial Services, as well as president of Sanders Morris Harris Group. Mr. Edelman has been ranked by Barron’s among America’s top 100 financial advisors seven times, including being ranked as number one independent financial advisor in both 2009 & 2010. Mr. Edelman has also been ranked as a top advisor by Research Magazine, Registered Rep, Financial Advisor, & other sources. Mr. Edelman is also a best selling author, syndicated columnist, & host of weekly television and radio shows on personal finance. His seven books on personal finance include The Truth About Money; Ordinary People, Extraordinary Wealth; & The New Rules of Money. Mr. Edelman served for five years on the board of the United Way of the National Capital Area, including a two year stint as its chairman, and currently serves on the boards of the Wolf Trap Foundation for the Performing Arts and the Boys & Girls Clubs of America.

埃德尔曼先生于 1987 年创立了他的公司。

Mr. Edelman founded his firm in 1987.

埃德尔曼先生将分享他对财务顾问业务的看法。

Mr. Edelman will address his views of the financial advisory business.

关于里克·埃德尔曼 • 1984 年起步，担任财经记者 • 乔治城大学任教 9 年 • 2004 年入选财务顾问名人堂 • 被《巴伦周刊》评为全美排名第一的独立财务顾问，2009 年及 2010 年 • 1986 年创立投资顾问公司埃德尔曼金融 • 2005 年：桑德斯·莫里斯·哈里斯集团收购 76% 股权 • 覆盖全美 50 个州及华盛顿特区的 14,200 名客户 • 拥有 240 名员工 • 22 个办公室 • 57 名财务顾问 • 管理资产 61 亿美元 • 2011 年计划：新增 7 个办公室，进入四个新州埃德尔曼金融的品牌建设埃德尔曼金融的品牌建设埃德尔曼金融的品牌建设埃德尔曼金融的品牌建设免费邮件更新！

About Ric Edelman • Started as financial journalist in 1984 • Faculty of Georgetown University, 9 years • Inductee, Financial Advisor Hall of Fame, 2004 • Ranked #1 Independent Financial Advisor in the nation by Barron’s, 2009 & 2010 • Established investment advisory firm in 1986 Edelman Financial • 2005: Sanders Morris Harris Group acquired 76% • 14,200 clients in all 50 states and Washington, DC • 240 employees • 22 offices • 57 financial advisors • $6.1b AUM • For 2011: 7 additional offices, four new states Edelman Financial’s Branding Edelman Financial’s Branding Edelman Financial’s Branding Edelman Financial’s Branding Free email updates!

脸书推特播客埃德尔曼金融的品牌建设埃德尔曼金融的品牌建设埃德尔曼金融的品牌建设 401(k) 部门新白皮书埃德尔曼金融的品牌建设新电视节目埃德尔曼金融的品牌建设埃德尔曼体验营销信息线索生成客户留存 • 关注点在于客户，而非市场 • 卓越的客户服务 • 严格的顾问选拔、培训和支持 • “OFOV” EMAP 埃德尔曼管理资产项目超过 90 个模型投资组合 • 最多涵盖 19 个资产类别和市场板块 • 机构基金和 ETF EMAP 埃德尔曼管理资产项目基于现代投资组合理论、行为金融学与神经经济学 • 长期投资 • 分散投资 • 再平衡 EMAP 埃德尔曼管理资产项目 • 每户最低投资额 5 万美元；每个账户最低 3000 美元 • ACH 自动转账存款 • 系统性提款埃德尔曼金融的策略为什么瞄准大众富裕阶层？

Facebook Twitter Podcast Edelman Financial’s Branding Edelman Financial’s Branding Edelman Financial’s Branding 401(k) Division New White Paper Edelman Financial’s Branding New Television Show Edelman Financial’s Branding The Edelman Experience Marketing Message Lead Generation Client Retention • Focus is on the client, not the market • Extraordinary client service • Intensive advisor selection, training and support • “OFOV” EMAP Edelman Managed Asset Program 90+ model portfolios • Up to 19 asset classes and market sectors • Institutional funds and ETFs Edelman Managed Asset Program Based on Modern Portfolio Theory, Behavioral Finance & Neuroeconomics • Long-Term • Diversification • Rebalancing Edelman Managed Asset Program • $50,000 household minimum; $3,000 per account • ACH deposits • Systematic withdrawals Edelman Financial’s Approach Why the Mass Affluent?

为什么瞄准大众富裕阶层的 8 个理由？

8 Reasons Why the Mass Affluent?

1 25 大众富裕阶层人数众多。 10 5 高净值家庭来源：Spectrem 集团，《富裕市场洞察》2008 年。注：NIPR 指不包括主要住宅。

1 25 Mass Affluent There 15 are lots 10 of them. 5 HNW Households Source: Spectrem Group, Affluent Market Insights 2008. Note: NIPR is Not Including Primary Residence.

为什么瞄准大众富裕阶层？

Why the Mass Affluent?

其他人忽视了这群人。

The others ignore them.

为什么瞄准大众富裕阶层？

Why the Mass Affluent?

他们非常忠诚。

They are very loyal.

为什么瞄准大众富裕阶层？

Why the Mass Affluent?

案例更简单。

The cases are simpler.

为什么瞄准大众富裕阶层？

Why the Mass Affluent?

他们利润更高。

They are more profitable.

为什么瞄准大众富裕阶层？

Why the Mass Affluent?

责任风险更低。

Liability risk is lower.

为什么瞄准大众富裕阶层？

Why the Mass Affluent?

消除“大象风险”。

Eliminates Elephant Risk.

为什么瞄准大众富裕阶层？

Why the Mass Affluent?

你能带来真正的影响。

You have a real impact.

埃德尔曼金融的客户转化 EFS TAMP 顾问顾问 TAMP • 85 名顾问提供 EMAP 服务 • 1,350 名客户 • 管理资产 3.71 亿美元接下来是什么？

Edelman Financial’s Client Conversion EFS TAMP Advisors Advisors TAMP • 85 Advisors offering EMAP • 1,350 clients • $371mm AUM What’s Next?

EFS 增长计划 • 扩大广播电视市场渗透 • 金融教育集团增长 • 更多书籍 • 更多顾问和更多办公室 • TAMP 和训练营开发 SMHG 战略计划 • 整个财富管理业务的有机增长 • 通过收购增长 Sanders Morris Harris 集团资产财富独立埃德尔曼管理顾问办公室证券 Signet 证券由经纪交易商提供，FINRA/SIPC 会员医疗保健合作伙伴埃德尔曼资本凯雷财富投资科罗拉多 NYC 金融管理 Dickenson 管理联合斯普林斯服务集团集团亚特兰大里士满 SMH 费尔法克斯，VA 休斯顿索隆，OH 达拉斯资本 DH 金融 McMakin 顾问全球 Leonetti & 投资者戴维森，NC 金融休斯顿沃斯堡金融联合解决方案服务服务布法罗格罗夫，集团股权概念巴吞鲁日 & 杰克逊，MS SOF 休斯顿 IL 亨廷顿里士满冈萨雷斯，LA 管理海滩，CA ——— NYC 休斯顿 Cummer Rikoon Seltzer 金融解决方案集团 Moyers 集团 Kissinger 伯纳德，TX 阿尔图纳，PA 塔尔萨 SMH 圣达菲金融沃斯堡 ——— 私人服务股权股权概念 Victory 金融 Miller-Green 亨特谷，沃兹沃斯，OH 集团全球北金融 MD 休斯顿金融阿尔图纳，PA 服务服务 Wellspring 休斯顿金融展望金融伍德兰兹，TX 集团亚特兰大伍德兰兹，Select 体育集团，休斯顿其他 TX Solley 金融业务体育营销，休斯顿阿尔法利塔，GA 单位 Juda 集团，洛杉矶 Sanders Morris Harris 集团资产财富独立埃德尔曼管理顾问办公室证券 Signet 证券由经纪交易商提供，FINRA/SIPC 会员医疗保健合作伙伴埃德尔曼资本凯雷财富投资科罗拉多 NYC 金融管理 Dickenson 管理联合斯普林斯服务集团集团亚特兰大里士满 SMH 费尔法克斯，VA 休斯顿索隆，OH 达拉斯资本 DH 金融 McMakin 顾问全球 Leonetti & 投资者戴维森，NC 金融休斯顿沃斯堡金融联合解决方案服务服务布法罗格罗夫，集团股权概念巴吞鲁日 & 杰克逊，MS SOF 休斯顿 IL 亨廷顿里士满冈萨雷斯，LA 管理海滩，CA ——— NYC 休斯顿 Cummer Rikoon Seltzer 金融解决方案集团 Moyers 集团 Kissinger 伯纳德，TX 阿尔图纳，PA 塔尔萨 SMH 圣达菲金融沃斯堡 ——— 私人服务股权股权概念 Victory 金融 Miller-Green 亨特谷，沃兹沃斯，OH 集团全球北金融 MD 休斯顿金融阿尔图纳，PA 服务服务 Wellspring 休斯顿金融展望金融伍德兰兹，TX 集团亚特兰大伍德兰兹，Select 体育集团，休斯顿其他 TX Solley 金融业务体育营销，休斯顿阿尔法利塔，GA 单位 Juda 集团，洛杉矶埃德尔曼金融集团资产财富独立埃德尔曼管理顾问办公室证券 Signet 证券由经纪交易商提供，FINRA/SIPC 会员医疗保健合作伙伴埃德尔曼资本凯雷财富投资科罗拉多 NYC 金融管理 Dickenson 管理联合斯普林斯服务集团集团亚特兰大里士满 SMH 费尔法克斯，VA 休斯顿索隆，OH 达拉斯资本 DH 金融 McMakin 顾问全球 Leonetti & 投资者戴维森，NC 金融休斯顿沃斯堡金融联合解决方案服务服务布法罗格罗夫，集团股权概念巴吞鲁日 & 杰克逊，MS SOF 休斯顿 IL 亨廷顿里士满冈萨雷斯，LA 管理海滩，CA ——— NYC 休斯顿 Cummer Rikoon Seltzer 金融解决方案集团 Moyers 集团 Kissinger 伯纳德，TX 阿尔图纳，PA 塔尔萨 SMH 圣达菲金融沃斯堡 ——— 私人服务股权股权概念 Victory 金融 Miller-Green 亨特谷，沃兹沃斯，OH 集团全球北金融 MD 休斯顿金融阿尔图纳，PA 服务服务 Wellspring 休斯顿金融展望金融伍德兰兹，TX 集团亚特兰大伍德兰兹，Select 体育集团，休斯顿其他 TX Solley 金融业务体育营销，休斯顿阿尔法利塔，GA 单位 Juda 集团，洛杉矶 2011 财富管理收益（预测）资产埃德尔曼管理金融其他 1% 独立办公室经纪交易商其他财富顾问基本事实消费者正在从新手演变为受过教育的基本事实受托责任透明度基本事实转变将继续从共同基金转向 ETF 基本事实顾问不足基本事实咨询社区正在向下一代过渡基本事实顾问从大公司迁移将延续基本事实收入将继续从佣金转向费用基本事实咨询公司将面临利润率下降基本事实咨询公司将成长、整合或消亡基本事实技术将主导实践管理基本事实外包基本事实营销基本事实市场价值和 AUM 的大幅增长蒂伯龙 CEO 峰会 XX – 全体会议小组讨论蒂伯龙 CEO 峰会 XX 问问顾问 Scott Hanson Richard Saperstein -- (Hanson McClain) (Treasury Partners) • -- • -- • -- 来源：Tiburon 研究与分析 11.04.14 – 蒂伯龙 CEO 峰会 XX © Tiburon Strategic Advisors, LLC™ 蒂伯龙 CEO 峰会 XX 亮点小组讨论纽约，纽约 2011 年 4 月 14 日大纲 • 蒂伯龙战略顾问 • 蒂伯龙 CEO 峰会 XXI • 蒂伯龙 CEO 峰会 XX 亮点 © Tiburon Strategic Advisors, LLC™ 1 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙战略顾问服务蒂伯龙战略顾问服务会议市场演讲研讨会研究 (RRAP) 战略咨询顾问委员会角色项目来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 2 11.04.14 – 蒂伯龙 CEO 峰会 XX 大纲 • 蒂伯龙战略顾问 • 蒂伯龙 CEO 峰会 XXI • 蒂伯龙 CEO 峰会 XX 亮点 © Tiburon Strategic Advisors, LLC™ 3 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙 CEO 峰会 XXI – 奖项获得者与演讲嘉宾蒂伯龙 CEO 峰会 XXI 奖项获得者与演讲嘉宾（2011 年 10 月 12-13 日 * 丽思卡尔顿酒店 * 旧金山，加利福尼亚州）（进行中） • Rob Arnott （研究附庸）（奖项获得者） • Michael Sapir （Pro 基金集团） • John Taft （RBC 财富管理） • Bill Sharpe （斯坦福大学）（奖项获得者） • Paul Ziegler (Pro Publica) • Bill Hambrecht (WR Hambrecht) （奖项获得者）来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 4 11.04.14 – 蒂伯龙 CEO 峰会 XXI 蒂伯龙 CEO 峰会 XXI – 与会者政策蒂伯龙 CEO 峰会 XXI 与会者政策研究报告单日研究报告单份报告咨询时间访问计划（仅限新客户） • 董事会简报 • 94 份研究报告（另加约 20 份 • 每份研究报告 5,000 美元 • 管理委员会和/或 2011 年新增报告） • 对于 94 份研究报告中的每份高级管理团队外的演示 • 售价每份 5,000 美元（在研究报告 5,000 美元 • 员工或财务顾问培训课程访问计划下每份 266 美元） • 对于不确定的人…… 或会议演讲 • 访问所有报告的所有组成部分， - 下单 TBD 报告并稍后 • 赞助非营利会议演讲包括所有修订版本，为所有员工在真正需要时参加会议 • 提供市场讲座或在 2011 年全年 • 蒂伯龙 CEO 峰会赞助商（支付 30,000 美元）会议演讲给重要的机构或可免费访问其研究报告财务顾问客户 • 向蒂伯龙简要介绍你的业务（这将导致更详细的研究报告覆盖）来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 5 11.04.14 – 蒂伯龙 CEO 峰会 XX 大纲 • 蒂伯龙战略顾问 • 蒂伯龙 CEO 峰会 XXI • 蒂伯龙 CEO 峰会 XX 亮点 © Tiburon Strategic Advisors, LLC™ 6 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙 CEO 峰会 XX – 蒂伯龙客户小组讨论者亮点蒂伯龙 CEO 峰会 XX 蒂伯龙客户小组讨论者亮点 Michael Kim Randy Moore Cheryl Nash Skip Schweiss • -- • -- • -- • -- 来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 7 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙战略顾问评论 • 专注于公司层级战略 - 仅为金融服务公司的高级管理人员服务 - 关键服务：市场讲座、市场研究和战略咨询 - 自 1998 年以来已服务超过 300 家企业客户并完成超过 1,300 个项目 - 举办半年度 CEO 峰会，提供免费每周研究报告，并为所有类型的顾问提供免费商业基准工具 • Chip Roame 背景 - 麦肯锡公司 - 嘉信理财公司 - 自 1998 年以来的蒂伯龙来源：Tiburon 研究与分析 © Tiburon Strategic Advisors, LLC™ 8 11.04.14 – 蒂伯龙 CEO 峰会 XX 蒂伯龙战略顾问为金融服务公司提供基于研究的战略咨询服务蒂伯龙战略顾问蒂伯龙战略顾问成立于 1998 年，旨在为所有类型的金融机构和投资经理提供市场研究、战略咨询及其他相关服务。自成立以来，该公司已服务超过 300 家企业客户并完成超过 1,300 个项目。如今，其知识库涵盖共同基金分销、独立管理账户项目、另类投资、财富管理、保险产品、银行服务、费用制财务顾问市场、CPA 公司市场、家族办公室市场以及多个国际市场。蒂伯龙的核心客户群体包括三类：面临艰难战略决策的大型美国金融机构的 CEO 及其他高级管理人员、试图理解并/或进入美国市场的领先外国金融机构高管，以及大量在蒂伯龙已开发专有洞见的领域进行投资和交易的风险投资、私募股权公司和投资银行。

EFS Growth Plan • Expanded Market Penetration for Radio & TV • Growth of Financial Education Group • More books • More Advisors and Additional Offices • TAMP and Boot Camp Development The SMHG Strategic Plan • Organic growth of entire wealth management business • Growth by acquisition Sanders Morris Harris Group Asset Wealth Independent Edelman Management Advisors Offices Securities Signet Securities offered by Broker/Dealer, Member FINRA/SIPC Healthcare Partners Edelman Capital The Carlyle Wealth Investment Colorado NYC Financial Management Dickenson Management Associates Springs Services Group Group Atlanta Richmond SMH Fairfax, VA Houston Solon, OH Dallas Capital DH Financial McMakin Advisors Global Leonetti & Investor Davidson, NC Financial Houston Fort Worth Financial Associates Solutions Services Services Buffalo Grove, Group Equity Concepts Baton Rouge & Jackson, MS SOF Houston IL Huntington Richmond Gonzales, LA Management Beach, CA ——— NYC Houston Cummer The Rikoon Seltzer Financial Solutions Group Moyers Group Kissinger Bernard, TX Altoona, PA Tulsa SMH Santa Fe Financial Fort Worth ——— Private Services Equity Equity Concepts Victory Financial Miller-Green Hunt Valley, Wadsworth, OH Group Global North Financial MD Houston Financial Altoona, PA Services Services Wellspring Houston The Financial Outlook Financial Woodlands, TX Group Atlanta The Woodlands, Select Sports Group, Houston Other TX Solley Financial Business Sports Marketing, Houston Alpharetta, GA Units The Juda Group, Los Angeles Sanders Morris Harris Group Asset Wealth Independent Edelman Management Advisors Offices Securities Signet Securities offered by Broker/Dealer, Member FINRA/SIPC Healthcare Partners Edelman Capital The Carlyle Wealth Investment Colorado NYC Financial Management Dickenson Management Associates Springs Services Group Group Atlanta Richmond SMH Fairfax, VA Houston Solon, OH Dallas Capital DH Financial McMakin Advisors Global Leonetti & Investor Davidson, NC Financial Houston Fort Worth Financial Associates Solutions Services Services Buffalo Grove, Group Equity Concepts Baton Rouge & Jackson, MS SOF Houston IL Huntington Richmond Gonzales, LA Management Beach, CA ——— NYC Houston Cummer The Rikoon Seltzer Financial Solutions Group Moyers Group Kissinger Bernard, TX Altoona, PA Tulsa SMH Santa Fe Financial Fort Worth ——— Private Services Equity Equity Concepts Victory Financial Miller-Green Hunt Valley, Wadsworth, OH Group Global North Financial MD Houston Financial Altoona, PA Services Services Wellspring Houston The Financial Outlook Financial Woodlands, TX Group Atlanta The Woodlands, Select Sports Group, Houston Other TX Solley Financial Business Sports Marketing, Houston Alpharetta, GA Units The Juda Group, Los Angeles The Edelman Financial Group Asset Wealth Independent Edelman Management Advisors Offices Securities Signet Securities offered by Broker/Dealer, Member FINRA/SIPC Healthcare Partners Edelman Capital The Carlyle Wealth Investment Colorado NYC Financial Management Dickenson Management Associates Springs Services Group Group Atlanta Richmond SMH Fairfax, VA Houston Solon, OH Dallas Capital DH Financial McMakin Advisors Global Leonetti & Investor Davidson, NC Financial Houston Fort Worth Financial Associates Solutions Services Services Buffalo Grove, Group Equity Concepts Baton Rouge & Jackson, MS SOF Houston IL Huntington Richmond Gonzales, LA Management Beach, CA ——— NYC Houston Cummer The Rikoon Seltzer Financial Solutions Group Moyers Group Kissinger Bernard, TX Altoona, PA Tulsa SMH Santa Fe Financial Fort Worth ——— Private Services Equity Equity Concepts Victory Financial Miller-Green Hunt Valley, Wadsworth, OH Group Global North Financial MD Houston Financial Altoona, PA Services Services Wellspring Houston The Financial Outlook Financial Woodlands, TX Group Atlanta The Woodlands, Select Sports Group, Houston Other TX Solley Financial Business Sports Marketing, Houston Alpharetta, GA Units The Juda Group, Los Angeles 2011 Wealth Mgmt Earnings (projected) Asset Edelman Management Financial Other 1% Indie Offices Broker/Dealer Other Wealth Advisors Fundamental Facts Consumers Are Evolving From Neophyte to Educated Fundamental Facts Fiduciary Responsibility Transparency Fundamental Facts Shift Will Continue From Mutual Funds to ETFs Fundamental Facts Not enough advisors Fundamental Facts Advisory Community Transitioning to the Next Generation Fundamental Facts Advisor Migration from Large Firms Will Continue Fundamental Facts Revenue will Continue to Shift From Commissions to Fees Fundamental Facts Advisory Firms will face Reduced Profit Margins Fundamental Facts Advisory firms will grow, consolidate or die Fundamental Facts Technology will Dominate Practice Management Fundamental Facts Outsourcing Fundamental Facts Marketing Fundamental Facts Massive Increases in Market Values and AUM Tiburon CEO Summit XX – General Session Panel Discussion Tiburon CEO Summit XX Ask the Advisor Scott Hanson Richard Saperstein -- (Hanson McClain) (Treasury Partners) • -- • -- • -- Source: Tiburon Research & Analysis 11.04.14 – Tiburon CEO Summit XX © Tiburon Strategic Advisors, LLC™ Tiburon CEO Summit XX Highlights Panel Discussion New York, NY April 14, 2011 Outline • Tiburon Strategic Advisors • Tiburon CEO Summit XXI • Tiburon CEO Summit XX Highlights © Tiburon Strategic Advisors, LLC™ 1 11.04.14 – Tiburon CEO Summit XX Tiburon Strategic Advisors Services Tiburon Strategic Advisors Services Conference Market Speeches Seminars Research (RRAP) Strategy Advisory Consulting Board Roles Projects Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 2 11.04.14 – Tiburon CEO Summit XX Outline • Tiburon Strategic Advisors • Tiburon CEO Summit XXI • Tiburon CEO Summit XX Highlights © Tiburon Strategic Advisors, LLC™ 3 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XXI – Award Recipients & Guest Speakers Tiburon CEO Summit XXI Award Recipients & Guest Speakers (October 12-13, 2011 * Ritz Carlton Hotel * San Francisco, CA) (Work in Progress) • Rob Arnott (Research • Michael Sapir (Pro • John Taft (RBC Wealth Affiliates) (Award Funds Group) Management) Recipient) • Bill Sharpe (Stanford • Paul Ziegler (Pro • Bill Hambrecht (WR University) (Award Publica) Hambrecht) (Award Winner) Recipient) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 4 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XXI – Attendee Policy Tiburon CEO Summit XXI Attendee Policy Single Day of Research Report Single Research Report Consulting Time Access Program (New Clients Only) • Board of directors briefing • 94 research reports (plus ~20 • $5,000 for each of 94 research • Management committee new reports in 2011) reports and/or senior management • Sell for $5,000 each ($266 • Suggestions for those team offsite presentation each under research report unsure… • Employee or financial advisor access program) - Order TBD report and pick meeting, training session, or • Access to all components of later when really have conference speech all reports, including all need • Sponsor non-profit revised versions, for all - Give as a gift conference speech employees throughout all of • Give market seminar or 2011 • Tiburon CEO Summit conference speech to an important institutional or sponsors (who pay $30,000) financial advisor client are afforded complementary access to its research report • Brief Tiburon on your access program business (results in more detailed research report coverage) Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 5 11.04.14 – Tiburon CEO Summit XX Outline • Tiburon Strategic Advisors • Tiburon CEO Summit XXI • Tiburon CEO Summit XX Highlights © Tiburon Strategic Advisors, LLC™ 6 11.04.14 – Tiburon CEO Summit XX Tiburon CEO Summit XX – Tiburon Client Panelists Highlights Tiburon CEO Summit XX Tiburon Client Panelists Highlights Michael Kim Randy Moore Cheryl Nash Skip Schweiss • -- • -- • -- • -- Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 7 11.04.14 – Tiburon CEO Summit XX Tiburon Strategic Advisors Comments • Focus on corporate-level strategy - Serve senior executives only at financial services companies - Key services: market seminars, market research, & strategy consulting - Served over 300 corporate clients and completed over 1,300 projects since 1998 - Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background - McKinsey & Company - Charles Schwab & Company - Tiburon since 1998 Source: Tiburon Research & Analysis © Tiburon Strategic Advisors, LLC™ 8 11.04.14 – Tiburon CEO Summit XX Tiburon Strategic Advisors Research-Based Strategy Consulting Services for Financial Services Firms Tiburon Strategic Advisors Tiburon Strategic Advisors was formed in 1998 to offer market research, strategy consulting, & other related services to all types of financial institutions and investment managers. The firm has served over 300 corporate clients and completed over 1,300 projects since its founding, and today, its knowledge base includes mutual fund distribution, separately managed account programs, alternative investments, wealth management, insurance products, banking services, the fee-based financial advisor market, the CPA firm market, the family office market, & various international markets. Three of Tiburon's core clientele groups are the CEOs and other senior executives of large US financial institutions faced with difficult strategic decisions, leading executives of foreign financial institutions trying to understand and/or enter the US markets, and a long list of venture capital & private equity firms, and investment banks, making investments in, and executing transactions in, areas where Tiburon has developed proprietary insights.

蒂伯龙咨询团队蒂伯龙咨询团队为所有客户项目带来了行业知识、咨询技能、研究能力和行业经验的平衡。

Tiburon Consulting Team The Tiburon consulting team brings a balance of industry knowledge, consulting skills, research aptitude, & industry experience to all client projects.

管理负责人查尔斯（“Chip”）Roame 是蒂伯龙战略顾问的管理负责人，也是经纪、投资、财富管理、银行和保险市场中 CEO、其他高级管理人员及董事会的关键战略顾问。在 1998 年创立蒂伯龙之前，Roame 先生曾以类似身份任职，最初在麦肯锡公司担任管理顾问，后来在嘉信理财公司担任业务战略家。Roame 先生每天都被媒体引用，由于蒂伯龙广泛分享的研究，他可能是最受追捧的会议演讲者，每年发表 75 场以上的演讲。蒂伯龙的管理负责人 Chip Roame 他的专长在于大型金融服务公司的公司战略，设计广泛的多面战略并在替代业务、产品和市场之间进行权衡。点击此处查看 Roame 先生的完整简历。

Managing Principal Charles ("Chip") Roame is the managing principal of Tiburon Strategic Advisors and a leading strategic consultant to CEOs, other senior executives, & boards of directors in the brokerage, investments, wealth management, 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, giving 75+ speeches each year. Tiburon’s Managing His particular expertise is that of corporate strategy for larger financial Principal services firms, designing broad multi-faceted strategies and making trade- Chip Roame offs between alternative businesses, products, & markets. Click here for Mr. Roame’s full biography.

咨询人员蒂伯龙的咨询人员由一组核心的研究助理和支持专业人员组成。蒂伯龙的研究助理对于研究报告的开发和客户任务的完成至关重要；他们也经常被媒体和会议策划者征询。为了更好地服务客户，蒂伯龙的研究助理还会轮流在营销部门工作，轮流与客户和潜在客户分享公司的研究，并充当与公司联系的第一线。点击此处了解更多关于蒂伯龙咨询人员的信息。

Consulting Staff Tiburon's consulting staff is comprised of a core group of research associates & support professionals. Tiburon's research associates are critical to the development of research reports and the completion of client assignments; they are also frequently tapped by the media and conference planners. And in order to best serve its clients, Tiburon research associates also rotate through its marketing department, taking turns sharing the firm's research with its clients & prospects, and acting as the front-line of contact with the firm. Click here to read more about Tiburon’s consulting staff.

执行计划成员除了其全职咨询人员外，蒂伯龙还设有三个既定的执行计划，称为驻场 CEO、财务顾问圆桌会和咨询研究员。蒂伯龙设立这三个计划旨在为其客户增加额外的资深行业经验。点击此处了解更多关于蒂伯龙执行计划的信息。

Executive Program Members In addition to its full-time consulting staff, Tiburon also has three established Executive Programs called its CEOs-in-Residence, Financial Advisor Roundtable, & Consulting Fellows. Tiburon established these three programs to add additional senior level industry experience to its clients. Click here to read more about Tiburon’s executive programs.

蒂伯龙 CEO 峰会蒂伯龙工具自 2001 年以来，蒂伯龙为其高管级客户蒂伯龙赞助了十三种免费的基于网络的举办了一系列独特的半年度 CEO 峰会。商业基准工具，适用于各种类型的蒂伯龙的 CEO 峰会为精选的跨行业高级财务顾问。每个工具允许某组管理人员提供了一个独特的机会，让财务顾问对其业务运营进行基准他们讨论关于经纪、投资、咨询和财富比较。蒂伯龙免费向从业者提供这些管理业务未来的一系列广泛问题。工具，作为一种善意姿态，并为其自身点击此处了解更多关于蒂伯龙 CEO 峰会的信息。的使用收集汇总数据。点击此处了解更多关于蒂伯龙工具的信息。

Tiburon CEO Summits Tiburon Tools Tiburon has hosted a series of unique semi-annual Tiburon sponsors a set of thirteen free web-based CEO Summits for its executive-level clients since business benchmarking tools for various types of 2001. Tiburon’s CEO Summits provide a unique financial advisors. Each tool allows some group of opportunity for a select cross-industry group of senior financial advisors the ability to benchmark their executives to discuss a broad swath of issues business operations. Tiburon provides these tools regarding the future of the brokerage, investments, free to practitioners as a goodwill gesture and to advice, & wealth management businesses. Click here collect aggregate data for its own use. Click here to to learn more about Tiburon’s CEO Summits. learn more about Tiburon’s tools.

蒂伯龙客户服务蒂伯龙服务包括市场讲座、市场研究、战略咨询、风险咨询、并购建议，以及保留服务、董事会角色和高管辅导。点击此处了解更多关于蒂伯龙客户服务的信息。

Tiburon Client Services Tiburon services include market seminars, market research, strategy consulting, venture consulting, mergers & acquisitions advice, and retainers, board roles, & executive counseling. Click here to learn more about Tiburon’s client services.

Tiburon 的市场研讨会提供半定制化的行业概况报告，覆盖经纪与投资管理市场内广泛的细分市场和产品领域。对于需要快速、深入地了解整个经纪与投资管理市场，或其中某一特定细分市场的客户而言，市场研讨会是理想的选择。具体而言，Tiburon 的高管已受多家公司之邀，为董事会、高级管理团队、风险投资团队及创业群体进行演示并主持头脑风暴会议。这是启动管理委员会或董事会会议的绝佳方式。部分 Tiburon 的客户随后会自行制定策略；另一些客户则聘请 Tiburon 进行更深入的研究与战略规划工作。这些研讨会议还为制定商业计划提供了大量的数据与分析支持。点击此处获取更多关于 Tiburon 市场研讨会的信息。

Market Seminars Tiburon delivers semi-customized industry overview presentations covering a wide variety of market and product segments within the brokerage & investment management marketplace. Market seminars are ideal for clients who need a quick and yet in-depth understanding of the overall brokerage & investment management markets or any particular segment(s) of these markets. Specifically, Tiburon executives have been engaged by many firms to deliver presentations and lead brainstorming sessions with boards of directors, senior management teams, venture capital teams, & entrepreneurial groups. This is a great way to kick-off management committee or board meetings. Some Tiburon clients then develop their own strategies; others engage Tiburon for further research and strategy work. These sessions also provide substantial data and analysis for developing business plans. Click here for more information on Tiburon's market seminars.

