February 17-18, 2016 Eau Palm Beach Resort & Spa Manalapan, Florida

New Frontiers in Investment Advisory Solutions: Challenges Redefined

Wednesday, February 17, 2016

11:30AM – 1:00PM Registration and Executive Networking Luncheon

1:00PM – 1:15PM Welcome and Opening Remarks Craig Pfeiffer, President & CEO, Money Management Institute

Summit Co-Chairs: Marilee Ferone, Managing Director, Head of Advisory Solutions, Wealth Management Americas, UBS Financial Services Pete Thatch, Senior Vice President, Director of Retail Product Management & Strategy, Capital Group

1:15PM – 2:00PM 2016: A Year of Living Dangerously Ron Insana, Award-winning Journalist, Financial Analyst, Commentator and Author

Ron Insana is a contributor to CNBC and MSNBC, where he discusses the most pressing economic and market issues of the day. He also delivers The Market Scoreboard Report to radio stations around the country. He has written for Money magazine and USA Today and has hosted two nationally syndicated radio programs.

In addition to his work as a business journalist, Insana was the CEO of Insana Capital Partners, from 2006-2008, which, at its peak, managed the $125 million Insana Capital Partners "Legends Fund". For nearly three decades, Insana has been a highly respected business journalist and money manager, who began his career at the Financial News Network in 1984 and joined CNBC when FNN and CNBC merged in 1991. He is well-known for his high-profile interviews, which included Presidents Clinton and Bush; billionaire investors Warren Buffett, George Soros and Julian Robertson, among others: captains of industry from Bill Gates to Jack Welch and to the late Steve Jobs, top economists, analysts and global heads of state, from Former Soviet leader, Mikhail Gorbachev, to Jordan's current Queen, Rania.

Ron Insana was named one of the "Top 100 Business News Journalists of the 20th Century" and was nominated for a news and documentary Emmy for his role in NBC's coverage of 9/11. 1

He has authored four books on Wall Street and is a highly regarded lecturer on domestic and global economics, financial markets and economic policy issues.

2:00PM – 3:00PM Client Panel: What Do Investors Really Want? A panel of investors will offer personal commentary on their experiences working with financial advisors and what the industry should – and shouldn’t – do to help them and other investors meet changing goals. Up for discussion in this no holds barred discussion: • What are they looking for in a relationship with an advisor? Which services do they really want – and are advisors delivering them? • How do they define success when working with an advisor? • Are they familiar with the concept of goals-based wealth management? If so, what does it mean to them? • What are their preferred touch points and frequency of contact when working with an advisor? • How do they perceive the overall experience of working with an advisor? Are we keeping up with other industries in terms of ease of use and technological innovation? • Is social media an effective means of engaging with clients and prospects? • Are they aware of and do they understand the DOL fiduciary rule debate? Do they understand that advisors and brokers operate under different standards of care? Does it matter to them? • Do clients crave simplicity? In their eyes, is our industry guilty of overcomplicating the investment process? • Are they aware of or currently using robo advisor services? Do they find them appealing?

Moderator: Sterling Shea, Associate Publisher, Head of Advisory and Wealth Management Programs, Barron’s

3:00PM – 3:30PM Refreshment and Networking Break

3:30PM – 4:30PM Advisor Panel: Delivering What Investors Really Want This panel – made up of advisors from different distribution channels – is deliberately positioned to follow the client panel and will directly address questions and issues raised by the investors. What promises to be a lively discussion will touch on what determines and defines a successful client-advisor relationship, how that success is measured, and innovative ways of driving client engagement and retention. The panelists will also share their perspectives on a number of topics being widely discussed across the industry:

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• The ongoing active vs. passive debate – what the trends are and what they portend for ETF usage going forward. • Evolving product usage – the growing roles of ESG, alternative investments, private equity, and boutique/emerging asset managers in portfolio construction. • The art and science of capturing Millennial clients – which marketing/sales strategies are effective, which miss the mark, and why. • How technology is raising the bar – client expectations are changing and what it takes to forge and maintain a personal connection in the digital age. • The pricing challenge – with robo-advisors charging rock-bottom prices for asset allocation, are advisor fees under pressure? How fee conversations are changing and how advisors differentiate the value-added services they provide. • Succession planning at the firm level – how firms are attracting and on-boarding younger team members, what it takes to be successful as a new advisor, and how the experience differs from channel to channel.

