Consulting Industry - Defining Good Business Advice

Financial Institutions Research Report Series
&
Financial Advisors Research Report Series
An Initial Overview
of the Consulting Industry:
Defining Good Business Advice
July 2009
TABLE OF CONTENTS
INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY....................................27
A SYNOPSIS OF FINANCIAL SERVICES INDUSTRY INVESTMENT OPPORTUNITIES
......................................................................................................................................43
EVOLUTION OF THE CONSULTING BUSINESS ........................................................48
Market History ............................................................................................................................ 48
Emergence Phase.................................................................................................................. 48
Early Growth Phase ............................................................................................................... 50
Troubled & Retrenchment Phase ........................................................................................... 54
Renewed Growth & Maturation Phase................................................................................... 59
Market Definition ........................................................................................................................ 59
Strategy Consulting ................................................................................................................ 59
Sales & Marketing Consulting ................................................................................................ 59
Organizational Effectiveness Consulting................................................................................ 59
Operations & Technology Consulting..................................................................................... 59
Other Consulting .................................................................................................................... 59
Market Growth............................................................................................................................ 59
Consulting Firms .................................................................................................................... 60
Consulting Firm Offices .......................................................................................................... 60
Consulting Firm Employees ................................................................................................... 60
Consulting Firm Partners........................................................................................................ 60
Consulting Firm Partners per Employee ................................................................................ 60
Consulting Firm Consultants .................................................................................................. 60
Consulting Firm Clients .......................................................................................................... 60
Consulting Firm Clients per Consultants................................................................................ 61
Consulting Firm Projects ........................................................................................................ 61
Consulting Firm Revenues ..................................................................................................... 61
Consulting Firm Revenues per Employee.............................................................................. 61
Consulting Firm Revenues per Consultant ............................................................................ 61
Consulting Firm Revenues per Partner .................................................................................. 61
Consulting Firm Profits ........................................................................................................... 62
Consulting Firm Profits per Employee.................................................................................... 62
Consulting Firm Profits per Consultant .................................................................................. 62
Consulting Firm Profits per Partner ........................................................................................ 62
Leading Consulting Firms .......................................................................................................... 62
Consulting Firm Offices .......................................................................................................... 62
Consulting Firm Employees ................................................................................................... 63
Consulting Firm Partners........................................................................................................ 63
Consulting Firm Consultants .................................................................................................. 63
Consulting Firm Clients .......................................................................................................... 64
Consulting Firm Projects ........................................................................................................ 64
Consulting Firm Revenues ..................................................................................................... 64
Consulting Firm Profits ........................................................................................................... 65
Consulting Employee Choices ............................................................................................... 65
MARKET SEGMENTATION..........................................................................................68
Strategy Consulting.................................................................................................................... 68
Sales & Marketing Consulting.................................................................................................... 70
Organizational Effectiveness Consulting ................................................................................... 70
Operations & Technology Consulting ........................................................................................ 70
Other Consulting ........................................................................................................................ 71
MARKETS & DISTRIBUTION CHANNELS ...................................................................72
09.07.01 Consulting Industry
Tiburon Strategic Advisors, LLC
Federal & State Governments ................................................................................................... 72

Financial Services Companies................................................................................................... 72
Segments ............................................................................................................................... 75
Issues ..................................................................................................................................... 75
Services.................................................................................................................................. 75
Manufacturing Companies ......................................................................................................... 76
Retail Companies....................................................................................................................... 76
Other Companies ....................................................................................................................... 76
FUTURE PREDICTIONS FOR THE CONSULTING BUSINESS ...................................77

Continual Rapid Growth............................................................................................................. 77
Increasing Dominance of Strategy Consulting........................................................................... 77
Increasing Importance of Financial Services Company Clients ................................................ 77
Consulting Firms to Expand....................................................................................................... 78
Continual Industry Consolidation ............................................................................................... 78
APPENDIX....................................................................................................................79
Profiles of Consulting Firms ....................................................................................................... 79
Academy of Financial Services & Precision Marketing Partners ........................................... 79
History................................................................................................................................. 79
Statistics.............................................................................................................................. 79
Businesses.......................................................................................................................... 79
Academy of Financial Services ................................................................................... 80
Precision Marketing Partners ...................................................................................... 80
Organization & Ownership.................................................................................................. 80
Accenture ............................................................................................................................... 80
History................................................................................................................................. 80
Statistics.............................................................................................................................. 81
Businesses.......................................................................................................................... 81
Consulting.................................................................................................................... 81
Technology .................................................................................................................. 82
Outsourcing ................................................................................................................. 82
Achieve Global ....................................................................................................................... 82
History................................................................................................................................. 82
Statistics.............................................................................................................................. 83
Businesses.......................................................................................................................... 83
ACS ........................................................................................................................................ 83
History................................................................................................................................. 83
Businesses.......................................................................................................................... 83
Buck Consultants......................................................................................................... 83
Advisor Impact........................................................................................................................ 84
History................................................................................................................................. 84
Statistics.............................................................................................................................. 84
Businesses.......................................................................................................................... 84
Advisory Board ....................................................................................................................... 85
History................................................................................................................................. 85
Statistics.............................................................................................................................. 85
Businesses.......................................................................................................................... 85
Alix Partners ........................................................................................................................... 85
History................................................................................................................................. 85
Statistics.............................................................................................................................. 86
Businesses.......................................................................................................................... 86
Alvarez & Marsal .................................................................................................................... 86
History................................................................................................................................. 86
Statistics.............................................................................................................................. 87
Businesses.......................................................................................................................... 87
AM Best .................................................................................................................................. 87
History................................................................................................................................. 87
Statistics.............................................................................................................................. 87
Businesses.......................................................................................................................... 87
American Business Visions .................................................................................................... 87
History................................................................................................................................. 88
Statistics.............................................................................................................................. 88
Businesses.......................................................................................................................... 88
American Management Systems ........................................................................................... 89
History................................................................................................................................. 89
Statistics.............................................................................................................................. 90
Businesses.......................................................................................................................... 90
Answerthink ............................................................................................................................ 90
History................................................................................................................................. 90
Statistics.............................................................................................................................. 90
Businesses.......................................................................................................................... 90
Arc Partners............................................................................................................................ 91
History................................................................................................................................. 91
Statistics.............................................................................................................................. 91
Businesses.......................................................................................................................... 91
Management Consulting.............................................................................................. 91
Technology Solutions .................................................................................................. 92
Artemis Communications ....................................................................................................... 92
History................................................................................................................................. 92
Businesses.......................................................................................................................... 92
Consulting.................................................................................................................... 92
Arthur Little ............................................................................................................................. 93
History................................................................................................................................. 93
Businesses.......................................................................................................................... 93
Consulting.................................................................................................................... 93
Asset International.................................................................................................................. 93
History................................................................................................................................. 93
Businesses.......................................................................................................................... 93
Strategic Insight........................................................................................................... 94
AT Kearney............................................................................................................................. 98
History................................................................................................................................. 98
Statistics.............................................................................................................................. 99
Businesses........................................................................................................................ 100
Management Consulting............................................................................................ 100
Organization & Ownership................................................................................................ 100
Atos Origin............................................................................................................................ 100

History............................................................................................................................... 100
Businesses........................................................................................................................ 100
Consulting.................................................................................................................. 100
Auriemma Consulting Group ................................................................................................ 101
History............................................................................................................................... 101
Statistics............................................................................................................................ 101
Businesses........................................................................................................................ 101
Bachrach & Associates ........................................................................................................ 102
History............................................................................................................................... 102
Statistics............................................................................................................................ 102
Businesses........................................................................................................................ 102
Bain & Company .................................................................................................................. 102
History............................................................................................................................... 102
Statistics............................................................................................................................ 103
Businesses........................................................................................................................ 104
Change Management Group..................................................................................... 106
Corporate Strategy Group ......................................................................................... 106
Cost & Supply Chain Management Group ................................................................ 106
Growth Strategy Group.............................................................................................. 106
Information Technology Group.................................................................................. 106
Mergers & Acquisitions Group................................................................................... 106
Organization Group ................................................................................................... 106
Performance Improvement Group............................................................................. 106
Private Equity Group ................................................................................................. 106
Revenue Enhancement Group.................................................................................. 107
Balanced Scorecard ............................................................................................................. 115
History............................................................................................................................... 115
Statistics............................................................................................................................ 116
Businesses........................................................................................................................ 116
BDO International ................................................................................................................. 116
History............................................................................................................................... 116
Businesses........................................................................................................................ 116
BDO Seidman............................................................................................................ 116
B/D Search ........................................................................................................................... 117
History............................................................................................................................... 117
Statistics............................................................................................................................ 118
Businesses........................................................................................................................ 118
Bearing Point ........................................................................................................................ 118
History............................................................................................................................... 118
Statistics............................................................................................................................ 119
Businesses........................................................................................................................ 119
Berkshire Capital Securities ................................................................................................. 120
History............................................................................................................................... 120
Businesses........................................................................................................................ 120
Consulting.................................................................................................................. 120
Best Practices ...................................................................................................................... 120

History............................................................................................................................... 120
Statistics............................................................................................................................ 121
Businesses........................................................................................................................ 121
Direct Consulting ....................................................................................................... 121
Products .................................................................................................................... 121
Bill Good Marketing .............................................................................................................. 122
History............................................................................................................................... 122
Businesses........................................................................................................................ 122
Consulting.................................................................................................................. 122
Bobroff Consulting................................................................................................................ 122
History............................................................................................................................... 123
Statistics............................................................................................................................ 123
Businesses........................................................................................................................ 123
Bob Veres............................................................................................................................. 123
History............................................................................................................................... 123
Statistics............................................................................................................................ 124
Businesses........................................................................................................................ 124
Booz, Allen, & Hamilton........................................................................................................ 124
History............................................................................................................................... 124
Statistics............................................................................................................................ 126
Businesses........................................................................................................................ 127
Worldwide Commercial Business .............................................................................. 127
Worldwide Technology Business .............................................................................. 129
Boston Consulting Group ..................................................................................................... 136
History............................................................................................................................... 137
Statistics............................................................................................................................ 138
Businesses........................................................................................................................ 139
Corporate Development Group ................................................................................. 139
Organization Group ................................................................................................... 141
Information Technology Group.................................................................................. 141
Effectiveness Group .................................................................................................. 142
Broderick & Company .......................................................................................................... 150
History............................................................................................................................... 150
Statistics............................................................................................................................ 151
Businesses........................................................................................................................ 151
Market Strategy Consulting ....................................................................................... 151
Burt Greenwald .................................................................................................................... 153
History............................................................................................................................... 153
Statistics............................................................................................................................ 153
Businesses........................................................................................................................ 153
Business Brokerage Incorporated ........................................................................................ 153
History............................................................................................................................... 153
Statistics............................................................................................................................ 154
Businesses........................................................................................................................ 154
Business Transitions ............................................................................................................ 155
History............................................................................................................................... 155
Statistics............................................................................................................................ 155
Businesses........................................................................................................................ 156
Callan Associates ................................................................................................................. 156
History............................................................................................................................... 156
Businesses........................................................................................................................ 156
Fund Sponsor Consulting .......................................................................................... 156
Cambridge Associates ......................................................................................................... 157
History............................................................................................................................... 157
Businesses........................................................................................................................ 157
Consulting.................................................................................................................. 158
Canning & Company ............................................................................................................ 158
History............................................................................................................................... 158
Statistics............................................................................................................................ 158
Businesses........................................................................................................................ 158
Cannon Financial Institute.................................................................................................... 159
History............................................................................................................................... 159
Statistics............................................................................................................................ 159
Businesses........................................................................................................................ 159
Capgemini ............................................................................................................................ 159
History............................................................................................................................... 159
Statistics............................................................................................................................ 161
Businesses........................................................................................................................ 161
Capital Market Consultants .................................................................................................. 162
History............................................................................................................................... 162
Statistics............................................................................................................................ 162
Businesses........................................................................................................................ 162
Open Architecture Investment Management............................................................. 162
Capital Market Risk Advisors ............................................................................................... 163
History............................................................................................................................... 163
Businesses........................................................................................................................ 163
Consulting.................................................................................................................. 163
Capital Markets Company .................................................................................................... 163
History............................................................................................................................... 163
Statistics............................................................................................................................ 164
Businesses........................................................................................................................ 164
Capital Resource Advisors ................................................................................................... 164
History............................................................................................................................... 164
Statistics............................................................................................................................ 165
Businesses........................................................................................................................ 165
Investment Solutions ................................................................................................. 165
Casey, Quirk, & Associates.................................................................................................. 166
History............................................................................................................................... 166
Statistics............................................................................................................................ 167
Businesses........................................................................................................................ 167
CEG Worldwide .................................................................................................................... 170

History............................................................................................................................... 170
Statistics............................................................................................................................ 170
Businesses........................................................................................................................ 170
Center for Fiduciary Studies................................................................................................. 170
History............................................................................................................................... 170
Statistics............................................................................................................................ 171
Businesses........................................................................................................................ 171
Center for Immigration Studies............................................................................................. 171
History............................................................................................................................... 171
Statistics............................................................................................................................ 172
Services ............................................................................................................................ 172
Cerulli Associates ................................................................................................................. 172
History............................................................................................................................... 172
Statistics............................................................................................................................ 173
Businesses........................................................................................................................ 173
Consulting.................................................................................................................. 173
Research ................................................................................................................... 173
Publishing .................................................................................................................. 173
CF Effron Company.............................................................................................................. 176
History............................................................................................................................... 176
Statistics............................................................................................................................ 177
Businesses........................................................................................................................ 177
Chasm Group (Geoffrey Moore) .......................................................................................... 177
History............................................................................................................................... 177
Statistics............................................................................................................................ 177
Businesses........................................................................................................................ 177
Chatham Partners ................................................................................................................ 178
History............................................................................................................................... 178
Statistics............................................................................................................................ 178
Businesses........................................................................................................................ 178
Citigroup ............................................................................................................................... 178
History............................................................................................................................... 179
Businesses........................................................................................................................ 179
Financial Research Corporation................................................................................ 179
CK Prahalad ......................................................................................................................... 179
History............................................................................................................................... 179
Statistics............................................................................................................................ 180
Businesses........................................................................................................................ 180
Clayton Christensen ............................................................................................................. 180
History............................................................................................................................... 180
Statistics............................................................................................................................ 180
Businesses........................................................................................................................ 180
Compensation Resource Group........................................................................................... 181
History............................................................................................................................... 181
Businesses........................................................................................................................ 181
Consulting.................................................................................................................. 181
Computer Associates ........................................................................................................... 181
History............................................................................................................................... 181
Statistics............................................................................................................................ 182
Businesses........................................................................................................................ 182
Computer Sciences Corporation .......................................................................................... 182
History............................................................................................................................... 182
Businesses........................................................................................................................ 182
Management Consulting............................................................................................ 183
First Consulting Group............................................................................................... 183
Conning & Company ............................................................................................................ 183
History............................................................................................................................... 183
Statistics............................................................................................................................ 184
Businesses........................................................................................................................ 184
Conversus Group ................................................................................................................. 184
History............................................................................................................................... 184
Statistics............................................................................................................................ 184
Businesses........................................................................................................................ 184
Credibility Marketing............................................................................................................. 185
History............................................................................................................................... 185
Statistics............................................................................................................................ 185
Businesses........................................................................................................................ 185
DA Consulting Group ........................................................................................................... 185
History............................................................................................................................... 185
Statistics............................................................................................................................ 186
Businesses........................................................................................................................ 186
DAK Associates.................................................................................................................... 186
History............................................................................................................................... 186
Statistics............................................................................................................................ 186
Businesses........................................................................................................................ 186
Consulting.................................................................................................................. 186
Dalbar ................................................................................................................................... 187
History............................................................................................................................... 187
Statistics............................................................................................................................ 187
Businesses........................................................................................................................ 187
Daniel Coleman .................................................................................................................... 187
History............................................................................................................................... 187
Statistics............................................................................................................................ 188
Businesses........................................................................................................................ 188
Dan Richards........................................................................................................................ 188
History............................................................................................................................... 188
Statistics............................................................................................................................ 188
Businesses........................................................................................................................ 189
Deloitte Touche Tohmatsu ................................................................................................... 189
History............................................................................................................................... 189
Businesses........................................................................................................................ 189
Deloitte Consulting .................................................................................................... 189
Delta Consulting Group ........................................................................................................ 190
History............................................................................................................................... 190
Statistics............................................................................................................................ 190
Businesses........................................................................................................................ 190
DeMarche Associates .......................................................................................................... 190
History............................................................................................................................... 190
Businesses........................................................................................................................ 191
Consulting.................................................................................................................. 191
Diamond Consulting ............................................................................................................. 191
History............................................................................................................................... 191
Statistics............................................................................................................................ 191
Businesses........................................................................................................................ 191
Digital 4 Sight ....................................................................................................................... 192
History............................................................................................................................... 192
Statistics............................................................................................................................ 192
Businesses........................................................................................................................ 193
Eager Consulting .................................................................................................................. 193
History............................................................................................................................... 193
Statistics............................................................................................................................ 193
Businesses........................................................................................................................ 193
Edelman Public Relations Worldwide .................................................................................. 193
History............................................................................................................................... 193
Businesses........................................................................................................................ 194
Consulting.................................................................................................................. 194
Edgar, Dunn, & Company .................................................................................................... 194
History............................................................................................................................... 194
Statistics............................................................................................................................ 194
Businesses........................................................................................................................ 194
Efficient Frontiers ................................................................................................................. 195
History............................................................................................................................... 195
Statistics............................................................................................................................ 195
Businesses........................................................................................................................ 195
2
EMC .................................................................................................................................... 196
History............................................................................................................................... 196
Statistics............................................................................................................................ 196
Businesses........................................................................................................................ 196
E-Myth Academy .................................................................................................................. 196
History............................................................................................................................... 196
Statistics............................................................................................................................ 197
Businesses........................................................................................................................ 197
Ennis, Knupp, & Associates ................................................................................................. 197
History............................................................................................................................... 197
Businesses........................................................................................................................ 197
10
Consulting.................................................................................................................. 197
Ernst & Young ...................................................................................................................... 198
History............................................................................................................................... 198
Businesses........................................................................................................................ 198
Financial Consulting .................................................................................................. 198
Ethos Consulting .................................................................................................................. 198
History............................................................................................................................... 198
Statistics............................................................................................................................ 199
Businesses........................................................................................................................ 199
Consulting.................................................................................................................. 199
Eureka Ranch....................................................................................................................... 199
History............................................................................................................................... 199
Statistics............................................................................................................................ 199
Businesses........................................................................................................................ 199
EVA ...................................................................................................................................... 200
History............................................................................................................................... 200
Statistics............................................................................................................................ 200
Businesses........................................................................................................................ 200
Financial Information Group ................................................................................................. 200
History............................................................................................................................... 201
Statistics............................................................................................................................ 201
Businesses........................................................................................................................ 201
Financial Insights.................................................................................................................. 201
History............................................................................................................................... 201
Statistics............................................................................................................................ 202
Businesses........................................................................................................................ 202
Financial Technology Partners............................................................................................. 202
History............................................................................................................................... 202
Businesses........................................................................................................................ 202
Consulting.................................................................................................................. 202
First Manhattan Consulting Group ....................................................................................... 203
History............................................................................................................................... 203
Statistics............................................................................................................................ 203
Businesses........................................................................................................................ 203
Fitch Group........................................................................................................................... 203
History............................................................................................................................... 204
Statistics............................................................................................................................ 204
Businesses........................................................................................................................ 204
Focus Consulting Group....................................................................................................... 204
History............................................................................................................................... 204
Statistics............................................................................................................................ 204
Businesses........................................................................................................................ 204
Management Offsites ................................................................................................ 204
Conference Speeches ............................................................................................... 205
Books......................................................................................................................... 205
11
White Papers ............................................................................................................. 205

Forrester ............................................................................................................................... 205
History............................................................................................................................... 205
Statistics............................................................................................................................ 206
Businesses........................................................................................................................ 206
FS Associates ...................................................................................................................... 206
History............................................................................................................................... 206
Statistics............................................................................................................................ 206
Businesses........................................................................................................................ 206
Gartner ................................................................................................................................. 207
History............................................................................................................................... 207
Statistics............................................................................................................................ 207
Businesses........................................................................................................................ 207
Gary Becker.......................................................................................................................... 207
History............................................................................................................................... 207
Statistics............................................................................................................................ 208
Businesses........................................................................................................................ 208
Gen3 Partners ...................................................................................................................... 208
History............................................................................................................................... 208
Statistics............................................................................................................................ 209
Businesses........................................................................................................................ 209
Gilder Publishing .................................................................................................................. 209
History............................................................................................................................... 209
Statistics............................................................................................................................ 209
Businesses........................................................................................................................ 209
Giuliani Partners ................................................................................................................... 210
History............................................................................................................................... 210
Statistics............................................................................................................................ 210
Businesses........................................................................................................................ 210
Gomez .................................................................................................................................. 210
History............................................................................................................................... 210
Statistics............................................................................................................................ 211
Businesses........................................................................................................................ 211
Grant Thornton ..................................................................................................................... 211
History............................................................................................................................... 211
Businesses........................................................................................................................ 211
Management Advisory............................................................................................... 212
Gray Matters......................................................................................................................... 212
History............................................................................................................................... 212
Statistics............................................................................................................................ 212
Businesses........................................................................................................................ 212
Greenrock Research ............................................................................................................ 213
History............................................................................................................................... 213
Businesses........................................................................................................................ 213
On-Going Investment Manager Research................................................................. 213
12
One-Off Manager Research ...................................................................................... 215

Greenwich Associates.......................................................................................................... 215
History............................................................................................................................... 215
Statistics............................................................................................................................ 215
Businesses........................................................................................................................ 215
Gregory Group ..................................................................................................................... 216
History............................................................................................................................... 216
Statistics............................................................................................................................ 216
Businesses........................................................................................................................ 216
Hammer & Company ............................................................................................................ 217
History............................................................................................................................... 217
Statistics............................................................................................................................ 217
Businesses........................................................................................................................ 217
Hay Group ............................................................................................................................ 217
History............................................................................................................................... 218
Statistics............................................................................................................................ 218
Businesses........................................................................................................................ 218
Heidrick & Struggles ............................................................................................................. 219
History............................................................................................................................... 219
Statistics............................................................................................................................ 219
Businesses........................................................................................................................ 219
Hewitt Associates ................................................................................................................. 219
History............................................................................................................................... 220
Businesses........................................................................................................................ 220
Hewitt Investment Consulting Group......................................................................... 220
Hitachi................................................................................................................................... 220
History............................................................................................................................... 220
Businesses........................................................................................................................ 220
Hitachi Consulting...................................................................................................... 221
H&R Block ............................................................................................................................ 222
History............................................................................................................................... 222
Businesses........................................................................................................................ 222
RSM McGladrey ........................................................................................................ 222
HS Dent ................................................................................................................................ 227
History............................................................................................................................... 228
Statistics............................................................................................................................ 228
Businesses........................................................................................................................ 228
IBM ....................................................................................................................................... 228
History............................................................................................................................... 228
Businesses........................................................................................................................ 228
IBM Global Services .................................................................................................. 229
Icon CMT Corporation .......................................................................................................... 232
History............................................................................................................................... 232
Statistics............................................................................................................................ 232
Businesses........................................................................................................................ 232
13

Impact Communications....................................................................................................... 232
History............................................................................................................................... 233
Statistics............................................................................................................................ 233
Businesses........................................................................................................................ 233
Informa ................................................................................................................................. 233
History............................................................................................................................... 233
Businesses........................................................................................................................ 233
Mobius Group ............................................................................................................ 234
Info USA ............................................................................................................................... 242
History............................................................................................................................... 243
Statistics............................................................................................................................ 243
Businesses........................................................................................................................ 243
Opinion Research...................................................................................................... 243
Ink & Air ................................................................................................................................ 243
History............................................................................................................................... 243
Statistics............................................................................................................................ 244
Businesses........................................................................................................................ 244
Innovest Strategic Value Advisors ....................................................................................... 244
History............................................................................................................................... 244
Businesses........................................................................................................................ 244
Consulting.................................................................................................................. 244
Insource................................................................................................................................ 245
History............................................................................................................................... 245
Statistics............................................................................................................................ 245
Businesses........................................................................................................................ 245
Investcorp ............................................................................................................................. 245
History............................................................................................................................... 245
Businesses........................................................................................................................ 246
Source Media ............................................................................................................ 246
National Regulatory Services .................................................................................... 246
InvestTech ............................................................................................................................ 246
History............................................................................................................................... 246
Statistics............................................................................................................................ 247
Businesses........................................................................................................................ 247
Strategic Planning ..................................................................................................... 247
Systems Evaluation & Selection................................................................................ 247
Systems Implementation ........................................................................................... 247
Operational Reviews ................................................................................................. 247
iXL ........................................................................................................................................ 248
History............................................................................................................................... 248
Statistics............................................................................................................................ 248
Businesses........................................................................................................................ 248
JCPR .................................................................................................................................... 248
History............................................................................................................................... 248
Statistics............................................................................................................................ 249
14
Businesses........................................................................................................................ 249
Jeffrey Gitomer ..................................................................................................................... 250
History............................................................................................................................... 250
Statistics............................................................................................................................ 251
Businesses........................................................................................................................ 251
Jim Collins ............................................................................................................................ 251
History............................................................................................................................... 251
Statistics............................................................................................................................ 251
Businesses........................................................................................................................ 251
Jordan & Jordan ................................................................................................................... 252
History............................................................................................................................... 252
Statistics............................................................................................................................ 252
Businesses........................................................................................................................ 252
Jupiter Research .................................................................................................................. 253
History............................................................................................................................... 253
Statistics............................................................................................................................ 253
Businesses........................................................................................................................ 253
Kasina................................................................................................................................... 253
History............................................................................................................................... 253
Statistics............................................................................................................................ 254
Businesses........................................................................................................................ 254
Klein Decisions ..................................................................................................................... 254
History............................................................................................................................... 254
Statistics............................................................................................................................ 255
Businesses........................................................................................................................ 255
Korn Ferry International........................................................................................................ 255
History............................................................................................................................... 255
Statistics............................................................................................................................ 255
Businesses........................................................................................................................ 255
KPMG ................................................................................................................................... 256
History............................................................................................................................... 256
Businesses........................................................................................................................ 256
Advisory Services ...................................................................................................... 256
Kurt Salmon Associates ....................................................................................................... 257
History............................................................................................................................... 257
Statistics............................................................................................................................ 257
Businesses........................................................................................................................ 257
KSA Healthcare ......................................................................................................... 257
Global Products & Retail ........................................................................................... 257
Leaffer Shapiro ..................................................................................................................... 258
History............................................................................................................................... 258
Statistics............................................................................................................................ 258
Businesses........................................................................................................................ 258
LEK Consulting..................................................................................................................... 262
History............................................................................................................................... 262
15
Statistics............................................................................................................................ 262
Businesses........................................................................................................................ 262
Manchester........................................................................................................................... 263
History............................................................................................................................... 263
Statistics............................................................................................................................ 263
Businesses........................................................................................................................ 263
Marakon Associates ............................................................................................................. 263
History............................................................................................................................... 264
Statistics............................................................................................................................ 264
Businesses........................................................................................................................ 265
March First............................................................................................................................ 265
History............................................................................................................................... 265
Statistics............................................................................................................................ 266
Businesses........................................................................................................................ 266
Mars & Company.................................................................................................................. 266
History............................................................................................................................... 266
Statistics............................................................................................................................ 266
Businesses........................................................................................................................ 266
Marsh & McLennan .............................................................................................................. 267
History............................................................................................................................... 267
Businesses........................................................................................................................ 267
Oliver Wyman ............................................................................................................ 267
Matrix.................................................................................................................................... 268
History............................................................................................................................... 268
Statistics............................................................................................................................ 268
Businesses........................................................................................................................ 268
Matrix Financial Solutions .................................................................................................... 268
History............................................................................................................................... 268
Businesses........................................................................................................................ 269
Prima Capital Holding................................................................................................ 269
McColl Partners .................................................................................................................... 278
History............................................................................................................................... 278
Businesses........................................................................................................................ 278
Strategic Advising...................................................................................................... 278
McKinsey & Company .......................................................................................................... 278
History............................................................................................................................... 278
Statistics............................................................................................................................ 281
Businesses........................................................................................................................ 283
Strategy ..................................................................................................................... 283
Corporate Finance..................................................................................................... 284
Marketing & Sales ..................................................................................................... 284
Operations ................................................................................................................. 285
Business Technology ................................................................................................ 285
Organizational Practice Services .............................................................................. 285
Michael Porter ...................................................................................................................... 291
16
History............................................................................................................................... 291
Statistics............................................................................................................................ 291
Businesses........................................................................................................................ 291
Milliman Global ..................................................................................................................... 291
History............................................................................................................................... 291
Statistics............................................................................................................................ 292
Businesses........................................................................................................................ 292
Evaluation Associates ............................................................................................... 292
Mitchell Advisers .................................................................................................................. 292
History............................................................................................................................... 292
Statistics............................................................................................................................ 293
Businesses........................................................................................................................ 293
Strategic & Financial Adviser .................................................................................... 293
Mitsubishi UFJ Financial Group (Morgan Stanley)............................................................... 294
History............................................................................................................................... 294
Businesses........................................................................................................................ 294
Barra .......................................................................................................................... 294
Monitor Group ...................................................................................................................... 295
History............................................................................................................................... 295
Statistics............................................................................................................................ 295
Businesses........................................................................................................................ 296
Grail Research........................................................................................................... 296
Monticello Associates........................................................................................................... 296
History............................................................................................................................... 296
Businesses........................................................................................................................ 296
Consulting.................................................................................................................. 296
Moodys ................................................................................................................................ 297
History............................................................................................................................... 297
Statistics............................................................................................................................ 297
Businesses........................................................................................................................ 297
KMV ........................................................................................................................... 297
Morningstar........................................................................................................................... 297
History............................................................................................................................... 297
Businesses........................................................................................................................ 297
Ibbotson Associates .................................................................................................. 298
Moss Adams......................................................................................................................... 299
History............................................................................................................................... 299
Businesses........................................................................................................................ 299
ITS Moss Adams ....................................................................................................... 299
N2Growth ............................................................................................................................. 300
History............................................................................................................................... 300
Statistics............................................................................................................................ 300
Businesses........................................................................................................................ 300
Nancy Koehn ........................................................................................................................ 300
History............................................................................................................................... 300
17
Statistics............................................................................................................................ 301
Businesses........................................................................................................................ 301
Navigant Consulting ............................................................................................................. 301
History............................................................................................................................... 301
Statistics............................................................................................................................ 302
Businesses........................................................................................................................ 302
NFO Worldwide .................................................................................................................... 302
History............................................................................................................................... 302
Statistics............................................................................................................................ 302
Businesses........................................................................................................................ 302
Spectrem Group ........................................................................................................ 302
Nick Murray .......................................................................................................................... 306
History............................................................................................................................... 306
Statistics............................................................................................................................ 307
Businesses........................................................................................................................ 307
Nielsen.................................................................................................................................. 307
History............................................................................................................................... 307
Statistics............................................................................................................................ 307
Businesses........................................................................................................................ 307
Noel Tichy............................................................................................................................. 308
History............................................................................................................................... 308
Statistics............................................................................................................................ 308
Businesses........................................................................................................................ 308
Northwestern Mutual ............................................................................................................ 308
History............................................................................................................................... 309
Businesses........................................................................................................................ 309
Russell Investment Group ......................................................................................... 309
Novantas .............................................................................................................................. 324
History............................................................................................................................... 324
Statistics............................................................................................................................ 324
Businesses........................................................................................................................ 324
Consulting.................................................................................................................. 325
Novell.................................................................................................................................... 325
History............................................................................................................................... 325
Businesses........................................................................................................................ 325
Cambridge Technology Partners............................................................................... 325
Optima Consulting................................................................................................................ 326
History............................................................................................................................... 326
Statistics............................................................................................................................ 326
Businesses........................................................................................................................ 326
Orbis Marketing .................................................................................................................... 326
History............................................................................................................................... 326
Statistics............................................................................................................................ 327
Businesses........................................................................................................................ 327
Marketing & Advertising Research ............................................................................ 328
18
Media Planning & Buying .......................................................................................... 330

PA Consulting Group............................................................................................................ 332
History............................................................................................................................... 332
Statistics............................................................................................................................ 332
Businesses........................................................................................................................ 332
Paragon Resources.............................................................................................................. 333
History............................................................................................................................... 333
Statistics............................................................................................................................ 333
Businesses........................................................................................................................ 333
Peppers & Rogers Group ..................................................................................................... 333
History............................................................................................................................... 333
Statistics............................................................................................................................ 334
Businesses........................................................................................................................ 334
Performance Research Associates ...................................................................................... 334
History............................................................................................................................... 334
Businesses........................................................................................................................ 334
Consulting.................................................................................................................. 334
Perot Systems ...................................................................................................................... 335
History............................................................................................................................... 335
Statistics............................................................................................................................ 335
Businesses........................................................................................................................ 335
Peter Drucker ....................................................................................................................... 335
History............................................................................................................................... 336
Statistics............................................................................................................................ 336
Businesses........................................................................................................................ 336
Peter Senge.......................................................................................................................... 337
History............................................................................................................................... 337
Statistics............................................................................................................................ 337
Businesses........................................................................................................................ 337
Pew Research Center .......................................................................................................... 338
History............................................................................................................................... 338
Statistics............................................................................................................................ 338
Services ............................................................................................................................ 338
Pew Research Center for the People & the Press .................................................... 338
Stateline.Org.............................................................................................................. 338
Pew Internet & American Life Project........................................................................ 338
Pew Forum on Religion & Public Life ........................................................................ 338
Pew Hispanic Center ................................................................................................. 339
Pew Global Attitudes Project..................................................................................... 339
Social & Demographic Trends................................................................................... 339
Phyllis Bernstein Consulting................................................................................................. 339
History............................................................................................................................... 339
Statistics............................................................................................................................ 339
Businesses........................................................................................................................ 339
Pittiglio, Rabin, Todd, & McGrath ......................................................................................... 340
19
History............................................................................................................................... 340
Statistics............................................................................................................................ 340
Businesses........................................................................................................................ 340
Population Council ............................................................................................................... 341
History............................................................................................................................... 341
Statistics............................................................................................................................ 341
Services ............................................................................................................................ 342
HIV & AIDS Research ............................................................................................... 342
Poverty, Gender, & Youth Research ......................................................................... 342
Reproductive Health Research ................................................................................. 342
Price Waterhouse Coopers .................................................................................................. 342
History............................................................................................................................... 342
Businesses........................................................................................................................ 342
Consulting.................................................................................................................. 343
Professional Accounting Sales............................................................................................. 343
History............................................................................................................................... 343
Statistics............................................................................................................................ 343
Businesses........................................................................................................................ 343
Proudfoot Consulting............................................................................................................ 345
History............................................................................................................................... 345
Statistics............................................................................................................................ 345
Businesses........................................................................................................................ 346
Publicis Groupe .................................................................................................................... 346
History............................................................................................................................... 346
Statistics............................................................................................................................ 346
Businesses........................................................................................................................ 346
Razorfish ................................................................................................................... 346
Pusateri Consulting & Training............................................................................................. 349
History............................................................................................................................... 349
Statistics............................................................................................................................ 349
Businesses........................................................................................................................ 349
RB Webber & Company ....................................................................................................... 349
History............................................................................................................................... 350
Statistics............................................................................................................................ 350
Businesses........................................................................................................................ 350
Reagan Consulting............................................................................................................... 350
History............................................................................................................................... 351
Statistics............................................................................................................................ 351
Businesses........................................................................................................................ 351
Regroup................................................................................................................................ 351
History............................................................................................................................... 351
Statistics............................................................................................................................ 352
Businesses........................................................................................................................ 352
Business Consulting .................................................................................................. 352
Compliance................................................................................................................ 352
Technology ................................................................................................................ 352
20
Professional Development ........................................................................................ 352

Renaissance Resources Group ........................................................................................... 353
History............................................................................................................................... 353
Statistics............................................................................................................................ 353
Businesses........................................................................................................................ 353
Right Management Consultants ........................................................................................... 353
History............................................................................................................................... 354
Statistics............................................................................................................................ 354
Businesses........................................................................................................................ 354
Robert Reich......................................................................................................................... 354
History............................................................................................................................... 354
Statistics............................................................................................................................ 355
Businesses........................................................................................................................ 355
Rocaton Investment Advisors............................................................................................... 355
History............................................................................................................................... 355
Businesses........................................................................................................................ 355
Consulting.................................................................................................................. 355
Roland Berger ...................................................................................................................... 356
History............................................................................................................................... 356
Statistics............................................................................................................................ 356
Businesses........................................................................................................................ 356
Russell Reynolds Associates ............................................................................................... 357
History............................................................................................................................... 357
Statistics............................................................................................................................ 357
Businesses........................................................................................................................ 357
Ryan ALM............................................................................................................................. 358
History............................................................................................................................... 358
Statistics............................................................................................................................ 358
Businesses........................................................................................................................ 358
Ryan Insurance Strategy Consultants.................................................................................. 359
History............................................................................................................................... 359
Statistics............................................................................................................................ 359
Businesses........................................................................................................................ 359
Sapient ................................................................................................................................. 360
History............................................................................................................................... 360
Statistics............................................................................................................................ 360
Businesses........................................................................................................................ 360
Business & IT Strategy .............................................................................................. 361
Business Applications................................................................................................ 361
Business Intelligence................................................................................................. 361
Outsourcing ............................................................................................................... 361
Market Strategy ......................................................................................................... 361
Schlumberger ....................................................................................................................... 361
History............................................................................................................................... 361
Statistics............................................................................................................................ 362
21
Businesses........................................................................................................................ 362
Scient.................................................................................................................................... 362
History............................................................................................................................... 362
Statistics............................................................................................................................ 362
Businesses........................................................................................................................ 362
Segal Advisors ..................................................................................................................... 363
History............................................................................................................................... 363
Businesses........................................................................................................................ 363
Consulting.................................................................................................................. 363
SFM Consulting .................................................................................................................... 363
History............................................................................................................................... 363
Statistics............................................................................................................................ 364
Businesses........................................................................................................................ 364
Shannahan & Company ....................................................................................................... 364
History............................................................................................................................... 364
Statistics............................................................................................................................ 364
Businesses........................................................................................................................ 365
Sincere & Company ............................................................................................................. 365
History............................................................................................................................... 365
Statistics............................................................................................................................ 365
Businesses........................................................................................................................ 365
Spencer Stuart ..................................................................................................................... 366
History............................................................................................................................... 366
Statistics............................................................................................................................ 366
Businesses........................................................................................................................ 366
SRI International................................................................................................................... 366
History............................................................................................................................... 367
Statistics............................................................................................................................ 368
Businesses........................................................................................................................ 368
Engineering & Systems ............................................................................................. 368
Policy ......................................................................................................................... 368
Information & Computing Sciences ........................................................................... 368
Biosciences ............................................................................................................... 368
Physical Sciences...................................................................................................... 369
Stephen Covey (Franklin Covey Company)......................................................................... 374
History............................................................................................................................... 374
Statistics............................................................................................................................ 375
Businesses........................................................................................................................ 375
Stern, Stewart, & Company.................................................................................................. 375
History............................................................................................................................... 375
Statistics............................................................................................................................ 375
Businesses........................................................................................................................ 376
Strategic Coach .................................................................................................................... 376
History............................................................................................................................... 376
Statistics............................................................................................................................ 376
22
Businesses........................................................................................................................ 376
Strategic Execution Group ................................................................................................... 377
History............................................................................................................................... 377
Statistics............................................................................................................................ 377
Businesses........................................................................................................................ 377
Strategic Positioning.................................................................................................. 377
Restructuring Support................................................................................................ 377
Crisis Communications.............................................................................................. 378
Mergers & Acquisitions Communications.................................................................. 378
Research ................................................................................................................... 378
Strategix Performance.......................................................................................................... 378
History............................................................................................................................... 378
Statistics............................................................................................................................ 378
Businesses........................................................................................................................ 378
Strategos (Gary Hamel) ....................................................................................................... 379
History............................................................................................................................... 379
Statistics............................................................................................................................ 379
Businesses........................................................................................................................ 379
Success Profiles ................................................................................................................... 379
History............................................................................................................................... 379
Statistics............................................................................................................................ 380
Businesses........................................................................................................................ 380
Sun Star................................................................................................................................ 380
History............................................................................................................................... 380
Statistics............................................................................................................................ 381
Businesses........................................................................................................................ 381
Symmetrix............................................................................................................................. 382
History............................................................................................................................... 382
Statistics............................................................................................................................ 383
Businesses........................................................................................................................ 383
Syntaxis ................................................................................................................................ 383
History............................................................................................................................... 383
Businesses........................................................................................................................ 383
Consulting.................................................................................................................. 383
The Brookings Institute......................................................................................................... 384
History............................................................................................................................... 384
Statistics............................................................................................................................ 384
Services ............................................................................................................................ 384
The Conference Board ......................................................................................................... 385
History............................................................................................................................... 385
Statistics............................................................................................................................ 385
Businesses........................................................................................................................ 386
The Gallup Organization ...................................................................................................... 386
History............................................................................................................................... 386
Statistics............................................................................................................................ 386
23
Businesses........................................................................................................................ 386
The Hayden Group............................................................................................................... 387
History............................................................................................................................... 387
Statistics............................................................................................................................ 387
Businesses........................................................................................................................ 387
The McHenry Group............................................................................................................. 387
History............................................................................................................................... 388
Statistics............................................................................................................................ 388
Businesses........................................................................................................................ 388
The Parthenon Group........................................................................................................... 389
History............................................................................................................................... 389
Statistics............................................................................................................................ 389
Businesses........................................................................................................................ 389
Thomson Management Solutions ........................................................................................ 390
History............................................................................................................................... 390
Statistics............................................................................................................................ 390
Businesses........................................................................................................................ 390
Thomson Reuters ................................................................................................................. 390
History............................................................................................................................... 391
Businesses........................................................................................................................ 391
Lipper......................................................................................................................... 391
Tiburon Strategic Advisors ................................................................................................... 392
History............................................................................................................................... 392
Statistics............................................................................................................................ 393
Businesses........................................................................................................................ 393
Tom Peters Group ................................................................................................................ 395
History............................................................................................................................... 395
Statistics............................................................................................................................ 396
Businesses........................................................................................................................ 396
Tom Stanley ......................................................................................................................... 396
History............................................................................................................................... 396
Statistics............................................................................................................................ 396
Businesses........................................................................................................................ 397
Tower Group......................................................................................................................... 397
History............................................................................................................................... 397
Statistics............................................................................................................................ 397
Businesses........................................................................................................................ 397
Towers Watson & Company................................................................................................. 398
History............................................................................................................................... 398
Statistics............................................................................................................................ 398
Businesses........................................................................................................................ 398
Towers Perrin ............................................................................................................ 398
Watson Wyatt Worldwide .......................................................................................... 400
Townsend & Schupp ............................................................................................................ 401
History............................................................................................................................... 401
24
Statistics............................................................................................................................ 402
Businesses........................................................................................................................ 402
T-Systems ............................................................................................................................ 402
History............................................................................................................................... 402
Statistics............................................................................................................................ 403
Businesses........................................................................................................................ 403
Turning Point ........................................................................................................................ 403
History............................................................................................................................... 403
Statistics............................................................................................................................ 404
Businesses........................................................................................................................ 404
Executive Search....................................................................................................... 404
Registered Representative Placement...................................................................... 408
Unisys................................................................................................................................... 414
History............................................................................................................................... 414
Businesses........................................................................................................................ 414
Consulting.................................................................................................................. 414
Urban Institute ...................................................................................................................... 414
History............................................................................................................................... 414
Statistics............................................................................................................................ 415
Businesses........................................................................................................................ 415
US Web ................................................................................................................................ 415
History............................................................................................................................... 415
Statistics............................................................................................................................ 416
Businesses........................................................................................................................ 416
Mitchell Madison Group............................................................................................. 416
Warren Bennis...................................................................................................................... 416
History............................................................................................................................... 416
Statistics............................................................................................................................ 417
Businesses........................................................................................................................ 417
WE Deming .......................................................................................................................... 417
History............................................................................................................................... 417
Statistics............................................................................................................................ 417
Businesses........................................................................................................................ 418
Weiss Group......................................................................................................................... 418
History............................................................................................................................... 418
Statistics............................................................................................................................ 418
Businesses........................................................................................................................ 418
Wilshire Associates .............................................................................................................. 419
History............................................................................................................................... 419
Statistics............................................................................................................................ 419
Businesses........................................................................................................................ 419
25
Duplication or distribution of this report, and/or the data in this report, is strictly
prohibited without the written consent of Tiburon Strategic Advisors, LLC
26
INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY

The introduction, key findings, & executive summary of this report summarizes the
entirety of the report and offers a set of useful summary facts. It also serves to address
the reports objectives, Tiburons research processes, and the reports target markets.
Context Setting
The purpose of this report is to provide readers with an initial understanding of the
broad-ranging consulting industry, which has evolved through four phases, including its
emergence phase, early growth phase, troubled & retrenchment phase, & renewed
growth & maturation phase. The report highlights consulting firm clients, including
federal & state governments and financial services companies, which account for over
two-thirds of all consulting projects. And the report provides predictions for the future of
the consulting market in five areas, including its expected rapid growth, the expected
dominance of strategy consulting, the growing importance of financial services industry
clients, the likely emergence of industry focused frameworks, the likely expansion of
consulting firms, & likely continual industry consolidation. This is the second draft of
Tiburons research on this topic.
Tiburons first draft of this report was published in 2007; that draft consolidated prior
Tiburon research into one report and that draft was consolidated with Tiburons strategic
frameworks research report. That draft also created a structure for reviewing the
market, established initial frameworks for gathering information, built a basic historical
view of the market, and created initial profiles on some of the leading consulting firms.
This is Tiburons second draft of this report; this draft unbundles Tiburons equally
thorough strategic frameworks research report and adds some depth to this reports
market history chapter. This draft also includes a restructured appendix (alphabetically)
to make reference easier for readers, merges the profiles of Tower Perrin and Watson
Wyatt (due to their pending merger), and adds several new company profiles, including
those for Focus Consulting Group, HS Dent, & N2 Growth. And finally, this draft
includes initial profiles of both some industry think tanks (e.g., Pew Research Center, the
Brookings Institution, & the Center for Immigration Statistics) and some ratings agencies
(e.g., AM Best, Fitch, Moodys, & Standard & Poors).
Tiburon Research Process
Readers should find this report to be both comprehensive and unbiased in its opinions.
Tiburon is not a narrowly defined research firm and does not do research on speculation
nor to earn substantial revenues selling research reports (all Tiburon reports are offered
for sale at $5,000 each, which comes nowhere close to even covering the time
invested). Instead, Tiburon conducts extremely detailed research to support critical
strategic consulting assignments for its financial services industry clients. As part of
Tiburons traditional consulting efforts, before focusing on customized client analyses
and to get thoroughly immersed in a business segment, Tiburon typically conducts more
than a half-dozen research steps:
Summarize & organize recent industry media coverage

Incorporate proprietary learnings from Tiburons benchmarking tools
Review & incorporate learnings from all key industry firms web sites
Conduct detailed news searches to round out company views
27
Seek out research & analyst reports to compare and further develop findings
Solicit opinions from Tiburons executive program members
Interview industry participants to confirm or revise findings
Tiburon will update this report in three-to-six months depending on the evolution of the
market and demand for such, so the firm welcomes readers to share any feedback,
input, or ideas by email, phone, or in-person. If you send comments, Tiburon will be
happy to send you a revised copy of the report. In accordance with Tiburons traditional
research process, future versions of this report will attempt to take this research further,
including more detailed profiles of each firm and more opinions from other industry
observers that can help further explain the conclusions.
Target Markets
The goal of this report was to simplify a wide variety of data on a widely discussed issue.
Tiburons method (as with all of its work) was simple; call it as best the firm sees it and
try to explain the data to the readers. If Tiburon has made any mistakes, the firm
apologizes and will seek to correct them in subsequent drafts.
Three separate audiences should find this report helpful. If you are an executive at an
investment management firm or insurance company (such as a mutual funds or
annuities firm), this report should be helpful in understanding how broad market
developments may impact the future of your products & services. The report offers a
comprehensive overview of this issue, with a view on both institutional and individual
advisor impacts.
If instead you are an executive at a distribution company (such as a bank or brokerage
firm), this report should offer details on an issue faced at both the corporate level and by
individual financial advisors. All banks, brokerage firms, insurance agencies, and other
advisory organizations are faced with competing both for clients and for talent. Hopefully,
this report will offer some competitive insights and allow you to further your own financial
advisor strategy.
Finally, if you are an individual
financial advisor, this report
should offer a macro context in
which to place your business
and consider this aspect of your
business. Hopefully, Tiburons
thoughts will assist you in
delivering better advice to your
clients
and
running
your
business more efficiently.
The 1980s & 1990s Brought Numerous Consulting Firm Acquisitions, Including Marsh &
McClennans Acquisition of Temple, Barker, & Sloane and the Leveraged Buyout of Arthur Little
Consulting Firm Acquisition Valuations

During the 1980s & 1990s
($ Millions)
$ 2 01.0
$ 188. 0
M a na g eme n t B uy o ut ( Ha y Gr o u p)
$ 85. 0
AP M ( C S C)
$ 74 .0
C ap Ge m in i S o ge t i ( M AC Gr o u p)
$ 5 2.0
M a r sh & M c Le n n an ( T e m p l e, B ar k e r, & S l oa n e)
$ 43 .0
M a r sh & M cL e nn a n ( S t r a t e gi c P l a n nin g A ssoc i a t i o n)
C S C ( I nd e x Gr o u p)
Key Findings
Below is a list of summary facts
from this report:
$ 34 6.0
E D S ( A T Ke ar n e y)
M an a ge m e n t B uy o ut ( Ar t h ur Li t tl e)
M c Ki n se y & Co mp an y ( I n f o r mat i on C on su lt i n g Gr o u p)
Bo st on C o nsu l t in g G r ou p ( Ca n a da C on su lt i n g Gr o u p)
$ 2 5.0
$ 2 0.0
$ 7 .0
So ur ce: 1 2/0 1 C onsulting Industry R eport; Tibu ro n R esearc h & Analy sis
Tiburon Strat egic Advisors, LLC
Evolution of the Consulting Business

This chapter outlines the evolution of the consulting industry.
Market History
28
This section recaps the market history of the consulting industry.

The 1980s & 1990s brought numerous consulting firm acquisitions, including
Marsh & McLennans acquisition of Temple, Barker, & Sloane and the leveraged
buyout of Arthur Little
Consulting firms began employing a series of defensive moves to maintain
market share in the tough environment of the early 2000s
People Soft launched an advertising campaign in the early 2000s criticizing the
billing
structures
of
Three-Quarters of Consulting Firms Stopped Hiring in the Early
2000s
consulting firms in the
early 2000s
Consulting Firms
Three-quarters
of
By Propensity to Be Considering Adding Staff
consulting firms stopped
hiring in the early 2000s
Strategy consulting firms
made capital calls in the
early 2000s, including
one at McKinsey &
Company
The big four CPA firms
restructured
their
consulting businesses in
the
early
2000s,
including
Deloitte
&
Touche which spun-off its consulting division
Large consulting firm alumni began moving to smaller firms in the early 2000s
Consulting firm morale
Some Firms, Including Accenture, Towers Perrin, & Boston
Consulting Group Had Very Low Morale in the Early 2000s
declined in the early
2000s, with almost half
Consulting Firm Employee Morale Levels
of all employees having
By Firm
very low, low, or neutral
morale
Some firms, including
Accenture,
Towers
Perrin,
&
Boston
Consulting Group had
very low morale in the
early 2000s
Some consulting firms
have consolidated in the
form of roll-ups, including
Navigant in the late
2000s
Consulting firms focused on helping clients enter China in 2007, including
McKinsey & Company
Computer Sciences Corporation acquired First Consulting Group in 2008
Hitachi Consulting acquired JMN Associates in 2008 to enter the consulting
industry for banking, real estate, & insurance
Co nsider ing
Ad ding Sta ff
25%
Not Considering
Addin g Staff
75%
So ur ce: 1 1/0 2 C onsultan ts N ew s; Tiburon R esearc h & Analy sis
55 %
V ery High & Hi gh
8 2%
8 0%
58 %
64 %
6 0%
5 5%
5 0%
79 %
9%
9%
20 %
6%
6%
1 2%
1 4%
15 %
B o o z A lle n
H a mi l t o n
P it tig li o ,
R a bin,
T odd, &
M c G ra t h
H ew it t
A s s oc ia t e s
Neutral
Low & Very Low
6%
16 %
9%
1 2%
3 6%
25 %
26 %
A c c e n tu r e
T o we r s
P e rr in
27 %
Wa t s o n
W ya tt
W o r l d wid e
4 1%
2 8%
B os t on
C o n s u l t ing
G ro u p
M o n it o r
Group
M c K i n se y &
C om pa ny
So ur ce: 11/02 C onsu ltants Ne ws; Tiburon Res earch & An alysis
Market Definition
29
This section outlines the market definition of the consulting industry.

-The Consulting Market Generates $300 Billion of Revenues, Up
1,000% Since 2001
Market Growth
This section highlights the
Consulting Firm Revenues
($ Billions)
market growth of the consulting
industry.
$300
There
are
almost
$250
320,000 consulting firms,
$190
up 50% since 2001
There are over five
$120
$80
million consulting firm
employees, up 20%
$30
since 2002
2001
2002
2003
2004
2005
2006
There are over two
million consulting firm
partners,
up
almost
100% since 2001
There are about four million consulting firm consultants, up by about one million
since 2001
The consulting market generates about $300 billion of revenues, up 1,000%
since 2001
The consulting industry generates over $1,300,000 in revenue per partner
So ur ce: 1 /07 Co nsultin g M agazi ne ( Kennedy ); Tibur on Re search & A nalysi s
Leading Consulting Firms

This section highlights the leading consulting firms across a set of key measurements for
the consulting industry.
IBM and Accentures
IBM and Accentures Revenues are Nearly Double Those of Other
number of partners are
nearly double those of
Leading Consulting Firms Revenues
other leading consulting
($ Billions)
firms
IBM and Accentures
number of consultants
are nearly double those
of
other
leading
consulting firms
IBM and Accentures
number of projects are
nearly double those of
other leading consulting
firms
IBM and Accentures
revenues are nearly
double those of other leading consulting firms
IBM and Accentures profits are nearly double those of other leading consulting
firms
McKinsey & Company, Boston Consulting Group, and Bain & Company remain
among MBAs most desired employers
IBM
$10.8
Accentur e
$9.5
Cap Gemini Ernst & Young
$5.9
Deloitte Consulting
$5.6
CSC/Index
$3.6
McKinsey & Com pany
EDS & AT Kear ney

Bear ing Point
Mer cer Consulting
$3.3
$2.9
$2.7
$2.2
So ur ce: 6 /02 Co nsultin g N ews; Tibu ro n R esearc h & Analy sis
30
Market Segmentation
This section explains the market segmentation of the consulting industry
-Strategy Consulting
This section outlines the strategy consulting segment of consulting industry market
types.
The consulting market generates about $20 billion of strategy consulting
revenues
The length of an average strategy consulting engagement dropped from between
six & eighteen months to just 90 days in the early 2000s as clients focused on
more immediate value
Sales & Marketing Consulting
This section outlines the sales & marketing consulting segment of consulting industry
market types.
-Organizational Effectiveness Consulting
This section outlines the organizational effectiveness consulting segment of consulting
industry market types.
The consulting market generates about $5 billion of organizational effectiveness
consulting revenues
Operations & Technology Consulting
This section outlines the operations & technology consulting segment of consulting
The consulting market generates about $80 billion of operations & technology
consulting revenues
Other Consulting
This section outlines the other consulting segment of consulting industry market types.
-Markets & Distribution Channels
This chapter explains the markets & distribution channels of the consulting industry.
Federal & State Governments
This section outlines the federal & state governments segment of consulting industry
market & distribution channels.
Federal
&
state
The Financial Services Consulting Market Generates $60 Billion in
governments
and
Revenues, Up 65% Since 2004
financial
services
Financial Services Industry
companies are the two
largest
consulting
($ Billions)
markets, accounting for
over two-thirds of all
$60
projects
Financial Services Companies
$36
$39
31
$42

2004
2005
2006
2007
So ur ce: 4 /3/08 Fina nc ia l Ser vices Co ns ulting M ark etplace Re port (Kenned y Inform ation); 1/07 C onsulting Magazine (Kenned y); Tiburon R ese arc h & Analy sis
This section outlines the financial services segment of consulting industry market &
distribution channels.
Financial services companies are the second largest markets & distribution
channels for the consulting industry
The financial services consulting market generates $60 billion in revenues, up
65% since 2004
The financial services consulting market has 36 companies, including AT
Kearney, Accenture, Bain & Company, Booz Allen Hamilton, and McKinsey &
Company
The financial services consulting industry is still highly fragmented with only 17
practices commanding more than 1% market share with the largest practice
having 6.1% market share
Manufacturing Companies
This section outlines the manufacturing companies segment of consulting industry
Manufacturing companies are the third largest markets & distribution channels for
the consulting industry
Retail Companies
This section outlines the retail companies segment of consulting industry market &
Retail companies are the fourth largest markets & distribution channels for the
consulting industry
Other Companies
This section outlines the other companies segment of consulting industry market &
-Future Predictions for the Consulting Business
This chapter outlines the future predictions for the consulting industry.
Continual Rapid Growth
This section outlines the likely continual rapid growth of the consulting industry.
The financial services consulting market is predicted to grow from $60 billion in
revenues to $74 billion by 2011, an increase of more than 20%
Increasing Dominance of Strategy Consulting
This section outlines the likely dominance of strategy consulting.
-Increasing Importance of Financial Services Company Clients
This section outlines the likely importance of financial services industry clients.
-Consulting Firms to Expand
This section outlines the likely emergence of industry focused frameworks.
--
32
Continual Industry Consolidation

This section outlines the likely continual industry consolidation.
The largest consulting firm acquisitions have been Ernst & Young, AT Kearney,
APM, MAC Group, and Temple, Barker, & Sloane
There are several firms that are potential acquirers or acquisition targets,
including Experio, Right Management Consultants, Bearing Point and Cap
Gemini Ernst & Young
Executive Summary
The following paragraphs, pulled from the body of this report, include the critical points
for all readers.
Evolution of the Consulting Business
Market History
The consulting market has evolved through four phases, including its emergence phase,
early growth phase, troubled & retrenchment phase, and renewed growth & maturation
phase.
Strategy
consulting
firms
acquired in the 1980s & 1990s
included Temple Barker &
Sloane,
Index
Group,
&
Strategic Planning Associates.