市场研究公司 Tiburon 运用严谨的调研方法，帮助客户制定前沿的商业战略，正因如此，许多其他 Tiburon 客户已委托该公司完成市场调研任务。市场研究项目均量身定制，以探索每位客户的具体兴趣领域，涵盖内部能力评估、竞争对手与市场分析，以及客户调研。研究项目通常需要四到八周完成。点击此处获取更多关于 Tiburon 市场研究服务的信息。

Market Research Tiburon utilizes a rigorous research-based method in helping its clients to develop leading-edge business strategies, and as a result, many other Tiburon clients have engaged the firm to complete market research assignments. Market research projects are customized to explore each client's specific area of interest, and can include internal capabilities assessments, competitor & market analysis, and client research. Research projects typically take four-to-eight weeks to complete. Click here for more information on Tiburon's market research services.

战略咨询战略咨询是蒂伯龙战略顾问公司的业务根基。蒂伯龙认为，该公司开发了一套专门帮助金融机构制定前沿商业战略的流程。正因如此，蒂伯龙已受聘为金融服务行业内广泛的产品与服务提供商，主导了多种战略项目。蒂伯龙的核心能力在于：以企业的优势为基础，评估其机会，并提出具体的产品与市场战略。蒂伯龙的战略咨询流程，依托于其深厚的市场知识以及为客户开展的广泛定制化研究。战略咨询项目通常需要两到三个月完成。如需了解更多关于蒂伯龙战略咨询服务的信息，请点击此处。

Strategy Consulting Strategy consulting is the foundation of what is delivered at Tiburon Strategic Advisors. Tiburon believes that it has developed processes specifically to help financial institutions develop leading-edge business strategies. As a result, Tiburon has been engaged to lead a wide variety of strategic projects for a broad spectrum of product and service providers in the financial services industry. Tiburon's core capabilities are building on a firm's strengths, assessing its opportunities, & recommending specific product and market strategies. Tiburon's strategy consulting process is based on its in-depth market knowledge and extensive customized research conducted on behalf of its clients. Strategy consulting projects typically take two-to-three months to complete. Click here for more information on Tiburon's strategy consulting services.

其他蒂伯龙服务作为蒂伯龙核心服务与研究型方法的自然延伸，蒂伯龙已能在风险咨询、并购顾问等领域帮助客户，并通过建立业务关系（如顾问协议、董事会角色和高管辅导），使其在客户的业务中持续发挥作用。

Other Tiburon Services As a natural outgrowth of Tiburon's core services and research-based approach, Tiburon has been able to help clients in areas such as venture consulting and mergers & acquisitions advice, and to establish business relationships that allow Tiburon to play an on-going role in its clients' businesses such as retainers, board roles, & executive counseling.

蒂伯龙研究报告与蒂伯龙会议演讲

研究报告查阅计划

蒂伯龙已制作一系列研究报告，以低成本方式帮助客户了解经纪、投资、私人银行和财富管理市场的广泛话题。

应众多蒂伯龙客户建议，蒂伯龙推出了一项客户服务，允许客户通过在线蒂伯龙图书馆，以仅 2.5 万美元的价格，在整整一个日历年内无限查阅其所有研究报告。

点击此处了解更多关于蒂伯龙研究报告与研究查阅计划的信息。

蒂伯龙高管已向金融行业高管和金融顾问发表过数百场演讲。

蒂伯龙演讲者的常见听众包括董事会会议、高管外出务虚会、员工会议、全国性和区域性行业组织会议、金融顾问年度会议、金融顾问顶尖业绩者考察团、金融顾问区域论坛和金融顾问尽职调查考察团。

点击此处了解更多关于蒂伯龙会议演讲的信息。

Tiburon Research Reports & Tiburon Conference Speeches Research Report Access Program Tiburon has created a series of research reports to Tiburon executives have given hundreds of speeches help educate its clients in a low-cost way on a wide to both financial industry executives and financial variety of topics in the brokerage, investments, private advisors. Common audiences for Tiburon speakers banking, & wealth management markets. At the include board meetings, executive offsites, employee suggestion of numerous Tiburon clients, Tiburon meetings, national & regional trade group meetings, created a client service allowing unlimited access to financial advisor annual conferences, financial advisor all of its research reports for an entire calendar year top producers trips, financial advisor regional forums, via the online Tiburon Library for only $25,000. Click & financial advisor due diligence trips. Click here to here to learn more about Tiburon’s research reports & learn more about Tiburon conference speeches. research access program.

提伯伦行业知识 ǀ 咨询业的未来：定义赢家产品、渠道与战术策略市场与战略关键驱动因素产品与服务战术问题战略分销结论因素报告报告顾问报告渠道报告报告总结报告总结报告总结报告总结报告总结报告总结报告 • 关键驱动因素 • 产品与服务 • 金融服务行业战术与 • 金融服务行业投资 • 战略顾问 • 市场与分销基准测试机会经济与市场渠道行业报告可投资资产报告 • 经济与市场 • 可投资资产金融服务行业战术报告估值报告 • 咨询行业 — 经济直接分销渠道 • 金融服务行业赢家战术 • 金融服务行业公司估值 — 战略咨询现金投资 o 大萧条报告 — 金融服务行业目标市场 — 银行估值 — 销售与营销 o 银行存款 o 2008-2009 金融 • 直接分销 — 金融服务行业销售与营销 — 券商估值 — 运营与技术咨询 o 货币市场基金危机 — 在线工具与咨询 — 金融服务行业人员配备与 — 保险公司估值 — 人力资本 o 个人证券 & — 市场 o Web 2.0 薪酬 — 投资经理顾问资本市场 o 股权资本市场公司丑闻报告 — 金融服务行业公司文化估值 — 投资服务外包 ǀ 纽约证券交易所上市公司公司丑闻 — 在线券商 — 金融服务行业技术 — 会计师事务所报告 ǀ 纳斯达克（场外交易）战略结论 — 在线银行与 — 金融服务行业外包估值 — 审计上市公司报告 — 在线保险（投资服务 — 税务与财务规划报告金融服务行业失误报告 — 公司失误公司）专业公司 — 金融服务行业风险投资 • 保险公司失误 — 转账代理人报告金融市场报告机遇 — 银行失误 — 机构托管人 — 做市商 • 金融服务行业私募股权 — 投资管理公司 • 财务顾问渠道 • 财务顾问渠道报告 — 固定收益市场机会失误 — 全方位服务券商 — 基金会计师 — 企业法 ǀ 公司债券 • 金融服务行业并购 — 全方位服务券商 — 清算经纪人 — 诉讼 ǀ 政府债券 — 金融服务行业失误公司失误 — 投资管理公司 — 主经纪商 — 游说 ǀ 机构债券 — 金融服务行业网络 — 半独立模式 — 首次公开发行 ǀ 市政债券 o 伯尼·麦道夫丑闻金融服务基准测试报告 — 信托与遗产（IPO）投资银行 o 斯坦福金融集团丑闻 • 金融服务基准测试 — 折扣券商共同基金报告 • 投资银行 — 银行基准测试 — 独立代表消费者与机构财富报告 — 证券承销 — 券商基准测试 — 收费财务顾问（注册投资顾问）报告 — 合并与收购 — 保险公司基准测试 • 消费者与机构财富顾问（脱胎经纪人） — 开放端共同基金 — 机构销售与 — 保险代理人 — 货币经理（注册投资顾问） — 消费者财富 — 封闭端共同基金交易 o 人寿保险代理人基准测试 o 退休收入 — 单位投资信托 — 高净值 o 财产与事故保险 — 机构市场 o 行为金融学（UIT）经纪业务 — 房地产代理人 o 目标日期共同基金 o 股票基金 — 房地产专业人士法律法规议程报告基金 — 收费账户 o 债券基金 — 抵押贷款经纪人 • 法律法规议程 o 专有计划 — 次级顾问基金 — 总统与一揽子资产管理计划增值渠道 — 房地产经纪人国会选举 — 交易所交易基金与指数化 — 税务与财务规划 — 转钥资产管理计划 o 抵押贷款经纪人 — 法律法规（TAMPs）会计师（会计师事务所） — 1933 年与 1940 年 — 交易所交易基金 — 信托与遗产 — 信托与遗产证券法（ETFs）律师（律师事务所）律师（律师事务所） o 医疗改革 — 指数共同基金 — 私人银行 — 私人银行 — 多德-弗兰克 — 指数独立账户 — 高净值经纪业务（投资银行） — 巴塞尔-III — 对冲基金 — 独立账户经理 — 社会保障危机 o 股票策略 — 体育与娱乐经纪公司 o 医疗补助与医疗保险 o 绝对收益策略 — 家族办公室 o 事件驱动策略自然灾害报告 o 宏观策略 • 自然灾害 o 多策略基金 — 风险投资与私募股权世界事务报告 o 对冲基金的基金 o 风险投资 • 世界事务 o 管理型期货 o 私募股权 o 高频交易 o 夹层融资机构渠道报告 — 房地产 • 机构渠道 o 林地 — 工作场所投资 o 农田 o 固定缴款计划 o 葡萄酒投资 ǀ 401K 计划 — 其他另类金融投资 ǀ 403B 计划 o 衍生品 ǀ 457 计划 o 结构性产品 ǀ 401K 计划建议 — 其他非金融另类投资 ǀ 退休计划转存 o 大宗商品 o 固定收益计划 — 捐赠基金与 — 主权财富基金基金会贷款服务报告 — 企业现金与 • 贷款服务司库服务 — 信用卡 — 抵押贷款与房屋净值贷款国际市场报告 o 反向抵押贷款 • 国际市场 — 其他消费贷款 — 英语国家 — 商业房地产贷款 o 英国与爱尔兰 — 企业贷款与工业贷款 o 加拿大 o 澳大利亚与新西兰保险产品报告 o 南非 • 保险产品 — 欧洲、中东与非洲 — 健康保险 o 德国 — 失能保险 o 法国 — 长期护理保险 o 意大利 — 年金与其他退休收入产品 o 伊比利亚 — 人寿保险 o 比荷卢经济联盟 o 人寿结算 o 斯堪的纳维亚 — 财产与事故保险 o 中欧与东欧 o 俄罗斯财富管理服务报告 o 中东 • 聚合与财务规划 o 非洲 — 社会保障决策 — 亚太地区 — 医疗补助与医疗保险决策 o 中国 • 税收敏感型投资 o 印度 • 大学储蓄市场（529 计划） o 东南亚 • 伊斯兰金融 — 拉丁美洲 • 影响力投资 o 巴西 — 社会责任投资 o 墨西哥 — 小额金融 — 离岸市场 — 社区贷款 • 遗产规划与慈善捐赠 — 遗产规划 — 慈善捐赠 — 独立信托公司 • 家族办公室服务 ǀ 金融机构概况产品与服务市场与分销渠道国际市场概述公司报告公司报告公司报告 — — — — — — ǀ 财务顾问战术、基准测试与概况财务顾问基准测试与财务顾问战术最佳实践财务顾问概况 • 财务顾问赢家战术 • 财务顾问基准测试 • 财务顾问概况 — 财务顾问目标市场 — 经纪人基准测试 — 经纪人概况 — 财务顾问销售与营销 — 银行经纪人基准测试 — 银行经纪人概况 — 财务顾问人员配备与薪酬 — 私人银行家基准测试 — 私人银行家概况 — 财务顾问公司文化 — 独立代表基准测试 — 独立代表概况 — 财务顾问技术 — 收费财务顾问（注册投资顾问）基准测试 — 收费财务顾问（注册投资顾问）概况 — 财务顾问行业网络 — 人寿保险代理人（保险代理人）基准测试 — 人寿保险代理人概况 — 财务顾问并购 — 第三方管理人基准测试 — 第三方管理人概况 — 财产与事故保险代理人基准测试 — 财产与事故保险代理人概况 — 房地产代理人基准测试 — 房地产代理人概况 — 抵押贷款经纪人基准测试（工具不存在） — 抵押贷款经纪人概况 — 税务与财务规划会计师（税务专业人士）基准测试 — 税务与财务规划会计师（税务专业人士）概况 — 信托与遗产律师（律师）基准测试 — 信托与遗产律师（律师）概况 — 家族办公室基准测试 — 家族办公室概况提伯伦首席执行官峰会 XX 2011 年 4 月 13-14 日提伯伦管理合伙人提伯伦由 Charles（“Chip”）Roame 领导，其个人经验与能力体现了行业知识、咨询技能、研究才能与行业经验的结合，这正是提伯伦的基础，也是对提伯伦所有合伙人的要求。

Tiburon Industry Knowledge € The Future of Advice: Defining the Winning Product, Channel, & Tactical Strategies Market & Strategic Key Driving Product & Service Tactical Issues Strategic Distribution Conclusions Factors Reports Reports Advisors Reports Channel Reports Reports Summary Report Summary Report Summary Report Summary Report Summary Report Summary Report • Key Driving Factors • Products & Services • FSI Tactics & • FSI Investment • Strategic Advisors • Markets & Distribution Benchmarking Opportunities Economy & Markets Reports Channels Consulting Industry Reports Investable Assets Reports • Economy & Markets • Investable Assets FSI Tactics Reports Valuations Reports • Consulting Industry - Economy Direct Distribution Channels • FSI Winning Tactics • FSI Firm Valuations - Strategy Consulting - Cash Investments o Great Depression Reports - FSI Target Markets - Bank Valuations - Sales & Marketing o Bank Deposits o 2008-2009 Financial • Direct Distribution - FSI Sales & Marketing - Brokerage Firm Consulting o Money Market Funds Crisis Channels - FSI Staffing & Valuations - Operations & - Individual Securities & - Markets - Online Tools & Advice Compensation - Insurance Company Technology Consulting Capital Markets o Web 2.0 - FSI Firm Cultures Valuations - Human Capital o Equity Capital Markets Corporate Scandals Reports - Online Brokerage - FSI Technology - Investment Manager Consulting NYSE Listed Equities • Corporate Scandals - Online Banking & - FSI Outsourcing Valuations NASDAQ (OTC) Mortgages (Investment Servicing CPA Firms Reports Listed Equities Strategic Conclusions FSI Stumbles Reports - Online Insurance Firms) • CPA Firms Specialists Reports • FSI Stumbles o Transfer Agents - Audit Market Makers • FSI Venture Capital - Insurance Company Financial Advisor Channels o Institutional - Tax & Financial Planning o Fixed Income Capital Opportunities Stumbles Reports Custodians Markets • FSI Private Equity - Bank Stumbles • Financial Advisor Channels o Fund Accountants Law Firms Reports Corporate Bonds Opportunities - Full-Service Brokerage - Retail Banks o Clearing Brokers • Law Firms Government Bonds • FSI M&A Firm Stumbles - Full-Service Brokerage o Prime Brokers - Corporate Law Agency Bonds - Investment Management Firms - FSI Industry Networking - Litigation Municipal Bonds Firm Stumbles o Semi-Independent - Lobbying o Initial Public Offerings o Bernie Madoff Scandal Models FSI Benchmarking Reports - Trusts & Estates (IPOs) o Stanford Financial - Discount Brokerage • FSI Benchmarking - Mutual Funds Investment Banks Reports Group Scandal Firms - Bank Benchmarking o Open-End Mutual Funds • Investment Banks - Independent Reps - Brokerage Firm Consumer & Institutional o Closed-End Mutual - Securities Underwriting o Break-Away Brokers Benchmarking Wealth Reports Funds - Mergers & Acquisitions - Fee-Based Financial - Insurance Company • Consumer & Institutional o Unit Investment Trusts Advisory Advisors (RIAs) Benchmarking Wealth (UITs) - Institutional Sales & - Insurance Agents - Money Manager (RIA) - 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-- - -- - -- € Financial Advisor Tactics, Benchmarking, & Profiles Financial Advisor Benchmarking & Financial Advisor Tactics Best Practices Financial Advisor Profiles • FA Winning Tactics • FA Benchmarking • FA Profiles - FA Target Markets - Broker Benchmarking - Broker Profiles - FA Sales & Marketing - Bank Broker Benchmarking - Bank Broker Profiles - FA Staffing & Compensation - Private Banker Benchmarking - Private Banker Profiles - FA Firm Cultures - Independent Rep Benchmarking - Independent Rep Profiles - FA Technology - Fee-Based Financial Advisor (RIA) (FA) Benchmarking - Fee-Based Financial Advisor (RIA) Profiles - FA Industry Networking - Life Insurance Agent (Insurance Agent) Benchmarking - Life Insurance Agent Profiles - FA M&A - Third-Party Administrator Benchmarking - Third-Party Administrator Profiles - Property & Casualty Insurance Agent Benchmarking - Property & Casualty Insurance Agent Profiles - Real Estate Agent Benchmarking - Real Estate Agent Profiles - Mortgage Broker Benchmarking (Tool Does Not Exist) - Mortgage Broker Profiles - Tax & Financial Planning Accountant (Tax Pro) - Tax & Financial Planning Accountant (Tax Pro) Profiles Benchmarking - Trusts & Estate Attorney (Lawyer) Profiles - Trusts & Estate Attorney (Lawyer) Benchmarking - Family Office Profiles - Family Office Benchmarking Tiburon CEO Summit XX April 13-14, 2011 Tiburon Managing Principal Tiburon is led by Charles ("Chip") Roame whose personal experience and capabilities exemplify the combination of industry knowledge, consulting skills, research aptitude, & industry experience that serve as the foundation of Tiburon and the requirements for all Tiburon principals.

查尔斯（“奇普”）·罗姆执行董事蒂伯龙战略顾问公司查尔斯（“奇普”）·罗姆是蒂伯龙战略顾问公司的执行董事，也是经纪、投资、银行和保险市场中首席执行官、其他高管及董事会的领先战略顾问。在 1998 年创立蒂伯龙之前，罗姆先生担任过类似职务，先是作为麦肯锡公司的管理顾问，后来在嘉信理财公司担任业务策略师。罗姆先生的言论每日见诸媒体，由于蒂伯龙公司被广泛分享的研究成果，他可能也是会议中最常被要求的演讲者。他的专长在于大型金融服务公司的企业战略，包括设计广泛的多维度策略，以及在不同业务、产品和市场之间进行权衡取舍。

Charles ("Chip") Roame Managing Principal Tiburon Strategic Advisors Charles ("Chip") Roame is the Managing Principal 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.

在蒂伯龙，罗姆先生负责公司所有的咨询、研究及市场营销活动，这使他始终处于该行业增长最快业务——共同基金、交易所交易基金、独立管理账户、对冲基金及其他另类投资、财务规划、财富管理服务、人寿保险、年金、家族办公室服务、在线金融服务以及不断增长的独立顾问市场——的战略举措前沿。他还对金融服务行业的风险投资与私募股权机会以及投资银行交易抱有浓厚兴趣。自 1998 年以来，罗姆先生在蒂伯龙已为超过 300 家企业客户主导了 1300 多个客户项目。

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.

鲁姆先生在咨询和金融服务行业屡获殊荣，包括被《投资新闻》评为“25 强精英”、被《投资顾问》杂志评为“25 位最具影响力理财规划师”，以及被《婴儿潮市场顾问》评为“五位有答案的专家”之一。蒂伯龙还多次被《旧金山商业时报》评为增长最快的公司之一。

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.

罗姆先生现在打算将部分时间重新聚焦于担任几家蒂伯龙客户公司的董事会成员。过去，他曾任职于多个董事会，包括初创企业 Anira Advisory Group、One Harbor、Prima Capital Holdings、共同基金系列 SA Funds，以及投资管理顾问协会行业组织。罗姆先生能为金融服务公司董事会增值的能力，源于他在蒂伯龙以及此前在嘉信理财公司和麦肯锡公司任职期间积累的战略、产品和分销方面的广度与深度经验。

Mr. Roame is now intending to refocus some of his time to serve on a few Tiburon client company boards. In the past, he has served on a variety of boards, including those for start-up ventures Anira Advisory Group, One Harbor, & Prima Capital Holdings, the SA Funds mutual fund family, and Institute of Investment Management Consultants trade group. Mr. Roame’s ability to add value to financial services company boards comes from his breadth and depth of his strategic, product, and distribution experiences at Tiburon, and in his previous roles at The Charles Schwab Corporation and McKinsey & Company.

罗姆先生是底特律本地人，毕业于密歇根大学（MBA 学位），现居于加州贝尔维迪尔，距离公司总部不到一英里。奇普可通过邮箱 [email protected] 或电话 415-789-2541 联系。

Mr. Roame is a native of Detroit and a graduate of the University of Michigan (MBA) and now lives in Belvedere, CA, less than a mile from the firm's main office. Chip can be reached at [email protected] or 415-789-2541.

Tiburon CEO 峰会 Tiburon 为其高管级客户举办独特的半年度 CEO 峰会。Tiburon CEO 峰会 XX 将于 2011 年 4 月 13 日至 14 日在纽约州纽约市丽思卡尔顿酒店举行；请点击此处查看本次即将举办的 Tiburon CEO 峰会的初步会议议程和客户参会名单。

Tiburon CEO Summits Tiburon hosts unique semi-annual CEO Summits for its executive-level clients. Tiburon CEO Summit XX will be held April 13-14, 2011 at the Ritz Carlton Hotel in New York, NY; please click here to review the tentative meeting agenda and client attendee list for this upcoming Tiburon CEO Summit.

第 19 届蒂伯龙 CEO 峰会于 2010 年 10 月 6 日至 7 日在加州旧金山的丽思卡尔顿酒店举行；请点击此处阅读这场极为成功的 CEO 峰会以及之前各届 CEO 峰会的相关报道。

Tiburon CEO Summit XIX was held this past October 6-7, 2010 at the Ritz Carlton Hotel in San Francisco, CA; please click here to read about this hugely successful CEO Summit and the preceding CEO Summits as well.

蒂伯龙首席执行官峰会为精选的跨行业高管群体提供了独特机会，让他们围绕银行、证券、投资、保险、咨询及财富管理行业的未来，广泛讨论各类议题。这一峰会可能提供了金融服务业中少数几个真正的论坛之一，让来自传统行业壁垒两端的首席执行官们聚在一起探讨商机。历届蒂伯龙首席执行官峰会所催生的业务关系清单，令人印象深刻。

Tiburon's CEO Summits provide a unique opportunity for a select cross-industry group of senior executives to discuss a broad swath of issues regarding the future of the banking, brokerage, investments, insurance, advice, & wealth management businesses. Tiburon's CEO Summits likely provide one of the only true forums where financial services industry CEOs from across traditional industry silos gather to discuss business opportunities. The list of business relationships resulting from prior Tiburon CEO Summits is impressive.

Tiburón CEO 峰会的会期通常为两到三天，重点通过嘉宾演讲、小组讨论和分组座谈，深入探讨 Tiburón 的研究成果和前沿商业模式。嘉宾演讲常涉及行业并购、风险投资与私募股权趋势、公司治理及公共政策议题。小组讨论的结构设计旨在征集各行业参与者的意见，包括消费者、理财顾问、把关人、记者、股票分析师等。

Tiburon CEO Summits last two-to-three days and focus on in-depth discussions of Tiburon research and leading-edge business models through guest presentations, panel discussions, and break-out sessions. Guest speakers often address industry mergers & acquisitions, venture capital & private equity trends, corporate governance, & public policy issues. Panel discussions are structured to solicit opinions from various industry players, including consumers, financial advisors, gatekeepers, journalists, stock analysts, & others.

分会场环节允许就参会者选定的热点话题进行更深入的讨论。

Break-out sessions allow for more in-depth discussions on timely topics as chosen by attendees.

蒂伯龙高管层客户受邀参加一个开放式分享与讨论行业趋势的论坛。这些会议已成为行业高管的热门入场券。参会无需额外费用，只需自理差旅开支。参会资格仅限受邀者；所有与会者均是在邀的蒂伯龙现有客户。若多次取消或不愿参与反馈流程，其未来将不再收到参会邀请。

Tiburon executive-level clients are invited to participate in a forum of open sharing and discussion of industry trends. The meetings have become a hot ticket for industry executives. There is no cost to attend beyond one's travel expenses. Attendance is by invitation only; all attendees are ongoing Tiburon clients. Repetitive cancelations or unwillingness to participate in the feedback process leads to invitees not being invited back.

蒂伯龙首席执行官峰会第二十届：2011 年 4 月 13 日至 14 日。蒂伯龙首席执行官峰会第二十届将于 2011 年 4 月 13 日星期三上午 7:45 正式开始，当晚设有团体晚宴，并于 2011 年 4 月 14 日星期四下午 1:00 结束。峰会安排了超过二十场专题会议。除蒂伯龙管理合伙人奇普·罗姆外，本届峰会还将举行第三届年度蒂伯龙首席执行官峰会颁奖典礼，表彰约翰·博格尔（先锋集团创始人）和马克·卡萨迪（LPL 金融公司首席执行官）。

Tiburon CEO Summit XX: April 13-14, 2011 Tiburon CEO Summit XX will officially start at 7:45am on Wednesday, April 13, 2011, include a group dinner that night and finish at 1:00pm on Thursday, April 14, 2011. There are over twenty planned sessions. Along with Tiburon's Managing Principal Chip Roame, Tiburon CEO Summit XX will also feature the third annual Tiburon CEO Summit Awards presentation to John Bogle (Founder, The Vanguard Group) & Mark Casady (CEO, LPL Financial).

演讲嘉宾包括：基思·班克斯（Keith Banks，美国信托总裁）、查尔斯·布兰德斯（Charles Brandes，布兰德斯投资合伙公司董事长）、戴维·卡罗尔（David Carroll，富国银行集团高级执行副总裁）、里克·埃德尔曼（Ric Edelman，埃德尔曼金融服务公司首席执行官）、埃德·芬恩（Ed Finn，《巴伦周刊》总裁）以及艾伦·索普（Allen Thorpe，赫尔曼-弗里德曼公司董事总经理）。

Guest speakers will include 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).

计划议程包括：

4 月 12 日（周二）晚 6 点至 9 点在丽思卡尔顿酒店举办的会前鸡尾酒招待会，方便与会者进行非正式交流；

Tiburon 公司常务董事 Chip Roame 的主旨开幕演讲，内容涉及金融服务行业现状，该演讲将作为整场 CEO 峰会的背景概述；

第三届年度 Tiburon CEO 峰会颁奖典礼，获奖者为 Jack Bogle（先锋集团创始人）与 Mark Casady（LPL Financial 首席执行官）；

特邀嘉宾演讲，包括 Keith Banks（美国信托总裁）、Charles Brandes（Brandes Investment Partners 董事长）、David Carroll（富国银行集团高级执行副总裁）、Ric Edelman（Edelman Financial Services 首席执行官）、Ed Finn（《巴伦周刊》总裁）以及 Allen Thorpe（Hellman & Friedman 董事总经理）；

Tiburon 传统的以客户为中心的小组讨论环节；

一场由四位 Tiburon 客户参与的 CEO 峰会洞察专题讨论；

第一天午餐时间举行的五场分组讨论会，议题由与会者投票决定，讨论由 Tiburon CEO 峰会赞助商引导；

在纽约一家高档餐厅举办的休闲晚宴。

点击此处了解即将举行的 Tiburon CEO 峰会第二十届会议的更多详情。

Planned sessions include: A pre-opening cocktail reception held from 6:00pm to 9:00pm on Tuesday, April 12, 2011 at the Ritz Carlton Hotel to allow casual introductions amongst attendees A general session keynote opening presentation by Tiburon's Managing Principal Chip Roame regarding the state of the financial services industry. This presentation serves as the backdrop and overview of the entire CEO Summit The third annual Tiburon CEO Summit awards presentation to Jack Bogle (Founder, The Vanguard Group) & Mark Casady (CEO, LPL Financial) General session guest presentations by 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) Tiburon's traditional client-centric panel discussions A CEO Summit insights panel with four Tiburon clients Five break-out sessions during lunch on day one with topics to be chosen by popular vote of attendees and sessions facilitated by Tiburon CEO Summit sponsors A casual dinner at a upscale restaurant in New York Click here for more details on the upcoming Tiburon CEO Summit XX.

即将举办的 Tiburon CEO 峰会日期包括：

Tiburon CEO 峰会第 21 届：2011 年 10 月 12–13 日，加州旧金山

Tiburon CEO 峰会第 22 届：2012 年 4 月 17–18 日，纽约州纽约市

Tiburon CEO 峰会第 23 届：2012 年 10 月 16–17 日，加州旧金山

Tiburon CEO 峰会第 24 届：2013 年 4 月 9–10 日，纽约州纽约市

Tiburon CEO 峰会第 25 届：2013 年 10 月 8–9 日，加州旧金山

历届 Tiburon CEO 峰会

Tiburon CEO 峰会第 19 届于 2010 年 10 月 6–7 日在加州旧金山丽思卡尔顿酒店举行。峰会于 2010 年 10 月 6 日星期三上午 7:45 开始，当晚在 Servino's 餐厅举行了晚宴，并于 2010 年 10 月 7 日星期四下午 1:00 结束。近 120 位行业高管在百忙之中抽出两天时间参与活动。除 Chip Roame（Tiburon Strategic Advisors 管理合伙人）之外，嘉宾发言者还包括 Judy Barber（Family Money Consultants 首席执行官）、Dale Brown（金融服务学会首席执行官）、Ron Carson（Carson Wealth Management Group 首席执行官）、Harold Evensky（Evensky & Katz 总裁）、Jeff Maggioncalda（Financial Engines 首席执行官）、Meir Statman（圣克拉拉大学教授）与 Mark Yusko（Morgan Creek Capital Management 首席执行官）。点击此处阅读所有历届 Tiburon CEO 峰会的信息。

Other upcoming Tiburon CEO Summit dates include: Tiburon CEO Summit XXI: October 12-13, 2011 at San Francisco, CA Tiburon CEO Summit XXII: April 17-18, 2012 at New York, NY Tiburon CEO Summit XXIII: October 16-17, 2012 at San Francisco, CA Tiburon CEO Summit XXIV: April 9-10, 2013 at New York, NY Tiburon CEO Summit XXV: October 8-9, 2013 at San Francisco, CA Prior Tiburon CEO Summits Tiburon CEO Summit XIX was held October 6-7, 2010 at the Ritz Carlton Hotel in San Francisco, CA. The CEO Summit started at 7:45am on Wednesday, October 6, 2010, included a dinner that evening at Servino's Restaurant, & concluded at 1:00pm on Thursday, October 7, 2010. Almost 120 senior industry executives took two days out of their busy schedules to participate. In addition to Chip Roame (Managing Principal, Tiburon Strategic Advisors), 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). Click here to read about all prior Tiburon CEO Summits.

