- Renowned entrepreneur Mark Cuban will impart lessons learned through his own experience living through an SEC enforcement proceeding, his thoughts on high frequency trading, as well as his steadfast support of the entrepreneurial experience
- Past Chairman of the SEC Christopher Cox will impart lessons learned through his own experiences and perspectives during his time at the SEC
- Sallie Krawcheck will discuss the relative value proposition of wirehouses vs. independent RIAs as well as how to expand the ranks of female advisers
- Former SEC Chairman, Harvey Pitt, will speak to the challenges of regulating RIAs, “harmonization” between BDs and RIAs and improving adviser examinations
- Eliot Spitzer will address the role of state securities regulators as well as his views on the SEC
- CNBC’s Ron Insana will share his views about recent news, the evolving economy, and why independent investment advisers remain largely beneath the radar
Englewood, NJ – June 11, 2014 – MarketCounsel (www.marketcounsel.com), the leading business and regulatory compliance consultant for independent investment advisers and those considering independence, opened registration today for its marquee annual event, The MarketCounsel Summit (www.mcsummit.com), to be held from December 8th to the 11th, 2014 at the Four Seasons Hotel Las Vegas.
The MarketCounsel Summit (The “Summit”) has, over its 7 years, become the most significant gathering of the preeminent independent investment advisers, their trusted service providers, and the financial industry press. This year, over 500 industry leaders will convene at the Four Seasons Hotel Las Vegas to make their thought leadership contribution to the fastest growing sector in financial services. The event’s focus is assessing the diverse and expanding array of options within the scope of independence in the securities industry, all through the lens of an entrepreneur navigating through a highly-charged regulatory environment.
MarketCounsel has secured an all-star lineup of speakers designed to challenge, enlighten and inspire the industry’s top entrepreneurs.
The Summit will feature Dallas Mavericks owner, renowned entrepreneur and self-made billionaire, Mark Cuban (@mcuban). Cuban found himself as the target of an SEC insider trading investigation, but after reportedly spending $12 million in the face of a $2 million settlement offer by the SEC, defeated the SEC both initially and on appeal. Cuban emerged victorious, resolved to influence reform of the country’s top regulator. He has urged the SEC to reallocate its resources and focus on the dangers to financial markets created by high frequency trading bots and flash trading. Mr. Cuban is an outspoken advocate for entrepreneurs and promises to lend a fresh perspective to an audience of the leading entrepreneurial advisors.
“I know Mr. Cuban is coming to the Summit in support of the independent, entrepreneurial movement within the securities industry as much as he empathizes with the challenge that entrepreneurs are up against in operating under the SEC’s jurisdiction,” said Brian Hamburger, MarketCounsel’s founder, president and CEO. “He realizes that most entrepreneurs don’t share his means and wants to lend his voice to improve the regulatory environment.”
Christopher Cox, past Chairman of the SEC will also attend. During his tenure at the SEC, Cox was aggressive about proper disclosures. This included the SEC’s initiative to improve executive compensation rules and disclosures, as well as the major overhaul to Form ADV that required plain English disclosures which was proposed under his watch in 2008. Cox’s Chairmanship also spanned through the beginning of the 2008 financial crisis. Cox was in charge during one of the most turbulent times in the country’s financial history, which included the subprime mortgage crisis, the collapse of Bear Stearns and Lehman Brothers, and the Ponzi-scheme confession of Bernie Madoff.
Sallie Krawcheck (@SallieKrawcheck), past head of both Merrill Lynch and Smith Barney, will contrast the current value proposition of the wirehouses against that of independent advisers and what the future may hold for these remarkable global financial powerhouses in response to the challenges they face with the continued escalating flight to independence. Will wirehouses allocate some of their vast resources beyond signing bonuses to step up the fight on independence? If so, what will the response look like and when will it come? Ms. Krawcheck will also share one of her current passions, as leader of 85 Broads, offering insights into the power of diversity in driving economic growth, innovation and financial returns.
Former SEC Chairman Harvey Pitt led the Commission through the financial markets closing in the wake of 9/11, Sarbanes-Oxley, the Enron scandal, created the SEC’s “real-time enforcement” program, and began to take on their current challenge of modernizing the regulation of RIAs. He was the Chairman when the Commission first responded to confusion that broker-dealers’ use of fee-based brokerage was causing amongst consumers. Rulemaking under his leadership gave rise to the Compliance Program Rule and the concepts for both harmonizing regulation among broker-dealers and RIAs and improving investment adviser examinations; many of the same concepts being discussed and debated a decade later. Recently, Mr. Pitt has been outspoken with suggestions for improving the SEC’s examination program of investment advisers.