($ Millions)
$ 34 6.0
$ 2 01.0
Technology consulting firms

acquired in the 1980s & 1990s
included Information Consulting
Group and CKS.
$ 85. 0
AP M ( C S C)
$ 74 .0
$ 5 2.0
$ 43 .0
The late 1980s & early 1990s

also brought two consulting firm
leveraged buyouts, including
Arthur Little and Hay Group.
$ 188. 0
$ 2 5.0
$ 2 0.0
$ 7 .0
The 1980s & 1990s brought numerous consulting firm acquisitions, including Marsh &
McClennans acquisition of Temple, Barker, & Sloane and the leveraged buyout of
Arthur Little.
KPMG was founded in 1987. It was founded by Thomson McLintock & Pete Marwick.
Bain & Company laid off almost one-quarter of its workforce in 1996. Specifically, it laid
off 20% of its employees and retained the remaining 80%.
Tiburon Strategic Advisors was founded in 1998 to offer research-based strategy
consulting to financial institutions. Tiburon Strategic Advisors was founded by its
Managing Principal Chip Roame, and is based in Tiburon, CA.
33
Consulting firm scandals also had an impact on the consulting business in the early
2000s, including those of Accenture, Arthur Little, and McKinsey & Company.
Accentures scandal occurred in 2001 due to their relationship with Arthur Andersen.
The consulting industrys reputation declined substantially in the early 2000s, reaching
its lowest level. Consultants became increasingly perceived as an expense instead of
trusted advisors. Consulting industry needed to reposition its employees as perceptive
professionals who earnestly wanted to help. During this time pro bono work was a
possibility.
Some consulting firms increased advertising in the early 2000s.
Consulting firms began employing price breaks as a defensive move to maintain market
share in the early 2000s. Firms offered price breaks to clients if they agreed not to hire
other consulting firms.
Some consulting firms focused more on pro bono activities in the early 2000s.
People Soft launched an advertising campaign in the early 2000s criticizing the billing
structures of consulting firms in the early 2000s. The campaign highlighted the
companys enterprise service
automation software, which was
2000s
designed
to
manage
the
Consulting Firms
expense of outside contractors,
consultants,
and
temps.
Interestingly, People Soft is very
dependent on consultants to sell
its products. IBM is a strategic
partner.
Co nsider ing
Ad ding Sta ff
25%
Three-quarters of consulting
firms stopped hiring in the early
2000s. Specific ally, 25% of
consulting firms considered
adding staff, while 75% did not
consider adding staff.
Not Considering
Addin g Staff
75%
Strategy consulting firms made capital calls in the early 2000s, including one at
McKinsey & Company. McKinsey instituted a capital call from its 850 existing partners in
2001.
The big four CPA firms restructured their consulting businesses in the early 2000s,
including Deloitte & Touche which spun-off its consulting division.
Deloitte & Touche
Spun off as Deloitte Consulting in 2002
Last Big Four CPA firm to act
Price Waterhouse Coopers
34
Price
Waterhouse
Coopers sold to IBM

By Firm
KPMG
Spun off as Bearing
Point
55 %
Ernst & Young

Sold to Cap Gemini
in 2000
$11 billion in
revenues
V ery High & Hi gh
8 2%
58 %
64 %
5 0%
5 5%
6 0%
79 %
8 0%
9%
9%
20 %
6%
6%
1 2%
1 4%
15 %
B o o z A lle n
H a mi l t o n
P it tig li o ,
R a bin,
T odd, &
M c G ra t h
H ew it t
A s s oc ia t e s
Neutral
Low & Very Low
6%
16 %
9%
1 2%
4 1%
3 6%
25 %
26 %
A c c e n tu r e
T o we r s
P e rr in
27 %
Wa t s o n
W ya tt
W o r l d wid e
2 8%
B os t on
C o n s u l t ing
G ro u p
M o n it o r
Group
M c K i n se y &
C om pa ny
Large consulting firm alumni

began moving to smaller firms in
the early 2000s. Reasons for
these moves by large consulting firm alumni to smaller firms included their attempt to
rebuild equity holdings, and their ability to bring their same expertise for less money per
hour to the same Fortune 500 clients.
Some firms, including Accenture, Towers Perrin, & Boston Consulting Group had very
low morale in the early 2000s.
At the same time, some firms such as Sapient, Towers Perrin, and Booz, Allen, &
Hamilton
had
very
high
Some Firms Such as Sapient, Towers Perrin, and Booz, Allen, & Hamilton Had Very
employee stress levels in the
High Employee Stress Levels in the Early 2000s
early 2000s. Specifically, 49%
Consulting Firms
of Sapient employees reported
Share of Employees Reporting High Stress Levels
high stress levels, while 43 % of
Tower Perrin and 42% of Booz,
44% 43%
42%
Allen, & Hamilton employees
36% 35%
reported high stress levels. In
30% 29% 28% 28%
contrast, significant but lower
percentages of consulting firm
employees reporting high stress
levels occurred at other firms
such as KPMG were reported at
Sapient
Cap Gemini acquired Ernst &

Young which had revenues of
$11 Billion in 2000.
Towe rs
Perrin
Booz Allen
Ham ilton
KPMG
PWC
AT Kearn ey
McKin sey &

Com pany
Wats on
Wyatt
Firs t
Cons ulting
Group
SBI acquired Razorfish for $8.2 million in 2002.

About one-third of consulting firms considered layoffs in 2002. Specifically, 33% of
consulting firms considered layoffs, while 67% did not consider layoffs.
Leading CPA firms began quietly rebuilding their consulting practice in the late 2000s as
demand for financial consulting rose. The leading CPA firms included Deloitte &
Touche, Price Waterhouse Coopers, KPMG, and Ernst & Young.
35
Some consulting firms have consolidated in the form of roll-ups, including Navigant in
the late 2000s.
AT Kearney returned to private ownership after ten years of being a subsidiary of EDS in
2006.
Consulting firms focused on helping clients enter China in 2007, including McKinsey &
Company. The earliest clients were multinational companies. Work in China has grown
at 20%-30% each year.
Hitachi Consulting acquired JMN Associates in 2008 to enter the consulting industry for
banking, real estate, & insurance.
Market Definition
Market Growth
This section highlights the market growth of the consulting industry.
There are almost 320,000 consulting firms, up 50% since 2001. Specifically, in 2001
there were 210,000 consulting firms, 190,000 in 2002, 200,000 in 2003, 260,000 in
2004, 300,000 in 2005, and 320,000 in 2006.
There are over two million consulting firm partners, up almost 100% since 2001.
Specifically, in 2001 there were 1.2 million consulting firm partners, 1.4 million in 2002,
1.6 million in 2003, 1.8 million in 2004, 2.0 million in 2005, and 2.2 million in 2006.
The consulting market generates about $300 billion of revenues, up 1,000% since 2001.
Specifically, in 2001 $30 billion in revenues were generated by consulting firms, $80
billion was generated in 2002, $120 billion in 2003, $190 billion in 2004, $250 billion in
2005, and $300 billion in revenues were generated in 2006.
The consulting industry generates over $1,300,000 in revenue per partner. Specifically it
generated $1,364,000 in 2006, $1,250,000 in 2005, $1,060,000 in 2004, $750,000 in
2003, $570,000 in 2002, and $250,000 revenues per partner in 2001.
The consulting market earns its
participants about $50 billion in
profits, up about 1,000% since
2001.
Specifically, in 2001
consulting firms earned $5
billion in profits, $10 billion in
2002, $20 billion in 2003, $30
billion in 2004, $40 billion in
2005, and $50 billion in 2006.
This section highlights the
leading consulting firms across
IBM and Accentures Number of Employees are Nearly Double

Those of Other Leading Consulting Firms
Leading Consulting Firms Employees
(Thousands)
IBM
10.4
Accenture
10.2
6.8
Deloitte Consulting
6.2
CSC/Index
4.6
McKinsey & Com pany
4.5
EDS & AT Kear ney
3.8
Bearing Point
Mer cer Consulting
3.4
2.2
36
a set of key measurements for the consulting industry.

IBM and Accentures number of employees are nearly double those of other leading
consulting firms. IBM is now the leader among consulting firms with 10,400 employees.
Accenture is not far behind with 10,200 employees. Cap Gemini Ernst & Young is next
with 6,800 employees, followed by Deloitte Consulting with 6,200 employees. CSC
Index is next among leading consulting firms with 4,600 employees, McKinsey &
Company is next with 4,500 employees, EDS & AT Kearney follows with 3,800
employees, then Bearing Point with 3,400 employees, and Mercer Consulting with 2,200
employees.
IBM and Accentures revenues are nearly double those of other leading consulting firms.
IBM and Accenture again standout in their leadership in consulting firm revenues. IBM
now leads with $10.8 billion, while Accenture is second with $9.5 billion in revenues.
Cap Gemini Ernst & Young is next with $5.9 billion in revenues, next is Deloitte
Consulting with $5.6 billion in revenues. CSC Index has $3.6 billion in consulting firm
revenues, closely followed by McKinsey & Company with $3.3 billion in revenues, which
is in turn closely followed by EDS & AT Kearney which generated $2.9 billion in
revenues. KPMG Peat Marwick is bunched with the lower half of the leaders with $2.7
billion in generated revenues, while Mercer Consulting concludes the pack of leaders in
consulting firm revenues with $2.2 billion in revenues generated.
McKinsey & Company, Boston
Consulting Group, and Bain &
Company remain among MBAs
($ Billions)
most
desired
employers.
Specifically,
McKinsey
&
Company ranked number one in
2001 and 2002 as MBAs most
desired employers, while Boston
Consulting
Group
ranked
number two in the 2001 and
2002 period also.
Bain &
Company ranked number five
among MBA employer choices.
Notable non consulting industry
employer choices of MBAs
were Goldman Sachs which
ranked number 3 and 4 in the respective years of 2001 and 2002, as well as General
Electric which ranked number 4 among MBAs employer choices in 2002.
IBM
$10.8
Accentur e
$9.5
$5.9
Deloitte Consulting
$5.6
CSC/Index
$3.6
McKinsey & Com pany
EDS & AT Kear ney

Bear ing Point
Mer cer Consulting
$3.3
$2.9
$2.7
$2.2
Market Segmentation
This chapter explains the market segmentation of the consulting industry.
Strategy Consulting
This section outlines the strategy consulting segment of consulting industry market
types.
37
Fortune 500 executives have

periodically questioned their
need
for
pure
strategy
consultants.
In a More Competitive Strategy Consulting Market, Industry

Focused Firms are Likely to Gain Share
Strategy Consulting Firms Success by Market Situation
Broad Strategy Firm
Industry Specific Firm
In a more competitive strategy

consulting
market,
industry
Core Capability
focused firms are likely to gain
share. In a more competitive
Strong
environment a broad strategy
Market
Likely
Success by
firm where strategy is the core
Market
Situation
capability, the likelihood of
Weak Market
success in a strong market is
high, while in a weak market the
likelihood of success is low. In
comparison, in a more competitive strategy consulting environment, an industry specific
firm which has an industry focused strategy consulting core capability is likely to fair
better than a broad strategy firm, in that they will have a high chance of success in
gaining share in a strong market, and a medium as opposed to a low chance of finding
success in a weak market.
Strategy Consulting
Industry Focused Strateg y

Consulting
H igh
High
L ow
Med ium
So ur ce: 1 /21 /05 Tib uron Princip al Ca ndidate Re sum e (Ma rks); Tiburon Rese ar ch & An alysis

market types.
Organizational Effectiveness Consulting
consulting revenues.
It has also been reported that the consulting industrys
organizational effectiveness revenues from the financial services sector were $5 billion
per year in 2004 to 2006.
The consulting market generates about $80 billion of operations & technology consulting
revenues. Specifically, consulting firms operations & technology consulting revenues
were $85 billion in 2004 and 2005, and $80 billion in 2006. It has also been reported
that the consulting industrys operations & technology revenues from the financial
services sector were $85 billion, $85 billion, and $80 billion from 2004 to 2006,
respectively.
Other Consulting
Markets & Distribution Channels
38

Federal & state governments and financial services companies are the two largest
consulting markets, accounting for over two-thirds of all projects. Specifically, federal &
state governments account for 34% of consulting firm projects, with financial services
companies accounting for 33%, followed by manufacturing, retail, and other companies
each accounting for 11% of consulting firm projects.
Financial services companies are the second largest markets & distribution channels for
The financial services consulting market has 36 companies, including AT Kearney,
Accenture, Bain & Company, Booz Allen Hamilton, and McKinsey & Company.
Tiburon Strategic Advisors, First Manhattan, Novantas, & Spectrum Group are key
players in the financial services consulting market.
The financial services consulting market generates $60 billion in revenues, up 65% since
2004. Specifically, the financial services consulting markets generated $42 billion in
2006, $39 billion in 2005, and generated $36 billion in revenues in 2004.
Financial services companies account for almost one-quarter of the stock markets
capitalization, the largest share of any sector. Specifically, financial services companies
account for 22% of the stock markets capitalization.
The financial services consulting
industry is still highly fragmented
with
only
17
practices
commanding more than 1%
market share with the largest
practice having 6.1% market
share. Additionally, the top 10
practices have command only
28% market share, the top 20
practices command only 38%
market share, and the top 30
market share.
The Financial Services Consulting Industry is Still Highly Fragmented with Only 17 Practices
Commanding More than 1% Market Share with the Largest Practice Having 6.1% Market Share

By Market Share
52%
62%
72%
Remaining Market Share
94%
48%
38%
28%
Market Share
6%
Top Pr actice
Top 10 Practices
Top 20 Practices
Top 30 Practices
Banks constitute nearly twothirds of the financial services

sectors market capitalization.
Specifically, banks constitute 65% of the financial
services sectors market capitalization, while other companies constitute the remaining
35%.
So ur ce: 4 /3/08 Fina nc ia l Ser vices Co ns ulting M ark etplace Re port (Kenned y Inform ation); Tiburon Rese arch & An alysis
39
Manufacturing companies are the third largest markets & distribution channels for the
consulting industry.
Retail Companies
Retail companies are the fourth largest markets & distribution channels for the consulting
industry.
Other Companies
Future Predictions for the Consulting Business
This section outlines the likely continual rapid growth of the consulting industry.
revenues to $74 billion by 2011, an increase of more than 20%. After generating $60
billion in revenues in 2007, the financial services consulting market is expected to
generate $64 billion in 2008, $68 billion in 2009, $71 billion in 2010, $74 billion in 2011,
$77 billion in 2012, and $80 billion in revenues by 2013.
Increasing Importance of Financial Services Company Clients
Consulting Firms to Expand
The largest consulting firm acquisitions have been Ernst & Young, AT Kearney, APM,
MAC Group, and Temple, Barker, & Sloane. Specifically, in terms of the acquired
consulting firms revenues, the largest acquisition by far was the Cap Gemini acquisition
of Ernst & Young, which had $11 billion in revenues. The second largest acquisition was
EDS acquisition of AT Kearney, which had $346 million in revenues, followed by the
CSC acquisition APM and its $85 million in revenues, Cap Geminis acquisition of MAC
Group and its $74 million in revenues, Marsh & McLennan acquisition of Temple, Barker,
40
& Sloanes $52 million in revenues and its acquisition of Strategic Planning Associates
and its $43 million in revenues.
Tiburon Strategic Advisors
Tiburon Strategic Advisors was formed in 1998 to offer market research, strategy
consulting, & other related services primarily to financial services firms. 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. The
firm has served over 300 corporate clients and completed over 1,200 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, and various international markets.
Research Report Series
This report is part of the Tiburon Strategic Advisors Research Report Series, which is
comprised of a growing number of in-depth reports covering a wide range of topics in the
banking, insurance, brokerage, and investment management markets. Tiburons
Research Reports are published in two series. One series is aimed towards Financial
Institutions and the other towards Financial Advisors. The Financial Institutions Series
reports are macro-industry reports that cover topics such as the mutual funds industry,
the full-service brokerage industry, and the registered investment advisor industry.
Reports in the Financial Advisors Series are more tactical reports, which include topics
such as Fee-Based Financial Advisor Best Practices and Succession Planning & the
Growing Acquisition Market.
Research Report Access Program
Many long-time Tiburon clients subscribe to the firm's research report access program,
which allows unlimited online access to all of its research reports for all of a company's
employees for an entire calendar year for just one $25,000 subscription. This service
has helped numerous Tiburon clients share Tiburon research widely and consolidate
their research purchases.
Sponsored Research Reports
Numerous Tiburon clients have sponsored research reports ($35,000), which entitles
them to widely distribute the reports to their employees and/or clients. Tiburon also
retains the rights to offer these reports for sale.
Research Report Refund Policy
Periodically (far less than 1% of the time after hundreds of purchases), Tiburon research
report purchasers have sought refunds, which has caused hardship and wasted time for
Tiburon, hence the following policy now exists for all Tiburon research report purchases.
Tiburon is unable to make any financial refunds for reports. Both fulfilling reports and
processing refunds take up Tiburon time, and given that the reports are written as a low
cost accommodation service, Tiburon needs to manage its time well, prioritizing market
research & strategy consulting clients. Furthermore, given that reports are delivered
electronically, returns are impractical. If it helps, Tiburon will attempt to send
replacement reports (either the next version of the same report or another report all
41
together) as long as invoices are paid promptly under the terms of the original order (net
30 days). That said, please observe three suggestions before ordering any Tiburon
report:
First, be sure to look at the summaries and attached table of contents for the
report(s) of interest. These are created by Tiburon research staff to best
represent the reports to potential purchasers. Sending specific pages is time
consuming and unreasonable but the detailed table of contents show pretty
clearly the topics covered.
Second, please ensure that no other executive at your firm has ordered the same
report; Tiburon is willing to allow the internal sharing of its reports by purchasers,
but purchasers need to take responsibility to confirm any prior purchases within
their firms as the growing complexity of financial services firms makes it
impractical for Tiburon to track any firm's subsidiaries and their respective
purchases.
Finally, please remember that the totality of the report is the offering. If there is a
graph that is unreadable because of the smaller font size required for printing,
please bring it to the firm's attention and a full-size version will be sent, but
please do not seek a refund on a report purchase that you have received.
Contacting Tiburon Strategic Advisors

Tiburon Strategic Advisors is located in Tiburon, California (just over the Golden Gate
Bridge from San Francisco) and can be reached at (415) 789-2540. Feel free to contact
any of us.
Best of luck to all!
Madhu Subramanian
Research Associate
Chip Roame
Managing Principal
42
A SYNOPSIS OF FINANCIAL SERVICES INDUSTRY INVESTMENT

OPPORTUNITIES
There are six related investment opportunities for the financial services industry,
including valuations, mergers & acquisitions, private equity, venture capital,
management consulting, and strategic frameworks.
Currently, financial services company stocks are under priced.
Under priced financial services stocks has presented opportunities in the financial
services industry mergers & acquisitions, private equity, and venture capital.
Financial Services Valuations
Financial services valuations are looking inexpensive.
Financial services industry earnings are decreasing.
Financial services industry price-to-revenues ratios are at 3.3x.
Financial services industry price-to-earnings ratios are at 15.1x
Financial services industry price-to-book value ratios are at 2.0x.
Financial services industry market capitalization are decreasing.
As an aside, Citigroup, AIG, and Bank of America Corporation have the largest market
capitalizations of leading competitors. Citigroups market capitalization is over $200
billion, with Bank of America following closely behind. Wells Fargo, JP Morgan Chase,
and Wachovia Corporation all follow next.
Financial services industry valuations have a number of key issues, including macro
economic pressures.
Financial services industry valuations are affected by macro economic pressures.
During the period when the yield curve starts to flatten as short-term interest rates rise
faster than long-term interest rates financial stocks tend to perform relatively well
compared with other cyclical areas of the market. The Charles Schwab Corporation has
been able to maintain a relatively high price-to-earning ratio.
The financial services industry can broadly be analyzed by individual segments,
including retail banks, insurance companies, brokerage firms, and asset managers.
Retail bank have the highest earnings in the financial services industry. Brokerage firms
earnings are at $22 billion.
Retail banks have the highest price-to-revenue ratios in the financial services industry.
Asset managers price-to-revenues ratios are at 4.3x.
Brokerage firms have the highest average price-to-earnings ratios compared to other
industry segments, suggesting what is rewarded by the market. Specifically, brokerage
43
firms have a 16.0x, insurance companies have a 15.0x, and retail banks have a 14.0x
price-to-earnings ratio.
Retail banks have the highest price-to-book value ratios in the financial services
industry. Retail banks price-to-book value ratio is at 2.2x.
Retail banks and insurance companies have the highest market capitalization in the
financial services industry.
Retail banks will continue to be the primary buyers since they are the largest institutions.
Retail banks account for more than one-half of financial services market capitalization.
Insurance companies, diversified financial services companies, and brokerage firms &
asset managers account for 22%, 21%, and 3% respectively.
Retail Banks Valuations
Retail banks are looking inexpensive.
Retail banks earnings are increasing.
Retail banks price-to-revenues ratios are increasing.
After a drop-off, price-to-earnings ratios on retail bank deals also have been trending up
to 23.3x. Specifically, retail banks price-to-earnings ratios were 22.3x, 15.5x, 17.2x,
18.8x, 23.3x, and 23.3x in 1998, 2000, 2001, 2002, 2003, and 2004 respectively.
Retail bank price-to-book value multiples have been steadily trending up to 2.2x.
Specifically, retail banks price-to-book value ratios were at 1.7x, 1.8x, 1.9x, 2.2x, and
2.2x in 2000, 2001, 2002, 2003, and 2004 respectively.
Smaller retail banks have higher multiple of earnings than bigger retail banks.
Retail banks market capitalization are decreasing.
Retail bank valuations have a number of key issues, including macro economic pressure
and segment competition.
Retail bank stocks are sensitive to macro economic pressures.
Retail bank stocks have been steady for a number reasons, including falling interest
rates, surging deposit growth, and booming mortgage loan markets.
Oddly, retail bank stocks have not benefited from the recent surge in brokerage
earnings. Most large bank stocks suffered badly from the decline in brokerage revenues
during the market downturn. Bank stocks are not benefiting equally from a reversal.
Insurance Companies Valuations
Insurance companies are looking inexpensive.
Insurance company earnings are decreasing.
Insurance company price-to-revenues ratios are decreasing.
44
Insurance company price-to-earnings ratios are at 15.0x.

Insurance company price-to-book value ratios are decreasing.
Insurance company market capitalization is decreasing.
Insurance company valuations have a number of key issues,
Brokerage Firms Valuations
Brokerage Firms are looking moderately expensive.
2003 was the most profitable year ever for brokerage firms; earnings were three time
higher than 2002. Specifically, earnings were at $7 billion in 2002 but jumped to $22.5
billion in 2003.
Brokerage firm price-to-revenues ratios are at 16.0x.
Brokerage firm price-to-earning ratios are decreasing.
Brokerage firm price-to-book value ratios are decreasing.
Brokerage firm market capitalization are decreasing.
Brokerage firm valuations have a number of key issues.
Brokerage stocks are typically the first winners in a bully market as they collect all the
fees and commission when investors start buying again. Some leading analysts rate the
entire sector as a buy. Other analysts caution that the growth may not be a clear signal
of sustained improvement.
Some experts believe that brokerage stocks are a good buy because firms will be better
positioned in a market upswing.
Asset Managers Valuations
Asset managers are looking inexpensive as well.
Asset manager earnings are decreasing.
Asset manager price-to-revenue ratios have been strengthening. Asset manger revenue
multiples have steadily risen to hover around 4.0x.
Asset manger price-to-earnings are quite strong at 11.1x. Specifically, price-to-earnings
ratios were at 8.6x, 7.1x, 8.6x, 8.8x, 10.2x, 9.7x, 9.5x, 10.2x, 10.2x, 10.2x, 10.2x, and
11.2x in 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, and 2001
respectively.
Asset manager price-to-earnings ratios ranged from 6.4x to 16.0x in 2001.
Asset manager price-to-book value ratios are decreasing.
45
Asset manager market capitalization is decreasing.

Asset managers valuations have a number of key issues.
Financial Services Industry Mergers & Acquisitions
Financial services industry mergers & acquisitions opportunities are arising.
There are almost 9,500 mergers & acquisitions each year, an increase of over 45%
since 2003. Specifically, there were 6,523, 7,525, 8,138, 9,185, and 9,481 mergers &
acquisitions in 2003, 2004, 2005, 2006, and 2007 respectively.
Amazingly there are over 800 financial service industry mergers & acquisitions each
year, with 996 in 2007. Specifically there were 204, 250, 241, 289, 335, 802, 681, 809,
870, 787, 923, and 996 deals in 1985, 1986, 1987, 1989, 2001, 2002, 2003, 2004, 2005,
2006, and 2007 respectively.
The financial services industry mergers & acquisitions account for only one-tenth of all
mergers & acquisitions. Specifically, financial service industry deals accounted for 12%,
12%, 10%, 10%, and 11% in 2003, 2004, 2005, 2006, and 2007 respectively.
Mergers & acquisitions valuations have decrease over 10% since 2006 to $1.1 trillion but
an overall increase of over 100% since 2003. Specifically, there mergers & acquisitions
valuations were $474, $723, $1,019, $1,313, and $1,149 billion in 2003, 2004, 2005,
Financial services industry mergers & acquisitions valuations have been stagnant,
decreasing to $134 billion in 2007 from $200 billion in 2006. Specifically, valuations
were $96, $41, $130, $155, $146, $200, and $134 billion in 2001, 2002, 2003, 2004,
2005, 2006, and 2007 respectively.
The financial services industry mergers & acquisitions valuations account for one-tenth
of all mergers & acquisitions, decreasing 15% since 2003. Specifically, financial
services industry accounted for 27%, 21%, 14%, 15%, and 12% in 2003, 2004, 2005,
Interesting, mergers & acquisitions average valuations have increased almost 100%
between 2002 and 2005, dropping to $121 million in 2006. Specifically, average
valuations were at $73, $96, $125, $143, and $121 million in 2002, 2003, 2004, 2005,
and 2006 respectively.
Financial services mergers & acquisitions average valuations increased over 30%
between 2003 and 2006, but dropped to $135 million in 2007. Specifically, average
valuations were at $120, $60, $161, $178, $186, $217, and $135 million in 2007.
Financial Services Industry Private Equity
Financial services industry private equity investment opportunities are increasing.
The number of private equity firms reached almost 620, up by almost 20 in one year.
The number of private equity financial services industry funds are increasing.
46
Private equity financial service industry fund flows have increased.

Private equity financial service industry fund assets under management are increasing.
Private equity financial service industry commitments are increasing.
Private equity financial service industry value of commitments has been growing.
Amongst the key issues facing the private equity market are huge funds raised,
technology & financial services investing cost, mergers & acquisitions, and internal rate
of return. Other key issues include diversification, tax benefits, foreign institutions, time,
turnover, partner investments, track record, general partner, workload, portfolio
experience, redemption, investment requirements, evolving investments, liquidity, private
equity firms offering venture capital funds, secondary funds, investment process,
geography, big players, and fund structure.
Financial Services Industry Venture Capital
Financial services industry venture capital investment opportunities are increasing.
The number of venture capital firms reached almost 1,450, up almost 50 in one year.
The number of venture capital financial services industry funds are increasing.
Venture capital financial services industry fund flows are increasing.
Venture capital financial services industry fund assets under management have been
increasing.
Venture capital financial services industry fund commitments are increasing.
Venture capital financial services industry fund commitments values are increasing.
Amongst the key issues facing the venture capital market are the entrance of corporate,
university, & state venture capital programs, emergence of high net worth individual
investors, emergence of angels & incubators, and online venture capital. Other key
issues include fund bifurcation, focus on late stage investments, preference for
meaningful & helpful investors, betrayal of entrepreneurs, changing industry focus,
changing geographical focus, entering & exiting firms, other specialized firms, funds
solicitation, internal rate of return, increased fund asset, increased asset flows,
technology investment share, levels of venture capital, mid-market deals, and firm roles.
Management Consulting Industry
The increase of financial services industry activity provides opportunity for management
consulting firms.
Strategic Frameworks
The increase in financial services industry activity will increase the need for strategic
frameworks.
47
EVOLUTION OF THE CONSULTING BUSINESS

Market History
The consulting market has evolved through four phases, including its emergence phase,
early growth phase, troubled & retrenchment phase, and renewed growth & maturation
phase.
Emergence Phase
This section outlines the first phase of the consulting industry
Foster Higgins was founded in 1845 as Jones & Johnson. It was founded by Walter
Jones & Henry Johnson in New York, NY.
Deloitte Touche Tohmatsu was founded as a London-based accountancy office by
William Deloitte in 1845.
Foster Higgins Predecessor Johnson & Higgins was founded in 1854. It was founded
by Henry Johnson & Foster Higgins.
Sedgwick was founded in 1858.
Price Waterhouse Coopers was founded in 1874 as Price, Waterhouse, & Company by
Samuel Price & Edwin Waterhouse in London, England.
Watson Wyatt Worldwides predecessor, Watson & Sons, was founded in 1878 in
England.
Arthur Little was founded in 1886. It was founded by Arthur Little & Roger Griffin in
Boston, MA.
Ernst & Young was founded in 1903 as Ernst & Ernst. It was founded by Alwin &
Theodore Ernst in Cleveland, OH.
Marsh & McLennan was founded in 1905. It was founded by Henry Marsh & Donald
McLennan in Chicago, IL.
Arthur Andersen was founded in 1913. It was founded by Arthur Andersen & Clarence
DeLany in Chicago, IL.
Booz, Allen, & Hamilton was founded in 1914. It was founded by Ed Booz in New York,
NY.
Buck Consultants was founded in 1916. It was founded by George Buck in New York,
NY.
Schlumberger was founded in 1920. It was founded by Conrad Schlumberger in Paris,
France.
48
James McKinsey & Company was founded by James McKinsey in 1926. It was based in
New York, NY.
AT Kearney began as a branch of McKinsey & Company in 1926. It was started by Tom
Kearney in New York, NY.
McKinsey & Companys heart & soul, Marvin Bower, joined the firm in 1933, as its fourth
managing director. He objected to the marriage of consulting and accounting for over 70
years, and steered the firm towards a behind the scenes role serving the most senior
executives.
Towers Perrin was founded in 1934. It was founded by Walter Forster in Philadelphia,
PA.
Kurt Salmon Associates was founded in 1935. It was founded by Kurt Salmon.
Hewitt Associates was founded in 1940 as Edwin, Shields, Hewitt, & Associates. It was
founded by Ted Hewitt in Lake Forest, IL.
Hay Group was founded in 1943. It was founded by Edward Hay in Philadelphia, PA.
William Mercer was founded in 1945. It was founded by William Mercer in Canada.
Watson Wyatt Worldwides predecessor, The Wyatt Company, was founded in 1946. It
was founded by B. Wyatt in Arlington, VA.
The Rand Corporation was founded in 1948.
Marsh & McLennan acquired William Mercer in 1959.
Electronic Data Systems (EDS) was founded in 1962.
Boston Consulting Group was founded in 1963 as one of the first firms to be built
primarily around strategic consulting. It was founded by Bill Henderson and is based in
Boston, MA.
The Wilkerson Group was founded in 1967.
Roland Berger was founded in 1967. It was founded by Roland Berger in Munich,
Germany.
Cap Gemini Sogeti was founded in 1967. It was founded by Serge Kampf in Grenoble,
France.
Rogers Casey was founded in 1968.
Index Group was founded in 1969. It was founded by Thomas Gerrity in Cambridge,
MA.
Boston Consulting Group Came to prominence in the 1970s.
49
American Management Systems was founded in 1970. It was founded by five former
US Department of Defense officials and is based in Arlington, VA.
Canada Consulting Group was founded in 1970. It was founded by Jim Fisher and is
based in Canada.
Temple, Barker, & Sloane was founded in 1970. It is based in Boston, MA.
Strategic Planning Associates was founded in 1972. It is based in Washington, DC.
Bain & Company was founded 1973. It was founded by Bill Bain in Boston, MA.
American Practice Management was founded 1974. It was founded by Arthur Spiegal.
Barra was founded in 1975.
Braxton Associates was founded in 1977. It is based in Boston, MA.
Marakon Associates was founded in 1978. It was founded by Jim McTaggart.
Alcar Group was founded in 1979.
professors.
It was founded by two Northwestern University
Early Growth Phase

This section outlines the second phase of the consulting industry
Many consulting firms looked for international market opportunities in the 1980s &
1990s. Most large consulting firms derive one-third to two-thirds of revenues from
international markets.
Strategy, technology, & international consulting firms were acquired in the 1980s &
1990s. Specifically, details include:
Strategy
Alcar Group
APM
AT Kearney
Braxton
Corporate Decisions
Foster Higgins
Index Group
MAC Group
Mitchell Madison Group
Strategic Planning Associates
Temple Barker & Sloane
The Wilkerson Group
Technology
CKS
Information Consulting Group
50
International
Canada Consulting Group
Strategy consulting firms acquired in the 1980s & 1990s included Temple Barker &
Sloane, Index Group, & Strategic Planning Associates.
Specifically, details of
acquisitions include:
Deloitte Touche Tohmatsu Braxton
Acquired in 1984
Founded in 1977
Based in Boston, MA
Marsh & McClennan -Temple Barker & Sloane
$52 million revenues
Acquired in 1987
Acquired for general strategy consulting assets
Computer Science Corporation Index Group
Acquired in 1988
Acquired for general management
consulting assets
Founded in 1969
Founded by Thomas Gerrity
Based in Cambridge, MA
strategy & reengineering
Marsh & McClennan Strategic Planning Associates

Acquired in 1990
Acquired for general management strategy consulting assets
Cap Gemini Sogeti MAC Group
Acquired in 1991
Acquired for strategy consulting assets
LEK Consulting Alcar Group
Acquired in 1993
Acquired for valuation strategy consulting assets
EDS AT Kearney
Acquired in 1995
Acquired for general management strategy consulting assets
IBM Consulting The Wilkerson Group
51
Acquired in 1995
Acquired for pharmaceutical and medical strategy consulting assets
Computer Science Corporation American Practice Management

Acquired in 1996
Acquired for healthcare strategy consulting assets
Mercer Management Corporate Decisions
Acquired in 1997
Acquired for customer driven growth strategy consulting assets
Marsh & McLennan Foster Higgins
Acquired in 1997
Founded in 1845
Founded by Henry Johnson & Foster Higgins
Based in New York, NY
US Web/CKS Mitchell Madison Group
Acquired in 1999
Acquired for strategy consulting assets
Technology consulting firms acquired in the 1980s & 1990s included Information
Consulting Group and CKS. Specifically, details of acquisitions include:
McKinsey & Company Information Consulting Group
Acquired in 1989
Acquired for information technology consulting assets
US Web - CKS
Acquired in 1998
Acquired for marketing technology strategy consulting assets
International Consulting Firms acquired in the 1980s & 1990s included Canada
Consulting Group. Boston Consulting Group acquired Canada Consulting Group in
1993 which at the time had $7 million in revenues.
The late 1980s & early 1990s also brought two consulting firm leveraged buyouts,
including Arthur Little and Hay Group. Specifically, details include:
Arthur Little
Management buyout in 1988
Hay Group
Management buyout in 1990
52
The 1980s & 1990s brought numerous consulting firm acquisitions, including Marsh &
McClennans
acquisition
of
Temple, Barker, & Sloane and
the leveraged buyout of Arthur
Little.
($ Millions)
First Consulting
founded in 1980.
Group
was
$ 34 6.0
$ 2 01.0
$ 188. 0
Monitor Group was founded in

1983.
It was founded by
Michael Porter, Mark Fuller, &
Joseph Fuller in Cambridge,
MA.
$ 74 .0
$ 5 2.0
$ 43 .0
Corporate
Decisions
was
founded in 1983.
It was
founded by Adrian Slywotsky in
Boston, MA.
$ 85. 0
AP M ( C S C)
$ 2 5.0
$ 2 0.0
$ 7 .0
The LEK Partnership was founded in 1983. It is based in London, England.

Software Engineering Institute (SEI) was founded in 1984.
KPMG was founded in 1987. It was founded by Thomson McLintock & Pete Marwick.
Information Consulting Group was founded in 1988. It was founded by several Arthur
Andersen executives.
Many new consulting firms emerged in the late 1990s.
Sapient was founded in 1990. It was founded by Jerry Greenberg & Stuart Moore in
Cambridge, MA.
CKS was founded in 1991. It was founded by Bill Cleary, Mark Kvamme, & Tom Suiter
in Cupertino, CA.
Mitchell Madison Group was founded in 1991. It was founded by a group of McKinsey &
Company veterans.
Cambridge Technology Partners was founded in 1991. It is based in Cambridge, MA.
IBM created its IBM Global Services in 1991.
Braun Consulting was founded in 1993. It is based in Chicago, IL.
McKinsey & Company opened a China office in 1994. Its earliest clients were
multinational companies accustomed to working with outside consultants.
US Web was founded in 1995.
53
The Wyatt Company merged with Watson & Sons, and became known as Watson Wyatt
Worldwide in 1995.
Bain & Company laid off almost one-quarter of its workforce in 1996. Specifically, it laid
off 20% of its employees and retained the remaining 80%.
Answerthink was founded in 1997.
SBI Group was founded in 1997.
Tiburon Strategic Advisors was founded in 1998 to offer research-based strategy
consulting to financial institutions. Tiburon Strategic Advisors was founded by its
Managing Principal Chip Roame, and is based in Tiburon, CA.
Troubled & Retrenchment Phase
This section outlines the third phase of the consulting industry
The poor economy had extensive impacts on the consulting industry in the early 2000s.
Consulting firm scandals also had an impact on the consulting business in the early
2000s, including those of Accenture, Arthur Little, and McKinsey & Company.
Accentures scandal occurred in 2001 due to their relationship with Arthur Andersen.
Specifically, details of scandals include:
Accenture
Scandal in 2001
Prior to 2001 part of Arthur Andersen which was involved in Enron
scandal for auditing services
Absolved and not held liable for the Enron scandal in court
Change of name helped image problems associated with Arthur
Andersen
Arthur Little
Filed for bankruptcy in 2001
Caused by over-expansion of management consulting business &
failed high technology consulting spin-off
McKinsey & Company
Scandal in 2001
Consultant to Enron
One of McKinsey & Companys biggest clients
The consulting industrys reputation declined substantially in the early 2000s, reaching
its lowest level. Consultants became increasingly perceived as an expense instead of
trusted advisors. Consulting industry needed to reposition its employees as perceptive
professionals who earnestly wanted to help. During this time pro bono work was a
possibility.
Consulting firms began employing a series of defensive moves to maintain market share
in the tough environment of the early 2000s. The series of defensive moves employed
by various consulting firms included increased advertising, a focus on information
54
technology consulting projects, offering price breaks, and focusing on pro bono activities.
Moreover, outcomes included the start of internal bickering, decreased hiring,
consideration of layoffs, decreased employee morale, increased employee stress levels,
loss of top partners and associates to technology companies, initiation of capital calls,
big four CPA spin-offs and sales, industry consolidation, and the emergence of small
firms.
Some consulting firms increased advertising in the early 2000s.
Other consulting firms focused heavily on their information technology practices in the
early 2000s. The organization and accessibility of research and information was crucial
to management consulting firms. Consulting firms core business is the selling of
knowledge and analysis. Firms such as McKinsey & Company admitted that their
current technology systems were ineffectively captured and leveraged the knowledge
collected by its employees. Consulting firms spent considerable amounts of money
improving technology and internal web sites.
Consulting firms began employing price breaks as a defensive move to maintain market
share in the early 2000s. Firms offered price breaks to clients if they agreed not to hire
Some consulting firms focused more on pro bono activities in the early 2000s.
Specifically, details of pro bono work include:
9/11 Financial Assessment
Seven firms helped New York City quantify the financial cost of 9/11/01
AT Kearney
Bain & Company
Bearing Point
Booz, Allen, & Hamilton
Boston
Consulting
2000s
Group
Consulting Firms
McKinsey &
Company
Price
Waterhouse
Coopers
Co nsider ing
Ad ding Sta ff
25%
Monitor Group
Houses a venture
philanthropy
company that helps
non-profits
with
funding, people, and
Internet technology
systems
Not Considering
Addin g Staff
75%
People Soft launched an advertising campaign in the early 2000s criticizing the billing
structures of consulting firms in the early 2000s. The campaign highlighted the
companys enterprise service automation software, which was designed to manage the
55
expense of outside contractors, consultants, and temps. Interestingly, People Soft is

very dependent on consultants to sell its products. IBM is a strategic partner.
Three-quarters of consulting firms stopped hiring in the early 2000s. Specific ally, 25%
of consulting firms considered adding staff, while 75% did not consider adding staff.
Strategy consulting firms lost top partners & associates to technology start-ups in the
early 2000s.
Strategy consulting firms made capital calls in the early 2000s, including one at
McKinsey & Company. McKinsey instituted a capital call from its 850 existing partners in
2001.
Technology consulting firms consolidated quickly in the early 2000s, as investment
consulting firms experienced some mergers & the Big Four CPA Firms also restructured.
Specifically, details of actions taken include:
Technology Consulting Firms Consolidated
Schlumberger acquired Sema
SBI acquired Lante
SBI acquired March First
SBI acquired Razorfish
SBI acquired Scient
Novell acquired Cambridge Technology Partners
Big Four Accounting Firms Restructured
Sold
- Cap Gemini acquired Ernst & Young
- IBM acquired Price Waterhouse Coopers
Spun-off
- Deloitte & Touche
- KPMG
Investment Consulting Firms Mergers & Acquisitions
Capital Resource Advisors acquired SEI, SEI spun off pension consulting
business
Barra acquired Rogers Casey
Strategy Consulting Business acquired Rogers Casey
Capital Resource Advisors acquired Rogers Casey, including its strategy
business
Capital Resource Advisors acquired Investment Consulting
Other Consulting Firms Consolidated
Braun Consulting acquired Vertex Partners
Customer oriented growth strategy
Technology consulting firms consolidated in the early 2000s, including the Schlumberger
acquisition of Sema and the SBI acquisition of Lante, March First, Razorfish, & Scient.
Specifically, details include:
Schlumberger Sema
56
Internet technology firm trying to expand services
SBI Lante
-SBI March First
-SBI Razorfish
Razorfish had 2,000 employees and $104 million in revenues in 2001
Employed only 250 by 2002
SBI Scient
-Novell Cambridge Technology Partners
Acquired in 2001
Paid $266 million
Founded in 1991
Based in Cambridge, MA
The big four CPA firms restructured their consulting businesses in the early 2000s,
including Deloitte & Touche which spun-off its consulting division.
Deloitte & Touche
Spun off as Deloitte Consulting in 2002
Last Big Four CPA firm to act
Price
Waterhouse
Coopers sold to IBM
Consulting Firm Morale Declined in the Early 2000s, with Almost

Half of All Employees Having Very Low, Low, or Neutral Morale
Consulting Firm Employees
By Morale Levels
KPMG
Spun off as Bearing
Point
Ernst & Young
Sold to Cap Gemini
in 2000
$11 billion in
revenues
Very High & High
18%
Neutral
76%
23%
55%
22%
6%
Large consulting firm alumni
2001
2002
began moving to smaller firms in
the early 2000s. Reasons for
these moves by large consulting
firm alumni to smaller firms included their attempt to rebuild equity holdings, and their
ability to bring their same expertise for less money per hour to the same Fortune 500
clients.
Low & Very Low
57
Consulting firm morale declined in the early 2000s, with almost half of all employees
having very low, low, or neutral morale. Specifically, in 2002 45% of consulting firm
employees reported very low, low, or neutral morale, while 24% of employees reported
very low, low, or neutral morale in 2001, an increase of 21%.
Some
firms,
including
Accenture, Towers Perrin, &
Boston Consulting Group had
very low morale in the early
2000s.

By Firm
At the same time, some firms

such as Sapient, Towers Perrin,
and Booz, Allen, & Hamilton had
very high employee stress levels
in the early 2000s. Specifically,
49% of Sapient employees
reported high stress levels,
while 43 % of Tower Perrin and
42% of Booz, Allen, & Hamilton
employees reported high stress
levels. In contrast, significant but lower percentages of consulting firm employees
reporting high stress levels occurred at other firms such as KPMG were reported at other
consulting firms.
55 %
V ery High & Hi gh
8 2%
58 %
5 0%
5 5%
6 0%
64 %
79 %
8 0%
9%
9%
20 %
Neutral
6%
1 2%
9%
6%
6%
4 1%
3 6%
1 2%
1 4%
15 %
B o o z A lle n
H a mi l t o n
P it tig li o ,
R a bin,
T odd, &
M c G ra t h
H ew it t
A s s oc ia t e s
Low & Very Low
16 %
25 %
26 %
A c c e n tu r e
T o we r s
P e rr in
2 8%
27 %
Wa t s o n
W ya tt
W o r l d wid e
B os t on
C o n s u l t ing
G ro u p
M o n it o r
Group
M c K i n se y &
C om pa ny
Cap Gemini acquired Ernst &

Young which had revenues of
$11 Billion in 2000.
Hitachi Consulting was founded
in 2000. It is based in Dallas,
TX.
Some Firms Such as Sapient, Towers Perrin, and Booz, Allen, & Hamilton Had Very
High Employee Stress Levels in the Early 2000s
Consulting Firms
Share of Employees Reporting High Stress Levels
44%
43%
42%
36%
35%
SBI acquired Razorfish for $8.2

million in 2002.
JMN Associates was founded in
2002 to provide consulting to the
banking,
real
estate,
&
insurance industries.
It was
founded by Jim Neckopulos in
San Francisco, CA.
Sapient
Towe rs
Perrin
Booz Allen
Ham ilton
KPMG
PWC
30%
29%
AT Kearn ey
McKin sey &

Com pany
28%
28%
Wats on
Wyatt
Firs t
Cons ulting
Group
Deloitte Consulting announced plans to change its name to Braxton after it separated
from Deloitte Touche Tohmatsu in 2002.
About one-third of consulting firms considered layoffs in 2002. Specifically, 33% of
consulting firms considered layoffs, while 67% did not consider layoffs.
Deloitte Consulting changed course in 2003 and stayed with Deloitte Touche Tohmatsu,
calling itself Deloitte Consulting.
58
Renewed Growth & Maturation Phase

This section outlines the fourth phase of the consulting industry
The consulting market has come roaring back in the late 2000s.
Leading CPA firms began quietly rebuilding their consulting practice in the late 2000s as
demand for financial consulting rose. The leading CPA firms included Deloitte &
Touche, Price Waterhouse Coopers, KPMG, and Ernst & Young.
Some consulting firms have consolidated in the form of roll-ups, including Navigant in
the late 2000s.
AT Kearney returned to private ownership after ten years of being a subsidiary of EDS in
2006.
Consulting firms focused on helping clients enter China in 2007, including McKinsey &
Company. The earliest clients were multinational companies. Work in China has grown
at 20%-30% each year.
The consulting industry experienced a talent shortage in 2007.
Marsh & McLennans Oliver Wyman was formed through the combination of three global
consulting businesses in 2007.
Computer Sciences Corporation acquired First Consulting Group in 2008.
Hitachi Consulting acquired JMN Associates in 2008 to enter the consulting industry for
banking, real estate, & insurance.
Market Definition
Strategy Consulting
This section outlines the strategy consulting market.
This section outlines the sales & marketing consulting market.
This section outlines the organizational effectiveness consulting market.
This section outlines the operations & technology market.
Other Consulting
This section outlines other consulting markets.
Market Growth
This section highlights the market growth of the consulting industry.
59
Consulting Firms
This section outlines consulting firms market growth.
There are almost 320,000 consulting firms, up 50% since 2001. Specifically, in 2001
there were 210,000 consulting firms, 190,000 in 2002, 200,000 in 2003, 260,000 in
2004, 300,000 in 2005, and 320,000 in 2006.
Consulting Firm Offices
This section outlines consulting firm offices market growth.
There are over one million consulting firm offices, up 20% since 2001. Specifically, in
2001 there were 870,000 consulting firm offices, 840,000 in 2002, 850,000 in 2003,
870,000 in 2004, 980,000 in 2005, and 1,025,000 in 2006.
This section outlines consulting firm employees market growth.
There are over five million consulting firm employees, up 20% since 2002. Specifically,
in 2001 there were 4.0 million consulting firm employees, 4.2 million in 2002, 4.4 million
in 2003, 4.6 million in 2004, 4.8 million in 2005, and 5.0 million in 2006.
Consulting Firm Partners
This section outlines consulting firm partners market growth.
There are over two million consulting firm partners, up almost 100% since 2001.
Specifically, in 2001 there were 1.2 million consulting firm partners, 1.4 million in 2002,
1.6 million in 2003, 1.8 million in 2004, 2.0 million in 2005, and 2.2 million in 2006.
Consulting Firm Partners per Employee
This section outlines consulting firm partners per employee market growth.
The consulting industry has less than half the number of partners per employees.
Specifically in 2006 there were 0.44 consulting firm partners per employee, up slightly
from 0.42 partners per employee in 2005, 0.40 partners per employee in 2004, 0.36
partners per employee in 2003, 0.33 partners per employee in 2002, and 0.30 partners
per employee in 2001.
Consulting Firm Consultants
This section outlines consulting firm consultants market growth.
There are about four million consulting firm consultants, up by about one million since
2001. Specifically, in 2001 there were 3.0 million consulting firm consultants, 3.2 million
in 2002, 3.4 million in 2003, 3.6 million in 2004, 3.8 million in 2005, and 4.0 million in
2006.
Consulting Firm Clients
This section outlines consulting firm clients market growth.
There are about four million consulting firm clients, up by about one million since 2001.
Specifically, in 2001 there were 3.0 million consulting firm clients, 3.2 million in 2002, 3.4
million in 2003, 3.6 million in 2004, 3.8 million in 2005, and 4.0 million in 2006.
60
Consulting Firm Clients per Consultants

This section outlines consulting firm clients per consultants market growth.
The consulting industry has an equal ratio of clients to consultants. This has remained
steady since 2001.
Consulting Firm Projects
This section outlines consulting firm projects market growth.
There are about one million consulting firm projects conducted each year, up 1,000%
since 2001. Specifically, in 2001 100,000 consulting firm projects conducted, 200,000 in
2002, 400,000 in 2003, 600,000 in 2004, 800,000 in 2005, and 1.0 million in 2006.
This section outlines consulting firm revenues market growth.
The consulting market generates about $300 billion of revenues, up 1,000% since 2001.
Specifically, in 2001 $30 billion
The Consulting Market Generates $300 Billion of Revenues, Up
in revenues were generated by
1,000% Since 2001
consulting firms, $80 billion was
generated in 2002, $120 billion
in 2003, $190 billion in 2004,
($ Billions)
$250 billion in 2005, and $300
$300
billion
in
revenues
were
$250
generated in 2006.
$190
Consulting Firm Revenues per

Employee
This section outlines consulting
firm revenues per employee
market growth.
$120
$80
$30
2001
2002
2003
2004
2005
2006
The
consulting
industry
generates $600,000 in revenue
per employee. This is up significantly from $521,000 in 2005, $413,000 in 2004,
$273,000 in 2003, $191,000 in 2002, and $75,000 revenues per employee in 2001.
So ur ce: 1 /07 Co nsultin g M agazi ne ( Kennedy ); Tibur on Re search & A nalysi s
Consulting Firm Revenues per Consultant

This section outlines consulting firm revenues per consultant market growth.
The consulting industry generates $750,000 in revenues per consultant. This is up
significantly from $658,000 in 2005, $528,000 in 2004, $353,000 in 2003, $250,000 in
2002, and $100,000 revenues per consultant in 2001.
Consulting Firm Revenues per Partner
This section outlines consulting firm revenues per partner market growth.
The consulting industry generates over $1,300,000 in revenue per partner. Specifically it
generated $1,364,000 in 2006, $1,250,000 in 2005, $1,060,000 in 2004, $750,000 in
2003, $570,000 in 2002, and $250,000 revenues per partner in 2001.
61
Consulting Firm Profits

This section outlines consulting firm profits market growth.
The consulting market earns its participants about $50 billion in profits, up about 1,000%
since 2001. Specifically, in 2001 consulting firms earned $5 billion in profits, $10 billion
in 2002, $20 billion in 2003, $30 billion in 2004, $40 billion in 2005, and $50 billion in
2006.
Consulting Firm Profits per Employee
This section outlines consulting firm profits per market growth.
The consulting industry generates $100,000 in profits per employee. This is up
significantly from $83,000 in 2005, $65,000 in 2004, $45,000 in 2003, $24,000 in 2002,
and $13,000 profits per employee in 2001.
Consulting Firm Profits per Consultant
This section outlines consulting firm profits per consultant market growth.
The consulting industry generates $125,000 in profits per consultant. This is up
significantly from $105,000 in 2005, $83,000 in 2004, $59,000 in 2003, $31,000 in 2002,
and $17,000 profits per consultant in 2001.
Consulting Firm Profits per Partner
This section outlines consulting firm profits per partner market growth.
The consulting industry generates almost $230,000 in profits per partner. Specifically it
generated $227,000 in 2006, $200,000 in 2005, $167,000 in 2004, $125,000 in 2003,
$71,000 in 2002, and $42,000 profits per partner in 2001.
This section highlights the leading consulting firms across a set of key measurements for
the consulting industry, including:
Consulting firm offices

Consulting firm employees
Consulting firm partners
Consulting firm consultants
Consulting firm clients
Consulting firm projects
Consulting firm revenues
Consulting firm profits
Consulting firm employee choices
Consulting Firm Offices

This section outlines consulting firm offices of leading firms.
IBM and Accentures number of offices are nearly double those of other leading
consulting firms. IBM is now in the lead with 500 offices. Accenture is not far behind
with 485 offices. Cap Gemini Ernst & Young is next with 376 offices, followed by
62
Deloitte Consulting with 346 offices. CSC Index is next among number of consulting
offices with 235 offices, McKinsey & Company with 189, EDS & AT Kearney with 167,
Bearing Point with 118, and Mercer Consulting with 100.
firm employees of leading firms.
IBM and Accentures Number of Offices are Nearly Double Those of

Other Leading Consulting Firms
Leading Consulting Firms Offices
IBM and Accentures number of

employees are nearly double
those of other leading consulting
firms. IBM is now the leader
among consulting firms with
10,400 employees. Accenture
is not far behind with 10,200
employees. Cap Gemini Ernst
& Young is next with 6,800
employees, followed by Deloitte
Consulting
with
6,200
employees. CSC Index is next
among leading consulting firms with 4,600 employees, McKinsey & Company is next
with 4,500 employees, EDS & AT Kearney follows with 3,800 employees, then Bearing
Point with 3,400 employees, and Mercer Consulting with 2,200 employees.
IBM
500
Accenture
485
376
Deloitte Consulting
346
CSC/Index
235
McKinsey & Com pany
189
EDS & AT Kear ney

Bearing Point
Mer cer Consulting
167
118
100
Consulting Firm Partners

firm partners of leading firms.
IBM and Accentures Number of Employees are Nearly Double

Those of Other Leading Consulting Firms
Leading Consulting Firms Employees
(Thousands)

partners are nearly double those
of other leading consulting firms.
IBM is now in the lead with
1,230 partners. Accenture is not
far behind with 1,121 partners.
Cap Gemini Ernst & Young is
next with 695 partners, followed
by Deloitte Consulting with 675
partners. McKinsey & Company
is next with 450 partners, CSC
Index follows with 189 partners,
EDS & AT Kearney is next with 340 partners, Bearing Point with 310 partners, and
Mercer Consulting with 220 partners.
IBM
10.4
Accenture
10.2
6.8
Deloitte Consulting
6.2
CSC/Index
4.6
McKinsey & Com pany
4.5
EDS & AT Kear ney
3.8
Bearing Point
Mer cer Consulting
3.4
2.2
Consulting Firm Consultants

This section outlines consulting firm consultants of leading firms.
IBM and Accentures number of consultants are nearly double those of other leading
consulting firms. Again, IBM is the leader in this category with 11,300 consultants.
However, Accenture is not far behind with 11,210 consultants. Interestingly, the firm
with the third most consultants, Cap Gemini Ernst & Young, is nearly 5,000 consultants
behind, with 6,950 consultants. The remaining leaders among number of consultants
63
are Deloitte Consulting with 6,750 consultants, McKinsey & Company with 4,500
consultants, CSC Index with 4,200 consultants, EDS & AT Kearney with 3,300
consultants, Bearing Point with 3,1,00 and Mercer Consulting rounds out the leader list
with 2,200 consultants.
Consulting Firm Clients
firm clients of leading firms.
IBM and Accentures Number of Clients are Nearly Double Those of

Other Leading Consulting Firms
Leading Consulting Firms Clients

clients are nearly double those
IBM has the most clients with
1,920. Accenture is right behind
with 1,900 clients. A drop off
from the top tier client
leadership occurs with Cap
Gemini Ernst & Young having
1,450 clients, followed by
Deloitte Consulting with 1,320
clients, McKinsey & Company is
next with 840 clients, EDS & AT
Kearney has 780 clients, KPMG Peat Marwick has 630 clients, and CSC Index follows
with 420 clients, while Mercer Consulting rounds out the leaders with 490 clients.
IBM
1,920
Accenture
1,900
Cap Gemini Er nst & Young
1,450
Deloitte Consulting
1,320
McKinsey & Company
840
EDS & AT Kearney
780
Bearing Point
Mercer Consulting
CSC/Index
630
490
420
Consulting Firm Projects

firm projects of leading firms.
IBM and Accentures Number of Projects are Nearly Double Those

of Other Leading Consulting Firms

Leading Consulting Firms Projects
projects are nearly double those
The standout t leadership is
shared by IBM and Accenture,
with IBM nudging out Accenture
as absolute leader with 870
consulting
firm
projects
completed last year, closely
followed by Accenture which
had 857 projects. Cap Gemini
Ernst & Young is a distant third
with 490 projects, closely
followed by Deloitte Consulting
with 469 projects. CSC Index is next among number of consulting projects with 357,
McKinsey & Company completed 275 projects, KPMG Peat Marwick completed 213,
and Mercer Consulting completed 158.
870
IBM
Accenture
857
Cap Gemini Er nst & Young
490
Deloitte Consulting
469
CSC/Index
357
McKinsey & Company
280
EDS & AT Kearney
Bearing Point
Mercer Consulting
275
213
158