提伯伦 CEO 峰会视频以下收录了一些具有代表性的提伯伦 CEO 峰会视频：Jon Baum（德雷福斯公司首席执行官）与出席提伯伦 CEO 峰会的媒体代表讨论客户服务；提伯伦管理合伙人 Chip Roame 与出席提伯伦 CEO 峰会第十八届的媒体代表讨论第十八届峰会的精彩亮点；提伯伦的标志性主题演讲《未来的建议》；提伯伦管理合伙人 Chip Roame 与出席提伯伦 CEO 峰会第十八届的媒体代表讨论产品趋势；Jim McCool（嘉信理财公司执行副总裁）与出席提伯伦 CEO 峰会第十八届的媒体代表讨论雇主对退休计划的支持；提伯伦管理合伙人 Chip Roame 讨论大型券商发展趋势；Gib Watson（Prima Capital Management 首席执行官）在提伯伦 CEO 峰会第十四届上讨论被动与主动投资策略。提伯伦 CEO 峰会演讲以下收录了一些具有代表性的提伯伦 CEO 峰会演讲：Chip Roame（提伯伦 CEO 峰会第十九届开幕主题演讲）、Ed Bernard（T. Rowe Price 集团副主席）（提伯伦 CEO 峰会第十六届演讲）、Mark Casady（LPL Financial 首席执行官）（提伯伦 CEO 峰会第十四届演讲）、Walt Bettinger（嘉信理财公司总裁）（提伯伦 CEO 峰会第十八届演讲）、Myron Scholes（斯坦福大学教授）（提伯伦 CEO 峰会第十一届演讲）。提伯伦 CEO 峰会媒体报道以下收录了一些具有代表性的提伯伦 CEO 峰会媒体报道：RIA Biz：《昨天在提伯伦 CEO 峰会上学到的十件事》；PR Newswire：《提伯伦表彰嘉信理财和 Ken Fisher》；RIA Biz：《研究杂志：是时候认真对待低成本的指数基金了》；《注册代表》杂志：即将到来的精英行业顾问大会和提伯伦 CEO 峰会；《证券、对冲基金和财富管理机构》行业顾问大会。提伯伦 CEO 峰会广告以下收录了一些具有代表性的提伯伦 CEO 峰会广告：提伯伦 CEO 峰会第 XX 届即将推出；提伯伦 CEO 峰会第十九届；提伯伦 CEO 峰会第十八届；提伯伦 CEO 峰会第十七届。提伯伦 CEO 峰会反馈以下收录了一些具有代表性的提伯伦 CEO 峰会反馈：Jeff Montgomery 感谢信；Brooke Southall 感谢信；Steve Forbes 到丽思卡尔顿酒店的祝贺信；即将推出。提伯伦 CEO 峰会获奖者提伯伦的 CEO 峰会始终围绕三个核心主题展开，提伯伦因此设立了 CEO 峰会奖项，以表彰体现这些特质的行业高管。

Tiburon CEO Summit Videos Some representative Tiburon CEO Summit videos are included below: Jon Baum (CEO, The Dreyfus Corporation) discusses client service with media representatives who attended Tiburon CEO Summit Tiburon Managing Principal Chip Roame discusses highlights of XVIII Tiburon's signature keynote speech The Future of Advice with media representatives who attended Tiburon CEO Summit XVIII Tiburon Managing Principal Chip Roame discusses product trends Jim McCool (Executive Vice President, The Charles Schwab with media representatives who attended Tiburon CEO Summit Corporation) discusses employer support for retirement plans with XVIII media representatives who attended Tiburon CEO Summit XVIII Tiburon Managing Principal Chip Roame discusses wirehouse Gib Watson (CEO, Prima Capital Management) discusses passive trends at Tiburon CEO Summit XIV versus active investment strategies at Tiburon CEO Summit XVIII Tiburon CEO Summit Presentations Some representative Tiburon CEO Summit presentations are included below: Chip Roame Ed Bernard Mark Casady Walt Bettinger Myron Scholes Tiburon CEO Summit (Vice Chairman, T. (CEO, LPL Financial) (President, The Charles (Professor, Stanford XIX Opening Keynote Rowe Price Group) Tiburon CEO Summit Schwab Corporation) University) Presentation Tiburon CEO Summit XVI Presentation Tiburon CEO Summit Tiburon CEO Summit XVIII Presentation XIV Presentation XI Presentation Tiburon CEO Summit Media Coverage Some representative Tiburon CEO Summit media coverage is included below: RIA Biz: 10 Things I PR Newswire: Tiburon RIA Biz: Two Research Magazine: Registered Rep: Learned at Yesterday's Honors Charles Schwab Upcoming Elite Time for Something Low Cost Index Tiburon CEO Summit and Ken Fisher Industry Summits Real at the Securities, Hedge Wirehouses, Says Funds Poised for Industry Consultant Boom Tiburon CEO Summit Advertisements Some representative Tiburon CEO Summit advertisements are included below: Tiburon CEO Summit Tiburon CEO Summit Tiburon CEO Summit Tiburon CEO Summit Coming Soon XX XIX XVIII XVII Tiburon CEO Summit Feedback Some representative Tiburon CEO Summit feedback is included below: Jeff Montgomery Thank Brooke Southall Thank Steve Forbes Ritz Carlton Hotel Coming Soon You Letter You Letter Congratulatory Letter Congratulatory Letter Tiburon CEO Summits Award Recipients Tiburon's CEO Summits have come to support three central themes and Tiburon created its CEO Summit Awards to recognize industry executives who exemplify these attributes.

这些主题包括：聚焦消费者（及其他客户）需求：蒂伯龙长期以来一直以倡导贴近客户（并倾听客户声音）以及关注客户需求而闻名，该机构认为金融服务业在消费者研究方面投入太少，往往在倾听消费者意见之前就设计产品。为了在蒂伯龙首席执行官峰会上培养这种关注，蒂伯龙每届峰会都以回顾消费者财富与情绪作为开场，并且许多峰会都包含三场相关的专题讨论，分别代表三个层次的客户：其中包括“询问消费者”、“询问顾问”和“询问把关人”专题，所有这些讨论都允许与行业客户进行直接开放的对话。挑战行业传统智慧（创新）：蒂伯龙长期以来一直认为金融服务业的某些部分陷入了群体思维，该机构也因挑战行业传统智慧而闻名。

Those themes are: Focusing on Consumer (and Other Client) Needs: Tiburon has long been known for promoting the importance of staying close to (and listening to) clients and focusing on clients' needs, arguing that the financial services industry conducts too little consumer research, opting to design products before listening to consumers. To foster such a focus at the Tiburon CEO Summits, Tiburon starts every CEO Summit with a review of consumer wealth & sentiments and many Tiburon CEO Summits have included three related panel discussions representing three levels of clients; these include the Ask the Consumers, Ask the Advisors, & Ask the Gatekeepers panels, all of which allow direct open dialog with industry clients Challenging Conventional Industry Wisdom (Innovation): Tiburon has long perceived certain segments of the financial services industry to be caught up in group think and the firm has become known for challenging conventional industry wisdom.

Tiburon 管理合伙人奇普·罗姆通过研究并分享真实数据来完成这项工作，这些数据常常对行业内普遍公认的真理提出质疑。Tiburon 欢迎并鼓励这种批判性思维，并将其作为首席执行官峰会的组成部分。此外，Tiburon 更多时候是在事实数据之外，帮助客户制定创新的商业战略。基于此，Tiburon 欣赏行业中的创新者，并致力于表彰他们——无论他们是大金融服务机构的员工，还是领导小型公司的企业家。担当责任：Tiburon 赞赏那些愿意抽出时间，在自身业务之外关注消费者储蓄需求和行业发展的行业高管，认为这种责任感与参与度既是消费者成功的关键，也是行业成功的关键。Tiburon 在其首席执行官峰会上贯彻这一理念，实行强制参与：所有参会者都需参与主题演讲和/或担任座谈嘉宾，以期创造开放的沟通氛围和广泛辩论。

Tiburon's Managing Principal Chip Roame does this through research and sharing factual data that often calls into question commonly perceived industry truths. Tiburon welcomes and encourages this critical thinking as part of its CEO Summits. Furthermore, Tiburon is most often engaged in moving beyond factual data to help its clients develop innovative business strategies. In this light, Tiburon appreciates the innovators in the industry and seeks to recognize them, whether they are employees within large financial services firms or entrepreneurs leading smaller firms Taking Responsibility: Tiburon appreciates industry executives who make time to address consumers' savings needs and industry development beyond their own businesses and sees such responsibility and participation as both integral to consumers' success and the industry's success. Tiburon applies this thinking at its own CEO Summits by requiring participation; all attendees are asked to participate in presenting and/or serving as panelists in an attempt to create open communications and wide-ranging debate.

所有参会者还需填写反馈表格，并推荐未来的获奖者及演讲嘉宾。Tiburon 于 2009 年设立 CEO 峰会奖项，以期进一步支持上述主题。此前及未来的获奖者包括：罗布·阿诺特（Research Affiliates 首席执行官）、比尔·夏普（斯坦福大学荣休教授）、约翰·博格（先锋集团创始人）、乔·曼苏埃托（晨星公司首席执行官）、唐·菲利普斯（晨星公司基金研究总裁）、马克·卡萨迪（LPL Financial 首席执行官）、肯·费希尔（费希尔投资公司首席执行官）、查尔斯·施瓦布（嘉信理财集团董事长）、比尔·汉布雷希特（WR Hambrecht & Company 首席执行官）。第二十一届 CEO 峰会获奖者：罗布·阿诺特（Research Affiliates 首席执行官）。第二十届 CEO 峰会获奖者：约翰·博格（先锋集团创始人） & 马克·卡萨迪（LPL Financial 首席执行官） & 肯·费希尔（费希尔投资公司首席执行官）。第十九届 CEO 峰会获奖者：乔·曼苏埃托（晨星公司首席执行官） & 唐·菲利普斯（晨星公司基金研究总裁） & 查尔斯·施瓦布（嘉信理财集团董事长）。第十七届 CEO 峰会获奖者：比尔·汉布雷希特（WR Hambrecht & Company 首席执行官）。Tiburon CEO 峰会演讲嘉宾。根据以往 Tiburon CEO 峰会参会者的反馈，Tiburon 主要邀请金融服务行业的首席执行官担任 CEO 峰会演讲嘉宾。

All attendees are also asked to complete feedback forms and nominate future award recipients & guest speakers Tiburon initiated its CEO Summit Awards in 2009 to further support the above mentioned themes. Past & upcoming award winners have included: Rob Arnott (CEO, Research Bill Sharpe (Professor Emeritus, Affiliates) Stanford University) John Bogle (Founder, The Vanguard Joe Mansueto (CEO, Morningstar) Group) Don Phillips (President, Fund Mark Casady (CEO, LPL Financial) Research, Morningstar) Ken Fisher (CEO, Fisher Charles Schwab (Chairman, The Investments) Charles Schwab Corporation) Bill Hambrecht (CEO, WR Hambrecht & Company) CEO Summit XXI Award Recipient CEO Summit XX CEO Summit XX CEO Summit XVII Rob Arnott Award Re cipient Award Recipient Award Recipient (CEO, Research John Bogle Mark Casady Ken Fisher Affiliates) (Founder, The (CEO, LPL Financial) (CEO, Fisher Vanguard Group) Investments) CEO Summit XXI Award Recipient CEO Summit XIX CEO Summit XIX CEO Summit XVII Bill Hambrecht Award Re cipient Award Recipient Award Recipient (CEO, WR Hambrecht Joe Mansueto Don Phillips Charles Schwab & Company) (CEO, Morningstar) (President, Fund (Chairman, The Research, Charles Schwab Morningstar) Corporation) Tiburon CEO Summits Guest Speakers Based on feedback from attendees at prior Tiburon CEO Summits, Tiburon predominantly invites financial services industry CEOs to be the CEO Summit guest speakers.

与会者反复提到，他们收获最大的就是与其他处境相似的 CEO 们交流，这恰恰营造了他们所寻求的协作氛围。受邀发言者会被要求分享他们对行业动态的观点以及自身业务情况。蒂伯龙特意为每位发言嘉宾安排了问答时间，目的同样是为了促进这种协作环境。

Attendees repeatedly report that they take away the most from other CEOs in like situations, and this fosters the collaborative environment sought. Guest speakers are asked to discuss both their views on industry developments and their businesses. Tiburon deliberately structures time for questions & answers with each guest speaker, again to foster the collaborative environment.

除了蒂伯龙公司本身的管理合伙人奇普·罗姆（他负责为每届蒂伯龙首席执行官峰会开场）之外，历届及未来蒂伯龙首席执行官峰会的特邀演讲嘉宾包括：

罗布·阿诺特（研究联盟首席执行官）

约翰·德普雷（约翰·汉考克金融服务公司首席执行官）

约翰·墨菲（奥本海默基金公司首席执行官）

基思·班克斯（美国信托总裁）

斯蒂芬妮·迪马科（Advent 软件公司首席执行官）

罗恩·佩顿（Callan 联合公司首席执行官）

朱迪·巴伯（家族资金顾问公司首席执行官）

杰弗里·邓纳姆（邓纳姆联合公司首席执行官）

唐·菲利普斯（晨星公司研究总裁）

托尼·巴特曼（第一全球资本公司首席执行官）

里克·埃德尔曼（埃德尔曼金融服务公司首席执行官）

斯科特·鲍尔斯（道富环球投资管理公司首席执行官）

乔恩·鲍姆（德雷弗斯公司首席执行官）

哈罗德·埃文斯基（埃文斯基与卡茨公司总裁）

鲍勃·波森（MFS 投资管理公司董事长）

贾德·伯格曼（Envestnet 资产管理公司首席执行官）

埃德·芬恩（《巴伦周刊》总裁）

吉姆·里普（普信集团前副董事长）

肯·费雪（费雪投资公司首席执行官）

安德鲁·拉德（Advisor 媒体公司首席执行官）

史蒂夫·福布斯（福布斯公司首席执行官）

沃尔特·贝廷格（嘉信理财公司总裁）

罗恩·瑞安（Ryan ALM 首席执行官）

迈克·弗雷泽（Genworth 金融公司首席执行官）

杰西卡·比布利奥维茨（国家金融合伙人公司首席执行官）

乔治·盖奇（摩根大通基金管理公司首席执行官）

迈克尔·萨皮尔（Pro 基金集团首席执行官）

约翰·博格尔（先锋集团创始人）

约翰·冈恩（道奇与考克斯公司首席执行官）

查尔斯·施瓦布（嘉信理财公司董事长）

布鲁斯·邦德（PowerShares 首席执行官）

比尔·夏普（斯坦福大学名誉教授）

汤姆·布拉德利（TD Ameritrade 机构服务公司总裁）

约翰·海勒（Natixis 全球资产管理公司北美及亚洲首席执行官）

迈尔·斯塔特曼（圣克拉拉大学教授）

埃德·霍尔德曼（普信投资公司首席执行官）

乔诺·斯坦伯格（WisdomTree 投资公司首席执行官）

查尔斯·布兰德斯（布兰德斯投资合伙公司董事长）

比尔·汉布雷希特（WR 汉布雷希特公司首席执行官）

保罗·斯泰格（ProPublica 首席执行官）

戴尔·布朗（金融服务学会首席执行官）

罗杰·伊博森（伊博森联合公司前首席执行官）

迈克·拜鲁姆（Rydex 投资公司总裁）

迈克·斯坦哈特（斯坦哈特管理公司管理成员）

约翰·卡拉莫斯（卡拉莫斯资产管理公司首席执行官）

迪娜·卡茨（埃文斯基与卡茨公司董事长）

保罗·史蒂文斯（投资公司协会首席执行官）

大卫·卡罗尔（富国银行高级执行副总裁）

皮特·凯特（Fiserv 公司副董事长）

约翰·塔夫特（加拿大皇家银行财富管理公司首席执行官）

罗恩·卡森（卡森财富管理集团首席执行官）

史蒂夫·洛克辛（Convergent 财富顾问公司首席执行官）

艾伦·索普（Hellman & Friedman 公司董事总经理）

大卫·蒂茨沃思（投资顾问协会执行主任）

马克·卡萨迪（LPL 金融公司首席执行官）

杰夫·马吉昂卡尔达（金融引擎公司首席执行官）

弗雷德·汤姆奇克（TD Ameritrade 公司首席执行官）

艾比·科恩（高盛集团全球市场研究所总裁）

诺姆·马洛（国家金融服务公司首席执行官）

史蒂夫·沃尔曼（Foliofn 公司首席执行官）

基普·康德隆（Axa 金融公司首席执行官）

乔·曼苏埃托（晨星公司首席执行官）

吉姆·威德尔（爱德华·琼斯公司管理合伙人）

乔·戴奇（Commonwealth 金融网络公司首席执行官）

吉姆·麦库尔（嘉信理财公司执行副总裁）

马克·尤斯科（摩根溪资本管理公司首席执行官）

乔·莫利亚（TD Ameritrade 公司首席执行官）

蒂伯龙首席执行官峰会与会政策

蒂伯龙保存着一份超过 3000 名高管级客户的名单，他们来自 300 多家曾与本公司合作的公司，其中许多人积极参与过此前的蒂伯龙首席执行官峰会。每届蒂伯龙首席执行官峰会的参会人数限制在 200 名高管，并仅面向蒂伯龙的客户。如果您是蒂伯龙的高管级客户，并希望参加未来的蒂伯龙首席执行官峰会，请联系蒂伯龙的管理合伙人奇普·罗姆。如果您尚未成为客户但有兴趣，请联系莎拉·塞奇。

Aside from Tiburon's own Managing Principal Chip Roame (who kicks-off each Tiburon CEO Summit), past & upcoming Tiburon CEO Summit guest speakers have included: Rob Arnott (CEO, Research John DesPrez (CEO, John John Murphy (CEO, Affiliates) Hancock Financial Services) Oppenheimer Funds) Keith Banks (President, US Stephanie DiMarco (CEO, Ron Peyton (CEO, Callan Trust) Advent Software) Associates) Judy Barber (CEO, Family Jeffrey Dunham (CEO, Don Phillips (President, Fund Money Consultants) Dunham & Associates) Research, Morningstar) Tony Batman (CEO, 1st Ric Edelman (CEO, Scott Powers (CEO, State Global Capital Corporation) Edelman Financial Services) Street Global Advisors) Jon Baum (CEO, The Dreyfus Harold Evensky (President, Bob Pozen (Chairman, MFS Corporation) Evensky & Katz) Investment Management) Jud Bergman (CEO, Ed Finn (President, Barron's) Jim Riepe (Former Vice Envestnet Asset Management) Ken Fisher (CEO, Fisher Chairman, T. Rowe Price Ed Bernard (Vice Chairman, T. Investments) Group) Rowe Price Group) Andrew Rudd (CEO, Advisor Steve Forbes (CEO, Forbes Walt Bettinger (President, The Media) Software) Charles Schwab Corporation) Ron Ryan (CEO, Ryan ALM) Mike Fraizer (CEO, Jessica Bibliowicz (CEO, Genworth Financial) Michael Sapir (CEO, Pro National Financial Partners) George Gatch (CEO, JP Funds Group) John Bogle (Founder, The Morgan Funds Management) Charles Schwab (Chairman, Vanguard Group) John Gunn (CEO, Dodge & The Charles Schwab Bruce Bond (CEO, Power Cox) Corporation) Bill Sharpe (Professor Shares) John Hailer (CEO, North America & Asia, Natixis Emeritus, Stanford University) Tom Bradley (President, TD Global Asset Management) Meir Statman (Professor, Ameritrade Institutional Services) Ed Haldeman (CEO, Putnam Santa Clara University) Investments) Jono Steinberg (CEO, Wisdom Charles Brandes (Chairman, Brandes Investment Partners) Bill Hambrecht (CEO, WR Tree Investments) Hambrecht & Company) Paul Steiger (CEO, Pro Dale Brown (CEO, Financial Services Institute) Roger Ibbotson (Former Publica) Mike Byrum (President, Rydex CEO, Ibbotson Associates) Michael Steinhardt (Managing Investments) Fred Jonske (CEO, M Member, Steinhardt Financial Group) Management) John Calamos (CEO, Calamos Deena Katz (Chairman, Paul Stevens (CEO, Asset Management) Evensky & Katz) Investment Company Institute) David Carroll (Senior Pete Kight (Vice Chairman, John Taft (CEO, RBC Wealth Executive Vice President, Fiserv) Management) Wells Fargo Corporation) Steve Lockshin (CEO, Allen Thorpe (Managing Ron Carson (CEO, Carson Convergent Wealth Director, Hellman & Friedman) Wealth Management Group) Advisors) David Tittsworth (Executive Mark Casady (CEO, LPL Jeff Maggioncalda (CEO, Director, Investment Adviser Financial) Financial Engines) Association) Abby Cohen (President, Norm Malo (CEO, National Fred Tomczyk (CEO, TD Global Markets Institute, Financial Services) Ameritrade) Goldman Sachs Group) Joe Mansueto (CEO, Steve Wallman (CEO, Foliofn) Kip Condron (CEO, Axa Morningstar) Jim Weddle (Managing Financial) Jim McCool (Executive Vice Partner, Edward Jones & Joe Deitch (CEO, President, The Charles Company) Commonwealth Financial Schwab Corporation) Mark Yusko (CEO, Morgan Network) Joe Moglia (CEO, TD Creek Capital Management) Ameritrade) Tiburon CEO Summits Attendee Policy Tiburon maintains a list of over 3,000 executive-level clients at over 300 companies who have engaged the firm, many of whom have actively participated in prior Tiburon CEO Summits. Attendance at each Tiburon CEO Summit is limited to 200 executives and is reserved for Tiburon's clients. If you are an executive-level Tiburon client and would like to participate in a future Tiburon CEO Summit, please contact Tiburon's Managing Principal Chip Roame. If you are not yet a client and interested, please contact Sarah Sage.

在加州旧金山举行的蒂伯龙首席执行官峰会第六届会议上，与会者全神贯注地聆听一位特邀演讲者的发言。更具体地说，蒂伯龙首席执行官峰会有两项明确的参会政策：第一，资历要求：蒂伯龙有意识地限制参会者为 C 级高管、执行副总裁及其他业务负责人。其他董事总经理和高级副总裁（以及所有其他人）均不获邀请，以便讨论聚焦于 CEO 级别的问题，并努力将每届 CEO 峰会的客户参会人数控制在 200 人以内。第二，客户要求：由于蒂伯龙是主办方，出于经济现实考虑，参会群体必须限定为曾受益于蒂伯龙以研究为基础的战略咨询工作的资深高管。蒂伯龙将其公司客户定义为所有购买至少一天咨询服务及/或订阅其研究报告项目的企业。一旦发出邀请，不允许替换参会人。蒂伯龙意识到，如果允许替代，公司可能很快就会办成一场副总裁峰会，而不是 CEO 峰会。由于峰会举办频率及其他事务安排，许多蒂伯龙客户只是偶尔参加蒂伯龙的 CEO 峰会，但只要他们仍是活跃的蒂伯龙客户，就仍能获得席位。

Attendees at Tiburon CEO Summit VI in San Francisco, CA listen intently to a guest speaker Tiburon CEO Summits, more specifically, have two specific attendee policies: Seniority: Tiburon is making a conscious effort to limit attendance to C-level executives, executive vice presidents, & other business heads. Other managing directors and senior vice presidents (and all others) are not invited in order to keep the discussion focused on CEO-level issues and to try to manage the size of each CEO Summit to 200 client attendees. Clients: Since Tiburon hosts the events, it is economic reality that the group must be limited to senior executives who have previously benefited from Tiburon's research-based strategy consulting work. Tiburon defines its corporate clients as all firms that purchase at least a single day of consulting and/or subscribe to its research releases program Once invitations are extended, delegation is not allowed. Tiburon realizes that if substitutes are allowed, the firm may quickly end up hosting a vice presidents Summit, instead of a CEOs Summit. Due to the frequency and other commitments, many Tiburon clients attend Tiburon's CEO Summits only periodically, but are still granted seats as long as they remain active Tiburon clients.

蒂伯龙 CEO 峰会媒体政策蒂伯龙为每届蒂伯龙 CEO 峰会制定媒体政策。根据客户与演讲嘉宾的要求，有时会允许精选的媒体代表参与蒂伯龙 CEO 峰会的媒体环节。

Tiburon CEO Summits Media Policy Tiburon defines a media policy for each Tiburon CEO Summit. Depending on client & speaker requests, sometimes select media representatives are permitted to participate in a media program at Tiburon's CEO Summits.

对于蒂伯隆 CEO 峰会 XX 届，选定媒体可以参加并参与以下活动：

蒂伯隆 CEO 峰会 XX 届开幕主题演讲
蒂伯隆 CEO 峰会 XX 届颁奖典礼

有几条媒体政策对维持蒂伯隆 CEO 峰会的开放性是必要的：

申请入场的媒体代表应曾与蒂伯隆的媒体关系经理合作，并借助蒂伯隆的核心研究成果
媒体代表应计划将蒂伯隆 CEO 峰会的收获用于报道创作，必要时注明出处
媒体代表必须尊重蒂伯隆 CEO 峰会与会者的权利，后者有权声明任何发言不得公开发表
媒体代表不得记录、打印或以其他方式使用消费者座谈小组成员的姓氏及财务信息

蒂伯隆乐于让媒体代表参加其 CEO 峰会，传播关注消费者需求、挑战传统思维和承担责任的声音。但话说回来，坦率开放的对话永远优先于媒体报道。

For Tiburon CEO Summit XX, select media will be welcome to attend and participate in the following events: Tiburon CEO Summit XX Keynote Opening Presentation Tiburon CEO Summit XX Award Presentations A few media policies are necessary for maintaining the openness of the Tiburon CEO Summits: Media representatives seeking entrance should have previously worked with Tiburon's media relations manager leveraging Tiburon's core research Media representatives should be planning to utilize Tiburon CEO Summit learnings in story development, with attribution if appropriate Media representatives must respect that Tiburon CEO Summit attendees have the right to declare any statement as not for publication Media representatives shall not record, print, or otherwise use the last names and financial information of consumer panelists Tiburon is happy to have media representatives attend its CEO Summits and spread the word about focusing on consumer needs, challenging conventional wisdom, & taking responsibility. But that said, frank and open conversations will be prioritized every time over media coverage.

提伯伦首席执行官峰会赞助商

由于大量高管级客户的强烈需求，提伯伦目前将其首席执行官峰会在纽约州纽约市的丽思卡尔顿酒店和加利福尼亚州旧金山的丽思卡尔顿酒店举办。多家长期客户，包括 Advisor Software、Alston & Bird、Charles Schwab、Dunham & Associates、Envestnet Asset Management、EverBank Financial、Fidelity Investments、Fiserv Investment Services、Genworth Financial Wealth Management、Jefferson National Financial、LPL Financial、Meridian-IQ、State Street Global Advisors 及 TD Ameritrade Institutional，为提伯伦首席执行官峰会 XX 提供财务支持；媒体赞助商则包括 American Banker、Bank Investment Consultant、Financial Advisor、Financial Planning、Money Management Executive、On Wall Street、Private Wealth、Registered Rep 和 Trusts & Estates。提伯伦对此支持表示感谢。要成为提伯伦首席执行官峰会赞助商或媒体赞助商，请点击此处或联系 Sarah Sage：电邮 [email protected]，电话 415-789-2540。

Tiburon CEO Summit Sponsors Due to the incredible demand from a large number of its executive-level clients to attend its CEO Summits, Tiburon now holds its CEO Summits at the Ritz Carlton Hotels in New York, NY & San Francisco, CA. Several long-time Tiburon clients, including Advisor Software, Alston & Bird, Charles Schwab, Dunham & Associates, Envestnet Asset Management, EverBank Financial, Fidelity Investments, Fiserv Investment Services, Genworth Financial Wealth Management, Jefferson National Financial, LPL Financial, Meridian-IQ, State Street Global Advisors, & TD Ameritrade Institutional are offering financial support for Tiburon CEO Summit XX, while media sponsors include American Banker, Bank Investment Consultant, Financial Advisor, Financial Planning, Money Management Executive, On Wall Street, Private Wealth, Registered Rep, and Trusts & Estates. Tiburon is grateful for this assistance. To become a Tiburon CEO Summit sponsor or media sponsor, please click here or contact Sarah Sage at [email protected] or 415-789-2540.

Tiburon CEO Summit XX 赞助商 Tiburon CEO Summit XX 媒体赞助商 Tiburon CEO Summit 邀请函 Tiburon 维持着一个包含 300 多家公司中超过 3000 名高管级客户的名单，这些客户曾与该事务所合作，其中许多人积极参与过之前的 Tiburon CEO Summit。每次 Tiburon CEO Summit 的参会人数限制在 200 名高管，且仅限 Tiburon 客户参加。如果您是 Tiburon 的高管级客户，并希望参加未来的 Tiburon CEO Summit，请联系 Tiburon 的管理负责人 Chip Roame。潜在客户也可联系 Sarah Sage 了解成为 Tiburon 客户的事宜。

Tiburon CEO Summit XX Sponsors Tiburon CEO Summit XX Media Sponsors Tiburon CEO Summit Invitations Tiburon maintains a list of over 3,000 executive-level clients at over 300 companies who have engaged the firm, many of whom have actively participated in prior Tiburon CEO Summits. Attendance at each Tiburon CEO Summit is limited to 200 executives and is reserved for Tiburon's clients. If you are an executive-level Tiburon client and would like to participate in a future Tiburon CEO Summit, please contact Tiburon's Managing Principal Chip Roame. Prospective clients can also contact Sarah Sage about becoming Tiburon clients.

泰布隆首席执行官峰会与会者政策 泰布隆首席执行官峰会具体有两条与会者政策：资历优先：泰布隆有意将参会资格限制在 C 级高管、执行副总裁及其他业务负责人。其他董事总经理和高级副总裁（以及所有其他人员）均不在邀请之列，目的是让讨论聚焦于 CEO 层面的议题，并设法将每届 CEO 峰会的参会客户人数控制在 200 人之内。客户：由于会议由泰布隆主办，出于经济现实考虑，参会群体必须限定为此前已受益于泰布隆基于研究的战略咨询工作的资深高管。泰布隆将其企业客户定义为所有购买至少一天咨询服务和/或订阅其研究报告项目的公司。邀请函发出后，不允许他人代出席。泰布隆意识到，如果允许替代者参会，公司可能很快就会发现自己主持的是副总裁峰会，而非 CEO 峰会。由于会议频率及其他事务安排，许多泰布隆客户只是定期出席泰布隆的 CEO 峰会，但只要他们仍是活跃客户，仍可获得席位。

Tiburon CEO Summits Attendee Policy Tiburon CEO Summits, more specifically, have two specific attendee policies: Seniority: Tiburon is making a conscious effort to limit attendance to C-level executives, executive vice presidents, & other business heads. Other managing directors and senior vice presidents (and all others) are not invited in order to keep the discussion focused on CEO-level issues and to try to manage the size of each CEO Summit to 200 client attendees Clients: Since Tiburon hosts the events, it is economic reality that the group must be limited to senior executives who have previously benefited from Tiburon's research-based strategy consulting work. Tiburon defines its corporate clients as all firms that purchase at least a single day of consulting and/or subscribe to its research releases program Once invitations are extended, delegation is not allowed. Tiburon realizes that if substitutes are allowed, the firm may quickly end up hosting a vice presidents Summit, instead of a CEOs Summit. Due to the frequency and other commitments, many Tiburon clients attend Tiburon's CEO Summits only periodically, but are still granted seats as long as they remain active Tiburon clients.

蒂伯龙首席执行官峰会参会者政策建议：蒂伯龙向所有每年至少购买一天咨询服务及/或订阅其研究报告访问计划的蒂伯龙客户中的首席执行官级高管、执行副总裁及其他业务负责人发送邀请。

Tiburon CEO Summits Attendee Policy Suggestions Tiburon sends invitations to all C-level executives, executive vice presidents, & other business heads at all Tiburon clients which purchase at least a day of consulting time each year and/or subscribe to its research report access program.