Moderator: John Moninger, Managing Director, Retail Sales, Eaton Vance Panelists: Douglas J. Eaton, Principal, Eaton Financial Group Leasha Flammio-Watson, Private Wealth Advisor, Flammio Financial Group, A private wealth advisory practice of Ameriprise Financial Services, Inc. Sharon T. Sager, Managing Director, Private Wealth Advisor, UBS Private Wealth Management Michael Stewart, Financial Advisor, Fundamental Choice Portfolio Manager, Wells Fargo Advisors, LLC

4:30PM – 5:45PM Breakout Sessions Looking Ahead: New Trends in Portfolio Construction In an increasingly complex and ever-changing investment environment, financial advisors must rethink the strategies and vehicles they use to build and manage client portfolios. Against a backdrop of economic and market volatility, this panel will discuss the emerging trends driving change in portfolio construction. Topics to be covered include: • how “hands-on” advisors should be, • the evolving use of passive and active management strategies, • the role of alternative investments, • new types of products and platforms on the horizon, • the impact of robo advisors, and • the opportunities and challenges for product manufacturers and distributors.

Moderator: Robert Stark, Head of Global Strategic Relationships, J.P. Morgan Asset Management

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Panelists: John DeRango, Senior Vice President, Head of Sales, Investment Management, Morningstar Duy Nguyen, Portfolio Manager and Chief Investment Officer, Invesco Solutions Curt Overway, President, Managed Portfolio Advisors

Getting Marketing and Sales Alignment Right: Best Practices for Partnership and Growth Sales and marketing groups are both under pressure to cut costs and improve revenue generation. But does it sometimes feel like your marketing and sales efforts aren't in sync with each other – that marketing is out of touch with what will really resonate with prospects and clients, or that sales is relying too much on marketing coming up with the perfect piece of content to make the sale? According to a report by Aberdeen Research, sales and marketing alignment is critical to driving top-line revenue growth. Companies that are best-in-class at aligning marketing and sales experienced an average of 20% growth in annual revenue, compared to a 4% decline for laggard organizations. Clearly, the role of sales and marketing has had to evolve as the buying and relationship process has been redefined by purchasers gaining fingertip access to a wealth of information with which to make informed decisions. Learn from firms that are implementing best practices – common goal identification, clearly defined responsibilities, carefully structured work flow patterns, collaborative ways of collecting and sharing prospect/customer information – for aligning their marketing and sales efforts to improve marketing ROI and boost sales effectiveness.

Moderator: Steven Miyao, President, kasina, a DST Company Panelists: Bob Cunha, Managing Director, Marketing and Distribution Strategy, Eaton Vance Jessica Douieb, Managing Director, Goldman Sachs Asset Management Robert Geppner, Head of National Sales- US, Franklin Templeton Investments