Following the bifurcation of state and federal oversight, state regulators largely left the feds to deal with issues of national concern. But that practice came to a halt when Eliot Spitzer, who earned the nickname the “Sheriff of Wall Street” while serving as New York State Attorney General, began to pursue national cases in advance of both the SEC and FINRA. Mr. Spitzer secured a “Global Settlement” from most of the banks who would later become known as “too big to fail” for inflating stock prices, using affiliated brokerage firms to give biased investment advice and “spin” initial public offerings of stock by offering them to CEOs and other influential members of the business community. He then pursued mutual fund brokers for both late trading and market timing issues in actions that were later joined by the SEC. Like other first responders, certain state regulators and attorneys general have become well-known for addressing issues that impact our markets and citizens of their state well in advance of federal regulators, who later scramble to keep up. Mr. Spitzer will debate the appropriate role of the states in regulating and policing the securities industry.
The original “Anchorman” of the securities industry, CNBC’s Ron Insana will offer his perspectives on current influences on both the domestic markets and the global economy. Insana joined CNBC in the 1991 merger with the Financial News Network (FNN) and has been a regular contributor to various news programs when market activity warrants.
“It is nothing short of exhilarating to be part of the evolution of this event and we’re humbled by the impact it has had on the industry,” said Hamburger. “It underscores the reputation of the Summit as a forum for lively conversations on the most critical issues among the best and brightest in the industry. This forum brings together divergent perspectives so debate and dialogue can flourish; they’re critical components of what makes this event so special. Certain speakers declined to participate or even withdrew their commitment to participate in the event because they couldn’t control the dialogue or depart immediately following their talk,” he continued.
“Our culture revolves around continuous improvement at MarketCounsel and we are excited to build upon our success,” said Marc Cohen, MarketCounsel’s managing director and COO. “Many questioned how we would improve upon last year’s event, when we were joined by Sen. Christopher Dodd and Rep. Barney Frank. But, improvement is only part of the story, our challenge is in continually elevating the experience. Our guests can expect many more surprises this year.”
The Summit is also a convergence of leading service providers devoted to the success of independent RIAs including leading brokerage, custody, technology, practice management, and other service providers. Fidelity Institutional Wealth Services, a leading provider of trading, custody and brokerage services to registered investment advisers, returns to lead the charge of service providers eager to participate in the Summit as the event’s lead underwriter.
“We’re so pleased to sponsor the leading event that brings together the best minds in the advisory profession,” said David Canter, Fidelity’s executive vice president of practice management and consulting. “MarketCounsel has once again assembled a star-studded lineup and continues to advance the industry conversation.”
“We think that our lineup of headliners reflects the diversity of our interests and we’re excited to announce the coming faculty selections,” concluded Hamburger.
More details about The MarketCounsel Summit including agenda details, attendee registration, sponsorship opportunities, and speaker nominations are available at www.mcsummit.com. As always, registration is limited and the event is once again expected to sell out, so those planning on attending are encouraged to secure registration without delay.
For more information on participating in The MarketCounsel Summit, contact MarketCounsel Productions at (201)705-1200.
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MarketCounsel is the leading business and regulatory consultancy to some of the country’s preeminent independent investment advisers throughout their lifecycle. From its roots in 2000, MarketCounsel has been steadfast in its mission to deliver solutions to the challenges faced by entrepreneurs in a fast growing industry and has emerged as one of its most effective advocates.
From the initial launch of an investment adviser to its outsourced compliance platform to its business growth and succession strategies, MarketCounsel consistently delivers extraordinary service and trusted counsel by leveraging advanced technology and sound business processes. The MarketCounsel Summit is the annual gathering for the country’s top independent investment advisers and serves as both spark and catalyst for conversation among industry leaders.
Offering 360° of RIA knowledge, advice and guidance, MarketCounsel is the most trusted partner throughout the lifecycle of an independent adviser and works with these business owners at all stages. MarketCounsel provides true end-to-end business solutions for advisors, from start-up through exit. Visit www.marketcounsel.com for more information.
About The MarketCounsel Foundation
The MarketCounsel Foundation supports the independent investment adviser movement through research, advocacy, and awareness; a direct supporter of innovative financial education; and leading an effort to provide support, mentoring, and placement to would-be entrepreneurs. Visit www.marketcounsel.org for more information.
About The MarketCounsel Summit Investment advisers face an evolving landscape of challenges in protecting their practice while in pursuit of the limitless opportunities in growing their business. The Summit is designed by a team that admittedly rebuts the usual lecture-based, “talk at you” conferences. Instead, the Summit’s objective is to create an incomparable forum for advisers to engage and interact among industry leaders to develop a sound strategy for addressing challenges while forming actionable plans for taking advantage of opportunities.
Already hailed by the financial press historically as one of the few “elite conferences” in the industry, the Summit features general sessions and interactive workshops that run morning ‘til night, over three days in the desert. The agenda is stacked with well-orchestrated extracurricular events that provide for unmatched opportunities to ‘continue the conversation’ among advisors, speakers and the industry’s top service providers, including a can’t-miss opening reception and a live auction to benefit the MarketCounsel Foundation. Visit www.mcsummit.com for more information.