研究报告获取项目

维持 Tiburon 客户关系最便捷的方式，是订阅 Tiburon 的研究报告获取项目（2.5 万美元）。订阅后，公司所有员工在一个日历年内均可查阅所有 Tiburon 的研究报告。大部分 Tiburon CEO 峰会参会者的公司都订阅了此项服务。客户提出的一些创造性建议如下：

订阅 Tiburon 的研究报告获取项目，将其作为礼物赠予中层管理人员（并要求他们利用这些报告来提升呈报给你的内容质量）

订阅公司研究报告获取项目，将其作为礼物赠予重要的机构客户或理财顾问客户

咨询服务时间

另一个与 Tiburon 开展合作的简便途径，是安排一位 Tiburon 高管在会议上发表演讲，或者为公司管理团队举行半天的市场研讨会，主题可以是 Tiburon 此前研究过的任何领域（费用为 2 万至 2.5 万美元，外加差旅费）。客户提出的一些创造性建议如下：

聘请一位 Tiburon 合伙人，就董事会感兴趣的任一议题举办市场研讨会

聘请一位 Tiburon 合伙人，就管理团队感兴趣的任一议题举办市场研讨会，并在管理团队外出会议中使用

聘请一位 Tiburon 合伙人在员工或理财顾问会议中发表演讲

赞助一位 Tiburon 合伙人在非营利行业组织举办的会议上发表演讲

聘请一位 Tiburon 合伙人举办市场研讨会，并将其作为礼物赠予重要的机构客户或理财顾问客户

聘请一位 Tiburon 合伙人，用一天时间向其介绍贵公司的业务模式（这将使 Tiburon 的研究报告覆盖更全面）

Tiburon 还会向所有聘请其担任顾问委员会角色的公司的高管发出邀请。此外，Tiburon CEO 峰会的赞助机会也会不定期出现（3 万美元），潜在客户可自由考虑将其作为一个选项。所有符合条件的潜在客户——包括 C 级高管、执行副总裁或其他业务负责人——只要采取以上任何行动（或以任何其他方式成为 Tiburon 客户），都将获得邀请。

Research Report Access Program The easiest way to continue as an ongoing Tiburon client is to subscribe to Tiburon's research report access program ($25,000), which gives all employees at a firm access to all Tiburon research reports for a calendar year. Most Tiburon CEO Summit attendees' firms subscribe to this service. A few creative suggestions from clients: Subscribe to the Tiburon's research report access program and assign it to mid-level executives as a gift (and a requirement to use to enhance their presentations back to you) Subscribe to the firm's research report access program and give it as a gift to a key institutional or financial advisor client Consulting Time Another easy way to engage Tiburon is to schedule a Tiburon executive for a conference speech or to present a half day market seminar to a firm's management team on any topic which Tiburon has previously researched ($20,000-$25,000 plus travel). A few creative suggestions from clients: Engage a Tiburon principal for a market seminar on any topic of interest to your board of directors Engage a Tiburon principal for a market seminar on any topic of interest to your management team and utilize at a management team offsite meeting Engage a Tiburon principal to give a conference speech at an employee or financial advisor conference or meeting Sponsor a Tiburon principal giving a conference speech at a non-profit trade group Engage a Tiburon principal for a market seminar and give it as a gift to a key institutional or financial advisor client Engage a Tiburon principal for a day and utilize the day to brief him/her on your business model (which will result in more thorough Tiburon research report coverage) Tiburon also sends invitations to executives at all firms that engage the firm for advisory board role. And periodically, Tiburon CEO Summit sponsor opportunities arise ($30,000), so prospective clients may feel free to consider that as an option as well. All prospective clients, who qualify as C-level executives, executive vice presidents, or other business heads, who take any of those actions (or become a Tiburon client in any other way, are invited.

三个有用的链接： Tiburon 市场研讨会、Tiburon 会议演讲、Tiburon 研究报告。潜在客户也可以通过联系莎拉·塞奇，来成为 Tiburon 的客户。

Three useful links: Tiburon Market Seminars Tiburon Conference Speeches Tiburon Research Reports Prospective clients can also contact Sarah Sage about becoming Tiburon clients.

提伯伦首席执行官峰会的媒体参与政策：提伯伦为每届提伯伦首席执行官峰会制定了媒体政策。根据客户及演讲者的要求，有时会允许部分媒体代表参与提伯伦首席执行官峰会上的媒体活动。

Tiburon CEO Summits Media Attendee Policy Tiburon defines a media policy for each Tiburon CEO Summit. Depending on client & speaker requests, sometimes select media representatives are permitted to participate in a media program at Tiburon's CEO Summits.

为蒂伯龙 CEO 峰会 XX 期，特定媒体将受邀出席并参与以下活动：

蒂伯龙 CEO 峰会 XX 期主题开幕演讲，由蒂伯龙管理合伙人奇普·罗姆主讲
蒂伯龙 CEO 峰会 XX 期颁奖典礼

维持蒂伯龙 CEO 峰会的开放性需要制定若干媒体政策：

寻求入场的媒体代表应曾与蒂伯龙媒体关系经理合作，并利用过蒂伯龙的核心研究
媒体代表应计划将蒂伯龙 CEO 峰会的所学用于故事创作，若适用需注明出处
媒体代表必须尊重蒂伯龙 CEO 峰会参会者的权利，即任何声明均可被指定为不可公开发表
媒体代表不得记录、印刷或以其他方式使用消费者座谈会嘉宾的姓氏及财务信息

蒂伯龙乐于邀请媒体代表参加其 CEO 峰会，并传播关于持续关注消费者需求、挑战传统智慧及承担责任的信息。但话虽如此，坦率开放的对话将始终优先于媒体报道。

For Tiburon CEO Summit XX, select media will be welcome to attend and participate in the following events: Tiburon CEO Summit XX Keynote Opening Presentation by Tiburon Managing Principal Chip Roame Tiburon CEO Summit XX Awards Presentations A few media policies are necessary for maintaining the openness of the Tiburon CEO Summits: Media representatives seeking entrance should have previously worked with Tiburon's media relations manager leveraging Tiburon's core research Media representatives should be planning to utilize Tiburon CEO Summit learnings in story development, with attribution if appropriate Media representatives must respect that Tiburon CEO Summit attendees have the right to declare any statement as not for publication Media representatives shall not record, print, or otherwise use the last names and financial information of consumer panelists Tiburon is happy to have media representatives attend its CEO Summits and spread the word about maintaining a focus on consumer needs, challenging conventional wisdom, & taking responsibility. But that said, frank and open conversations will be prioritized every time over media coverage.

蒂伯龙首席执行官峰会赞助商由于大量高管级客户对参加其首席执行官峰会有着极大的需求，蒂伯龙如今将首席执行官峰会设在纽约州纽约市和加利福尼亚州旧金山的丽思卡尔顿酒店举行。多家蒂伯龙的长期客户支持了这一举措。

Tiburon CEO Summit XX 的赞助商 Tiburon 客户包括 Advisor Software、Alston & Bird、Charles Schwab、Dunham & Associates、Envestnet Asset Management、EverBank Financial、Fidelity Investments、Fiserv Investment Services、Genworth Financial Wealth Management、Jefferson National Financial、LPL Financial、Meridian-IQ、State Street Global Advisors 与 TD Ameritrade Institutional，这些公司为 Tiburon CEO Summit XX 提供了财务支持。

Tiburon CEO Summit XX Sponsors Tiburon clients Advisor Software, Alston & Bird, Charles Schwab, Dunham & Associates, Envestnet Asset Management, EverBank Financial, Fidelity Investments, Fiserv Investment Services, Genworth Financial Wealth Management, Jefferson National Financial, LPL Financial, Meridian-IQ, State Street Global Advisors, & TD Ameritrade Institutional are offering financial support for Tiburon CEO Summit XX.

蒂伯龙 CEO 峰会二十周年·赞助商

蒂伯龙 CEO 峰会二十周年·赞助机会

过去十年来，为持续与客户分享研究成果，蒂伯龙举办了一系列独特的半年度活动，名为“蒂伯龙 CEO 峰会”。除发布蒂伯龙的研究成果外，每届蒂伯龙 CEO 峰会都会邀请一批顶级 CEO 级演讲嘉宾，举办分组讨论会、非正式晚宴，并提供大量时间让资深客户群体进行社交。为保持私密氛围，每届蒂伯龙 CEO 峰会限定 200 位 CEO 级参加者，且均为蒂伯龙的客户。蒂伯龙的客户包括投资管理公司、银行、经纪公司、保险公司、相关科技公司及其他企业的 CEO。坦率地说，许多参加者很可能是最适合该 CEO 峰会赞助商的客户或合作伙伴。

Tiburon CEO Summit XX Sponsors Tiburon CEO Summit XX Sponsorship Opportunities In an ongoing effort to share its research with its clients, for the past ten years, Tiburon has hosted a unique series of semi-annual events called the Tiburon CEO Summits. Aside from presenting Tiburon research, each Tiburon CEO Summit features a terrific list of CEO-level guest speakers, break-out sessions, casual dinners, and lots of networking time with a very senior group of clients. To maintain an intimate setting, each Tiburon CEO Summit is limited to 200 CEO-level attendees, all of whom are Tiburon clients. Tiburon clients include CEOs from investment management firms, banks, brokerage firms, insurance companies, related technology companies, & other firms. Frankly, many of the attendees are likely clients or partners of the most appropriate CEO Summit sponsors.

蒂伯龙旨在建立一个仅由二十位赞助商构成的赞助团，这些赞助商需能设想长期参与。成为蒂伯龙首席执行官峰会赞助商的费用为 1.5 万美元（参加每年两场首席执行官峰会则需 3 万美元）。蒂伯龙首席执行官峰会赞助商还需要提供联系人名单。蒂伯龙首席执行官峰会赞助商将获得：蒂伯龙研究报告访问计划（年度订阅）（价值 2.5 万美元）；赞助商所有首席级高管及执行副总裁的参会资格；两个免费客户名额（同样限首席级高管及执行副总裁）；更广泛的参与机会；参会权限及增强的社交机会；宣传及品牌关联。要成为蒂伯龙首席执行官峰会赞助商，请发送电子邮件至莎拉·塞奇。莎拉或蒂伯龙团队的其他成员将乐于向任何符合条件的参会者（例如，首席级高管、执行副总裁及其他业务负责人）更详细地解释赞助商权益包。

Tiburon seeks to build a sponsor group of just twenty sponsors who can envision participating for the long-term. The cost to become a sponsor for a Tiburon CEO Summit is $15,000 ($30,000 for the two CEO Summits each year). Tiburon CEO Summit sponsors are also asked to contribute contacts lists. Tiburon CEO Summit sponsors receive: Tiburon Research Report Access Program (annual subscription) ($25,000 value) Attendance for all sponsor C-level executives and executive vice presidents Two free client passes (again for C-level executives and executive vice presidents) Broader participation opportunities Attendee access & enhanced networking Publicity & brand association To become a Tiburon CEO Summit Sponsor, please email Sarah Sage. Sarah or another Tiburon team member will be happy to explain the sponsor benefit package in more detail to any qualified attendee (e.g., C level executives, executive vice presidents, & other business heads).

蒂伯龙首席执行官峰会的媒体赞助方：由于大量高管级客户对参加其首席执行官峰会的需求惊人增长，蒂伯龙目前已在纽约州纽约市和加利福尼亚州旧金山的丽思卡尔顿酒店举办其首席执行官峰会。几位蒂伯龙的长期客户对此举措给予了支持。

Tiburon CEO Summit Media Sponsors Due to the incredible demand from a large number of its executive-level clients to attend its CEO Summits, Tiburon now holds its CEO Summits at the Ritz Carlton Hotels in New York, NY & San Francisco, CA. Several long-time Tiburon clients has supported Tiburon in this move.

Tiburon 首席执行官峰会第 20 届媒体赞助商 Tiburon 的客户 American Banker、Bank Investment Consultant、Barron's、Financial Advisor、Financial Planning、Money Management Executive、On Wall Street、Private Wealth、Registered Rep 和 Trusts & Estates 正在协助推广 Tiburon 首席执行官峰会第 20 届。

Tiburon CEO Summit XX Media Sponsors Tiburon clients American Banker, Bank Investment Consultant, Barron's, Financial Advisor, Financial Planning, Money Management Executive, On Wall Street, Private Wealth, Registered Rep, and Trusts & Estates are assisting in promoting Tiburon CEO Summit XX.

所有媒体赞助商为每届 CEO 峰会投放两版整版广告（一版宣传活动，一版感谢演讲嘉宾和赞助商）。

All media sponsors run two full page advertisements for each CEO Summit that they sponsor (one promoting the event and one thanking the speakers and sponsors).

蒂伯龙 CEO 峰会 XX 媒体赞助商蒂伯龙 CEO 峰会 XX 媒体赞助机会为持续与客户分享研究成果，过去十年里，蒂伯龙举办了一系列独特的半年度活动，名为蒂伯龙 CEO 峰会。除呈现蒂伯龙的研究外，每届蒂伯龙 CEO 峰会还邀请一批出色的 CEO 级嘉宾演讲，设有分组讨论、非正式晚宴，以及与高阶层客户群体进行大量社交的时间。为保持亲密氛围，每届蒂伯龙 CEO 峰会仅限 200 位 CEO 级与会者，均为蒂伯龙客户。蒂伯龙客户包括投资管理公司、银行、经纪公司、保险公司、相关科技公司及其他企业的 CEO。坦率地说，许多与会者很可能是最合适的 CEO 峰会媒体赞助商的客户或合作伙伴。

Tiburon CEO Summit XX Media Sponsors Tiburon CEO Summit XX Media Sponsorship Opportunities In an ongoing effort to share its research with its clients, for the past ten years, Tiburon has hosted a unique series of semi-annual events called the Tiburon CEO Summits. Aside from presenting Tiburon research, each Tiburon CEO Summit features a terrific list of CEO-level guest speakers, break-out sessions, casual dinners, and lots of networking time with a very senior group of clients. To maintain an intimate setting, each Tiburon CEO Summit is limited to 200 CEO-level attendees, all of whom are Tiburon clients. Tiburon clients include CEOs from investment management firms, banks, brokerage firms, insurance companies, related technology companies, & other firms. Frankly, many of the attendees are likely clients or partners of the most appropriate CEO Summit media sponsors.

缇伯龙计划组建一个面向金融服务行业出版物的媒体赞助商团体，这类出版物能够设想长期参与。缇伯龙不向媒体赞助商寻求资金，而是简单的用一些广告版面交换与传统赞助商相同的权利。所有媒体赞助商在其赞助的每届 CEO 峰会上刊登两版整页广告（一版用于推广活动，一版用于感谢演讲嘉宾和赞助商）。缇伯龙 CEO 峰会的媒体赞助商还被要求提供联系人名单。缇伯龙 CEO 峰会赞助商将获得：缇伯龙研究报告访问计划（年度订阅）（价值 2.5 万美元）；所有赞助商 C 级高管及执行副总裁的参会资格；两张免费客户入场券（同样仅限 C 级高管及执行副总裁）；更广泛的参与机会；与会者接触与加强社交机会；宣传与品牌关联。要成为缇伯龙 CEO 峰会媒体赞助商，请发送电子邮件至 Sarah Sage。Sarah 或其他缇伯龙团队成员将乐于向任何符合条件的与会者（例如，C 级高管、执行副总裁及其他业务负责人）更详细地解释赞助商权益包。

Tiburon seeks to build a media sponsor group of publications that serve the financial services industry who can envision participating for the long-term. Tiburon seeks no funding from media sponsors but rather a simple swap of some advertising space for the same rights as a traditional sponsor. All media sponsors run two full page advertisements for each CEO Summit that they sponsor (one promoting the event and one thanking the speakers and sponsors). Tiburon CEO Summit media sponsors are also asked to contribute contacts lists. Tiburon CEO Summit sponsors receive: Tiburon Research Report Access Program (annual subscription) ($25,000 value) Attendance for all sponsor C-level executives and executive vice presidents Two free client passes (again for C-level executives and executive vice presidents) Broader participation opportunities Attendee access & enhanced networking Publicity & brand association To become a Tiburon CEO Summit Media Sponsor, please email Sarah Sage. Sarah or another Tiburon team member will be happy to explain the sponsor benefit package in more detail to any qualified attendee (e.g., C level executives, executive vice presidents, & other business heads).

提伯伦第 20 届 CEO 峰会赞助方由于大量高管客户对参加 CEO 峰会的需求极为旺盛，提伯伦现在在纽约州纽约市和加利福尼亚州旧金山的丽思卡尔顿酒店举办 CEO 峰会。多位提伯伦长期客户，包括 Advisor Software、Alston & Bird、嘉信理财、Dunham & Associates、Envestnet Asset Management、EverBank Financial、富达投资、Fiserv Investment Services、Genworth Financial Wealth Management、Jefferson National Financial、LPL Financial、Meridian-IQ、道富环球顾问和 TD Ameritrade Institutional，为本届（第 20 届）提伯伦 CEO 峰会提供资金支持；媒体赞助方则包括《美国银行家》《银行投资顾问》《巴伦周刊》《财务顾问》《财务规划》《资金管理高管》《华尔街日报》《私人财富》《注册代表》和《信托与遗产》。提伯伦对此支持深表感谢。

Tiburon CEO Summit XX Sponsors Due to the incredible demand from a large number of its executive-level clients to attend its CEO Summits, Tiburon now holds its CEO Summits at the Ritz Carlton Hotels in New York, NY & San Francisco, CA. Several long-time Tiburon clients, including Advisor Software, Alston & Bird, Charles Schwab, Dunham & Associates, Envestnet Asset Management, EverBank Financial, Fidelity Investments, Fiserv Investment Services, Genworth Financial Wealth Management, Jefferson National Financial, LPL Financial, Meridian-IQ, State Street Global Advisors, & TD Ameritrade Institutional are offering financial support for Tiburon CEO Summit XX, while media sponsors include American Banker, Bank Investment Consultant, Barron's, Financial Advisor, Financial Planning, Money Management Executive, On Wall Street, Private Wealth, Registered Rep, and Trusts & Estates. Tiburon is grateful for this assistance.

蒂伯龙 CEO 峰会第 XX 届赞助商蒂伯龙 CEO 峰会第 XX 届媒体赞助商蒂伯龙 CEO 峰会第 XX 届赞助商 Advisor Software Advisor Software 是理财顾问市场财富管理解决方案的领先供应商。公司的机构化传统是其创立和产品开发战略的核心。该公司首席执行官安德鲁·拉德曾是 Barra 公司的联合创始人兼前首席执行官，Barra 在投资组合风险管理领域引领市场，并最终被摩根士丹利收购。Advisor Software 利用机构级别的分析工具，使理财顾问能够制定富有洞察力且可操作的投资计划，帮助投资者实现其目标。

Tiburon CEO Summit XX Sponsors Tiburon CEO Summit XX Media Sponsors Tiburon CEO Summit XX Sponsors Advisor Software Advisor Software is a leading provider of wealth management solutions for the advisor market. Advisor Software’s institutional heritage is at the core of its founding and product development strategy. The firm’s CEO Andrew Rudd was a co-founder and the former CEO of Barra, a company which led the market in portfolio risk management and was eventually acquired by Morgan Stanley. Advisor Software leverages institutional-caliber analytics, enabling financial advisors to create insightful actionable investment plans to help investors achieve their goals.

Advisor Software 率先开发出首款企业级再平衡解决方案，以及一项获得专利的、以目标为导向的投资平台，该平台将机构级分析能力与财务规划的资产负债表方法结合在一起。Advisor Software 的应用专为各类资产管理公司、经纪交易商、银行、保险公司、在线经纪商及其他金融机构设计，帮助这些机构及其顾问提供更具洞察力、更可操作的投资建议，并建立更牢固、更有利可图的客户关系。2009 年 12 月，Advisor Software 收购了投资管理公司 Advisor Partners，后者为独立财务顾问提供投资组合管理解决方案。更多关于 Advisor Software 的信息，可访问其网站 www.AdvisorSoftware.Com 了解。

Advisor Software pioneered the first enterprise rebalancing solution and a patented goal-directed investment platform that combines institutional-caliber analytics and a balance sheet approach to financial planning. Advisor Software’s applications are designed for a wide range of asset management firms, broker-dealers, banks, insurance companies, online brokerages, and other financial institutions, enabling these institutions and their advisors to deliver more insightful, actionable investment advice and build stronger, more profitable client relationships. In December 2009, Advisor Software purchased Advisor Partners, an investment management firm providing the independent financial advisor with portfolio management solutions. More about Advisor Software can be learned at it’s web site at www.AdvisorSoftware.Com.

Advisor Software 在 Tiburon 第 20 届 CEO 峰会有 Neal Ringquist 和 Andrew Rudd 出席。可通过 [email protected] 或 925-444-1350 联系 Neal。可通过 [email protected] 或 925-444-1320 联系 Andrew。

Advisor Software is represented at Tiburon CEO Summit XX by Neal Ringquist & Andrew Rudd. Neal can be reached at [email protected] or 925-444-1350. Andrew can be reached at [email protected] or 925-444-1320.

Alston & Bird Alston & Bird 成立于 1893 年，是一家领先的 Am Law 100 律所，在亚特兰大、夏洛特、达拉斯、洛杉矶、纽约、三角研究园、硅谷、文图拉县和华盛顿特区均设有办事处。该所的 800 名律师为国内外客户提供全方位的服务。该所的核心业务领域是知识产权、复杂诉讼、公司及税务，并在全国范围内重点关注能源与可持续发展、医疗保健、金融服务和公共政策等行业。

Alston & Bird Alston & Bird was founded in 1893 and is a leading Am Law 100 firm, with offices in Atlanta, Charlotte, Dallas, Los Angeles, New York, Research Triangle, Silicon Valley, Ventura County, & Washington, DC. The firm’s 800 attorneys provide a full range of services to domestic and international clients. The firm’s core practice areas are intellectual property, complex litigation, corporate & tax, with national industry focuses on energy & sustainability, health care, financial services, and public policy.

Alston & Bird 已连续十一年入选《财富》杂志的“100 家最佳雇主”榜单，这在美国律所中是前所未有的成就。这一认可体现了该所的企业文化以及其开展法律实务和为客户提供服务的环境。在 BTI 2010 年客户服务 30 强排名中，Alston & Bird 位列第四——这是客户评选出的客户服务绝对最佳的精英律所。更多关于 Alston & Bird 的信息可访问其网站 www.Alston.Com。

Alston & Bird has been ranked on Fortune magazine’s 100 Best Companies to work for list for eleven consecutive years, an unprecedented accomplishment among law firms in the United States. The recognition speaks to the culture of the firm and the environment in which it practices law and provides service to clients. Alston & Bird is ranked fourth in BTI’s Client Service 30 for 2010 - the elite law firms that clients rank as absolute best at client service. More about Alston & Bird can be learned at it’s web site at www.Alston.Com.

Alston & Bird 出席第 20 届蒂伯龙首席执行官峰会的代表是 Dave Baum、David Brown、Chris Frieden、Randy Moore 和 Tim Selby。可通过 [email protected] 或 202-239-3346 联系 Dave；可通过 [email protected] 或 202-239-3345 联系 David；可通过 [email protected] 或 404-881-7457 联系 Chris；可通过 [email protected] 或 404-881-7794 联系 Randy；可通过 [email protected] 或 212-210-9494 联系 Tim。

Alston & Bird is represented at Tiburon CEO Summit XX by Dave Baum, David Brown, Chris Frieden, Randy Moore, & Tim Selby. Dave can be reached at [email protected] or 202-239-3346; David can be reached at [email protected] or 202-239-3345; Chris can be reached at [email protected] or 404-881-7457; Randy can be reached at [email protected] or 404-881-7794; & Tim can be reached at [email protected] or 212-210-9494.

Charles Schwab 嘉信理财公司为个人投资者以及与他们合作的独立投资顾问提供证券经纪和金融服务。

Charles Schwab The Charles Schwab Corporation provides securities brokerage and financial services to individual investors and independent investment advisors who work with them.

机构服务部门为独立投资顾问、雇主和第三方福利计划管理人提供专门支持，包括四个业务单元，各专注于一组不同的客户需求。顾问服务部提供托管、交易、技术、执业管理等服务，支持超过 6000 家独立投资顾问及其服务的客户。退休计划服务部为数千家雇主管理捆绑式的工作场所退休计划，代表超过 150 万名退休计划参与者。公司经纪服务部处理与经纪相关的公司服务，包括股票计划服务、指定经纪服务、共同基金清算以及仅面向雇主的投资销售。退休业务服务部服务于退休顾问和独立记录保管人，并管理嘉信银行的商业信托部门。更多关于嘉信理财公司的信息可访问其网站 www.AboutSchwab.Com。

Institutional Services provides dedicated support for independent investment advisors, employers, & third-party benefit plan administrators, and includes four business units, each focused on a distinct set of client needs. Advisor Services provides custody, trading, technology, practice management, & other services to support more than 6,000 independent investment advisors and the clients they serve. Retirement Plan Services manages bundled workplace retirement plans for thousands of employers representing more than 1.5 million retirement plan participants. Corporate Brokerage Services handles brokerage-related corporate services, including stock plan services, designated brokerage, mutual fund clearing, & investment-only sales to employers. Retirement Business Services serves retirement advisors and independent record keepers and manages the Business Trust division of Charles Schwab Bank. More about The Charles Schwab Corporation can be learned at it’s web site at www.AboutSchwab.Com.

嘉信理财公司出席第 20 届蒂伯龙首席执行官峰会的代表是 Trish Cox。可通过 [email protected] 或 720-785-7600 联系 Trish。

The Charles Schwab Corporation is represented at Tiburon CEO Summit XX by Trish Cox. Trish can be reached at [email protected] or 720-785-7600.

Dunham & Associates Dunham & Associates 成立于 1985 年，提供一系列共同基金，这些基金采用基于业绩的次级顾问薪酬机制，通常也称为支点费率（fulcrum fees）。Dunham 基金可以单独购买，也可以作为一站式资产管理计划的一部分。基金目标从资本保值到激进增长不等。

Dunham & Associates Dunham & Associates was founded in 1985 and offers a family of mutual funds with performance-based sub-advisor compensation, also commonly known as fulcrum fees. Dunham Funds are available individually or as part of a turnkey asset management program. Fund objectives range form capital preservation to aggressive growth.

Dunham 信托公司是一家独立附属机构，提供传统的信托服务，包括资产保护、特殊需求信托、管理、遗嘱认证服务、继任规划、慈善捐赠等服务。更多关于 Dunham & Associates 的信息可访问其网站。Dunham & Associates、Dunham 基金和 Dunham 信托公司出席第 20 届蒂伯龙首席执行官峰会的代表是 Sal Capizzi 和 Jeffrey Dunham。可通过 [email protected] 或 858-964-0500 联系 Sal。可通过 [email protected] 或 858-964-0500 联系 Jeffrey。

Dunham Trust Company, an independent affiliate, offers traditional trust services including asset protection, special needs trusts, administration, probate services, succession planning, charitable giving, & other services. More about Dunham & Associates can be learned at it’s web site at Dunham & Associates, Dunham Funds, and Dunham Trust Company are represented at Tiburon CEO Summit XX by Sal Capizzi & Jeffrey Dunham. Sal can be reached at [email protected] or 858-964-0500. Jeffrey can be reached at [email protected] or 858-964-0500.

Envestnet Asset Management Envestnet 资产管理公司为独立财务顾问提供独立管理账户、共同基金和另类投资。Envestnet 的投资产品由一个专有技术平台支持，该平台为全国的独立投资顾问公司提供定制化的财务顾问网站、统一视图和全面的报告能力。

Envestnet Asset Management Envestnet Asset Management delivers separately managed accounts, mutual funds, & alternative investments to independent financial advisors. Envestnet’s investment offerings are supported by a proprietary technology platform that delivers customized financial advisor web sites, consolidated views, & comprehensive reporting abilities to the nation’s independent investment advisory firms.

Envestnet 总部位于芝加哥，在丹佛、洛杉矶、纽约、硅谷以及海外设有办事处。Envestnet 管理和管理的资产超过 380 亿美元，拥有超过 40 万个投资者账户。更多关于 Envestnet 资产管理公司的信息可访问其网站 www.Envestnet.Com。

Envestnet is headquartered in Chicago with offices in Denver, Los Angeles, New York, Silicon Valley, & internationally. Envestnet has more than $38 billion in assets under management and administration with over 400,000 investor accounts. More about Envestnet Asset Management can be learned at it’s web site at www.Envestnet.Com.

Envestnet 出席第 20 届蒂伯龙首席执行官峰会的代表是 Mike Apker、Bill Crager、Viggy Mokkarala 和 Babu Sivadasan。可通过 [email protected] 或 650-279-9626 联系 Mike；可通过 [email protected] 或 212-642-7440 联系 Bill；可通过 [email protected] 或 408-962-7845 联系 Viggy；可通过 [email protected] 或 510-209-8691 联系 Babu。

Envestnet is represented at Tiburon CEO Summit XX by Mike Apker, Bill Crager, Viggy Mokkarala, & Babu Sivadasan. Mike can be reached at [email protected] or 650-279-9626; Bill can be reached at [email protected] or 212-642-7440; Viggy can be reached at [email protected] or 408-962-7845; & Babu can be reached at [email protected] or 510-209-8691.

EverBank Financial EverBank 金融公司在全国范围内提供全面的银行、贷款和投资服务。这些金融服务包括直接面向消费者的服务、财务顾问服务、批发贷款、供应商融资以及抵押贷款生产和服务。EverBank 总资产约 110 亿美元，存款约 90 亿美元。

EverBank Financial EverBank Financial provides full service banking, lending, & investing services nationwide. These financial services include direct to consumer services, financial advisor services, wholesale lending, vendor financing, and mortgage production & servicing. EverBank has total assets of about $11.0 billion with about $9.0 billion in deposits.

EverBank Direct 在全国范围内开展消费者直接银行业务和贷款业务，存款超过 63 亿美元。EverBank 为寻求全球货币多元化的客户提供 WorldCurrency 存款系列，并开发了 EverBank Metals Select，为寻求贵金属市场敞口的客户托管贵金属。EverBank 的社区银行部门已从其最初的佛罗里达州杰克逊维尔基地扩展到覆盖南佛罗里达的东西海岸，这得益于 2010 年通过 FDIC 援助对佛罗里达银行的收购。EverBank 的顾问计划为财务规划公司和投资专业人士提供向客户提供抵押贷款和银行服务的机会。EverBank 的商业金融业务（前身为 Tygris）为全国范围内医疗保健、办公设备和技术市场的商业客户提供产品融资和租赁解决方案。EverBank 的 EverHome 抵押贷款公司为本金余额超过 550 亿美元的贷款提供抵押贷款服务和次级服务。更多关于 EverBank 金融公司的信息可访问其网站。EverBank 出席第 20 届蒂伯龙首席执行官峰会的代表是 Frank Trotter。可通过 [email protected] 或 314-951-1600 联系 Frank。

EverBank Direct operates nationally in consumer direct banking & lending with over $6.3 billion in deposits. EverBank offers the WorldCurrency family of deposits to clients seeking global currency diversification and has developed EverBank Metals Select to hold precious metals in custody for clients seeking exposure to these markets. EverBank’s Community Banking division has expanded from its original base in Jacksonville, FL to cover the east and west coast of south Florida through FDIC assisted acquisition of Bank of Florida in 2010. EverBank’s Advisors Program provides financial planning firms & investment professionals the opportunity to offer mortgage & banking services to clients. Ever Bank’s Commercial Finance business (formerly Tygris) provides product financing & leasing solutions nationwide to business customers in the healthcare, office equipment, & technology markets. EverBank’s EverHome Mortgage Company provides mortgage loan servicing and sub-servicing on loans with principal balances in excess of $55 billion. More about EverBank Financial can be learned at it’s web site at EverBank is represented at Tiburon CEO Summit XX by Frank Trotter. Frank can be reached at [email protected] or 314-951-1600.

Fidelity Investments 富达投资是全球最大的金融服务提供商之一，管理资产超过 3.1 万亿美元，其中管理资产为 1.4 万亿美元。该公司成立于 1946 年，是投资管理、退休规划、投资组合指导、经纪、福利外包以及众多其他金融产品和服务的领先提供商，服务超过 2000 万个人客户。

Fidelity Investments Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of over $3.1 trillion, including managed assets of $1.4 trillion. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, & many other financial products & services to more than 20 million individuals.

富达在经纪商/交易商和注册投资顾问领域也拥有非常强大的地位，为超过 5000 家中介机构提供清算和托管服务，这些中介机构代表了金融服务行业中最著名的一些公司。更多关于富达的信息可访问其网站 www.Fidelity.Com。

Fidelity also maintains a very strong presence in the broker/dealer and registered investment advisor space by providing clearing and custody services to over 5000 intermediaries representing some of the most prominent names in the financial services industry. More about Fidelity can be learned at it’s web site at www.Fidelity.Com.