This section outlines consulting firm revenues of leading firms.
64
IBM and Accentures revenues are nearly double those of other leading consulting firms.
IBM and Accenture again standout in their leadership in consulting firm revenues. IBM
now leads with $10.8 billion, while Accenture is second with $9.5 billion in revenues.
Cap Gemini Ernst & Young is
next with $5.9 billion in
revenues, next is Deloitte
Consulting with $5.6 billion in
($ Billions)
revenues. CSC Index has $3.6
billion
in
consulting
firm
revenues, closely followed by
McKinsey & Company with $3.3
billion in revenues, which is in
turn closely followed by EDS &
AT Kearney which generated
$2.9 billion in revenues. KPMG
Peat Marwick is bunched with
the lower half of the leaders with
$2.7
billion
in
generated
revenues,
while
Mercer
Consulting concludes the pack
of leaders in consulting firm revenues with $2.2 billion in revenues generated.
IBM
$10.8
Accentur e
$9.5
$5.9
Deloitte Consulting
$5.6
CSC/Index
$3.6
McKinsey & Com pany
EDS & AT Kear ney

Bear ing Point
Mer cer Consulting
$3.3
$2.9
$2.7
$2.2
Consulting Firm Profits

This section outlines the consulting firm projects segment of the leading consulting firms.
IBM and Accentures Profits are Nearly Double Those of Other
IBM and Accentures profits are
nearly double those of other
Leading Consulting Firms Profits
leading consulting firms. IBM
($ Billions)
and Accenture again standout in
their leadership in consulting
firm profits. IBM now leads with
$10.8 billion, while Accenture is
second with $9.5 billion in profits
earned. Cap Gemini Ernst &
Young is next with $5.9 billion in
profits earned, followed closely
by Deloitte Consulting which
earns $5.6 billion. CSC Index
earned $3.6 billion in profits,
followed
by
McKinsey
&
Company with $3.3 billion in
profits earned, who is in turn is closely followed by EDS & AT Kearney which generated
$2.9 billion in revenues. KPMG Peat Marwick again is bunched with the lower half of the
leaders with $2.7 billion in earned profits, and Mercer Consulting concludes the pack of
leaders in consulting firm profits with $2.2 billion in profits earned.
IBM
$10.8
Accentur e
$9.5
$5.9
Deloitte Consulting
$5.6
CSC/Index
$3.6
McKinsey & Com pany
EDS & AT Kear ney

Bear ing Point
Mer cer Consulting
$3.3
$2.9
$2.7
$2.2
Consulting Employee Choices

This section outlines the consulting firm employee choices segment of the leading
consulting firms.
65
McKinsey & Company, Boston Consulting Group, and Bain & Company remain among
MBAs most desired employers. Specifically, McKinsey & Company ranked number one
in 2001 and 2002 as MBAs most desired employers, while Boston Consulting Group
ranked number two in the 2001
McKinsey & Company, Boston Consulting Group, and Bain &
and 2002 period also. Bain &
Company Remain Among MBAs Most Desired Employers
Company ranked number five
MBAs Desired Employees
among MBA employer choices.
Notable non consulting industry
Compan y
2002 Ranking
2001 Ranking
employer choices of MBAs
McKinsey & Company
1
1
were Goldman Sachs which
Boston Consulting Group
2
2
ranked number 3 and 4 in the
Goldman Sachs
3
4
respective years of 2001 and
General Electric
4
25
Bain & Company
5
5
2002, as well as General
Citigroup
6
37
Electric which ranked number 4
Morgan Stanley
7
10
among MBAs employer choices
Walt Disney
8
13
in 2002.
IBM
11
Coca Cola
10
38
Almost one-fifth of MBAs rate

McKinsey & Company amongst
their top five desired employers,
with both Bain & Company and Boston Consulting Group also receiving lots of attention.
Between consulting firms, at 12% Bain & Company ranked higher than Boston
Consulting Group which garnered 12%. Non consulting industry companies followed,
including Citigroup with 9%, Apple Computer with 12%, General Electric with 8%,
Johnson & Johnson with 8%, and Morgan Stanley with 7%. Other consulting firms listed
included Booz, Allen, & Hamilton with 6%, Deloitte with 6%, Accenture with 3%, AT
Kearney and Mercer Management Consulting with 2%, and Bearing Point with 1%.
So ur ce: 2 /02 Un iversums M BA Sur vey; Tiburon R es earch & Analysis
Male and female MBA students have slightly different desired employers, but McKinsey
& Company leads with both. Specifically, details of each genders top five desired
employers include:
Men
McKinsey & Company

Goldman Sachs
Bain & Company
Google
Women
McKinsey & Company
Google
Johnson & Johnson
Bain & Company
MBAs preferred consulting firms vary depending on the desired attribute of the firm.
The desired attributes ranked were prestige, compensation, opportunities, and quality of
life.
Specifically, among the ranked attribute of prestige, compensation, and
opportunities, McKinsey & Company ranked first or second. Boston Consulting Group
ranked second behind McKinsey & Company in the attributes of prestige and
66
compensation.
Bain & Company ranked third in prestige, compensation and,
opportunities while Booz, Allen, & Hamilton ranked fourth in prestige and opportunities.
67
MARKET SEGMENTATION
This chapter explains the market segmentation of the consulting industry.
The consulting industry can be analyzed into two segments, including consulting market
types and markets & distribution channels. Specifically, details include:
Consulting Marketing Types
Strategy consulting
Sales & marketing consulting
Organizational effectiveness consulting
Operations & technology consulting
Other consulting
Markets & Distribution Channels
Federal & state government
Financial services companies
Manufacturing companies
Retail companies
Other companies
Consulting Market Types
This section outlines the market
types of the consulting industry.
Strategy Consulting
This
section
outlines
the
strategy consulting segment of
consulting
industry
market
types.
Operations & Technology Consulting is Even More Dominant in the Financial

Services Industry, Accounting for Over Three-Quarters of all Revenues
Financial Services Industry Consulting Market Revenues

By Type of Consulting
Organizational
Effectiveness
5%
Str ategy
15%
Strategy consulting is the first

consulting market type.
The
consulting
market
generates about $20 billion of
strategy consulting revenues.
Another source said that the
consulting industrys strategy
consulting revenues from the financial services sector were $10 billion, $10 billion, and
$15 billion in 2004 to 2006 respectively.
Operations &
Technology
80%
So ur ce: 1 /07 Con sulting Magazine (K ennedy); Tiburon Res earch & An aly sis
The strategy consulting market has become more competitive, due to questions about
the value of pure strategy, the building of in-house strategy consulting departments,
competition from information technology consultants, and the shrinking size of
engagements.
Fortune 500 executives have periodically questioned their need for pure strategy
consultants.
68
Some large companies have started in-house strategy consulting departments instead of
using strategy consulting firms. Specifically, details of companies with in-house strategy
consulting departments include:
American Express
-AOL Time Warner
12 of 19 people in its
strategy department
are
ex-consultants
from
strategy
consulting firms
The Bank of America
Corporation
Predecessor
from
Fleet Bank hired
strategy consultants
to work alongside its
people to learn their
methods
In a More Competitive Strategy Consulting Market, Industry

Focused Firms are Likely to Gain Share
Strategy Consulting Firms Success by Market Situation
Broad Strategy Firm
Industry Specific Firm
Strategy Consulting
Industry Focused Strateg y

Consulting
Strong
Market
H igh
High
Weak Market
L ow
Med ium
Core Capability
Likely
Success by
Market
Situation
Strategy consulting firms are

also facing increasing pressure
from information technology consulting firms, including IBM. This pressure from
information technology consulting firms can be seen in the IBM acquisition of Price
Waterhouse Coopers Consulting, which strengthened its strategic business consulting
offerings to clients.
So ur ce: 1 /21 /05 Tib uron Princip al Ca ndidate Re sum e (Ma rks); Tiburon Rese ar ch & An alysis
The length of an average strategy consulting engagement dropped from between six &
eighteen months to just 90 days in the early 2000s as clients focused on more
immediate value.
In a more competitive strategy consulting market, industry focused firms are likely to
gain share. In a more competitive environment a broad strategy firm where strategy is
the core capability, the likelihood of success in a strong market is high, while in a weak
market the likelihood of success is low. In comparison, in a more competitive strategy
consulting environment, an industry specific firm which has an industry focused strategy
consulting core capability is likely to fair better than a broad strategy firm, in that they will
have a high chance of success in gaining share in a strong market, and a medium as
opposed to a low chance of finding success in a weak market.
Smaller firms may do better in the new strategy consulting environment.
Turnaround consulting is also an interesting popular specialty amongst strategy
consulting firms.
69

market types.
Sales & marketing is the second consulting market type.
Organizational effectiveness is the third consulting type.
consulting revenues.
It has also been reported that the consulting industrys
organizational effectiveness revenues from the financial services sector were $5 billion
per year in 2004 to 2006.
Organizational effectiveness consulting includes several services, including executive
recruiting.
Organizational effectiveness consul tings final type of service is executive recruiting.
Executive recruiting firms have two primary types, including contingency & retained.
Contingency
Paid only when a client hired the candidate theyve found
Retained
Identify candidates, thoroughly learn about them, and present a short list to
be interviewed
Contingency executive recruiters post resumes anywhere and everywhere in the attempt
to get paid for getting a client hired.
Retained executive recruiters are less likely to take on a search for lower salary
positions.
Operations & technology is the fourth consulting market type.
The consulting market generates about $80 billion of operations & technology consulting
revenues. Specifically, consulting firms operations & technology consulting revenues
were $85 billion in 2004 and 2005, and $80 billion in 2006. It has also been reported
that the consulting industrys operations & technology revenues from the financial
services sector were $85 billion, $85 billion, and $80 billion from 2004 to 2006,
respectively.
70
Despite its size, information technology consulting is still often not favorably viewed by
management consulting purists. It has been reported that technology workers at some
management consulting firms are considered second-class citizens. However, despite
this perception, information technology has become a CEO-level discussion, as more
chief technology officers now report to CEOs, in turn creating executive demand for
information technology consulting expertise. Interestingly, fewer information technology
college graduates are creating demand for consulting as well.
Telecommunications, software, defense, and strategy consulting firms are formidable
information technology consulting threats. Specifically, details of threats to information
technology consulting firms include:
Telecommunications Firms
-Software Firms
Software makers need to expand services as software sales are dwindling
Key strengths
No middleman
Less mark-up
Better product knowledge
Defense Vendors
Large information technology vendors such as Lockheed Martin and Boeing
have started pursuing information technology consulting engagements
May look to acquire struggling consulting firms with federal government
experience
Bearing Point may be a target
Strategy Firms
Bain & Company

Started information technology business in response to increased
client demand for specialized services
Plans to train 30% of its consultants for projects involving heavy
emphasis on information technology
Information technology consulting is becoming a moderately higher priority for Chief
Information Officers. As late as 2001 information technology consulting was a low
priority for Chief Information Officers but 2002 saw information technology consulting
become a moderately high priority.
Information technology consulting projects are beginning to shift from maintenance to
development.
Other Consulting
Other consulting is the fifth consulting market type.
71
MARKETS & DISTRIBUTION CHANNELS

There are five markets & distribution channels for the consulting industry, including
federal & state governments, financial services companies, manufacturing companies,
retail companies, and other companies.
Federal & state governments are the first markets & distribution channels for the
Federal & state governments and financial services companies are the two largest
consulting markets, accounting for over two-thirds of all projects. Specifically, federal &
state governments account for 34% of consulting firm projects, with financial services
companies accounting for 33%, followed by manufacturing, retail, and other companies
each accounting for 11% of consulting firm projects.
Federal & state governments are the largest markets & distribution channels for the
Booz, Allen, & Hamilton and Bearing Point are major players in the federal & state
governments consulting market.
Financial services companies are the second largest markets & distribution channels for
The financial services consulting market has 36 companies.
The financial services consulting market has 36 companies, including AT Kearney,
Accenture, Bain & Company, Booz Allen Hamilton, and McKinsey & Company. Other
companies include:
AT Kearney
Accenture
Atos Origin
Bain & Company
Bearing Point
Booz Allen Hamilton
Capgemini
CGI (AMS)
72
Computer Sciences Corporation

Deloitte
EDS
Ernst & Young
First Manhattan Consulting Group
FTI Consulting
Fujitsu
HP Services
IBM Global Services
Infosys
KPMG
Logica CMG
McKinsey & Company
Monitor Group
Navigant
Oliver Wyman
NTT Data
PA Consulting
Roland Berger Strategy Consultants
Satyam
SAP Consulting
Siemens Business Services
Tata Consultancy Services
Towers Perrin/Tillinghast
Unisys
Wipro
Tiburon Strategic Advisors, First Manhattan, Novantas, & Spectrum Group are key
players in the financial services consulting market.
market generates $60 billion in
revenues, up 65% since 2004.
Specifically,
the
financial
services consulting markets
generated $42 billion in 2006,
$39 billion in 2005, and
generated
$36
billion
in
revenues in 2004.
The Financial Services Consulting Market Generates $60 Billion in

Revenues, Up 65% Since 2004
($ Billions)
$60
$36
$39

market
is
dominated
by
operations
&
technology
consulting.
Specifically,
2004
2005
dominant
operation
&
technology consulting in the
financial services consulting
market means generating 80% of revenues in this market.
$42
2006
2007
So ur ce: 4 /3/08 Fina nc ia l Ser vices Co ns ulting M ark etplace Re port (Kenned y Inform ation); 1/07 C onsulting Magazine (Kenned y); Tiburon R ese arc h & Analy sis
73
In contrast, strategy
consulting generates 15% of financial services industry consulting firm revenues, and
organizational effectiveness consulting generates the remaining 5%.
Financial services companies account for almost one-quarter of the stock markets
capitalization, the largest share of any sector. Specifically, financial services companies
account for 22% of the stock markets capitalization.
industry is still highly fragmented
with
only
17
practices
commanding more than 1%
market share with the largest
practice having 6.1% market
share. Additionally, the top 10
practices have command only
28% market share, the top 20
market share, and the top 30
market share.
The Financial Services Consulting Industry is Still Highly Fragmented with Only 17 Practices
Commanding More than 1% Market Share with the Largest Practice Having 6.1% Market Share

By Market Share
52%
62%
72%
Remaining Market Share
94%
48%
38%
28%
Market Share
6%

industry has five major key
drivers, including market trends,
market drivers & inhibitors, and competitive dynamics & landscape.
Top Pr actice
Top 10 Practices
Top 20 Practices
Top 30 Practices
The financial services industry can be analyzed in three ways, including its segments,
issues, and services. Specifically, details include:
Segments
Banks
Brokerage firms
Insurance
companies
Investment
managers
Other related firms
Banks Constitute Nearly Two-Thirds of the Financial Services

Sectors Market Capitalization

Market Capitalization by Segment
Othe r Companies
35%
Issues
Banking
Capital Markets
Insurance
Ba nks
65%
Services
Strategy
Business advisory services
Operation management
Human resources
Information technology
So ur ce: 2 /19/07 Barron s; Tibur on R esearch & A nalysis
74
Segments
The first way the financial services industry can be analyzed is by segments.
The financial services industry includes banks, brokerage firms, insurance companies,
investment managers, and other related firms.
Banks constitute nearly two-thirds of the financial services sectors market capitalization.
Specifically, banks constitute 65% of the financial services sectors market capitalization,
while other companies constitute the remaining 35%.
Issues
The second way the financial services industry can be analyzed is by issues.
The financial services industry has three major issues, including banking, capital
markets, and insurance. Specifically, details include:
Banking
Risk management
Organic growth
Mergers & acquisitions
Customer service
Changing business mix from deposits to withdrawals due to retiring baby
boomers
Cost reduction
Emerging markets
Capital Markets
Regulation and compliance
Tightening liquidity and tightening private equity investments
Profitability
Sales and channel strategies
Cost-cutting
Risk Management
Changing business mix from investing to monetization
Insurance
Expansion to new markets
Distributions channels
Risk management
Compensation models
Sales force automation
Mergers & acquisitions
Back-office transformation/ modernization
Services
The third way the financial services industry can be analyzed is by services.
The financial services industry has five major services, including strategy, business
advisory, operation management, human resources, and information technology.
75
Specialized skills are required to analyze financial services companies because of

complicated financial services terminology and because industry savvy judgments are
needed. Specifically, details of required financial services consulting skills include:
Complicated financial services terminology
Interest, dividend, & fee income versus familiar terms like revenue and cost of
goods sold
Industry savvy judgments needed
Need to assess quality of loan books
Need to determine how much banks are earning from temporary interest rate
mismatches
Need to make sense of Byzantine accounting schemes regarding sales of
financial accounts
Many consulting firms avoid the financial services industry because of
complicatedness.
its
Manufacturing companies are the third largest markets & distribution channels for the
Retail Companies
Retail companies are the fourth largest markets & distribution channels for the consulting
industry.
Other Companies
There is a wide variety of other markets & distribution channels for the consulting
industry.
76
FUTURE PREDICTIONS FOR THE CONSULTING BUSINESS

Future predictions for the
consulting
industry
include
continual
rapid
growth,
increasing
dominance
of
strategy consulting, increasing
importance of financial services
company clients, consulting
firms to expand, and continual
industry consolidation.
The Financial Services Consulting Market is Predicted to Grow from $60

Billion in Revenues to $74 Billion by 2011, an Increase of More than 20%

Consulting Firm Expected Revenues
($ Billions)
$60
$64
$68
$71
$74
$80
$77

This section outlines the likely
continual rapid growth of the
2007
The consulting market will grow

rapidly.
2008
2009
2010
2011
2012
2013
revenues to $74 billion by 2011, an increase of more than 20%. After generating $60
billion in revenues in 2007, the financial services consulting market is expected to
generate $64 billion in 2008, $68 billion in 2009, $71 billion in 2010, $74 billion in 2011,
$77 billion in 2012, and $80
The Financial Services Consulting Market is Expected to Continue
billion in revenues by 2013.
to Grow, But at a Slower Rate in the Coming Years
market is expected to continue
to grow, but at a slower rate in
the coming years.
Scott
McDonald, Managing Partner of
Oliver Wyman, stated in 2008
that, for the time being, the
consulting business is affected
positively. [In 2008] we expect
the financial services consulting
to slow down due to ongoing
credit issues and weaker
earnings.
Future of Financial Services Consulting
For the time being, the consulting

business is affected positively. [In
2008] we expect the financial
services consulting to slow down
due to ongoing credit issues and
weaker earnings
Scott McDonald
Managing Partner
Oliver Wyman
2008

Strategic consulting will become the dominant business in the consulting industry.
Increasing Importance of Financial Services Company Clients
77
Financial services companies will account for an increasing share of consulting

revenues.
Consulting Firms to Expand
Consulting firms will expand.
Consulting firm acquisitions will continue.
Consulting firm acquisitions will increasingly be driven by firms seeking to capture client
bases, competencies, and geographical reach.
The largest consulting firm acquisitions have been Ernst & Young, AT Kearney, APM,
MAC Group, and Temple, Barker, & Sloane. Specifically, in terms of the acquired
consulting firms revenues, the largest acquisition by far was the Cap Gemini acquisition
of Ernst & Young, which had $11 billion in revenues. The second largest acquisition was
EDS acquisition of AT Kearney, which had $346 million in revenues, followed by the
CSC acquisition APM and its $85 million in revenues, Cap Geminis acquisition of MAC
Group and its $74 million in revenues, Marsh & McLennan acquisition of Temple, Barker,
& Sloanes $52 million in revenues and its acquisition of Strategic Planning Associates
and its $43 million in revenues.
There are several firms that are potential acquirers or acquisition targets, including
Experio, Right Management Consultants, Bearing Point and Cap Gemini Ernst & Young.
Specifically, details of potential mergers & acquisitions include:
Potential Acquirers
Experio
Mid-tier acquirer
Subsidiary of Hitachi
Right Management Consultants
Small to mid-tier acquirer
Defense vendors
Potential Acquisitions Targets
Bearing Point
78
APPENDIX
This appendix will profile many of the leading industry players. Profiles will vary in depth
based on Tiburons historical need in its past client work to have researched each
company. These profiles should be considered a bonus in this report as opposed to
authoritative summaries of these firms strategies. In future drafts of this report, profiles
are likely to be further detailed, so if your firm is included, please do send along any
relevant marketing materials.
Profiles of Consulting Firms
This section outlines profiles of consulting firms.
Academy of Financial Services & Precision Marketing Partners
Academy of Financial Services & Precision Marketing Partners CEO is Rochelle Lamb.
History
The first section of Academy of Financial Services & Precision Marketing Partners
profile will explain the key historical events in the firms development.
The Academy of Financial Services & Precision Marketing Partners were founded and
have evolved through three phases, including their early phase, middle phase, and
recent phases.
Early Phase
The first phase in the development of Academy of Financial Services & Precision
Marketing Partners was its early phase.
Middle Phase
The second phase in the
development of Academy of
Financial Services & Precision
Marketing Partners was its
middle phase.
Recent Phase
The third phase in the
development of Academy of
Financial Services & Precision
Marketing Partners was its
recent phase.
The Academy of Financial Services & Precision Marketing Partners

Has Various Businesses, Including the Two Namesake Businesses
Academy of Financial Services &
Precision Marketing Partners Businesses
Academy of Financial
Ser vices & Precision
Marketing Partners
Academy o f
Financial
Services
Precisio n
Mar keting
Partners
Statistics
The second section of Academy
of
Financial
Services
&
Precision Marketing Partners
profile will review some key statistics regarding the firm.
--
--
--
Sour ce: 2/1 0/0 7 Academy o f Fin anci al S ervi ces & Prec ision Marketi ng Pa rtner s W eb S ite; Tiburon R esearc h & Analy sis
Businesses
The third section of Academy of Financial Services & Precision Marketing Partners
profile will outline its core businesses.
79
The Academy of Financial Services & Precision Marketing Partners has several
businesses, including the two namesake businesses. These two businesses are the
Academy of Financial Services and Precision Marketing Partners.
Academy of Financial Services
The Academy of Financial Services & Precision Marketing Partners first business is its
Academy of Financial Services.
Precision Marketing Partners
The Academy of Financial Services & Precision Marketing Partners second business is
its Precision Marketing Partners.
Organization & Ownership
The final section of Academy of Financial Services & Precision Marketing Partners
profile will address is organizational structure & ownership.
The Academy of Financial Services & Precision Marketing Partners has a web site.
The Academy of Financial Services & Precision Marketing is led by its CEO Rochelle
Lamb.
The Academy of Financial Services & Precision Marketing Partners is privately owned.
Accenture
Accenture was founded in 1953 and is based in Hamilton, Bermuda. It has operations in
50 countries with 150 offices and 175,000 employees worldwide. The firm generates
$19.7 billion in revenue. Accentures CEO is Bill Green. It is a public company and is
listed on the New York Stock Exchange under the ticker ACN. The firms web site is
www.accenture.com.
History
The first section of Accentures profile will explain the key historical events in the firms
development.
Accenture was founded as part of Arthur Andersen in 1953 and has evolved through
three phases, including the Arthur Andersen, Andersen Consulting, and Accenture
phases.
Arthur Andersen Phase
The first phase in the development of Accenture was its Arthur Andersen phase from
1953 to 1988.
Accenture was begun as the consulting division of Arthur Andersen after a consulting
project that was conducted in 1953.
Andersen Consulting Phase
The second phase in the development of Accenture was its Andersen Consulting phase
from 1989 to 2000.
80
Accenture split from Arthur Andersen and became known as Andersen Consulting in
1989, but as a condition had to give 15% of its profits each year to Arthur Andersen.
Accenture, known at the time as Andersen Consulting, pulled in more revenue than all of
Arthur Andersen in 2000.
Accenture, Known at the Time as Andersen Consulting, Pulled in
Specifically,
Andersen
More Revenue than All of Arthur Andersen in 2000
Consulting
generated
$9.5
billion while Arthur Andersen
Arthur Andersen & Andersen Consulting Revenues
generated $9.2 billion.
($ Billions)
Accenture Phase
development
of
Accenture
was
its
Accenture phase from
2001 to 2008.
$9.5
$9.2
Accentures
predecessor,
Andersen Consulting, finalized
Arthur Andersen
Andersen Con su lting
its split from Arthur Andersen
while Arthur Andersen was
mired in the Enron scandal, & adopted the name Accenture in 2001.
Sour ce: 3/1 9/0 8 Acc entu re Web Si te ; Ti buron Rese arch & Analy sis
Statistics
The second section of Accentures profile will review some key statistics regarding the
firm.
Accenture has operations in 50 countries.
Accenture has 150 offices.
Accenture
employees.
has
Accenture generates
billion in revenues.
Accenture Has Three Core Businesses, Including Consulting,

Technology, & Outsourcing
175,000
Accenture Businesses
$19.7
Businesses
The third section of Accentures
profile will outline its core
businesses.
Accenture has three core
businesses,
including
consulting,
technology,
&
outsourcing.
Accenture
Co nsulting
Techn olog y
Outsour cing
Sour ce: 3/1 9/0 8 Acc entu re Web Si te ; 3/07 Harvard Business Re view; Tibu ro n R esear ch & An aly sis
Consulting
Accentures first business is its consulting business.
81
Technology
Accentures second business is its technology business.
Outsourcing
Accentures third business is its outsourcing business.
The final section of Accentures profile will address is organizational structure &
ownership.
Accenture has a detailed web
site that is divided into four
sections, including Services,
Research & Insights, About
Accenture, and Careers.
Accenture Has a Detailed Web Site that is Divided into Four Sections,
Including Services, Research & Insights, About Accenture, and Careers
Accenture Web Site
Accenture is led by its CEO Bill

Green. Pamela Craig serves as
the firms Chief Financial Officer,
while Karl-Heinz Flother is
Group Chief of Executive
Systems
Integration,
Mark
Foster the Group Chief of
Executive
Management
Consultation, Martin Cole the
Group Chief of Executive
Communication,
and
Kevin
Campbell the Group Chief of Executive Outsourcing.
Research &
In sights
Services
Accentur e
Web Site
About Accenture
Careers
Sour ce: 3/1 9/0 8 Acc entu re Web Si te ; Ti buron Rese arch & Analy sis
Accenture is a publicly owned company and is listed on The New York Stock Exchange
under the ticker ACN.
Achieve Global
Achieve Global has offices in Atlanta, Boston, Chicago, Cincinnati, Dallas, Detroit, Los
Angeles, Milwaukee, Minneapolis, San Francisco, St. Louis, and Seattle. It seeks to be
the most trusted global resource for individual, team, and organizational learning.
History
The first section of Achieve Globals profile will explain the key historical events in the
firms development.
Achieve Global was founded and has evolved through three phases, including its early
phase, middle phase, and recent phases.
Early Phase
The first phase in the development of Achieve Global was its early phase.
Middle Phase
The second phase in the development of Achieve Global was its middle phase.
Recent Phase
82
The third phase in the development of Achieve Global was its third phase.
Statistics
The second section of Achieve Globals profile will review some key statistics regarding
the firm.
Businesses
The third section of Achieve Globals profile will outline its core businesses.
Achieve Global has several various businesses.
The final section of Achieve Globals profile will address is organizational structure &
ownership.
Achieve Global has a web site.
Achieve Global is led by its management.
Achieve Global is privately owned.
ACS
ACS was founded.
History
The first section of ACS profile will explain the key historical events in the firms
development.
ACS was founded and has evolved through three phases, including its early phase,
middle phase, and recent phases.
Early Phase
The first phase in the development of ACS was its early phase.
ACS Buck Consultants was founded in 1916.
Middle Phase
The second phase in the development of ACS was its middle phase.
Recent Phase
The third phase in the development of ACS was its recent phase.
Businesses
The third section of ACS profile will outline its core businesses.
ACS has several businesses, including Buck Consultants.
Buck Consultants
ACS first business is Buck Consultants which was founded in 1916.
83

The final section of ACS profile will address is organizational structure & ownership.
ACS has a web site.
ACS is led by its management.
ACS is privately owned.
Advisor Impact
Advisor Impact was founded.
History
The first section of Advisor Impacts profile will explain the key historical events in the
firms development.
Advisor Impact was founded and has evolved through three phases, including its early,
middle, and recent phases.
Early Phase
The first phase in the development of Advisor Impacts development was its early phase.
Advisor Impact was founded.
Middle Phase
The second phase in the development of Advisor Impacts development was its middle
phase.
Recent Phase
The third phase in the development of Advisor Impacts development was its recent
phase.
Statistics
The second section of Advisor Impacts profile will review some key statistics regarding
the firm.
Businesses
The third section of Advisor Impacts profile will outline its core businesses.
Advisor Impact has a number of businesses.
The final section of Answerthinks profile will address is organizational structure &
ownership.
Advisor Impact has a web site.
Advisor Impact is led by its management.
Advisor Impact is privately owned.
84
Advisory Board
Advisory Board is based in Washington, DC.
History
The first section of Advisory Boards profile will explain the key historical events in the
firms development.
Advisory Board was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Advisory Board was its early phase.
Advisory Board is founded.
Middle Phase
The second phase in the development of Advisory Board was its middle phase.
Recent Phase
The third phase in the development of Advisory Board was its recent phase.
Statistics
The second section of Advisory Boards profile will review some key statistics regarding
the firm.
Businesses
The third section of Advisory Boards profile will outline its core businesses.
Advisory Board has several various businesses.
The final section of Advisory Boards profile will address is organizational structure &
ownership.
Advisory Board has a web site.
Advisory Board is led by Jay McGonigle.
Advisory Board is privately owned.
Alix Partners
The firm is based in Detroit, Michigan.
History
The first section of Alix Partners profile will explain the key historical events in the firms
development.
Alix Partners was founded and has evolved through three phases, including its early
Early Phase
85
The first phase in the development of Alix Partners was its early phase.
Alix Partners was founded.
Middle Phase
The second phase in the development of Alix Partners was its middle phase.
Recent Phase
The third phase in the development of Alix Partners was its recent phase.
Statistics
The second section of Alix Partners profile will review some key statistics regarding the
firm.
Businesses
The third section of Alix Partners profile will outline its core businesses.
Alix Partners has several various businesses.
The final section of Alix Partners profile will address is organizational structure &
ownership.
Alix Partners has a web site.
Alix Partners is led by its CEO.
Alix Partners is privately owned.
Alvarez & Marsal
Alvarez & Marshal was founded.
History
The first section of Alvarez & Marsals profile will explain the key historical events in the
firms development.
Alvarez & Marsal was founded and has evolved through three phases, including its early
phase, middle phase, and late phases.
Alvarez & Marsal has evolved through three phases, including its early phase, middle
phase, and recent phases.
Early Phase
The first phase in Alvarez & Marsals development was its early phase.
Middle Phase
The second phase in Alvarez & Marsals development was its middle phase.
Recent Phase
The third phase in Alvarez & Marsals development was its recent phase.
86
Statistics
The second section of Alvarez & Marsals profile will review some key statistics
regarding the firm.
Businesses
The third section of Alvarez & Marsals profile will outline its core businesses.
Alvarez & Marsal has several various core businesses.
The final section of Alvarez & Marsals profile will address is organizational structure &
ownership.
Alvarez & Marsal has a web site.
Alvarez & Marsal is led by its CEO.
Alvarez & Marsal is privately owned.
AM Best
AM Best was founded.
History
The first section of AM Bests profile outlines the key historical events in the firms
development.
AM Best was founded and has evolved through three phases, including its early, middle,
and recent phases.
Statistics
The second section of AM Bests profiles outlines some key statistics.
Businesses
The third section of AM Bests profile outlines its core businesses.
AM Best has several businesses.
The final section of AM Bests profile outlines is organizational structure & ownership.
AM Best has a web site.
AM Best is led by its CEO.
AM Best is privately owned.
American Business Visions
American Business Visions was founded in 1989 and is based in Tustin, CA. The firms
main theme is effortless marketing. It has attempted to move from coaching to corporate
level assignments. The firms CEO is Steve Moeller.
87
History
The first section of American Business Visions profile will explain the key historical
events in the firms development.
American Business Visions was founded and has evolved through three phases,
including its early phase, middle phase, and recent phases.
American Business Visions was founded in 1989
Statistics
The second section of American Business Visions profile will review some key statistics
regarding the firm.
Businesses
The second section of American Business Visions profile will outline its core
businesses.
American Business Visions focuses on several key areas based on the past experience
of its CEO. Specifically, details include:
Marketing
Specialized in direct-response marketing
Product Development
Developed a mutual fund wrap account program for a major regional financial
planning firm
Leadership
Provides consulting services for investment firms looking to become more
profitable
Transformation
Market Quest coaching program geared to independent financial advisors
Communication
Frequent speaker at major financial services conferences
Writes a monthly column for Dow Jones Investment Advisor
Authored first book in 1999
American Business Visions CEO Steve Moeller has a presence in print media.
Books
Client Centered Marketing for Financial Service Professionals
Published in 1999
Monthly columns
The Business of Advice
Monthly column for Dow Jones Investment Advisor
88
American Business Visions market quest coaching program is a key initiative. It was
developed specifically for fee-based financial advisors. It teams advisors up with a
personal business coach. It also focuses on key business areas such as target markets,
research & prospecting, hiring strategies, team productivity, marketing tools, streamlined
business practices, strategic alliances, and time-saving techniques.
American Business Visions CEO Steve Moeller recently joined Tiburons Executive
Program. He was unable to attend the first offsite meeting in October 2003 due to prior
commitments.
American Business Visions clients include Assante.
American Business Visions has a number of businesses.
The final section of American Business Visions profile will address is organizational
structure & ownership.
American Business Visions has a web site.
American Business Visions is
led by Steve Moeller. Donna
Dyer is Vice President of
Marketing.
American Business Visions is Led by its CEO Steve Moeller
American Business Visions

Organizational Chart
American Business Visions is

privately owned.
American Management Systems
American Management Systems
was founded in 1970.
History
The first section of ACS profile
will explain the key historical
events
in
the
firms
development.
Steve Moeller
CEO
Donna Dyer
Vice President
Marketing
--
--
Sourc e: 10 /15/98 Am eric an B usine ss Vis ions Em ai l (Dy er); 8/31/98 Americ an Bus iness Vis ions Letter; Tib uro n R esearch & Anal ysis
American Management Systems was founded in 1970 and has evolved through three
phases, including its early phase, middle phase, and recent phases.
Early Phase
The first phase in the development of American Management Systems was its early
phase.
American Management Systems (AMS) was founded in 1970.
Middle Phase
The second phase in the development of American Management Systems was its
middle phase.
89
Recent Phase
The third phase in the development of American Management Systems was its recent
phase.
Statistics
The second section of American Management Systems profile will review some key
statistics regarding the firm.
Businesses
The third section of American Management Systems profile will outline its core
businesses.
American Management Systems has several various businesses.
The final section of American Management Systems profile will address is
organizational structure & ownership.
American Management Systems has a web site.
American Management Systems is led by its management.
Answerthink
History
The first section of Answerthinks profile will explain the key historical events in the firms
development.
Answerthink was founded in 1997 and has evolved through three phases, including its
early, middle, and recent phases
Early Phase
The first phase in the development of Answerthinks development was its early phase.
Middle Phase
The second phase in the development of Answerthinks development was its middle
phase.
Recent Phase
The third phase in the development of Answerthinks development was its recent phase.
Statistics
The second section of Answerthinks profile will review some key statistics regarding the
firm.
Businesses
The third section of Answerthinks profile will outline its core businesses.
90
Answerthink has a number of businesses.

The final section of Answerthinks profile will address is organizational structure &
ownership.
Answerthink has a web site.
Answerthink is led by its management.
Answerthink is privately owned.
Arc Partners
Arc Partners is based in New York, New York.
www.arcpartners.com.
The firms web site is
History
The first section of Arc Partners profile will explain the key historical events in the firms
development.
Arc Partners was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Arc Partners was its early phase.
Middle Phase
development of Arc Partners
was its middle phase.
Arc Partners Has Two Businesses, Including its Management

Consulting and Technology Solutions Business
Arc Partners Businesses
Recent Phase
development of Arc Partners
was its recent phase.
Statistics
The second section of Arc
Partners profile will review
some key statistics regarding
the firm.
Ar c Partners
Man ag em en t
Consulting
Technolo gy
Solutions
--
--
--
Sour ce: 5/14/01 New York Times; Tiburon Re searc h & Analy sis
Businesses
The third section of Arc Partners profile will outline its core businesses.
Arc Partners has two businesses including its management consulting and technology
solutions business.
Management Consulting
Arc Partners first business is its management consulting business.
91
Arc Partners management consulting business serves global clients in banking,

securities, exchanges, insurance, and world financial markets.
Technology Solutions
Arc Partners second business is its technology solutions business. The technology
solutions business assists clients in delivering technology-based, business-enabling
solutions.
The final section of Arc Partners profile will address is organizational structure &
ownership.
Arc Partners has a web site.
Arc Partners is led by its management.
Arc Partners is hiring consulting managers, consultants, & a sales director.
Arc Partners is privately owned.
Artemis Communications
Artemis Communications is led by its CEO Jane Ingalls. The company web site is
www.artemiscollaborative.com.
History
The first section of Artemis Communications profile explains the key historical events in
the firms development.
Artemis Communications was founded and has evolved through three phases, including
its early, middle, and recent phases.
Artemis Communications was founded as a consulting firm that works with senior
executives to develop and articulate corporate strategy as well as align communication
efforts with an organization's strategic focus, brand positioning, and values
Businesses
The third section of Artemis Communications profile outlines its core businesses.
Artemis Communications has a number of businesses.
Consulting
Artemis Communications final business is its consulting business.
The final section of Artemis Communications profile addresses its organizational
Artemis Communications has a web site.
Artemis Communications is led by its CEO Jane Ingalls.
92
Artemis Communications is privately owned.

Arthur Little
Arthur Little was founded in 1886. The firm has 1,939 professionals and generates $188
million revenues.
History
The first section of Arthur Littles profile will explain the key historical events in the firms
development.
Arthur Little was founded in 1886 and has evolved through three phases, including the
early phase, middle phase, and recent phase.
Businesses
The third section of Arthur Littles profile will outline its core businesses. Arthur Little
generates $188 million revenues.
Arthur Little has a number of businesses, including its consulting business.
Consulting
Arthur Littles final business is its consulting business.
The final section of Arthur Littles profile will address is organizational structure &
ownership.
Arthur Little has a detailed web site that is divided into six sections, including about us,
industries, services, publications, careers, & alumni.
Arthur Little is led by its management team.
Arthur Little is owned by investors.
Asset International
History
The first section of Asset Internationals profile will explain the key historical events in the
firms development.
Asset International was founded and has evolved through three phases, including early,
middle, and late phases.
Businesses
The third section of Asset Internationals profile will outline its core businesses.
Asset International has several businesses.
Asset Internationals first business is Strategic Insight.
93
Strategic Insight
Strategic Insight was founded 1986 and is based in New York, NY. It has 60 employees,
with
300
clients.
The
firms
web
sites
are
www.sionline.com,
www.strategicinsightglobal.com, www.fundingfiling.com, and www.annuityinsight.com.
History
The first section of Strategic Insights profile will explain the key historical events in the
firms development.
Strategic Insight was founded in 1986 and has evolved through three phases, including
its early, middle, and recent phases.
Early Phase
The first phase in the development of Strategic Insight was its early phase.
Strategic Insight was founded in 1986 by Avi Nachmany and others.
Middle Phase
The second phase in the development of Strategic Insight was its middle phase.
Recent Phase
The third phase in the development of Strategic Insight was its recent phase.
Statistics
The second section of Strategic Insights profile will review some key statistics regarding
the firm.
Strategic Insight has 60 employees.
Strategic Insight follows 50,000 mutual funds.
Strategic Insight serves 300 corporate clients. Other sources have said that the firm
serves 200 to 300 clients
Strategic Insights client list includes most large mutual fund companies.
Strategic Insight believes that its mutual fund company clients manage $10 trillion in
assets.
Strategic Insight believes that its mutual fund company clients manage 90% of all us
mutual funds assets. Specifically, the firm believes 90% of US mutual fund companies
utilize Strategic Insight, while the remaining 10% do not.
Businesses
The third section of Strategic Insights profile will outline its core businesses.
Strategic Insight serves mid-level executives primarily at the director level in distributionoriented departments, including strategic planning, project management & development,
sales & marketing, and library & information.
94
Strategic Insight recognizes that it serves mid-level executives. As Avi Nachmany states
in 2006, Our core clients are the business intelligence people inside a firm as well as
product management, development, and saleswe also work with firm boards.
Strategic Insight organizes its businesses into database & web site-based services and
research & consulting services. Specifically, details include:
Database & Web-Site Services
Mutual funds
- Sim Fund 4.0
- Fund filing.com 4.0
Variable annuities
- Sim Fund 3.0 variable annuities
- Annuity insight.com
Compliance assistance
Research & Consulting Services
SIonline.com
On-demand research
Consulting
Fee & expense consulting
Valued asset consulting
StrategicInsightGlobal.com
Board of director services
Strategic Insights databases & web-based services include its core Sim Fund 4.0
offering. Specifically, details include:
Sim Fund 4.0
-Fund Filing.Com 4.0
-Sim Fund 3.0 Variable Annuities
-Annuity Insight.Com
-Compliance Assistance
-Strategic Insights core mutual fund database is Sim Fund 4.0, which offers monthly
cash flows & assets and other actionable information, including fee benchmarking, subadvisory maps and, Training on Demand.
Strategic Insight believed that its Sim Fund 4.0 database is used by the mutual fund
companies managing over three-quarters of all mutual fund assets. Specifically, the firm
believes that 85% of all mutual fund companies utilize Sim Fund 4.0, while 15% do not.
95
Strategic Insight has also created a private label version of Sim Fund 4.0.
Strategic Insights Sim Fund 5.0 will be introduced in 2007 and include numerous
enhancements, including Microsoft Vista Support.
Strategic Insight has also created Sim Fund Asia and Sim Fund Europe.
Strategic Insight conducts a Sim Fund enhancement survey.
Strategic Insights Fund Filing 3.0 is a stand alone web site offering daily reports on
mutual funds changes. The web site also offers a weekly synopsis, new mutual fund
registration, monthly study of new mutual funds and, Edgar filings retrieval system.
Strategic Insights Sim Fund 3.0 variable annuities is its core variable annuities
database, which offers monthly cash flows & assets and other actionable information,
such as Comprehensive Monthly Updated Sub-Advisory Data, Detailed Fee Ratios and,
Contract Features.
Strategic Insight is planning enhancements for its pending offer of Sim Fund 5.0
variable annuities, including the integration of Morningstar data. Specifically, details
include:
Morningstar Data Integration
Official performance & rankings
Performance benchmarks
Rating & risk scores
MPT statistics
Portfolio corporation
Other Enhancements
Pre-formatted graphics & reports
Improved search interface
Floating bar performance graphs
New fee & expense graphs
Strategic Insights annuity insight.com is a stand alone web site, providing daily & weekly
synopses of variable annuity innovations. It features 1,300 contracts and 50,000 subaccounts.
Strategic Insights Annuity Insight.com is subscribed to by almost all of the top twenty
insurance companies. Specifically, 95% utilize annuity insight.com, while 5% do not.
Strategic Insights Annuity Insight.Com is exploring new ways to use data.
Strategic Insight provides compliance assistance.
Strategic Insight recognizes that it does not really offer consulting services. We do not
consult in any traditional way.More of a sounding boardand almost all of our
revenues are subscription-based with the majority driven by our technologies and
databases, notes Avi Nachmany of Strategic Insight in 2006.
96
Strategic Insight research & consulting services include its on demand research and
several online tools. The firms additional offerings outside of the growing demand for on
demand research are fee & expense consulting, variable annuities consulting, Strategic
Insight Global.com, and board of directors services.
Strategic Insights mutual fund research suite is used by the managers of almost all US
mutual fund assets. Specifically, 90% utilize the mutual fund research suite, the
remaining 10% do not.
Strategic Insights SI Online.Com is its library of 200 prior studies on products,
distribution, and fees.
Strategic Insight has published 200 studies.
Strategic Insight provides on demand research, which is its responsive solution for its
clients information requests.
Strategic Insight offers consulting on industry trends, strategy, marketing, & distribution,
as well as online industry briefings.
Strategic Insight provides fee & expense consulting, including understanding the data,
analytical integrity, hard to find historical data, and integration with Securities &
Exchange Commissions Edgar.
Strategic Insight provides variable annuities consulting, including monthly studies, fees,
and contract innovations, which help firms target sub-advisory opportunities.
Strategic Insight offers a separate web site called Strategic Insight global.com for
investment companies worldwide.
Strategic Insights Strategic Insight global.com is used by 45 of the worlds largest
investment management companies.
Strategic Insight provides board of directors services, including prism reviews and
mutual fund insight.com. Prism Reviews (15c Analytics) is for advisory contract renewal,
while Mutual Fund Insight.com is for perspectives & insights in the mutual fund industry.
Strategic Insight publishes about 100 studies per year.
Strategic Insight published a monthly online & print newsletter called Windows.
Strategic Insight provides a dedicated research analyst to each client.
Strategic Insight offers Sim Fund training at both the basics and intermediate levels.
Strategic Insight appears to work well with other entities, as it has data alliances with
Lipper, Morningstar, and others, including Investment Company Institute, Lipper
(Reuters), Micropal, Morningstar, Standard & Poors (Thomson Corporation), and
Securities & Dealings.
97
The final section of Strategic Insights profile will address is organizational structure &
ownership.
Strategic Insight has a relatively unattractive web site with conflicting data. Its feature
area of navigation for Research & Reports, Trend Analytics, Sim Fund Databases, Board
Services, Global Research, Valued Annuities, and Securities & Exchange Commission
Research.
Strategic Insights executive team includes Executive Vice President Avi Nachmany.
Strategic Insight seems very dependent on the personal reputation of Avi Nachmany.
He leads all on-site presentations and has the only pictures on the web site. Others are
positioned as analysts or customer service representatives.
Strategic Insights research analysts all appear to be assistants to Executive Vice
President Avi Nachmany.
Strategic Insight seeks industry knowledge in the new hires.
Strategic Insight seeks recruits with Sim Fund experience.
Strategic Insight has a squishy policy regarding not hiring client analysts.
Strategic Insight allows its research analysts to tele-commute.
Strategic Insight ask recruits to fax a hand written cover letter.
The final section of Asset Internationals profile will address is organizational structure &
ownership.
Asset International has a web site.
Asset International is led by its CEO.
Asset International is privately owned.
AT Kearney
AT Kearney was founded in 1926 by Tom Kearney. The firm is based in Chicago, IL. It
has operations in 34 countries with 2,500 professionals and 1,700 consultants. The firm
generates $798 million in revenues, specifically $378,000 in revenues per professional
and $450,000 in revenues per consultant. AT Kearney is led by Chairman Paul
Laudicina. Their web site is www.atkearney.com.
History
The first section of AT Kearneys profile will explain the key historical events in the firms
development.
AT Kearney was founded in 1926 and has evolved through three phases, including its
early, EDS, and Post-EDS phase.
98
Early Phase
The first phase of AT Kearneys development was its early phase from 1926 to 1994.
AT Kearney began as a branch of McKinsey & Company in 1926. It was founded by
Tom Kearney.
EDS Phase
The second phase of AT Kearneys development was its EDS phase from 1995 to 2005.
AT Kearney was acquired by EDS in 1995.
AT Kearney former CEO Fred Steingrabers departure caused some controversy with
EDS in 2002.
AT Kearney and EDS became involved in a legal battle following the controversy in
2002. AT Kearney was sued by EDS for expense fraud. AT Kearney denied the
allegations and countersued EDS. EDS claimed CEO Dick Brown and CFO James
Daley were trying to artificially boost profits by severing firms financial obligations to
several senior AT Kearney executives. AT Kearneys countersuit alleges that EDS was
attempting to force Steingraber and others to voluntarily end their employment. The
legal battle provided the groundwork for an extensive, potentially embarrassing series of
depositions for EDS.
AT Kearney and EDS legal battle in 2002 had several negative effects, including low
staff morale, difficulty doing business with clients and investors, and decreased
recruiting.
Post-EDS Phase
The third phase of AT Kearneys
development was its post-EDS
phase from 2006 to 2008.
AT Kearney Employs 2,500 Professionals, Up 7% Since 1996
AT Kearney returned to private

ownership after ten years of
being a subsidiary of EDS in
2006.
AT Kearney Professionals
2,500
2,300
Statistics
The second section of AT
Kearneys profile will review
some key statistics regarding
the firm.
AT Kearney has operations in
34 countries.
1996
2008
Source: 12/98 Wet F eet Press; Tiburon Research & A naly sis
AT Kearney employs 2,500 professionals, up 7% since 1996.

AT Kearney employs 1,700 consultants.
AT Kearney generates almost $800 million revenues.
99
AT Kearney generates over $300,000 revenues per professional.

AT Kearney generates over $450,000 revenues per consultant.
Businesses
The third section of AT Kearneys profile will outline its core businesses.
AT Kearney has a number of businesses, including its management consulting business.
AT Kearneys first business is its management consulting business.
AT Kearney sponsors PBSs
CEO Exchange with Jeff
Greenfield.
The final section of AT
Kearneys profile will address is
organizational
structure
&
ownership.
AT Kearney has a detailed web
site that is divided into five
sections,
including
Our
Expertise,
Publications,
Careers, About Us, and Contact
Us.
AT Kearney Has a Detailed Web Site that is Divided into Five Sections,
Including Our Expertise, Publications, Careers, About Us, and Contact Us
AT Kearney
Web Site
AT Kearney
Web Site
Our Expert ise
Publicat ions
Careers
About Us
Co ntact Us
Source: 4/1/ 08 AT Kearney Web Site; Tiburon Res earch & Analysis
AT Kearney is led by its Chairman Paul Laudicina.

