Tiburon CEO Summit goes high as talk turns to FANG factor on days one and two

The truth is much if the innovation in support of advisory services and fiduciary standing entails the technological development skill set of the FANG companies, this is not a core competency of the brokerage business and completely circumvents the industry's cultural impediments to innovation. When you ask major firms how they will go about creating/developing a fiduciary construct, there are blank faces as it is outside their experience. In fact it has been heresy to even think in those terms. Now that brokers must play by entirely different set of rules if they are rendering advise--the burden is placed directly on executives who have no knowledge of prudent process, enabling technology and the retooling of product menus. The FANG companies are (1) fast studies, (2) understand (a) process and (b) technology, (3) how to necessarily be disruptive and (4) streamline cost--none of which are hallmarks of the brokerage industry highly opposed to the new prudent expert rules.. FANG companies may well be the solution. SCW