富达投资出席第 20 届蒂伯龙首席执行官峰会的代表是 Scott Couto、Mike Durbin、Gail Graham、Mark Katzelnick、Sarah Libbey、Sanjiv Mirchandani、Laura Pollard 和 Maggie Serravalli。可通过 [email protected] 或 617-392-0905 联系 Scott；可通过 [email protected] 或 617-392-8580 联系 Mike；可通过 [email protected] 或 617-563-3336 联系 Gail；可通过 [email protected] 或 201-915-6818 联系 Mark；可通过 [email protected] 或 617-563-6176 联系 Sarah；可通过 [email protected] 或 617-563-7520 联系 Sanjiv；可通过 [email protected] 或 617-563-9901 联系 Laura；可通过 [email protected] 或 212-335-6047 联系 Maggie。

Fidelity Investments is represented at Tiburon CEO Summit XX by Scott Couto, Mike Durbin, Gail Graham, Mark Katzelnick, Sarah Libbey, Sanjiv Mirchandani, Laura Pollard, & Maggie Serravalli. Scott can be reached at [email protected] or 617-392-0905; Mike can be reached at [email protected] or 617-392-8580; Gail can be reached at [email protected] or 617-563-3336; Mark can be reached at [email protected] or 201-915-6818; Sarah can be reached at [email protected] or 617-563-6176; Sanjiv can be reached at [email protected] or 617-563-7520; Laura can be reached at [email protected] or 617-563-9901; & Maggie can be reached at [email protected] or 212-335-6047.

Fiserv Investment Services Fiserv 是全球金融服务技术解决方案的领导者。该公司既是财富 500 强企业，又在金融服务行业顶级合作伙伴的 Fin Tech 100 调查中排名第一。Fiserv 在支付、处理服务、风险合规、客户和渠道管理、洞察与优化等领域提供领先解决方案。该公司服务超过 16000 家经理人、一站式资产管理提供商（TAMP）、信用合作社、抵押贷款机构和租赁公司。

Fiserv Investment Services Fiserv is a worldwide leader in financial services technology solutions. The firm is both a Fortune 500 company and ranked number one on the Fin Tech 100 survey of top partners to the financial services industry. Fiserv is a leader in solutions for payments, processing services, risk compliance, customer & channel management, and insights & optimization. The firm more than 16,000 managers, turnkey asset management providers (TAMPs), credit unions, mortgage lenders, & leasing companies.

Fiserv 投资服务为数百家金融服务组织提供广泛的投资管理解决方案和外包服务。Fiserv 是管理账户领域领先的投资组合管理和交易平台。该公司近期收购了 Advice America，并凭借业界领先的财务规划和提案工具，现在能够为金融行业提供首个全方位的解决方案，包括财务规划、投资组合管理、交易和客户报告。Fiserv 的解决方案组合实现了统一管理家庭和基于目标的投资管理的愿景。Fiserv 还通过其软件解决方案支持机构业务，这些解决方案包括投资组合会计、交易后处理以及费用计费和收入管理。更多关于 Fiserv 的信息可访问其网站 www.Fiserv.Com。

Fiserv Investment Services provides a broad range of investment management solutions and outsourced services to hundreds of financial services organizations. Fiserv is the leading portfolio management and trading platform for managed accounts. The firm recently acquired Advice America and, with an industry leading financial planning & proposal tool, can now deliver the first of its kind total solution to the financial industry which includes financial planning, portfolio management, trading, & client reporting. Fiserv’s portfolio of solutions delivers on the vision of the unified managed household and goals based investment management. Fiserv also supports institutional business through its software solutions that include portfolio accounting, post trade processing, and fee billing & revenue management. More about Fiserv can be learned at it’s web site at www.Fiserv.Com.

Fiserv 和 Fiserv 投资服务出席第 20 届蒂伯龙首席执行官峰会的代表是 Peter Crenier、Sean Gallagher、Mike Gianoni、Cheryl Nash 和 Brandon Sharrett。可通过 [email protected] 或 201-369-3566 联系 Peter；可通过 [email protected] 或 201-234-5454 联系 Sean；可通过 [email protected] 或 201-748-3224 联系 Mike；可通过 [email protected] 或 201-324-5106 联系 Cheryl；可通过 [email protected] 或 201-324-5111 联系 Brandon。

Fiserv and Fiserv Investment Services are represented at Tiburon CEO Summit XX by Peter Crenier, Sean Gallagher, Mike Gianoni, Cheryl Nash, & Brandon Sharrett. Peter can be reached at [email protected] or 201-369-3566; Sean can be reached at [email protected] or 201-234-5454; Mike can be reached at [email protected] or 201-748-3224; Cheryl can be reached at [email protected] or 201-324-5106; & Brandon can be reached at [email protected] or 201-324-5111.

Genworth Financial Wealth Management Genworth Financial 是一家上市全球金融安全公司，资产超过 1000 亿美元，业务遍及超过 25 个国家。该公司被纳入标普 500 指数，代表美国领先公司，并位列财富 500 强。

Genworth Financial Wealth Management Genworth Financial is a publicly traded global financial security company with more than $100 billion in assets and a presence in more than 25 countries. The firm is recognized in Standard & Poor's 500 index of leading US companies and is ranked in the Fortune 500.

Genworth Financial 财富管理与独立财务顾问合作，帮助他们建立卓越的业务。这包括提供一个开放架构的平台，涵盖投资管理、执业管理和客户管理服务。Genworth Financial 财富管理总部位于加利福尼亚州旧金山附近，在洛杉矶、芝加哥和圣地亚哥设有办事处。Genworth Financial 财富管理拥有超过 230 亿美元的客户资产和超过 6000 个财务顾问关系。Genworth Financial 财富管理是服务高净值投资者和独立财务顾问需求的领先公司。更多关于 Genworth Financial 财富管理的信息可访问其网站。Genworth Financial 出席第 20 届蒂伯龙首席执行官峰会的代表是 Gurinder Ahluwalia、Ron Cordes、Michael Kim、John Murray 和 Enrique Vasquez。可通过 [email protected] 或 925-521-2747 联系 Gurinder；可通过 [email protected] 或 925-788-0227 联系 Ron；可通过 [email protected] 或 925-521-2703 联系 Michael；可通过 [email protected] 或 925-521-2272 联系 John；可通过 [email protected] 或 847-330-7904 联系 Enrique。

Genworth Financial Wealth Management works with independent financial advisors to help them build great businesses. This entails offering an open architecture platform of investment management, practice management, & client management services. Genworth Financial Wealth Management is headquartered near San Francisco, CA and has offices in Los Angeles, Chicago, & San Diego. Genworth Financial Wealth Management has over $23 billion in client asses & over 6,000 financial advisor relationships. Genworth Financial Wealth Management is a leading company in servicing the needs of high net worth investors & independent financial advisors. More about Genworth Financial Wealth Management can be learned at it’s web site at Genworth Financial is represented at Tiburon CEO Summit XX by Gurinder Ahluwalia, Ron Cordes, Michael Kim, John Murray & Enrique Vasquez. Gurinder can be reached at [email protected] or 925-521-2747; Ron can be reached at [email protected] or 925-788-0227; Michael can be reached at [email protected] or 925-521-2703; John can be reached at [email protected] or 925-521-2272; & Enrique can be reached at [email protected] or 847-330-7904.

Jefferson National Financial Jefferson National 是为按费用收费和仅按费用收费的财务顾问提供金融产品的公认创新者。该公司创建了一个新的产品类别，并随着其旗舰产品 Monument Advisors 的推出改变了行业观念——这是第一款具有固定保险费用和包含超过 300 只基金的税收递延投资平台的变额年金。Jefferson National 已连续三年成为 RIA 销售的第一产品，帮助财务顾问管理更多资产，并帮助其客户节省了近 1000 万美元的保险费用。Jefferson National 通过开发领先的技术平台、高效运营和具有成本效益的服务能力，为未来增长奠定了坚实基础。该公司为按费用收费和仅按费用收费的财务顾问提供的最新创新资源是一个新推出的 TPIA Marketplace，提供来自一组精选的知名第三方投资顾问的一系列经过验证的资产管理策略。

Jefferson National Financial Jefferson National is a recognized innovator of financial products for fee-based and fee-only financial advisors. The company created a new product category and changed industry perceptions with the launch of its flagship product, Monument Advisors - the first variable annuity wit a flat insurance fee and a tax-deferred investing platform of more than 300 funds. Jefferson National has been the number one RIA-sold product for three consecutive years, helping financial advisors bring more assets under management, and helping their clients save nearly $10 million in insurance fees. Jefferson National has built a strong foundation for future growth by developing a leading technology platform, highly efficient operations, and cost-effective servicing capabilities. The firm’s latest innovative resource for fee-based and fee-only financial advisors is a newly launched TPIA Marketplace offering a range of proven asset management strategies from a selected group of recognized third-party investment advisors.

杰斐逊国家公司服务超过 5 万名客户，拥有超过 4.4 万个账户和超过 21 亿美元的资产。该公司注册在得克萨斯州达拉斯市，在 49 个州和哥伦比亚特区拥有经营授权，运营主体位于肯塔基州路易斯维尔，并在纽约市设有办事处。更多关于杰斐逊国家金融公司的信息，可访问其网站 www.JeffNat.Com 了解。

Jefferson National serves more than 50,000 customers with more than 44,000 accounts and more than $2.1 billion in assets. The company is domiciled in Dallas, TX with authority in 49 states and the District of Columbia, operations in Louisville, KY, and offices in New York, NY. More about Jefferson National Financial can be learned at it’s web site at www.JeffNat.Com.

杰斐逊国家公司出席蒂伯龙 CEO 峰会 XX 的代表是米奇·卡普兰、拉里·格林伯格、戴维·刘和戴维·斯米洛。可通过 [email protected] 或 212-220-5845 联系米奇；可通过 [email protected] 或 212-220-5851 联系拉里；可通过 [email protected] 或 502-587-3842 联系戴维·刘；可通过 [email protected] 或 212-220-5832 联系戴维·斯米洛。

Jefferson National is represented at Tiburon CEO Summit XX by Mitch Caplan, Larry Greenberg, David Lau, & David Smilow. Mitch can be reached at [email protected] or 212-220-5845; Larry can be reached at [email protected] or 212-220-5851; David Lau can be reached at [email protected] or 502-587-3842; & David Smilow can be reached at [email protected] or 212-220-5832.

LPL Financial 是一家独立经纪商/交易商，拥有超过 2500 名员工，并在波士顿、夏洛特和圣迭戈设有办公室。该公司及其附属公司向超过 12000 名独立财务顾问以及金融机构的财务顾问提供专有技术、全面的清算与合规服务、执业管理项目与培训以及独立研究。

LPL Financial LPL Financial is an independent broker/dealer with over 2,500 employees and offices in Boston, Charlotte, & San Diego. The firm and its affiliates offer proprietary technology, comprehensive clearing & compliance services, practice management programs & training, and independent research to over 12,000 independent financial advisors and financial advisors at financial institutions.

此外，该公司还为超过 4,000 名隶属于保险公司并持有牌照的财务顾问提供定制化的清算、咨询计划及技术解决方案。更多关于 LPL Financial 的信息，可访问其官网 www.LPL.Com 了解。

Additionally the firm supports over 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory programs, & technology solutions. More about LPL Financial can be learned at it’s web site at www.LPL.Com.

LPL Financial 在蒂伯龙第 20 届首席执行官峰会上由马克·卡萨迪、乔恩·伊顿和斯蒂芬·朗格卢瓦代表出席。可通过 [email protected] 或 617-897-4040 联系马克；可通过 [email protected] 或 858-909-7222 联系乔恩；可通过 [email protected] 或 617-897-4393 联系斯蒂芬。

LPL Financial is represented at Tiburon CEO Summit XX by Mark Casady, Jon Eaton, & Stephen Langlois. Mark can be reached at [email protected] or 617-897-4040; Jon can be reached at [email protected] or 858-909-7222; & Stephen can be reached at [email protected] or 617-897-4393.

Meridian-IQ 成立于 2010 年，由多位在金融顾问市场从事营销、销售与分析工作超过二十年的行业高管创立。管理团队意识到，市场需要一种能将顶级金融顾问数据库与更便于识别及合作的应用工具相结合的解决方案。

Meridian-IQ Meridian-IQ was founded in 2010 by industry executives who have spent over two decades marketing to, selling to, & analyzing the financial advisor market. The executive team recognized that there was a need to create solutions that combine the best-in-class database of financial advisors with applications that make it easier to identify and work with the financial advisor community.

Meridian-IQ RIA 为全美金融顾问提供准确、扎实、独特且可执行的数据。Meridian-IQ 拥有工作流工具，使与金融顾问合作以及向金融顾问销售产品变得更加容易。该系统由金融顾问市场的高管设计，公司凭借行业领先的产品开发不断更新其数据库。Meridian-IQ 还提供一项名为 Meridian-DHS（数据卫生服务）的专有服务。Meridian-DHS 是一种外包、高性价比且可定制的解决方案，面向那些在数据卫生与维护方面寻求专家支持的公司。更多关于 Meridian-IQ 的信息可访问其网站。Meridian-IQ 由 Gary Liberman 与 Nick Stuller 在第二十届 Tiburon CEO 峰会代表出席。可通过 [email protected] 或 646-867-6450 联系 Gary。可通过 [email protected] 或 917-533-5593 联系 Nick。

Meridian-IQ RIA delivers an accurate, robust, unique, & actionable data on financial advisors across the country. Meridian-IQ has workflow tools that make it easier to work with - and sell to -financial advisors. The system was designed by executives in the financial advisor market and the firm constantly evolves its database with industry-leading product development. Meridian-IQ also offers a proprietary service called Meridian-DHS (Data Hygiene Services). Meridian-DHS is an outsourced, cost-effective, & custom solution for firms seeking expert support in the area of data hygiene and maintenance. More about Meridian-IQ can be learned at it’s web site at Meridian-IQ is represented at Tiburon CEO Summit XX by Gary Liberman & Nick Stuller. Gary can be reached at [email protected] or 646-867-6450. Nick can be reached at [email protected] or 917-533-5593.

道富环球投资管理公司（State Street Global Advisors）隶属道富集团（State Street Corporation），为机构投资者提供金融服务，涵盖投资托管、投资管理以及投资研究与交易。该机构托管资产达 15.3 万亿美元，管理资产规模为 2.0 万亿美元，业务遍及全球 26 个国家、超过 100 个地理市场。

State Street Global Advisors State Street Corporation provides financial services to institutional investors, including investment servicing, investment management, & investment research & trading. With $15.3 trillion in assets under custody and $2.0 trillion in assets under management, State Street operates in 26 countries and more than 100 geographic markets worldwide.

道富环球投资管理公司为各种规模和投资目标的客户提供纪律严明的系统化投资策略。道富环球投资管理公司还为希望将投资管理项目的部分职能外包的客户提供整合解决方案与交易服务。更多关于道富环球投资管理公司的信息，可访问其网站了解。道富集团及道富环球投资管理公司由杰米·凯斯、斯科特·鲍尔斯和托尼·罗克特代表出席第 20 届蒂伯龙 CEO 峰会。联系杰米可发送邮件至 [email protected] 或致电 617-786-3000；联系斯科特可发送邮件至 [email protected] 或致电 617-664-6069；联系托尼可发送邮件至 [email protected] 或致电 617-664-2966。

State Street Global Advisors provides disciplined systematic investment strategies for customers of every size and investment objective. State Street Global Advisors offers integrated solutions & trading services to customers who wish to outsource aspects of their investment management programs. More about State Street Global Advisors can be learned at it’s web site at State Street Corporation & State Street Global Advisors are represented at Tiburon CEO Summit XX by Jamie Kase, Scott Powers & Tony Rochte. Jamie can be reached at [email protected] or 617-786-3000; Scott can be reached at [email protected] or 617-664-6069; & Tony can be reached at [email protected] or 617-664-2966.

德美利证券（TD Ameritrade）是一家在线经纪公司，总部位于内布拉斯加州奥马哈市，通过提供从传统折扣交易到高端产品的多种经纪服务，服务于活跃交易者、投资顾问及长期投资者。

TD Ameritrade Institutional TD Ameritrade is an online brokerage firm, based in Omaha, NE serving active traders, investment advisors, & long-term investors by providing a variety of brokerage services, ranging from traditional discount trading to advanced products.

TD Ameritrade 机构服务公司为超过 4，000 名收费型财务顾问及其客户提供全面的经纪和托管服务。该公司的先进技术平台让财务顾问能够高效运营业务，同时优化与客户相处的时间。TD Ameritrade 机构服务还提供丰富的产品、项目与服务组合，旨在帮助财务顾问发展业务，并同时协助其客户实现财务目标。更多关于 TD Ameritrade 的信息，可访问其网站 www.TDAmeritrade.Com。

TD Ameritrade Institutional Services provides comprehensive brokerage and custody services to more than 4,000 fee-based financial advisors and their clients. The firm's advanced technology platform allows financial advisors to run their practices efficiently while optimizing time with clients. TD Ameritrade Institutional also provides a robust offering of products, programs, & services designed to help financial advisors build their businesses, and at the same time help their clients reach their financial goals. More about TD Ameritrade can be learned at it’s web site at www.TDAmeritrade.Com.

TD Ameritrade 与 TD Ameritrade Institutional 在第 20 届 Tiburon 首席执行官峰会上由 Tom Bradley、Skip Schweiss、Ram Subramaniam 和 Paul Zettl 代表出席。Tom 的联系方式为 [email protected] 或 201-369-8499；Skip 为 [email protected] 或 303-294-5853；Ram 为 [email protected] 或 201-369-5927；Paul 为 [email protected] 或 201-369-5822。

TD Ameritrade & TD Ameritrade Institutional are represented at Tiburon CEO Summit XX by Tom Bradley, Skip Schweiss, Ram Subramaniam, & Paul Zettl. Tom can be reached at [email protected] or 201-369-8499; Skip can be reached at [email protected] or 303-294-5853; Ram can be reached at [email protected] or 201-369-5927; & Paul can be reached at [email protected] or 201-369-5822.

蒂伯龙首席执行官峰会第二十届媒体赞助商《美国银行家》《银行投资顾问》《美国银行家》是服务于银行投资项目中金融顾问及资深销售与金融服务业界的领先新闻与分析信息资源。《美国银行家》网站（Banker.com）是一个面向银行业专业人士的完整信息平台，也是 Source Media 银行集团的主要线上目的地。该网站按垂直市场板块划分，并收录了我们姊妹刊物《美国银行家》和《银行技术新闻》的主页。《银行投资顾问》的更多信息可访问其网站 www.BankInvestmentConsultant.Com。更多关于《银行投资顾问》的内容可参见 Bruce Morris 在蒂伯龙首席执行官峰会第二十届上的发言。

Tiburon CEO Summit XX Media Sponsors American Banker Bank Investment Consultant Bank Investment American Banker Consultant is a news is the leading and analysis site for information resource serving the banking financial advisers and senior sales and financial services community. American management in bank investment programs. Banker.com, is a complete information The site covers a range of topics pertinent to platform for banking professionals and the financial advisors, helping readers to acquire primary online destination for Source quality clients, to understand increasingly Media's Banking Group. The site is complex products, and to run their practices organized into vertical market segments and more efficiently. More about Bank also contains the home pages of our sister Investment Consultant can be learned at it’s publications U.S. Banker and Bank web site at Technology News. More about American www.BankInvestmentConsultant.Com. Banker can be learned at it’s web site at at Tiburon CEO Summit XX by Bruce Morris.

《美国银行家》杂志在蒂伯龙的代表是布鲁斯·莫里斯，可通过布鲁斯[email protected] 或 212-803-8808 联系到他。

American Banker is represented at Tiburon Bruce can be reached at CEO Summit XX by Bruce Morris. Bruce can [email protected] or 212-be reached at 803-8808. [email protected] or 212-803-8808.

《巴伦周刊》是美国首屈一指的财经杂志之一。《巴伦周刊》提供上周交易与金融活动的全面市场统计信息和策略，同时其专题报道和专栏前瞻性地预测公司及市场可能发生的情况。更多关于《巴伦周刊》的信息可访问其网站 www.Barrons.Com。《巴伦周刊》在蒂伯龙首席执行官峰会 XX 上由埃德·芬恩和斯特林·谢伊代表出席。埃德可通过 [email protected] 或 212-416-2157 联系，斯特林可通过 [email protected] 或 212-597-5919 联系。

《财务顾问》杂志为财务顾问提供在日益复杂的环境中取得成功所需的基本市场信息和策略。该杂志专注于复杂的规划和投资策略，以及帮助财务顾问发展其业务的实践管理理念。《财务顾问》还举办众多会议。更多关于《财务顾问》的信息可访问其网站 www.FA-Mag.Com。《财务顾问》在蒂伯龙首席执行官峰会 XX 上由大卫·史密斯代表出席。大卫可通过 [email protected] 或 732-450-8866 联系。

Barron’s Financial Advisor Barron's is one of Financial Advisor delivers America's premier financial magazines. essential market Barron's delivers comprehensive statistics information and strategies on the preceding week's trading & financial that financial advisors activities while its feature stories and need to succeed in their increasingly columns look ahead at what's likely to complex environment. The magazine happen to companies and to the market. focuses on sophisticated planning and More about Barron’s can be learned at it’s investment strategies as well as practice web site at www.Barrons.Com. management ideas to help financial advisors build their firms. Financial Advisor also Barron’s is represented at Tiburon CEO produces numerous conferences. More Summit XX by Ed Finn & Sterling Shea. Ed about Financial Advisor can be learned at can be reached at [email protected] it’s web site at www.FA-Mag.Com. or 212-416-2157 & Sterling can be reached at [email protected] or 212-597- Financial Advisor is represented at Tiburon 5919. CEO Summit XX by David Smith. David can be reached at [email protected] or 732-450-8866.

《金融规划》杂志的《资金管理执行官》栏目致力于为独立理财师提供其业务及客户服务决策所需的必备信息。该周刊每期都会发布有关销售与营销策略、合规与运营变化及其他相关议题的分析。杂志网站专门服务于独立理财规划师的需求。《金融规划》还制作播客、举办会议、出版定制刊物及电子新闻简报，均提供深度分析与规划建议。更多信息可访问其网站：www.Financial-Planning.Com。

《金融规划》杂志由布鲁斯·莫里斯代表出席第二十届蒂伯龙首席执行官峰会。可电邮 [email protected] 或致电 212-803-8808 联系布鲁斯。

《资金管理执行官》的使命是提供深度行业分析，报道影响共同基金与资金管理行业的事件及议题。更多信息可访问其网站：www.MMExecutive.Com。

《资金管理执行官》由布鲁斯·莫里斯代表出席第二十届蒂伯龙首席执行官峰会。可电邮 [email protected] 或致电 212-803-8808 联系布鲁斯。

Financial Planning Money Management Executive Financial Planning's Money Management mission has been to Executive provides breaking news and in-deliver the essential information that depth industry analysis of the events and independent advisors need to make issues affecting the mutual fund and entire informed decisions about their business and money management industry. Each weekly the clients they serve. The magazine’s web issue contains intelligence on sales and site is dedicated to the needs of the marketing strategies, changes taking place independent financial planner. Financial affecting compliance and operations and Planning also produces podcasts, other such issues. More about Money conferences, custom publications and e- Management Executive can be learned at Newsletters, all covering in-depth analysis it’s web site at www.MMExecutive.Com. and planning advice. More about Financial Planning can be learned at it’s web site at Money Management Executive is www.Financial-Planning.Com. represented at Tiburon CEO Summit XX by Bruce Morris. Bruce can be reached at Financial Planning is represented at Tiburon [email protected] or 212CEO Summit XX by Bruce Morris. Bruce can 803-8808. be reached at [email protected] or 212-803-8808.

在华尔街私人财富管理领域，《华尔街私人财富》杂志为财务顾问提供思想领导力，深入洞察服务富裕人群的财务顾问及其他相关机构——涵盖全国性或区域性经纪公司——通过提供关于目标市场、竞争对手、最新金融与法律策略以及关键生活方式问题的前沿新闻和研究。《华尔街私人财富》杂志举办“创新另类投资策略会议”和“受托责任峰会”，并联合举办“内部 ETF 会议”。更多关于《华尔街私人财富》的信息，可访问其网站 www.PW-Mag.Com。

《华尔街私人财富》杂志由大卫·史密斯代表出席第 20 届蒂伯龙 CEO 峰会。可通过 [email protected] 联系大卫。

《华尔街》杂志为财务顾问提供思想领导力，深入洞察服务富裕人群的财务顾问及其他相关机构——涵盖全国性或区域性经纪公司——通过提供关于目标市场、竞争对手、最新金融与法律策略以及关键生活方式问题的前沿新闻和研究。《华尔街》杂志涵盖广泛话题，包括经纪人薪酬的最新变化、监管与法律方面的突发新闻、新产品发行、公司合并以及经纪人与高管在机构间的流动。《华尔街》杂志告诉读者如何提升职业生涯和业务实践，并为行业专家提供平台，就如何为客户投资组合实现最大回报给出实用指导。更多关于《华尔街》的信息，可访问其网站。

《华尔街》杂志由布鲁斯·莫里斯代表出席第 20 届蒂伯龙 CEO 峰会。可通过 [email protected] 或 212-803-8808 联系布鲁斯。

On Wall Street Private Wealth Private Wealth delivers thought On Wall Street leadership to financial advisors provides insight and analysis into the world and other providers who serve of financial advisors at national or regional the affluent by providing cutting-edge news brokerage firms. The magazine covers a and research on the target market, the wide range of topics, including the latest competition, the latest financial & legal changes in broker compensation, breaking strategies, and key lifestyle issues. Private news on the regulatory & legal fronts, new Wealth produces the Innovative Alternative product offerings, the consolidation of Investment Strategies conference and the companies, and the movement of brokers Fiduciary Summit, and co-produces the and top executives between firms. On Wall Inside ETFs conference. More about Street tells its readers how to promote their Private Wealth can be learned at it’s web careers and their practice, and gives a voice site at www.PW-Mag.Com. to industry experts to offer practical guidance for brokers on maximizing returns Private Wealth is represented at Tiburon in client portfolios. More about On Wall CEO Summit XX by David Smith. David can Street can be learned at it’s web site at be reached at [email protected] or On Wall Street is represented at Tiburon CEO Summit XX by Bruce Morris. Bruce can be reached at [email protected] or 212-803-8808.

*Registered Rep* 与 *Trusts & Estates* 是财富管理领域最受信赖的杂志。*Registered Rep* 服务于零售投资专业人士，面向经纪商、理财顾问和财务规划师，提供屡获殊荣的配套在线服务，在专业人士需要时随时随地向他们提供有针对性的行业趋势信息、公司动态和最新产品创新。*Registered Rep* 每月向编辑们报道这一不断变革的行业所面临的所有问题——从新产品到监管变革，再到执业管理话题。更多关于 *Registered Rep* 的信息，可在其网站 www.RegisteredRep.Com 上获取。*Trusts & Estates* 则为高净值个人及其家族提供咨询的顾问提供期刊。自 1904 年创刊以来，*Trusts & Estates* 由那些希望发表观点、分享最佳实践并增进对政府政策与法律决定理解的专业人士创办。如今，该期刊发表经同行评审的文章，由财富管理行业顶尖理财顾问撰写，并面向这些顾问。

Registered Rep Trusts & Estates Registered Rep is the Trusts & Estates is the most trusted magazine wealth management for the retail investment professional, journal for advisors to high-net-worth serving brokers, financial advisors and individuals and families. Trusts & Estates’ financial planners with award-winning suite of complementary online services coverage of industry trends, news about the provides industry professionals with targeted firms, and the latest products and information whenever and wherever they’re innovations. Each month, the editors of looking for it. Published since 1904, Trusts & Registered Rep cover all the issues facing Estates was conceived by professionals who this evolving profession - from new products wanted to air their views, share best to regulatory changes and practice- techniques, and promote understanding of management topics. More about government policy and legal decisions. Registered Rep can be learned at it’s web Today, the journal publishes peer-reviewed site at www.RegisteredRep.Com. articles written by and for the top financial advisors in the wealth management industry.

《注册代表》杂志在蒂伯龙由里奇·桑托斯代表出席，更多关于信托与遗产的内容可以通过首席执行官峰会 XX 了解。里奇的联系方式是电子邮箱 [email protected] 或访问其公司网站 www.TrustsandEstates.Com。

Registered Rep is represented at Tiburon More about Trusts & Estates can be learned CEO Summit XX by Rich Santos. Rich can at it’s web site at be reached at [email protected] or www.TrustsandEstates.Com.

212-204-4227.

Trusts & Estates 由 Rich Santos 代表出席第 XX 届蒂伯龙 CEO 峰会。可通过 [email protected] 或 212-204-4227 联系 Rich Santos。

Trusts & Estates is represented at Tiburon CEO Summit XX by Rich Santos. Rich can be reached at [email protected] or 212-204-4227.

提布伦首席执行官峰会第二十届志愿者提布伦首席执行官峰会的策划离不开众多人士的大力协助。提布伦首席执行官峰会的志愿者们投入数十小时确认参会者名单，并在现场提供协助。提布伦对他们的帮助深表感谢。

Tiburon CEO Summit XX Volunteers Tiburon's CEO Summits could not be planned without a lot of help from many others. Tiburon CEO Summit volunteers invest dozens of hours into confirming attendees and helping onsite. Tiburon is grateful for their assistance.

蒂芙·乔伊斯乔伊斯财务管理公司蒂伯龙 FA 圆桌会议蒂芙·乔伊斯是乔伊斯财务管理公司的创始人兼总裁，该公司为客户提供财务规划和投资管理服务。乔伊斯先生是注册负责人，并通过 LPL 金融公司提供证券服务。

Tif Joyce Joyce Financial Management Tiburon FA Roundtable Tif Joyce is founder & president of Joyce Financial Management, providing financial planning & investment management services to its clients. Mr. Joyce is registered principal with and offers securities through LPL Financial.

在成立乔伊斯财务管理公司之前，乔伊斯先生曾在 Liberty Financial 担任注册代表，为北加州一家社区银行的客户提供顾问服务。在此之前，蒂夫曾在美国运通财务顾问公司（American Express Financial Advisors，现名 Ameriprise Financial）担任财务顾问。

Prior to forming Joyce Financial Management, Mr. Joyce was a registered representative with Liberty Financial, serving as an advisor to clients of a northern California community bank. Prior to that, Tif was a financial advisor with American Express Financial Advisors (now Ameriprise Financial).

乔伊斯先生于 2000 年加入蒂伯龙的财务顾问圆桌计划，协助公司解决财务顾问和消费者的需求。蒂伯龙首席执行官峰会上的热门环节“问消费者”，常由 Tif 主持。乔伊斯先生现居加利福尼亚州索诺玛县，联系方式：[email protected] 或 707-874-3790。

Mr. Joyce joined Tiburon's Financial Advisor Roundtable program in 2000 to assist the firm in addressing financial advisor and consumer needs. Tif often manages the popular Ask the Consumers panel at Tiburon's CEO Summits. Mr. Joyce lives in Sonoma County, CA and can be reached directly at [email protected] or 707-874-3790.

Kirk Michie Triton Pacific Securities Kirk Michie 是 Triton Pacific Securities 的总裁，该公司是 Triton Pacific Group 的子公司。他负责指导公司的资本市场活动，包括融资、投资者关系以及营销传播。除了担任 Triton Pacific Capital Partners 投资委员会成员之外，他也是公司与投资者社区之间的主要联系纽带。在资产与财富管理机构的早期成长与发展阶段，Kirk 曾担任过多个关键职位，他一直是最早的变革推动者和倡导者，主张采用更全面、更具前瞻性的方法来为高净值个人和家族办公室提供金融服务。作为社交媒体的早期使用者，Kirk 在 LinkedIn、Twitter 上拥有庞大的网络存在，并且围绕这个快速增长的领域，有大量的纸质和电子媒体对他进行报道。此外，Michie 先生经常受邀在投资和家族办公室会议上发表演讲，主题包括：将另类资产整合到传统投资组合中、个人进行私募股权投资的益处、应税家族采用捐赠基金式投资风格、金融服务的未来，以及将社交媒体整合到投资顾问的营销传播中。

Kirk Michie Triton Pacific Securities Kirk Michie is president of Triton Pacific Securities, a subsidiary of the Triton Pacific Group. He directs the firm’s capital markets activities, including fund raising, investor relations, & marketing communications. In addition to being a member of Triton Pacific Capital Partners’ investment committee, he is also the firm’s primary linkage to the investor community. Having held several key positions in the early growth & development of asset and wealth management organizations Kirk has been an early change agent and advocate of more comprehensive & forward looking approaches to the delivery of financial services to wealth individuals and family offices. An early adopter of social media, Kirk has a substantial web presence via Linked In, Twitter, & substantial numbers of print & electronic media references around this rapidly growing arena. Additionally, Mr. Michie is a frequent speaker at investment and family office conferences on the subjects of integration of alternatives into traditional portfolios, benefits of private equity investing for individuals, endowment style investing for taxable families, the future of financial services, & the integration of social media into marketing communications for investment advisors.

