After nine years of compiling the IA 25, our idea of who the most influential people in the industry are, we've noticed some people have made a habit of appearing on our list. From Mark Tibergien, CEO of Pershing Advisor Solutions, with his record nine appearances, to the husband-and-wife team of Evensky & Katz who have a collective 11 appearances on the list, the following industry players have a long record of influence on advisors and the industry at large.
Is there anyone missing from the IA 25? Send your suggestions for the 2012 IA 25 to Investment Advisor Editor in Chief John Sullivan.
Click through the following slides to see our serial influencers.
Mark Tibergien, 2003-2011
CEO, Pershing Advisor Solutions
When Mark Tibergien first appeared on the IA 25 back in 2003, he was a principal at the Seattle-based accounting firm Moss Adams. IA's then-Editorial Director William Glasgall wrote of Tibergien's optimism for the industry, a sentiment that Tibergien hasn't lost in the nine years since.
“The good news is that [this is] a terrific business, and those enterprises that are built to endure through difficult environments and can achieve scale are in a great position to flourish,” he told Investment Advisor in 2011.
“We are fundamentally dealing with a collection of small businesses who are continually conflicted between growing and managing their businesses, and growing and serving their clients,” Tibergien said, adding that it will be interesting to see in five years "how many practices transform into businesses.”
Read Mark Tibergien's extended profile from the 2011 IA 25.
Deena Katz, 2003, 2004, 2006-2010
Chairman, Evensky & Katz Wealth Management
"Ninety-five percent of planning is the ability to explain complex things in an easily understandable way," Katz told Investment Advisor in 2003. Katz says the greatest challenge ahead will be managing expectations--not just clients', but her own, and the industry's expectations for its future. "It's a fine line between coach/counselor and shrink," she said, "and I'm not sure we're educationally prepared."
In 2010, Katz was still a strong supporter of education, but had added to her equation for advisors' success. Three things the profession would need to stay on course, she said, were regulatory guidance, education and research. "We have the body of knowledge and we're starting to get regulatory guidance around what we do," she said.
Read more about Deena Katz in the 2010 IA 30.
Mary Schapiro, 2006-2011
Chairman, Securities and Exchange Commission
Mary Schapiro has appeared on the IA 25 every year since 2006, and in that time she has proven herself as a regulatory powerhouse. From the pre-recession days of 2006 when she said the biggest challenge facing advisors was making sure baby boomers had enough income to "live comfortably in retirement," to the contentious fiduciary debates of 2011, one thing is clear: Schapiro is not one to back away from a challenge. As we wrote in the 2011 IA 25, "if anyone knows how to handle being on the hot seat, it’s Mary Schapiro." She's been grilled by members of Congress multiple times over the SEC's mishandling of the Bernie Madoff Ponzi scheme, funding shortfalls that she argues are vital to maintain the agency's ability to oversee the industry, and the heavy regulatory burdens that came out of Dodd-Frank.
It appears she's well-suited to meet those challenges though. In 2007, Schapiro told Investment Advisor that she missed the "nitty-gritty" of policy decisions after moving up to head FINRA and being less invloved in the details of policy-making.
There is a tremendous desire among the public for advice and for solutions to their financial problems," she argued then. "The challenge is going to be developing products that are very sound--I'm not talking about taking the risk out of investing; we'll never do that nor should we even attempt to do that--but tapping into these changing demographics with products that are in the investors' best interests and ensuring that they are sold appropriately."
Read Mary Schapiro's exclusive interview from the 2011 IA 25.
Dale Brown, 2007-2011
President/CEO, Financial Services Institute
Dale Brown’s been so effective managing the Financial Services Institute that he now has to figure out how to manage its growth. Since his first appearance on the IA 25 in 2007, FSI's rapid growth gave it the influence to put its "fingerprints all over" the Dodd-Frank legislation. “We didn’t get everything we wanted," he conceded in 2011, "but then again no one did."
Brown has been an advocate for the advisory profession for more than 20 years, first with the IAFP, then the FPA, and since 2003 as president and CEO of the FSI. In 2007, he said "navigating the increasingly complex and burdensome regulatory environment" was the industry's greatest challenge, adding that the future of the independent BD was "very bright."
Read Dale Brown's extended profile from the 2011 IA 25.