AT Kearney is privately owned.
Atos Origin
Atos Origin is a marketing & public relations consultant company.
History
The first section of Atos Origins profile explains the key historical events in the firms
development.
Atos Origin was founded and has evolved through three phases, including its early,
Businesses
The third section of Atos Origins profile outlines its core businesses.
Atos Origin has a number of businesses.
Consulting
Atos Origins final business is its consulting business.
100

The final section of Atos Origins profile addresses its organizational structure &
ownership.
Atos Origin has a web site.
Atos Origin is led by its management team.
Atos Origin is owned by its investors.
Auriemma Consulting Group
Auriemma Consulting Group was founded.
History
The first section of Auriemma Consulting Groups profile will explain the key historical
Auriemma Consulting Group was founded and has evolved through three phases,
Early Phase
The first phase in the development of Auriemma Consulting Groups development was
its early phase.
Middle Phase
The second phase in the development of Auriemma Consulting Groups development
Recent Phase
The third phase in the development of Auriemma Consulting Groups was its recent
phase.
Statistics
The second section of Auriemma Consulting Groups profile will review some key
Businesses
The third section of Auriemma Consulting Groups profile will outline its core businesses.
Auriemma Consulting Group has a number of businesses.
The final section of Auriemma Consulting Groups profile will address is organizational
Auriemma Consulting Group has a web site.
Auriemma Consulting Group is led by its management.
Auriemma Consulting Group is privately owned.
101
Bachrach & Associates

Bachrach & Associates is based in San Diego, CA. The firm is led by its CEO Bill
Bachrach and its director of marketing Ann Bachrach. Bachrach & Associates serves
various financial advisors using its pitch as a trusted advisor using values based
selling.
History
The first section of Bachrach & Associates profile will explain the key historical events in
Bachrach & Associates was founded and has evolved through three phases, including
its early, middle, & recent phases
Statistics
The second section of Bachrach & Associates profile will review some key statistics
regarding the firm.
Businesses
The second section of Bachrach & Associates profile will outline its core businesses.
Bachrach & Associates promotes its values-based selling academy. The academy is
based in San Diego, CA. Its Trusted Advisor Coach program is designed to teach
financial advisors how to build their practices by building client relationships based on
trust. Tuition for the program is $15,000. Bachrach writes a the column The Trusted
Advisor, which appears monthly in the publication Ticker.
Bachrach & Associates has a number of businesses.
The final section of Bachrach & Associates profile will address is organizational
Bachrach & Associates has a web site.
Bachrach & Associates is led by its CEO Bill Bachrach.
Bachrach & Associates is privately owned.
Bain & Company
Bain & Company was founded in 1973 by Bill Bain and is based in Boston, MA. It has
operations in 25 countries. It has 38 offices with 3,700 employees and 3,100
consultants generating $1.3 billion in revenues. The firms Chairman is Orit Gadiessh
and their Managing Director is Steve Ellis. Their web site is www.bain.com.
History
The first section of Bain & Companys profile will explain the key historical events in the
firms development.
Bain & Company was founded in 1973 and has evolved through three key phases,
including its founding, turmoil, and prominence phases.
102
Founding Phase
The first phase in the development of Bain & Company was its founding phase from
1974 to 1989.
Bain & Company was founded by Bill Bain, a Boston Consulting alumnus, in 1973.
Turmoil Phase
The second phase in the development of Bain & Company was its turmoil phase from
1990 to 1996.
Bain & Company founders sold 30% of the firm to an employee stock option plan in
1996. It has been stated that
Bain & Company Found ers Sold 30% of the Firm to an Employee
the deal was based on the
Stock Option Plan in 1996
assumption Bain & Company
would continue growing at 50%
Bain & Company Stock Ownership
annually; this saddled the firm
By Shareholder
with $25 million in annual
interest payments.
Emp loyee
Sto ck Op tion
Plan
30%
Bain & Company laid off 20% of

its workforce in 1996.
Prominence Phase
development
of
Bain
&
Company was its prominence
B ai n &
Co mpany
Fo unders
70%
Not e:
Another source said t hat t he deal was based on t he assum pt ion Bain & Company would continue growing at 50% annually ; this saddled t he firm with $25
million in annual int erest payment s
Source: Tiburon Research & A nalysis
Bain & Company retreated to its entrepreneurial roots in 1997. During this retreat, the
firm continued to select client projects in which the client would generate results.
Bain & Company applied its results driven philosophy to new ventures such as private
equity consulting in 1997.
Statistics
The second section of Bain & Companys profile will review some key statistics
regarding the firm.
Bain & Company has operations in 25 countries, up 25% since 2006.
Bain & Company has 38 offices, up 22% since 2004. Specifically, the firm operated 31
offices in 2004, 32 in 2006, and 38 in 2007.
Bain & Company employs almost 4,000 employees, up 200% since 1995.
Specifically, in 1995 the firm employed 1,200 employees in 1996 1,350 were employed,
2,400 in 2000, 1,800 in 2002, 2,800 in 2004, 3,200 in 2006, and 3,700 in 2007. Bain &
Company had 600 US employees in 1995 and 675 in 1996.
Bain & Company professionals are about half located in the United States.
103
Bain & Company employs over 3,000 consultants.

consultants.
Specifically, they employ 3,100
Bain & Company generates over $1 billion in revenues, up 70% since 2002.
Specifically, the firm generated $375 million in revenues in 1995, $450 million in
revenues in 1996, $700 million
Bain & Company Generates Over $1 Billion in Revenues, Up 70%
in 1999, $810 million in 2000,
Since 2002
$825 million in 2001, $761
Bain & Company Revenues
million in 2002, and $1.3 billion
($ Millions)
in 2006.
$1 ,30 0
Bain & Company revenues

come slightly more than half
from
its
United
States
operations. Specifically, 53% of
revenues come from its United
States operations, while the
remaining 47% comes from
operations outside the United
States.
$ 810
$ 825
200 0
20 01
$ 700
$76 1
$ 450
$3 75
19 95
19 96
1 999
20 02
2 006
Source: 4/25/08 B ain & Company Web Site; 2/2/05 Hoovers. Com; 6/ 03 Consult ants News; 2/ 2/ 00 New Y ork Tim es ; 12/ 98 Wet Feet Press ; Tiburon Research &
Analys is
Bain & Company generates

over $350,000 revenues per professional, down 17% since 2002. Specifically, in 1995
the firm generated $313,000 in revenues per professional, $333,000 in 1996, $292,000
in 2000, $422,000 in 2002, and $351,000 in 2007.
Bain & Company generates over $400,000 in revenues per consultant. Specifically they
generated $419,000 in revenues per consultant in 2007.
Businesses
The third section of Bain & Companys profile will outline its core businesses.
Bain & Companys consulting has ten business groups, including Change Management,
Corporate Strategy, Cost & Supply Chain Management, Growth Strategy, and
Information Technology. The remaining business groups are Mergers & Acquisitions,
Organization, Performance Improvement, Private Equity, and Revenue Enhancement.
Bain & Companys Consulting Services are organized into ten business groups,
including Change Management, Corporate Strategy, Cost & Supply Chain Management,
and Growth Strategy. Specifically, details include:
Change Management
Performance improvement
Merger integration
Organizational management
Corporate Strategy
Mission & vision
Portfolio strategy
Role of the center
Shareholder value
104
Strategic planning
Cost & Supply Chain Management

Capital management
Manufacturing
Purchasing
Service operations
SG&A management
Supply chain management
Growth Strategy
Core growth
Growth through adjacencies
Turnaround strategy
Information Technology
Information technology full potential
Business alignment
Complexity management
Outsourcing & off shoring
Value delivery
Mergers & Acquisitions
Mergers & Acquisitions strategy
Acquisition screening
Strategic due diligence
Merger integration
Divestitures,
joint ventures, & alliances
Organization
Leadership
Decision making
People
Frontline
High-performance culture
Performance Improvement
Business process redesign
Capability sourcing
Complexity reduction
Profit hunt
Private Equity
Due diligence
IPO preparation
Portfolio profit improvement
Revenue Enhancement
Customer management
Marketing
105
Pricing
Product management
Sales & channel management
Change Management Group

Bain & Companys first business is its Change Management Group
Corporate Strategy Group
Bain & Companys second business is its Corporate Strategy Group
Cost & Supply Chain Management Group
Bain & Companys third business is its Cost & Supply Chain Management Group
Growth Strategy Group
Bain & Companys fourth business is its Growth Strategy Group
Information Technology Group
Bain & Companys fifth business is its Information Technology Group
Bain & Company seeks to have almost one-third of its consultants able to run projects
where Information Technology is a crucial component. Currently, 30% of Bain &
Company consultants have training in information technology, while the remaining 70%
are not trained in this capability.
Bain & Company believes that it is in a better position to deliver advice to clients about
technology than many information technology consulting firms. The firm believes that
clients are looking for trusted advisers who can be completely objective. Furthermore,
they believe customers will be suspicious of outsourcing providers whose advice is to
outsource everything.
Mergers & Acquisitions Group
Bain & Companys sixth business is its Mergers & Acquisitions Group
Organization Group
Bain & Companys seventh business is its Organization Group
Performance Improvement Group
Bain & Companys eighth business is its Performance Improvement Group
Bain & Company generates over $100 million in revenues from its Operations
Management Practice . Specifically, $113 million in revenues were generated by its
Operations Management Practice in 2002.
Bain & Company derives 15% of its consulting revenues from Operations Management.
The remaining 85% in revenues comes from other practices.
Private Equity Group
Bain & Companys ninth business is its Private Equity Group
106
Revenue Enhancement Group

Bain & Companys final business is its Revenue Enhancement Group
Bain & Company focuses its consulting expertise on fifteen industries, including
aerospace & defense, automotive, conglomerates, and consumer products. Specifically,
details include:
Aerospace & Defense
28 clients
200 projects completed
Consult on growth strategies, merger analysis, corporate turnarounds, &
purchasing excellence
Automotive
270 projects completed
Consult on growth strategies, product development strategies, & brand
strategies
Conglomerates
Consult on corporate and portfolio strategies, business unit strategy, profit
pool analysis, & turnaround
Consumer Products
Consult on corporate and business unit strategies, mergers & acquisitions, &
growth opportunities
Energy & Utilities
300 projects
Business definition, value of leadership, profit pool economics, cost reduction,
competitive positioning, technology dynamics, & adjacency assessment
Financial Services
Accounts for one- quarter of firms projects
Growth strategy, organizational effectiveness, operational excellence,
information technology, mergers & acquisitions, & change management
Healthcare
700 projects
Corporate strategies, growth strategies, mergers & acquisitions, loyalty
management, & sales & channel management
Industrial Products
Value chain analysis, customer segmentation, product line profitability, supply
chain management, & asset utilization
Media
400 projects
Acquisition integration, Information Technology strategies, corporate &
organizational strategies, & content & rights negotiation
Non-Profit & Public Sector
107
100 projects
Delivered on a pro bono basis
Services delivered through firms Bridgespan Group (firms non-profit
subsidiary)
Retail
500 projects
Customer loyalty management, pricing strategies, & supply chain strategies
Provides retail business portfolio management strategies through Private
Equity group
Services
Operations management, product line profitability, & organization design
Technology
Customer retention, pricing, supply chain management, & reengineering
efforts
Provides technology business portfolio management strategies through
Private Equity group
Telecommunications
500 projects
Customer retention, pricing policies, supply chain management, growth
strategies, & mergers & acquisitions
Provides tele-communications business portfolio management strategies
through
Private
Bain & Companys Finan cial Services Consulting Projects Make Up
Almost One-Quarter of the Firms Projects
Equity group
Bain & Company Projects
By Industry
Transportation Services
Joint
ventures,
acquisitions,
divestitures,
distribution
&
channel strategies, &
market & customer
segment analysis
Fin ancia l Services

25%
Ot her In dustri es
75%
Bain & Companys financial

services consulting projects
make up almost one-quarter of
the firms projects. Other industry consulting projects make up the remaining threequarters of the firms projects.
Source: 1/5/05 Bain Web Site; T b
i uron Researc h & Analysis
Bain & Companys financial services consulting business encompasses a variety of

areas, including asset management, banking, credit cards, and insurance. The financial
services consulting business also provides consultation in investment management,
specialty finance products, stock & commodities exchanges, wealth management and
securities distribution.
108
Bain & Company claims six key differentiating factors, including its hypothesis driven
approach to strategy consulting, maniacal focus on results, and no conflict of interest.
Hypothesis Driven Approach to Strategy Consulting
Tries to define business(es) of clients, and then identify and evaluate the set
of options that will maximize enterprise value
Company sought to first understand the business model and key pressures
Evaluation of key strategic options that will maximize enterprise value is
critical
Compiles a database of diagnostic fact base, strategic options &
evaluation, and strategy implementation issues
Supports the investment decision and valuation by undertaking a focused,
and thorough assessment of competitors
Senior level management will work with client team to integrate plans
Maniacal Focus on Results
-No Conflicts of Interest
-Fast, Efficient, Ability to Meet Aggressive Deadlines
-Data-Driven
Creates powerful analysis based on cold hard facts
Less to theorize new frameworks or author academic papers
Data-intensive models preferred over conceptual or theoretical approaches
Less Emphasis on Client Face Time
Discourages unnecessary travel
Typical Bain office travel
20% involved in heavy travel projects (3+ days per week)
40% travel 2-3 days per week
40% travel 1 day or less
Firm claims to be accommodating to individual preference for frequency of
travel
Prefers consultants to be in the best place to get work done rather than onsite
all the time
Bain & Company is focused more on entrepreneurial clients as compared to their peer
firms, as seen in their principles, measures of success, help to beat clients competition,
and focus on clients results. Specifically, details include:
Founding Principle
Firm was founded on the principle that consultants must measure their
success in terms of their clients financial results
Success is Measured by the Clients Financial Results
Measures success in terms of its clients financial results
109
Helps Clients Beat the Competition

Seeks to help clients beat competition
Bain clients have historically outperformed the stock market 3:1
Product is Results, not Report
Final consulting product is not reports, but client results
Partner Performance
Measure partners performance according to client results, not just billings
Honest Assessments
Focus on client results force consultants to be honest in assessments
Cant whitewash problems
Payment Model
Sometimes takes percentage of savings payment model instead of the typical
retainer plus expenses model of other consulting firms
Bain & Company is a steadfast believer in developing client loyalty, the benefits include
long term profitability, employee loyalty, loyalty expertise and long term client
relationships. Specifically, details include:
Profitable
Leads to more profitable long-term client relationships
Employees
Applies loyalty theory to its employees as well
Authorship on Client Loyalty
Bain director wrote best-selling book on client loyalty
Founders Loyalty to Clients
When the firm started, Bain agreed not to work with competitors of clients to
win their long-term relationships
Many Bain clients have worked with the firm in some capacity for
many years
Bain & Company has a set of core clients, none of which are financial services
companies, including Baxter International, Chrysler, the Colin Powell Initiative, and
Continental Airlines. The following list is the additional core clients of Bain & Company:
Digital Equipment Corporation

Eagle Snacks
General Dynamics
Government of Korea
Microsoft
Motorola
Nature Conservancy of Hawaii
Philip Morris
Texas Instruments
110
Bain & Company claims to win almost two-thirds of competitions with other firms for
specific work. Specifically, the firm claims that they win 72% of specific work projects
that they compete for against other competition. Bain & Company competitors are other
blue chip and large firms, including McKinsey & Company, Boston Consulting Group,
Booz, Allen, & Hamilton, Oliver Wyman, Monitor, and AT Kearney.
Bain & Company claims that its clients outperform the Standard & Poors three-to-one.
Bain & Companys subsidiary Bridgespan Group is dedicated to helping non-profit
organizations. The group has offices in Boston, MA and San Francisco, CA. The group
had 10 clients in 2000. The Bridgespan Group was founded by Tom Tierney (Bain
Managing Director), Paul Carttar (Bain Consultant), and Jeffrey Bradach (Harvard
Professor). The Managing Director of the group is Jeffrey Bradach.
Bain & Companys subsidiary Bridgespan Group has a non-traditional approach to pro
bono work. It is radically different from the traditional in-and-out philosophy of pro bono
work. The group has mandatory follow-ups for each Bridge Group project to ensure
knowledge capture.
Bain & Companys subsidiary Bridgespan Group staffs twelve of its best consultants.
These consultants commit 6-12 months for pay cuts of 20%-80%. It is an opportunity for
socially redeeming work.
Over one-quarter of Bain & Company consultants have applied for Bridgespan Group
projects. Specifically, 30% of the firms consultants have applied for Bridgespan Group
projects, while the remaining 70% have not applied for these pro bono projects.
Bain & Company is affiliated with Bain Capital, a venture capital firm. Bain Capital was
started by former Bain employees. Bain partners have invested a portion of earnings in
Bain Capital.
Bain & Company publishes articles, briefs, and books written by employees and
executives. Specifically, details include:
Articles
Harvard Business Review
Harvard Management Update
Mergers & Acquisitions: The Dealmakers Journal
MIT Sloan Management Review
Briefs
Can Deal Making Solve Your Growth Problem?
By David Harding & Sam Rovit
CRM Done Right
By Darrell Rigby & Diane Ledingham
Making Tough Calls on Deals
By Geoffrey Cullinan
The Supersizing of the Software Industry
By Simon Heap, Vince Tobkin, & Franz Seidensticker
When to Walk Away From a Deal
111
By Geoffrey Cullinan, Jean LeRoux, & Rolf Weddingen
Books
Maximum Leadership: The Worlds Leading CEOs Share their Five Strategies
for Success
Co-written by Bain directors Charles Farkas & Philippe De Backer
The Loyalty Effect: The Hidden Force Behind Growth, Profits, & Lasting
Value
Written by Bain director Frederick Reichheld
Best-seller
Aligning the Stars: Organizing Professionals to Win
By Jay Lorsch & Thomas Tierney
Beyond the Core
By Chris Zook
E-Brand Strategy by Miwa Suto
Loyalty Rules! How Todays Leaders Build Lasting Relationships
By Frederick Reichheld
The Corporate Brand
By Ryoji Itoh
The final section of Bain & Companys profile will address is organizational structure &
ownership.
Bain & Company has a detailed web site that is divided into eight sections, including
About Bain, Consulting Expertise, Publications, Join Bain, Alumni, Contact, Offices, and
Extranet.
Bain & Company is led by its chairman, Orit Gadiesh. Other top executives included
Worldwide Managing Director Steve Ellis. Chris Zook is Director of the Worldwide
Strategy Practice, David Shpilberg is Director of the IT Practice, Charles Farkas is
Director of the Financial Services Practice, Darrell Rigby is Director of the Worldwide
Retail Practice, Frederick Reichheld and Phillipe DeBacker are Directors, and Cheryl
Krauss is Director of Public Relations. Founder Bill Bain was a former Vice President at
Boston Consulting Group. Orit Gadiesh was the third woman hired at Bain; she is a
former member of the Israeli army.
Bain & Company has a classic management consulting firm structure, with partners,
consultants, and associate consultants. A typical Bain & Company client team consists
of 4-8 people from various levels.
Bain & Company has a strong culture akin to a large extended family, including
employee and alumni firm identification, firm youthfulness in age and attitude, strong firm
processes, and ownership mindset among employees. Specific details include:
Personal Identification with the Firm
Employees and alumni refer to themselves as Bainies or Bainiacs
Youthful Compared to Peers in Age and Attitude
Work hard, play hard philosophy
Frequent after-hours socializing
112
Less formal than competitors (e.g., McKinsey & Company)

Focus on making work fun
Strong Processes
The Bain way of doing things
Ownership
Challenges employees to think like owners
Bain & Company is a coveted employer, consistently being ranked in the top five most
desirable firms to work for by MBA candidates. It is the best firm to work for according to
a survey of 4,000 consultants.
Bain & Company typically hires about 200 MBAs and another 200 undergraduates
annually. In addition, it also considers recent law graduates.
Bain & Companys training for both consultants and associate consultants is known for
being intensive yet fun. Specifically, details include:
New Consultants Training
Notoriously fun and intensive
Held in exotic locations
Jamaica
Monaco
Florida
Associate Consultants Training
Ten day crash course in business school
Held in the Northeast
Marthas Vineyard
Cape Cod
Bain & Company employees are very satisfied with their training & development
opportunities. Specifically, 98% of Bain employees reported being very satisfied &
satisfied with their training and development opportunities while 2% were neutral.
Bain & Company develops a twenty year career path that centers around individual
potential and achievement. This culture extends to former employees, in that the firm
provides generous transition packages to departing employees.
Bain & Company has two types of employees, lifers and transitioners. Lifers tend to
embody the Bain culture, whereas transitioners tend to stay for 2-3 years and then leave
for entrepreneurial roles.
Bain & Company offers employees the flexibility to allow them to realize their full
potential through externships, sabbaticals, extended part-time employment, and pro
bono projects. Specifically, details include:
Externships
Work for Bain clients for extended periods
113
Argues that their number and spreadsheet skills provides clients with fresh
data and insight
Company can develop customized strategies from fresh information
Sabbaticals
World travel
Education
Extended Part-Time Employment
-Pro Bono
-Bain & Company tries to satisfy clients demands for seasoned professionals by bringing
in new partners. In this regard it brought on twenty new partners, some poached from
McKinsey & Company and the Boston Consulting Group.
Bain & Companys consultants are often staffed on two projects at once, to increase
exposure to more industries and business issues, and to people within the firm.
Exposure to Industries and Business Issues
-Coaching Opportunities
Broader opportunities to coach and be coached by more people within the
firm
Bain & Companys consulting lifestyle is intense, with an average of sixty hours per work
week and a deadline driven approach.
Bain & Company professionals are less than one-quarter involved in heavy travel
projects. Specifically, 20% are involved in heavy travel projects, 40% involved in
projects requiring two to three days of travel per week, and the remaining 40% involved
in projects requiring one day or less of travel per week.
Bain & Company employees rate their career experience the highest among strategy
consulting firms.
Bain & Company employees find it easy to deliver on their commitments. Specifically,
62% report that they are always able to deliver on their commitments, while 36%
reported that they are able to deliver on commitments only sometimes, and 2% reported
that they very frequently are able to deliver on commitments.
Bain & Companys employees believe in their firms leadership, complimenting strategy
and direction, work environment, mentorship, and lack of glass ceiling. Specifically,
details include:
Strategy and Direction
They understand the firms strategy and direction
114
Work Environment
Consultants believe that their managers create a positive work environment
The right people are being matched with the right projects
Mentorship
Bainies find that their managers act more like mentors than bosses
Bainies find their mentors very valuable
Lack of Glass Ceiling
Employees do not feel there is a glass ceiling for women
Bain & Company employees believe that their work makes a positive impact on clients.
Specifically, 72% believe that their work always makes a positive impact on clients, while
the remaining 28% believe that their work makes a positive impact most of the time.
Bain & Company employees find their mentors very valuable. Specifically, an
overwhelming 98% of Bain employees find their mentors to be excellent and good, while
2% regard their mentors as average.
Bain & Company employees believe that its management has done an excellent job
handling layoffs. Specifically, 98% of Bain employees believe that its management has
done an excellent and good job handling layoffs, while 2% regarded the handling of
layoffs as average.
Bain & Company has three formal employee diversity groups, including Bain Gay &
Lesbian Association for Diversity, Women at Bain, and Blacks at Bain.
Bain & Companys alumni include Scott Cook and Adrian Slywotsky. Scott Cook is the
founder and chairman of Intuit, while fellow alumnus Adrian Slywotsky is the founding
partner of Corporate Decisions.
Bain & Companys firm reputation is down slightly, from 8.2 in 2001 to 7.6 in 2002.
Bain & Company is privately owned by its partners.
Balanced Scorecard
Balanced Scorecard was founded.
History
The first section of Balanced Scorecards profile will explain the key historical events in
Balanced Scorecard was founded and has evolved through three phases, including its
early phase, middle phase, and recent phases.
Early Phase
The first phase in the development of Balanced Scorecard was its early phase.
Middle Phase
115
The second phase in the development of Balanced Scorecard was its middle phase.
Recent Phase
The third phase in the development of Balanced Scorecard was its recent phase.
Statistics
The second section of Balanced Scorecards profile will review some key statistics
regarding the firm.
Businesses
The third section of Balanced Scorecards profile will outline its core businesses.
Balanced Scorecard has several various businesses.
The final section of Balanced Scorecards profile will address is organizational structure
& ownership.
Balanced Scorecard has a web site.
Balanced Scorecard is led by its management.
Balanced Scorecard is privately owned.
BDO International
BDO International was founded in 1910 and is based in Brussels. It has a presence in 80
countries, 16,078 employees, 2,182 partners, 490 member firms, and generates $2.4
billion revenues.
History
The first section of BDO Seidmans profile will explain the key historical events in the
firms development.
BDO International was founded in 1910 and has evolved through three phases, including
its early, middle, & recent phases.
Businesses
The second section of BDO Internationals profile will outline its core businesses.
BDO International has several businesses, including its US arm, BDO Seidman.
BDO Seidman
BDO Internationals first business is its BDO Seidman, which is its US Arm. BDO
Seidman was founded in 1910 and is based in Chicago, IL. The firm has 36 US offices,
1,972 US employees, 1,243 US professionals, and 281 US partners. BDO Seidman
generates $350 million in US revenues. Denis Field is CEO of BDO Seidman.
BDO Internationals BDO Seidman has 36 offices.
BDO Internationals BDO Seidman has almost 2,000 employees.
116
BDO Internationals BDO Seidman has over 1,000 professional employees.

BDO Internationals BDO Seidman has almost 300 partners.
BDO Seidman has $350 million in US revenues. Between 2002 and 2003, BDO
Seidmans US revenues has remained stagnant at $350 million.
BDO Internationals BDO Seidman has at least three businesses, including accounting &
auditing, tax, and its management advisory service.
Almost all of BDO Seidmans US revenues come from accounting, auditing, and tax
services. More specifically, 46% of BDO Seidmans US revenues are generated from
accounting & auditing services, 37% from tax, and 17% from management advisory
services. BDO Seidman has $160 million in revenues from accounting & auditing
services and $130 million in revenues from tax services.
BDO Internationals BDO Seidmans first business is its accounting & auditing business.
BDO Internationals BDO Seidmans second business is its tax business.
BDO Internationals BDO Seidmans third business is its management advisory service
business.
The final section of BDO Seidmans profile will address is organizational structure &
ownership.
BDO International has a web site.
BDO Internationals BDO Seidman has a web site.
BDO International is led by its management team.
BDO Internationals BDO Seidman is led by Denis Field.
BDO Seidman is owned by its investors.
B/D Search
B/D Search was founded by Bill McGovern and is based in Saint Petersburg, FL. Its
CEO is Bill McGovern and its web site is www.bd-search.com.
History
The first section of B/D Searchs profile will explain the key historical events in the firms
development.
B/D Search was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of B/D Searchs development was its early phase.
117
B/D Search was founded.

Middle Phase
The second phase in the development of B/D Searchs development was its middle
phase.
Recent Phase
The third phase in the development of B/D Searchs development was its recent phase.
Statistics
The second section of B/D Searchs profile will review some key statistics regarding the
firm.
Businesses
The third section of B/D Searchs profile will outline its core businesses.
B/D Search has five businesses, including Executive Search, Advisor Search,
Consulting Services, Broker Dealer Search, and Custodian Search.
The final section of B/D Searchs profile will address is organizational structure &
ownership.
B/D Search has a web site that is streamlined into five sections, including What We Do,
For Advisors, For Companies, The Team, & Contact Us.
B/D Search is led by its CEO Bill
McGovern.
Harrison Stewart
serves as the firms Business
Development Consultant, Bill
Davenport
as
Business
Development Consultant, and
Sandra Smith as Business
Development Consultant.
B/D Search is Led by its CEO B ill McGovern
B/D Search
Bill McGovern
CEO
B/D Search is privately owned.

Ha rr is on Ste wa rt
Bus ine ss
D ev elopment
C onsultant
Bearing Point
Bearing Point has 10,764
professionals generating $2.7
billion revenues.
B ill D avenport
B usine ss
De velopment
Consultant
S andra Sm ith
Busines s
Developme nt
C ons ulta nt
Source: 4/6/09 B/D S earch Web Site; Tiburon Researc h & Analys is
History
The first section of Bearing Points profile will explain the key historical events in the
firms development.
Bearing Point was founded as KPMG Consulting in 1987 and has evolved through three
phases, including its early phase, middle phase, and recent Bearing Point phase
Early Phase
118
The first phase in the development of Bearing Point was its early phase from 1988 to
1995.
Bearing Points Predecessor KPMG was founded by Thomson McLintock & Pete
Marwick in 1987.
Middle Phase
The second phase in the development of Bearing Point was its middle phase from 1996
to 2001.
Recent Phase
The final phase in the development of Bearing Point is its recent phase from 2002 to
2008.
Bearing Point was spun-off of from KPMG in 2002. KPMG was the first Big Four firm to
divest its consulting arm, giving it an advantage in rebuilding.
Bearing Point cut 700 jobs or 25% of its newly acquired staff in 2002 after employment
expenses quickly outgrew revenue increases. Specifically, the firm laid off 25% of its
newly acquired staff, while retaining 75%.
Statistics
The second section of Bearing Points profile will review some key statistics regarding
the firm.
Bearing Point employs almost 11,000 professionals.
professionals.
Bearing Point generates $2.7
billion revenues, down slightly
since 2004. Specifically, the
firm generated $2.7 billion in
1996, $3.3 billion in 2001, and
$2.7 billion in 2002. Prior to
2002, Bearing Point was known
as KPMG.
Bearing Point Generates $2.7 Billion Revenues, Down Slightly

Since 2004
Needs up date
Bearing Point Revenues

($ Billions)
$3.3
$2.7
Bearing Point generates over

$125,000 in revenues per
professional.
Businesses
The third section of Bearing
Points profile will outline its core
businesses.
Specifically, it employs 10,764
$1.4
1996
2001
2002
Not e:
P rior t o 2002, Bearing Point was known as K PMG
Source: 12/02 Consulting News; 6/02 Consulting News; 12/98 Wet Feet Press; Tiburon Research & A nalysis

The final section of Bearing Points profile will address is organizational structure &
ownership.
Bearing Point has a web site.
119
Bearing Point is led by its CEO Rand Blazer.

Bearing Point is privately owned.
Berkshire Capital Securities
Berkshire Capital Securities is based in New York, NY and is led by CEO Bruce McEver.
The company has a web site: www.berkshirecapitalcorporation.com.
History
The first section of Berkshire Capital Securities profile will explain the key historical
Berkshire Capital Securities was founded and has evolved through three phases,
including its early phase, middle phase, & recent phases.
Businesses
The third section of Berkshire Capital Securities profile outlines its core businesses.
Berkshire Capital Securities has a number of businesses.
Consulting
Berkshire Capital Securities final business is its consulting business.
The final section of Berkshire Capital Securities profile outlines is organizational
Berkshire Capital Securities web site is organized into six sections, including our firm,
services, international, transactions, clients, & professionals.
Berkshire Capital Securities is led by its CEO Bruce McEver.
Berkshire Capital Securities is owned by its shareholders.
Best Practices
Best Practices was founded in 1992 and is based in Chapel Hill, NC. The firm generates
$8 million in revenues. The firms CEO is Chris Bogan and the website is www.best-inclass.com.
History
The first section of Best Practices profile will explain the key historical events in the
firms development.
Best Practices was founded in 1992 and has evolved through three phases, including its
Early Phase
The first phase in the development of Best Practices was its early phase.
120
Best Practices was founded in 1992 to research the worlds leading companies to find
superior strategies and establish benchmarks in certain operational areas.
Middle Phase
The second phase in the development of Best Practices was its middle phase.
Recent Phase
The third phase in the development of Best Practices was its recent phase.
Best Practices Performed a study comparing call centers across all industries.
Statistics
The second section of Best Practices profile will review some key statistics regarding
the firm.
Best Practices generates $8 million in revenue.
Best Practices products business accounts for more than half of its revenues.
Businesses
The third section of Best Practices profile will outline its core businesses.
Best Practices has a number of businesses, including its direct consulting and products
business.
Direct Consulting
Best Practices first business is its direct consulting business.
Best Practices direct consulting business generates $3.6 million in revenue.
Products
Best Practices second business is its products business, which includes the selling of
reports, database access, and membership services.
Best Practices products business generates $4.4 million in revenue.
Best Practices business model has some pros and cons. Specifically, details include:
Pros
Firms operational model of research and benchmarking-driven consulting is

similar to Tiburons
Best Practices may compete with Tiburon because they operate from a
similar position in the research - strategy consulting spectrum, where there
are few other players
Cons
Firm has little senior-level financial industry experience
By spreading themselves across industries, Best Practices, LLC may not be
able to leverage their existing research on future projects, making their
process less efficient/economical
Irrelevant research
121
Outdated research
Best Practices has not aggressively pursued projects in the financial services industry.
Its only existing financial services research is in the areas of customer relationship
management, call centers, and relocation issues for financial institutions.
Best Practices wrote a book, entitled Benchmarking for Best Practices.
Best Practices claims competitors to be McKinsey & Company, Boston Consulting
Group, Accenture, and other boutique firms.
The final section of Best Practices profile will address is organizational structure &
ownership.
Best Practices has a web site.
Best Practices is led by its CEO Chris Bogan.
Best Practices is privately owned.
Bill Good Marketing
Bill Good was founded.
History
The first section of Bill Goods profile will explain the key historical events in the firms
development.
Bill Good was founded and has evolved through three phases, including its early,
middle, & recent phases
Businesses
The second section of Bill Goods profile will outline its core businesses.
Bill Good has a number of businesses.
Consulting
Bill Goods final business is its consulting business.
The final section of Bill Goods profile will address is organizational structure &
ownership.
Bill Good has a web site.
Bill Good is led by its CEO Bill Good.
Bill Good is owned by Bill Good.
Bobroff Consulting
Bobroff Consulting was founded.
122
History
The first section of Bobroff Consultings profile will explain the key historical events in the
firms development.
Bobroff Consulting was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Bobroff Consulting was its early phase.
Middle Phase
The second phase in the development of Bobroff Consulting was its middle phase.
Recent Phase
The third phase in the development of Bobroff Consulting was its recent phase.
Statistics
The second section of Bobroff Consultings profile will review some key statistics
regarding the firm.
Businesses
The third section of Bobroff Consultings profile will outline its core businesses.
Bobroff Consulting has a number of businesses.
The final section of Bobroff Consultings profile will address is organizational structure &
ownership.
Bobroff Consulting has a web site.
Bobroff Consulting is led by its management team.
Bobroff Consulting is privately owned.
Bob Veres
Bob Veres was founded.
History
The first section of Bob Veres profile will explain the key historical events in the firms
development.
Bob Veres was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Bob Veres was its early phase.
Middle Phase
The second phase in the development of Bob Veres was its middle phase.
123
Recent Phase
The third phase in the development of Bob Veres was its recent phase.
Statistics
The second section of Bob Veres profile will review some key statistics regarding the
firm.
Businesses
The third section of Bob Veres profile will outline its core businesses.
Bob Veres has a number of businesses.
The final section of Bob Veres profile will address is organizational structure &
ownership.
Bob Veres has a web site.
Bob Veres is led by its CEO Bob Veres.
Bob Veres is owned by Bob Veres.
Booz, Allen, & Hamilton
Booz, Allen, & Hamilton was founded in 1914 by Ed Booz. The firm is based in New
York, NY, and has 80 offices and 19,000 professionals generating $4 billion in revenues.
Its CEO is Ralph Shrader and its web site is www.boozallen.com.
History
The first section of Booz, Allen, & Hamiltons profile will explain the key historical events
in the firms development.
Booz, Allen, & Hamilton was founded in 1914 and has developed through four phases,
including its founding, prosperity, tragedy, and recovery phases.
Founding Phase
The first phase in the development of Booz, Allen, & Hamilton was its founding phase
from 1915 to 1943.
Booz, Allen, & Hamilton founder Ed Booz started advising the Army and businesses in
1914.
Booz, Allen, & Hamilton predecessor Booz, Fry, Allen & Hamilton was formed in 1936.
Booz, Allen, & Hamilton founders George Fry and Jim Allen Both left the partnership in
1941.
Booz, Allen, & Hamilton founder Jim Allen was convinced to come back as chairman in
1943 and was credited with building the firm.
Prosperity Phase
124
The second phase in the development of Booz, Allen, & Hamilton was its prosperity
Booz, Allen, & Hamilton created two divisions, including its Worldwide Commercial
Business (WCB) and its Worldwide Technology Business (WTB) in 1944.
Booz, Allen, & Hamilton received substantial government consulting work beginning in
World War II and lasting from 1944 to 1970.
Booz, Allen, & Hamiltons World Technology Business primarily serviced government
institutions from 1944 to 1970.
Tragedy Phase
The third phase in the development of Booz, Allen, & Hamilton was its tragedy phase
from 1970 to 1989.
Booz, Allen, & Hamilton partners took the firm public in 1970. Financial losses
associated with buying out partners greatly hindered Boozs expansion into European
markets, giving its competitors a crucial head start.
Booz, Allen, & Hamilton public offering resulted in one-third of its partners leaving with
the IPO cash. The remaining
Booz, Allen, & Hamilton Public Offering Resulted in One-Third of its
67% of partners did not sell their
Partners Leaving with the IPO Cash
equity interest after the IPO.
Booz, Allen, & Hamilton Partners
By Public Offering Sale of Ownership
Booz, Allen, & Hamiltons stock

tanked from $24 to $5 a share in
1971.
Booz, Allen, & Hamilton lost
one-third of its partners between
1971 and 1988. Specifically,
33% of partners were not
retained by the firm during the
referenced period, while 67% of
partners were retained during
the period.
Partners Who Lef t

Firm with IPO Cash
33%
Partners Who Did

Not
67%
Source: 7/ 11/ 97 Financial T imes; 5/ 97 Journal of Management Consulting; Tiburon Res earch & A naly sis
Booz, Allen, & Hamilton repurchased its outstanding shares in 1976. The firm is now
privately held.
Recovery Phase
The fourth phase in the development of Booz, Allen, & Hamilton was its recovery phase
from 1989 to 2007.
Booz, Allen, & Hamilton opened two offices in Latin America in 1996. These offices are
in Lima, Peru and Santiago, Chile.
Booz, Allen, & Hamilton considered two potential changes to its management structure
in 1997 but both proposals lack appeal for an organization built upon the professional
freedom of its partners. Specifically, details include:
125
Team Proposal
Breaking the organization into teams of mini partners
Two-Tier Partnership Proposal
Creating a two-tier partnership where ordinary partners report to senior
partners
Booz, Allen, & Hamilton trimmed its Corporate Advisory Operation in Asia as part of a
new focus on technology in 2000. The firm focused on higher margin e-business as well
as consulting services for Asian Internet related firms. As payment, the firm took equity
stakes in the companies. Currently Booz, Allen, & Hamilton serves clients in Asia
primarily through satellite offices in Japan, Korea, and Australia. Interestingly, there has
been no decrease in the 290 consultants staffed in Asia.
Booz, Allen, & Hamiltons revenues increased in 2001 due to its client work in the public
sector. The firms expectation was to increase revenues due to expected rise in federal
government spending, such as the planned overhaul of the nations military and
homeland security force.
Booz, Allen, & Hamiltons strategy competitors McKinsey & Company and Boston
Consulting Group both showed declines in fiscal 2001, as their client work is skewed
more to commercial clients.
Booz, Allen, & Hamilton was hiring for engagement managers in 2007, a position that
requires an MBA and one year experience in large scale strategic business
transformation consulting. Engagement managers direct & manage large scale strategic
business transformation consulting projects in a team environment for multi-national
corporations. They also perform
Booz, Allen, & Hamilton Generates $4 B illion in Revenues, Up 135%
related thought leadership in
Since 2002
developing creative solutions to
challenging business problems
Booz, Allen, & Hamilton Revenues
($ Millions)
focusing on strategy, cost
reduction, and organizational
$4,000
restructuring & transformation.
Statistics
The second section of Booz,
Allen, & Hamiltons profile will
review some key statistics
regarding the firm.
Booz, Allen, & Hamilton has 80
offices.
$1,555
$1,700
$720
1996
2001
2002
2006
Source: 4/ 25/ 08 Booz Allen Hamilt on Web Sit e; 6/03 Consult ant s News; 12/98 Wet Feet P res s; Tiburon Research & A naly sis
Booz, Allen, & Hamilton employs 19,000 professionals, up more than 200% since 1996.
Specifically, the firm had 5,685 professionals in 1996.
Booz, Allen, & Hamilton generates $4 billion in revenues, up 135% since 2002.
Specifically, in 1996 the firm generated $720 million in revenues, $1.555 billion in 2001,
and $1.7 billion in 2002.
126
Booz, Allen, & Hamilton generates more than half of its revenues in the US. Specifically,
the firm by location generates 58% of its revenues from the US market, while the
remainder 42% is generated by the firm outside of the US market.
Booz, Allen, & Hamilton generates half of its revenues from the public sector. Private
sector clients are responsible for the remaining 50% of revenues generated by the firm.
Booz,
Allen,
&
Hamilton
generates over $125,000 in
revenues
per
professional.
Specifically, in 1996 the firm
generated
$127,000
per
professional.
Booz, Allen, & Hamilton Generates More than Half of its Revenues
in the US
Booz, Allen, & Hamilton Revenues
By Location
Non-US Market
42%
Businesses
The third section of Booz, Allen,
& Hamiltons profile will outline
its core businesses.
Booz, Allen, & Hamilton is
organized into two businesses,
Including
its
Worldwide
Commercial Business and its
Worldwide Technology Business.
US Market
58%
Source: 12/98 Wet F eet Press; Tiburon Research & A naly sis
Worldwide Commercial Business

Booz, Allen, & Hamilton generates almost one-third of its revenues from its Operations
Management practice. Specifically, the Operations Management practice generates
23% of the firms revenues, while other practices generate 77% of revenues.
Booz, Allen, & Hamiltons Worldwide Commercial Business has three functional groups,
including the Strategic Leadership practice, Operations Management Group and
Information Technology Group.
Booz, Allen, & Hamiltons Strategic Leadership practice provides several services,
including business model, leadership, people strategies, and top management
organization.
Booz, Allen, & Hamilton has an advertising campaign that says strategic alliances should
increase a companys value, not just the number of people on the softball team.
Booz, Allen, & Hamiltons Operations Management Group provides several services,
including asset effectiveness, business process design, competitive analysis, and
operations strategy. The firms Operations Management Group also provides services in
the areas of performance benchmarking, product innovation & development, service
operations, strategic sourcing, and supply chain management.
Booz, Allen, & Hamilton generates over $500 million in revenues from its Operations
Management practice. The firm generated $510 million in revenues from its Operations
Management practice in 2002.
127
Booz, Allen, & Hamilton generates almost one-third of its revenues from its operations
management practice. Specifically, 27% of the firms revenue is generated from its
operations management practice. Other practices account for the remaining 77%.
Booz, Allen, & Hamiltons Information Technology Group provides several services,
including business process reengineering, cost restructuring, and executive information
systems. In addition to these services the firm also provides consulting services in the
area of strategic systems design & systems implementation.
Booz, Allen, & Hamiltons Worldwide Commercial Business has four industry practices,
including communications, media, & technology, consumer & engineered products,
energy & chemicals, and financial & health services.
Booz, Allen, & Hamiltons Communications, Media, & Technology practice services a
wide variety of industries, including broadcast & cable networks, cable & satellite
services, and computer, software, & electronics manufacturers. Specifically, details
include:
Broadcast & Cable Networks
-Cable & Satellite Services
-Computer, Software, & Electronics Manufacturers
-Interactive Media
CD Rom, video games, online services
Motion Pictures & Video
-Newspapers, Magazines, & Book Publishers & Information Service Providers
-Professional Sports Franchises
-Recorded Music
-Telecommunications Providers & Manufacturers
-These & Live Entertainment
--
128
Booz, Allen, & Hamiltons Consumer & Engineered Products practice services includes
aerospace manufacturers, airlines & travel-related businesses, and automotive vehicle
manufacturers. Specifically, details include:
Aerospace Manufacturers
-Airline & Travel-Related Businesses
-Automotive Vehicle
-Consumer Durables
Building products, appliances, furniture
Consumer Packed Goods
-Consumer Services & Retail
-Food Product Companies
-Major Engineered Products
Farm equipment, locomotives, etc.
Product Distribution & Wholesaling Businesses
-Booz, Allen, & Hamiltons Energy & Chemicals practice services several industries,
including electric & gas utilities, energy equipment & services suppliers, and engineering
firms. Other practice areas in the firms Energy & Chemicals practice include services to
government, large chemical groups, major oil & gas companies, medical devices &
biotechnology companies, pharmaceutical manufacturers, and specialty & diversified
natural resources companies.
Booz, Allen, & Hamiltons Financial & Health Services practice services a variety of
industries, including brokerage houses, commercial & investment banks, and diverse
financial services firms & governments. The firm also provides services to insurance &
health care companies.
Worldwide Technology Business
Booz, Allen, & Hamiltons Worldwide Technology Business is organized into several
teams, including defense, national security, civil, transportation, international, and
information technology.
Booz, Allen, & Hamilton has four key strengths, including its unique business strategy,
leadership role in strategic security consulting, strong reputation, and specialists
consultants. Specifically, details include:
129
Unique Business Strategy

Information technology strategy coupled with business strategy capability
Leader in Strategic Security Consulting
-Strong Reputation
Operations
Strategy
Information technology
Specialist Consultants
-Booz, Allen, & Hamilton has ten business and individual core values, including client
service, diversity, entrepreneurship, and excellence. Additional business and individual
core values include excellence, fairness, integrity, professionalism, respect, teamwork,
and trust.
Booz, Allen, & Hamilton consultants are evaluated on how they execute its business and
individual core values.
Booz, Allen, & Hamilton believed that it lacked competitive thrust in 1997 because its
decentralized system left individual country matters to the discretion of country
managers.
Booz, Allen, & Hamilton implemented a new system to combat its lack of competitive
thrust in 1997 which unified its businesses. Specifically, details include:
Uniform Practice Guidelines
Country managers now have to follow standards and budgets outlined by
world practice leaders
New system has unified and improved Boozs business
Tensions Arose
Tension between central firm-wide standards and individual market
entrepreneurial opportunities arose
More Travel
New global model requires more travel from consultants
Booz, Allen, & Hamiltons firm reputation is down from 7.7 to 6.7.
Booz, Allen, & Hamilton manages its information with Knowledge-On-Line (KOL), a webbased document management program. KOL is an intranet system that allows
consultants to access data, analyses, business intelligence, and best practices
instantaneously. The information is compiled, managed, and quality-controlled by
knowledge managers.
130
Booz, Allen, & Hamilton believes that recessions provide an opportunity for companies
to become more efficient. The firm maintains that companies must know whether they
have a good idea that doesnt succeed due to the economy or a bad idea that cant
succeed in any economy. The further believe that in times of expansion, inefficiencies
can arise from rapid growth or mergers & acquisitions activities. In contrast, a recession
allows the CEO to clean out inefficiencies.
Booz, Allen, & Hamilton created Aestix to help organizations realize its e-business
potential.
Booz, Allen, & Hamilton publishes an internet insurance study. The study is an annual
160-page report examining the online strategic positioning of every major insurance firm
and forecasting the industrys future. The free study has helped the firm win new
insurance clients, as well as build the firms reputation in the financial services industry.
It is the most comprehensive strategic thinking on the industry and was the most
requested report the firm published in 2000.
Booz, Allen, & Hamilton gives an annual award, the Professional Excellence Awards.
The award is given to consultants whose work has had a significant impact on clients
and the firms own development and vision 2000 goals. 97 people received the award in
1998.
Booz, Allen, & Hamilton publishes a magazine called Strategy + Business. The
magazine focuses on current topics of emerging importance to business and policy
leaders worldwide. The features are heavily dependent on research and real-world
cases. Proposals are accepted with a short summary of thesis along with a short author
biography. The editor-in-chief of the magazine is Art Kleiner. Booz, Allen, & Hamilton
also publishes a series of books on business strategy under the Strategy+Business
name.
Booz, Allen, & Hamilton identified zealots as the next centurys difference makers in the
field of management. Specifically, details include:
Companies Benefit
Not all CEOs are zealots, but when they are, the company will benefit
Hard to Find
Enough imagination to envision a new kind of product or service
Enough moral courage to take a stand on what has not been tried before
Enough operational knowledge to translate the vision and stand into action
Hard to Define
-Booz, Allen, & Hamilton views enterprise resilience as the key to a good business
security strategy. In this regard, the firm tries to first understand the value propositions
and core drivers of the business. It then seeks to uncover key vulnerabilities or shocks
that may happen to an enterprise. Examples of such issues that may shock the system
include accounting irregularities and terrorist attacks.
131
Booz, Allen, & Hamilton believes that people at all levels will be the key capital of the
21st century. Specifically, details include:
Clear and Consistent Message
Needs to be communicated at all levels
Learning Organizations
Some believe companies will need to be learning organizations, dedicated to
freeing the minds of their employees
More Human Oriented
Companies need to be more human-oriented instead of machine-oriented
Booz, Allen, & Hamilton has worked with a diverse group of clients in both the private
and public sectors, including American Express, Blue Cross & Blue Shield, and Boeing.
Private Sector
Abbott Laboratories
American Express
Blue Cross & Blue Shield
Boeing
Caterpillar
Chevron
Ford Motor
Deutsche Telekom
General Electric
Motorola
Paramount Communications
Procter & Gamble
United Airlines
Public Sector
Chicago Transit Authority
Dallas Symphony
Environmental Protection Agency
Federal Aviation Administration
Government of Peru
Internal Revenue Services
Museum of TV & Radio
The Kingdom of Saudi Arabia
The Pentagon
United States Congress
Booz, Allen, & Hamilton has been engaged by commercial clients to perform a myriad of
tasks, including organizing the National Football League, advising the breakup of Ma
Bell, and restructuring Nissan. Specifically, the firm helped organize the NFL in the
1960s and helped shape Nissan into its present form.
132
Booz, Allen, & Hamilton claims that over three-quarters of its business comes from
repeat customers. Specifically, 85% of the firms business is from repeat customers,
while the remaining 15% is business from new customers.
Booz, Allen, & Hamilton is contracted by numerous US government agencies as well as
foreign governments. Specifically, details include:
The Pentagon
Booz, Allen, & Hamilton is Contracted by Numerous US Government
Agencies as Well as Foreign
Saudi Arabia
One of the firms largest clients
Tasked with building almost from scratch the Saudi Arabia navy, known as
the Saudi Naval Expansion Project (SNEP)
IRS
Selected by the IRS to modernize and shed its dismal customer-service

reputation
Milwaukee, WI
Engaged by the city to help its officials deal with potentially challenging
situations
Conducted simulation games that helped county officials explore possible
solutions to problems they faced
Similar simulations were conducted on behalf of corporate clients for between
$250,000 to $500,000
The final section of Booz, Allen, & Hamiltons profile will address is organizational
Booz, Allen, & Hamiltons web site is very impressive, and is divided into seven sections,
including About Booz Allen, Capabilities, Careers, Ideas & Insights, Contracts, News &
Media, and Alumni. The web site careers link is the weakest of the four blue chip firms,
lacking the depth in description of a Booz, Allen, & Hamilton career.
Booz, Allen, & Hamilton is led by CEO Ralph Shrader. Other leaders at the firm include
Dan Lewis Managing Director for Global Commercial Markets, Mark Generencses
Managing Director for Global Government Markets, Klans Mattern Managing Director for
Global Integrated Markets, General Counsel Daniel Idzik, Dennis Doughty Managing
Director for Global Functional Capabilities, Chief Operating Officer Brian Dickie, and
Chief Financial Officer Martha Clark Goss. Also of note is the fact that Booz, Allen, &
Hamilton partner James Woolsey was the former director of the CIA.
Booz, Allen, & Hamiltons alumni include Jonathan Bush and Tony Prophet. Specifically,
details include:
Jonathan Bush
CEO Aetna Healthcare
133
Tony Prophet
CEO, Honeywell Power Systems
Jim Dolphin
President, American Marine Advisor
Sam Hill
President, Helios Consulting Group
Booz, Allen, & Hamilton has a two-part interview process that relies on case interviews
to test a candidates analytical abilities. Initially, the candidate submits an application
and the first round is a campus interview. The second round is an office interview where
multiple, back to back interviews conducted by the people from the practice group of
choice occurs. Sometimes a third round office interview is conducted before a candidate
is hired.
Booz, Allen, & Hamilton typically hires 175 MBAs and 125 undergraduates each year.
The firm recruits from leading universities and expected to hire 175 new MBAs in 19971998. The firm also expected to hire 125 new undergraduates in 1997-1998, from its
recruiting at top universities around the world.
Booz, Allen, & Hamilton consultants are paid less than their rivals.
Booz, Allen, & Hamilton consultants starting salary of MBAs in 1997 was $83,000$88,000. Newly hired MBAs receive a $20,000 signing bonus and their year end bonus
can be up to 20% of salary.
Booz, Allen, & Hamilton consultants starting salary of undergraduates in 1997 was
$48,000-$55,000, plus year end bonus. The firms junior consultants tend to have a
lower starting salary than rivals.
Booz, Allen, & Hamilton consultants receive no bonuses until they become level four
senior associates.
Booz, Allen, & Hamilton promotion process seems perplexing to its employees. Factors
considered include individual competency, business impact, and market conditions.
Booz, Allen, & Hamilton offers its employees many benefits, including tuition, training,
sick leave, and gym & day care. Specifically, details include:
Tuition
Up to $5,000
Training
Up to $2,500
Sick Leave
Six months fully paid
Gym & Day Care
--
134
Comeback Kid Program

For alumni that leave and want to later come back
Booz, Allen, & Hamilton associates typically perform a wide variety of tasks, including
financial models, work groups and research. Specifically, details include:
Develop Financial Models
-Work Groups
Facilitate discussions
Research
Interview clients
Brainstorming
Lead meeting with project team
Presentations and Reports
-Analysis
Develop process flow analysis
Booz, Allen, & Hamilton consultants (undergraduates) typically perform a wide variety of
tasks, including industry research, development of analytical approaches and computer
models, and client interviews. They also perform information & data analysis as well as
participate in brainstorming via group sessions.
Booz, Allen, & Hamilton tries to provide flexible career paths for its employees, including
practice groups, undergraduate and MBA career direction, and specific practice and
industry group recruitment. Specifically, details include:
Practice Groups
Consultants must join a practice group
Undergraduate Career Direction
Hired as consultants
Expected to stay two-to-three years before going to business school
MBA Career Direction
MBAs start as Associates and move up the ranks to become senior
associates, where they manage projects and sell business
Firm Recruitment
Recruitment directly into specific practice and industry groups
Booz, Allen, & Hamilton employees have vast opportunities to move within the firm,
including an internal job placement program and consultants ability to move to another
team.
135
Booz, Allen, & Hamilton tries to improve the lifestyle demands of the consulting by
lessening the inherent strain of the profession. Specifically, details include:
Fridays
Are spent in the home office
Mondays
No client presentations are scheduled
Work Week
The average work week is about 55-60 hours
Booz, Allen, & Hamilton promotes its diversity program.
Booz, Allen, & Hamilton offers a Why its Great to Work at Booz, Allen, & Hamilton
program.
Booz, Allen, & Hamilton employees very frequently deliver on commitments.
Specifically, 51% of the firms employees very frequently deliver on commitments, while
39% believe they the always deliver on commitments. Only 8% report that they
sometimes deliver on commitments, while an even smaller amount, 2%, report that they
seldom or never deliver on their commitments.
Booz, Allen, & Hamilton employees believe the firms management of layoffs was good.
Specifically, 74% of employees believe the firms management of layoffs was excellent
or good, while 14% reported management handling of layoffs as average, and 12%
reported the handling as fair or poor.
Booz, Allen, & Hamilton employees are very satisfied with their flexible work
arrangement. Specifically, 89% of employees are very satisfied & satisfied with their
flexible work arrangements, while 6% reported to be neutral regarding their flexible work
arrangements, and an even smaller amount or 5% reported being unsatisfied & very
unsatisfied with their flexible work arrangements.
Booz, Allen, & Hamilton employees are very satisfied with their training & development
opportunities. This satisfaction is noted by 89% reporting they are very satisfied &
satisfied with their training & development opportunities, while only 5% respectively
reported being neutral, or unsatisfied & very unsatisfied with their training & development
opportunities.
Booz, Allen, & Hamilton is privately owned by its partners.
Boston Consulting group was founded in 1963 by Bill Henderson. The firm is based in
Boston, MA, has operations in 36 countries, with 61 offices, 5,800 employees, 3,540
professionals, and 434 partners generating $2.3 billion in revenues. The firms CEO is
Hans-Paul Brkner and its web site is www.bcg.com.
Boston Consulting Group has evolved through three phases, including its strategy only,
prominence, and streamlining phases:
136
History
The first section of Boston Consulting Groups profile will explain the key historical
Strategy Only Phase
The first phase in Boston Consulting Groups development was the strategy only phase
from 1963 to 1969.
Boston Consulting Group was founded in 1963 by Arthur Little consultant Bill
Henderson.
Boston Consulting Group published Perspectives as an early marketing tool in 1964.
Boston Consulting Group opened its second office in Tokyo in 1966, being the first firm
to establish itself there.
Prominence Phase
The second phase in Boston Consulting Groups development was its prominence
Boston Consulting Group came into its prominence in the early 1970s when it began
taking clients away from older bigger firms. The firm emphasized its creativity and
custom solutions to problems. During this period it also began offering operations
advice.
Boston Consulting Group has opened numerous European offices since 1970.
London, England
Opened office in London in 1970
Third office
Frankfurt, Germany
Opened Frankfurt, Germany office in 1991
Budapest, Hungary
Opened office in Budapest, Hungary in 1997
Warsaw, Poland
Opened office in Warsaw, Poland in 1997
Prague, Czech Republic
Opened office in Prague, Czech Republic in 2001
Boston Consulting Groups Canada Consulting Group was founded in 1970. It was
founded by Jim Fisher in Canada.
Streamlining Phase
The third phase in Boston Consulting Groups development was the streamlining phase
from 1991 to 2008.
137
Boston Consulting Group acquired Canada Consulting Group in 1993.