在加入 Triton Pacific 之前，Kirk 曾领导 Kayne Anderson Rudnick 的私人客户部门发展，随后负责管理富国银行经纪业务部门旗下规模最大的区域销售团队之一。在面向客户的岗位上，Michie 先生先后在 Alliance Bernstein、Bessemer Trust、美林证券和 Swiss Bank Corporation 与高净值投资者及家族合作。

Prior to joining Triton Pacific, Kirk led the development of the Private Client division at Kayne Anderson Rudnick, and went on to run one of Wells Fargo Corporation’s brokerage division’s largest regional sales forces. In client facing roles, Mr. Michie worked with wealthy investors and families at Alliance Bernstein, Bessemer Trust, Merrill Lynch, & Swiss Bank Corporation.

米奇先生是蒂伯龙 FA 圆桌会议的长期成员，并且经常为蒂伯龙 CEO 峰会贡献内容。可通过 [email protected] 或（310） 943-4996 直接联系柯克。

Mr. Michie was a long time Tiburon FA Roundtable member and has been a frequent Tiburon CEO Summit contributor. Kirk can be reached directly at [email protected] or (310) 943-4996.

玛丽·斯威夫特影响力传播公司蒂布龙研究员玛丽·斯威夫特是影响力传播公司（Impact Communications）的首席执行官，这是一家全方位服务型公共关系与市场营销传播公司，服务于一批精选的独立财务顾问及合作机构。玛丽还担任 Source Media 旗下 Advisor Max 栏目的教练，并频繁在《财务规划》（Financial Planning）、《研究》（Research）、《财务顾问》（Financial Advisor）、《投资顾问》（Investment Advisor）、《转型》（Transitions）、《今日顾问》（Advisor Today）以及晨星顾问（Morningstar Advisor）等行业杂志上被引用或发表文章。斯威夫特女士是行业活动中的热门演讲者，曾多次在 FPA 全国及区域会议、NAPFA、洛克伍德大学以及 NFL 球员协会（财务顾问项目）等场合发言。玛丽合著了《只要给我答案：专家顾问解答你最紧迫的财务问题》（Just Give Me the Answer$: Expert Advisors Address Your Most Pressing Financial Questions）一书，并为《加勒特财务规划指南》（Garrett’s Guide to Financial Planning）撰写了营销章节。

Marie Swift Impact Communications Tiburon Fellow Marie Swift is CEO of Impact Communications, a full-service public relations & marketing communications firm serving a select group of independent financial advisors and allied institutions. Marie also serves as a coach for Source Media’s Advisor Max and is frequently quoted in or published by industry magazines such as Financial Planning, Research, Financial Advisor, Investment Advisor, Transitions, Advisor Today & Morningstar Advisor. Ms. Swift is a popular speaker at industry events, including multiple appearances at FPA national and regional events, NAPFA, Lockwood University, & the NFL Players Association (Financial Advisor Program). Marie is the co-author of Just Give Me the Answer$: Expert Advisors Address Your Most Pressing Financial Questions and contributed the marketing chapter to Garrett’s Guide to Financial Planning.

在 1993 年创立自己的公司之前，她曾在加利福尼亚州尔湾市的全球投资网络（Worldwide Investment Network）担任企业传播总监，帮助 FNIC 当时业绩最高的经纪人连续五年保持这一称号。她管理着二十名员工，为二十多位成功的注册代表、遗产规划师和财富经理提供支持。

Prior to establishing her own firm in 1993, she served as director of corporate communications for Worldwide Investment Network in Irvine, California, where she helped FNIC’s then top producer attain & maintain that title for five consecutive years. She managed a staff of twenty that supported two dozen successful registered representatives, estate planners, & wealth managers.

斯威夫特女士于 2007 年加入 Tiburon Fellow 项目，旨在向其客户介绍 Tiburon 研究与咨询服务的优势，并在公共关系、精准媒体投放和营销传播领域为 Tiburon 的客户提供协助。玛丽居住在堪萨斯州利伍德市，可通过 [email protected] 或电话 800-974-7753 直接联系到她。

Ms. Swift joined Tiburon’s Fellows program in 2007 to introduce her clients to the benefits of Tiburon's research & consulting services, and to offer assistance to Tiburon's clients in the areas of public relations, targeted media placement, & marketing communications. Marie lives in Leawood, KS and can be reached directly at [email protected] or 800-974-7753.

米奇·维杰维诺蒂宾根转折点合伙人米奇·维杰维诺是转折点公司的首席执行官，公司总部位于佛罗里达州克利尔沃特，成立于 1994 年，旨在为金融服务行业提供高管寻访与咨询服务。公司的首要目的是，通过指导客户识别、评估和获取其关键岗位上的最佳可用人才，将优秀公司与优秀人才连接起来。转折点公司专精于为经纪/交易商、保险公司、银行和投资顾问公司配置高素质专业人才。

Mitch Vigeveno Turning Point Tiburon Fellow Mitch Vigeveno is the CEO of Turning Point, based in Clearwater, FL, which was founded in 1994 to provide executive search & consulting services to the financial services industry. The first purpose is to connect great companies with great people by guiding its clients in the identification, assessment, & acquisition of the best available talent for their mission-critical positions. Turning Point specializes in placing high quality professionals with broker/dealers, insurance companies, banks, & investment advisory firms.

维赫维诺先生在金融服务领域拥有超过 25 年的经验，覆盖保险和证券两大业务板块。

Mr. Vigeveno has over 25 years of experience in financial services on both the insurance and securities sides of the business.

维格维诺先生于 2001 年加入 Tiburon 的 Fellows 项目，目的是向其客户介绍 Tiburon 研究与咨询服务的好处，并帮助 Tiburon 的客户寻找顶尖高管人才。维格维诺先生与 Tiburon 合作完成了一个关于独立经纪商/交易商产品服务的竞争分析研究项目。他曾在多本行业刊物发表文章并接受引用，包括《财务规划杂志》《财务顾问》《注册代表》《投资顾问》《投资新闻》及《华尔街之上》。Turning Point 是职业银行与金融服务网络以及 Top Echelon 网络的成员。米奇居住在佛罗里达州克利尔沃特，可直接通过 [email protected] 或 727-725-8876 或通过 Turning Point 网站联系他。Tiburon CEO 峰会现场志愿者 Tiburon 的 CEO 峰会的策划离不开众多人士的大量协助。Tiburon CEO 峰会现场志愿者投入数十小时帮助现场工作。Tiburon 对他们的帮助表示感激。

Mr. Vigeveno joined Tiburon’s Fellows program in 2001 to introduce his clients to the benefits of Tiburon's research & consulting services, and to offer assistance to Tiburon's clients in their search for top executive talent. Mr. Vigeveno worked collaboratively with Tiburon on a competitive analysis research project regarding the offerings of independent broker/dealers. He has written for, and been quoted in, several industry publications, including Financial Planning Magazine, Financial Advisor, Registered Representative, Investment Advisor, Investment News, & On Wall Street. Turning Point is a member of the career Banking & Financial Services Network and the Top Echelon Network. Mitch lives in Clearwater, FL and can be reached directly at [email protected] or 727-725-8876 or via Turning Point's web site at Tiburon CEO Summit Onsite Volunteers Tiburon's CEO Summits could not be planned without a lot of help from many others. The Tiburon CEO Summit onsite volunteers invest dozens of hours into helping onsite. Tiburon is grateful for their assistance.

玛丽·斯威夫特，Impact Communications 的 CEO；罗克珊·布雷切克，Impact Communications 的关系经理。Impact Communications 是一家全方位公关与营销传播公司，服务于精选的独立财务顾问及相关机构。斯威夫特女士是行业活动的常邀演讲嘉宾，曾在 FPA 全国及区域会议、NAPFA、洛克伍德大学以及 NFL 球员协会（财务顾问项目）等多次亮相。她是《只要给我答案：专家顾问解答你最紧迫的财务问题》一书的合著者，并为《加勒特理财指南》撰写了营销章节。罗克珊·布雷切克为财务顾问和金融机构提供营销、销售及公关支持已有十多年，此前曾在两家经纪自营商、一家大型保险公司、一家第三方资产管理公司以及 NFL 球员协会担任营销专业人士。作为 Impact Communications 的关系经理，布雷切克乐于与客户合作，提供专业支持、创意构思及引人注目的素材，以强化他们的营销和公关工作。

Maries Swift, Impact Communications Roxanne Brecek, Impact Communications Marie Swift is CEO of Impact Roxanne Brecek has been Communications, a full-service providing financial advisors & public relations & marketing financial institutions with communications firm serving a marketing, sales, & public select group of independent relations support for over a financial advisors and allied decade, having previously institutions. Ms. Swift is a worked as a marketing popular speaker at industry professional for two events, including multiple broker/dealers, a large appearances at FPA national insurance company, & a third-and regional events, NAPFA, party money management firm, Lockwood University and the NFL Players Association prior to joining Impact Communications. As a (Financial Advisor Program). Marie is the co-author of relationship manager for Impact Communications, Just Give Me the Answer$: Expert Advisors Address Roxanne enjoys partnering with clients to provide Your Most Pressing Financial Questions and professional support, creative ideas, & compelling contributed the marketing chapter to Garrett’s Guide to materials to strengthen their marketing & public Financial Planning. relations efforts.

斯威夫特女士于 2007 年加入蒂伯龙的 Fellows 项目，为她的客户介绍蒂伯龙研究咨询服务的优势，并在公关、精准媒体投放和营销传播领域为蒂伯龙的客户提供帮助。布雷切克女士居住在加利福尼亚州萨克拉门托，可直接通过 [email protected] 或 800-974-7753 联系。玛丽居住在堪萨斯州利伍德，可直接通过 [email protected] 或 800-974-7753 联系。

Ms. Swift joined Tiburon’s Fellows program in 2007 to Ms. Brecek lives in Sacramento, CA and can be introduce her clients to the benefits of Tiburon's reached directly at research & consulting services, and to offer assistance [email protected] or 800-to Tiburon's clients in the areas of public relations, 974-7753. targeted media placement, & marketing communications. Marie lives in Leawood, KS and can be reached directly at [email protected] or 800-974-7753.

莱斯利·斯威德，Impact Communications 公司

朱迪·乔伊斯，Joyce 金融管理公司

莱斯利·斯威德自 1987 年以来一直为朱迪·乔伊斯客户提供营销服务。作为 Impact Communications 团队的高级客户关系经理，她与客户在市场营销/公关策略、品牌建设、定位、信息传播和写作/编辑等领域合作。加入 Impact Communications 之前，莱斯利曾担任一家大型培训与绩效改进公司两个部门的营销总监，其职责包括广告、公共关系、贸易展会、直邮和宣传材料，以及内部沟通。

朱迪·乔伊斯是蒂夫·乔伊斯的妻子，也是他们在索诺玛县金融规划业务 Joyce 金融管理公司的商业伙伴。她是 LPL 金融公司的注册代表。乔伊斯女士居住在加利福尼亚州索诺玛县。她是蒂伯龙的友人，经常主动协助首席执行官峰会。可通过 [email protected] 或 707-874-3790 直接联系她。

Leslie Swid, Impact Communications Judy Joyce, Joyce Financial Management Leslie Swid has been providing Judy Joyce is Tif Joyce’s wife and clients with marketing services business partner in their Sonoma since 1987. As a Senior county-based financial planning Relationship Manager on the practice Joyce Financial Impact Communications team, Management. She is a registered she works with clients in the representative with LPL Financial. areas of marketing/PR strategy, branding, positioning, message Ms. Joyce lives in Sonoma County, development and writing/editing. CA. She is a friend to Tiburon and Prior to Impact Communications, often pitches in to help with the Leslie was marketing director for CEO Summits. She can be reached directly at two divisions of a large training and performance [email protected] or 707-874-3790. improvement company where her responsibilities included advertising, public relations, trade shows, direct mail and collateral materials, as well as internal communications.

斯维德女士可通过 [email protected] 或 800-974-7753 直接联系。

Ms. Swid can be reached directly at [email protected] or 800-974-7753.

提布龙首席执行官峰会第 20 届 2011 年 4 月 13-14 日 • 丽思卡尔顿酒店 • 纽约市，纽约州提布龙首席执行官峰会是一年举行两次的论坛，汇聚了来自传统行业各个领域的 200 多位金融服务业首席执行官，共同探讨高管层面的商业战略与机遇。

Tiburon CEO Summit XX April 13-14, 2011 • Ritz Carlton Hotel • New York, NY Tiburon’s CEO Summits are semi-annual forums where over 200 financial services industry CEOs from across traditional industry silos meet to discuss executive-level business strategies and opportunities.

四月举行的蒂伯龙第 20 届 CEO 峰会将邀请以下所有发言嘉宾：奇普·罗姆、基思·班克斯、杰克·博格尔、查尔斯·布兰德斯、戴维·卡罗尔——蒂伯龙公司管理合伙人、美国信托公司总裁、先锋集团创始人兼主席、布兰德斯投资合伙公司高级执行副总裁、第 20 届 CEO 峰会获奖者、富国银行、马克·卡萨迪——LPL 金融公司 CEO、里卡德·埃德尔曼——埃德尔曼金融服务公司 CEO、埃德·芬恩——《巴伦周刊》主编兼总裁、艾伦·索普——赫尔曼·弗里德曼公司董事总经理、第 20 届 CEO 峰会获奖者。蒂伯龙战略顾问公司——金融机构战略顾问：朱迪·巴伯、戴尔·布朗、罗恩·卡森、哈罗德·埃文斯基、杰夫·马乔恩卡尔达、乔·曼苏埃托、唐·菲利普斯、奇普·罗姆、迈尔·斯塔特曼、马克·尤斯科。蒂伯龙第 19 届 CEO 峰会于 2010 年 10 月 6 日至 7 日在加利福尼亚州旧金山的丽思卡尔顿酒店举行。

Tiburon CEO Summit XX this April will include all of the following speakers: Chip Roame Keith Banks Jack Bogle Charles Brandes David Carroll Managing Principal, Tiburon President, US Trust Founder, The Vanguard Group Chairman, Senior Executive Vice President, CEO Summit XX Award Recipient Brandes Investment Partners Wells Fargo Corporation Mark Casady Ric Edelman Ed Finn Allen Thorpe To Be Announced CEO, LPL Financial CEO, Edelman Financial Services Editor & President, Barron’s Managing Director, CEO Summit XX Award Recipient Hellman & Friedman TIBURON STRATEGIC ADVISORS Strategy Consultants to Financial Institutions Judy Barber Dale Brown Ron Carson Harold Evensky Jeff Maggioncalda Joe Mansueto Don Phillips Chip Roame Meir Statman Mark Yusko Tiburon CEO Summit XIX was held October 6-7, 2010 in San Francisco, CA, at the Ritz-Carlton Hotel.

蒂伯龙公司衷心感谢以下杰出演讲者的精彩发言：朱迪·巴伯（家族理财顾问公司首席执行官）、罗恩·卡森（卡森财富管理集团首席执行官）、杰夫·马吉奥卡拉达（金融引擎公司首席执行官）、唐·菲利普斯（晨星公司基金研究总裁，获奖者）、马克·尤斯科（摩根溪资本管理公司首席执行官）、戴尔·布朗（金融服务协会首席执行官）、哈罗德·埃文斯基（埃文斯基与卡茨公司总裁，获奖者）、乔·曼苏埃托（晨星公司首席执行官）、迈尔·斯塔特曼（圣克拉拉大学教授）。蒂伯龙公司深感自豪，超过 120 位 C 级客户拨冗出席：奇普·罗姆（蒂伯龙战略顾问公司管理负责人）；古林德·阿卢瓦利亚（Genworth 金融财富管理公司首席执行官）；迈克·阿普克（Envestnet 资产管理公司报告与数据聚合服务业务主管）；查克·鲍尔迪斯维勒（TCW 基金公司首席执行官）；朱迪·巴伯（家族理财顾问公司首席执行官）；托尼·巴特曼（第一全球资本公司首席执行官）；戴夫·鲍姆（阿尔斯通与伯德律师事务所合伙人）；乔丹·伯林（高级股票金融公司高级董事总经理）；汤姆·布拉德利（TD Ameritrade 机构服务公司总裁）；戴尔·布朗（金融服务协会首席执行官）；戴维·布朗（阿尔斯通与伯德律师事务所合伙人）；萨尔·卡皮齐（邓纳姆与联合投资顾问公司首席销售与营销官）；米奇·卡普兰（杰斐逊国家金融公司首席执行官）；罗恩·卡森（卡森财富管理集团首席执行官）；陈鹏（Ibbotson 联合公司总裁）；伯尼·克拉克（嘉信理财公司执行副总裁）；丹尼斯·克拉克（顾问合伙人公司总裁）；埃里克·克拉克（奥利安顾问服务公司总裁）；托德·克拉克（CLS 投资公司总裁）；克雷格·克洛伊德（Calvert 分销公司总裁）；史蒂夫·科恩（Pro Funds 集团首席战略官）；罗恩·科德斯（Genworth 金融财富管理公司联合主席）；特里什·考克斯（嘉信理财公司企业经纪服务部业务主管）；比尔·克雷格（Envestnet 资产管理公司总裁）；彼得·克雷尼尔（Fiserv 公司信息系统业务主管）；本·库基耶（FTV 资本公司合伙人）；杰夫·丘萨克（Forward 管理公司总裁）；皮特·达里戈（Envestnet 资产管理公司首席财务官）；托德·戴维（阿尔斯通与伯德律师事务所合伙人）；迪克·戴维斯（联博资产管理公司高级董事总经理）；杰弗里·邓纳姆（邓纳姆与联合投资顾问公司首席执行官）；史蒂夫·邓拉普（Pershing 管理账户解决方案公司总裁）；迈克·德宾（富达机构财富服务公司总裁）；里克·埃德尔曼（埃德尔曼金融服务公司首席执行官）；辛西娅·伊根（普信集团退休计划服务公司总裁）；哈罗德·埃文斯基（埃文斯基与卡茨公司总裁）；汤姆·弗洛伦斯（361 资本公司负责人）；乔恩·福斯特（卡森财富管理集团总裁）；乔·吉尔（摩根溪资本管理公司董事总经理）；戴夫·戈茨（High Mark 资本管理公司首席投资官）；里奇·戈德曼（Security 全球投资者公司首席执行官）；克雷格·戈登（加拿大皇家银行通讯服务公司总裁）；拉里·格林伯格（杰斐逊国家金融公司总裁）；巴纳比·格里斯特（Cetera 金融集团执行副总裁）；布莱克·格罗斯曼（贝莱德公司副董事长）；马特·格罗夫（纽约人寿 RIA 业务主管）；吉姆·黑尔（FTV 资本公司创始合伙人）；AJ·哈珀（Pershing 管理账户解决方案公司联合总裁）；比尔·哈里斯（My Vest 公司与 Personal Capital 公司董事长）；皮特·赫斯（Advent 软件公司总裁）；加里·霍兰（《巴伦周刊》出版人）；戴维·霍姆斯（邓纳姆信托公司首席投资官）；鲍勃·休雷特（FTV 资本公司创始合伙人）；布赖恩·雅各布斯（Hatteras 基金公司首席执行官）；布莱斯·詹姆斯（Smart 投资组合公司总裁）；史蒂夫·贾纳乔夫斯基（Brouwer & Janachowski 公司首席执行官）；蒂夫·乔伊斯（乔伊斯金融管理公司总裁）；杰夫·兰开斯特（Bingham, Osborn, & Scarborough 公司负责人）；兰德尔·兰登（Lindner 资本顾问公司总裁）；斯蒂芬·朗格卢瓦（LPL 金融公司执行副总裁）；戴维·刘（杰斐逊国家金融公司首席运营官）；查克·刘易斯（My Vest 公司与 Personal Capital 公司首席执行官）；加里·利伯曼（Meridian-IQ 公司首席财务官）；罗伯特·林德纳（Lindner 资本顾问公司首席执行官）；朱莉·利特尔柴尔德（Advisor Impact 公司首席执行官）；乔·卢比（Jagen 投资公司首席执行官）；马特·林奇（Capital 分析师公司首席执行官）；杰夫·马吉奥卡拉达（金融引擎公司首席执行官）；诺曼·梅因斯（Forward 管理公司首席风险官）；弗兰克·马约拉诺（美国信托公司首席执行官）；乔·曼苏埃托（晨星公司首席执行官）；吉姆·麦库尔（嘉信理财公司执行副总裁）；帕特·麦基弗（Woodbury 金融公司首席执行官）；格里·麦格劳（富达机构公司总裁）；柯克·米奇（Triton 太平洋证券公司管理合伙人）；桑吉夫·米尔昌达尼（National 金融服务公司总裁）；维吉·莫卡拉拉（Envestnet 资产管理公司执行副总裁）；杰夫·蒙哥马利（Al Frank 资产管理公司首席执行官）；凯文·穆尼（Jagen 投资公司执行副总裁）；兰迪·摩尔（阿尔斯通与伯德律师事务所合伙人）；凯瑟琳·莫里森（Sun Star 公司首席执行官）；迈克·马尔卡希（Bridgeway 基金公司总裁）；谢丽尔·纳什（Fiserv 公司投资服务业务开发全球业务主管）；查理·尼尔森（Great West 退休服务公司总裁）；纽约见！

Tiburon would like to thank these outstanding speakers for their dynamic presentations: Judy Barber Ron Carson Jeff Maggioncalda Don Phillips Mark Yusko (CEO, Family Money Consultants) (CEO, Carson Wealth Management Group) (CEO, Financial Engines) Award Recipient (President, Fund Research, Morningstar) (CEO, Morgan Creek Capital Management) Dale Brown Harold Evensky Joe Mansueto Meir Statman (CEO, Financial Services Institute) (President, Evensky & Katz) Award Recipient (CEO, Morningstar) (Professor, Santa Clara University) Tiburon is proud that over 120 C-level clients took time out to attend: Chip Roame (Managing Principal, Tiburon Strategic Advisors); Gurinder Ahluwalia (CEO, Genworth Financial Wealth Management); Mike Apker (Business Head, Reporting & Data Aggregation Services, Envestnet Asset Thank you! See you Management); Chuck Baldiswieler (CEO, TCW Funds); Judy Barber (CEO, Family Money Consultants); Tony Batman (CEO, 1st Global Capital Corporation); Dave Baum (Partner, Alston & Bird); Jordan Berlin (Senior Managing Director, Advanced Equities Financial Corporation); Tom Bradley (President, TD Ameritrade Institutional Services); Dale Brown (CEO, Financial Services Institute); David Brown (Partner, Alston & Bird); Sal Capizzi (Chief Sales & Marketing Officer, Dunham & Associates Investment Counsel); Mitch Caplan (CEO, Jefferson National Financial); Ron Carson (CEO, Carson Wealth Management Group); Peng Chen (President, Ibbotson Associates); Bernie Clark (Executive Vice President, The Charles Schwab Corporation); Dennis Clark (President, Advisor Partners); Eric Clarke (President, Orion Advisor Services); Todd Clarke (President, CLS Investments); Craig Cloyed (President, Calvert Distributors); Steve Cohen (Chief Strategy Officer, Pro Funds Group); Ron Cordes (Co-Chairman, Genworth Financial Wealth Management); Trish Cox (Business Head, Corporate Brokerage Services Division, The Charles Schwab Corporation); Bill Crager (President, Envestnet Asset Management); Peter Crenier (Business Head, Information Systems, Fiserv Corporation); Ben Cukier (Partner, FTV Capital); Jeff Cusack (President, Forward Management); Pete D’Arrigo (Chief Financial Officer, Envestnet Asset Management); Todd David (Partner, Alston & Bird); Dick Davies (Senior Managing Director, Alliance Bernstein); Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel); Steve Dunlap (President, Pershing Managed Account Solutions); Mike Durbin (President, Fidelity Institutional Wealth Services); Ric Edelman (CEO, Edelman Financial Services); Cynthia Egan (President, Retirement Plan Services, T. Rowe Price Group); Harold Evensky (President, Evensky & Katz); Tom Florence (Principal, 361 Capital); Jon Foster (President, Carson Wealth Management Group); Joe Gil (Managing Director, Morgan Creek Capital Management); Dave Goerz (Chief Investment Officer, High Mark Capital Management); Rich Goldman (CEO, Security Global Investors); Craig Gordon (President, RBC Correspondent Services); Larry April 13-14, 2011 Greenberg (President, Jefferson National Financial); Barnaby Grist (Executive Vice President, Cetera Financial Group); Blake Grossman (Vice Chairman, Black Rock); Matt Grove (Business Head, RIA Business, New York Life); Jim Hale (Founding Partner, FTV Capital); AJ Harper (Co-President, Pershing Managed Account Solutions); Bill Harris (Chairman, My Vest Corporation & Personal Capital Corporation); Pete Hess (President, Advent Software); Gary Holland (Publisher, Barron’s); David Holmes (Chief Investment Officer, Dunham Trust Company); Bob Huret (Founding Partner, FTV Capital); Brian Jacobs (CEO, Hatteras Funds); Bryce James (President, Smart Portfolios); Steve Janachowski (CEO, Brouwer & Janachowski); Tif Joyce (President, Joyce Financial Management); Jeff Lancaster (Principal, Bingham, Osborn, & Scarborough); Randal Langdon (President, Lindner Capital Advisors); Stephen Langlois (Executive Vice President, LPL Financial); David Lau (Chief Operating Officer, Jefferson National Financial); Chuck Lewis (CEO, My Vest Corporation & Personal Capital Corporation); Gary Liberman (Chief Financial Officer, Meridian-IQ); Robert Lindner (CEO, Lindner Capital Advisors); Julie Littlechild (CEO, Advisor Impact); Joe Luby (CEO, Jagen Investments); Matt Lynch (CEO, Capital Analysts); Jeff Maggioncalda (CEO, Financial Engines); Norman Mains (Chief Risk Officer, Forward Management); Frank Maiorano (CEO, Trust Company of America); Joe Mansueto (CEO, Morningstar); Jim McCool (Executive Vice President, The Charles Schwab Corporation); Pat McEvoy (CEO, Woodbury Financial); Gerry McGraw (President, Fidelity Institutional); Kirk Michie (Managing Partner, Triton Pacific Securities); Sanjiv Mirchandani (President, National Financial Services); Viggy Mokkarala (Executive Vice President, Envestnet Asset Management); Jeff Montgomery (CEO, Al Frank Asset Management); Kevin Mooney (Executive Vice President, Jagen Investments); Randy Moore (Partner, Alston & Bird); Kathryn Morrison (CEO, Sun Star); Mike Mulcahy (President, Bridgeway Funds); Cheryl Nash (Global Business Head, Business Development, Investment Services, Fiserv Corporation); Charlie Nelson (President, Great West Retirement in New York!

克里斯汀·尼格罗（Axa Advisors 总裁）；迈克尔·奥基夫（美林财富管理投资管理与咨询业务负责人）；哈里·奥米利亚（Legg Mason Investment Counsel 首席执行官）；特里·奥顿（RS Investments 首席执行官）；格雷格·帕乔尔斯基（Albridge Solutions 首席执行官）；普尔纳·帕里克（Advice America 业务负责人）；戴维·珀金斯（Hatteras Funds 董事长）；唐·菲利普斯（晨星基金研究总裁）；约翰·菲利普斯（National Financial Services 执行副总裁）；詹姆斯·波尔（NFP Securities 首席执行官）；安迪·普特曼（Fortigent 首席执行官）；乔治·里德尔（普信集团中介分销业务负责人）；尼尔·林奎斯特（Advisor Software 总裁）；莎伦·里奇（The Hartford 美国财富管理首席运营官）；约翰·鲁尼（Commonwealth Financial Network 管理负责人）；安德鲁·拉德（Advisor Software 首席执行官）；保罗·谢弗（Forward Management 战略与思想领导力业务负责人）；斯基普·施韦斯（TD Ameritrade Trust Company 总裁）；杰克·谢伊（ReFlow Management 客户关系管理业务负责人）；斯特林·谢伊（《巴伦周刊》获奖顾问排名及会议项目业务负责人）；里克·席尔瓦（富国银行/瓦乔维亚股权结构化产品全球联席业务负责人）；巴布·西瓦达桑（Envestnet Asset Management 执行副总裁）；戴维·史密斯（《财务顾问》及《私人财富》杂志集团出版人）；克利夫·斯坦顿（Prima Capital Management 首席投资官）；迈尔·斯塔特曼（圣克拉拉大学教授）；尼克·斯图勒（Meridian-IQ 首席执行官）；约翰·瑟菲斯（Ever Bank Financial 执行副总裁）；玛丽·斯威夫特（Impact Communications 首席执行官）；艾伦·索普（Hellman & Friedman 董事总经理）；弗兰克·特罗特（Ever Bank Direct 总裁）；米奇·维杰维诺（Turning Point 首席执行官）；格雷格·维格拉斯（Folio Institutional 总裁）；史蒂夫·沃尔曼（Foliofn 首席执行官）；吉布·沃森（Prima Capital Management 首席执行官）；艾米·沃茨（JCPR 执行副总裁）；斯科特·韦尔奇（Fortigent 高级董事总经理）；贾宁·沃特海姆（Securities America Advisors/Securities America 总裁）；埃米特·赖特（西北互惠财富管理公司首席投资官）；金·赖特-维奥利奇（嘉信理财旗下 Schwab Charitable 总裁）；马克·尤斯科（Morgan Creek Capital Management 首席执行官）；杰米·齐格勒（AUM Partners 合伙人）。Tiburon 同时感谢那些长期客户，正是他们的赞助才使本次活动成为可能，赞助方包括：Charles Schwab and Ken Fisher Share Spotlight, Receive Awards at Tiburon CEO Summ…Page 1 of 3 Charles Schwab and Ken Fisher Share Spotlight, Receive Awards at Tiburon CEO Summit XVII 纽约，11 月 19 日/美通社/-- Tiburon Strategic Advisors 是一家服务于各类金融机构和投资管理公司的市场研究与战略咨询公司，近日将首届 Tiburon CEO Summit Awards 授予了 Charles Schwab（嘉信理财公司董事长）和 Ken Fisher（Fisher Investments 首席执行官）。本新闻稿重点介绍了两位获奖者发言中的一些关键观点。

Services); Christine Nigro (President, Axa Advisors); Michael O’Keeffe (Business Head, Investment Management & Guidance, Merrill Lynch Wealth Management); Harry O’Mealia (CEO, Legg Mason Investment Counsel); Terry Otton (CEO, RS Investments); Greg Pacholski (CEO, Albridge Solutions); Purna Pareek (Business Head, Advice America); David Perkins (Chairman, Hatteras Funds); Don Phillips (President, Fund Research, Morningstar); John Phillips (Executive Vice President, National Financial Services); James Poer (CEO, NFP Securities); Andy Putterman (CEO, Fortigent); George Riedel (Business Head, Intermediary Distribution, T. Rowe Price Group); Neal Ringquist (President, Advisor Software); Sharon Ritchey (Chief Operating Officer, US Wealth Management, The Hartford); John Rooney (Managing Principal, Commonwealth Financial Network); Andrew Rudd (CEO, Advisor Software); Paul Schaeffer (Business Head, Strategy & Thought Leadership, Forward Management); Skip Schweiss (President, TD Ameritrade Trust Company); Jack Shea (Business Head, Client Relationship Management, ReFlow Management); Sterling Shea (Business Head, Winner’s Circle Advisor Rankings & Conference Program, Barron’s); Rick Silva (Global Co-Business Head, Equity Structured Products, Wachovia Corporation, Wells Fargo Corporation); Babu Sivadasan (Executive Vice President, Envestnet Asset Management); David Smith (Group Publisher, Financial Advisor & Private Wealth Magazines); Cliff Stanton (Chief Investment Officer, Prima Capital Management); Meir Statman (Professor, Santa Clara University); Nick Stuller (CEO, Meridian-IQ); John Surface (Executive Vice President, Ever Bank Financial); Marie Swift (CEO, Impact Communications); Allen Thorpe (Managing Director, Hellman & Friedman); Frank Trotter (President, Ever Bank Direct); Mitch Vigeveno (CEO, Turning Point); Greg Vigrass (President, Folio Institutional); Steve Wallman (CEO, Foliofn); Gib Watson (CEO, Prima Capital Management); Amiee Watts (Executive Vice President, JCPR); Scott Welch (Senior Managing Director, Fortigent); Janine Wertheim (President, Securities America Advisors, Securities America); Emmett Wright (Chief Investment Officer, Northwestern Mutual Wealth Management Company); Kim Wright-Violich (President, Schwab Charitable, The Charles Schwab Corporation); Mark Yusko (CEO, Morgan Creek Capital Management); Jamie Ziegler (Partner, AUM Partners) Tiburon also thanks the long-time clients who made the event possible by sponsoring, including: Charles Schwab and Ken Fisher Share Spotlight, Receive Awards at Tiburon CEO Summ... Page 1 of 3 Charles Schwab and Ken Fisher Share Spotlight, Receive Awards at Tiburon CEO Summit XVII NEW YORK, Nov. 19 /PRNewswire/ -- Tiburon Strategic Advisors, a market research & strategy consulting firm serving a wide variety of financial institutions and investment managers, recently awarded its inaugural Tiburon CEO Summit Awards to Charles Schwab (Chairman, The Charles Schwab Corporation) & Ken Fisher (CEO, Fisher Investments). This release highlights some of the key points made by both award recipients.