6:00PM Reception & Networking

Thursday, February 18, 2016

7:00AM – 8:00AM Networking Breakfast

8:00AM – 8:15AM Co-Chair Review of Day One

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8:15AM – 9:15AM Keynote Presentation: Lessons on Leadership from the Gridiron Phillip Fulmer, Founding Partner, BPV Capital Management and former Head Football Coach, University of Tennessee Phillip Fulmer, the legendary Volunteers football coach and one of the youngest members ever inducted into the National Football Foundation’s College Football Hall of Fame, will speak about the importance of leadership styles, organizational skills, and communication methods in building a successful business. In discussing the fundamentals of leadership, Coach Fulmer, draws on his experience motivating his teams to victories when the pressure was highest, including the first ever BCS National Championship Game in 1998. He compiled a 152-52 record during his 16 years as head coach and viewed his role as that of a principled mentor. The Coach’s holistic approach encouraged young student athletes towards social, spiritual, academic, and personal growth – lessons which resonate far beyond the college playing field. 9:15AM – 10:15AM CEO Leadership Perspectives on the Future of Our Industry In a panel discussion moderated by MMI President & CEO Craig Pfeiffer, three industry thought leaders – the heads of SIFMA, FSI and ICI – explore six broad themes that will play a major role in the future course of our industry. Topics include: • Reform in the regulatory arena – Next steps with respect to the fiduciary rule along with a look at other probable areas of focus for the DOL, SEC, FINRA, and other regulatory agencies. • Observations on an increasingly competitive landscape – Shifting business conditions, the challenges in attracting and retaining talent, best opportunities for growth, and predictions about where the next frontier will lie. • Next generation – As the Baby Boomers age and intergenerational wealth transfer begins in earnest, what will be the dominant characteristics of tomorrow’s investors, financial advisors, sales management and distribution teams, and financial services firm leaders? • Technology – What are the productivity vs. cost tradeoffs involved in the decision to build out new systems or continuing to develop and maintain legacy ones? Are we keeping pace with investor expectations? • The industry/investor relationship – Where do we stand now? What is working well and where is improvement mandated? • Priorities – What are the priorities going forward for each panelist’s organization and its membership? How do they differ from the recent past and where and what is the likely next horizon?

Moderator: Craig Pfeiffer, President & CEO, Money Management Institute Panelists: Kenneth E. Bentsen, Jr., President & CEO, Securities Industry and Financial Markets Association

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Dale E. Brown, President & CEO, Financial Services Institute Paul Schott Stevens, President & CEO, Investment Company Institute

10:15AM – 10:30AM Refreshment and Networking Break

10:30AM - 11:30AM The “X” Factor = Culture: Leveraging Diversity to Optimize Business Success A diverse culture is a critical component in both attracting and developing key talent. In today's highly competitive industry environment, financial services organizations must adopt a multi-dimensional approach to on-boarding the best and brightest and retaining them over the long term. This executive panel will share perspective on how and why they came to think differently about building a culture of excellence. They will discuss the steps taken to ensure that their firms are on the right path to nurturing a diverse culture – one which welcomes and retains superior talent while maintaining a focus on delivering results – and how they made firm culture a core building block to success. Some of the topics to be explored are: • pragmatic illustrations identifying stumbling blocks to driving diversity success, • innovations in cultural priorities, • understanding the growing importance of diversity in financial services, • attracting, developing and mentoring next generation talent, and • leveraging E/Q to build a more sustainable culture.

Moderator: Kathy Freeman, Founder & CEO, Kathy Freeman Company Panelists: Noreen Beaman, CEO, Brinker Capital Jeffrey T. Becker, CEO, Voya Investment Management Cathy Saunders, Head of Registered Investment Advisory Business, Putnam Investments Shundrawn Thomas, Head of Funds and Managed Accounts, Northern Trust Asset Management

11:30AM – 12:30PM The DOL Fiduciary Rule – Rethinking Fiduciary Responsibility Since mid-April when the DOL announced its proposed fiduciary rule, speculation about both the likelihood and impact of adoption has been the hottest topic in the industry. In a broad ranging discussion, this panel will focus on recent developments in the ongoing debate and on some of the likely outcomes if the rule is adopted. Among the questions to be addressed: • What are the major implications for the industry, investment managers, and sponsor firms? What will the industry look like in a post-DOL world? • What is the anticipated timeline for the DOL’s next steps? How does the recently announced October 2016 target date for the SEC’s long-awaited proposal on a uniform fiduciary rule for brokers and advisors change the game? • What will be the impact on marketing and, in particular, on marketing to IRA clients? 6

• Which platforms will be favored by advisors and clients if the proposal is approved? • What happens to brokerage accounts? Does the world move to advisory relationships? • Will there be share class consolidation? Do A and C shares disappear? • Will a universal share class emerge to take advantage of the low fee exemption? • In the evolution of advisory platforms, will the UMA format become the structure of choice?

Moderator: Frank Gregory, Chief Distribution Officer, BPV Capital Management Panelists: Jason Bortz, Attorney, Capital Group Tom Sholes, Managing Director, Pershing LLC, a BNY Mellon company

12:30PM Closing Remarks and Adjournment Craig Pfeiffer, President & CEO, Money Management Institute

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