Boston Consulting Group partnered with Goldman Sachs & General Atlantic Partners in
2000 to create iFormation Group, a joint venture to acquire & build online businesses for
traditional companies.
Boston Consulting Group laid off 30% of its North & South American staff in 2002.
Statistics
The second section of Boston Consulting Groups profile will review some key statistics
regarding the firm.
Boston Consulting Group has operations in 36 countries.
Boston Consulting Group has 66 offices, up eight since 2002.
Boston Consulting Group has 5,800 employees.
Boston
Consulting
Group
employs
over
3,500
professionals, up over 100%
since 1996. Specifically, the
firm
employed
1,550
professionals in 1996, 2,600 in
2002, and 3,540 in 2007.
Boston Consulting Group has
just over a quarter of its
professionals based in the US.
Specifically, 29% of Boston
Consulting Group employees
are located in the US, with the
remaining 71% located outside
the US.
Boston Consulting Group Employs Over 3,500 Professionals, Up

Over 100% Since 1996
Boston Consulting Group Professionals
3,540
2,600
1,550
1996
2002
2007
Source: 2/9/07 Eric Blair Blog; 5/26/03 Fortune; 12/ 98 Wet Feet Press; T ib uron Research & Analysis
Boston Consulting Group has over 400 partners. Specifically, the firm had 434 partners
in 2002.
Boston Consulting Group is reducing headcount in order to provide clients greater
access to senior people. The reduction in headcount has produced a consultant to
partner ratio of six to one.
Boston Consulting Group generates $2.3 in revenues, up over 500% since 1995.
Specifically, Boston Consulting Group generated $375 million in revenues in 1995, $450
million in 1996, $1.10 billion in 2000, $1.05 billion in 2001, $1.02 billion in 2002, $1.120
billion in 2003, $1.39 billion in 2004, $1.51 billion in 2005, $1.86 billion in 2006, and $2.3
billion in 2007.
138
Boston Consulting Group generates only 30% of its revenues from the US. Specifically,
30% of Boston Consulting Group revenues are generated in the US, with the remaining
70% generated outside the US.
Boston Consulting Group generates almost $400,000 in revenues per employee.
Specifically, the firm generates $396,000 in revenues per employee.
Boston Consulting Group generates over $600,000 in revenues per professional, up
65% since 2002. Specifically, in 1996 the firm generated $387,000 in revenues per
professional in 1996, $392,000 in 2002, and $650,000 in 2007.
Boston Consulting Group generates over $2 million in revenues per partner.
Specifically, in 2002 Boston Consulting Group partners generated $2.4 million revenues
per partner.
Boston Consulting Groups firm reputation is down from 8.7 to 8.1. This measures the
firms reputation from its 2001 rating of 8.7 to its rating of 8.1 in 2002.
Boston Consulting Group is a coveted employer. It is the third most desirable firm to
work for by MBAs.
Businesses
The third section of Boston Consulting Groups profile will outline its core businesses.
Boston Consulting Group is organized into four functional groups:
Corporate Development
Organization
Information Technology
Operational Effectiveness
Boston Consulting Group generates 10% of its revenues from operational effectiveness
group. The firms Corporate Development, Organization, and Information Technology
functional groups are responsible for the remaining 90% of revenues generated.
Corporate Development Group
Boston Consulting Groups first business is its Corporate Development Group.
Boston Consulting Group counts industry studies, strategic work, and strategic
reengineering as its core offerings. Specifically, details include:
Industry Studies
Published a study on the pharmaceutical industry that challenged the notion
that bigger companies are inherently more successful
Attributed success of industry giants to the combined capabilities and
competencies in research, clinical trials, and marketing
Strategy
Engaged by an office products maker to determine product line profitability
after its merger
139
Based on BCGs findings, company decided to shut down or divest itself of

nearly $200 million of its operations
Strategic Reengineering
Projects generally have a strong strategic component
Advised a telecom company on how to face anticipated competition from
cable companies
Studied the operations, prepared cost benchmarks, and helped devise and
implement a plan to achieve them
Boston Consulting Group limits the number of reengineering projects it does. The firm
continues to focus on strategy and operations work. It debates the importance of
implementation to strategy and believes strategic work is more interesting than
emotionally draining cost-cutting reengineering projects.
Boston Consulting Group focuses primarily on high-level strategy and operations
consulting. The firm has turned away clients with projects that dont match the firms
expertise or plans for growth. The firm has a more selective business model than that of
McKinsey & Company. Additionally, the firm prides itself on its ability to examine each
situation and come up with new and creative solutions, allowing them to be one of the
first firms to really challenge McKinsey & Company for intellectual prowess in the
industry.
Boston Consulting Group believes that strategy is a capability, not a product.
Objective and Analytical Advice
Change and uncertainty requires the objective and analytical advice provided
by experienced strategy consultants
Ability to Immerse in Client Issues
Breakthroughs in the industry come from immersion of consultants and client
executive in a set of client issues, not by surveys or in the library
Strategy Firm Diagnostic Capabilities
In order to be competitive, the strength of a strategy consulting firm must
come from its diagnostic capabilities
Company Direction
Companies need to have a clear idea of where they want to be in five years
Boston Consulting Group identified some keys to make change management projects
more effective. Specifically, details include:
Changes Applied Over Time
It is a long process that must take place over time
Companywide Involvement
Involve all levels of the company in the planning process
Resource Allocation
140
Allocate the necessary resources for planned changes
Executive Leadership by Example

Executives need to lead by example
Training
Train workers for their new roles
Open Forum
Provide a forum for which both positive and negative experiences can be
shared
Boston Consulting Group believes that companies should use long and short term
economic tools to manage shareholder value. Specifically, details include:
Cash Flow Return
Cash flow return on investment measures return on investment with respect
to the true cost of capital
Uses present returns on invested capital or investments to make dayto-day decisions
Total Shareholder Return
Total shareholder return looks at the combination of dividends and share
price to determine the value delivered over a certain period
Provides a framework for more long-term strategies
Boston Consulting Group sought to help firms recognize the importance of intellectual
property asset management. Specifically, details include:
Overall Strategy Role
Intellectual property plays a vital role in the overall strategy of the company
Often regarded as a legal function
Idea Protection
In a networked world, many times ideas become the assets that can generate
huge revenues
Importance of protecting these assets before their competition steals
them
Competitive Advantage Protection
Companies must innovate, protect and leverage its competitive advantages in
order to protect them
Patents
Patents are going to become the currency of the networked world
Organization Group
Boston Consulting Groups second businesses is its organization group.
Information Technology Group
Boston Consulting Groups third businesses is its information technology group
141
Effectiveness Group
Boston Consulting Groups fourth businesses is its effectiveness group.
Boston Consulting Group began offering operations consulting after observing Japanese
manufacturing companies. The ideas translated to firms discovering better ways of
making things through quality control principle, workforce training, and flexible
manufacturing. Enormous gains in time-to-market can be achieved when manufacturing
principles are applied to new product development, such as using speed as a
competitive weapon.
Boston Consulting Group attributes the innovation burnout of Japanese firms to
inadequate consideration of customer needs. The pressure to constantly release new
products created a push for innovation that did not adequately consider the needs of
customers. Moreover, the firm concluded that companies can garner a bigger market
share if they seek to first understand their customers needs and innovate around those
needs.
Boston Consulting Group generates over $100 million in revenues from its Operational
Effectiveness Group. Specifically, in 2002 the group generated $102 million in
revenues.
Boston Consulting Group also has many industry groups, including communications,
consumer & retail, energy & utilities, and financial services. In addition to these industry
groups the firms also has groups providing consulting services in health care, high
technology, industrial goods, and media.
Boston Consulting Group was dubbed the most cerebral consulting firm by The
Economist because it has developed a number of analytical tools used throughout the
consulting industry. Specifically, details include:
BCG (Boston Consulting Group) Matrix
-Time-Based Competition
-Total Shareholder Return
-Capability Driven Competitive Strategies
-Cash Flow Return
-Boston Consulting Group project teams usually have between three and six members
from different levels within the firm. There may be a number of small teams working
independently and simultaneously on different aspects of a study of larger scope. Work
is often broken up into modules, which is then completed by individual members or small
groups.
142
Boston Consulting Group projects usually last between three and six months.
Boston Consulting Group consultants are often expected to work on two projects
simultaneously.
This forces consultants and managers to be better at time
management, and also forces managers to prioritize consultants task due to other time
commitments. The firms associates work on only one case at a time.
Boston Consulting Group has a reputation for being a more laid-back and inventive firm.
Office Autonomy
Individual offices maintain a degree of autonomy both in culture and
management style
Hierarchy and Bureaucracy
There is no sense of hierarchy and bureaucracy
Small Firm Feel
Employees think of themselves as working for a small firm that casts a big
shadow
Boston Consulting Group manages its information with knowledge management which is
in its internal web site that allows consultants to research topics. The firms knowledge
management offerings feature several thousand exhibits and articles.
Boston Consulting Groups study on the internet played a key role in new efforts to
protect consumer privacy on the internet. The firm believed electronic commerce could
generate an additional $6 billion in revenue by 2000 if privacy issues were effectively
addressed. The study found that over 41% of consumers leave web sites that ask for
their personal information.
Boston Consulting Group created an internal web site called The
Strategy Gallery to help its consultants draw inspirations and ideas. The internal site
has articles and excerpts from non-traditional management fields like anthropology,
philosophy, war, art, and sports. The site allows consultants to post notes and reactions
to articles. It was designed to help consultants think creatively on modern management
issues.
Boston Consulting Group publishes a series of newsletters, known as Perspectives.
Perspectives covers topics of general interest to business leaders. The newsletter is
sent to key clients and contacts along with other industry-specific publications about
every three weeks.
Boston Consulting Groups clients are big and well known, including Aetna, the
Canadian government, and the United States government. Specifically, details include:
Aetna Life & Casualty
-American Home Products
143
--
American Airlines
-Avery Dennison Corporation
-Canadian Government
Engaged by the Canadian government to help solve its high rates of youth
unemployment
Devised a plan, First Jobs, to help recent graduates find good jobs
Set up 50,000 high school and college graduates with entry-level
corporate internships with an annual salary of $12,000
Requested the Canadian government, along with corporations, create a nonprofit organization to fund the program
Corporate executives refused government money and instead started
their own program, Career Edge
GTE
--
IBM
--
Japan Pharmaceutical Manufacturers Association

-Pfizer
-Russian Ministry of Fuel & Energy
-United States Government
-Agency for International Development
-Boston Consulting Group takes on a number of pro-bono projects for non-profit clients.
The final section of Boston Consulting Groups profile will address is organizational
Boston Consulting Groups web site is very thorough and informative, with sections
including about BCG, impact & expertise, and careers. The web site contains a lot of
information regarding who they are and what they do. The careers at Boston Consulting
Group link is helpful and a good recruiting tool. The site has links to any of its worldwide
offices along with other ventures Boston Consulting Group is involved in.
144
Boston Consulting Group is led by CEO Hans-Paul Brkner. Boston Consulting Groups
management team includes Director Michael Silverstein. Hans-Paul Brkner succeeded
Carl Stern as CEO in 2003, he founded the firms Frankfurt office in 1991, was named
chairman of BCGs practice leadership committee after leading its financial services
practice for seven years and is now the first European to lead the firm. Michael
Silverstein is also the head of consumer goods and retail practice; he authored a book,
Trading Up, exploring the American consumers changing perceptions of value and
need. Very interestingly, he started out as a journalist covering the Elvis beat for United
Press International and is noted for telling the world Elvis was dead.
Boston Consulting Group consultant Alex Michel is The Bachelor. He was identified
simply as a management consultant with no mention of the firm. He holds an
undergraduate degree from Harvard and MBA from Stanford.
He is currently
transitioning out of the firm.
Boston Consulting Group alumni include Bill Bain and Jim Koch. Specifically, details
include:
Bill Bain
Founder, Bain & Company
Jim Koch
Founder & CEO, Boston Beer Company
Edmund Siah
Managing Director, Netdecisions
Pam Reeves
President & CEO, Lightbridge
Boston Consulting Group offers undergraduates, MBAs, and mid-career hires different
opportunities. Specifically, details include:
Undergraduates
Typically a two year commitment, although many are encouraged to remain
for a third
Often involves a rotation to a foreign office
Many associates go to business school after serving their time
Frequently sponsor up to two years of graduate school plus a $20,000 living
expenses allowance (two-thirds of living allowance is considered a loan)
Tuition expense is forgiven entirely if the associate continues with
BCG for two years after receiving MBA
MBAs
Very fair with regard to promotions

Consultants are promoted to case leaders after about two years
Can become partner in 4-5 years after being elevated to case leader
New hires usually stay with the firm for two years before contemplating a
transfer
145
Mid-Career
Looks for industry experts who have been out of college for four to six years
Make up only 5% of new recruits
Usually join at the consultant level on a three-year track to case leader status
Expected to become generalists, not remain within their former specialty
May return to specialty, move to a new industry, or remain as a
generalist once they make partner
Boston Consulting Group hires MBAs as consultants to perform critical project tasks.
Develop Analytical Frameworks
-Lead Brainstorming Sessions
-Interviews
-Plan and Manage Modules or Product Structures
-Research
-Manage Associates Work
-Hypothesis Development & Testing
-Workplans and Project Strategy
-Boston Consulting Group hires undergraduates as associates, and unlike other firms,
allows them to have relatively extensive client contact. Specifically, details include:
Research
Analyze findings
Framework Development
Develop conceptual frameworks to apply to particular projects
Data and Information Collection
From libraries and other sources
Interviews
Clients and customers
146
Investment Projects
Work on Boston Consulting Group research and analysis to develop new
capabilities or clients
Analysis
Spreadsheet crunching and heavy data analysis
Boston
Consulting
Group
typically hires 125 MBAs and 60
undergraduates annually.
Boston Consulting Group Typically Hires 125 MBA s & 60

Undergraduates Annually
Annual Undergraduate & MBA H ires
Boston
Consulting
Groups
recruiters look for certain
qualities
in
applicants.
125
60
Top Business Schools

-Academic Ability
-Analytical Skills
--
BAs
MBAs
Source: 12/ 98 Wet Feet Press ; T ib uron Researc h & Analysis
Integrity and Ethics

-Interpersonal Communication Skills
-Presentability and Maturity
-Leadership
-Success-Oriented Behavior
-Personality Fit
-Enthusiasm, Energy, & Emotion
-Boston Consulting Group candidates go through a two or three round interview process.
Undergraduate candidates go through three rounds of interviews. Specifically, details
include:
Undergraduate Candidates
147
Go through three rounds of interviews

10,000 applicants for 65 associate positions
MBA Candidates
Go through two rounds of interviews
Actively recruits from the top five or six business schools
PhD Candidates
Go through three rounds of interviews
15%-20% of hires are from PhD programs
Boston Consulting Groups compensation for MBA employees is in line with the industry.
The firm had a starting salary of $85,000 in 1997 and $110,000 in 2007 for MBA
graduate recruits. It has also been noted that MBA hires also received a signing bonus
between $15,000-$25,000 in 1997
Boston Consulting Groups compensation for undergraduate employees is in line with
the industry. The firm had a starting salary of $44,000 for undergraduate recruits in
1997. It has also been noted that undergraduate hires also received a signing bonus of
$3,000 in 1997.
Boston Consulting Group offers its employees a generous benefits package, including
three weeks of vacation time. Specifically, details include:
Vacation time
Three weeks
Insurance
Health
401K Plan
-Pension Plan
-Offsite Meetings
-Family Events
Events for employees kids
Boston Consulting Group plans to recruit from non-traditional talent pools to grow its
staff. Specifically, details include:
Graduate Programs
Engineering
Medicine
Law
Outreach
148
Historically black colleges and universities

Partnerships to reach under-represented groups
MBA Summer Associate Program

-Undergraduate Summer Associate Program
For students between their junior and senior year
Competition for spots is intense due to limited openings
Boston Consulting Group uses its culture as a recruiting tool because candidates base
their preferences on intangibles due to a lack of difference between top consulting firms.
More International than Other Consulting Firms
-Less Bonding Around the Boston Consulting Group Flag
-Boston Consulting Group tries to create an environment which entices its people to stay
for the long haul. Specifically, details include:
Field Projects
Tries to avoid sending consultants on succession of field projects
Development Support Structure
Relatively good support
development
for
employees
personal
and
professional
Four Relationships
Office mates
Class Dean
Consultant in charge of recruiting the year employee entered
Office sponsor
An informal buddy
Career-development counselor
Handles formal reviews and development
No Up-or-Out Policy
-Boston Consulting Groups Ambassador Program allows consultants to temporarily
transfer to another office. Consultants are expected to have the necessary language
and business skills before being posted to an office in another country. The program is
a good way for consultants to learn about the firms overseas divisions.
Boston Consulting Group employees rate their career experience in line with other
strategy consulting firms.
149
Boston Consulting Group employees believe their work makes a positive impact on
clients most of the time. Specifically, a 55% majority of employees believe their work
makes a positive impact on clients most of the time. Interestingly, an additional 37% of
employees always think their work makes a positive impact on clients all of the time.
While only 7% of employees thought their work only sometimes makes an impact on
clients. Only on 1% of Boston Consulting Group employees think their work seldom &
never makes a positive impact on their clients.
Boston Consulting Group employees are very satisfied with their flexible work
arrangements. Specifically, two-thirds or 66% of Boston Consulting Group employees
are very satisfied & satisfied with their flexible work arrangements. In contrast, 20% of
employees were neutral regarding their satisfaction with their flexible work arrangement
and 14% were unsatisfied & very unsatisfied with their flexible work arrangements.
Boston Consulting Groups Board of Directors has a system of vote requirements for
election and reelection. Boston Consulting Group requires those elected to the board of
directors in their first term to obtain at least 51% of the vote, while election to a second
term requires 66% of the vote and election to a third term requires 70% of the vote.
Boston Consulting Group is privately owned.
Broderick & Company
Broderick & Company was founded in 1988 and is based in Mill Valley, CA. It has 25
employees generating $1.9 million in revenues. The firms CEO is Maureen Broderick.
Its web sites are www.broderickco.com and www.broderickassociates.com.
History
The first section of Broderick & Companys profile will explain the key historical events in
Broderick & Company was founded in 1988 and has evolved through three phases,
including its early, recognition, and recent phase.
Early Phase
The first phase in the development of Broderick & Companys development was its early
Broderick & Company was founded in 1988 as a market strategy consulting firm focused
on serving professional services firms. This firm is based in Mill Valley, CA.
Middle Phase
The second phase in the development of Broderick & Companys development was its
middle phase from 2004 to 2005.
Broderick & Company was listed as the 97th largest company in the San Francisco
Business Times 2004 List of Largest Women-Owned Businesses.
Recent Phase
The third phase in the development of Broderick & Companys was its recent phase from
2006 to 2008.
150
Statistics
The second section of Broderick & Companys profile will review some key statistics
regarding the firm.
Broderick & Company has 25 employees, up by six since 2004.
Broderick & Companys employees primarily work from its Mill Valley, CA headquarters.
Specifically 74% of the firms employees work in Mill Valley with the remaining 26%
working in other locations.
Broderick & Company has $1.9
million revenues, up over 10%
since 2002. In 2003, the firm
had $1.9 million in revenue,
compared to $1.7 million in
2002.
Broderick & Company Has 25 Employees, Up by Six Since 2004
Broderick & Company Employees
25
Businesses
The third section of Broderick &
Companys profile will outline its
core businesses.
Broderick & Company has a
number of businesses, including
its market strategy consulting
business.
19
2004
2007
Source: 10/ 25/ 07 Jigsaw Web Site; 8/24/07 B roderick & Company Web Sit e; 9/ 24/ 04 San Francisco Business Times; Tiburon Researc h & Analys is
Market Strategy Consulting

Broderick & Companys first business is its market strategy consulting business.
Broderick & Company serves CPA Firms, Law Firms, Consulting Firms, and Executive
Search Firms. Specifically, details include:
CPA Firms
Deloitte, Touche, & Tohmatsu
Ernst & Young
Law Firms
Cuatrecasas
Fried, Frank, Harris, Shriver, & Jacobsen
Mayer, Brown, Rowe, & Maw
Morgan, Lewis, & Bockius
OMelveny & Myers
Orrick, Herrington, & Sutcliffe
Consulting Firms
Bain & Company
Bearing Point
Black & Veatch Consulting
Booz Allen Hamilton
151
Cap Gemini
Clarkston Consulting
Deloitte, Touche, & Tohmatsu
Deloitte Consulting
EDS
AT Kearney
Gartner Consulting
John Ryan Company
Marakon Associates
Mercer Delta
The Parthenon Group
The Segal Company
Executive Search Firms

-Broderick & Companys products appear to be mostly market research. Specifically,
details include:
Ernst & Young Global Banking & Capital Markets
Testing new service offering
Interviewed 50 commercial & investment banking clients to asses
current state of risk governance & control
Broderick & Company produces a series of publications to share its survey findings and
summarize industry best practices, including point of view, one-on-one, quarterly
surveys, and executive insight series.
Broderick & Company has developed an outsourced lead generation & pipeline
management program to support new business development in professional services
firms.
Broderick & Company writes short white papers and articles to market, including
Focusing Your Way to Success, Marketing Your Way to Distinction, and Rainmakers are
Not Enough.
Broderick & Company has paid for coverage on Sky Radio.
The final section of Broderick & Companys profile will address is organizational
Broderick & Company has a terrific web site with six sections, including About Broderick,
Expertise, Clients, Thinking, Careers, and Contact.
Broderick & Company is led by its CEO Maureen Broderick. Other top level employees
include Managing Director Larry Mickelburg, who is located in Philadelphia, PA, and
Chief Financial Officer Fred Conta.
152
Broderick & Company is privately owned, almost entirely by women. Specifically 99% of
the firm is owned by women.
Burt Greenwald
Burt Greenwald was founded.
History
The first section of Burt Greenwalds profile will explain the key historical events in the
firms development.
Burt Greenwald was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Burt Greenwalds was its early phase.
Middle Phase
The second phase in the development of Burt Greenwald was its middle phase.
Recent Phase
The third phase in the development of Burt Greenwald was its recent phase.
Statistics
The second section of Burt Greenwalds profile will review some key statistics regarding
the firm.
Businesses
The third section of Burt Greenwalds profile will outline its core businesses.
Burt Greenwald has a number of businesses.
The final section of Burt Greenwalds profile will address is organizational structure &
ownership.
Burt Greenwald has a web site.
Burt Greenwald is led by Burt Greenwald.
Burt Greenwald is privately owned.
Business Brokerage Incorporated
Business Brokerage Incorporated (BBI) is another web site that provides listings for
buyers and sellers of tax practices, specializing in California accounting practices. It was
founded in 1978 and is based in Laguna Niguel, CA. Its president is David Smith, and
its web site is www.go2bbi.com.
History
The first section of Business Brokerage Incorporateds profile will explain the key
historical events in the firms development.
153
Statistics
The second section of Business Brokerage Incorporateds profile will review some key
Businesses
The third section of Business Brokerage Incorporateds profile will outline its core
businesses.
Business Brokerage Incorporated sends weekly faxes of new practices available to all
registered buyers.
Business Brokerage sold over
1,400 practices worth $210
million.
Business Brokerage Incorporated Has Sold 1,400 Practices, With

Half Sold Over the Past Two Years
Business Brokerage Incorporated Number of Practices Sold
Business
Brokerage
Incorporateds sellers are kept
anonymous until the interviews
are arranged with potential
buyers.
1,400
700
Business
Brokerage
Incorporated has sold 1,400
practices, with half sold over the
past two years.
2002
2004
Business
Brokerage
Incorporateds
transactions
were worth $210 million, with two-thirds of the values coming from firms sold within the
past two years.
Source: 2/16/05 BB I Web Site; 3/15/02 B BI Conversation (Smit h); 2/ 26/ 02 BBI Web Sit e; Tiburon Research & Analysis
Like a Business Broker, B usiness Brokerage Incorporateds Fees

are Fairly Expensive, All of Which are Paid by the Seller
Unlike
other
supermarkets,
Business
Brokerage
Incorporated only represents
sellers, hence its focus is on
promoting its listings.
Business B rokerage Incorporated

Practice Sales Fees by Selling Price
10%
8%
Business
Brokerage
Incorporated uses a linear
process to sell tax practices.
like a business broker, Business
Brokerage Incorporateds fees
are fairly expensive, all of which
are paid by the seller.
6%
$0-$250,000
Next $250,000
Next $500,000
Source: 3/15/02 BB I Conversat ion (Smit h); 2/26/02 BBI Web Sit e; Tiburon Res earch & Analysis
Business Brokerage Incorporated suggests 22 tips to pump up gross revenues and/or

improve the practice operations.
Business Brokerage Incorporated suggests twenty mistakes to avoid when selling your
practice.
154
Business Brokerage Incorporated produces two reports and a video on buying and
selling tax practices. Specifically, details include:
How to Sell Your Accounting or Tax Practice
Free report
How to Buy and Accounting or Tax Practice
Free report
How to Sell Your Practice for Maximum Profit
Eight minute video
The final section of Business Brokerages profile will address is organizational structure
& ownership.
Business Brokerage Incorporated is led by President David Smith and Associate Larry
Richardson.
Business Brokerage is led by its management.
Business Brokerage is privately owned.
Business Transitions
Business Transitions was founded in 1997 and is based in Portland, Oregon. It
launched several succession planning platforms. Its President is David Grau. Its web
site is www.businesstrans.com.
History
The first section of Business Transitions profile will explain the key historical events in
Business Transitions was founded in 1997 and has evolved through three phases,
Early Phase
The first phase in the development of Business Transitions was its early phase from
1997.
Business Transitions was founded in 1997.
Middle Phase
The second phase in the development of Business Transitions was its middle phase.
Recent Phase
The third phase in the development of Business Transitions was its recent phase.
Statistics
The second section of Business Transitions profile will review some key statistics
regarding the firm.
155
Businesses
The third section of Business Transitions profile will outline its core businesses.
Business Transitions has a number of businesses.
Business Transitions has tools that align to Tiburons Business Plan Tools, Including RIA
Transitions, FP Transitions, CPA Transitions, Insurance Transitions, and FP Canada.
Business Transitions also owns Law Transitions and Doctor Transitions.
The final section of Business Transitions profile will address is organizational structure &
ownership.
The Business Transitions web site is laid out in an organized fashion with lots of
information. Sections of the web site include members, listings, consulting, support,
resources, and press room.
Business Transitions is led by its President David Grau. Other top level employees
include Vice President & Principal of CPA Transitions Bill Grable, Chief Operating Officer
Michael Martyn, and Chief Informational Officer Bob Clark.
Business Transitions is privately owned.
Callan Associates
Callan Associates was founded in 1973 and is based in San Francisco, CA. The
company has 5 offices, 170 employees, 500 clients, and $3.1 trillion client assets
advised. It is led by its chairman Ed Callan and CEO Ron Peyton. The company is
employee owned. Its web site is www.callan.com.
History
The first section of Callan Associates profile will explain the key historical events in the
firms development.
Callan Associates was founded in 1973 and has evolved through three phases, including
its early, financial advisor, and returning to roots phases.
Businesses
The second section of Callan Associates profile will outline its core businesses.
Callan Associates has at least six businesses, including its fund sponsor consulting,
independent advisor group, institutional consulting group, & Callan investment institute.
Fund Sponsor Consulting
Callan Associates first business is its fund sponsor consultant business, where it
provides strategic consulting and back-office support to institutional investment
managers & middle-market consulting firms. They have 500 institutional clients and $3.1
trillion in client assets.
Callan Associates serves 500 institutional clients, up over 300% since 2001.
156
Callan Associates clients include The Charles Schwab Corporation.

Callan Associates provides the Charles Schwab Corporation with separately managed
accounts due diligence.
Clients range from less than $100 million to more than $400 billion in assets under
management
Callan Associates has $3.1 trillion in client assets.
Callan
Associates
provide
asset/liability planning, manager
& custodial search & selection,
and investment performance
measurement.
Callan Associates Serves 500 Institutional Clients, Up Over 300%

Since 2001
Callan Associates Institutional Clients

The final section of Callan
profile outlines is organizational
Callan
Associates
has
a
relatively limited web site, with
five key sections, including
about
Callan,
newsroom,
careers, contact us, and search.
500
150
2001
2007
Source: 10/ 7/ 07 Callan Web Site; 8/8/01 Schwab Conv ers ation (Turner); Tiburon Researc h & Analysis
Callan Associates is led by is Chairman Emeritus Ed Callan, CEO Ron Peyton, &
President Greg Allen.
Callan Associates is employee owned by 60 of its employees. Specifically, 20% is
owned by Ron Peyton and 80% are owned by the 59 other employees.
Cambridge Associates
Cambridge Associates was founded in 1973 and is based in Boston, MA. The firm has
seven offices in the United States and one in London. Its web site is
www.cambridgeassociates.com.
History
The first section Cambridge Associates profile outlines the key historical events in the
firms development.
Cambridge Associates was founded in 1973 and has evolved through three phases,
Businesses
The second section of Cambridge Associates profile will outline its core businesses.
Cambridge Associates has at least one business, including its consulting business.
157
Consulting
Cambridge Associates first business is its consulting business.
The final section of Cambridge Associates profile outlines is organizational structure &
ownership.
Cambridge Associates has a web site.
Cambridge Associates is led by its management.
Cambridge Associates is owned by its shareholders.
Canning & Company
Canning & Company is an insurance research firm based in Hartford, CT. Its Associate
Vice President is George McKeon.
History
The first section of Canning & Companys profile will explain the key historical events in
Canning & Company was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Canning & Company was its early phase.
Middle Phase
The second phase in the development of Canning & Company was its middle phase.
Recent Phase
The third phase in the development of Canning & Company was its recent phase.
Statistics
The second section of Canning & Companys profile will review some key statistics
regarding the firm.
Businesses
The third section of Canning & Companys profile will outline its core businesses.
Canning & Company has a number of businesses.
The final section of Canning & Companys profile will address is organizational structure
& ownership.
Canning & Company has a web site.
Canning & Company is led by its management, including Assistant Vice President
George McKeon.
158
Canning & Company is privately owned.

Cannon Financial Institute
Cannon Financial Institute was founded.
History
The first section of Cannon Financial Institutes profile will explain the key historical
Cannon Financial Institute was founded and has evolved through three phases,
Early Phase
The first phase in the development of Cannon Financial Institute was its early phase.
Middle Phase
The second phase in the development of Cannon Financial Institute was its middle
phase.
Recent Phase
The third phase in the development of Cannon Financial Institute was its recent phase.
Statistics
The second section of Cannon Financial Institutes profile will review some key statistics
regarding the firm.
Businesses
The third section of Cannon Financial Institutes profile will outline its core businesses.
Cannon has a number of businesses.
The final section of Cannon Financial Institutes profile will address is organizational
Cannon has a web site.
Cannon Financial Institute is led by its management.
Cannon Financial Institute is privately owned.
Capgemini
Capgemini is was founded in 1967 by Serge Kampf and is based in Paris, France. The
firm has 12,000 professionals generating $5.9 billion revenues. Its CEO is Paul
Hermelin and its web site is www.cgey.com.
History
The first section of Capgeminis profile will explain the key historical events in the firms
development.
159
Capgeminis predecessor Cap Gemini Sogeti was founded in 1967 and has evolved
through three phases, including its early, pre-merger, and post-merger phases.
Early Phase
The first phase in the development of Capgemini was its early phase from 1968 to 1990.
Capgemini was founded by Serge Kampf as Cap Gemini Sogeti in 1967.
Pre-Merger Phase
The second phase in the development of Capgemini was its pre-merger phase from
1991 to 1999.
Capgemini acquired MAC Group in 1991.
Capgemini looked for ways to increase presence in US consulting market in 1998.
Acquisitions
Explored possible acquisition with KPMG in 1998
Advertising
Post Ernst & Young deal, ran full page ads in Wall Street Journal, proclaiming
a perfect pair
Post-Merger Phase
The final phase in the
development of Capgemini was
its post-merger phase from
2000 to 2008.
Capgemini Acquired Ernst & Youngs Consulting Arm for $8 Billion and Renam ed it
Cap Gemini E rnst & Young in 2000; US Partners Received the Bulk of the Proceeds
Ernst & Youngs Consulting Business Sale Proceeds

By Recipient
Capgemini ran two advertising

campaigns in early 2000.
Pa rtners in Othe r
Coun tri es
30%
Clients & Employees

To stem off 25%
US Pa rtners
70%
attrition rate in early
2000,
new
ad
campaign
was
directed
at
both
potential clients and
employees as an effort to boost employee pride and morale
Not e:
Another source said t hat som e of the US partner proceeds went to an under f unded pension plan f or partners
Source: 10/ 15/ 02 New York Tim es; Tiburon Research & A naly s is
Y2K
After Y2K ran ad campaign with slogan, You beat Y2K, now comes the hard
part
Capgemini had a tough time during the slumping economy of the mid 2000s.
Capgemini acquired Ernst & Youngs consulting arm for $8 billion and renamed it Cap
Gemini Ernst & Young in 2000. US partners received the bulk of the proceeds.
160
Specifically, Ernst & Young US partners received 70% of the proceeds from the sale,
while partners in other countries received the remaining 30%. An interesting note is that
some of the US partner proceeds went to an under funded pension plan for partners.
Capgemini cut jobs three separate times in 2001, nearly 5,000 jobs, bringing head count
below 58,000 worldwide.
Capgemini had several key resignations in 2002, including CEO Geoff Unwin, its Chief
Operating Officer for Americas and its Chief Financial Officer.
Capgemini still had integration issues in 2002, two years after the acquisition of Ernst &
Youngs consulting group. This view is from analyst of the acquisition.
Capgemini has some critics who believe that the recovery in 2003-2005 from the
slumping economy has been hurt by it being based overseas, while others believe it has
global brand strength. Specifically, details include:
Strongest European Business Among its Rivals
At the same time, it has the strongest European
business among its rivals
Faces Some Challenges in the US

Firm believes that the brand is extremely strong in Europe, while facing some
challenges in the US
Global Brand Strength
Firm sees the European brand strength as a real asset as the world moves to
global brands and this distinguishes CGEY from US centered consulting
firms
Capgemini formed a partnership with Cisco to offer internet equipment and consulting to
customers in Europe.
Statistics
The second section of Capgeminis profile will review some key statistics regarding the
firm.
Capgemini employs over 12,000 professionals. Specifically, it had 12,670 professionals
in 1996
Capgemini generates revenues of almost $6 billion, up over 100% since 1996.
Specifically, the firm generated $2.7 billion in revenues in 1996 and $5.9 billion in 2002.
Capgemini generates over $200,000 in revenues per professional. Specifically, in 1996
the firm generated $213,000 in revenues per professional.
Businesses
The third section of Capgeminis profile will outline its core businesses.
The final section of Capgeminis profile will address is organizational structure &
ownership. Phil Laskaway was formerly CEO of Ernst & Young.
161
Capgemini has a web site.

Capgemini organization is led by CEO Paul Hermelin. Phil Laskaway was formerly CEO
of Ernst & Young.
Capgemini is owned by its partners.
Capital Market Consultants
Capital Markets Consulting was founded in 2002 by Barry Mendelson and is based in
Milwaukee, WI. It is led by managing partner Barry Mendelson.
History
The first section Capital Markets Consulting profile outlines the key historical events in
Capital Markets Consulting was founded in 2002 and has evolved through three phases,
Statistics
the firm.
Businesses
The third section of Capital Markets Consulting profile outlines its core businesses.
Capital Markets Consulting has a number of businesses, including its open architecture
investment management business.
Open Architecture Investment Management
Capital Market Consultants first business is its open architecture investment
management.
Capital Market Consultants open architecture investment management provides a
number of services, including its research, platforms, content, and consulting.
Capital Market Consultants open architecture investment managements first service is
researching for investment managers and due diligence.
Capital Market Consultants offer a variety of research products, including its CMC
custom analytics, CMC Guide Star, and client proposal systems.
Capital Market Consultants open architecture investment managements second service
is constructing investment platforms that are customized for their clients business
needs.
Capital Market Consultants open architecture investment managements third service is
to readily provide relevant investment & financial content for its clients.
Capital Market Consultants offers content through packaged channels, including its CMC
Reference Library and CMC Investor ED.
162
Capital Market Consultants open architecture investment managements fourth service

is consulting clients on implementing and using their investment management program.
The final section of Capital Markets Consultings profile outlines is organizational
Capital Market Consultants has a detailed web site that is organized into three sections,
including about us, solutions & services, and research.
Capital Market Consultants is led by its managing partner Barry Mendelson.
Capital Markets Consulting is owned by its partners.
Capital Market Risk Advisors
Capital Market Risk Advisors has a web site at www.cmra.com.
History
The first section Capital Market Risk Advisors profile outlines the key historical events in
Capital Market Risk Advisors was founded and has evolved through three phases,
Businesses
The third section of Capital Market Risk Advisors profile outlines its core businesses.
Capital Market Risk Advisors has a number of businesses.
Consulting
Arthur Littles final business is its consulting business.
The final section of Capital Market Risk Advisors profile outlines is organizational
Capital Market Risk Advisors has a web site.
Capital Market Risk Advisors is led by its management.
Capital Market Risk Advisors is owned by its shareholders.
Capital Markets Company
Capital Markets Company was founded.
History
The first section of Capital Markets Companys profile will explain the key historical
163
Capital Markets Company was founded and has evolved through three phases, including
its early phase, middle phase, and recent phases.
Early Phase
The first phase in the development of Cannon Financial Institute was its early phase.
Middle Phase
The second phase in the development of Cannon Financial Institute was its middle
phase.
Recent Phase
The third phase in the development of Cannon Financial Institute was its recent phase.
Statistics
The second section of Cannon Financial Institutes profile will review some key statistics
regarding the firm.
Businesses
The third section of Cannon Financial Institutes profile will outline its core businesses.
Capital Markets Company has a number of businesses.
The final section of Cannon Financial Institutes profile will address is organizational
Capital Markets Company has a web site.
Capital Markets Company is led by its management.
Capital Markets Company is privately owned.
Capital Resource Advisors
Capital Resource Advisors is based in Chicago, Illinois and has 110 pension clients and
$370 billion in pension assets. Its CEO is Kevin Greene.
History
The first section of Capital Resource Advisors profile will explain the key historical
Capital Resource Advisors was founded and has evolved through three phases,
Early Phase
The third phase in the development of Capital Resources Advisors was its early phase.
Capital Resources Advisors Rogers Casey was founded in 1968.
Middle Phase
The second phase in the development of Capital Resources Advisors was its middle
phase.
164
Recent Phase
The third phase in the development of Capital Resources Advisors was its recent phase.
Capital Resources Advisors purchased Rogers Casey from Barra in 2002. The
purchase was for $14 million. It intended to create a formidable pension consulting
business.
Capital Resources Advisors retained 80% of Rogers Casey employees in the deal, but
some key personnel left. Key pension Rogers Casey pension consultants left to start a
new firm called Rocaton Investment Advisors.
Capital Resources Advisors also purchased Investment Counseling. Investment
Counseling is Paul Schaeffers former company, which provided strategy consulting.
This purchase represented Capital Resources Advisors venture into strategy consulting.
Statistics
The second section of Capital Resources Advisors profile will review some key statistics
regarding the firm.
Capital Resources Advisors has 110 pension clients.
Capital Resources Advisors has $370 billion pension assets under management.
Businesses
The third section of Capital Resources Advisors profile will outline its core businesses.
Capital Resource Advisors has at least one business, including Rogers Casey.
Investment Solutions
Capital Resources advisors primary business is its investments solutions business
which is led by its subsidiary, Rogers Casey. Rogers Casey was founded in 1968 and is
based in Darien, CT. It has operations in 2 countries, with 6 offices, and holds $325
billion assets under management. It is led by its CEO Timothy Barron. Their web site is
www.rogerscasey.com. It was acquired in 2002.
Capital Resources Advisors Rogers Casey has operations in two countries.
Capital Resources Advisors Rogers Casey has six offices.
Capital Resources Advisors Rogers Casey has $325 billion assets under management.
The final section of Capital Resources Advisors profile will address is organizational
Capital Resource Advisors does not appear to have a web site.
Capital Resource Advisors Rogers Casey has a detailed web site that is divided into five
sections, including About Rogers Casey, Services, Programs, Research, & Investment
Metrics.
165
Capital Resource Advisors is led by CEO Kevin Greene.

Capital Resource Advisors Rogers Casey is led by its CEO Timothy Barron. Other
executive management personnel include Chief Financial Officer Alan Resler, Chief
Technology Officer Sanjoy Chatterjee, Head of Global Sales & Marketing Patrick
Mulvey, Head of Investment Consulting Group Cynthia Hagadon, and Senior Managing
Director John Dickson.
Capital Resource Advisors is privately owned.
Casey, Quirk, & Associates
Casey, Quirk, & Associates was founded in 1976. It is based in Darien, CT and provides
management consulting services & industry research, but focuses exclusively on the
investment management industry. It has 13 employees. Its Chairman is John Casey.
The web site is www.cqallc.com.
History
The first section of Casey, Quirk, & Associates profile will explain the key historical
Casey, Quirk, & Associates was founded in 1976 as part of Rogers Casey and has
grown through four key phases, including its early, money manager, Barra, and return to
independence phases.
Early Years Phase
The first phase in the development of Casey, Quirk, & Associates was the early years
Casey, Quirk, & Associates was founded as part of Rogers Casey by John Casey, Steve
Rogers, & Ed Barksdale in 1976.
Casey, Quirk, & Associates, as Rogers Casey, evolved into one of premier pension
consultants in the US in the early 1980s.
Money Manager Years Phase
The second phase in the development of Casey, Quirk, & Associates was the Money
Managers Years phase from 1987 to 1995.
Casey, Quirk, & Associates, as Rogers Casey, was in high demand as the demand by
money managers for advice increased in the late 1980s.
Casey, Quirk, & Associates, as Rogers Casey, assigned dedicated resources to build
formal consulting capabilities for asset management firms in the early 1990s.
Barra Years Phase
The third phase in the development of Casey, Quirk, & Associates was the Barra Years
Casey, Quirk, & Associates, as Rogers Casey, was acquired by Barra & became Barra
Strategic Consulting Group in 1996.
166
Casey, Quirk, & Associates business grew to over 30 client projects per year with 25
professionals in the late 1990s.
Return to Independence Phase
The fourth phase in the development of Casey, Quirk, & Associates was the Return to
Independence phase years from 2002 to 2008.
Casey, Quirk, & Associates took on its current name after being formed by Barra
Strategic Consulting Groups management team in the early 2000s.
Statistics
The second section of Casey, Quirk, & Associates profile will review some key statistics
regarding the firm.
Casey, Quirk, & Associates has 13 employees.
Businesses
The third section of Casey, Quirk, & Associates profile will outline its core businesses.
Casey, Quirk, & Associates has a number of businesses.
Casey, Quirk, & Associates focuses on four general areas of the investment
management industry, including business strategy, acquisition activities, distribution, and
investments. Specifically, details include:
Business Strategy
Strategic planning
Compensation design
Visioning
Organizational design
Business performance monitoring
New venture development
Acquisition Activities
Target identification
Negotiations support
Due diligence
Valuation
Distribution
Product positioning
Market sizing and share analysis
New market entry
Product development
Resource modeling
Channel management
Investments
Investment process assessment & enhancement
167
Product quality scoring

Performance monitoring
Best practice benchmarking
Casey, Quirk, & Associates believes it is uniquely positioned to provide services to its
clients & partners. Specifically, details include:
Expertise
First hand knowledge of how firms operate
Best practices
Industry dynamics
Deep investment expertise
Forward Thinking
Forward looking view of how the market will evolve
Relationship Management
Commitment to building great relationships
Flexible
Content driven
Casey, Quirk, & Associates publishes The CQA Quarterly Institutional Product Review,
which is available for purchase & download from its web site. It is published in
collaboration with Investor Force. It utilizes Investor Forces market intelligence &
technology. The review was initially published in 2004 and will be published on an
ongoing basis. It is sold for $299.00.
Casey, Quirk, & Associates Quarterly Institutional product review provides
benchmarking information on institutional managers & products. Specifically, details
include:
Proprietary Performance Quality Scores
Analyzes institutional products by peer group
Ranks the top 10 products in each category based on investment quality and
return
Proprietary Row Metrics
Casey, Quirk, & Associates gain ratio depicts the relative availability of assets
Casey, Quirk, & Associates withdrawal ratio gauges the level of mandates at
risk and investor discontent
Top Performers
Reviews the top 10 performers in each peer group
Peer Group Statistics
Monitors performance for each peer group
Excess return
Tracking error
Information ratio
168
Sharpe ratio
Assets Under Management

Asset under management data for each peer group
Asset Flows
Asset flows into various peer groups over the previous eight quarters
Asset Concentration
Concentration of total assets under management for the largest products in
each peer group
Asset Flow Concentration
Asset flows to the largest products
Management Fees
Broken down as a function of mandate size
Casey, Quirk, & Associates also publishes white papers, which are available for
download from its web site. Seven papers were published between 2000 and 2004 and
the topics range from hedge funds to business building.
Casey, Quirk, & Associates white paper topics include Institutional Demand for Hedge
Funds, Success in Investment, The Search for Investment Quality and Funds-of-Hedge
Funds. Additional white paper topics include Institutional Demand for Hedge Funds:
New Opportunities & New Standards, Success in Investment Management: Three Years
Casey, Quirk, & Associates is Led by its Chairman John Casey; David
Later,
The
Search
for
Bauer, Jeb Doggett, and Kevin Quirk are Principals of the Firm
Investment Quality: A Survey of
Investors,
Consultants,
&
Casey, Quirk, & Associates
Managers,
Funds-of-Hedge
Funds: Market Trend Analysis,
Fund-of-Hedge
Funds:
John Casey
Chairman
Rethinking
Resource
Requirements, Style is Dead;
Long Live Style!, and Success
David Bauer
Jeb Doggett
Kevin Quirk
in Investment Management:
Principal
Principal
Principal
Building & Managing the
Complete Firm.
The final section of Casey,
Quirk, & Associates profile will
address is organizational structure & ownership.
Not e:
John Cas ey was formerly chairm an of both Rogers Casey and Barra Strategic Consulting Group; David Bauer was f ormerly a direct or at Barra St rat egic
Consulting Group and a consultant at Rogers Casey; J eb Doggett was f orm erly a direct or at B arra St rat egic Consult n
i g Group and a research analyst at
S tate Street Global A dvis ors; Kevin Quirk was formerly a dir ector at both Barra Strategic Consulting Group and Rogers Casey
Source: 2/25/05 Casey, Quirk , & A ssociates Web S ite; Tiburon Research & A nalysis
Casey, Quirk, & Associates web site is basic and provides limited information on the
company. Its areas for navigation include About Us, Research, CQA in the Press, and
Employment. Interestingly, the news release section of the web site has been under
construction since September 2002.
Casey, Quirk, & Associates is led by John Casey; David Bauer, Jeb Doggett, and Kevin
Quirk are principals of the firm. John Casey is the chairman. John Casey was formerly
169
chairman of both Rogers Casey and Barra Strategic Consulting Group; David Bauer was
formerly a director at Barra Strategic Consulting Group and a consultant at Rogers
Casey; Jeb Doggett was formerly a director at Barra Strategic Consulting Group and a
research analyst at State Street Global Advisors; Kevin Quirk was formerly a director at
both Barra Strategic Consulting Group and Rogers Casey.
Casey, Quirk, & Associates is privately owned.
CEG Worldwide
CEG Worldwide is led by its CEO John Bowen.
History
The first section of CEG Worldwides profile will explain the key historical events in the
firms development.
CEG Worldwide was founded and has evolved through three phases, including its early,
Statistics
The second section of CEG Worldwides profile will review some key statistics regarding
the firm.
Businesses
The second section of CEG Worldwides profile will outline its core businesses.
CEG Worldwide has a number of businesses.
The final section of CEG Worldwides profile will address is organizational structure &
ownership.
CEG Worldwide has a web site.
CEG Worldwide is led by its CEO John Bowen.
CEG Worldwide is owned by John Bowen.
Center for Fiduciary Studies
Center for Fiduciary Studies was founded.
History
The first section of Center for Fiduciary Studies profile will explain the key historical
The Center for Fiduciary Studies was founded and has evolved through three phases,
Early Phase
The first phase in the development of the Center for Fiduciary Studies was its early
phase.
170
Middle Phase
The second phase in the development of the Center for Fiduciary Studies was its middle
phase.
Recent Phase
The third phase in the development of the Center for Fiduciary Studies was its recent
phase.
Statistics
The second section of the Center for Fiduciary Studies profile will review some key
Businesses
The third section of Center for Fiduciary Studies profile will outline its core businesses.
Center for Fiduciary Studies has a number of businesses.
The final section of Center for Fiduciary Studies profile will address is organizational
Center for Fiduciary Studies has a web site.
Center for Fiduciary Studies is led by Don Trone.
Center for Fiduciary Studies is privately owned.
Center for Immigration Studies
Center for Immigration Studies was founded in 1985 by John Tarton and is based in
Washington, DC. Its web site is www.cis.org.
History
The first section of Center for Immigration Studies profile outlines the key historical
The Center for Immigration Studies was founded in 1985 and has evolved through three
phases, including its early, middle, and recent phases.
The Center for Immigration Studies was founded in 1985.
Early Phase
This section outlines the early phase of Center for Immigration Studies.
Middle Phase
This section outlines the middle phase of Center for Immigration Studies.
Recent Phase
This section outlines the recent phase of Center for Immigration Studies.
171
Statistics
The second section of Center for Immigration Studies profile will review some key
Services
The third section of Center for Immigration Studies profile will outline its core services.
The Center for Immigration Studies publishes research on immigration policy.
The Center for Immigration Studies publishes research on immigration policy in the form
of books, reports, and papers.
The final section of Center for Immigration Studies profile outlines is organizational
The Center for Immigration Studies web site is overly crowded with six sections and
many sub-sections, including Current News Articles, About CIS, Contact Us, Immigration
News, Publications, and Common Topics in Immigration.
The Center for Immigration Studies is led by its executive director Mark Krikorian.
The Center for Immigration Studies is privately owned.
Cerulli Associates
The firm founded in 1992 and is based in Boston, Massachusetts. The firms CEO is
Kurt Cerulli. It has 22 employees and its web site is www.cerulli.com.
History
The first section of Cerulli Associates profile will explain the key historical events in the
firms development.
Cerulli Associates was founded in 1992 and has evolved through three phases, including
Early Phase
The first phase in the development of the Cerulli Associates was its early phase from
1992.
Cerulli Associates was founded by CEO Kurt Cerulli in 1992
Middle Phase
The second phase in the development of the Cerulli Associates was its middle phase.
Cerulli Associates revenues peaked at $6.5 Million in 2000. Consulting reportedly
accounted for up to 50% of revenues at that time. Revenues have been off over past
years. In addition, a conflicting source said 2002 consulting revenues were $2 million at
September before the business was disbanded.
Recent Phase
The third phase in the development of the Cerulli Associates was its recent phase.
172
Statistics
The second section of Cerulli Associates profile will review some key statistics regarding
the firm.
Cerulli Associates has 22 employees.
Businesses
The third section of Cerulli Associates profile will outline its core businesses.
Cerulli Associates has a number of businesses, including its consulting, research, and
publishing business.
Consulting
Cerulli Associates first business is its consulting business, which offers both strategic &
tactical service projects that typically last for two to four months.
Cerulli Associates consulting business also offers Cerulli Workshops which are half day
customized seminars.
Cerulli Associates only earns 33% of revenues from consulting and may have even
exited this business. The firm earns 67% from research & publishing. Cerullis
consulting work is probably more product line focused than corporate focused. The
valuation on recurring research revenues was higher and one of the factors leading to
the decision to exit the consulting business. A source says that Cerullis consulting work
is probably more product line focused than corporate focused. Another source said that
the valuation on recurring research revenues was higher and one of the factors leading
to the decision to exit the consulting business.
Research
Cerulli Associates second business is its research business, which specializes in
customized original research. Cerulli has a policy of not selling its research to other
consulting firms.
Cerulli Associates research strengths seem to be in about a dozen areas, including
annuities, bank brokerage, the Canadian mutual fund industry, and distribution of mutual
funds. Additional areas of research strength include, annuities, bank brokerage,
Canadian mutual fund industry, distribution of mutual funds, financial advisor market,
hedge funds industry, offshore mutual funds, online technology, overseas distribution,
retirement markets (401k, 403b, 457, IRAs, sarseps, defined benefit), variable life, and
wrap fee accounts & private account management.
Publishing
Cerulli Associates third business is its publishing business, which includes a number of
publications including The Cerulli Report Series and The Cerulli Edge. Many employees
are ex-writers or reporters from the industry.
Cerulli generates substantial revenues selling broad research studies and monthly &
quarterly subscription products for thousands of dollars, including Cerulli Reports, Cerulli
Edge, Cerulli Edge Global, Cerulli Edge Managed Accounts (Quarterly), and Cerulli
Edge Advisor (Quarterly). Specifically, details include:
173
Cerulli Reports
$4,000 to $15,000
Cerulli Edge
Annual subscriptions: $10,000
Individual copies: $750
Cerulli Edge - Global
Cerulli Edge Managed Accounts (Quarterly)
Annual subscriptions: $3,000 (quarterly)
Cerulli Edge Advisor (Quarterly)
Cerulli Associates says that it serves a variety of clients; there appears to be a bias
towards mutual fund companies and 401k plan providers. The following is a list of the
firms identified clients:
ADP
Affiliated Managers Group
Alliance Capital Management
Allstate Insurance
American Century Investments
American Express
Bank of Montreal
Barclays Global Investors
Boston Financial Data Services
Brinker Capital
Charles Schwab & Company
CIGNA
Citibank
Colonial Investments
Delaware Investments
Deutsche Bank
Eaton Vance
Everen Securities
Fidelity Investments
Fleet Bank
Frank Russell Company
GE Investments
Goldman Sachs
Guardian Life
PFPC
Principal Financial Group
Putnam Investments
174
Prudential Financial
Quick & Reilly
R.S. Investment Management
Scudder Kemper
Salomon Smith Barney
Standish Ayer & Wood
State Street Global Advisors
State Street Research & Management
Stein Roe Mutual Funds
String Capital Management
TIAA-CREF
T. Rowe Price
Transamerica
Union Bank of Switzerland
USAA
Van Kampen American Capital
Vanguard
Waddell & Reed
Wells Fargo Bank
Washington Mutual
PFPC
Principal Financial Group
Putnam Investments
Quick & Reilly
RS Investment Management
Scudder Kemper
Salomon Smith Barney
Standish Ayer & Wood
State Street Global Advisors
State Street Research & Management
Stein Roe Mutual Funds
String Capital Management
TIAA-CREF
T. Rowe Price
Transamerica
Union Bank of Switzerland
USAA
Van Kampen American Capital
Vanguard
Waddell & Reed
Wells Fargo Bank
Washington Mutual
One of the two places where Tiburon has stumbled across Cerulli is mentioned (Schwab
and not HD Vest). Some names are old, which questions the firms recent consulting
activity.
Cerulli Associates has evolved from its beginnings but has to some degree returned
recently to those roots.
175
Cerulli Associates has had some consulting success in Australia.

Cerulli Associates holds an annual conference called the Strategy Forum in Boston, MA.
The final section of Cerulli Associates profile will address is organizational structure &
ownership.
Cerulli Associates has a web site.
Cerulli Associates web site is not that impressive. It lacks depth, has no associations
with any other firms. Also project descriptions on the web site seem old. A few positive
features include the bios of 23 people. It makes the firm look impressive. Online
ordering of research reports results in easy revenues. Project descriptions are not well
organized, but do suggest ideas and allow prospects to relate to issues. Cerulli
Surveys.Com web site is very efficient and is a linked site to collect data from program
sponsors (sends them quarterly emails seeking updates).
Cerulli Associates shows no job openings on its web site, possibly suggesting a slow
down in business.
Cerulli Associates is led by CEO Kurt Cerulli. Andrew Guilette is Managing Director &
Chief Operating Officer. Ben Phillips is Managing Director. Dennis Gallant is director.
Cerullis lead institutional executive Peter Starr left in 2002 due to the firms movement
away from consulting; in 1982 he received his Bachelor of Arts from Northwestern
University, from 1982 to 1985 worked for American Fiduciary Corporation, from 1985 to
1986 worked at Putnam Investor Services, from 1986 to 1989 worked for William
Mercer, 1989 to 1996 worked at Sedgwick Nobel Lowndes, and from 1996 to 2002
worked at Cerulli Associates, where he was one of four Managing Directors, led
institutional business, left in October 2002 and formed SFM Consulting, and now lives in
Sherborn, Massachusetts.
Cerulli Associates is owned completely by CEO Kurt Cerulli.
CF Effron Company
CF Effron Company is based in Westport, CT and is a boutique consulting firm
specializing in the insurance industry and is a recognized leader in the bank insurance
industry. It is led by its CEO Carmen Effron. The firms web site is www.effronco.com.
History
The first section of CF Effron Companys profile will explain the key historical events in
CF Effron Company was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of the CF Effron Company was its early phase.
Middle Phase
The second phase in the development of the CF Effron Company was its middle phase.
176
Recent Phase
The third phase in the development of the CF Effron Company was its recent phase
Statistics
The second section of CF Effron Companys profile will review some key statistics
regarding the firm.
Businesses
The third section of CF Effron Companys profile will outline its core businesses.
CF Effron Company has a number of businesses.
The final section of CF Effron Companys profile will address is organizational structure
& ownership.
CF Effron Company has a web site.
CF Effron Company is led by its CEO Carmen Effron.
CF Effron Company is privately owned.
Chasm Group (Geoffrey Moore)
Chasm Group (Geoffrey Moore) was founded.
History
The first section of Chasm Groups profile will explain the key historical events in the
firms development.
Chasm Group was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Chasm Group was its early phase.
Middle Phase
The second phase in the development of Chasm Group was its middle phase.
Recent Phase
The second phase in the development of Chasm Group was its middle phase.
Statistics
The second section of Chasm Groups profile will review some key statistics regarding
the firm.
Businesses
The third section of Chasm Groups profile will outline its core businesses.
Chasm Group has a number of businesses.
177

The final section of Chasm Groups profile will address is organizational structure &
ownership.
Chasm Group has a web site.
Chasm Group is led by its CEO Geoffrey Moore
Chasm Group is owned by Geoffrey Moore.
Chatham Partners
Chatham Partners was founded.
History
The first section of Chatham Partners profile will explain the key historical events in the
firms development.
Chatham Partners was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of the Chatham Partners was its early phase.
Middle Phase
The second phase in the development of the Chatham Partners was its middle phase.
Recent Phase
The third phase in the development of the Chatham Partners was its recent phase
Statistics
The second section of Chatham Partners profile will review some key statistics
regarding the firm.
Businesses
The third section of Chatham Partners profile will outline its core businesses.
Chatham Partners has a number of businesses.
The final section of Chatham Partners profile will address is organizational structure &
ownership.
Chatham Partners has a web site.
Chatham Partners is led by its management.
Chatham Partners is privately owned.
Citigroup
Citigroup was formed in 1988 merger of Citicorp and Travelers. Its underlying company,
City Bank of New York was founded in 1812 and is based in New York, NY. The
178
company has 287,000 employees, 200 million accounts, $2.02 trillion assets, $794
billion deposits, $86.2 billion revenues, and $17 billion net income. Citigroup is led by its
CEO Vikram Pandit and publicly traded on the New York Stock Exchange under the
ticker symbol: C. Web site is www.citigroup.com.
History
The first section of Citigroups profile will explain the key historical events in the firms
development.
Citigroup was founded in 1812 as the City Bank of New York and has evolved through
three phases, including its pre-Citigroup phase, Citigroup phase, & streamlining phase.
Businesses
The second section of Citigroups profile will outline its core businesses.
Citigroup has several businesses, including its Financial Research Corporation.
Financial Research Corporation
Citigroups last business is Financial Research Corporation (FRC). FRC is based in
Boston, MA.
The final section of Citigroups profile will address is organizational structure &
ownership.
Citigroup has a web site.
Citigroups Financial Research Corporation has a web site.
Citigroup is led by its CEO Chuck Prince.
Citigroups Financial Research Corporation is led by its management.
Citigroup is a public company listed on the New York Stock Exchange under the ticker
C.
CK Prahalad
CK Prahalad is a University of Michigan PhD who wrote the book Competing for the
Future, which was published in 1994.
History
The first section of CK Prahalads profile will explain the key historical events in the
firms development.
CK Prahalad was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of CK Prahalad was its early phase.
Middle Phase
179
The second phase in the development of CK Prahalad was its middle phase.
Recent Phase
The third phase in the development of CK Prahalad was its recent phase.
Statistics
The second section of CK Prahalads profile will review some key statistics regarding the
firm.
Businesses
The third section of CK Prahalads profile will outline its core businesses.
CK Prahalad has a number of businesses.
The final section of CK Prahalads profile will address is organizational structure &
ownership.
CK Prahalad has a web site.
CK Prahalad is led by its management.
CK Prahalad is privately owned.
Clayton Christensen
Clayton Christensen was founded.
History
The first section of Clayton Christensens profile will explain the key historical events in
Clayton Christensen was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Clayton Christensen was it early phase.
Middle Phase
The second phase in the development of Clayton Christensen was its middle phase.
Recent Phase
The third phase in the development of Clayton Christensen was its recent phase.
Statistics
The second section of Clayton Christensens profile will review some key statistics
regarding the firm.
Businesses
The third section of Clayton Christensens profile will outline its core businesses.
Clayton Christensen has a number of businesses.
180

The final section of Clayton Christensens profile will address is organizational structure
& ownership.
Clayton Christensen has a web site.
Clayton Christensen is led by its CEO Clay Christensen
Clayton Christensen is privately owned.
Compensation Resource Group
Compensation Resource Group was founded.
History
The first section of Compensation Resource Groups profile will explain the key historical
Compensation Resource Group was founded and has evolved through three phases,
including its early, middle, & recent phases
Businesses
The third section of Compensation Resource Groups profile will outline its core
businesses.
Compensation Resource Group has a number of businesses.
Consulting
Compensation Resource Groups final business is its consulting business.
The final section of Compensation Resource Groups profile outlines its organizational
Compensation Resource Group has a web site.
Compensation Resource Group is led by its management team.
Compensation Resource Group is privately owned.
Computer Associates
Computer Associates was founded.
History
The first section of Computer Associates profile will explain the key historical events in
Computer Associates was founded and has evolved through three phases, including its
Early Phase
181
The first phase in the development of Computer Associates development was its early
phase.
Middle Phase
The second phase in the development of Computer Associates development was its
middle phase.
Recent Phase
The third phase in the development of Computer Associates development was its recent
phase.
Statistics
The second section of Computer Associates profile will review some key statistics
regarding the firm.
Businesses
The third section of Computer Associates profile will outline its core businesses.
Computer Associates has a number of businesses.
The final section of Computer Associates profile will address is organizational structure
& ownership.
Computer Associates has a web site.
Computer Associates is led by its management.
Computer Associates is privately owned.
Computer Sciences Corporation
Computer Sciences Corporation was founded in 1959 by Roy Nutt and Fletcher Jones,
and is based in El Segundo, CA. The company has 90,000 employees in 80 countries.,
and generates $14.1 billion in revenues, and earns $810 million in net income. The
firms NYSE Ticker is CSC, and the CEO is Mike Laphen. The companys web site is
www.csc.com.
History
The first section of Computer Sciences Corporations profile will explain the key historical
Computer Sciences Corporation was founded in 1959 and has evolved through three
Businesses
The second section of Computer Sciences Corporations profile will outline its core
businesses.
Computer Sciences Corporation has six businesses, including its systems integration,
application development, data hosting, networking, management consulting business, &
First Consulting Group business.
182
Computer Sciences Corporations fifth business is its management consulting business.
First Consulting Group
Computer Sciences Corporations sixth business is its healthcare & technology
consulting business called First Consulting Group. Computer Science Corporations First
Consulting Group was founded in 1980 and is based in Alpharetta, GA. The firm has
operations in 5 countries with a total of 12 offices and 2,500 associates. The firm is led
by CEO Larry Ferguson. Their web site is www.fcg.com. The firm was acquired by
Computer Consulting Group in 2008.
The final section of Computer Sciences Corporations profile will address is
Computer Sciences Corporation has a detailed web site that is divided into six sections,
including about us, services, client results, insights, contact us, & careers.
Computer Sciences Corporations First Consulting Group has a detailed web site that is
divided into six sections, including investor relations, careers, media center, about FCG,
research, and contact us.
Computer Sciences Corporation is led by its chairman Mike Laphen.
Computer Sciences Corporations First Consulting Group is led by its CEO Larry
Ferguson.
Computer Sciences Corporation is publicly owned and traded on the New York Stock
Exchange under the ticker CSC.
Conning & Company
Conning & Company was founded.
History
The first section of Conning & Companys profile will explain the key historical events in
Conning & Company was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Conning & Company was its early phase.
Middle Phase
The second phase in the development of Conning & Company was its middle phase.
Recent Phase
The third phase in the development of Conning & Company was its recent phase.
183
Statistics
The second section of Conning & Companys profile will review some key statistics
regarding the firm.
Businesses
The third section of Conning & Companys profile will outline its core businesses.
Conning & Company has a number of businesses.
The final section of Conning & Companys profile will address is organizational structure
& ownership.
Conning & Company has a web site.
Conning & Company is led by its management.
Conning & Company is privately owned.
Conversus Group
Conversus Group was founded.
History
The first section of Conversus Groups profile will explain the key historical events in the
firms development.
Conversus Group was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Conversus Group was its early phase.
Middle Phase
The second phase in the development of Conversus Group was its middle phase.
Recent Phase
The third phase in the development of Conversus Group was its recent phase.
Statistics
The second section of Conversus Groups profile will review some key statistics
regarding the firm.
Businesses
The third section of Conversus Groups profile will outline its core businesses.
Conversus Group has a number of businesses.
The final section of Conversus Groups profile will address is organizational structure &
ownership.
184
Conversus Group has a web site.