Tiburon 的 CEO 峰会围绕两大主题展开：一是持续关注消费者需求，二是挑战传统智慧。为表彰在金融服务行业中出色运用其中一个或两个理念的领军人物，Tiburon 颁发了首届 Tiburon CEO 峰会奖项。嘉信理财公司董事长查尔斯·施瓦布荣获 Tiburon 的“持续关注消费者需求奖”；费舍尔投资公司首席执行官肯·费舍尔获得 Tiburon 的“挑战传统智慧奖”。Tiburon 相信，在快速演变的金融服务行业，持续关注消费者需求和挑战传统智慧是成功的关键之一。这些奖项于 2009 年 10 月 7 日在第 17 届 Tiburon CEO 峰会上颁发：嘉信理财公司董事长查尔斯·施瓦布——Tiburon 持续关注消费者需求奖。查尔斯·施瓦布于 1970 年代初期创立了这家以其名字命名的知名旧金山券商。此后，自 1986 年公司注册成立以来，他一直担任嘉信理财公司董事长。1986 年至 2008 年间，他还担任过首席执行官或联合首席执行官。如今，嘉信理财公司是美国领先的金融服务提供商之一，拥有 12,000 名员工、全国 300 多家分支机构、约 1,000 万个客户账户以及 1.2 万亿美元的客户资产。

Tiburon's CEO Summits are built around two key themes: Maintaining a focus on consumer needs Challenging conventional wisdom In the spirit of recognizing leaders in the financial services industry who have excelled at applying one or both of these concepts, Tiburon awarded its inaugural Tiburon CEO Summit Awards. Charles Schwab (Chairman, The Charles Schwab Corporation) received Tiburon's award for Maintaining a Focus on Consumer Needs. Ken Fisher (CEO, Fisher Investments) received Tiburon's award for Challenging Conventional Wisdom. Tiburon believes that maintaining a focus on consumer needs and challenging conventional wisdom are two of the keys to success in the rapidly evolving financial services industry. These awards were presented at Tiburon CEO Summit XVII on October 7, 2009: Charles Schwab (Chairman, The Charles Schwab Corporation) - Tiburon's Maintaining a Focus on Consumer Needs Award Charles Schwab started the well-known San Francisco based brokerage firm that goes by his name in the early 1970s. Subsequently, Mr. Schwab has served as chairman of The Charles Schwab Corporation since incorporation of the firm in 1986. He also served as CEO or co-CEO from 1986 to 2008. Today, The Charles Schwab Corporation is one of the nation's leading providers of financial services, with 12,000 employees, more than 300 branches nationwide, approximately 10 million client accounts, & $1.2 trillion in client assets.

施瓦布先生著有多本书籍，2008 年被任命为总统金融素养咨询委员会主席，并与妻子海伦共同创办了查尔斯与海伦·施瓦布基金会（Charles & Helen Schwab Foundation），担任联席主席。该基金会是一家非营利组织，专注于帮助有学习障碍的儿童，并通过预防贫困、解决无家可归问题和应对药物滥用等举措支持低收入家庭。

Mr. Schwab is the author of several books, was named chairman of the President's Advisory Council on Financial Literacy in 2008, and, along with his wife Helen, is the co-founder & chairman of the Charles & Helen Schwab Foundation, a nonprofit organization that focuses on helping children with learning disabilities and supporting low income families through initiatives in poverty prevention, homelessness, & substance abuse.

施瓦布先生获得了蒂布伦“持续聚焦消费者需求”奖，因为嘉信理财公司推出了众多以消费者为中心的创新举措，包括其折扣经纪业务、电话服务、分支机构、网上交易、共同基金超市，以及为独立收费财务顾问提供的托管、运营和交易支持服务。

Mr. Schwab was presented Tiburon's Maintaining a Focus on Consumer Needs award because of the numerous consumer-centric innovations of The Charles Schwab Corporation, including its discount Charles Schwab and Ken Fisher Share Spotlight, Receive Awards at Tiburon CEO Summ... Page 2 of 3 brokerage, telephone-based services, branches, web based trading, mutual fund supermarket, and its custodial, operational, & trading support services for independent fee-based financial advisors.

施瓦布先生与蒂伯龙执行合伙人奇普·罗梅对谈，探讨助他取得成功的若干因素，并就金融服务行业的现状分享了一些看法。以下为部分要点摘录：当罗梅先生问及施瓦布先生如何能在持续关注消费者需求的同时，不断为行业带来创新时，施瓦布先生表示，时机决定一切。他进一步指出，不仅要恰逢其时、身临其境，更要在机遇出现时识别并果断行动。施瓦布先生的核心观点之一是，他始终问自己：某个情况会对普通老百姓产生什么影响？正是这个考量，而非其他因素，促使他重新思考“顾客”的定义，并将“顾客”重新归类为“客户”。施瓦布先生将交易所交易基金（ETF）称为施瓦布的下一个重大举措。

Mr. Schwab sat down with Tiburon managing principal Chip Roame to discuss some of the factors that have contributed to his success as well as to discuss some of his opinions about the state of the financial services industry. Some of the highlights are included: When Mr. Roame asked how Mr. Schwab has been able to maintain a focus on consumer needs while also consistently introducing innovations to the industry, Mr. Schwab said that timing is everything. He went on to say that it is important not only to be in the right place at the right time, but to recognize and then act on opportunities as they present themselves. One of Mr. Schwab's key points was that he has always asked himself how a given situation will affect the common guy, and that this consideration, more than any other, caused him to rethink what a customer was and to reclassify customers as clients. Mr. Schwab referred to ETFs as Schwab's next big initiative.

当罗姆先生问及施瓦布先生对金融服务行业复苏驱动因素的见解时，施瓦布先生表示，美国中产阶级的基本价值观——家庭、储蓄、大学教育——仍然是考量如何接触客户的主要因素。他随后也承认，在思想层面如何推进存在争论，并表示无论何种情况，金融服务行业都必须进化，从本质上拥抱高道德标准。

When Mr. Roame asked about Mr. Schwab's insights into what might lead the recovery of the financial services industry, Mr. Schwab said that the basic fundamental values of middle America - family, saving, & college education - are still the leading factors in considering how to reach clients. He also went on to acknowledge the debate over how to move forward ideologically, and said that in any case, the financial services industry must evolve to inherently embrace high ethical standards.

有位现场股东问施瓦布先生，他是如何总能持续想出那些行之有效的点子的。施瓦布先生谈到了测试的价值——从小众市场起步，待测试成功验证后，再推向更大的市场。他特别提到，在考虑大众需求时，他经常从自己的需求出发。比如，施瓦布先生在自己的退休金账户中偏爱免佣共同基金，这或许就是嘉信理财公司共同基金市场的创意起源。

When an audience member asked how Mr. Schwab has been able to consistently generate ideas that work, Mr. Schwab talked about the value of testing - starting small market and moving bigger as successful testing warranted. He specifically mentioned that he has oftentimes considered his own needs when considering the needs of the masses. In one case, as Mr. Schwab preferred no-load mutual funds in his IRA account, this may have led to the genesis of the mutual fund marketplace at The Charles Schwab Corporation.

肯·费希尔（Ken Fisher，费希尔投资公司首席执行官）——“蒂伯龙挑战传统智慧奖”得主。自 1979 年创立费希尔投资公司起，肯·费希尔就一直担任首席执行官。他的公司是资产管理领域最大的直销商，如果按照某种定义，也是规模最大的收费型财务顾问公司。如今，费希尔投资拥有 950 名员工、85 名专业销售人员、数万名客户，管理资产规模超过 300 亿美元。

Ken Fisher (CEO, Fisher Investments) - Tiburon's Challenging Conventional Wisdom Award Ken Fisher has been CEO of Fisher Investments since founding the firm in 1979. His firm is the largest direct marketer in asset management and depending on one's definition, the largest fee-based financial advisor. Today, Fisher Investments has 950 employees, 85 professional sales people, tens of thousands of clients, and more than $30 billion assets under management.

肯·费希尔先生在 20 世纪 70 年代初的理论工作催生了一种被称为市销率（price-to-sales ratio）的工具，如今已成为金融课程的核心内容。费希尔先生还以其在《福布斯》杂志每月发表的“投资组合策略”金融投资专栏而闻名，他在该杂志的撰稿生涯长达 25 年，是这本拥有 92 年历史的杂志中任期第四长的专栏作家。他近期发表在专业学术期刊上的研究，侧重于行为金融学。

Mr. Fisher's theoretical work in the early 1970s yielded a tool known as the price-to-sales ratio, now a core element of financial curriculum. Mr. Fisher is also known for his Portfolio Strategy financial investment column featured monthly in Forbes magazine, where his 25-year tenure makes him the fourth longest-running columnist in the magazine's 92-year history. His recent research, published in professional & scholarly journals, focuses on behavioral finance.

费希尔先生之所以获得蒂布龙“挑战传统智慧奖”，是因为他在其业务的几乎每个方面都挑战了他人的趋势，包括使用直邮、网络广告和电视信息广告；采用专门的销售人员和一个独立的专门服务机构；避免招聘名牌大学的毕业生；基于电话的服务模式；以及定义明确的岗位描述和无可匹敌的劳动力专业化程度。

Mr. Fisher was presented Tiburon's Challenging Conventional Wisdom award because in almost every facet of his business he has challenged the trends of others, including his use of direct mail, web based advertising, & infomercials; the use of dedicated sales people and a separate dedicated service organization; aversion to hiring graduates of big name universities; telephone based service model; and well defined job descriptions with unparalleled levels of specialization of labor.

费希尔先生与蒂布龙管理合伙人奇普·罗姆进行了座谈，讨论了他成功的一些因素，以及他对金融服务行业现状的一些看法。部分亮点如下：查尔斯·施瓦布和肯·费希尔同台亮相，在蒂布龙 CEO 峰会上获奖……第 3 页共 3 页。当罗姆先生问费希尔先生是如何能够挑战传统智慧时，费希尔先生说，这个问题可以从内部和外部两个角度来思考。费希尔先生表示，在外部，他唯一真正的贡献是他在几十年前所做的市销率研究；但在内部，在费希尔投资公司，他每天都在挑战传统智慧，他说他更喜欢“从未实践过的方法”而不是“最佳实践”。

Mr. Fisher sat down with Tiburon managing principal Chip Roame to discuss some of the factors that have contributed to his success as well as to discuss some of Mr. Fisher's opinions about the state of the financial services industry. Some of the highlights are included: Charles Schwab and Ken Fisher Share Spotlight, Receive Awards at Tiburon CEO Summ... Page 3 of 3 When Mr. Roame asked how Mr. Fisher has been able to challenge conventional wisdom, Mr. Fisher said that there are two ways to think about the question - internally & externally. Mr. Fisher said that externally, his only real contribution has been the price-to-sales ratio work that he did in prior decades, but that internally, at Fisher Investments, he continues to challenge conventional wisdom daily, saying that he prefers never-yet-done-practices over best-practices.

当罗姆先生问及费希尔先生对可能引领金融服务行业复苏的见解时，费希尔先生说，金融服务专业人士必须率先推出对消费者有利的创新。他还表示，行业自律至关重要，任何决策都应始终伴随着“我做得对吗？”这样一种自我审视。

When Mr. Roame asked about Mr. Fisher's insights into what might lead the recovery of the financial services industry, Mr. Fisher said that financial services professionals must lead with innovations that are good for consumers. He also said it is vital that the industry monitor itself, that there always be a sense of Am I Doing the Right Thing? driving any decision that is made.

当一位现场观众问费希尔先生，尽管费希尔投资公司拥有非比寻常的销售导向型结构，但他是如何保持极高的客户留存率时，费希尔先生解释了将员工和客户都绑定到他的公司的价值。在绑定员工方面，费希尔先生讨论了每位员工需要具备广泛的经历和深厚的经验才能获得晋升的必要性。在绑定客户方面，他讨论了频繁的客户互动的重要性，特别是关于管理客户预期。他说，这两点对于维持一个稳健的业务都至关重要。

When an audience member asked how Mr. Fisher maintains very high client retention at Fisher Investments despite the firm's unusual sales-oriented structure, Mr. Fisher explained the value of binding both employees & clients to his firm. In binding employees to his firm, Mr. Fisher discussed the necessity of each employee having a breadth & depth of experience in order for promotion. In binding clients to his firm, Mr. Fisher discussed the importance of frequent client interactions and specifically about managing client expectations. He said that both considerations are important to maintaining a robust business.

第十七届蒂布龙 CEO 峰会于 2009 年 10 月 7 日至 8 日在加利福尼亚州旧金山的丽思卡尔顿酒店举行。第十八届蒂布龙 CEO 峰会将于 2010 年 4 月 14 日至 15 日在纽约州纽约市的丽思卡尔顿酒店举行。要了解更多关于这个面向金融服务 CEO 的独特辩论与社交论坛，请访问 www.TiburonAdvisors.com，如果您是符合条件的蒂布龙客户并希望参加即将举行的第十八届蒂布龙 CEO 峰会，请直接联系蒂布龙管理合伙人奇普·罗姆。联系方式可在 www.TiburonAdvisors.com 找到。

Tiburon CEO Summit XVII was held on October 7-8, 2009 at the Ritz Carlton Hotel in San Francisco, CA. Tiburon CEO Summit XVIII will be held April 14-15, 2010 at the Ritz Carlton Hotel in New York, NY. To learn more about this unique forum for debate & networking among financial services CEOs, go to www.TiburonAdvisors.com, or if you are a qualified Tiburon client and would like to attend the upcoming Tiburon CEO Summit XVIII, please contact Tiburon Managing Principal Chip Roame directly. Contact information can be found at www.TiburonAdvisors.com.

来源：蒂布龙战略顾问公司返回顶部相关链接查找本文：70454817.html c 勾选此框以包含文章中引用的链接列表。d e f g Ed Bernard Abby Cohen Steve Forbes Jim McCool Chip Roame Jonathan Steinberg David Tittsworth Fred Tomczyk 第十八届蒂布龙 CEO 峰会于 2010 年 4 月 14 日至 15 日在纽约州纽约市丽思卡尔顿酒店举行蒂布龙感谢七位出色的特邀演讲嘉宾：蒂布龙还要感谢几位使本次活动成为可能的长期客户，包括：他们精彩的演讲： Advisor Impact Folio Institutional Ed Bernard，副总裁，T. Rowe Price 集团 Advisor Software Genworth Financial Wealth Management Abby Cohen，总裁，全球市场研究所，高盛集团 Charles Schwab Institutional LPL Financial Steve Forbes，CEO，《福布斯》媒体 Dunham & Associates Mass Mutual Financial Group Jim McCool，执行副总裁，查尔斯·施瓦布公司 Envestnet Asset Management New York Life Jonathan Steinberg，CEO，Wisdom Tree 投资 Ever Bank Financial ReFlow David Tittsworth，执行董事，投资顾问协会 Fidelity Investments Silver Lane Advisors Fred Tomczyk，CEO，TD Ameritrade Fiserv Investment Services State Street Global Advisors TD Ameritrade Institutional 当然，蒂布龙特别感谢所有参加最近第十八届蒂布龙 CEO 峰会的 C 级高管客户： Chip Roame（管理合伙人，蒂布龙战略顾问公司），Rick Adler（CEO，Convergent Capital Management），Adam Antoniades（CEO，First Allied），Chuck Baldiswieler（CEO，TCW 基金，TCW 集团），Keith Banks（负责人，美国信托，谢谢，Columbia Management，及另类投资，美国银行公司），Tony Batman（CEO，1st Global Capital Corporation），Michael Bell（CEO，Curian Capital），Mark Benson（总裁，Banc of America Investments），Ed Bernard（副总裁，T. Rowe Price 集团），Philip Blancato（总裁，Ladenburg Thalman Asset Management），Chris Blunt（执行副总裁，纽约人寿保险公司），Stephanie Bogan（CEO，Quantuvis Consulting），John Cammack（主席，共同基金教育联盟），Frank Campanale（CEO，Advanced Equities Wealth Management），Sal Capizzi（首席销售与营销官，Dunham & Associates Investment Counsel），Amit Choudhury（管理合伙人，Pinnacle Partners Systems），Peter Cieszko（总裁，Fidelity Investments Institutional Services Company），John Clendening（执行副总裁，查尔斯·施瓦布公司），Mike Clinton（首席运营官，Loring Ward 集团），Frank Coates（CEO，Coates Analytics），Beth Cobert（董事，麦肯锡公司），Abby Cohen（总裁，全球市场研究所，高盛集团），Chris Collins（负责人，金融销售运营部，《华尔街日报》），Jenn Connelly（总裁，JCPR），Ron Cordes（联席主席，Genworth Financial Wealth Management），Scott Couto（负责人，产品管理，Fidelity Investments Institutional Services Company），Bill Crager（总裁，Envestnet Asset Management），Erika Cramer（合伙人，Silver Lane Advisers），Peter Crenier（负责人，业务发展，投资服务，Fiserv 公司），Ben Cukier（合伙人，FTV Capital），Wayne Cutler（董事总经理，Novantas），Pete D’Arrigo（首席财务官，Envestnet Asset Management），Dick Davies（高级董事总经理，Alliance Bernstein），Jeffrey Dunham（CEO，Dunham & Associates Investment Counsel），Steve Dunlap（首席运营官，Pershing Managed Account Solutions），Mike Durbin（总裁，机构财富服务，Fidelity Investments），Mitch Eichen（CEO，The MDE 集团），Randy Epright（首席运营官，AIG Advisor 集团），Mark Faircloth（副总裁，利率与外汇，TD Securities），Ed Farrell（财务总监，Alliance Bernstein），Steve Forbes（CEO，《福布斯》媒体），Rich Franchella（高级董事总经理，RBC Wealth Management），Rich Gershen（负责人，财富十月见管理，City National Corporation），Mike Gianoni（总裁，Fiserv Investment Services），Phillip Gillespie（总法律顾问，State Street Global Advisors），Craig Gordon（总裁，RBC Correspondent Services），Gail Graham（执行副总裁，营销，Fidelity Institutional Wealth Services），Dan Greenshields（总裁，Share Builder Securities Corporation），Bob Greer（执行副总裁，PIMCO），John Grogan（CEO，西北互惠财富管理公司），Matt Grove（负责人，RIA 业务，纽约人寿），Jim Hale（创始合伙人，FTV Capital），Scott Hanson（联合 CEO，Hanson McClain），AJ Harper（总裁，PNC Managed Investments），Clare Hart（总裁，企业媒体集团，道琼斯公司），Keith Hartstein（CEO，John Hancock Funds），Pete Hess（总裁，Advent Software），Richard Hoey（首席经济学家，纽约梅隆银行公司），Dwight Jacobsen（执行副总裁，The Dreyfus Corporation），Jerome Jacques（联席负责人，美洲，固定收益、货币及大宗商品，法国兴业银行），Bryce James（总裁，Smart Portfolios），Alistair Jessiman（董事总经理，Novantas），Tom Johnson（负责人，业务发展，退休收入保障产品，纽约人寿），Deena Katz（主席，Evensky & Katz），Mark Katzelnick（首席运营官，Fidelity Institutional Products Group），Jeff Lancaster（负责人，Bingham, Osborn, & Scarborough），Stephen Langlois（执行副总裁，LPL Investment Holdings），Mike Latham（负责人，iShares 美洲，中介投资者业务，巴克莱全球投资者），Bruce Lavine（总裁，Wisdom Tree Investments），Chuck Lewis（CEO，My Vest Corporation & Personal Capital Corporation），Sarah Libbey（总裁，Fidelity Charitable Gift Fund），Julie Littlechild（CEO，Advisor Impact），Jeff Lovell（主席，Lovell Minnick Partners），Larry Maffia（总裁，ICI Mutual Insurance Group），Adam Malamed（首席运营官，Ladenburg Thalmann & Company），Pete Martin（董事总经理，Alpha Simplex），JC Massar（主席，Capital 在旧金山！）

SOURCE Tiburon Strategic Advisors Back to top RELATED LINKS Find this article at: 70454817.html c Check the box to include the list of links referenced in the article. d e f g Ed Bernard Abby Cohen Steve Forbes Jim McCool Chip Roame Jonathan Steinberg David Tittsworth Fred Tomczyk Tiburon CEO Summit XVIII was held April 14-15, 2010 in New York, NY at the Ritz Carlton Hotel Tiburon would like to thank the seven terrific guest speakers Tiburon also thanks several long-time clients who made the event possible, including: for their dynamic presentations: Advisor Impact Folio Institutional Ed Bernard, Vice Chairman, T. Rowe Price Group Advisor Software Genworth Financial Wealth Management Abby Cohen, President, Global Markets Institute, Goldman Sachs Group Charles Schwab Institutional LPL Financial Steve Forbes, CEO, Forbes Media Dunham & Associates Mass Mutual Financial Group Jim McCool, Executive Vice President, The Charles Schwab Corporation Envestnet Asset Management New York Life Jonathan Steinberg, CEO, Wisdom Tree Investments Ever Bank Financial ReFlow David Tittsworth, Executive Director, Investment Advisor Association Fidelity Investments Silver Lane Advisors Fred Tomczyk, CEO, TD Ameritrade Fiserv Investment Services State Street Global Advisors TD Ameritrade Institutional And of course, Tiburon extends a special thanks to all of its C-level executive client attendees for their participation at the recent Tiburon CEO Summit XVIII: Chip Roame (Managing Principal, Tiburon Strategic Advisors), Rick Adler (CEO, Convergent Capital Management), Adam Antoniades (CEO, First Allied), Chuck Baldiswieler (CEO, TCW Funds, TCW Group), Keith Banks (Head, US Trust, Thank you, Columbia Management, & Alternative Investments, Bank of America Corporation), Tony Batman (CEO, 1st Global Capital Corporation), Michael Bell (CEO, Curian Capital), Mark Benson (President, Banc of America Investments), Ed Bernard (Vice Chairman, T. Rowe Price Group), Philip Blancato (President, Ladenburg Thalman Asset Management), Chris Blunt (Executive Vice President, New York Life Insurance Company), Stephanie Bogan (CEO, Quantuvis Consulting), John Cammack (Chairman, Mutual Fund Education Alliance), Frank Campanale (CEO, Advanced Equities Wealth Management), Sal Capizzi (Chief Sales & Marketing Officer, Dunham & Associates Investment Counsel), Amit Choudhury (Managing Principal, Pinnacle Partners Systems), Peter Cieszko (President, Fidelity Investments Institutional Services Company), John Clendening (Executive Vice President, The Charles Schwab Corporation), Mike Clinton (Chief Operating Officer, Loring Ward Group), Frank Coates (CEO, Coates Analytics), Beth Cobert (Director, McKinsey & Company), Abby Cohen (President, Global Markets Institute, Goldman Sachs Group), Chris Collins (Head, Finance Sales Operations, The Wall Street Journal), Jenn Connelly (President, JCPR), Ron Cordes (Co-Chairman, Genworth Financial Wealth Management), Scott Couto (Head, Product Management, Fidelity Investments Institutional Services Company), Bill Crager (President, Envestnet Asset Management), Erika Cramer (Partner, Silver Lane Advisers), Peter Crenier (Head, Business Development, Investment Services, Fiserv Corporation), Ben Cukier (Partner, FTV Capital), Wayne Cutler (Managing Director, Novantas), Pete D’Arrigo (Chief Financial Officer, Envestnet Asset Management), Dick Davies (Senior Managing Director, Alliance Bernstein), Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel), Steve Dunlap (Chief Operating Officer, Pershing Managed Account Solutions), Mike Durbin (President, Institutional Wealth Services, Fidelity Investments), Mitch Eichen (CEO, The MDE Group), Randy Epright (Chief Operating Officer, AIG Advisor Group), Mark Faircloth (Vice Chairman, Rates & Foreign Exchange, TD Securities), Ed Farrell (Controller, Alliance Bernstein), Steve Forbes (CEO, Forbes Media), Rich Franchella (Senior Managing Director, RBC Wealth Management), Rich Gershen (Head, Wealth see you in October Management, City National Corporation), Mike Gianoni (President, Fiserv Investment Services), Phillip Gillespie (General Counsel, State Street Global Advisors), Craig Gordon (President, RBC Correspondent Services), Gail Graham (Executive Vice President, Marketing, Fidelity Institutional Wealth Services), Dan Greenshields (President, Share Builder Securities Corporation), Bob Greer (Executive Vice President, PIMCO), John Grogan (CEO, Northwestern Mutual Wealth Management Company), Matt Grove (Head, RIA Business, New York Life), Jim Hale (Founding Partner, FTV Capital), Scott Hanson (Co-CEO, Hanson McClain), AJ Harper (President, PNC Managed Investments), Clare Hart (President, Enterprise Media Group, Dow Jones & Company), Keith Hartstein (CEO, John Hancock Funds), Pete Hess (President, Advent Software), Richard Hoey (Chief Economist, The Bank of New York Mellon Corporation), Dwight Jacobsen (Executive Vice President, The Dreyfus Corporation), Jerome Jacques (Co-Head, Americas, Fixed Income, Currencies, & Commodities, Societe Generale), Bryce James (President, Smart Portfolios), Alistair Jessiman (Managing Director, Novantas), Tom Johnson (Head, Business Development, Retirement Income Security Products, New York Life), Deena Katz (Chairman, Evensky & Katz), Mark Katzelnick (Chief Operations Officer, Fidelity Institutional Products Group), Jeff Lancaster (Principal, Bingham, Osborn, & Scarborough), Stephen Langlois (Executive Vice President, LPL Investment Holdings), Mike Latham (Head, iShares Americas, Intermediary Investor Business, Barclays Global Investors), Bruce Lavine (President, Wisdom Tree Investments), Chuck Lewis (CEO, My Vest Corporation & Personal Capital Corporation), Sarah Libbey (President, Fidelity Charitable Gift Fund), Julie Littlechild (CEO, Advisor Impact), Jeff Lovell (Chairman, Lovell Minnick Partners), Larry Maffia (President, ICI Mutual Insurance Group), Adam Malamed (Chief Operating Officer, Ladenburg Thalmann & Company), Pete Martin (Managing Director, Alpha Simplex), JC Massar (Chairman, Capital in San Francisco!