Sheryl Garrett, 2003-2006, 2010
Founder, Garret Planning Network
As if it weren't enough to build a successful firm based on the untried idea of offering financial advice by the hour for a fee to middle-income clients, we wrote of Garrett in 2003, she created the Garrett Planning Network to serve middle-income clients for an hourly fee. She provides the coaching, templates, resources, and sample documents to get advisors started and keep them going in their own practices.
As of 2010, Garrett had stopped seeing clients personally, but the Garrett Planning Network had expanded to about 310 advisors in 43 states, Thailand, China and Kenya. She described the planning process for clients as "like going to the dentist, but hopefully not as painful."
"I am extremely proud of helping to change the financial services industry by proving the viability of working with Middle America and do-it-yourselfers on a fee-only basis," she said in 2004. "What was once deemed impossible is now the talk of the town at many industry conferences and with many financial journalists."
Read more about Sheryl Garrett in the 2010 IA 25.
Bob Clark, 2005-2008
Editor-at-Large, Investment Advisor
As Group Editor in Chief Jamie Green remarked upon Clark's first appearance on the IA 25, "there's only one Bob Clark." Combining passion, hard information and a "healthy skepticism," Clark has made a name for himself with strong, sometimes unpopular, opinions in the pages ofInvestment Advisor and other publications.
"There's such a huge demand for qualified, trained professionals to give personal financial advice that you can't help but think that financial planning as a profession will continue to progress and become a profession despite what people do in the short term," Clark said in 2006.
Read more about Bob Clark in the 2008 IA 25.
Harold Evensky, 2003, 2004, 2010, 2011
President, Evensky & Katz Wealth Management
The first member of the first IA 25, Harold Evensky is one of the most well recognized people in financial planning. As we wrote in 2003, "his thoughts have shaped the media picture of financial planning, and by extension, the public's view of the profession."
His strong relationship with the media isn't just good for him – and us – but it serves clients as well because it "forces you to stay up to date, or at least be comfortable defending your position," he said in 2003.
The "continued move toward fiduciary advice," will likely be a major trend for the next decade, Evensky said in 2010, as will a low interest-rate environment, forcing advisors to focus on "the management of expenses and taxes."
Read Harold Evensky's extended profile from the 2011 IA 25.
Joe Deitch, 2004-2006, 2010
Chairman/CEO, Commonwealth Financial Network
"One of my greatest strengths is my knowledge of how limited I am," Joe Deitch told Investment Advisor in 2010 without a hint of discomfort. "I've surrounded myself with talented people who speak their mind and their views. If we make few mistakes, it's because we hammer it out; we'll debate until we arrive at a clear consensus."
One of the big challenges facing advisors, he said back in 2006, is "their ability to leverage their wisdom and counsel."
"Our job as a broker-dealer is to lift as much of the administrative burden from advisors as possible."
Read more about Joe Deitch in the 2010 IA 25.
John Bogle, 2003, 2004, 2009, 2010
Founder, The Vanguard Group
John Bogle stepped down as senior chairman of Vanguard in 2000, but hasn't stopped advocating for the industry – which is how he has managed to make it on the IA 25 four times since "retiring." In February 2004, he told attendees at the Institutional Shareholder Services annual conference that it's "high time that we return capitalism to its owners."
In February 2009, a few months before he graced the cover of our 30th anniversary IA 30 issue, he testified before the House Education and Labor Committee regarding a bill that would require disclosure of all fees on 401(k) plans and the inclusion of at least one low-priced index fund in every plan.
"The [mutual] fund industry has moved from what was largely a business of stewardship to a business of salesmanship, a shifting of our primary focus from the management of the assets investors have entrusted to our care to the marketing of our wares so as to build the asset base we manage," he said when he testified before Michael Oxley's subcommittee in 2003.
Read more about John Bogle in the 2010 IA 25.
Tom Bradley, 2004, 2006, 2009, 2011
President, TD Ameritrade
There are many reasons Tom Bradley has been included in the IA 25 four times, but what it comes down to is this: Advisors know where Bradley stands, and that he stands up for them.
Regulators need to “understand the difference between someone who sells a product to individuals and institutions who know they’re talking to a salesperson, and those who operate under a fiduciary standard to that individual and institution,” Bradley said in 2009. They're starting to catch on, he said, but are realizing that it will be "harder than they thought."
"How can you turn a salesperson into a fiduciary?” he asked in 2011. “Separate sales and advice services from each other. If our lawmakers say that they have to do that, they can adjust their models. You’re seeing signs of that already—many have RIA umbrellas.”
Read Tom Bradley's extended profile from the 2011 IA 25.