Conversus Group is led by its management.
Conversus is privately owned.
Credibility Marketing
Credibility Marketing was founded and is led by its CEO Larry Chambers.
History
The first section of Credibility Marketings profile will explain the key historical events in
Credibility Marketing was founded and has evolved through three phases, including its
early, middle, & recent phases
Statistics
The second section of Credibility Marketings profile will review some key statistics
regarding the firm.
Businesses
The second section of Credibility Marketings profile will outline its core businesses.
Credibility Marketing has a number of businesses.
The final section of Credibility Marketings profile will address is organizational structure
& ownership.
Credibility Marketing has a web site.
Credibility Marketing is led by its CEO Larry Chambers.
Credibility Marketing is owned by Larry Chambers.
DA Consulting Group
DA Consulting Group was founded.
History
The first section of DA Consulting Groups profile will explain the key historical events in
DA Consulting was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of DA Consulting was its early phase.
Middle Phase
The second phase in the development of DA Consulting was its middle phase.
185
Recent Phase
The third phase in the development of DA Consulting was its middle phase.
Statistics
The second section of DA Consultings profile will review some key statistics regarding
the firm.
Businesses
The third section of DA Consultings profile will outline its core businesses.
DA Consulting has a number of businesses.
The final section of DA Consultings profile will address is organizational structure &
ownership.
DA Consulting has a web site.
DA Consulting Group is led by its management.
DA Consulting Group is privately owned.
DAK Associates
DAK Associates was founded and is led by its CEO Dan Kreuter.
History
The first section of DAK Associates profile outlines the key historical events in the firms
development.
DAK Associates was founded and has evolved through three phases, including its early,
Statistics
The second section of DA Consultings profile will review some key statistics regarding
the firm.
Businesses
The third section of DAK Associates profile will outline its core businesses.
DAK Associates has a number of businesses.
Consulting
DAK Associates final business is its consulting business.
The final section of DAK Associates profile will address is organizational structure &
ownership.
DAK Associates has a web site.
186
DAK Associates is led by its CEO Dan Kreuter.

DAK Associates is privately owned.
Dalbar
Dalbar was founded.
History
The first section of Dalbars profile will explain the key historical events in the firms
development.
Dalbar was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Dalbar was its early phase.
Middle Phase
The second phase in the development of Dalbar was its middle phase.
Recent Phase
The third phase in the development of Dalbar was its recent phase.
Statistics
The second section of Dalbars profile will review some key statistics regarding the firm.
Businesses
The third section of Dalbars profile will outline its core businesses.
Dalbar has a number of businesses.
The final section of Dalbars profile will address is organizational structure & ownership.
Dalbar has a web site.
Dalbar is led by its management.
Dalbar is privately owned.
Daniel Coleman
Daniel Coleman was founded.
History
The first section of Daniel Colemans profile will explain the key historical events in the
firms development.
Daniel Coleman was founded and has evolved through three phases, including its early
Early Phase
187
The first phase in the development of Daniel Coleman was its early phase.
Middle Phase
The second phase in the development of Daniel Coleman was its middle phase.
Recent Phase
The third phase in the development of Daniel Coleman was its recent phase.
Statistics
The second section of Daniel Colemans profile will review some key statistics regarding
the firm.
Businesses
The third section of Daniel Colemans profile will outline its core businesses.
Daniel Coleman has a number of businesses.
The final section of Daniel Colemans profile will address is organizational structure &
ownership.
Daniel Coleman has a web site.
Daniel Coleman is led by its CEO Daniel Coleman
Daniel Coleman is privately owned.
Dan Richards
Dan Richards was founded.
History
The first section of Dan Richards profile will explain the key historical events in the firms
development.
Dan Richards was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Dan Richards was its early phase.
Middle Phase
The second phase in the development of Dan Richards was its middle phase.
Recent Phase
The third phase in the development of Dan Richards was its recent phase.
Statistics
The second section of Dan Richards profile will review some key statistics regarding the
firm.
188
Businesses
The third section of Dan Richards profile will outline its core businesses.
Dan Richards has a number of businesses.
The final section of Dan Richards profile will address is organizational structure &
ownership.
Dan Richards has a web site.
Dan Richards is led by its CEO Dan Richards
Dan Richards is privately owned.
Deloitte Touche Tohmatsu
Deloitte Touch Tohmatsu was founded in 1845 by William Deloitte and is based in New
York, NY. The firm has 91 US offices, 73,810 employees and 6,714 partners. Deloitte
Touch Tohmatsu has $12.5 billion in revenues and $6.5 billion in US revenues. The firm
is led by chairman John Connolly and CEO James Quigley.
History
The first section of Deloitte Touche Tohmatsus profile will explain the key historical
Deloitte Touche Tohmatsu was founded in 1845 and has evolved through three phases,
including its Jim Copeland, acquisition, and consulting phases.
Businesses
The second section of Deloitte Touche Tohmatsus profile will outline its core
businesses.
Deloitte Touche Tohmatsu has three core businesses, including accounting and
auditing, management advisory, and tax services.
Deloitte Consulting
Deloitte Touche Tohmatsus second business is its management advisory services,
which it calls Deloitte Consulting. Deloitte Consulting has 10,000 employees and
generates $5.6 billion revenues.
Deloitte Touche Tohmatsus Deloitte Consulting employs 10,000 professionals.
Deloitte Touche Tohmatsus Deloitte Consulting business generates $5.6 billion
revenues. Specifically, Deloitte Consultings revenues are up 430% since 1996.
Deloitte Touche Tohmatsus Deloitte Consulting business generates $130,000 in
revenues per professional.
The final section of Deloitte Touch Tohmatsus profile will address is organizational
189
Deloitte Touche Tohmatsu has a detailed web site which is divided into eight sections,
including about, issues, services, industries, insights, centers, events, & alumni.
Deloitte Touche Tohmatsu is Led by its Chairman John Connolly and CEO James
Quigley
Deloitte Touche Tohmatsus Deloitte consultings executive team includes Punjit Renjen,
strategy & operations practice global leader.
Deloitte Touche Tohmatsu is owned by its partners.
Delta Consulting Group
Delta Consulting Group was founded.
History
The first section of Delta Consulting Groups profile will explain the key historical events
Delta Consulting Group was founded and has evolved through three phases, including
Statistics
The second section of Delta Consulting Groups profile will review some key statistics
regarding the firm.
Businesses
The third section of Delta Consulting Groups profile will outline its core businesses.
Delta Consulting Group has several various businesses.
The final section of Delta Consulting Groups profile will address is organizational
Delta Consulting Group has a web site.
Delta Consulting Group is led by its management.
Delta Consulting Group is privately owned.
DeMarche Associates
DeMarche Associates is a pension consulting firm, with 50 pension clients and $77
billion in pension assets.
History
The first section of DeMarche Associates profile will explain the key historical events in
DeMarche Associates was founded and has evolved through three phases, including its
early phase, middle phase, & recent phases.
190
Businesses
The second section of DeMarche Associates profile will outline its core businesses.
DeMarche Associates has a number of businesses.
Consulting
DeMarche Associates final business is its consulting business.
The final section of DeMarche Associates profile will address is organizational structure
& ownership.
DeMarche Associates has a web site.
DeMarche Associates is led by its management.
DeMarche Associates is owned by its shareholders.
Diamond Consulting
The firm was founded in 1989 and is based in Illinois. The firms CEO is Anthony Hotko
and its web site is www.dymnd.com.
History
The first section of Diamond Consultings profile will explain the key historical events in
Diamond Consulting was founded in 1989 and has evolved through three phases,
Early Phase
The first phase in the development of Diamond Consultings development was its early
phase.
Middle Phase
The second phase in the development of Diamond Consultings development was its
middle phase.
Recent Phase
The third phase in the development of Diamond Consultings development was its recent
phase.
Statistics
The second section of Diamond Consultings profile will review some key statistics
regarding the firm.
Businesses
The third section of Diamond Consultings profile will outline its core businesses.
Diamond Consulting has three practice areas, including technology planning, network
services, and application development. Specifically, details include:
191
Technology Planning
Systems evaluation
Installation
Training
Network Services
Hardware
Procurement
Implementation
Application Development
Visual Basica
Lotus Notes
HTML
Java
Oracle
The final section of Diamond Consultings profile will address is organizational structure
& ownership.
Diamond Consulting has a web site.
Diamond Consulting is led by its management.
Diamond Consulting is privately owned.
Digital 4 Sight
Digital 4 Sight was founded.
History
The first section of Digital 4 Sights profile will explain the key historical events in the
firms development.
Digital 4 Sight was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Digital 4 Sight was its early phase.
Middle Phase
The second phase in the development of Digital 4 Sight was its middle phase.
Recent Phase
The third phase in the development of Digital 4 Sight was its recent phase.
Statistics
The second section of Digital 4 Sights profile will review some key statistics regarding
the firm.
192
Businesses
The third section of Digital 4 Sights profile will outline its core businesses.
Digital 4 Sight has a number of businesses.
The final section of Digital 4 Sights profile will address is organizational structure &
ownership.
Digital 4 Sight has a web site.
Digital 4 Sight is led by its management.
Digital 4 Sight is privately owned.
Eager Consulting
Eager Consulting was founded in 1985 and is based in Louisville, KT. It is led by
Principal Douglas Peabody.
History
The first section of Eager Consultings profile will explain the key historical events in the
firms development.
Eager consulting was founded in 1985 and has evolved through three phases, including
its early phase, middle phase, & recent phases.
Statistics
The second section of Eager Consultings profile will review some key statistics
regarding the firm.
Businesses
The second section of Eager Consultings profile will outline its core businesses.
Eager Consulting has a number of businesses.
The final section of Eager Consultings profile will address is organizational structure &
ownership.
Eager Consulting has a web site.
Eager Consultings management team includes Principal Douglas Peabody.
Eager consulting is owned by its shareholders.
Edelman Public Relations Worldwide
Edelman Public Relations Worldwide was founded.
History
The first section of Edelman Public Relations Worldwides profile will explain the key
193
Edelman Public Relations Worldwide was founded.

Businesses
The second section of Edelman Public Relations Worldwides profile will outline its core
businesses.
Edelman Public Relations Worldwide has several various businesses.
Consulting
The final section of Edelman Public Relations Worldwides profile will address is
Edelman Public Relations Worldwide has a web site.
Edelman Public Relations Worldwide is led by its management.
Edelman Public Relations Worldwide is privately owned.
Edgar, Dunn, & Company
Edgar, Dunn, & Company was founded.
History
The first section of Edgar, Dunn, & Companys profile will explain the key historical
Edgar, Dunn, & Company was founded and has evolved through three phases, including
Early Phase
The first phase in the development of Edgar, Dunn, & Company was its early phase.
Edgar, Dunn, & Company was founded.
Middle Phase
The second phase in the development of Edgar, Dunn, & Company is its middle phase.
Recent Phase
The third phase in the development of Edgar, Dunn, & Company is it recent phase.
Statistics
The second section of Edgar, Dunn, & Companys profile will review some key statistics
regarding the firm.
Businesses
The third section of Edgar, Dunn, & Companys profile will outline its core businesses.
Edgar, Dunn, & Company has several various businesses.
194

The final section of Edgar, Dunn, & Companys profile will address is organizational
Edgar, Dunn, & Company has a web site.
Edgar, Dunn, & Company is led by its management.
Edgar, Dunn, & Company is privately owned.
Efficient Frontiers
Efficient Frontiers was founded.
History
The first section of Efficient Frontiers profile will explain the key historical events in the
firms development.
Efficient Frontiers was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Efficient Frontiers development was its early
phase.
Middle Phase
The second phase in the development of Efficient Frontiers development was its middle
phase.
Recent Phase
The third phase in the development of Efficient Frontiers development was its recent
phase.
Statistics
The second section of Efficient Frontiers profile will review some key statistics regarding
the firm.
Businesses
The third section of Efficient Frontiers profile will outline its core businesses.
Efficient Frontiers has a number of businesses.
The final section of Efficient Frontiers profile will address is organizational structure &
ownership.
Efficient Frontiers has a web site.
Efficient Frontiers is led by its management.
Efficient Frontiers is privately owned.
195
EMC2
EMC2 was founded.
History
The first section of EMC2s profile will explain the key historical events in the firms
development.
EMC2 was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of EMC2s development was its early phase.
Middle Phase
The second phase in the development of EMC2s development was its middle phase.
Recent Phase
The third phase in the development of EMC2s development was its recent phase.
Statistics
The second section of EMC2s profile will review some key statistics regarding the firm.
Businesses
The third section of EMC2s profile will outline its core businesses.
The final section of EMC2s profile will address is organizational structure & ownership.
EMC2 has a web site.
EMC2 is led by its management.
EMC2 is privately owned.
E-Myth Academy
E-Myth Academy is based in California and is led by CEO Michael Gerber.
History
The first section of E-Myth Academys profile will explain the key historical events in the
firms development.
E-Myth Academy was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of E-Myth Academy is its early phase.
Middle Phase
The second phase in the development of E-Myth Academy is its middle phase.
196
Recent Phase
The third phase in the development of E-Myth Academy is its recent phase.
Statistics
The second section of E-Myth Academys profile will review some key statistics
regarding the firm.
Businesses
The third section of E-Myth Academys profile will outline its core businesses.
E-Myth Academy has several various businesses.
The final section of E-Myth Academys profile will address is organizational structure &
ownership.
E-Myth Academy has a web site.
E-Myth Academy is led by Michael Gerber.
E-Myth Academy is privately owned.
Ennis, Knupp, & Associates
Ennis Knupp & Associates is an investment consulting firm that has 44 pension clients
and $150 billion in pension assets.
History
The first section of Ennis, Knupp, & Associates profile will explain the key historical
Ennis, Knupp, & Associates was founded and has evolved through three phases,
Businesses
The second section of Ennis, Knupp, & Associates profile will outline its core
businesses.
Ennis, Knupp, & Associates has a number of businesses.
Consulting
Ennis, Knupp, & Associates final business is its consulting business.
The final section of Ennis, Knupp, & Associates' profile will address is organizational
Ennis, Knupp, & Associates has a web site.
Ennis, Knupp, & Associates is led by its management.
197
Ennis, Knupp, & Associates is owned by its shareholders.

Ernst & Young
Ernst & Young was founded in 1903 by Alwin & Theodore Ernst. The company is based
in New York, NY and has 86 US offices. The firm has a total of 60,713 employees and
6,131 partners. The firm generates $10.1 billion in revenues and led by its chairman
James Turley.
History
The first section of Ernst & Youngs profile will explain the key historical events in the
firms development.
Ernst & Young was founded in 1903 and has evolved through three phases, including its
early, troubled, and rebuilding phases.
Businesses
The second section of Ernst & Youngs profile will outline its core businesses.
Financial Consulting
Ernst & Youngs final business is its financial consulting business.
Ernst & Youngs financial consulting group is made up of individuals recruited from
various financial backgrounds, not just accounting.
Ernst & Youngs financial consulting group administration and compliance function is
located in Chicago, IL.
Ernst & Young has several custodians for its financial consulting group assets under
management including, Schwab, Mellon Corporation, & The Bank of New York.
The final section of Ernst & Youngs profile will address is organizational structure &
ownership.
Ernst & Young has a web site.
Ernst & Young is led by its Chairman James Turley.
Ernst & Young is owned by its partners.
Ethos Consulting
Ethos Consulting was founded.
History
The first section of Ethos Consultings profile will explain the key historical events in the
firms development.
Ethos Consulting was founded and has evolved through three phases, including its early
198
Statistics
The second section of Ethos Consultings profile will review some key statistics
regarding the firm.
Businesses
The third section of Ethos Consultings profile will outline its core businesses.
Ethos Consulting has a number of businesses.
Consulting
Ethos Consultings final business is its consulting business.
The final section of Ethos Consultings profile will address is organizational structure &
ownership.
Ethos Consulting has a web site.
Ethos Consulting is led by its management team.
Ethos Consulting is privately owned.
Eureka Ranch
Eureka Ranch was founded.
History
The first section of Eureka Ranchs profile will explain the key historical events in the
firms development.
Eureka Ranch was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Eureka Ranch was its early phase.
Middle Phase
The second phase in the development of Eureka Ranch was its middle phase.
Recent Phase
The third phase in the development of Eureka Ranch was its recent phase.
Statistics
The second section of Eureka Ranchs profile will review some key statistics regarding
the firm.
Businesses
The third section of Eureka Ranchs profile will outline its core businesses.
Eureka Ranch has a number of businesses.
199

The final section of Eureka Ranchs profile will address is organizational structure &
ownership.
Eureka Ranch has a web site.
Eureka Ranch is led by its management.
Eureka Ranch is privately owned.
EVA
EVA was founded.
History
The first section of EVAs profile will explain the key historical events in the firms
development.
EVA was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of EVA was its early phase.
Middle Phase
The second phase in the development of EVA was its middle phase.
Recent Phase
The third phase in the development of EVA was its recent phase.
Statistics
The second section of EVAs profile will review some key statistics regarding the firm.
Businesses
The third section of EVAs profile will outline its core businesses.
EVA has a number of businesses.
The final section of EVAs profile will address is organizational structure & ownership.
EVA has a web site.
EVA is led by its management.
EVA is privately owned.
Financial Information Group
Financial Information Group was founded.
200
History
The first section of Financial Information Groups profile will explain the key historical
Financial Information Group was founded and has evolved through three phases,
Early Phase
The first phase in the development of Financial Information Group was its early phase.
Middle Phase
The second phase in the development of Financial Information Group was its middle
phase.
Recent Phase
The third phase in the development of Financial Information Group was its recent phase.
Statistics
The second section of Financial Information Groups profile will review some key
Businesses
The third section of Financial Information Groups profile will outline its core businesses.
Financial Information Group has a number of businesses.
The final section of Financial Information Groups profile will address is organizational
Financial Information Group has a web site.
Financial Information Group is led by its management.
Financial Information Group is privately owned.
Financial Insights
Financial Insights was founded.
History
The first section of Financial Insights profile will explain the key historical events in the
firms development.
Financial Insights was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Financial Insights was its early phase.
Middle Phase
The second phase in the development of Financial Insights was its middle phase.
201
Recent Phase
The third phase in the development of Financial Insights was its recent phase.
Statistics
The second section of Financial Insights profile will review some key statistics regarding
the firm.
Businesses
The third section of Financial Insights profile will outline its core businesses.
Financial Insights has a number of businesses
The final section of Financial Insights profile will address is organizational structure &
ownership.
Financial Insights has a web site.
Financial Insights is led by its management.
Financial Insights is privately owned.
Financial Technology Partners
Financial Technology Partners is based in San Francisco, CA and led by CEO Steve
McLaughlin. The firms web site is www.ftpartners.com.
History
The first section of Financial Technology Partners profile will explain the key historical
Financial Technology Partners was founded and has evolved through three phases,
including its early, middle, & recent phases.
Businesses
The third section of Financial Technology Partners profile will outline its core
businesses.
Financial Technology Partners has a number of businesses.
Consulting
Financial Technology Partners final business is its consulting business.
The final section of Financial Technology Partners profile will address is organizational
Financial Technology Partners has a web site.
Financial Technology Partners is led by Steve McLaughlin.
202
Financial Technology Partners is privately owned.

First Manhattan Consulting Group
First Manhattan Consulting Group was founded.
History
The first section of First Manhattan Consulting Groups profile will explain the key
First Manhattan Consulting Group was founded and has evolved through three phases,
Early Phase
The first phase in the development of First Manhattan Consulting Group was its early
phase.
First Manhattan Consulting Group was founded.
Middle Phase
The second phase in the development of First Manhattan Consulting Group was its
middle phase.
Recent Phase
The third phase in the development of First Manhattan Consulting Group was its recent
phase.
Statistics
The second section of First Manhattan Consulting Groups profile will review some key
Businesses
The third section of First Manhattan Consulting Groups profile will outline its core
businesses.
First Manhattan Consulting Group has several various businesses.
The final section of First Manhattan Consulting Groups profile will address its
First Manhattan Consulting Group has a web site.
First Manhattan Consulting Group is led by its management.
First Manhattan Consulting Group is privately owned.
Fitch Group
Fitch Group is based in New York, NY, and generates $396 million in revenues in selling its credit
reports, and other data & research services. The company web site is www.fitchratings.com.
203
History
The first section of Fitch Groups profile outlines the key historical events in the firms
development.
Fitch Group acquired Algorithmics in 2005 for $175 million. The firm was founded in 1989, and is
based in Toronto, Canada. It has 15 offices and 450 employees. The firm has 200 clients, and
generates $75 million in revenues. Asset managers, insurance companies, brokerage firms,
utilities, and large corporations use the company's Algo software suite to analyze and manage
market, credit, asset liability, and operational risk across an enterprise. Algorithmics provides
enterprise financial risk management software for more than half of the world's top 100 banks.
The firm is led by CEO Steve Joynt. The Algorithmics web site is www.algorithmics.com.
Statistics
The second section of Fitch Groups profile outlines some key statistics regarding the
firm.
Algorithmics generates $75 million in total revenues, $65 million (87%) from financial services
business.
Algorithmics generates $65 million in revenues from financial services business.
Algorithmics financial services business revenues accounts for 90% of total revenues.
Businesses
The third section of Fitch Groups profile outlines its core businesses.

The final section of Fitch Groups profile outlines its organization & ownership.
Focus Consulting Group

Focus Consulting Group was founded by Jim Ware and is based in Chicago, IL. The firm
serves 69 institutional clients and is led by its CEO Jim Ware. Its web site is
www.focusgroup.com.
History
The first section of Focus Consulting Groups profile will explain the key historical events
Focus Consulting Group was founded and has evolved through three phases, including
Statistics
the firm.
Businesses
The third section of Focus Consulting Groups profile will outline its core businesses.
Focus Consulting Group Has many services, including management offsites, conference
speeches, books, & white papers
Management Offsites
Focus Consulting Groups first service is management offsites.
204
Conference Speeches
Focus Consulting Groups second service is conference speeches.
Books
Focus Consulting Groups third service is books.
White Papers
Focus Consulting Groups fourth service is white papers.
Focus Consulting group has published a number of white papers including The Adaptive
Leader, Applied Behavioral Finance, The Black Swan & High-Performing Investment
Teams, and Communication: The Same-Page Challenge.
Focus Consulting Groups Jim Ware writes a CFA newsletter.
The final section of Focus Consulting Groups profile will address is organizational
Focus Consulting Groups web site is practically organized into six sections, including
about us, solutions, clients, events, contact us, & writings.
Focus Consulting Group is led by Jim Ware.
Focus Consulting Group is owned by its partners.
Forrester
Forrester was founded.
History
The first section of Forresters profile will explain the key historical events in the firms
development.
Forrester was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Forrester was its early phase.
Middle Phase
The second phase in the development of Forrester was its middle phase.
Forrester Research granted stock options with incorrect stock prices in the early 2000s.
It was awarded options with exercise prices that were lower than the market value on the
date the grants were finalized.
Recent Phase
The third phase in the development of Forrester was its recent phase.
205
Statistics
The second section of Forresters profile will review some key statistics regarding the
firm.
Businesses
The third section of Forresters profile will outline its core businesses.
Forrester Research has a number of businesses.
The final section of Forresters profile will address is organizational structure &
ownership.
Forrester Research has a web site.
Forrester Research is led by its CEO George Colony.
Forrester Research is privately owned.
FS Associates
FS Associates was founded.
History
The first section of FS Associates profile will explain the key historical events in the
firms development.
FS Associates was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of FS Associates was its early phase.
Middle Phase
The second phase in the development of FS Associates was its middle phase.
Recent Phase
The third phase in the development of FS Associates was its recent phase.
Statistics
The second section of FS Associates profile will review some key statistics regarding
the firm.
Businesses
The third section of FS Associates profile will outline its core businesses.
FS Associates has a number of businesses.
The final section of FS Associates profile will address is organizational structure &
ownership.
206
FS Associates has a web site.

FS Associates is led by its management.
FS Associates is privately owned.
Gartner
Gartner was founded
History
The first section of Gartners profile will explain the key historical events in the firms
development.
Gartner was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Gartners development was its early phase.
Middle Phase
The second phase in the development of Gartners development was its middle phase.
Recent Phase
The third phase in the development of Gartners development was its recent phase.
Statistics
The second section of Gartners profile will review some key statistics regarding the firm.
Businesses
The third section of Gartners profile will outline its core businesses.
Gartner has a number of businesses.
The final section of Gartners profile will address is organizational structure & ownership.
Gartner has a web site.
Gartner is led by its management.
Gartner is privately owned.
Gary Becker
Gary Becker was founded.
History
The first section of Gary Beckers profile will explain the key historical events in the firms
development.
207
Gary Becker was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Gary Becker was its early phase.
Middle Phase
The second phase in the development of Gary Becker was its middle phase.
Recent Phase
The third phase in the development of Gary Becker was its recent phase.
Statistics
The second section of Gary Beckers profile will review some key statistics regarding the
firm.
Businesses
The third section of Gary Beckers profile will outline its core businesses.
Gary Becker has a number of businesses.
The final section of Gary Beckers profile will address is organizational structure &
ownership.
Gary Becker has a web site.
Gary Becker is led by its CEO Gary Becker.
Gary Becker is privately owned.
Gen3 Partners
Gen3 Partners was founded.
History
The first section of Gen3 Partners profile will explain the key historical events in the
firms development.
Gen3 Partners was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Gen3 Partners was its early phase.
Middle Phase
The second phase in the development of Gen3 Partners was its middle phase.
Recent Phase
The third phase in the development of Gen3 Partners was its recent phase.
208
Statistics
The second section of Gen3 Partners profile will review some key statistics regarding
the firm.
Businesses
The third section of Gen3 Partners profile will outline its core businesses.
Gen3 Partners has a number of businesses.
The final section of Gen3 Partners profile will address is organizational structure &
ownership.
Gen3 Partners has a web site.
Gen3 Partners is led by its management.
Gen3 Partners is privately owned.
Gilder Publishing
Glider Publishing was founded.
History
The first section of Gilder Publishings profile will explain the key historical events in the
firms development.
Gilder Publishing was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Gilder Publishing was its early phase.
Middle Phase
The second phase in the development of Gilder Publishing was its middle phase.
Recent Phase
The third phase in the development of Gilder Publishing was its recent phase.
Statistics
The second section of Gilder Publishings profile will review some key statistics
regarding the firm.
Businesses
The third section of Gilder Publishings profile will outline its core businesses.
Gilder Publishing has a number of businesses.
The final section of Gilder Publishings profile will address is organizational structure &
ownership.
209
Gilder Publishing has a web site.

Gilder Publishing is led by its management.
Gilder Publishing is privately owned.
Giuliani Partners
Giuliani Partners is led by CEO Rudolph Giuliani.
History
The first section of Giuliani Partners profile will explain the key historical events in the
firms development.
Giuliani Partners was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Giuliani Partners was its early phase.
Middle Phase
The second phase in the development of Giuliani Partners was its middle phase.
Recent Phase
The third phase in the development of Giuliani Partners was its recent phase.
Statistics
The second section of Giuliani Partners profile will review some key statistics regarding
the firm.
Businesses
The third section of Giuliani Partners profile will outline its core businesses.
Giuliani Partners has a number of businesses.
The final section of Giuliani Partners profile will address is organizational structure &
ownership.
Giuliani Partners has a web site.
Giuliani Partners is led by its CEO Rudolph Giuliani
Giuliani Partners is privately owned.
Gomez
Gomez was founded.
History
The first section of Gomezs profile will explain the key historical events in the firms
development.
210
Gomez was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Gomezs development was its early phase.
Middle Phase
The second phase in the development of Gomezs development was its middle phase.
Recent Phase
The third phase in the development of Gomezs development was its recent phase.
Statistics
The second section of Gomezs profile will review some key statistics regarding the firm.
Businesses
The third section of Gomezs profile will outline its core businesses.
Gomez has a number of businesses.
The final section of Gomezs profile will address is organizational structure & ownership.
Gomez has a web site.
Gomez is led by its management.
Gomez is privately owned.
Grant Thornton
Grant Thornton was founded in 1924 by Alexander Grant and is based in Chicago, IL. It
has 48 US offices (and 109 overseas affiliations), and a total of 14,019 employees and
2,256 partners with 3,280 US employees, 2,217 US professionals, and 328 US partners.
Grant Thornton generates $1.8 billion in revenues with $490 million in US revenues. The
company is led by its CEO of Grant Thornton. The firms web site is
www.grantthornton.com.
History
The first section of Grant Thorntons profile will explain the key historical events in the
firms development.
Grant Thornton was founded in 1924 and has evolved through three phases, including
early, middle, and late phases.
Businesses
The third section of Grant Thorntons profile will outline its core businesses.
Grant Thornton has several businesses, including accounting & auditing, tax, and
management advisory services.
211
Half of Grant Thorntons US revenues come from accounting and auditing services.
Specifically, 52% of US revenues come from accounting & auditing, while tax services
are responsible for 33% of US revenues, and management advisory services
responsible for the remaining 15%. Grant Thornton has $250 million in revenues from
accounting & auditing services and $140 million in revenues from tax services.
Management Advisory
Grant Thorntons final business is its management advisory business.
The final section of Grant Thorntons profile will address is organizational structure &
ownership.
Grant Thornton has a web site.
Grant Thornton is led by Ed Nusbaum. Ed Nusbaum is CEO of Grant Thornton and
Harris Smith is managing partner at the firms San Francisco office.
Grant Thornton is owned by its partners.
Gray Matters
Gray Matters was founded and is led by its CEO Lisa Gray.
History
The first section of Gray Matters profile outlines the key historical events in the firms
development.
Gray Matters was founded and has evolved through three phases, including its early,
Early Phase
This section outlines the early phase of Gray Matters.
Middle Phase
This section outlines the middle phase of Gray Matters.
Recent Phase
This section outlines the recent phase of Gray Matters.
Statistics
The second section of Gray Matters profile outlines some key statistics regarding the
firm.
Businesses
The third section of Gray Matters profile outlines its core businesses.
The final section of Gray Matters profile outlines its organizational structure &
ownership.
Gray Matters has a web site.
212
Gray Matters is led by its CEO Lisa Gray.

Gray Matters is owned by Lisa Gray.
Greenrock Research
Greenrock Research was founded in 1996 and based in Chicago, IL. The firm has one
office and five employees. Greenrock Research is led by its CEO Kevin Malone. Its web
site is www.greenrockresearch.com
History
The first section of Greenrock Researchs profile will explain the key historical events in
Greenrock Research was founded in 1996 and has evolved through three phases,
including its JMG, independence phase, and maturity phases.
Businesses
The second section of Greenrock Researchs profile will outline its core businesses.
Greenrock Research has three core businesses, including on-going investment manager
research, one-off managers research projects, and one-off investment banking support
projects.
On-Going Investment Manager Research
Greenrock Researchs first business is its on-going investment manager research
business in which is supports fee-based financial advisors that utilize The Charles
Schwab Corporation & Fidelity Investments as custodians and collects basis points.
Greenrock Researchs clients include the Assemblies of God, JMG Financial, Ron Blue
& Company, Seton Smoke Capital Management, Tom Hines, & US Fiduciary.
Greenrock Research has six financial advisor clients.
Greenrock Research assists its clients in managing almost 1,000 accounts, up 20%
since 2001.
Greenrock Research assists its clients in investing $2.5 billion of client assets, up 150%
since 2002.
Greenrock Researchs average client account size is $1.0 million.
Greenrock Research provides six services in its core offering, including customized
investment strategies, individual client portfolio proposals, managed separate accounts,
mutual funds, & ETFs, Administrative services, detailed monthly & quarterly investment
analysis, and quarterly performance measurement. Specifically, details include:
Asset Allocation & Other Consulting Services
Assistance with client risk questionnaire, custodian selection, etc.
Develops client portfolios which the financial advisor clients present to their
clients
213
Customized Investment Strategies

-Investment Management Research
Identification of investment managers
Individual Client Portfolio Proposals
-Ongoing Management of Separate Accounts, Mutual Funds, & ETFs
-Detailed Monthly & Quarterly Investment Analysis
-Quarterly Performance Measurement
-Client Web Sites
-Administrative Services
Provides services in opening accounts, billing, and reporting
Greenrock Research has detailed manager criteria for the managers it selects, including
expecting them to have strong research to support their investment philosophy. Other
criteria include commitment to a specific investment discipline, an investment philosophy
that is appropriately current and will have intellectual integrity over the long-term, a clear
& concise buy & sell decision making process, an organizational structure that allows for
easy & consistent implementation of research ideas, a portfolio concentration method
that ensures that positions within the portfolio reflect the investment philosophy, a
performance record that proves the investment philosophy, and a business philosophy
that defines clients as important.
Greenrock Research uses just a few managers, including Bay Isle Financial Advisors,
Becker Capital Management, Chicago Equity Partners, and Concord Investment
Company.
Greenrock Research may try to create a packaged TAMP with IAN.
Greenrock Research has a $250,000 minimum for equity portfolios and $500,000
minimum for fixed income portfolios.
Greenrock Research charges 10 basis points on separate account manager portfolios &
20 basis points on mutual fund portfolios.
Greenrock Research provides a useful manager research suite, including manager
profiles, performance, portfolio holdings, & monthly analyst reports. Others include a
newsletter, manager commentary, ADVs, and links to separate account manager web
sites.
214
Greenrock Research sends out a quarterly newsletter on the markets as well as

manager commentary.
One-Off Manager Research
Greenrock Researchs second business is one-off manager research projects.
Greenrock Research is frequently hired for one-off manager research projects by three
wealthy families.
One-Off Investment Banking
Greenrock Researchs third business is one-off investment banking support projects.
Greenrock Research advised the Bank of Ireland on its acquisition of Iridian.
The final section of Greenrock Researchs profile outlines is organizational structure &
ownership.
Greenrock Researchs web site is in-depth with plenty of information regarding its team,
research, reports, and services.
Greenrock Research is led by its president Kevin Malone and a relatively small team.
Greenrock Research is owned by its president Kevin Malone.
Greenwich Associates
Greenwich Associates Managing Director is Christopher McNickle.
History
The first section of Burt Greenwalds profile will explain the key historical events in the
firms development.
Greenwich Associates was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Greenwich Associates was its early phase.
Middle Phase
The second phase in the development of Greenwich Associates was its middle phase.
Recent Phase
The third phase in the development of Greenwich Associates was its recent phase.
Statistics
The second section of Greenwich Associates profile will review some key statistics
regarding the firm.
Businesses
The third section of Greenwich Associates profile will outline its core businesses.
215
Greenwich Associates is an institutional consultant.

Greenwich Associates now owns investments counselings competitive challenges.
Greenwich Associates has a number of businesses.
The final section of Greenwich Associates profile will address is organizational structure
& ownership.
Greenwich Associates has a web site.
Greenwich Associates is led by its management. Christopher McNickle is Managing
Director.
Greenwich Associates is privately owned.
Gregory Group
Gregory Group is based in Washington, DC and is led by its CEO Kip Gregory. It serves
financial advisors and has published a book titled Winning Clients in a Wired World: How
to Leverage Technology and the Web to Grow Your Business.
History
The first section of Gregory Groups profile will explain the key historical events in the
firms development.
Gregory Group was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Gregory Group was its early phase.
Middle Phase
The second phase in the development of Gregory Group was its middle phase.
Recent Phase
The third phase in the development of Gregory Group was its recent phase.
Statistics
The second section of Gregory Groups profile will review some key statistics regarding
the firm.
Businesses
The third section of Gregory Groups profile will outline its core businesses.
Gregory Group has a number of businesses.
The final section of Gregory Groups profile will address is organizational structure &
ownership.
216
Gregory Group has a web site.

The Gregory Group is led by its management.
The Gregory Group is privately owned.
Hammer & Company
Hammer & Company was founded.
History
The first section of Hammer & Companys profile will explain the key historical events in
Hammer & Company was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Hammer & Companys was its early phase.
Middle Phase
The second phase in the development of Hammer & Companys was its middle phase.
Recent Phase
The third phase in the development of Hammer & Companys was its recent phase.
Statistics
The second section of Hammer & Companys profile will review some key statistics
regarding the firm.
Businesses
The third section of Hammer & Companys profile will outline its core businesses.
Hammer & Company has a number of businesses.
The final section of Hammer & Companys profile will address is organizational structure
& ownership.
Hammer & Company has a web site.
Hammer & Company is led by its management.
Hammer & Company is privately owned.
Hay Group
Hay Group was founded in 1943 by Edward Hay and is based in Philadelphia, PA. The
company has locations in 47 countries, 88 offices, 2,500 professionals, and 7,000
clients. Hay Group is led by its chairman Chris Matthews.
Its website is
www.haygroup.com.
217
History
The first section of Hay Groups profile outlines the key historical events in the firms
development.
Hay Group was founded in 1943 and has evolved through three phases, including its
Hay Group was founded in 1943.
Early Phase
This section outlines the early phase of Hay Group.
Middle Phase
This section outlines the middle phase of Hay Group.
Hay Group was purchased by Advertising Company Saatchi & Saatchi in 1984.
Recent Phase
This section outlines the recent phase of Hay Group.
Hay Group returned to private ownership after it was purchased by its staff in a
leveraged buyout in 1990.
Hay Group conducted a salary administration, incentives, & employee benefits report
with the American Bankers Association.
Statistics
The second section of Hay Groups profile will review some key statistics regarding the
firm.
Businesses
The third section of Hay Groups profile outlines its core businesses.
Hay Group has five businesses, including its Hay Group Insight, Hay Group Pay Net,
Hay Group Transforming Learning, international conference, & job evaluation manager.
Hay Groups first business is its Hay Group Insight.
Hay Groups second business is its Hay Group Pay Net.
Hay Groups third business is its Hay Group Transforming Learning.
Hay Groups fourth business is its international conference.
Hay Groups fifth business is its job evaluation manager.
The final section of Hay Groups profile outlines its organizational structure & ownership.
Hay Group has an in-depth web site with eight sections, including about hay group,
service lines, & business issues.
218
Hay Group is led by chairman Chris Matthews.

Hay Group is owned by its management.
Heidrick & Struggles
Heidrick & Struggles was founded.
History
The first section of Heidrick & Struggles profile outlines the key historical events in the
firms development.
Heidrick & Struggles was founded and has evolved through three phases, including its
Early Phase
This section outlines the early phase of Heidrick & Struggles.
Middle Phase
This section outlines the middle phase of Heidrick & Struggles.
Recent Phase
This section outlines the recent phase of Heidrick & Struggles.
Statistics
The second section of Heidrick & Struggles profile outlines some key statistics regarding
the firm.
Businesses
The third section of Heidrick & Struggles profile outlines its core businesses.
Heidrick & Struggles has a number of businesses.
The final section of Heidrick & Struggles profile outlines its organizational structure &
ownership.
Heidrick & Struggles has a web site.
Heidrick & Struggles is led by its management team.
Heidrick & Struggles is privately owned.
Hewitt Associates
Hewitt Associates was founded in 1940 by Ted Hewitt and is based in Lincolnshire, IL.
Company operates in 35 countries, has 24,000 employees, and 2,500 clients. Hewitt
Associates generates $2.9 billion revenues and $116 million net income. Company is led
by its CEO, Russ Fradin. Hewitt Associates is a publicly traded company on the New
York Stock Exchange under the symbol HEW.
219
History
The first section of Hewitt Associates profile will explain the key historical events in the
firms development.
Hewitt Associates was founded in 1940 and has evolved through three phases, including
Businesses
The third section of Hewitt Associates profile will outline its core businesses.
Hewitt Associates has at least three businesses, including employee benefits,
organizational effectiveness consulting, and investment consulting.
Hewitt Investment Consulting Group
Hewitt Associates third business is Hewitt Investment Groups investment consulting
business. The group has 68 pension clients and $79 billion in pension assets under
management.
Hewitt Investment Group has 68 pension clients.
Hewitt Investment Group manages $79 billion in pension assets under management.
The final section of Hewitt Associates profile will address is organizational structure &
ownership.
Hewitt Associates web site has five sections, including about Hewitt, our services,
knowledge center, investor relations, and working here.
Hewitt Associates is led by its CEO Russ Fradin.
Hewitt Associates is a publicly traded company on the New York Stock Exchange under
the symbol HEW.
Hitachi
Hitachi was founded in 1910 and is based in Tokyo, Japan. The firm is led by President
Kazuo Furukawa. Its traded on the NYSE and TYO under the ticker HIT. Its web site is
www.hitachi.com..
History
The first section of Hitachis profile will explain the key historical events in the firms
development.
Hitachi was founded in 1910 and has evolved through three phases, including its early,
Businesses
The second section of Hitachis profile will outline its core businesses.
Hitachi has a number of businesses, including its electronics & Hitachi Consulting
Business.
220
Hitachi Consulting
Hitachis final business is its consulting business, called Hitachi Consulting.
Hitachis Hitachi Consulting has operation in 7 countries.
Hitachis Hitachi Consulting has 17 offices.
Hitachis Hitachi Consulting has 1,500 employees.
Hitachis Hitachi Consulting generates $200 million in revenues.
Hitachis Hitachi Consulting has a number of businesses, including its JMN Associates
and Dove Consulting.
Hitachis Hitachi Consultings first business is its JMN Associates, which it acquired in
2008 to enter the consulting industry for banking, real estate, & insurance.
Hitachis Hitachi Consultings second business is its Dove Consulting.
Hitachis Hitachi Consultings Dove Consulting has a number of businesses, including
financial services and payments compliance.
Hitachis Hitachi Consultings Dove Consultings first business is its financial services
business.
Hitachis Hitachi Consultings Dove Consultings second business is its payments
compliance business.
The final section of Hitachis profile will address its organizational structure & ownership.
Hitachi has a detailed web site that is divided into four sections, including about Hitachi,
products & services, support & downloads, and news releases.
Hitachis Hitachi Consulting Has a detailed web site that is divided into six sections,
including about us, industries, solutions, alliances, knowledge & success, and contact
us.
Hitachis Hitachi Consultings Dove Consulting has a web site.
Hitachi is led by its president Kazuo Furukawa.
Hitachis Hitachi Consulting is led by its CEO Michael Travis.
Hitachis Hitachi Consultings Dove Consulting is led by its management.
Hitachi is a public company and is listed on The New York Stock Exchange under the
ticker HIT.
221
H&R Block
H&R Block was founded in 1955 by Henry & Richard Bloch and is based in Kansas City,
MO. The firm has 12,000 offices and 15,300 employees with 60,000 temporary
employees hired each tax season. H&R Block completes 190 million tax returns and
generates $4.4 billion in revenues and earns $624 million in profits. H&R Block is led by
its CEO Mark Ernst. The firms web site is www.hrblock.com.
History
The first section of H&R Blocks profile will explain the key historical events in the firms
development.
H&R Block was founded in 1955 and has had a long history of making acquisitions and
having legal issues.
Businesses
The third section of H&R Blocks profile will outline its core businesses.
H&R Block has four core business units, including tax, mortgage, business services, and
investment services. The tax business operates within offices, online environment and
software, while the mortgage business is administered in the banking environment,
business services occur through RSM McGladrey and investment services are handled
by its financial advisors.
RSM McGladrey
RSM McGladrey was created from H&R Blocks acquisition of the business services unit
of McGladrey & Pullen in 1999; this is now the basis of the firms third core business
unit. Based in Bloomington, MN and is in 22 states. They have 100 offices and another
90 independently owned offices with a total of 5,000 employees. The firm generates $1
billion in revenues. Steven Trait is CEO. The web site: www.rsmmcgladrey.com
H&R Blocks RSM McGladrey was acquired IN 1999 after being an integral part of
McGladrey & Pullen.
H&R Blocks RSM McGladrey and McGladrey & Pullen have an alternative practice
structure. RSM McGladrey and McGladrey & Pullen are separate legal entities. RSM
McGladrey leases its employees to McGladrey & Pullen for a management fee. Some
partners and employees of McGladrey & Pullen are also employees of RSM McGladrey.
RSM McGladrey provides accounting, consulting, and tax services to its clients.
McGladrey & Pullen can provide auditing services to RSM McGladreys clients since
they are separate legal entities thereby bypassing auditor independence issues.
RSM McGladrey is able to work with McGladrey & Pullen to provide auditing services to
its consulting clients. They are both targeting clients that are searching for a one-stop
shop for all their noncore business needs. RSM McGladrey and McGladrey & Pullen
have an alternative practice structure where both firms are separate legal entities that
work together to serve the same clients. RSM McGladrey provides McGladrey & Pullen
with accounting, payroll, human resources, and other administrative services to
McGladrey & Pullen for a management fee. The AICPA adopted an alternative practice
structure in the mid-1990s as a way for large public companies to buy up the non-attest
entities of accounting firms such as tax and consulting arms. Public companies, like H&R
Block, can create new units under the alternative practice structure so that accounting
222
and consulting firms can co-exist as wholly owned subsidiaries. This provides the upside
of being able to avoid the scrutiny facing large audit and consulting firms in the wake of
the Enron scandal.
H&R Blocks RSM McGladrey takes advantage of the AICPAs alternative practice
structure guidelines. The AICPA adopted an alternative practice structure in the mid1990s as a way for large public companies to buy up the non-attest entities of
accounting firms such as tax and consulting arms. Public companies, like H&R Block,
can create new units under the alternative practice structure so that accounting and
consulting firms can co-exist as wholly owned subsidiaries. Upside of being able to
avoid the scrutiny facing large audit and consulting firms in the wake of the Enron
scandal.
H&R Blocks RSM McGladrey acquired the tax & business services division of American
Express in 2005. The division was founded in 1985 and had acquired 70 accounting
firms. They have business in18 states with $385 million revenues. Acquired in 2005
and paid $220 million combined firm to have 7,000 employees and $1 billion revenues.
H&R Blocks RSM McGladreys American Express Branch Seemed to Have All the
Necessary Pieces to Become a Leading CPA Firm Prior to Being Acquired.
Deep pocketed parent
With loyal customer base
Investment research department
National name recognition
Fueled by aggressive advertising & promotion
Perceived by consumers as an upscale brand
Full range of products & services
2,800 products
Support staff
Home office specialists & support staff
Claims to have one of the industrys highest employee to rep ratios
Training & educational opportunities
First rate training program
Practice management consulting, client management systems
Succession planning program
Low interest loans
H&R Blocks RSM McGladrey is attempting to become the dominant accounting firm
serving middle market companies in the twenty-five largest US markets. It has been
successful at targeting middle market and courting companies with $5 million to $150
million in revenue. Over 95% of the companies are privately owned and the majority of
clients are repeat customers through cross selling of services with its former parent
company, McGladrey & Pullen.
223
H&R Blocks RSM McGladrey has been an active acquirer of the non-attest services of
other CPA firms; acquired about 20 firms. McGladrey & Pullen purchased the attest
services of the CPA firms acquired by RSM McGladrey. Firms acquired by RSM
McGladrey include:
Bustamante, Nunez, & Company
Mullen & Company
Duncan & Associates
Knight, Vale, & Gregory
Fisk Robinson
Keller & Bruner
Edward, Isaacs, & Company
Humiston, Skokan, Warren, & Eichenberger
Flood & Youngers
Mullen & Company
Toback
Rudolph, Palitz
CW Amos & Company
Wallace, Sanders, & Company
Freed, Maxick, Sachs, & Murphy
Katz, Sapper, & Miller
Friedman, Einstein, Raemer, and Shwartz
Berg, DeMarco, Lewis, and Sawatski
Donnelly, Meiners, Jordan, and Kline
H&R Blocks RSM McGladrey serves clients in 22 states.
H&R Blocks RSM McGladrey has 100 offices, due to a surge brought on by the
American Express CPA business acquisition.
H&R Blocks RSM McGladrey has 7,000 employees, up hugely due to the American
express deal.
H&R Blocks RSM McGladreys revenues took a jump to $1 billion due to the American
Express deal. Previously, revenues had remained relatively flat at $0.5 billion.
H&R Blocks RSM McGladreys lost $14 million in 2003.
H&R Blocks RSM McGladreys has three core businesses, including tax, accounting &
auditing, and business consulting, all for business clients.
H&R Blocks RSM McGladreys revenues come over three-quarters of from tax and
accounting & auditing services. More specifically, tax accounts for 42%, accounting and
auditing 39%, and business consulting 19%.
H&R Blocks RSM McGladreys first business is its tax business.
H&R Blocks RSM McGladreys second business is its accounting & auditing business.
H&R Blocks RSM McGladreys third business is its consulting business.
224
H&R Blocks RSM McGladrey consulting revenues grew substantially in 2002. More
specifically, revenues grew 44% to $110 million between 2001 and 2002.
H&R Block also created a unit called H&R Block Small Business Resources in 2005.
Employs CPAs to meet the tax, financial, and business services needs of small business
owners. Expanded with American Express acquisition.
H&R Blocks RSM McGladreys consulting revenues are almost three-quarters from
financial and information technology consulting. More specifically, 40% comes from
financial management services, 30% from technology services, 12% human resources,
10% operational consulting services, and 8% strategy consulting.
More than half of RSM McGladreys Information Technology Consulting Business is
providing packaged solutions for clients. More specifically, 58% comes from packaged
solutions, 20% from systems & enterprise planning, 10% from systems integration, 10%
from internet & e-business, and 2% from contact management.
H&R Blocks RSM McGladreys Business Consulting Services are organized into six
areas, including financial management and human resources services. Other areas
include, operational consulting, risk management, strategy consulting, and technology
services.
H&R Block acquired My Benefit Source.Com in 2001 to provide a payroll offering for
small business clients of RSM McGladrey.
H&R Blocks acquisition of RSM McGladrey brought with it two additional investment
businesses.
Personal wealth management
Responded to clients requesting financial planning help
Decided to build a wealth management group from the ground up
- Reason was to maintain maximum control over quality of services
- Initially hired 30 advisors
Teams of planners targeting high net worth individuals and families
- Full financial planning engagement
- Asset allocation
Utilize multiple vendors
- Relies on Prima Capital for research on mutual funds and private
account managers
- Buckingham Asset Management (BAM) provides back office portfolio
accounting
- Formed alliances with Pacific Life and National Life for insurance
needs
- Assets custodied at Charles Schwab & Company
Pension & actuarial consulting
Five different 401k plans (Charles Schwab & Company, Fidelity
Investments, etc.)
Research on mutual funds and gatekeepers of 401k plans by Prima
Capital
225
McGladrey provides TPA and back office support
RSM McGladrey formed an alliance with Mass Mutual to provide insurance products to
its client base.
The final section of H&R Blocks profile will address is organizational structure &
ownership.
H&R Block has a web site with many sections including online taxes, tax office, office
locator, tax tips, calculators, & banking.
H&R Blocks web site serves as the electronic gateway to everything H&R Block offers.
Tax center
Free online tax prep
Guaranteed to be mathematically correct
Users pay only when satisfied with the program and their return
Variety of tools and calculators
Mortgage center
Teamed with E-LOAN for access to more than 70 loan providers
Users can apply for mortgages online
Users can track the status of their applications through the web site
Variety of tools and calculators
Investment center
Brokerage Services
- Provides online brokerage services
- Offers free financial plans to its tax clients provided they allow their
IRS form information to be used
- Links to Answer Financials online insurance offerings
- Offers advice where clients can work alone or with an advisor
Banking Services
- Partnered with Citi f/I - Citibank's online banking services
- Product and service offerings include checking, savings, insured
money market accounts, bill payment, loan products, and insurance
quotes
H&R Block is led by CEO Mark Ernst; Tim Gokey leads its tax business.
H&R Blocks subsidiary RSM McGladrey is led by its CEO Steven Trait.
H&R Blocks Board of Directors includes twelve individuals, with CEO Mark Ernst Being
the only employee.
Mark Ernst
CEO, H&R Block
Jerry Choate
226
Elected in 2006
Formerly CEO of Allstate Insurance, 1995-2006
Also director of Amgen and Valero Energy Corporation and on board of
trustees for Van Kampen Mutual Funds
Tom Seip
Chairman of Boards Governing & Nominating Committee
Len Lauer
Elected in 2005
COO, Sprint Nextel
David Lewis
Elected in 2004
Chairman, Lewis & Munday
Also on board of Kroger
Thomas Block
-Donna Ecton
-Henry Frigon
-Roger Hale
-Louis Smith
-Ray Wilkins
-H&R Block hosts an annual investment community conference.
H&R Block went public in 1962 under the ticker HRB and moved to the New York Stock
Exchange in 1969.
H&R Block second largest shareholder to Fidelity Investments is Warren Buffett, who
acquired an eight percent stake in the firm in 2001. More specifically, 10% of H&R Block
ownership belonged to Fidelity investments while 8% belonged to Warren Buffet. 82%
of H&R Block ownership belongs to other investors.
HS Dent
HS Dent was founded.
227
History
The first section of HS Dents profile will explain the key historical events in the firms
development.
HS Dent was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of HS Dent was its early phase.
Middle Phase
The second phase in the development of HS Dent was its middle phase.
Recent Phase
The third phase in the development of HS Dent was its recent phase.
Statistics
The second section of HS Dents profile will review some key statistics regarding the
firm.
Businesses
The third section of HS Dents profile will outline its core businesses.
HS Dent has a number of businesses.
The final section of HS Dents profile will address is organizational structure &
ownership.
HS Dent has a web site.
HS Dent is led by its CEO Harry Dent
HS Dent is privately owned.
IBM
IBM was founded in 1889. Its Chairman is Samuel Palmisano, and the company is
publicly traded (NYSE Ticker: IBM). The companys web site is www.ibm.com.
History
The first section of IBMs profile will explain the key historical events in the firms
development.
IBM was founded in 1889 and has evolved through three phases, including its early,
middle, and consulting-oriented phases.
Businesses
The second section of IBMs profile will outline its core businesses. IBM has three
businesses, including its hardware, software, and IBM Global Services business.
228
IBM Has three businesses including its hardware, software, and IBM Global Services
Business.
IBM Global Services
IBMs third business is its IBM Global Services.
IBM's IBM Global Services has operations in 170 countries, up 13% since 2002.
IBM's IBM Global Services has 300 offices.
IBM's IBM Global Services has 190,000 employees.
IBM's IBM Global Services has 30,000 consultants.
IBM's IBM Global Services generates almost $50 billion in revenue.
IBMs IBM Global Services has two major divisions, including IBM Global Business
Services and IBM Global Technology Services.
IBMs IBM Global Services first business is its IBM Global Business Services, which
specializes in business consulting.
IBM's IBM Global Business Services has 150 offices.
IBM's IBM Global Business Services employs around 30,000 professionals.
IBM's IBM Global Business Services has 2,600 partners.
IBM's IBM Global Business Services has one-third of its professionals based in the US.
IBM's IBM Global Business Services generates over $5 billion in revenue.
IBMs IBM Global Business Services generates less than one-quarter of its revenue from
financial services consulting. Specifically, 18% of IBMs IMB Global Business Service
Revenue comes from financial services firms. Products, Government, Information,
Communication & Entertainment, Energy & Utilities, and Other make up 33%, 22%,
14%, 12%, and 1% respectively.
IBM's IBM Global Business Services derives half of its revenue from its North American
operation.
IBM's IBM Global Business Services generates almost $200,000 in revenue per
professional.
IBM's IBM Global Business Services generates almost $2 million in revenue per partner.
IBMs IBM Global Services IBM Global Business Services has three core operations,
including management consulting, systems integration, & application management
services.
229
IBM's IBM Global Business Services offers operational consulting through its Financial &
Operational Improvement Services Group.
IBM's IBM Global Business Services Financial & Operational Improvement Services
Group provides many services, including contractor compliance, cost management &
analysis, and operational effectiveness.
Management Horizons Group.
IBM's IBM Global Business Services established its Management Horizons Group to
service the retail industry.
IBM's IBM Global Business Services Management Horizons Group offers many
information technology consulting services, including custom system development &
implementation and package system selection.
IBM's IBM Global Business Services Management Horizons group offers many
operational strategy consulting services, including logistics management planning &
implementation and logistics system implementation.
IBM's IBM Global Business Services Management Horizons Group offers many market
strategy consulting services, including asset redeployment strategies, market
positioning, and merchandise & marketing strategies.
IBM's IBM Global Business Services Management Horizons Group offers many market
research services, including competitive surveys & analysis, consumer research,
economic forecasting, and site locations & market analysis.
IBM's IBM Global Business Services Management Horizons Group offers many audit,
tax, and business advisory services, including audit & business advisory services,
corporate finance, and employee benefits services.
IBM's IBM Global Business Services uses an eight step approach to reengineering,
including confirm the mission, strategy, & customer value-added for the business and
identify critical success factors.
IBM's IBM Global Business Services publishes the Global CEO Survey.
IBM's IBM Global Business Services employs Scenario Envisioning to help companies
map out the possible futures of industries in transition.
IBM's IBM Global Business Services has a strategic alliance with SAP.
IBMs IBM Global Services second business is its IBM Global Technology Services.
IBMs IBM Global Services IBM Global Technology Services has three core operations,
including outsourcing services, integrated technology services, & maintenance.
IBM's IBM Global Technology Services Offers Technology consulting through its ebusiness services practice.
230
IBM's IBM Global Technology Services is used by one-quarter of Fortune 50 Companies

to make e-business part of their business. Specifically, 25% of Fortune 50 Companies
utilize IMB E-Business, and 75% do not use IBMs E-Business.
IBM's IBM Global Technology Services' E-business practice generates over $1 billion in
revenues.
IBM's IBM Global Technology services privacy risk management group audits the
privacy practices of over 100 web sites, and is becoming a leading generator of revenue.
IBM's IBM Global Technology services allows its consultants to access information from
anywhere in the world.
IBM's IBM Global Business services e-business consultants must have strong web
applications experience, including Active X, Ariba, BroadVision, C++, & Cold Fusion.
IBM's IBM Global Technology Services seeks specific skills from technology consultant
candidates, including business development managers, customer relations managers,
data warehousing, and e-business strategists & technologists.
IBM's IBM Global Technology Services e-business division seeks consultants with
specific skills.
IBM's IBM Global Technology Services e-business division seeks consultants with
specific skills, including application architects & developers, content management
specialists, and network architects & developers.
IBM's IBM Global Services is always hiring and seeks experienced top tier professionals.
IBM's IBM Global Services offers its employees many benefits.
IBM's IBM Global Services employees almost all have mentors. Specifically, 91% of
IBM Global Services employees have a mentor, and 9% do not.
IBM's IBM Global Services employees find their mentors valuable. Specifically, 84% of
IBM employees rated their mentor Valuable to Very Valuable, and 16% responded
neutrally to it.
IBM's IBM Global Services was named the leading preferred employer by undergraduate
students.
The final section of IBMs profile will address is organizational structure & ownership.
IBM has a detailed web site that is divided into five sections, including solutions,
services, products, support & downloads, and my IBM.
IBMs IBM Global Services has a detailed web site that is sectioned into six sections,
including industry expertise, functional expertise, enterprise expertise, midmarket
expertise, thought leadership, and careers.
231
IBM is led by chairman Samuel Palmisano.