国际资产管理公司）、Blaine Maxfield（SunGard 旗下 Wealth Station 总裁）、Jim McCool（嘉信理财执行副总裁）、Tom McManus（富国银行顾问首席投资官）、Jim McNamara（高盛共同基金首席执行官）、Jerry Miller（泛凯投资首席执行官）、Jim Minnick（Lovell Minnick Partners 总裁）、Sanjiv Mirchandani（National Financial Services 总裁）、Viggy Mokkarala（Envestnet 资产管理公司执行副总裁）、Robert Moore（LPL 投资控股首席财务官）、Ed Morrison（Albridge Solutions 首席运营官）、Amit Muni（WisdomTree 投资公司首席财务官）、Jim Nagengast（Securities America 总裁）、Cheryl Nash（Fiserv 公司投资服务全球产品策略主管）、Liz Nesvold（Silver Lane Advisers 管理合伙人）、Mike Niedermeyer（富国银行执行副总裁）、Christine Nigro（安盛顾问公司总裁）、Harry O'Mealia（莱格梅森投资顾问公司首席执行官）、Bob Oros（LPL 投资控股执行副总裁）、Greg Pacholski（Albridge Solutions 首席执行官）、Patrick Pagni（西部信托公司执行副总裁）、John Peluso（富国银行 Wachovia 证券金融网络总裁）、Don Phillips（晨星公司战略研究与传播董事总经理）、Marty Pompadur（新闻集团俄罗斯户外广告业务首席执行官）、Scott Powers（道富环球投资管理公司首席执行官）、Georganne Proctor（TIAA-CREF 首席财务官）、Andy Putterman（Fortigent 首席执行官）、George Riedel（普信集团中介渠道分销主管）、Neal Ringquist（Advisor Software 总裁）、Tony Rochte（道富环球投资管理公司高级董事总经理）、Nick Roe（花旗集团全球优质金融及服务主管）、Jake Rohn（Albridge Solutions 执行副总裁）、Jim Ross（SSGA 基金管理公司总裁）、Doug Russell（马萨诸塞互助金融集团战略与规划主管）、Bill Salus（PNC 全球投资服务首席业务发展官）、Ken Schapiro（Condor Capital Management 总裁）、Matt Schiffman（莱格梅森美洲零售业务主管）、Skip Schweiss（TD Ameritrade 信托公司总裁）、Jim Seuffert（Pershing 管理账户解决方案首席执行官）、Luciano Siracusano（WisdomTree 投资公司首席投资策略师）、Babu Sivadasan（Envestnet 资产管理公司执行副总裁）、David Smith（Charter 金融出版网络集团出版人）、Jonathan Steinberg（WisdomTree 投资公司首席执行官）、Eric Teal（First Citizens BancShares 首席投资官）、Allen Thorpe（Hellman & Friedman 董事总经理）、David Tittsworth（投资顾问协会执行董事）、Fred Tomczyk（TD Ameritrade 首席执行官）、John Towle（Cole 房地产投资公司首席营销官）、Enrique Vasquez（Genworth 金融投资服务首席执行官）、Mitch Vigeveno（Turning Point 首席执行官）、Greg Vigrass（Folio Institutional 总裁）、Gib Watson（Prima Capital Management 首席执行官）、Leo Wells（Wells 房地产基金首席执行官）、Michael Winnick（罗素投资集团战略合作与美国中介分销主管）、Emmett Wright（西北互惠财富管理公司首席投资官）、Bill Yun（富兰克林坦伯顿机构公司总裁）、Peter Ziemba（WisdomTree 投资公司总法律顾问）。Tiburon 还感谢 25 位长期客户通过赞助使活动得以举办，包括：Tiburon CEO 峰会第十四届：Chip Roame：“新闻就是噪音”2008 年 4 月 15 日。Tiburon Strategic Advisors 于 4 月 11-12 日举办了第十四届 CEO 峰会。该活动吸引了约 150 名与会者，其中多数来自共同基金、金融咨询、经纪和托管公司的首席执行官或高级运营官。此次会议首次在纽约举行，此前几年均在旧金山举办。

International Asset Management), Blaine Maxfield (President, Wealth Station, Sungard), Jim McCool (Executive Vice President, The Charles Schwab Corporation), Tom McManus (Chief Investment Officer, Wells Fargo Advisors), Jim McNamara (CEO, Goldman Sachs Mutual Funds), Jerry Miller (CEO, Van Kampen Investments), Jim Minnick (President, Lovell Minnick Partners), Sanjiv Mirchandani (President, National Financial Services), Viggy Mokkarala (Executive Vice President, Envestnet Asset Management), Robert Moore (Chief Financial Officer, LPL Investment Holdings), Ed Morrison (Chief Operating Officer, Albridge Solutions), Amit Muni (Chief Financial Officer, Wisdom Tree Investments), Jim Nagengast (President, Securities America), Cheryl Nash (Global Head, Product Strategy, Investment Services, Fiserv Corporation), Liz Nesvold (Managing Partner, Silver Lane Advisers), Mike Niedermeyer (Executive Vice President, Wells Fargo Corporation), Christine Nigro (President, Axa Advisors), Harry O’Mealia (CEO, Legg Mason Investment Counsel), Bob Oros (Executive Vice President, LPL Investment Holdings), Greg Pacholski (CEO, Albridge Solutions), Patrick Pagni (Executive Vice President, Trust Company of the West), John Peluso (President, Wachovia Securities Financial Network, Wells Fargo Corporation), Don Phillips (Managing Director, Corporate Strategy, Research, & Communications, Morningstar), Marty Pompadur (CEO, Russian Outdoor Advertising Business, News Corporation), Scott Powers (CEO, State Street Global Advisors), Georganne Proctor (Chief Financial Officer, TIAA-CREF), Andy Putterman (CEO, Fortigent), George Riedel (Head, Intermediary Distribution, T. Rowe Price Group), Neal Ringquist (President, Advisor Software), Tony Rochte (Senior Managing Director, State Street Global Advisors), Nick Roe (Head, Global Prime Finance & Services, Citigroup), Jake Rohn (Executive Vice President, Albridge Solutions), Jim Ross (President, SSGA Funds Management), Doug Russell (Head, Strategy & Planning, Mass Mutual Financial Group), Bill Salus (Chief Business Development Officer, PNC Global Investment Servicing), Ken Schapiro (President, Condor Capital Management), Matt Schiffman (Head, Retail - Americas, Legg Mason), Skip Schweiss (President, TD Ameritrade Trust Company), Jim Seuffert (CEO, Pershing Managed Account Solutions), Luciano Siracusano (Chief Investment Strategist, Wisdom Tree Investments), Babu Sivadasan (Executive Vice President, Envestnet Asset Management), David Smith (Group Publisher, Charter Financial Publishing Network), Jonathan Steinberg (CEO, Wisdom Tree Investments), Eric Teal (Chief Investment Officer, First Citizens Banc Shares), Allen Thorpe (Managing Director, Hellman & Friedman), David Tittsworth (Executive Director, Investment Adviser Association), Fred Tomczyk (CEO, TD Ameritrade), John Towle (Chief Marketing Officer, Cole Real Estate Investments), Enrique Vasquez (CEO, Genworth Financial Investment Services), Mitch Vigeveno (CEO, Turning Point), Greg Vigrass (President, Folio Institutional), Gib Watson (CEO, Prima Capital Management), Leo Wells (CEO, Wells Real Estate Funds), Michael Winnick (Head, Strategic Partnerships & US Intermediary Distribution, Russell Investment Group), Emmett Wright (Chief Investment Officer, Northwestern Mutual Wealth Management Company), Bill Yun (President, Franklin Templeton Institutional), Peter Ziemba (General Counsel, Wisdom Tree Investments) Tiburon also thanks the twenty-fi ve long-time clients who made the event possible by sponsoring, including: Tiburon CEO Summit XIV: Chip Roame: “The News is Noise” April 15, 2008 Tiburon Strategic Advisors held its CEO Summit XIV conference on April 11-12. This event attracts approximately 150 attendees, most of whom are CEOs or senior operating officers from mutual fund, financial advisory, brokerage and custodial firms. It was held in New York for the first time, after being held in prior years in San Francisco.

蒂布龙管理合伙人奇普·罗姆做了开场主旨演讲，并就金融服务行业的重要事件和趋势阐述了蒂布龙的观点：• 罗姆将过去一年中的重大事件定性为“噪音”，包括次级抵押贷款减记、贝尔斯登、主权财富基金、华尔街裁员以及私募股权行业的崩溃。更值得注意的、具有持久影响的事件，是房地产价值下跌对婴儿潮一代资产变现和退休策略产生的影响。

Chip Roame, Tiburon’s Managing Principal, delivered the opening keynote presentation, and offered Tiburon’s assessment of important events and trends in the financial services industry: • Roame characterized the significant events of the last year, including sub-prime write-offs, Bear Stearns, sovereign wealth funds, Wall Street layoffs, and the collapse of the private equity industry as “noise.” The significant, lasting event of the prior year is the impact of declining real estate values on baby boomer liquefaction and retirement strategies.

• 房价下跌对婴儿潮一代为退休而“储蓄”的方式构成了重大挑战。Roame 表示，婴儿潮一代的退休储蓄方式建立在这样一个假设上：他们可以将房屋净值变现，而房价下跌表明，“这一策略已经行不通了。”

• The decline in housing prices presents a significant challenge to the way in which baby boomers have “saved” for retirement. Baby boomers have saved for their retirements by assuming that they would liquefy the equity in their houses, and declining home values demonstrates that “this strategy is not working any more,” says Roame.

• 在 55 岁以上的婴儿潮一代群体中，仅 21% 的人拥有超过 10 万美元的可投资资产。美国家庭个人储蓄率在过去三年均为负数（2005 年 -348 亿美元，2006 年 -964 亿美元，2007 年 -823 亿美元），而在 2001 年后的四年间，这一数字曾超过 1300 亿美元。在婴儿潮一代中，只有 2% 的人能继承超过 10 万美元的遗产。

• Only 21% of baby boomers over age 55 have investable assets greater than $100,000. Consumer household personal savings has been negative for the last three years (-$34.8Bn in 2005, -$96.4Bn in 2006, and -$82.3Bn in 2007), after having been in excess of $130Bn for the four years starting in 2001. Only 2% of baby boomers will inherit greater than $100,000.

婴儿潮一代面临的挑战因平均寿命延长而变得更加严峻。美国人的平均寿命为 77.5 岁，但正如 Roame 所言“这其实没关系——关键是你何时退休”。在 65 岁这个节点上，人们的预期寿命现在是 87 岁，养老行业必须依据这一指标来制定规划。

• The challenge facing baby boomers is compounded by increasing life expectancy. The average American lives to 77.5 but, as Roame notes “this really doesn’t matter – what matters is when you retire.” The life expectancy of someone reaching age 65 is now 87, and this is the metric against which the retirement industry must plan.

• “对于 90% 的家庭来说，医疗保健和退休储蓄是两大挑战，”罗姆说，并补充道，“只有 10% 的家庭专注于慈善捐赠。”

• For 90% of the households, health care and retirement savings are the twin challenges,” says Roame, adding “only 10% of households are focused on charitable giving.”

• “下一波投资者是正在退休的婴儿潮一代，很多人没有投资经验，” 罗姆说，并补充道，“他们可能缺乏知识，容易受品牌名气影响。” 独立理财行业面临的挑战，是如何在与全服务券商和商业银行业务板块的竞争中实现差异化。

• “The next wave of investors is the retiring baby boomers, and many will not have investment experience,” says Roame, adding “they may be uninformed and will be influenced by brand names.” The challenge for the independent industry is to achieve differentiation against the wirehouse and commercial banking segments.

• 罗姆预测，金融服务行业将继续因次贷相关业务出现大规模减记，并将薪酬体系缺陷列为根本原因。罗姆表示：“我担心投资银行的薪酬体系会激励高管去冒极端风险（道德风险）。想想那些好年景里的奖金——他们会退还吗？既然如此，为什么不冒下一个大风险呢？”

• Roame predicted continued, significant sub-prime-related write-offs from the financial services industry, and cited flawed compensation systems as an underlying cause. Roame said, “I am afraid the investment banking compensation system incents executives to take extreme risks (moral hazard). Just think back to the bonuses in the good years; do they give those back? Then why not take another big risk?”

• 美国居民家庭持有的可投资资产总额目前为 22.8 万亿美元，其中 13 万亿美元存放在退休账户中。由于这代表着金融服务行业的市场规模，Roame 指出，没有任何一家参与者拥有显著的市场份额。金融服务行业是一个高度分散的行业，即便是最大的参与者，其市场份额也不到 2%。

• The total amount of investable assets held by consumer households is now $22.8 trillion, of which $13 trillion is held in retirement accounts. Since this represents the market size of the financial services industry, Roame notes that no single player has significant market share. Financial services is a fragmented industry, and even the largest players have market shares less than 2%.

• 共同基金行业坐拥近 11 万亿美元资产，规模远超其他所有投资产品。针对那些预言共同基金将消亡的观点，罗阿姆回应道：“共同基金行业将长期存在。”尽管 ETF 等部分产品在百分比增长方面表现显著，但就绝对规模而言，它们距离追上共同基金行业还有很长的路要走。共同基金增长的转折点出现在它们渗透进 401(k) 退休账户之时；要加速 ETF 市场的发展，需要同样量级的重大突破。

• The mutual fund industry, with assets close to $11 trillion, dwarfs all other investment products. “The mutual fund industry will be here for a long time,” says Roame, in response to those that forecast its demise. Although some products, such as ETFs, are experiencing significant growth in percentage terms, they are a long way from catching the mutual fund industry in absolute terms. The inflexion point for mutual fund growth was when they penetrated 401(k) accounts, and it will take a development of similar magnitude to accelerate the ETF markets.

• 罗姆对目标日期基金持“唱反调”立场。他认为这些基金被误用了，因为退休人员还在持有额外基金（主要是股票型基金），导致整体资产配置效果不佳。他说目标日期基金“想法不错，但使用方式不对。”

• Roame is a “naysayer” on target date funds. He believes these funds are being misused, as retirees are holding additional funds (primarily equity funds), resulting in sub-optimal overall asset allocations. He said target date funds “are a nice idea, but they are not being used correctly.”

过去八年间，打包收费账户的规模大幅增长，资产总额达到 1.5 万亿美元。Roame 预测，随着婴儿潮一代退休并将资产变现转入这类账户，此类账户将越来越受欢迎。

• Packaged fee accounts have grown substantially over the past eight years, to $1.5 trillion in assets. Roame forecasts these becoming increasingly popular as baby boomers retire and liquefy their assets into these accounts.

• Roame 将美国对冲基金行业规模定为 1.9 万亿美元，比 ETF 和 SMA 市场总和还要大。

• Roame pegged the U.S. hedge fund industry at $1.9 trillion, larger than the ETF and SMA markets combined. “Hedge funds are by far the most profitable segment of the industry, making more than the rest of the © Copyright 2008, Advisor Perspectives, Inc. All rights reserved.

行业加在一起，”罗姆说，不过他补充指出，这些利润中很大一部分是以附带权益（carried interest）的形式存在的。

industry added together,” says Roame, although this was qualified by the fact that much of this profit is in the form of carried interest.

• 目前全美约有 40 万名理财顾问，大致均分为四个群体：22% 为独立代表，22% 为银行经纪人和信托官员，23% 为券商和经纪公司代表，23% 为人寿与财产险代理人。只有 8%（约 30024 人）是纯收费理财公司的合伙人，尽管这一群体在所有渠道中的资产管理规模（AUM）增速最高（过去 12 年每年增长 18%）。剩下的 2% 是折扣经纪商和共同基金代表。按人数衡量，这些渠道之间并没有显著的人员流动。

• There are approximately 400,000 financial advisors in the U.S. today, divided roughly equally across four segments: 22% are independent reps, 22% are bank brokers and trust officers, 23% are wirehouse and brokerage representatives, and 23% are life and property & casualty agents. Only 8% (30,024) are partners at fee-only financial advisory firms, although this segment has had the highest growth rate in AUM (18% annually over the last 12 years) of any channel. The final 2% are discount broker and mutual fund representatives. There are no significant flows, when measured by numbers of people, between these channels.

然而，以资管规模（AUM）衡量时，可能会有大量资产从专属渠道流向独立渠道和纯收费渠道，因为那些确实发生流动的理财代表，可能带走了与其人数不成比例的大量资产。

However, when measured by AUM, there may be significant flows from captive to independent and fee-only channels, as those reps that do move may bring with them disproportionately larger assets.

投顾业务竞争激烈，尤其在争夺规模更大、利润更丰厚的客户时更是如此。40 万名投顾在争抢约 1.17 亿个家庭客户（平均每位投顾覆盖 300 个家庭）。这些家庭的平均可投资资产为 21 万美元，但中位可投资资产仅为 8100 美元。投顾实际上只争抢前 10% 或 20% 的家庭客户，即 1000 万到 3000 万个家庭，折合每位投顾仅有 50 个账户可争。

• The advisory business is highly competitive, particularly with respect to the larger and more profitable accounts. 400,000 advisors are competing for the business of approximately 117 million households (an average of 300 households per advisor). These households have average investable assets of $210,000, but the median investable assets are only $8,100. Advisors are competing for the business of only the top 10% or 20% of households, or between 10 and 30 million households, which works out to only 50 accounts per advisor.

我们将在下周的刊物中，对蒂伯龙会议提供更多报道。

We will provide additional coverage of the Tiburon conference in next week’s issue.

我们的分析：Roame 将过去一年的情况定性为“噪音”，认为其影响仅限于让婴儿潮一代的退休资产缩水，这种说法低估了次贷危机的波及范围。如果房价不再大幅下跌，股市已消化了大部分坏消息，并且我们经历的是与之前两次经济衰退类似的八个月衰退期，那么 Roame 的评估就是正确的。但正如我们在以往的分析中指出的那样，我们认为次贷危机的潜在波及范围可能远比美国市场之前经历的危机更广，而且我们并不相信市场已完全消化了未来的坏消息（Roame 也认同坏消息还在后头）。房价有可能再下跌 30%（见本页图表），而其他国家的经验（参见我们关于此主题的文章）表明，经济衰退可能持续两到三年。长期衰退，加上当前的低利率以及房价和股市的进一步下跌，将会…… © 版权所有 2008，Advisor Perspectives, Inc. 保留所有权利。

Our Analysis Roame’s characterization of the past year’s events as “noise,” with effects limited to the liquefaction of baby boomer retirement assets, understates the scope of the sub-prime crisis. Roame’s assessment will be correct if there are no further significant declines in housing prices, the equity markets have already discounted most of the bad news, and we undergo an eight month recession, similar to the prior two recessions. However, as we have noted in prior analyses, we believe the sub-prime crisis has the potential to be far more extensive than prior crises faced by the US markets, and we are not convinced future bad news (which Roame agrees is forthcoming) is fully discounted by the markets. Housing prices could decline by another 30% (see graph on this page) and evidence from other countries (see our article on this subject) suggests a two- or three-year recession. A prolonged recession, combined with current low interest rates and further declines in housing prices and equity markets, will © Copyright 2008, Advisor Perspectives, Inc. All rights reserved.

影响的不仅仅是婴儿潮一代的退休资产。已经处于或接近缩支阶段的退休者将立即感受到冲击，而 X 世代和 Y 世代的投资者则会看到他们的退休资产遭受严重侵蚀。这绝非仅仅是“噪音”。

affect more than just baby boomer retirement assets. Retirees at or near the de-accumulation phase will see an immediate impact, and Gen-x and Gen-y investors will suffer significant erosion in their retirement assets. This is more than just “noise.”

2010 年 9 月 7 日两场即将召开的精英行业峰会，承诺提供顶级的人脉交流与头脑风暴 – http://www.riabiz.com/a/2207026 两场即将召开的精英行业峰会，承诺提供顶级的人脉交流与头脑风暴继 Chip Roame 多年来的成功之后，Brian Hamburger 的 MarketCounsel 活动也势头正劲 12 小时 42 分钟前作者：Brooke Southall Brooke 的注：近几个月来，我写了 Barron’s、Fidelity、Schwab 和 TD Ameritrade 举办的各类精英级全国顾问会议。多年来，我也出席过几次 Tiburon CEO 峰会。所有这些精选的（但 Charles “Chip” Roame 的与会者素质极高且覆盖面广）活动似乎都有一个共同点——参与者对 Tiburon CEO 峰会表现出的持久热情。小型本地活动有时会让人感觉像是一次新的扶轮社聚会。而大型的全国性盛典有时则带来过多的感官冲击和困惑，反而不值当。全国性但规模精小的活动似乎正成为一个趋势，本文关注的是两场即将到来的会议：历史悠久的 Tiburon CEO 峰会，以及由 MarketCounsel 举办的、规模和影响力迅速增长的新兴会议。

9/7/2010 Two upcoming elite industry summits p… – http://www.riabiz.com/a/2207026 Two upcoming elite industry summits promise elbow rubbing and brainstorming par excellence Brian Hamburger is gaining momentum with his MarketCounsel events in the wake of Chip Roame's long-term success 12h 42min ago by Brooke Southall Brooke’s Note: In recent months I have written about various intimate, elite national advisor conferences held by Barron’s, Fidelity, Schwab and TD Ameritrade. Over the years I have also attended several Tiburon CEO Summits. All these select [but Charles "Chip" Roame's high-caliber attendees and the wide-drawing] events seem to share a common denominator — gushing longevity of the Tiburon CEO enthusiasm from the participants. Small local events hazard feeling like a Summit are making it a new gathering of the Rotary Club. And big, national extravaganzas sometimes deliver standard of smaller event. more sensory overload and bewilderment than they are worth. The rise of national-but-intimate events appears to be a gathering trend and this article is about two upcoming conventions: the long-established Tiburon CEO Summit, and a more nascent one produced by MarketCounsel that is rapidly growing in size and prominence.

两场小型顾问会议预计今年秋季将创下参会人数纪录，这进一步印证了行业向小型会议发展的趋势。一场 MarketCounsel 会议定于 11 月 17 日至 19 日在拉斯维加斯的 RedRock 度假村和赌场举行，另一场 Tiburon（加州）战略顾问会议定于 10 月 6 日至 7 日在旧金山的丽思卡尔顿酒店举行，两者组织者均表示预计会有 150 名与会者。

Two small advisory conferences are expecting to hit attendance records this fall, helping to confirm a trend toward smaller conferences in the industry. Organizers of both a MarketCounsel conference, scheduled for Las Vegas Nov. 17-19 at the RedRock Resort and Casino, and a Tiburon [Calif.] Strategic Advisors conference, scheduled the Ritz Carlton in San Francisco on Oct. 6-7, say they are likely to have 150 attendees.

Tiburon CEO 峰会拟定的演讲嘉宾包括：Family Money Consultants 首席执行官 Judy Barber、LPL 的顶尖经纪人 Ron Carson，以及金融服务协会（Financial Services Institute）首席执行官 Dale Brown。

Among the speakers on tap for the Tiburon CEO Summit are: Judy Barber, CEO of Family Money Consultants, Ron Carson, LPL’s top producer and Dale Brown, CEO of of the Financial Services Institute.

旧金山的 Barber Barber 是旧金山的一名顾问，负责调解涉及财富骤增或骤减的事务，并在家庭成员之间就共享财富问题进行调解。关于 Carson 业务的更多信息，请参见：LPL 顶尖经纪人拥有第二家 RIA 相关公司，其规模可能超过第一家。关于 Brown 观点的更多信息，请参见：争论仍在继续：受托标准并非万能药。

Barber of San Francisco Barber is San Francisco-based consultant who mediates on matters of sudden and diminished wealth and mediates among family members regarding shared wealth. For more on Carson’s businesses, see: The top LPL producer has a second RIA-related company that could eclipse the stature of the first one For more on Brown’s views, Debate continues: Fiduciary standard no panacea.

已确定出席 MarketCounsel 会议的人员包括：Fidelity Institutional Wealth Services 总裁 Michael Durbin，以及 Envestnet 总裁 Bill Crager。MarketCounsel 总部位于新泽西州恩格尔伍德。

Those lined up for the MarketCounsel conference include Michael Durbin, president of Fidelity Institutional Wealth Services, and Bill Crager, president of Envestnet. MarketCounsel is based in Englewood, N.J.

预计 Durbin 将就顾问行业的现状发表演讲。考虑到他的公司正试图在三条平行线上进行大规模自我重塑，Durbin 很可能会带来独到的见解。Fidelity 正在 2010 年 9 月 7 日两场即将召开的精英行业峰会，从根本上对其服务进行彻底改革，从孤立的呼叫中心模式转变为集群模式。参见：Fidelity 在 RIA 业务中通过服务、技术和管理改革稳步前进 Fidelity 还在继续开发 WealthCentral 这一技术平台，并投入巨资；尽管其已放弃 HybridOne 品牌，但仍在努力与 Pershing 的混合平台 NetX360 竞争。参见：Fidelity 赢得 WealthCentral 用户，但其大多数顾问尚未切换 Crager 的演讲主题尚未确定，但 Envestnet 处于顾问行业许多有趣交汇点的核心。

Durbin is expected to speak about the state of the advisory industry. Considering that his company has is trying to reinvent itself on a big scale on three parallel tracks, Durbin is likely to bring good perspective. Fidelity is radically 9/7/2010 Two upcoming elite industry summits p… revamping its service from a silo-ed call-center approach to one of clusters. See: Fidelity plows ahead in the RIA business with overhauls of service, technology and management Fidelity also continues to work on WealthCentral, a technology platform that Fidelity has spent heavily on, and, though it has abandoned its HybridOne brand, it is still working hard to compete with Pershing’s NetX360, a hybrid platform. See: Fidelity wins converts to WealthCentral, but most of its advisors have yet to make the switch Crager’s speaking topic isn’t set yet but Envestnet sits at the intersection of much that is interesting about the advisory industry.

该公司不仅在今年夏天完成了 IPO（这显示了投资银行家对 RIA 业务的看法），而且其增长重点正从 IBD 代表转向 RIA。随着对效率和受托责任关注的日益提升，该公司的规模、资本结构以及简化顾问生活的能力，使得 Crager 的发言可能极具吸引力。参见：Envestnet IPO 文件货真价实的 10 个理由全面披露：我将参加 MarketCounsel 的活动，并可能协助主持一个小组讨论。

The company not only completed an IPO this summer [showing what investment bankers think of the RIA business] but it’s shifting its growth emphasis from IBD reps to RIAs. With concerns for both efficiency and fiduciary care on the rise, this company’s scale, capitalization and ability to simplify and advisors life makes what Crager has to say potentially very interesting. See: 10 reasons why the Envestnet IPO filing is for real Full disclosure: I will be attending the MarketCounsel event and may help to moderate a panel.

小型活动似乎正在蓬勃发展，因为顾问们有“金发姑娘”式的需求：需要找到一个规模既不太大也不太小、能与地域分散的同行建立人脉的活动。当然，MarketCounsel 和 Tiburon 的活动都是在行业最大盛会 Schwab IMPACT 2010 的阴影下发展的，后者将于 10 月 26 日至 29 日在波士顿会展中心举行。届时美国前财政部长 Henry M. Paulson Jr. 将现身，以内部人士视角讲述 2008 年金融危机。

Smaller events seem to be booming because of advisors’ Goldilocks-style need to find an event that is not too large and not too small to network with their geographically fragmented peer group. Of course, both the MarketCounsel and Tiburon events are evolving in the shadow of the industry’s biggest show, Schwab IMPACT 2010, which will be held at the Boston Convention and Exhibition Center Oct. 26-29. It will feature an appearance by Henry M. Paulson Jr, former U.S. Treasury Secretary, who will give an insider’s account of the 2008 financial crisis.

无论是 Tiburon 还是 MarketCounsel 的会议，本身都不是各自公司的盈利项目。Tiburon 不收取门票，但与会者必须是活跃客户，并收到邀请。

Neither the Tiburon nor the MarketCounsel conference is, on its own, a money-maker for the respective firms. Tiburon has no admission fee but attendees must be active clients and receive an invitation.

“我认为 CEO 峰会更多的是我们对客户的回馈，一种让他们了解 Tiburon 最新研究成果的方式，而且坦率地说，是帮助他们之间建立人脉，因为他们是一个独特的高端跨领域群体，”Roame 说道。

“I think of the CEO Summits more as our reward to our clients, a way to keep them up to date on Tiburon research findings, and frankly to help them network amongst themselves, as they are a unique high-end cross-silo group,” Roame says.

他补充道：“对我个人而言，这是一种高效见到许多客户的方式，省去了之后我们在做客户项目时四处走访客户的麻烦。换句话说，因为多年来已建立了关系，电话后来就成了沟通媒介。”

He adds: “Selfishly for me, it allows me to see many clients in an efficient way, which saves me from later traveling to many client sites when we are doing client projects. In other words, the phone later becomes the medium because the relationships are built over the years already.”

组织会议还有另一个好处，MarketCounsel 的创始人兼董事总经理 Brian Hamburger 补充说。

There’s another benefit to organizing a conference, adds Brian Hamburger, founder and managing director of MarketCounsel.

“我们确实可以设定议程，”他说。

“We can literally set the agenda,” he says.

MarketCounsel 同样仅限受邀者参加，但今年将向非客户开放注册，并收取更高的参会费。MarketCounsel 未透露具体费用。

MarketCounsel is also by invitation only but this year it’s opening the registration to non-clients at a higher attendance fee. MarketCounsel did not disclose the fee.

设定议程 2010 年 9 月 7 日两场即将召开的精英行业峰会，设定议程在这两种情况下，这些会议都由业内拥有追随者的顾问公司运营。前麦肯锡顾问 Roame 的核心能力是企业战略。Hamburger 同时也是 Hamburger 律师事务所的所有者，他利用自己在法律和合规问题方面的专业知识。

Set the agenda 9/7/2010 Two upcoming elite industry summits p… Set the agenda In each case, the conferences are being run by consultants with followings in the industry. Roame, a former McKinsey consultant, has corporate strategy as a core competency. Hamburger, also proprietor of The Hamburger Law Firm, leverages his knowledge of legal and compliance issues.

进入第十个年头，Tiburon 的第 19 届半年一次的会议在规模和影响力上持续增长。上周五确认的与会人数为 133 人，最终 Brian Hamburger：我们确实可以设定议程。

Heading into its 10th year, Tiburon’s 19th semi-annual conference continues to grow in size and firepower. It had 133 attendees confirmed on Friday with final Brian Hamburger: We can literally set numbers predicted to swell to about 150. Last year, Charles “Chuck” Schwab the agenda.

预计数字将增至约 150 人。去年，Charles “Chuck” Schwab 亲自出席并接受了奖项。

attended to receive an award.

Roame 的使命是将来自不同相关行业（银行、保险公司、IBD、wirehouse 和 RIA 托管机构）的 CEO 们聚集在一起，让他们相互学习。Roame 在之前的会议上曾表示，其理念在于他们都在提供财务建议，因此应该跨越行业的隔阂进行交叉融合。

Roame’s mission is to bring together the CEOs from different, related industries – banks, insurance companies, IBDs, wirehouses and RIA custodians – and have them learn from each other. The idea is that they’re all delivering financial advice and there should be cross-pollination across the divides of their industry channels, Roame has said at previous conferences.

Tiburon CEO 峰会每六个月轮流在纽约华尔街附近的丽思卡尔顿酒店和旧金山的丽思卡尔顿酒店举行。

The Tiburon CEO Summit rotates each six months between the Ritz-Carlton near Wall Street in New York and the Ritz in San Francisco.

MarketCounsel 今年是 MarketCounsel 会议举办的第三年。该公司预计参会人数将是 2008 年首次会议（约 50 人）的三倍。除了 Durbin 和 Crager，其他演讲嘉宾还包括：Fortigent 联合创始人兼高级董事总经理 Scott Welch、投资顾问协会（Investment Adviser Association）执行董事 David Tittsworth，以及 CFP Board 公共政策董事总经理 Marilyn Mohrmann-Gillis。

MarketCounsel This is the third year of MarketCounsel’s event. The firm expects to triple the size [about 50 people] of its first event in 2008. Along with Durbin and Crager, other speakers will include: Scott Welch, co-founder and senior managing director of Fortigent, David Tittsworth, executive director of the Investment Adviser Associationm and Marilyn Mohrmann-Gillis, the CFP Board’s managing director of public policy.

Hamburger 的目标是将独立顾问领域的不同元素聚集在一起。

Hamburger’s aim is to bring together disparate elements from the independent advisory realm.

从最狭义上讲，MarketCounsel 是一家合规咨询公司，但它的实务和会议正迅速变化，以满足行业对其提出的新需求。

In its narrowest sense, MarketCounsel is a compliance consultancy, but its practice and its conference are rapidly changing to meet new demands that the industry is placing on it.

“合规不是这些公司的一个模块，它已融入公司的所有应用中，”Hamburger 说。

“Compliance is not a module of these companies; it’s woven into all the applications of the company,” Hamburger says.

为反映 MarketCounsel 活动的这一变化，Gladstone Associate LLC 总裁 Paul Lally 将就继任规划发表演讲；战略客户集团并购总监 David G. DeVoe 将探讨公司的价值；Advisor Growth Strategies 负责人 John Furey 将主持一个关于招募新顾问加入实务的小组讨论。

Reflecting that change at the MarketCounsel event, Paul Lally, president of Gladstone Associate LLC will speak about succession planning; David G. DeVoe, director of mergers and acquisitions in the strategic client group, will talk about what a firm is worth, and John Furey, principal of Advisor Growth Strategies, will moderate a panel related to bringing new advisors aboard a practice.

避免重复去年对整合（rollups）的强调今年特意不再重复。根据 Hamburger 的说法，避免重复有助于保持新鲜感。

Avoiding repetition Last year’s emphasis on rollups will deliberately not be repeated this year. Avoiding the repetition helps to keep things fresh, according to Hamburger.

这是 MarketCounsel 活动的第三年，150 名与会者是其 2008 年首届活动规模的三倍。2010 年 9 月 7 日两场即将召开的精英行业峰会，去年该活动在新泽西州普林斯顿举行，颇具讽刺意味的是，地点曾是美林证券经纪人的培训设施。并购和离职专家齐聚普林斯顿前美林老巢今年会议在拉斯维加斯举行。Hamburger 表示，他选择这个赌城，正是因为它近年很少有金融会议在此举办。

This is the third year of MarketCounsel’s event and the 150 attendees triples the size of its inaugural 2008 event. It 9/7/2010 Two upcoming elite industry summits p… was held in Princeton, N.J. last year in, ironically, a former training facility for Merrill Lynch brokers. Merger and breakaway experts convene near Princeton at old Merrill Lynch lair This year it’s in Las Vegas. Hamburgers said he chose the casino capital precisely because so few financial conferences have been held there in recent years.

“这就像钟摆一样，把会议带到了那里，”他说。

“It’s a shift of the pendulum bringing the conference out there,” he says.

关于其他“精英”会议的文章：仅限受邀的 Barron’s Top 100 会议之后热情涌动 TD Ameritrade 在拉古纳海滩为 100 名顾问全力举办活动一窥 Schwab 的 EXPLORE 会议 Fidelity 执行论坛文章后记：RIA 视角请将此打印件仅用于个人目的，例如与少数朋友或同事分享。如需更广泛分发，我们提供全套服务的重印服务。请联系 Frank Noto，电话 415.246.5006，或访问 riabiz.com/advertise#reprints 了解更多信息。

Articles about other 'elite’ conferences: Enthusiasm simmers in the wake of the by-invite-only Barron’s Top 100 conference TD Ameritrade is pulling out the stops for 100 advisors in Laguna Beach A glimpse inside Schwab’s EXPLORE conference Postscript to the Fidelity Executive Forum article: The RIA perspective Please use this print for personal purposes only, like sharing with a few friends or colleagues. For wider distribution, we offer full-service reprints. Contact Frank Noto at 415.246.5006, or read more at riabiz.com/advertise#reprints.

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