IBMs IBM Global Services is led by senior vice presidents Michael Daniels and Virginia
Rometty.
IBM is a public company listed on the New York Stock Exchange under the ticker IBM.
Icon CMT Corporation
Icon CMT Corporation was founded.
History
The first section of Icon CMT Corporations profile will explain the key historical events in
Icon CMT Corporation was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Icon CMT Corporations development was its early
phase.
Middle Phase
The second phase in the development of Icon CMT Corporations development was its
middle phase.
Recent Phase
The third phase in the development of Icon CMT Corporations development was its
recent phase.
Statistics
The second section of Icon CMT Corporations profile will review some key statistics
regarding the firm.
Businesses
The third section of Icon CMT Corporations profile will outline its core businesses.
Icon CMT Corporation has a number of businesses.
The final section of Icon CMT Corporations profile will address is organizational
Icon CMT Corporation has a web site.
Icon CMT Corporation is led by its management.
Icon CMT Corporation is privately owned.
Impact Communications
Impact Communications is led by its CEO Marie Swift.
www.impactcommunications.org.
232
Its web site is
History
The first section of Impact Communications profile will explain the key historical events
Impact Communications was founded and has evolved through three phases, including
Early Phase
The first phase in the development of Impact Communications was its early phase.
Middle Phase
The second phase in the development of Impact Communications was its middle phase.
Recent Phase
The third phase in the development of Impact Communications was its recent phase.
Statistics
The second section of Impact Communications profile will review some key statistics
regarding the firm.
Businesses
The third section of Impact Communications profile will outline its core businesses.
Impact Communications has a number of businesses.
The final section of Impact Communications profile will address is organizational
Impact Communications has a web site that is streamlined into three categories
including Independent Advisors, Allied Institutions, and Professional Journalist.
Impact Communications is led by its CEO Marie Swift.
Impact Communications owned by Marie Swift.
Informa
Informa was founded.
History
The first section of Informas profile will explain the key historical events in the firms
development.
Informa acquired Mobius Group in 2006 from Check Free.
Businesses
The second section of Informas profile will outline its core businesses.
Informa has at least one business, including its Mobius Group..
233
Mobius Group
Informa's Mobius Group is the leader in database and analytical software to investment
industry professionals.
Informas Check Free Mobius Group has three key products, including M-Pact, MSearch, & M-Watch.
Informa's Mobius Groups M-Watch and M-Vest are two related products. Specifically,
details include:
M-Watch
Product Description
Windows-based performance reporting and evaluation system
Reporting for portfolios, asset class segments, and portfolio/asset
class segments
Calculates rates of return
Analyzes absolute and relative risk
Asset allocation analysis
Fee Schedule (Annually)
License fee is $2,000 plus $12.50 per portfolio (maximum portfolio fee
is $25,000)
Optional features range from producing reports at asset class level
($2,000) to multi-user capabilities ($3,000) and production monitoring
($2,000)
Outsourcing of reporting available; price is a base $100, plus $25 per
report to structure, reports are minimum $70 and there is a charge to
import third-party data, create mutual fund statements, and to produce
additional print or transparency copies
M-Vest
Product Description
Windows-based asset allocation system
Utilizes Vestek Systems expected return forecasts
Multiple risk-tolerance evaluation methods
Access to returns of more 5,500 private account manager composites
from M-Search database
Single currency license fees are $3,500, and $2,000 for additional
sites; multiple currency products are $8,500 and additional sites
$5,000
Historical returns data sets range from US Basic with 32 indices
($750) to Global set with 520 indices ($9,000)
Other data packages range from $3,000 to $20,000
Informa's Mobius other products include M-Plan, M-Prep, and Leonard 2000.
M-Plan
Product Description
Windows-based integrated financial planning system analyzing
clients objectives, assumptions, and current resources
234
Retirement planning
Estate planning
Multiple report styles
Focuses on retirement and estate planning
Sells retirement module separately from estate planning module, as
well as together
Adding tax analysis and education planning later this year
No additional word-processing or graphics software is required
Reports can be customized
Single site/multi-user fees are $1,695 for the first year, and $1,000
each year after
Fees for retirement or estate planning modules, single-site is $695 for
the first year and $300 per year afterwards; multi-user is $895 then
$400 per year
Fees for both modules together is $1,195 for the first year and $500
per year afterwards for single-site license, or $1,595 for multi-user
($700 per year afterwards)
M-Prep
Product Description
Comprehensive retirement analysis
Windows compatible
Customizable reports for proprietary appearance
Use of current versus proposed allocations to motivate clients
Quick plan feature for initial client visit
Financial Planning Digest found M-Prep to be easy-to-use
Extensive product support via phone and online
Single user license is an initial $700 and a $500 subsequent annual
fee
Network license (up to five users) is $900 and subsequently $600
annually
Additional block of five network users is $100 initially and $100
annually
Leonard 2000
Product Description
Comprehensive financial planning system
Over 40 presentation reports available, and multiple, customizable
report styles
Simplified client questionnaire and data output
Tax law updates
Initial fee is $1,000 for a single-site license and $350 for every
additional license
Maintenance fees are payable annually ($1,000/$350) or monthly
($100/$35)
Informa's Mobius Groups M-Plan retirement & estate planning software is no longer
offered.
235
Informa's M-Pact is a web-based investment analysis and proposal generation system.

Informas check free investment services check free M-Pact offers several key feature
that are highly useful to plan sponsors, including private labeling, asset allocation, and
programs. Specifically, details include:
Private Labeling
Branded presentations
Asset Allocation
Every product & fund assigned one of your styles
Programs
Products can be grouped together into a program for searching, browsing,
and proposing
Risk Tolerance Profiling
Contains both the questionnaire and the scoring algorithm
Model Portfolios & Sets of Model Allocations
Portfolio construction using recommended products
Account for tax bracket & treatment
Report Availability
Highly malleable
Informas Check Free Investment Services Check Free M-Pact provides information
from eight data sets for informed product recommendations. Specifically, details include:
Mobius Separate Account Data
Data on 1,300 participating managers
Data on 5,500 composites
Mutual Funds
Coverage of 14,000 mutual funds
Exchange Traded Funds
Coverage on 125 ETFs
Hedge Funds
Coverage on 3,100 hedge funds
Proprietary Data
Check Free can screen, analyze, and make recommendations given outside
data
Universes
Peer group analysis using asset class style universes or Mobius universes
Indexes
236
Market indices from leading providers
Programs
Associate products with organizations programs
Informa's M-Pact Product Provides a Seven-Step Investment Advisory Process for
Advisors, Including Client Profiling, Risk Profiling, Asset Allocation, and Model Portfolios.
Client Profiling
Information gathering
Risk Profiling
Determine fitting asset allocation
Asset Allocation
-Quick Search Feature
Quickly screen & rank top performers in a peer group
Advanced Search Feature
Screen & rank products based on qualitative & quantitative criteria
Model Portfolio
New portfolio construction or recommendation of predefined portfolios
Investment Proposals
-Informa's M-Search is Mobius product for comparing separate account managers.
Informas Check Free has an annual fee schedule to help compare separate account
managers, including single-site licenses and corporate licenses. Specifically, details
include:
Single-Site License
Quarterly updates for $5,000, additional licenses are $4,000
Two updates per quarter adds additional $600 per license
Corporate License
Cost $14,000 and include three installations, updates twice per quarter, and
free use of data and reports by all employees
Additional licenses are $3,750
Other options $500-$4,000
Customized packages are available
Informa's M-Search is offered by Mobius at a discount through The Charles Schwab
Corporation.
237
Informas Check Free offers users a free two-day M-Search classroom training program
around the country throughout the year.
Informas Check Free offers six online M-Search training programs, available with an
internet connection and a toll-free phone call, including basics of M-Search, M-Search
enhancements, & advanced search techniques. Specifically, details include:
Basics of M-Search
Free online orientation
M-Search Enhancements
Free
60 minute
Overview of new system features
Advanced Search Techniques
Free
Provides information on how to conduct thorough searches
Page Customization with Presentation Studio
Free
Basics on creation of custom report pages
M-Search Advanced Analytics
Free
One hour
All aspects of advanced calculation capabilities
Customizing M-Search
Creating benchmark defaults, timeframes, manager & index blends, style
analysis models, downside risk parameters, and update authorization files
Informas Check Free also provides a team to travel on-site for custom M-Search
training and consulting services at users expense.
Informa's M-Watch is the final product in the Check Free Investment Services Suite.
Informa's M-Watch also has an annual fee schedule.
Informa's M-Watch has optional features, including producing reports at asset class level
to multi-user capabilities and production monitoring.
Informas Check Free M-Watch has five key features, including several reporting
features, flexibility, and data & calculations. Specifically, details include:
Performance Reporting
Over 70 predefined presentation reports
200 benchmark indices
Asset class reporting
Style analysis
Report performance either gross or net of fees
238
Group Performance Reporting

Usage reports for indexes, universes, programs, templates, and other
Detailed & summary performance in four tiers
- Firm-wide
- Client
- Account
- Portfolio
Universe Performance Reporting
Tables & graphs highlighting performance relative to peer groups
80 mutual fund universes
50 SAM universes
Percentile rankings
Reporting Flexibility
Report setup wizards
Report bundling
Batch processing
Customized report appearance
Data & Calculations
Data can be entered manually or download transactions from custodial
institutions
Evaluation of style mix and style drift
Review contribution of style & selection
Informas Check Free also provides a team to travel on-site for custom m-watch training
and consulting services.
Informas Check Free provides a free online orientation for All M-Watch subscribers.
Informas Check Free also provides a variety of independent Mobius data subscriptions,
both in raw and analyzed formats. Specifically, details include:
Raw Return Data
Monthly or quarterly performance by product or process
Raw Qualitative Data
Comprehensive data by firm and product
Basic Analytics
Performance statistics and index relative statistics
Aggregated Data Analytics
Performance statistics for Mobius universes or custom universes
Advanced Analytics
Custom feeds include individual performance statistics for rolling timeframes
Style factor weightings, drift, and trends
Upside potential and downside statistics
239
Reports
Custom formatted for any Mobius data
Informas Check Free partnered with Thomson Financial to provide separate account
manager data for Thomsons One Advisor Portfolio Management Software.
Informa's Mobius the best known source of separate account manager data and a
leading information tool.
Informa's Mobius receives some concerns about its pricing and capabilities.
Informas Check Free used to offer the Mobius M-Vest product, but it is no longer in its
published offerings.
Informa's Mobius M-Vest product also has an annual fee schedule for single company &
multiple company licenses. Specifically, details include:
Single Currency License
Fees are $3,500
$2,000 for additional sites
Multiple Currency License
Fees are $8,500
$5,000 for additional sites
Informa's Institutional Services Business has a Caliper performance reporting business.
Informa owns Investment Scorecard.
Informas investment scorecard has 80 employees.
Informas Investment Scorecard has 600 clients.
Informas Investment Scorecard claims to hold an impressive 97% client retention rate.
Informas Investment Scorecard gives institutions have a choice of getting performance
reports in six different levels of detail. Specifically, details include:
Class Scorecard
Offers basic investment analysis at the broad asset class level, displaying
each asset class, and measuring them against appropriate indexes
Enhanced Class Scorecard
Examines a clients portfolio at the asset class level, giving clients crucial
investment analysis by engaging in a more involved investigation of a
portfolios performance
Subclass Scorecard
Delves deeper into a clients portfolio, analyzing it at the subclass level
240
Dissecting the asset classes into subclasses provides greater detail on how
the account is managed and presents clients with the opportunity to better
pinpoint the origins of the portfolios gains and losses
Enhanced Subclass Scorecard

More thoroughly analyzes the asset subclass level, providing clients with vital
information about their portfolios
Total Scorecard
The most detailed analysis at both the asset class and subclass levels
Consolidated Scorecard
Families, businesses, and individuals with multiple Scorecard accounts can
receive separate Scorecard accounts on one, consolidated Scorecard
Informas Investment Scorecards method of preparing performance reports involves
several steps.
Informas Investment Scorecard provides several capabilities, including allowing clients
to view total portfolio returns as well as subsections of a portfolio.
Informas Investment Scorecard has several alliances with the major companies that
provide accounting and clearinghouse software interfaces to financial institutions.
Informas Investment Scorecard serves more than 400 financial institutions nationwide.
Informas Investment Scorecard is a leading reporting firm for bank trust departments.
Advent Axys users give moderate feedback to Investment Scorecard, giving it a 6.0
score.
Advent Axys users hear a lot about Investment Scorecard, but know little about the
system itself.
Powell Johnson is one of many investors in Investor Scorecard.
Informas Investment Scorecard has an impressive board of directors.
details include:
Specifically,
Jeff Powell
Most recently CEO and Managing Partner of JC Bradford
Fred Goad
Co-CEO/Transaction Services Division of Web/MD
Chris Horgen
Senior Managing Partner of South Eastern Technology Fund; former CEO of
Nichols Research Corporation
Townes Duncan
President of Solidus, an investment partnership
241
Former Chairman and CEO of Comptronix
Charles Blankenship
Chairman
Co-founder & president of Network Data
Joe Maxwell
President and CEO of Investment Scorecard
Informa owns Investment Solutions. It was founded in 1976 and was based in White
Plains, NY. It is run by managing director Lac An Vuong, and its web site is
www.informais.com.
Informa Investment Solutions created the financial planning platforms AdvisorDecide
and iDecide.
Informa Investment Solutions was founded and has evolved through three phases,
including its early, middle, and recent phases.
Informa Investment Solutions has a number of businesses.
Effron was founded in 1984, but then acquired by T&F Informa.
Effron has a separate account manager database called Plan Sponsor Network (PSN).
Effron offers a performance reporting tool called Performer.
Informa Investment Solutions owns Net Decide.
The final section of Informas profile will address is organizational structure & ownership.
Informa Investment Solutions has a web site.
Informa Investment Solutions is led by its management.
Informa Investment Solutions is privately owned.
Informas Investment Scorecard is led by CEO Joe Maxwell and overseen by Chairman
Charles Blankenship.
Informa has a web site.
Informa is led by its management.
Informa is privately owned.
Info USA
Info USA was founded.
242
History
The first section of Info USAs profile will explain the key historical events in the firms
development.
Info USA was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Info USA was its early phase.
Middle Phase
The second phase in the development of Info USA was its middle phase.
Recent Phase
The third phase in the development of Info USA was its recent phase.
Statistics
The second section of Info USAs profile will review some key statistics regarding the
firm.
Businesses
The third section of Info USAs profile will outline its core businesses.
Info USA has several businesses, including opinion research.
Opinion Research
Info USAs first business is its Opinion Research.
The final section of Info USAs profile will address is organizational structure &
ownership.
Info USA has a web site.
Info USA is led by its management.
Info USA is privately owned.
Ink & Air
Ink & Air is led by its CEO Elizabeth Chapman.
History
The first section of Ink & Airs profile will explain the key historical events in the firms
development.
Ink & Air was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Ink & Air was its early phase.
243
Middle Phase
The second phase in the development of Ink & Air was its middle phase.
Recent Phase
The third phase in the development of Ink & Air was its recent phase.
Statistics
The second section of Ink & Airs profile will review some key statistics regarding the
firm.
Businesses
The third section of Ink & Airs profile will outline its core businesses.
Ink & Air has a number of businesses.
The final section of Ink & Airs profile will address is organizational structure &
ownership.
Ink & Air has a web site.
Ink & Air is led by its CEO Elizabeth Chapman.
Ink & Air is privately owned.
Innovest Strategic Value Advisors
Innovest Strategic Value Advisors was founded in 1995 by Matthew Kernan and is
based in New York, NY. The firm is led by its CEO Matthew Kiernan. Its web site is
www.innovestgroup.com.
History
The first section of Innovest Strategic Value Advisors profile will explain the key
Innovest Strategic Value Advisors was founded in 1995 and has evolved through three
phases, including its early, middle, & recent phases.
Businesses
The second section of Innovest Strategic Value Advisors profile will outline its core
businesses.
Innovest Strategic Value Advisors offers four services, including its portfolio maximizer,
custom portfolio analysis, & consulting services.
Consulting
Innovest Strategic Value Advisors fourth service is its consulting services
The final section of Innovest Strategic Value Advisors profile will address is
244
Innovest Strategic Value Advisors has a detailed web site, sectioned into five parts,
including about us, products & services, publications, news & events, & contact us.
Innovest Strategic Value Advisors is led by its CEO.
Innovest Strategic Value Advisors is owned by its shareholders.
Insource
Insource was founded.
History
The first section of Insources profile will explain the key historical events in the firms
development.
Insource was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Insources development was its early phase.
Middle Phase
The second phase in the development of Insources development was its middle phase.
Recent Phase
The third phase in the development of Insources development was its recent phase.
Statistics
The second section of Insources profile will review some key statistics regarding the
firm.
Businesses
The third section of Insources profile will outline its core businesses.
Insource has a number of businesses.
The final section of Insources profile will address is organizational structure &
ownership.
Insource has a web site.
Insource is led by its management.
Insource is privately owned.
Investcorp
Investcorp was founded in 1982 and is based in Bahrain.
History
The first section of Investcorps profile will explain the key historical events in the firms
development.
245
Investcorp was founded in 1982 and has evolved through three phases, including its
early, middle, and recent phases.
Businesses
The second section of Investcorps profile will outline its core businesses.
Investcorp offers a number of services.
Source Media
Investcorps first business is Source Media
Investcorps Source Media has a number of businesses, including its National
Regulatory Services.
National Regulatory Services
Investcorps Source Medias first business is National Regulatory Services.
The final section of Investcorps profile will address is organizational structure &
ownership.
Investcorp has a web site.
Investcorps Source Media has a web site.
Investcorps Source Medias National Regulatory Services has a web site.
Investcorp is led by its management.
Investcorps Source Media is led by its management.
Investcorps Source Medias National Regulatory Services is led by its management.
Investcorp is owned by its shareholders.
InvestTech
InvestTech was founded in 1993 by Bruce Vollert & Jeremy Hurwitz. It is based in
Woodland Hills, CA. It is a provider of investment systems and investment operations
consulting to asset managers. Its website is www.investtechsystems.com.
History
The first section of InvestTechs profile will explain the key historical events in the firms
development.
InvestTech was Founded in 1993 and has evolved through three phases, including its
early, middle, & recent phases.
Early Phase
The first phase in the development of InvestTechs development was its early phase.
246
InvestTech was founded in 1993 to provide investment systems & investment operations
consulting to asset managers.
Middle Phase
The second phase in the development of InvestTechs development was its middle
phase.
Recent Phase
The third phase in the development of InvestTechs development was its recent phase.
Statistics
The second section of InvestTechs profile will review some key statistics regarding the
firm.
Businesses
The third section of InvestTechs profile will outline its core businesses.
InvestTech Has Four business
products, including Strategic
Planning, Systems Evaluation &
Selection,
System
Implementation, & Operational
Reviews.
InvestTech Has Four Business P roducts, Including Strategic Planning, System s

Evaluation & Selection, System Implementation, & Opera tional Reviews
InvestTech Businesses
Strategic Planning
InvestTechs first business is
Strategic Planning.
Systems Evaluation &
Selection
InvestTechs second business is
Systems Evaluation & Selection.
InvestT ech
Businesses
Strategic
Planning
Systems
Evaluation &
Selectio n
Systems
Implementation
Operation
Reviews
Source: 1/ 21/ 09 Inv es tT ech Web Sit e; T iburon Researc h & Analysis
Systems Implementation
InvestTechs third business is Systems Implementation.
Operational Reviews
InvestTechs fourth business is Operational Reviews.
The final section of InvestTechs profile will address is organizational structure &
ownership.
InvestTech's Web Site is streamlined into seven sections including Company, Services,
Supported Technologies, Industry Expertise, Clients, Resource Center, & News &
Events
InvestTech is led by its Co-Founding Principals Bruce Vollert & Jeremy Hurwitz.
Additionally, Bennett Kaplan serves as Principal, Jill Katz & Kevin Coffin as Senior
Managers, and Pamela Bloom & Scott Villiers as Practice Directors.
247
InvestTech is privately owned.

iXL
iXL is based in Atlanta, GA and is led by its CEO Christopher Formont.
History
The first section of iXLs profile will explain the key historical events in the firms
development.
iXL was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of iXLs development was its early phase.
Middle Phase
The second phase in the development of iXLs development was its middle phase.
Recent Phase
The third phase in the development of iXLs development was its recent phase.
iXL CEO Bill Nussey was ranked #1 consultant by Consulting Magazine in 2000.
Statistics
The second section of iXLs profile will review some key statistics regarding the firm.
Businesses
The third section of iXLs profile will outline its core businesses.
iXL has several businesses, including web consulting.
The final section of iXLs profile will address is organizational structure & ownership.
iXL has a web site.
iXL is led by CEO Bill Nussey.
iXL is privately owned.
JCPR
JCPR was founded in 2003 by Jean Connelly, and is based in Parsippany, NJ. The firm
has 20 employees, 38 clients, and generates $2.5 million in revenues. The firms web
site is www.jcpublicrelations.com.
History
The first section of JCPRs profile explains the key historical events in the firms
development.
248
JCPR was founded in 2003 and has evolved through three phases, including its early
JCPR was founded in 2003.
Early Phase
This section outlines JCPRs early phase.
Middle Phase
This section outlines JCPRs middle phase.
Recent Phase
This section outlines JCPRs recent phase.
Statistics
The second section of JCPRs profile reviews some key statistics regarding the firm.
JCPR has 20 employees, some of which are part-time writers.
JCPR serves 38 clients.
Businesses
The third section of JCPRs profile outlines its core businesses.
JCPR serves mutual funds, financial advisors, & financial service providers.
JCPR clients include American Beacon, AIP Funds, Ashton, & Broadridge.
JCPR generates $2.5 million revenues.
JCPR primary business is providing public relations.
JCPR first business is public relations assistance.
JCPR Public Relations Business offers twelve services, including Media Relations,
Comprehensive Public Relations Plans, Messaging & Positioning, & Writing:
Media Relations
-Comprehensive Public Relations Plans
-Messaging & Positioning
-Writing
-Daily Media Monitoring
--
249
Event Planning
-Public Relations Measurement
-Analyst Relations
-Issues Management Strategy
-Speaking Engagements
-Media Training
-Social Media
-Organization & Ownership
The final section of JCPRs profile addresses its organizational structure & ownership.
JCPR web site is streamlined into seven sections, including About Us, Services, Why
JCPR, Case Studies, Our Team, Careers, & Contact Us.
JCPR is led by its CEO Jenny Connelly.
JCPR is privately owned by Jenny Connelly.
Jeffrey Gitomer
Jeffrey Gitomer was founded.
History
The first section of Jerry Gitomers profile will explain the key historical events in the
firms development.
Jeffrey Gitomer was founded and has evolved through three phases, including its early
Jerry Gitomer Phase
The first phase in the development of Jerry Gitomer was its early phase.
Middle Phase
The second phase in the development of Jerry Gitomer was its middle phase.
Recent Phase
The third phase in the development of Jerry Gitomer was its recent phase.
250
Statistics
The second section of Jerry Gitomers profile will review some key statistics regarding
the firm.
Businesses
The third section of Jerry Gitomers profile will outline its core businesses.
Jeffrey Gitomer has a number of businesses.
The final section of Jerry Gitomers profile will address is organizational structure &
ownership.
Jeffrey Gitomer has a web site.
Jeffrey Gitomer is led by its management.
Jeffrey Gitomer is privately owned.
Jim Collins
Jim Collins was founded.
History
The first section of Jim Collins profile will explain the key historical events in the firms
development.
Jim Collins was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Jim Collins was its early phase.
Middle Phase
The second phase in the development of Jim Collins was its middle phase.
Recent Phase
The third phase in the development of Jim Collins was its recent phase.
Statistics
The second section of Jim Collins profile will review some key statistics regarding the
firm.
Businesses
The third section of Jim Collins profile will outline its core businesses.
Jim Collins has a number of businesses.
The final section of Jim Collins profile will address is organizational structure &
ownership.
251
Jim Collins has a web site.

Jim Collins is led by its CEO Jim Collins.
Jim Collins is privately owned.
Jordan & Jordan
Jordan & Jordan is based in New York, NY. The firms web site is www.jandj.com
History
The first section of Jordan & Jordans profile will explain the key historical events in the
firms development.
Jordan & Jordan was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Jordan & Jordans development was its early
phase.
Middle Phase
The second phase in the development of Jordan & Jordans development was its middle
phase.
Recent Phase
The third phase in the development of Jordan & Jordans development was its recent
phase.
Statistics
The second section of Jordan & Jordans profile will review some key statistics regarding
the firm.
Businesses
The third section of Jordan & Jordans profile will outline its core businesses.
Jordan & Jordan has at least two businesses, including both management consulting
and information technology consulting, both focusing on the financial services industry
The final section of Jordan & Jordans profile will address is organizational structure &
ownership.
Jordan & Jordan has a web site.
Jordan & Jordan is led by its management.
Jordan & Jordan is privately owned.
252
Jupiter Research
Jupiter Research was founded.
History
The first section of Jupiter Researchs profile will explain the key historical events in the
firms development.
Jupiter Research was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Jupiter Researchs development was its early
phase.
Middle Phase
The second phase in the development of Jupiter Researchs development was its middle
phase.
Recent Phase
The third phase in the development of Jupiter Researchs development was its recent
phase.
Statistics
The second section of Jupiter Researchs profile will review some key statistics
regarding the firm.
Businesses
The third section of Jupiter Researchs profile will outline its core businesses.
Jupiter has a number of businesses.
The final section of Jupiter Researchs profile will address is organizational structure &
ownership.
Jupiter has a web site.
Jupiter Research is led by its management.
Jupiter Research is privately owned.
Kasina
Kasina was founded.
History
The first section of Kasinas profile will explain the key historical events in the firms
development.
Kasina was founded and has evolved through three phases, including its early phase,
253
Early Phase
The first phase in the development of Kasina was its early phase.
Middle Phase
The second phase in the development of Kasina was its middle phase.
Recent Phase
The third phase in the development of Kasina was its recent phase.
Statistics
The second section of Kasinas profile will review some key statistics regarding the firm.
Businesses
The third section of Kasinas profile will outline its core businesses.
Kasina has a number of businesses.
The final section of Kasinas profile will address is organizational structure & ownership.
Kasina has a web site.
Kasina is led by its management.
Kasina is privately owned.
Klein Decisions
Klein Decisions was founded in 2002. Its Managing Director is Robert Padgette and its
web site is www.kleindecisions.com.
History
The first section of Klein Decisions profile will explain the key historical events in the
firms development.
Robert Padgette has been in business for more than 20 years and today manages his
firm, Klein Decisions.
Klein Decisions was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Klein Decisions was its early phase.
Klein Decisions was founded in 2002.
Middle Phase
The second phase in the development of Klein Decisions was its middle phase.
Recent Phase
The third phase in the development of Klein Decisions was its recent phase.
254
Statistics
The second section of Klein Decisions profile will review some key statistics regarding
the firm.
Businesses
The third section of Klein Decisions profile will outline its core businesses.
Klein Decisions provides a number of services.
The final section of Klein Decisions profile will address is organizational structure &
ownership.
Klein Decisions has a web site.
Klein Decisions is led by its management team.
Klein Decisions is owned by its investors.
Korn Ferry International
Korn Ferry International was founded.
History
The first section of Korn Ferry Internationals profile outlines the key historical events in
Korn Ferry International was founded and has evolved through three phases, including
Early Phase
This section outlines the early phase of Korn Ferry International.
Middle Phase
This section outlines the middle phase of Korn Ferry International.
Recent Phase
This section outlines the recent phase of Korn Ferry International.
Statistics
The second section of Korn Ferry Internationals profile outlines some key statistics
regarding the firm.
Businesses
The third section of Korn Ferry Internationals profile outlines its core businesses.
Korn Ferry has a number of businesses.
The final section of Korn Ferry Internationals profile outlines its organizational structure
& ownership.
255
Korn Ferry International has a web site.

Korn Ferry International is led by its management team.
Korn Ferry is privately owned.
KPMG
KPMG was founded in 1987 by Thomson McLintock & Pete Marwick and is based in
New York, NY. It has 94 US offices, 69,100 employees, 6,600 of which are partners, and
generates $10.7 billion revenues. It is led by chairman Timothy Flynn. Company web
site is www.kpmg.com.
History
The first section of KPMGs profile will explain the key historical events in the firms
development.
KPMG was founded in 1987 and has evolved through three phases, including its early,
middle, and post bearing point phases.
Businesses
The second section of KPMGs profile will outline its core businesses.
KPMG has three core businesses, including audit services, tax services, and advisory
services.
KPMG also offers financial planning and investment advice, including some innovative
programs, including financial planning seminars and survivor financial counsel programs.
Its financial planning seminars include a corporate executive program, career transition
services, and a group financial planning program.
KPMG owns the largest law firm in France.
KPMG forecasts the firm transforming itself into a single global partnership within 10
years. KPMG hopes the radical reform will be a lasting solution into regulators concerns
about inconsistencies in audit work standards by big CPA firms around the world. The
creation of a single global partnership will be dependant on regulatory changes,
including new protection for auditors against catastrophic negligence claims by placing
limits on their liabilities.
Advisory Services
KPMGs final business is its advisory services business.
The final section of KPMGs profile will address is organizational structure & ownership.
KPMG Has a detailed web site sectioned into five parts, including global services, Global
industries, about KPMG, press office, & careers.
KPMG is led by its Chairman Timothy Flynn.
256
KPMG is owned by its partners

Kurt Salmon Associates
Kurt Salmon Associates was founded in 1935 by Kurt Salmon. The firm is based in
Atlanta, GA. It has operations in 10 countries with 20 offices worldwide. It is led by its
CEO Jerry Black. Their web site is www.kurtsalmon.com.
History
The first section of Kurt Salmon Associates profile will explain the key historical events
Kurt Salmon Associates was founded in 1935 and has evolved through three phases,
Early Phase
The first phase in Kurt Salmon Associates development was its early phase.
Kurt Salmon Associates was founded in 1935 by Kurt Salmon. Prior to founding Kurt
Salmon Associates, Kurt Salmon was a textile engineer living in Germany.
Middle Phase
The second phase in Kurt Salmon Associates development was its middle phase.
Recent Phase
The third phase in Kurt Salmon Associates development was its recent phase.
Statistics
The second section of Kurt Salmon Associates profile will review some key statistics
regarding the firm.
Kurt Salmon Associates has operations in 10 countries.
Kurt Salmon Associates has 20 offices.
Businesses
The third section of Kurt Salmon Associates profile will outline its core businesses.
Kurt Salmon Associates has two businesses, including its KSA Healthcare and its global
products & retail practice.
KSA Healthcare
Kurt Salmon Associates first business is its KSA Health Care. It is based in Atlanta, GA
with 5 offices and 60 consultants. Their web site is www.ksa-healthcare.com.
Kurt Salmon Associates KSA Health Care has 5 offices.
Kurt Salmon Associates KSA Health Care has 60 consultants.
Global Products & Retail
Kurt Salmon Associates second business is Global Products & Retail Practice.
257

The final section of Kurt Salmon Associates profile will address is organizational
Kurt Salmon Associates has a detailed web site that is divided into five sections,
including About KSA, Industries, What We Deliver, Careers, & Alumni.
Kurt Salmon Associates KSA Health Care has a very similar web site that is divided into
five sections, including Company Information, Services, Clients, Careers, and Alumni.
Kurt Salmon Associates is led by its CEO Jerry Black.
Kurt Salmon Associates is privately owned.
Leaffer Shapiro
Leaffer Shapiro is based in San Rafael, CA. The firms Co-CEOs are Art Leaffer &
Karen Shapiro. The web site is at www.leaffershapiro.com.
History
The first section of Leaffer Shapiros profile will explain the key historical events in the
firms development.
Leaffer Shapiro was founded and has subsequently been through several phases with
its One Person Plus Program, including its early developments phase and current news
phase.
Early Developments Phase
The first phase in the development of Leaffer Shapiro was its early developments phase.
Current News Phase
The second phase in the development of Leaffer Shapiro was its current news phase.
Statistics
The second section of Leaffer Shapiros profile will review some key statistics regarding
the firm.
Businesses
The third section of Leaffer Shapiros profile will outline its core businesses.
Leaffer Shapiros mission statement is to create smart & innovative products for financial
services executives.
Leaffer Shapiro offers both products & services to clients.
Leaffer Shapiros products include its core product One Person Plus.
details include:
Specifically,
One Person Plus

-Syndicated Research
258
Survey of how top financial institutions use bricks, clicks, and collateral to
market 401(k) rollovers
Best practices for retaining IRA assets
E-Newsletters
Retirement and investment product managers
Brokers
Leaffer Shapiros core product has been a small business defined benefit program called
One Person Plus, which it licenses and markets to large financial services companies,
like Hartford, Legg Mason, and UBS. It is targeted at businesses with 1-5 employees,
especially those of high income self employed baby boomers who want to contribute
$100,000 or more each year to a tax-deferred retirement plan. The average annual
contribution is $125,000 for eight years. The package includes prototype plan
document, a streamlined adoption agreement & sales process, advisor and client
marketing & educational materials, advisor online training, and a quarterly advisor
newsletter. The package is an exclusive arrangement with one third-party administrator.
Great West Insurance subsidiary Emjay Retirement Plan Services to provides complete
plan administration services. Emjay provides outside sales force to train financial
advisors, a technical sales team to answer questions via telephone, and all actuarial,
administrative, & tax filing services. It also provides an asset gathering tool to financial
advisors. The program is licensed by four financial institutions. Hartford introduced the
program in 2001 as solo DB.
Leaffer Shapiros One Person Plus Program should benefit from at least two key trends.
Growth of Defined Benefit Programs
Resurgence in defined benefit programs since 2002
Growth of Small Businesses
-Leaffer Shapiro believes that its One Person Plus Program adds value to financial
institutions, financial advisors, and third-party administrators. Specifically, details
include:
Financial Institutions
Provides ready to go defined benefit program
Hartford includes it in its small business plan lineup
Financial Advisors
Created a sales process
Program is bundled with TPA servicing so advisor does not need to
deal with TPAs
Third-Party Administrators
Provides flow of small business plan for them to administer
Leaffer Shapiro collects fees on its One Person Plus Program from both the financial
institution and the third-party administrator. Specifically, details include:
259
Financial Institutions
Pay fees to private label & customize program plus annual licensing and
marketing fees
No asset-based or performance fees are collected
Third-Party Administrators
Pays fees for each plan when plan is set up, and then for several years if the
plan stays open
Leaffer Shapiros sales of its one person plus program have been disappointing recently,
dropping 11% from 2005. Sales dropped from $18 million in 2005 to $16 in 2006. An
11% decrease.
Leaffer Shapiro has a generic
version Of One Person Plus that
is
used
by
independent
advisors, and representing onethird of sales. The remaining
67%
are
private
labeled
versions.
Leaffer Shapiro Has a Generic Version of One Person Plus that is Used
by Independent Advisors, and Representing One-Third of Sales
Leaffer Shapiro One Person Plus Sales by Type
Gen eric Version

33%
Leaffer Shapiros services are

wide ranging, including product
management and consulting
services.
Specifically, details
include:
Product
Management
Services
Willing to be interim
directors
Priva te Lab eled

Versions
67%
Source: 5/15/06 Leaff er Shapiro Email (Leaff er); Tiburon Research & Analysis
Consulting Services
Internal audits
New product development
Marketing programs
Collateral Development
Consumers
Brokers
Internet Projects
Retirement center management
401(k) rollover center
Customized Research
-Broker Presentations
--
260
Seminars
-Sales Support
-Tools & Calculators
-Planner Portal
Database of financial planning and sales presentation tools
Leaffer Shapiro has a terrific client list, including heavyweights such as Fidelity
Investments, Merrill Lynch, and Oppenheimer Funds. The firms additional clients follow:
ADP
American Century
American First Credit Union
Bank One
Benefit Street
European American Bank
First Bank
First National Bank of Maryland
First Tennessee Bank
European American Bank
First Bank
First National Bank of Maryland
First Tennessee Bank
Merrill Lynch
Montgomery Asset Management
M Power 401(k) Forum
Oppenheimer Funds
Patelco Credit Union

The final section of Leaffer Shapiros profile will address is organizational structure &
ownership.
Leaffer Shapiro has a straight forward web site, with three key sections including clients,
products & services, and partners.
Leaffer Shapiro is led by Co-CEOs Art Leaffer and Karen Shapiro. Art Leaffer was
formerly at Charles Schwab & Company, Wells Fargo, and Bank of America; he cofounded Leaffer Shapiro; Karen Shapiro was formerly at Bank of America; she is the
other co-founder of Leaffer Shapiro.
261
Leaffer Shapiro is a private company owned by Art Leaffer and Karen Shapiro. Art
Leaffer was formerly at Charles Schwab & Company, Wells Fargo, and Bank of America.
Karen Shapiro was formerly at Bank of America.
LEK Consulting
LEK Consulting was founded in 1983 and is based in London, England. The firm has 19
offices with 850 professionals. Their web site is www.lek.com.
History
The first section of LEK Consultings profile will explain the key historical events in the
firms development.
LEK Consulting was founded in 1983 and has evolved through three phases, including
its acquisitions phase, middle phase, and recent phases.
Acquisitions Phase
The first phase in LEK Consultings development was its acquisitions phase from 1983
to 1993.
LEK Consultings Alcar Group was founded in 1979 by two Northwestern University
professors.
LEK Consulting was founded as The LEK Partnership in 1983 in London, England.
LEK Consulting acquired Alcar group in 1993.
Middle Phase
The second phase in LEK Consultings development was its middle phase from 1994.
Recent Phase
The third phase in LEK Consultings development was its recent phase to 2008.
Statistics
The second section of LEK Consultings profile will review some key statistics regarding
the firm.
LEK Consulting has 19 offices.
LEK Consulting has 850 professional employees.
Businesses
The third section of LEK Consultings profile will outline its core businesses.
LEK Consulting has several businesses, including Alcar Group.
LEK Consultings last business is its Alcar Group, which was founded in 1979.
The final section of LEK Consultings profile will address is organizational structure &
ownership.
262
LEK Consulting has a web site.

LEK Consultings management team includes North America CEO Marc Kozin.
LEK Consulting is privately owned.
Manchester
Manchester was founded.
History
The first section of Manchesters profile outlines the key historical events in the firms
development.
Manchester was founded and has evolved through three phases, including its early,
Early Phase
This section outlines the early phase of Manchester.
Middle Phase
This section outlines the middle phase of Manchester.
Recent Phase
This section outlines the recent phase of Manchester.
Statistics
The second section of Manchesters profile outlines some key statistics regarding the
firm.
Businesses
The third section of Manchesters profile outlines its core businesses.
Manchester has a number of businesses.
The final section of Manchesters profile outlines its organizational structure &
ownership.
Manchester has a web site.
Manchester is led by its management team.
Manchester is privately owned.
Marakon Associates
Marakon Associates was founded in 1978 by Jim McTaggart. It is based in New York,
NY. It has operations in 4 countries with 6 offices worldwide and 326 employees
consisting of 30 partners and 226 consultants generating $134 million in revenues.
Their web site is www.marakon.com.
263
History
The first section of Marakon Associates profile will explain the key historical events in
Marakon Associates was founded in 1978 and has evolved through three phases,
Early Phase
The first phase in the development of Marakon Associates was the early phase.
Marakon Associates was founded in 1978 by Jim McTaggart.
Middle Phase
The second phase in the development of Marakon Associates was the middle phase.
Recent Phase
The third phase in the development of Marakon Associates was the recent phase.
Statistics
The second section of Marakon Associates profile will review some key statistics
regarding the firm.
Marakon Associates has 326 employees, down 28 from 2001.
Marakon Associates has 30 partners, up one since 2001.
Marakon Associates has 226 consultants, down 18 from 2001.
Marakon Associates has almost seven consultants per partner, down 10% from 7.3.
Marakon Associates has over two consultants per staff member, up 5% since 2001.
Marakon Associates typically works with a relatively small number of clients annually.
Usually, 12 to 18 per year.
Marakon Associates generates revenues of over $130 million, up 15% since 2001.
Specifically, the firm generated $134 million in revenues.
Marakon Associates generates over $4 million in revenues per partner, up 13% since
2001. Specifically, firm partners each generated $4.5 million in revenues.
Marakon Associates generates almost $600,000 in revenues per consultant, up 24%
since 2001. Specifically they generated $593,000 in revenues per consultant.
Marakon Associates primary markets are Europe and North America, accounting for
90% of revenues. Specifically, Europe is Marakon Associates biggest market,
accounting for 50% or over of its revenues successive years. The United States is the
firms next largest market, accounting for 34% and 40% of the firms revenues over the
same successive years as Europe. Finally, Asia Pacific accounts for 16% and 8% of the
firms revenues over the same successive years as Europe and the United States. It is
264
interesting to note that Marakon Associates generated 1% of its revenues, or $1.3

million, from South America in 2002.
Marakon Associates relies heavily on financial services for revenues, accounting for
almost half of its revenues. Specifically, financial services accounted for 57% and 48%
of the firms revenues in successive years, while in the same successive years
manufacturing accounted for 17% and 19%, retail/Wholesaling 11% and 8%,
Media/Telecommunications 10% and 6%, and other services 5% and 19%.
Businesses
The third section of Marakon Associates profile will outline its core businesses.
Marakon Associates has a number of businesses.
The final section of Marakon Associates profile will address is organizational structure &
ownership.
Marakon Associates has a web site.
Marakon Associates is led by CEO Ken Favaro.
Marakon Associates requires all consultants at every level to spend substantial time
working with clients. CEO Ken Favaro spends half his time on client engagements. This
requirement is fulfilled at all seniority levels. This work style is a double edge sword,
because it allows less time to develop new business.
Marakon Associates is privately owned.
March First
March First was founded
History
The first section of March Firsts profile will explain the key historical events in the firms
development.
March First was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of March Firsts development was its early phase.
Middle Phase
The second phase in the development of March Firsts development was its middle
phase.
Recent Phase
The third phase in the development of March Firsts development was its recent phase.
265
Statistics
The second section of March Firsts profile will review some key statistics regarding the
firm.
Businesses
The third section of March Firsts profile will outline its core businesses.
March First has a number of businesses.
The final section of March Firsts profile will address is organizational structure &
ownership.
March First has a web site.
March First is led by its management.
March First is privately owned.
Mars & Company
Mars & Company was founded.
History
The first section of Mars & Companys profile will explain the key historical events in the
firms development.
Mars & Company was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Mars & Company was its early phase.
Mars & Company was founded
Middle Phase
The second phase in the development of Mars & Company was it middle phase.
Recent Phase
The third phase in the development of Mars & Company was its recent phase.
Statistics
The second section of Mars & Companys profile will review some key statistics
regarding the firm.
Businesses
The third section of Mars & Companys profile will outline its core businesses.
Mars & Company has a number of businesses.
266

The final section of Mars & Companys profile will address is organizational structure &
ownership.
Mars & Company has a web site.
Mars & Company is led by its management.
Mars & Company is privately owned.
Marsh & McLennan
Marsh & McLennan was founded in 1871 and is based in New York, NY. Company has
presence in 100 countries with 55,000 employees and 30,000 clients. Marsh &
McLennan generates $11.9 billion revenues and $990 million in net income. Company is
a large property and casualty insurance company. Marsh & McLennan is nations
biggest risk and insurance broker for corporate clients (46% of total revenues); insures
property of the wealthy. Marshs Private Client Services division provides insurance for
affluent individuals and families. Marsh & McLennans subsidiary Marsh, Inc. brings
together the services of Marsh & McLennan, Johnson & Higgins, and Sedgwick.
Company is traded on the New York Stock Exchange under the symbol MMC. Marsh &
McLennan is led by its Chairman, Robert F. Erburu and CEO, Michael Cherkasky.
History
The first section of Marsh & McLennans profile will explain the key historical events in
Marsh & McLennan was founded in 1871 and has evolved through three phases,
including its early, acquisitions, and recent phase.
Businesses
The third section of Marsh & McLennans profile will outline its core businesses.
Marsh & McLennan has three business divisions, including risk & insurance, investment
management, and consulting.
Oliver Wyman
Marsh & McLennans first business is Oliver Wyman, which is its management
consulting branch.
The final section of Marsh & McLennans profile will address is organizational structure &
ownership.
Marsh & McLennan companies has five sections on its web site, including about MMC,
investors, news, MMC knowledge center, and careers.
Marsh & McLennan is led by Michael Cherkasky, including Sandra Wijnberg and Michael
Pertullo.
Marsh & McLennans Mercers Oliver Wyman is led by its president John Drzik.
267
Marsh & McLennan is owned by its shareholders.

Matrix
Matrix was founded
History
The first section of Matrixs profile will explain the key historical events in the firms
development.
Matrix was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Matrixs development was its early phase.
Middle Phase
The second phase in the development of Matrixs development was its middle phase.
Recent Phase
The third phase in the development of Matrixs development was its recent phase.
Statistics
The second section of Matrixs profile will review some key statistics regarding the firm.
Businesses
The third section of Matrixs profile will outline its core businesses.
Matrix has a number of businesses.
The final section of Matrixs profile will address is organizational structure & ownership.
Matrix has a web site.
Matrix is led by its management.
Matrix is privately owned.
Matrix Financial Solutions
Matrix Financial Solutions was founded in 2004 and is based in Denver, CO. Matrix
Financial Solutions has 100 employees, 260 institutional clients, and $90 billion traded.
Matrix Financial Solutions is led by its CEO Cliff DAmato and its president John Moody.
Matrix Financial Solutions web site is www.mscsonline.com.
History
The first section of Matrix Financial Solutions profile will explain the key historical events
Matrix Financial Solutions was founded in 2004 and has evolved through three phases,
268
Businesses
The second section of Matrix Financial Solutions profile will outline its core businesses.
Matrix Financial Solutions has six businesses, including its Matrix Settlement &
Clearance Services, MG Trust Company, MG Advisory Services, Optech Systems, &
Prima Capital Holding.
Prima Capital Holding
Matrix Financial Solutions sixth business is its Prima Capital Holding. It was founded in
1998 ,is based in Denver, CO, and generates $700,000 in revenues. Its CEO is Gib
Watson. Its web site is www.primacapital.com.
Matrix Financial Solutions Prima Capital was founded in 1998.
Matrix Financial Solutions' Prima Capital offers web-based applications.
Matrix Financial Solutions' Prima Capital reduced pricing on its Prima Guide on two
different occasions. Prima Capitals 2000 price reductions included:
Prima Guide Base reduced from $5,000 to $2,500
Prima Guide Mid reduced from $12,000 to $7,500
Prima Guide Summit remained at $25,000
Matrix Financial Solutions' Prima Capital reduced pricing on its Prima Guide again in
2001. Prima Capitals 2001 price reductions included:
Prima Guide Base remained at $2,500
Prima Guide Mid reduced from $7,500 to $7,000
Prima Guide Summit was reduced from $25,000 to $15,000
Matrix Financial Solutions' Prima Capital was named best of breed by CPA2Biz.
Matrix Financial Solutions' Prima Capital hired Cherry Creek Private Equity fund to
oversee the raising of $2.3 million of capital in three rounds. Specifically, details include:
First Round
$1.5 million raised in 1999
Investors:
Merriman Business Ventures
Hawthorne Colorado
Richard Barrett
Gib Watson
Steven Buck
Cherry Creek Private Equity Fund
Lost Angel Ventures
BACE Investments
Second Round
$815,000 raised between 2000-2002
Originally sought $1- $3 million by 2002
Investors:
Richard Barrett
Hawthorne Colorado
269
Cherry Creek Private Equity Fund

Lost Angel Ventures
BACE Investments
Captiva Trading
Merriman Business Ventures
Jay Busch
Brad Busse
Tom & Susan Hilb
Tom Sims
Hugh Williamson
Third Round
Sought to Raise Between $1-$3 Million in 2003
Strategic Finance was the banker involved
Potential Investors:
Vista Ventures
Odin Capital
Anshutz Investments
Informa
Reuters
Bloomberg
Standard & Poors
Kobren Insight
Matrix Financial Solutions' Prima Capital has speared an impressive client list, including
Bank of America and Standard & Poors. Other clients include Bank of America, Bear
Stearns, Harris Bank, Key Bank & McDonald Investments, and RW Baird.
Matrix Financial Solutions' Prima Capital struggled to build a relationship with The
Charles Schwab Corporation.
Matrix Financial Solutions' Prima Capital has a handful of strategic client relationships.
Specifically, client relationships include:
McDonal Investments
Utilize Prima Guide
Used for data to supplement internal research
Provides due diligence and performance monitoring on McDonalds
proprietary and affiliated money managers
Managers submit portfolios and commentary to Prima
Sends email updates to advisors
Planned to build a mutual fund wrap program for McDonald
RSM McGladrey
Employs custom application of Prima Guide
Bank of America
Utilizes Prima for manager research
Provides web-based analytical content on select proprietary and third party
separately managed account products
Also includes Primas mutual fund research on its ManagerLink portal
270
Bear Stearns
Signed a three-year agreement in 2002 to utilize Primas services
Capital Professional Advisors
Provides research, due diligence, and consulting services on money
managers available in the Capital Advisory Services program
Recommends additional money managers for Capital Professional Advisors
program
Matrix Financial Solutions' Prima Capital also serves a handful of financial advisors.
Specifically, financial advisors served include:
DeWaay & Associates
Empire Investment Advisory
Financial Securities Group
Moneta Group
Mosaic Group
Matrix Financial Solutions' Prima Capital generates less than $1 million in revenue.
Matrix Financial Solutions' Prima Capital claims to be operating profitably.
Matrix Asset Allocation's Prima Capitals model has received positive feedback from
separate account managers. Specifically, details include:
Positives
It is difficult for smaller separate account managers to participate in MAC,
and they would get a lot of exposure out of Prima
There is dissatisfaction with what Mobius provides to the separate account
managers
Most separate account managers perceive a strong need for education for
financial advisors in separately managed accounts and how to conduct due
diligence
Separate account managers see little return on the time spend completing
RFPs for individual financial advisors, but are interested in a central
repository of basic separate account manager info that this easy to access
and easy to update
Few separately managed account clients come from MAC, and most are
direct even if MAC was a source of data on the managers
Suggestions
When interviewing managers for the database, get input on what reports
they want to see
Charging separate account managers may help reduce the cost of the
product for financial advisors
Educate separate account managers on the growing CPA and family office
markets
Matrix Asset Allocation's Prima Capitals standard due diligence and standard request
for proposal processes are perceived by managers to be keys for serving the advisor
market. Specifically, manager comments on Prima Capital include:
271
Standard Due Diligence

We are in Mobius. The reports they give us are sufficient but they could be
better. They need to simplify them as most people dont understand them.
We deal with one person at Mobius about once a quarter. We talk to Nelson
about twice a quarter
It would be much better to have the semi-annual data updates online rather
than like Mobius or Nelson does it
The due diligence is the most important part
Recommendations list is something some people use and go right to, but I
am cynical about how the info is created. Institutional clients certainly have
never asked for model portfolios
Standard Request for Proposal
It is hard to tell. Lots of smaller registered investment advisors would do the
whole load, probably with the $8,000-10,000 one as they already have
modeling from somewhere. RFP and Risk/Returns- I don't know if it would be
worth the money and they would want some due diligence. They would want
to pay for attribution analysis and due diligence
Risk and return is what we use Mobius for 90% of the time and is the most
important by far. They may want the recommendations list; planners are
going into a whole new world
The RFP would be great. I don't stress the returns and risk analysis
statistics; people would go right to them but I am cynical about the
information
RFPs require some of the basic info so a database with that info is most
useful to registered investment advisors who will put out a basic one.
Attributions is interesting but I wonder whether the registered investment
advisors are intelligent enough. Due diligence is where they can add value,
they are looking for someone to do the research themselves and are looking
for someone else's judgment. Don't like back testing, they can just look at the
performance numbers
RFP on the web, that sounds good. I think they all sound good
Pricing
$15,000 is a lot to pay for someone else's advice, but maybe not
The price sounds reasonable enough for me. We've considered using
Mobius ourselves, and if separately managed accounts were our core focus
we could consider it but we are institutionally focused so we use Russell
Investment Group extensively and use that to compare us to our competitors
Matrix Financial Solutions' Prima Capital received positive feedback on its more focused
tiered product offering. Comments include:
Positive Comments
Sounds fine. Right within the ballpark. Consistently the numbers are
comparable to other products and services. We looked into outsourcing
everything but they are providing a typical service. At the other extreme we
looked at building a full in-house team for investment management. Total
department would be about 2-4 people at about $80,000 per year, plus
272
materials like research and publications for a total of about $350,000 to

$400,000 a year
Probably would go a step beyond RFP and Returns to the $8,000-$10,000
because we want help going forward
All prices seem very reasonable. We would probably use the services within
the $8,000 to $10,000 range. Private equity is big so what would really be
valuable to us is someone who does analysis on private equity. We had a
firm called Wealthy Group come in and do some analysis. Their prices far
exceeded those that Prima is offering
General Comments
None of this is outside our reach if member services wanted to access. We
would look at the first four. Its also possible wed want the best managers
list. It just depends on the first levels and our experiences with Prima. Its
possible that they would go to last tier if the price is lower
Matrix Asset Allocations Prima has received concerns about its pricing. Specifically,
comments include:
I don't know what would be reasonable or not. If we got into hedge funds as a
fund of funds, I could see paying $10,000 a year to help us do research on them.
We'd need to start the whole process from scratch
The $3,000-$5,000 price sounds like Callan and we couldnt see enough value
with them to go there. It is all interesting and you need all that so it is difficult to
modularize it but that price sure makes me shy away. I would pay maybe $5,000$6,000, which doesnt mean its not worth more, but that is all I could afford. If I
had $300-$500 million I think it would be a fair price if separate accounts were
my main business
Matrix Financial Solutions' Prima Capital may have a bigger challenge getting traction
with fee-only financial advisors due to the price of its product. Specifically, comments
include:
At least double Morningstar because of the increased time, but definitely a fixed
price, about $2,000 per year. Not basis points or a percentage
I only have 15 clients for whom it would be appropriate. I can't pay $15,000 or
$1,000 per client. A product at $15,000 strikes me as a big commitment for a
product I am not using heavily. Morningstar is only $700, although I know this
would be more work. $15,000 would double my research budget. Maybe they
can price it lower by sub-dividing the data; I may only want large-cap managers.
If I think it is expensive at $90 million, a $25 million guy will think it is really
expensive
Depends on the pricing. Many are getting into separately managed accounts via
Schwab and don't buy Mobius. I think advisors are willing to pay $5,000, not
$15,000 like for Mobius
Mobius has a significant market share but it is expensive; there is the market
there for those with $30 to $50 million, one-man shops want it but won't pay
Mobius prices. But I think there is a fabulous market for Prima. What they would
pay depends on how extensive the info is; if you could get less depth and get the
price to $1,000 to $2,000 I think you'd have something
There is a market at a lower price
Sounds like about $5,000
273
The price itself ($15,000) is a very small part of the whole pricing when a CPA
firm is thinking of adding on a department. Once you have the salary of a couple
of mid-level or a senior person at $80-$100,000 each, $15,000 isn't much
If the info was there and was clear we'd pay that, $3,000-$5,000. We can do
risk/return and attribution and all that, but could be persuaded to go up to the
second level to leverage our time. Very much depends on quality.
It is hard to see paying $15,000 for 100 managers. I would probably start with
the smallest until they grew the number of managers. Needs to be more
extensive
Sounds like it's pretty expensive to me. It appears to be a supped up Mobius.
Since we do a lot of research it wouldn't be worth it to me. I wouldn't feel
comfortable using someone I wasn't familiar with. Another issue is how many
managers are they going to have? If it were robust, and had attribution analysis
and all that I would maybe pay between $5,000 -$10,000
Those are big numbers for firms our size. We generally don't subscribe if it
costs over $10,000. If we do, the product aids in our research. If we were three
times the size I would consider all three product ranges
Those price ranges need to talk to affluent firms. Those are too high for an RIA
with $25-$50 million
I think it would be about half that price, across the board
Matrix Financial Solutions' Prima Capital receives some positive market feedback with
many focusing on the facts. Specifically, comments include:
Positive Feedback
Offers breadth and depth of content
Includes tax performance evaluation
Offers analyst opinions
Differentiators B2B, web-only, private accounts only, unbundled
It is the content that sets them apart
There could be a future market for this, and they could make the product for
it now
It is interesting. We're never going to use a Lockwood. We have some data
and software to analyze but we don't have the time. MAC is limited and I want
a broader selection. We could clearly use something like Prima, but it has got
to be cost efficient
I'd use the database but like doing the rest. The key would be the
comparability of the data and how much confidence I have in the staff. How
good is their due diligence and how much does it cost? I may also be
interested in kicking it around with someone, but I don't want someone to do
it for me
Smart, niche player
A lot of guys like what they see
Prima's focus on CPAs who are thinking about it seems good as about 30
states now let CPAs do that sort of thing
Factual Feedback
I know the guys over at Lockwood and they oversee managing accounts
while Mobius is a database, so there is a big gap
Online provider of research and due diligence on private account manager
100% web based
274
I think there is a large market; SEI and Lockwood are capturing huge market
share and financial advisors like myself are becoming more asset gatherers
so it is a question of where they add value
General Comments
Sounds like firms who are using Mobius would see it as competitor. Most
CPA firms are looking for a TAMP, like Lockwood. Few CPAs in the group
are trying investment management. Ultimately it could be both a tool and a
competitor. If we could have been a Lockwood, we would have been one
right out of the shoot. We just didnt have the money
We were worried about becoming reliant on specialists. In order for us to
expand, we would need to add a department that would be centered around a
single professional who would be hard to easily replace if they left. But there
are probably about 50,000 CPA firms, about 1/3 of which are thinking about
going into investment management
I had a cup of coffee with Gib and Chris. Two products, if I remember, where
one was evaluation of money managers and one was of mutual funds. We
see people like Mercer and who are quite expensive, but on a long-term basis
can be really expensive. We are looking to how we can do it ourselves
Matrix Financial Solutions' Prima Capital has received concerns regarding its financial
stability and exit strategy. Specifically, comments include:
Financial Stability:
Issue re survivability
Got to turn a profit and build a business
Exit Strategy:
What happens when they get bought out
What is the out strategy
Depth of Information:
If they are serious and want to shift 100% of their business to separate
accounts, they need more than just raw data, they need research
Matrix Financial Solutions' Prima Capital has a number of businesses.
Matrix Asset Allocation's Prima Capitals core offer is its Prima Guide Research & Due
Diligence.
Matrix Financial Solutions' Prima Capital maintains a universe of 700 separately
managed accounts, 1,000 mutual funds, and 200 exchange traded funds. Specifically,
37% of Prima Capitals universe is made up of separately managed accounts. 52% are
mutual funds. And the remaining 11% are ETFs.
Matrix Financial Solutions' Prima Capital positions itself between manager databases
and fully bundled TAMPs.
Matrix Financial Solutions' Prima Capital offers three levels of separate account
manager research through Prima Guide. Specifically, details include:
275
Base
$2,500/year
Mostly quantitative data
Firm description
Organizational summary
Investment decision-making process
Portfolio holdings and characteristics
Economic sector analysis
Evaluative performance analytics
Operations data
Contacts for firm ADVs and contracts
Standard reports for client presentation
Request for Proposal (Lite): Managers fill out an electronic form with data and
facts
Risk & Return Analysis: Returns-based regression to determine the best
benchmark to use and then to measure performance relative to that
benchmark
Mid
$7,000/year
Adds several features to base level
Manager interviews
Analyst opinions and commentary
Search capabilities
On-site due diligence summaries
Benchmark analytics
Performance attribution analysis
Universe construction and manager comparisons
Prima Capital's advisory commentary
Advanced, private label reporting for client presentations
Request for Proposal (Full): Same as Lite, but more data provided
Attribution Analysis: Calculate what has driven past performance (whether
good or bad), e.g., asset allocation, security selection, market timing, etc.
Due Diligence and Advisory Comments: In-person office visits to assess
portfolio, service, and marketing processes with a focus on organizational
dynamics and the sustainability of performance
Summit
$12,000/year
Adds several features to mid level
Prima rankings
Advanced search capabilities
Prima Capital's rankings for best-of-class managers and mutual funds
Ability to tailor manager searches to match client parameters
Expanded List of Other Investments: mutual funds, hedge funds, and private
equity
Recommendations List: Specific manager recommendations based on past
performance, due diligence, and future predictions
Model Portfolios and Back Testing: Specific suggested portfolios based on
their risk parameters
276
Matrix Financial Solutions' Prima Capital is an efficient purchase for larger firms.
Matrix Financial Solutions' Prima Capital is targeting the institutional market & its
research can be integrated into any system.
Matrix Financial Solutions' Prima Capital has alliances with CPA2Biz, Standard & Poors,
and TD Ameritrade. Specifically, details include:
CPA2Biz
Provides investment research for CPA2Bizs Investment Advisory Services
Resource Center
Allows over 330,000 CPAs to access selected vendors that provide valueadded services
Standards and Poors
Provides research, due diligence, and advisory services on separately
managed accounts for Standard & Poors Advisor Insight web site
40,000 subscribers
TD Ameritrade
Distributes standard Prima Guide application to TD Waterhouses network of
fee-only financial advisors
Matrix Financial Solutions' Prima Capital provides due diligence, manager evaluations,
and rankings.
Matrix Financial Solutions' Prima Capital includes research on 157 separate account
managers, with 359 products and 68 mutual fund companies with 168 funds.
Matrix Financial Solutions' Prima Capital managers input data.
Matrix Financial Solutions' Prima Capital offers three levels of services.
Matrix Asset Allocation's Prima Capitals principals developed the applications for KPMG
Peat Marwick and transferred this system to the new firm.
Matrix Financial Solutions' Prima Capital targets CPAs, fee-only financial advisors, and
independent broker/dealers.
The final section of Matrix Financial Solutions profile will address is organizational
Matrix Financial Solutions has a detailed web site that is divided into five sections,
including about Matrix, affiliates, solutions, news & events, and contact us.
Matrix Financial Solutions' Prima Capital has an in-depth web site with sections including
company, Prima advantages, products & services, information & resources, & contact
us.
Matrix Financial Solutions is led by its CEO Cliff DAmato.
277
Matrix Financial Solutions' Prima Capital is led by its CEO Gib Watson.
Matrix Asset Allocation's Prima Capitals board of directors include Hugh Williamson,
Lisa Johnson, George Merriman, and Gib Watson; Tiburon Strategic Advisors managing
principle Chip Roame was also a former board director.
Matrix Financial Solutions is privately owned.
Matrix Financial Solutions' Prima Capital is owned slightly more than half by Matrix
Financial Solution. Specifically, 52% of the company is owned by Matrix Asset
Allocation, while the other 48% is held by other investors.
McColl Partners
McColl Partners is led by its CEO Hugh McColl.
History
The first section of McColl Partners profile will explain the key historical events in the
firms development.
Businesses
The third section of McColl Partners profile will outline its core businesses.
McColl Partners was founded as an investment banking firm specializing in mergers &
acquisitions, focusing on companies with less than $250 million in revenues.
McColl Partners has several various businesses.
Strategic Advising
McColl Partners final business is its consulting business.
The final section of McColl Partners profile will address is organizational structure &
ownership.
McColl Partners has a web site.
McColl Partners is led by its CEO Hugh McColl.
McColl Partners is privately owned.
McKinsey & Company
McKinsey & Company was founded in 1926 by James McKinsey. The firm is based in
New York, NY and has operations in 45 countries, with 84 offices, 16,000 employees,
6,500 professionals, and 850 partners, generating $4.4 billion in revenues. The firms
Managing Director is Ian Davis and its web site is www.mckinsey.com.
History
The first section of McKinsey & Companys profile will explain the key historical events in
278
McKinsey & Company has evolved through four phases, including its founding phase,
growth phase, troubled phase, and maturity phase:
Founding Phase
The first phase in McKinsey & Companys development was its founding phase from
1927 to 1950.
McKinsey & Company was founded as James McKinsey & Company by James
McKinsey in 1926.
McKinsey & Companys heart & soul, Marvin Bower, joined the firm in 1933. He was the
firms fourth Managing Director. During his 70 tenure with the firm, he objected to the
marriage of consulting and accounting and steered the firm towards a behind the scenes
role serving the most senior executives.
McKinsey & Companys predecessor firm James McKinsey & Company merged with
Scovell, Wellington, & Company in 1936.
Growth Phase
The second phase of McKinsey & Companys development was its growth phase from
1951 to 1999.
McKinsey & Company opened its first international office in London in 1959.
McKinsey & Company launched The McKinsey Quarterly in 1964.
McKinsey & Companys Marvin Bower published The Will to Manage in 1967.
McKinsey & Company acquired Information Consulting in 1989.
McKinsey & Company established the McKinsey Global Institute in 1990.
McKinsey & Company established its China office in 1994, and has seen a great deal of
business come from that country since. McKinsey & Companys entry into China was
facilitated by the fact that its earliest clients were multinational companies accustomed to
working with outside consultants. McKinseys work in China has been growing at a rate
of 20%-30% each year.
McKinsey & Company lost several partners and promising associates for positions at
high-tech start-ups during the late 1990s. These losses created worries about internal
values and the retention of valued staff.
Troubled Phase
The third phase of McKinsey & Companys development was its troubled phase from
2000 to 2003.
McKinsey & Company requested partners contribute back to the partnership in a capital
call in 2001 while claiming that it was a routine mechanism for generating capital
internally and not tied to performance. All 850 partners, including 275 senior level
directors were asked to give money back to the firm either in cash or through bank
loans. It was claimed that the capital call was a routine mechanism for generating
279
capital internally and not tied to performance. A similar call was used when the firms
revenues rose an estimated 17%. The capital call mechanism has been used five times
in the past ten years. McKinsey employs a just in time approach to cash management
and keeps little cash on hand.
McKinsey & Company changed its evaluation and selection criteria for consultants in
2002.
McKinsey & Company had a surge in authorship by consultants in 2002.
McKinsey & Company alumni got caught up in the Augusta National controversy in
2002. Former Managing Director Frederick Gluck and semi-retired director Robert
OBlock are members of Augusta National.
McKinsey & Company was having a difficult time managing its information in 2002. The
firm found its own research and information systems lacking. The results of the study of
its research and information systems resulted in the restructuring of its research staff. In
addition, the firm sharply increased the amount of money invested in knowledge
management.
Organization of its research and information is crucial because
knowledge and analysis is the firms selling point.
McKinsey & Company was engaged by United Airlines to advise its Chapter 11
proceedings in 2002 to craft a vision for the airline to increase revenue by adopting lowfare airline techniques. McKinsey studied whether certain discounts to corporate
customers should be scaled back or even eliminated. McKinsey pushed United to adopt
techniques of low-fare airlines, praising the advantages of having a fleet of similar or
identical aircraft which would require the same maintenance procedures. The firm has
been a popular target of critics of United Airlines reorganization. McKinsey worked on
turnaround strategies employed by two European carriers before they failed, which may
have contributed to the view of creditors who seemed unsure that the firms work can
add value. McKinsey was due $4 million by the end of 2003.
McKinsey & Company was engaged by the Securities & Exchange Commission to
determine ways to increase operating and technology efficiency in 2002. McKinseys
work was the first external study of the SEC since its inception in 1934.
McKinsey & Company was retained by the Federal Deposit Insurance Corporation to
improve its methods for predicting losses from future bank failures in 2003. The ultimate
goal was for the agency to use the latest risk analysis tools in helping to eliminate
potential future losses.
McKinsey & Companys key recommendations it made to the Federal Deposit Insurance
Corporation included shortening its loss ratio, developing guidelines for future losses,
refining cost calculating methods, and introducing a new credit risk model. Specifically,
details include:
Shortening Loss Ratio
Analysts use a two-year historical loss ratio instead of current five-year
horizon
Developing Guidelines for Future Losses
280
Develop explicit guidelines about any subjective judgments used to estimate

future losses
Refining Cost Calculating Method

Refine method of calculating the costs of bank failures to include more
information on asset composition
Introducing Credit Risk Model
Road map to accelerate development of a new credit risk model for gauging
the probability of failure
McKinsey & Companys customers began questioning the firms advice due to its
counsel of Enron, Kmart, and Global Crossing in 2003. Specifically, details include:
Enron
Had a large presence at Enron ever since its creation in 1980
Former Enron CEO Jeff Skilling worked at McKinsey
Richard Foster, a senior partner, was an advisor to Enrons Board and
attended six board meetings
Typically stationed five to fifteen consultants at Enron
Kmart
-Global Crossing
-McKinsey & Company clients began demanding discounts in 2003, which was once
unthinkable.
McKinsey & Company employed Chelsea Clinton in 2003.
estimated at $120,000.
Her starting salary was
Maturation Phase
The fourth phase in McKinsey & Companys development was is maturation phase from
2004 to 2008.
McKinsey & Company came under scrutiny in 2007 when Thomas Leifs book, Advised
& Deceived, criticized the firm by comparing it to Opus Dei for secretively wielding power
without responsibility. Leif described McKinsey & Company as shadowy background
operators who use jargon to fudge meaning and feed struggling corporate managers
with little more than recycled information.
Statistics
The second section of McKinsey & Companys profile will review some key statistics
regarding the firm.
McKinsey & Company has operations in 45 countries.
281
McKinsey & Company has 84 offices, which has remained relatively consistent since
2002. The number of McKinsey offices has fluctuated between 80 and 84 since 2007.
Specifically,
McKinsey
&
McKinsey & Company Has 84 Offices, Which Has Remained
Company had 80 firm offices in
Relatively Consistent Since 2002
2004, 82 firm offices in 2005,
and 84 firm offices in 2007.
McKinsey & Company Offices
McKinsey & Company has
16,000 employees worldwide.
McKinsey & Company employs
6,500 professionals, up almost
100% since 1994. Specifically,
the firm
employed 3,300
professionals in 1994, 3,944 in
1996, 4,500 in 2002, and 7,200.
The number of employees at
McKinsey has decreased by
10% since 2003.
82
80
82
84
2 002
20 04
2005
20 07
Source: 4/25/05 McKinsey Web Site; 12/9/04 Hoovers Online; 6/03 Consulting M agazine;; Tiburon Research & A naly sis
McKinsey & Company has 850 partners, which has remained relatively consistent in
recent years.
McKinsey
&
Companys
partners make up nearly onefifth of the total work force.
Specifically,
19%
of
the
workforce has the status of
partner, with the remaining 81%
having non-partner status.
McKinsey
&
Company
generates over $4 billion in
revenues, up 46% since 2002
Specifically, in 1994 McKinsey &
Company generated $1.5 billion
in 1994, $2.1 billion in 1996,
$3.4 billion in 2000, $3.2 billion
in 2001, $3.0 billion in 2002,
$3.5 billion in 2003, $3.8 billion
in 2005, $4.4 billion in 2007.
McKinsey & Companys Partners Make Up Nearly One-Fifth of the

Total Work Force
McKinsey & Company Work Force
By Status
Partn ers
19%
No n-Partne rs
81%
Source: 2/ 8/07 Mc Kinsey & Company Web S ti e; 12/ 31/ 02 Wall St reet Journal; Tiburon Research & Analysis
McKinsey & Company generates $275,000 revenues per employee.

McKinsey & Company generates almost $700,000 revenues per professional, up 58%
since 2002. Specifically, the firms professionals generated $532,000 in 1996, $428,000
in 2002, and $677,000 in 2007.
McKinsey & Company generates over $3 million revenues per partner. Specifically, the
firm generated $3.5 million per partner in 2002.
282
McKinsey & Company consultants utilization rate has dipped below 40% at times.
McKinsey & Company is a coveted employer, including having been named as the most
desirable firm to work for by MBA candidates for seven years straight.
McKinsey & Company firm reputation was down in 2002, but still at 8.7. The decrease in
the firm reputation was from a rating of 9.3 in 2001.
McKinsey & Company has four core principles, including work with our clients not for
them, bring the best of the firm to each client, take a top management perspective, and
establish a solid fact base.
Businesses
The third section of McKinsey & Companys profile will outline its core businesses.
McKinsey & Company is organized into six functional practices, including strategy,
corporate finance, marketing & sales, and business technology.
McKinsey & Company generates half of its revenues from strategy consulting.
Specifically, after strategy consulting the firms information technology consulting
business generates 30% of the firms revenues, while organizational management
consulting comprises the remaining 20% generated in revenues.
McKinsey & Company derives almost 30% of its consulting revenues from its operations
management practice. Specifically, McKinsey & Companys operations management
consulting practice accounts for 28% of the revenues derived by the firm, with its various
other consulting practice business accounting for the remaining 72% of the firms
revenues.
Strategy
McKinsey & Companys first functional practice is strategy.
McKinsey & Companys strategy practice provides several services, including corporate
strategy, business unit & product line strategy, strategic planning, competitive dynamics,
and game theory.
McKinsey & Company employs the McKinsey Method in its approach to strategy
consulting. The McKinsey Method is a hypothesis-driven approach which reaches
conclusions and solutions based on a dispassionate analysis of the facts. Participation
in Socratic debate among team members focus the discussion on issues that matter.
McKinsey team takes the business apart piece by piece and puts it back together again.
The method stresses the importance of bringing rigorous profit analysis to a business
long shrouded in secrecy. This approach attempts to tell clients which products make
money and why.
McKinsey & Company has some critics who believe that some solutions derived through
McKinseys strategy methods lack insight and creativity. Among the claims that critics
make are that results can be too theoretical, making them difficult or too expensive to
implement. Moreover, some contend that the methods can lead to too narrow a focus,
which is too abstract and numbers-oriented, and that this approach can miss the human
283
dimensions of business success, noting that unquantifiables such as innovation and

client hand-holding that drive the best firms can fall by the wayside.
Corporate Finance
McKinsey & Companys second functional practice is corporate finance.
McKinsey & Companys corporate finance practice provides several services, including
capital markets strategy, value based planning, mergers, acquisitions, & divestitures,
alliances & joint ventures, initial public offerings & spin offs, and integration planning.
Marketing & Sales
McKinsey & Companys third functional practice is marketing and sales.
McKinsey & Companys marketing & sales practice provides several services, including
branding, consumer research, customer loyalty, marketing strategy, and pricing. The
marketing & sales practice also provides services in the areas of marketing spend
efficiency & effectiveness, sales & channel management, customer relationship
management, and marketing organization & capability building.
McKinsey & Company believes that tapping into a companys sources of brand value
requires three main elements, including positioning, developing a stronger customer
perspective, and adopting a capital allocation mindset. Specifically, details include:
Positioning
Position brands to deliver success for the overall portfolio
Develop a Stronger Customer Perspective
Develop a stronger customer versus category perspective across all brands
in the portfolio
Adopt a Capital Allocation Mindset
Adopt a capital allocation mindset for brand investment
McKinsey & Company believes there are four factors that drive multi-channel marketing,
including varying the levels of service within channels, refocusing legacy channels,
creating customer value focused paths, and over managing. Specifically, details
include:
Vary the Levels of Service Within Channels
Make multi-channel services available for everyone, but vary the levels within
channels based on customer profitability
Refocus Legacy Channels
As much time should be spent refocusing legacy channels as developing new
ones
Customer Value Focused Paths
Develop a lean, linked,
implementation path
and
284
customer-value
focused
technology-
Overmanage
Phase and overmanage the transition
Operations
McKinsey & Companys fourth functional practice is operations.
McKinsey & Companys operations practice provides several services, including
manufacturing, purchasing & supply chain management, supply chain management, and
product development.
McKinsey & Company generates over $800 million revenues from its operations
management practice. Specifically, McKinsey & Company generated $840 million in
revenues in 2002.
Business Technology
McKinsey & Companys fifth functional practice is business technology.
McKinsey & Companys business technology practice provides several services,
including information technology architecture, information technology cost, information
governance technology & organization, and information technology infrastructure.
Additional business technology practice services offered by McKinsey are information
technology in operations (ERP & SCM), information technology in sales & marketing,
information technology post merger management, and information technology
outsourcing/off shoring & business process outsourcing.
McKinsey & Companys @McKinsey is its e-business division which takes both fee-forservices & equity investments in return for providing hands-on implementation and
business-building services. This division helps push funded projects to fruition and
assist e-businesses in their second stage of funding. They also work with Fortune 500
companies to launch and integrate e-businesses. Offices at McKinsey & Companys
@McKinsey will have 500 employees total in Silicon Valley, New York, London, Madrid,
and Germany. This approach is in contrast to traditional Internet incubators, who only
offer their services in exchange for startup equity.
Organizational Practice Services
McKinsey & Companys final practice is organizational practice services.
McKinsey & Companys organization practice provides several services, including
corporate governance, motivation, performance, & talent, institutional system design,
and corporate transformation.
McKinsey & Company serves many industries, including automotive & assembly,
banking & securities, chemicals, consumer packaged goods, electrical power & natural
gas, and high tech strategy. McKinsey organizational practice serves additional
industries in the areas of insurance, media & entertainment, metals & mining, nonprofit,
payer & provider, petroleum, pharmaceuticals, private equity, pulp & paper & forest
products, retail, telecommunications, as well as travel & logistics.
McKinsey & Companys work in China is done for Chinese companies over threequarters of the time. Specifically, McKinsey & Company assists the Chinese parent
285
companys project 77% of the time, with the remaining assistance with projects being
provided for 23% of the Chinese parent clients subsidiaries.
McKinsey & Company works with smaller companies in China, due to the lack of large
sophisticated companies.
McKinsey & Companys engagements in China are repeat business half of the time.
McKinsey & Company is organized into 80-100 cells. The leaders of different cells are
appointed by the Managing Director. Cells are defined by geography, industry, and
function, with 10 to 20 partners in each cell.
McKinsey & Companys client list is a mix of high flyer and struggling companies. Those
companies include:
AMP Society
Enron
Global Crossing
K-Mart
Merrill Lynch
Money Management Institute
Shanghais Nanjing Road
United Airlines
United Nations
AIDS Accelerating Access Initiative
United States of America
Securities & Exchange Commission
Federal Deposit Insurance Corporation
Wachovia Corporation
Wells Fargo Corporation
McKinsey & Company manages many entrepreneurial activities, including its Global
Institute, Entrepreneurs in Residence program, McKinsey Business Awards, and
McKinsey Quarterly.
The firm also manages entrepreneurial activities with its
benchmarking and efficiency survey.
McKinsey & Companys McKinsey Global Institute is an independent economics think
tank within McKinsey. It was created to undertake original research and develop
substantive points of view on critical economic issues facing businesses and
governments around the world. The goal of its investigations is to improve business
performance and competitiveness.
McKinsey & Company has developed an Entrepreneurs in Residence program. This
program was created to leverage the first-hand experiences of industry executives and
entrepreneurs. Interestingly, most participants are hired as part-time consultants which
allows participants to continue working on their own businesses. In turn, entrepreneurs
real-life experiences help to create more thorough and balanced client
recommendations. However, potential conflicts of interest exist due to entrepreneurs
dual roles.
286
McKinsey & Company gives annual awards called the McKinsey Business Award. The
awards are presented to recognize the two best articles published each year in the
Harvard Business Review.
McKinsey & Company publishes the McKinsey Quarterly. This publication features
McKinsey & Companys latest thinking on business strategy, technology, finance, &
management. Consultants and alumni write the majority of the articles published.
McKinsey & Company created McKinsey Quarterly.com. McKinsey Quarterly.com is an
online repository of the McKinsey Quarterly articles since 1993. The firms repository
contains the full text and exhibits for articles. Content is organized by subject and
industry as well as chronologically.
McKinsey & Company provides benchmarking for global business confidence in the
current economic condition. Readers of the McKinsey Quarterly are invited to take an
online survey, and these participants receive the results before publication.
McKinsey & Company publishes a semi-annual e-performance survey. This surveys
more than 200 Internet businesses around the world with combined revenues of roughly
$2 billion. The survey founded in 2001 that 20 that 20% of companies covered were
profitable and a significant number of others are headed in that direction. Interestingly,
the survey received virtually no press because it did not fit prevailing conventional
wisdom that the Internet sector was dead.
The final section of McKinsey & Companys profile will address is organizational
McKinsey & Companys web site is very in-depth with plenty of information regarding the
firms history. The web site main areas contain information regarding the firm, its client
services, and the ideas generated by the firm. The web site has various language
versions, as well as an impressive list of client projects, an extensive Careers at
McKinsey page, and links to the McKinsey Quarterly & the McKinsey Global Institute.
McKinsey & Company also offers an alumni web site.
McKinsey & Company is led by Managing Director Ian Davis, and a number of prominent
partners including Lowell Bryan and Bill Meehan. Ian Davis became Managing Director
in 2003 after a close election with Michael Patsalos-Fox, head of the New York office.
He joined the firm in 1979 and was the head of the UK office since 1996. Rajat Gupta
was the former Managing Director. Mr. Gupta served in that capacity from 1994 to
2003, and he set the precedent of a three-term limit.
McKinsey & Companys prominent partners include Lowell Bryan, Bill Meehan, Kenichi
Ohmae, Herb Henzler, and Adair Turner. Bill Meehan is the chairman of McKinsey &
Companies west coast offices.
McKinsey & Company has Bill Bradley as a Chief Outside Adviser.
McKinsey & Companys shareholders council is its senior governance body.
287
McKinsey & Company partners are frequently tapped to lead the companies they were
engaged to help. Specifically, details include:
George Feiger
Head of SBC Warburgs investment banking division
John Cecil
Chief administrative officer, Lehman Brothers
Steven Green
Chairman, HSBA Capital Markets
Lukas Mhlemann
Chairman, Swiss Re
Phil Purcell
CEO, Morgan Stanley
Roger Ferguson
Vice Chairman, Federal Reserve
Operated as Federal Reserve Chairman Alan Greenspans right hand man
Primary US financial-policy maker while Alan Greenspan was in Switzerland
during the terrorist attacks of September 11
Martin Baily
Chairman, White House Council of Economic Advisors
Confirmed in 1999 and potential successor to then-current chairperson Janet
Yellen
Former economics professor at Yale, MIT, and University of Maryland
Played a major role in McKinsey research on differences in productivity
between different countries
Martin Felton
Wrote the Board Governance Regulations for South Korea
Pioneered McKinsey & Companys work on the value of good board
governance
Worked with various organizations to help develop director training methods
and install new board governance programs
Researched good governance practices that helped shareholder value
enhancements
Ted Hall
Serves on Board of Directors for Dolby Laboratories
Former Managing Partner at San Francisco office
Helped move McKinsey & Companys operations into China
Worked with chief executives and board of directors of Fortune 50-size
companies around the world in the areas of strategy and organization
288
McKinsey & Company is always hiring, but requirements are high. The firm requires
exceptional intellect and superior analytical skills, an advanced degree from a top
school, an impressive record of career achievement, as well as excellent written and
verbal communication skills. In contrast, while other consulting firms were hiring old
men who dispensed wisdom, McKinsey decided to hire young people and train them to
be problem solvers. The firm was the first consulting firm to compete with Wall Street for
Harvard MBAs. McKinsey has an up-or-out mentality, in that employees who fail to
make partner in five years are asked to move on.
McKinsey seeks the cream of the crop; the best possible candidate for the firm. The
firms traditional recruits come from top business and law schools, and top economic and
finance programs. McKinseys non traditional recruits consist of doctors, scientists, and
politicians.
McKinsey & Companys traditional recruits come from top schools and it has nontraditional recruits including doctors, scientists, and politicians.
McKinsey & Companys successful recruits have qualities including, analytical ability,
problem solving, and business judgment. Between these required capabilities of
successful recruits, analytical ability ranks as the first and foremost quality. Recruits
should also have the ability to break apart problems into their components. Moreover, a
successful McKinsey recruit should have business judgment in line with understanding
the implications of solutions. To compliment these qualities of the mind, a successful
McKinsey recruit should have a good personality that fits with the interviewee as well as
the firm.
McKinsey & Companys successful recruits have standard qualities including above
average intelligence, a record of academic achievement, and demonstrated
achievement in prior jobs.
McKinsey & Company commits serious resources in its recruiting process, including
courting MBAs, committing to full time recruitment, engaging in large scale efforts, and
engaging in small scale efforts. Specifically, details include:
Courting MBAs
Up to five day stays at the best hotel in town
Taking MBAs to fancy restaurants
Recruiting is a Full Time Commitment
Given McKinseys rate per hour, this is a significant opportunity cost
Engaging in Large Scale Efforts
Every top business school has its own team of McKinsey consultants
assigned to it with its own charge code
Engaging in Small Scale Efforts
Court individuals at restaurants like Le Cirque
McKinsey & Company utilizes the case method of interviewing. The interview requires
the candidate to break the problem down into its component pieces, ask relevant
289
questions, and make reasonable assumptions when necessary. The successful

candidate responds favorably to the case question by delving deeper to understand the
information getting thrown at them all at once.
McKinsey & Company employees believe in the firms leadership.
McKinsey believe their managers create a positive work environment.
Consultants at
McKinsey & Company employees are very satisfied with their training & development
opportunities. Specifically, 96% of McKinsey & Company employees reported that they
are very satisfied with their training and development opportunities, while the remaining
4% reported their view as neutral regarding training and development opportunities.
McKinsey & Company employees believe their work makes a positive impact on clients
most of the time. Specifically, 48% of McKinsey & Company employees believe their
work makes a positive impact on clients most of the time. Interestingly, 44% of
McKinsey employees think that their work always makes a positive impact on their
clients, while the remaining 8% report a belief that their work makes a positive impact on
clients sometimes.
McKinsey & Company employees find their mentors very valuable. Specifically, 98% of
McKinsey & Company employees report that their mentors are very valuable, while they
remaining 2% reported neutrality regarding their satisfaction with their mentors.
McKinsey & Company changed its firm policy in an effort to retain talent. Employees
can now be named partner as quickly as three years after joining the firm, and
associates now have more say in choosing assignments. The firm also created the new
post of associate principal, which allows consultants on their way up to share in some of
responsibilities and riches of full partners. Finally, associates pay was increased at least
15%.
McKinsey & Companys changes to retain employees may not be enough to retain the
firms talent. Despite the changes in firm policy, such as the increase in associates pay,
consultants in East Coast and West Coast cities do not believe pay increases are
enough due to sky-rocketing cost of living. Moreover, the lack of equity compensation is
hindering McKinseys partner retention efforts.
McKinsey & Companys informal and formal alumni activities expand its reach into the
world at large. The firms former partners can be found in the senior management of
countless Fortune 500 companies and governments. These former partners often hire
their former McKinsey colleagues on consulting projects. Interestingly, due to their
network of former partners, McKinsey never needs to advertise or engage in marketing
in the conventional sense. The firms influence in the financial services industry is close
to 100%.
McKinsey & Company maintains an employee alumni database which has long been
viewed as one of the keys to its power.
McKinsey & Company is privately owned.
290
Michael Porter
Michael Porter is led by CEO Michael Porter, a Harvard Business School professor who
specializes in competition strategy treatise.
History
The first section of Michael Porters profile will explain the key historical events in the
firms development.
Michael Porter was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Michael Porter was its early phase.
Middle Phase
The second phase in the development of Michael Porter was its middle phase.
Recent Phase
The third phase in the development of Michael Porter was its recent phase.
Statistics
The second section of Michael Porters profile will review some key statistics regarding
the firm.
Businesses
The third section of Michael Porters profile will outline its core businesses.
Michael Porter has a number of businesses.
The final section of Michael Porters profile will address is organizational structure &
ownership.
Michael Porter has a web site.
Michael Porter is led by its CEO Michael Porter
Michael Porter is privately owned.
Milliman Global
Milliman Global was founded in 1947 and is based in Seattle, WA. The firm has 2,100
employees and generates $522 million in revenues.
Its web site is
www.MillimanEurope.com.
History
The first section of Milliman Globals profile outlines the key historical events in the firms
development.
Milliman Global was founded in 1947 and has evolved through three phases, including
291
Milliman Global was founded in 1947.

Early Phase
This section outlines the early phase of Milliman Global.
Middle Phase
This section outlines the middle phase of Milliman Global.
Recent Phase
This section outlines the recent phase of Milliman Global.
Statistics
The second section of Milliman Globals profile outlines some key statistics regarding the
firm.
Milliman Global has 2,100 employees.
Milliman Global has $522 million in revenues employees.
Businesses
The third section of Milliman Globals profile outlines its core businesses.
Milliman Global has three businesses, including its core business Milliman, Evaluation
Associates, and Milliman Care Guidelines.
Evaluation Associates
Milliman Globals second business is its pension consulting business evaluation
associates.
The final section of Milliman Globals profile outlines its organizational structure &
ownership.
Milliman Globals web site is streamlined into four sections, including About Milliman
Global, Member Firms, Market Services, & Publications.
Milliman Global is led by its management team.
Milliman Global is privately owned.
Mitchell Advisers
Mitchell Advisers was founded in 2003 in Alpharetta, GA. Its principal is Keith Mitchell.
History
The first section of Mitchell Advisers profile will explain the key historical events in the
firms development.
Mitchell Advisers was founded and has evolved through three phases, including its early
Early Phase
292
The first phase in the development of Mitchell Advisers was its early phase.
Mitchell Advisers was founded in 2003 to provide investment banking services to asset
managers.
Mitchell Advisers joined Tiburon Strategic Advisors Consulting Fellows Program in
2003.
Middle Phase
The second phase in the development of Mitchell Advisers was its middle phase.
Recent Phase
The third phase in the development of Mitchell Advisers was its recent phase.
Statistics
The second section of Mitchell Advisers profile will review some key statistics regarding
the firm.
Businesses
The third section of Mitchell Advisers profile will outline its core businesses.
Mitchell Advisers has a number of businesses, including its strategic & financial adviser
business.
Strategic & Financial Adviser
Mitchell Advisers first business is its strategic & financial adviser business.
Mitchell Advisers Strategic & Financial Adviser Business has four services, including its
Organizational Growth, Change, Continuity Planning, and Mergers & Acquisitions
Services.
Mitchell Advisers Strategic & Financial Adviser Business first service is its
Organizational Growth Service.
Mitchell Advisers Strategic & Financial Adviser Business second service is its Change
Service.
Mitchell Advisers Strategic & Financial Adviser Business third service is its Continuity
Planning Service.
Mitchell Advisers Strategic & Financial Adviser Business fourth service is its Mergers &
Acquisitions Service.
The final section of Mitchell Advisers profile will address is organizational structure &
ownership.
Mitchell Advisers does not have a web site.
Mitchell Advisers is led by its principal Keith Mitchell.
293
Mitchell Advisers is privately owned by Keith Mitchell.

Mitsubishi UFJ Financial Group (Morgan Stanley)
Morgan Stanley was founded in 1924 and is based in New York City with 600 offices
throughout 27 different countries. The firm has 54,142 employees, 10,962 financial
advisors, $602 billion in client assets, $576 billion in assets under management,
generates $24 billion in net revenues, and earns $4.5 billion in net income. Morgan
Stanley is led by its CEO John Mack. It is listed in NYSE as MWD. The company web
site is www.morganstanley.com.
History
The first section of Morgan Stanleys profile will explain the key historical events in the
firms development.
Morgan Stanley was founded in 1924 and has evolved through three stages, including
its development, growth & merger, and reinvention phases.
Businesses
The second section of Morgan Stanleys profile will outline its core businesses.
Morgan Stanley has four key business units, including institutional securities, individual
investor group, investment management, and credit services.
Barra
Rogers Casey was subsequently sold by Barra to Capital Resources Advisors.
Barra had three primary businesses, including data, financial software tools, and Barra
Rogers Casey.
Morgan Stanley acquired Barra in 2004, which it intended to integrate into MSCI. It was
founded in 1975 by Barra Rosenberg and Andrew Rudd. It is based in Berkeley, CA. It
delivers risk management systems and services to investment management firms. It
was formerly public company on NASDAQ, ticker symbol BARZ. It was acquired in 2004
for $816 million. The business was to be renamed MSCI Barra. The combined firm
creates a leading provider of benchmark indices and risk management analytics. The
CEO is Kamal Duggirala. The web site is www.barra.com. It has three subsidiaries.
Barra bought Rogers Casey, which was subsequently sold to Capital Resources
Advisor, primarily a data and financial software company.
Rogers Casey was subsequently sold by Barra to Capital Resources Advisors for $16
million. Capital Resources Advisors wanted the pension consulting business.
Barra had three primary businesses, including data, financial software tools, and Barra
Rogers Casey.
The final section of Morgan Stanleys profile will address is organizational structure &
ownership.
294
Morgan Stanley has a very client centric and thorough web site, including sections titled
our views, individual investors, institutional services, global citizen, and about Morgan
Stanley.
Morgan Stanley is led by the formerly jilted CEO John Mack, who took back his post
after the less popular Phil Purcell was removed in 2005. Other key executives include its
President Zoe Cruz, Head of Investment Banking Walid Chammah, Head of Worldwide
Fixed Income Neal Shear, President of the Individual Investor Group James Gorman,
President of Investment Management Mitch Merin, Chief Financial Officer David Sidwell,
and Chief Counsel Gary Lynch.
Morgan Stanley recently appointed Walid Chammah to lead the firms investment
banking division.
Morgan Stanley is publicly traded on the New York Stock Exchange under the ticker
symbol MS.
Morgan Stanley has a market capitalization of over $50 billion, possibly making it the largest
brokerage firm by this measure.
Monitor Group
Monitor Group was founded in 1983 by Michael Porter, Mark Fuller, & Joseph Fuller in
Cambridge, MA. They have 30 offices with 1,500 employees. Their web site is
www.monitor.com
History
The first section of Monitor Groups profile will explain the key historical events in the
firms development.
Monitor Group was founded in 1983 and has evolved through three phases, including its
Early Phase
The first phase in the development of Monitor Group was its early phase.
Monitor Group was founded in 1983 by Michael Porter, Mark Fuller, & Joseph Fuller in
Cambridge, MA.
Middle Phase
The second phase in the development of Monitor Group was its middle phase.
Recent Phase
The third phase in the development of Monitor Group was its recent phase.
Statistics
The second section of Monitor Groups profile will review some key statistics regarding
the firm.
Monitor Group has 30 offices.
Monitor Group has 1,500 employees.
295
Businesses
The third section of Monitor Groups profile will outline its core businesses.
Monitor Group has a number of businesses, including Grail Research.
Grail Research
Monitor Groups last business is Grail Research.
The final section of Monitor Groups profile will address is organizational structure &
ownership.
Monitor Group has a web site.
Monitor Group is led by its management.
Monitor Group is privately owned.
Monticello Associates
Monticello Associates is a consultant for endowments, foundations, and high net worth
individuals. It is run by a president and four other consultants. It is led by Grady Durham
and has about ten total employees.
History
The first section of Monticello Associates profile will explain the key historical events in
Monticello Associates was founded and has evolved through three phases, including its
early, middle, & recent phases.
Businesses
The second section of Monticello Associates profile will outline its core businesses.
Monticello Associates has at least one business, including its consulting business.
Consulting
Monticello Associates first business is its consultants businesses.
The final section of Monticello Associates profile outlines is organizational structure &
ownership.
Monticello Associates does not have a web site.
Monticello Associates is led by Grady Durham.
Monticello Associates is owned by its shareholders.
296
Moodys
Moodys is based in New York, NY, and has 2,500 employees overall. It generates $1.4
billion in revenues, and $425 million in net income. Its famous credit rating system was
developed in 1909 by John Moody. The firm is public, trading under the NYSE ticker
MCO, and led by CEO Ray McDaniel. The companys web site is www.moodys.com.
History
The first section of Moodys profile outlines the key historical events in the firms
development.
Statistics
The second section of Moodys profile outlines some key statistics regarding the firm.
Businesses
The third section of Moodys profile outlines its core businesses.
KMV
Moodys KMV is a subsidiary based in San Francisco, CA. It has 2,000 commercial &
investment bank, insurance company, and money management clients, and generates
$128 million in revenues. The firm develops credit analysis tools, and is led by President
Andrew Huddart. The company web site is www.moodyskmv.com.
Moodys KMV generates over $100 million in revenues.
Moodys KMV generates all its revenues from financial services clients.
The final section of Moodys profile outlines its organization & ownership.
Morningstar
Morningstar was founded in 1984, and is based in Chicago, Illinois. It has operations in
20 countries, has 1,620 employees, generates $315 million revenues, and earns $52
million in net income. The company is led by founder & CEO Joe Mansueto and trades
under the NASDAQ ticker MORN. The companys web sites are www.morningstar.com,
morningstaradvisor.com, www.mp.morningstar.com, & www.clearfuture.com.
History
The first section of Morningstars profile will explain the key historical events in the firms
development.
Morningstar was founded in 1984 and has evolved through three phases, including its
print, internet, & business diversification phases.
Businesses
The third section of Morningstars profile outlines its core businesses.
Morningstar is structured around its three key markets, including individual investors,
financial advisors, & institutional investors.
297
Ibbotson Associates
Morningstars Financial Advisors service includes Ibbotson Associates.
Morningstars Ibbotson Associates has 150 employees.
Morningstars Ibbotson Associates has 700 institutional clients.
Morningstars Ibbotson Associates has 70,000 financial advisor clients.
Morningstars Ibbotson Associates has $3.5 billion assets under management in 401ks
and other defined contribution plans.
Morningstars Ibbotson Associates generates $37 million revenues.
Morningstars Ibbotson Associates offers two core products, including its portfolio
strategist and EnCorr attribution.
Morningstars Ibbotson Associates first product is its portfolio strategist, which is an
asset allocation investment planning software.
Morningstars Ibbotson Associates portfolio strategist has been a leading financial
planning software tools for years.
Morningstars Ibbotson Associates second product is its EnCorr Attribution, which costs
users over $5,000 annually.
Morningstars Ibbotson Associates EnCorr Attribution determines the mix of mutual
funds or separately managed accounts that most closely replicates a given benchmark.
Morningstars Ibbotson Associates EnCorr Attribution explains whether the desired
asset allocation can be implemented with a current set of separate account managers.
Morningstars Ibbotson Associates EnCorr Attribution incorporates factors like the
minimum investment needed or the maximum to allocate to any one separate account or
fund.
Morningstars Ibbotson Associates EnCorr Attribution minimizes tracking error using
proprietary Ibbotson research.
Morningstars Ibbotson offers investment consulting and data management software to
investment professionals for asset allocation, communications, and consulting services.
The final section of Morningstars profile will address is organizational structure &
ownership.
Morningstar is led by CEO Joe Mansueto.
Morningstars Ibbotson Associates is led by its president Mike Henkel.
298
Morningstars board of directors includes Joe Mansueto, Don Philips, Cheryl Francis,
Steve Kaplan, & Jack Noonan.
Morningstar is a public company traded as MORN on the NASDAQ.
Morningstar earns $1.54 per share.
Morningstars stock price is $66.07.
Morningstar has a market capitalization of $2.7 billion.
Moss Adams
Moss Adams was founded in 1913 and is based in Seattle, WA. It is the 14th largest CPA
firm in the country. The firm has 23 offices in WA, OR, and CA. The firm has 1,266
employees, 825 professionals, and 185 partners. Moss Adams has $185 in million
revenues. Moss Adams services include: assurance, tax & audit, consulting services,
and international services. Rick Anderson is CEO of Moss Adams and Chris Schmidt is
Chief Operating Officer. The firms web site is www.mossadams.com.
History
The first section of Moss Adams profile will explain the key historical events in the firms
development.
Moss Adams was founded in 1913 and has evolved through three phases, including its
Businesses
The second section of Moss Adams profile will outline its core businesses.
Moss Adams has at least two business, including ITS Moss Adams core business and
Financial Security Group.
ITS Moss Adams

Moss Adams first business is its core business, which is the 14th largest accounting and
consulting firm in the country, offering four key services. key services include
assurance, tax 7 audit, consulting services, and international.
The final section of Moss Adamss profile will address is organizational structure &
ownership.
Moss Adams has a web site.
Moss Adams is led by Rick Andersen, who became the CEO after the retirement of
Robert Bunting. Rick Andersen is CEO of Moss Adams and Chris Schmidt is COO.
Robert Bunting retired as CEO in 2004 and will continue in his role as vice chairman of
the AICPA. Rick Anderson joined the firm in 1973 and was COO from 1999 to 2004.
Financial Security Group is led by Mark Jaeger and four partners. The four partners
include Lynn Heinrich, Larry Knudsen, Stanley Lochrie, and James Schlager.
299
Moss Adams is owned by its investors.

N2Growth
N2Growth is based in Delaware. The firms web site is www. N2Growth.com.
History
The first section of N2Growths profile will explain the key historical events in the firms
development.
N2Growth was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of N2Growth development was its early phase.
Middle Phase
The second phase in the development of N2Growths development was its middle
phase.
Recent Phase
The third phase in the development of N2Growths development was its recent phase.
Statistics
The second section of N2Growths profile will review some key statistics regarding the
firm.
Businesses
The third section of N2Growths profile will outline its core businesses.
N2Growth has seven businesses, including Personal Branding, CEO Coaching &
Mentoring, Executive Search, Talent Management, Public relations, Reputation
Management, & Strategic Growth.
The final section of N2Growths profile will address is organizational structure &
ownership.
N2Growth has a web site is organized into five sections, including About, Services,
Clients, Intermediaries, and Downloads.
N2Growth is led by its CEO. Mike Myatt is Chief Strategy Officer.
N2Growth is privately owned.
Nancy Koehn
Nancy Koehn is led by CEO Nancy Koehn.
History
The first section of Nancy Koehns profile will explain the key historical events in the
firms development.
300
Nancy Koehn was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Nancy Koehn was its early phase.
Middle Phase
The second phase in the development of Nancy Koehn was its middle phase.
Recent Phase
The third phase in the development of Nancy Koehn was its recent phase.
Statistics
The second section of Nancy Koehns profile will review some key statistics regarding
the firm.
Businesses
The third section of Nancy Koehns profile will outline its core businesses.
Nancy Koehn has a number of businesses.
The final section of Nancy Koehn profile will address is organizational structure &
ownership.
Nancy Koehn has a web site.
Nancy Koehn is led by its CEO Nancy Koehn
Nancy Koehn is privately owned.
Navigant Consulting
Navigant Consulting was founded
History
The first section of Navigant Consultings profile will explain the key historical events in
Navigant Consulting was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Navigants development was its early phase.
Middle Phase
The second phase in the development of Navigants development was its middle phase.
Recent Phase
The third phase in the development of Navigants development was its recent phase.
301
Statistics
The second section of Navigants profile will review some key statistics regarding the
firm.
Businesses
The third section of Navigants profile will outline its core businesses.
Navigant Consulting has a number of businesses.
The final section of Navigant Consultings profile will address is organizational structure
& ownership.
Navigant Consulting has a web site.
Navigant Consulting is led by its management.
Navigant Consulting is privately owned.
NFO Worldwide
NFO Worldwide was founded
History
The first section of NFO Worldwides profile will explain the key historical events in the
firms development.
NFO Worldwide was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Navigants development was its early phase.
Middle Phase
The second phase in the development of Navigants development was its middle phase.
Recent Phase
The third phase in the development of Navigants development was its recent phase.
Statistics
The second section of Navigants profile will review some key statistics regarding the
firm.
Businesses
The third section of Navigants profile will outline its core businesses.
NFO Worldwide has a number of businesses.
Spectrem Group
Spectrem Group is based in Chicago, Il. It provides strategic consulting, information
products, and M&A advisory services. It specializes in the research & analysis of
302
affluent, ultra-high net worth, and retirement services markets. The firms President is
George Walper. Its web site is www.spectrem.com.
History
The first section of Spectrem Group profile will explain the key historical events in the
firms development.
Spectrem Group was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Spectrem Group was its early phase.
Middle Phase
The second phase in the development of Spectrem Group was its middle phase.
Recent Phase
The third phase in the development of Spectrem Group was its recent phase.
Statistics
The second section of Spectrem Group profile will review some key statistics regarding
the firm.
Businesses
The third section of Spectrem Group profile will outline its core businesses.
Spectrem Groups Research is Frequently Cited in Leading Industry Publications,
including:
ABA Banking Journal

American Banker
Crains New York Business
Financial Times
Fund Action
Fund Fire
Fund Marketing
Investment News
National Underwriter
On Wall Street
Pensions & Investments
Private Asset Management
Private Banker International
Registered Rep
Trusts & Estates
Spectrem Groups clients include Wachovia.

Spectrem Group has a number of businesses.
Spectrem Group provides three lines of products & services to its clients. Specifically,
details include:
303
Strategic Consulting
Affluent market
Retirement services
Securities processing
Business operations & organizational design
Strategic & custom research
Seminars & workshops
Information Products
Research reports
Data charts
M&A Advisory Services
Buyer services
Seller services
Spectrem Group provides consulting services in six areas, including seminars &
workshops. Specifically, details include:
Affluent Market
Strategy development
Market entry
Segmentation
Product design & distribution
Marketing
Competitive analysis
Retirement Services
Develops strategies to be more successful in the 401K business
Brokerage firms
Insurance companies
Banks
Mutual fund companies
Investment managers
Securities Processing
Corporate trust
Stock transfer
Custody
Securities lending
Business Operations & Organizational Design
Assists in the Implementation of industry best practices
Strategic & Custom Research
Survey research
Focus groups
Customer database analysis & segmentation
Market potential & geographic analysis
Affluent markets
304
Retirement services
Investment products
Trust services
Operations & technology
Seminars & Workshops

Offers half-day to two day programs
State of the affluent market
State of the 401K market
State of the 403B/457 market
Retirement competitive review and scorecard
Spectrem Groups information products include research reports and data charts.
Research Reports
Provide analysis and insight into the affluent & retirement services markets
Spectrem Perspectives
Market Analyses
Data Charts
Offer snap shots of the affluent & retirement services markets
570 charts available
$300.00 per document
Spectrem Groups research reports provide research & analysis of the affluent and
retirement services markets. Specifically, details include:
Spectrem Perspectives
Incorporate industry insight and proprietary market research
Designed for providers of investment products and services
Reports include the affluent market, retirement services market, and other
markets (e.g., mutual funds and 529 plans)
70 reports available
Cost between $195.00 and $7,500.00 per report
Market Analyses
Offer more in depth analysis of the affluent & retirement services markets
than the Spectrem Perspectives
23 reports available
Cost between $5,000.00 and $15,000.00 per report
Spectrem Group provides merger & acquisition services to both buyers and sellers.
Specifically, details include;
Buyer Services
Manages the entire acquisition process
Valuation
Bid presentation
Due diligence
Contract negotiation
305
Closing & transition of the acquired business
Seller Services
Assists in developing a divesture plan
Prepare the business for sale
Develop evaluation materials to attract the best available buyers
Supports management once a buyer is selected
Due diligence
Deal negotiation
Transition of the business
The final section of NFO Worldwides profile will address is organizational structure &
ownership.
Spectrem Groups web site provides a comprehensive overview of the firms product &
service offerings. Site selections on the web site include, About Us, Consulting
Services, Mergers & Acquisitions Services, Research Reports, and Spectrum in the
News.
Spectrem Group is led by its President George Walper; Catherine McBreen, Ann
Mahrdt, Gary Lineberry, and Gerald OConnor are other key executives who are
respectively Managing Director and directors. Spectrem Group was founded and led by
Amy Effett until she joined E*Trade in 1994. George Walper joined Spectrem Group in
1994; he was previously SVP at Harris Trust & Savings Bank; Catherine McBreen was
previously a senior attorney and Vice President at Harris Trust & Savings Bank; Ann
Mahrdt was a strategic retirement consultant at William Mercer prior to joining Spectrem;
Gary Lineberry as previously a senior Vice President at AXA Financial; Gerald OConnor
was previously director of marketing & strategic planning at CIGNA.
Spectrem Group is privately owned.
Nick Murray
Nick Murray is led by its CEO Nick Murray.
History
The first section of Nick Murrays profile will explain the key historical events in the firms
development.
Nick Murray was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Nick Murray was its early phase.
Middle Phase
The second phase in the development of Nick Murray was its middle phase.
Recent Phase
The third phase in the development of Nick Murray was its recent phase.
306
Statistics
The second section of Nick Murrays profile will review some key statistics regarding the
firm.
Businesses
The third section of Nick Murrays profile will outline its core businesses.
Nick Murray has a number of businesses.
The final section of Nick Murrays profile will address is organizational structure &
ownership.
Nick Murray has a web site.
Nick Murray is led by its CEO Nick Murray.
Nick Murray is privately owned.
Nielsen
Nielsen was founded.
History
The first section of Nielsens profile will explain the key historical events in the firms
development.
Nielsen was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Nielsen was its early phase.
Middle Phase
The second phase in the development of Nielsen was its middle phase.
Recent Phase
The third phase in the development of Nielsen was its recent phase.
Statistics
The second section of Nielsens profile will review some key statistics regarding the firm.
Businesses
The third section of Nielsens profile will outline its core businesses.
Nielsen has a number of businesses.
The final section of Nielsens profile will address is organizational structure & ownership.
307
Nielsen has a web site.

Nielsen is led by its management.
Nielsen is privately owned.
Noel Tichy
Noel Tichy was founded.
History
The first section of Noel Tichys profile will explain the key historical events in the firms
development.
Noel Tichy was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Noel Tichy was its early phase.
Middle Phase
The second phase in the development of Noel Tichy was its middle phase.
Recent Phase
The third phase in the development of Noel Tichy was its recent phase.
Statistics
The second section of Noel Tichys profile will review some key statistics regarding the
firm.
Businesses
The third section of Noel Tichys profile will outline its core businesses.
Noel Tichy has a number of businesses.
The final section of Noel Tichys profile will address is organizational structure &
ownership.
Noel Tichy has a web site.
Noel Tichy is led by its management.
Noel Tichy is privately owned.
Northwestern Mutual
Northwestern Mutual was founded in 1857 by John Johnston as Mutual Life Insurance
Company of the State of Wisconsin. The firm is based in Milwaukee, WI and has 5,500
employees generating $21.4 billion revenues. Northwestern Mutual is led by its CEO Ed
Zore and is a mutual company owned by its policy holders. Its web sites are
308
www.northwesternmutual.com,
www.nmfn.com,
www.pipplc.com, www.toddorg.com, & www.russell.com.
www.letyourworriesgo.com,
History
The first section of Northwestern Mutuals profile will explain the key historical events in
Northwestern Mutual was founded in 1857 and has evolved through three phases,
including its early years phase, growth years phase, and maturity phase.
Businesses
The second section of Northwestern Mutuals profile will outline its core businesses.
Northwestern Mutual has four primary businesses, including Northwestern Mutual Life
Insurance Company, Northwestern Mutual Long-Term Care Insurance Company,
Northwestern Mutual Trust Company, and Northwestern Mutual Investment Services,
along with its Northwestern Mutual Financial Network.
Northwestern Mutuals premium revenues nearly all come from the firms life insurance
business. More specifically, 90% of Northwestern Mutual premium revenues come from
life insurance, 5% come from disability & lone-term care, and 5% come from annuities.
Russell Investment Group
Northwestern Mutual Investment Services also includes its Russell Investment Group
subsidiary. Russell Investment Group was founded by Frank Russell as Frank Russell
Company in 1936. The firm is based in Tacoma, WA. It operates in 47 countries, has
20 offices, 2,200 employees, and $925 million revenues. The firm is led by its CEO
Andrew Doman and was acquired by Northwester Mutual in 1999 for $900 million
upfront and additional performance based amounts. The firm was acquired so that
Northwestern Mutual could move away from a pure insurance focus and they planned to
incorporate Russell funds into their variable annuity and variable life products. This
alliance gave Russell fund brand name recognition.
Northwestern Mutuals Russell Investment Group serves clients in 47 countries, up from
35 in 2003.
Northwestern Mutuals Russell Investment Group has 20 offices.
Northwestern Mutuals Russell Investment Group has offices in Auckland, London, New
York, Singapore, Sydney, Tacoma, Tokyo, & Toronto.
Northwestern Mutuals Russell Investment Group has 2,200 employees, up 100% since
1996.
Northwestern Mutuals Russell Investment Groups employees are located in Tacoma,
WA. More specifically, 60% of Russell Investment Group employees are located in
Tacoma, WA while 60% of employees are located in other locations.
Northwestern Mutuals Russell Investment Group generates $925 million revenues, up
85% since 2002.
309
Northwestern Mutuals Russell Investment Groups strong reputation and focus on

research is referred to by many industry participants.
Northwestern Mutuals Russell Investment Group has six businesses, including
investment consulting, investment management & research, its Russell indexes,
alternative investments, investment services, & Russell retirement services.
Northwestern Mutuals Russell Investment Groups first business is investment
consulting. This business has 2,800 institutional clients and $2.0 trillion assets under
administration.
Northwestern Mutuals Russell Investment Group serves 2,800 institutional clients.
Northwestern Mutuals Russell Investment Groups clients include Asahi Newspaper,
AT&T, BASF, BHP, Boeing, Campbell Soup, & Caterpillar. Specifically, details include:
Asahi Newspaper
AT&T
BASF
BHP
Boeing
Campbell Soup
Caterpillar
Civil Aviation Authority
Electricite do France
General Motors
Government Employees Superannuation Fund
Hitachi
Holden (General Motors)
Japan Airlines (JAL)
JC Penny
Kobe Steel
Mitsubishi
Molson
NEC Corporation
Nestle
Ontario Pension Board
Sears, Roebuck, & Company
Sears Canada
Shell Oil
Sunsuper
Takeda Chemical
Toshiba
Toyota Motor
Transport Accident Commission
Unisys
United Airlines
University of Western Ontario
Woolworths Group
310
Northwestern Mutuals Russell Investment Group has $2.0 trillion in assets under
advisement, up slightly since 2003 but off its peak in 2004.
Northwestern Mutuals Russell Investment Groups investment staff monitors 3,000
investment managers, up almost 50% since 2004.
Northwestern Mutuals Russell Investment Group considers hiring only 9% of its
monitored investment managers, labeling these considerations with a hire ranking. More
specifically, 91% of Russell Investment Group monitored investment managers are not
ranked as worth hiring.
Northwestern Mutuals Russell Investment Group hires only 2% of its monitored
investment managers. More specifically, 98% of Russell Investment Group monitored
investment managers are not hired.
Northwestern Mutuals Russell Investment Group utilizes Alliance Bernstein, Marsico
Capital Management, & Turner Investment Partners. Specifically, details include:
Arnhold & Bleichroeder Advisers

AXA
Alliance Bernstein
Columbus Circle Investors
Institutional Capital
Marsico Capital Management
Montag & Caldwell
Schneider Capital Management Corporation
Suffolk Capital Management
Sun Life of Canada
MFS Institutional Advisors
Turner Investment Partners
Northwestern Mutuals Russell Investment Group offers three analytical tools, including
its performance attribution, style classification, & quarterly reporting. Specifically, details
include:
Performance attribution
Uses 200 indexes to evaluate investment strategies, asset allocation and
currency effects
Style classification
Analyzes portfolio style
Quarterly reporting
On US and international equity portfolios
Northwestern Mutuals Russell Investment Groups second business is investment
management & research.
311
Northwestern Mutuals Russell Investment Group has $151 billion assets under
management, down 33% since 2007, but up over 300% since 1998.
Northwestern Mutuals Russell Investment Group spreads risk across asset classes,
styles, and managers to maximize diversification for clients. Specifically, details include:
Multi asset classes
Allocation across stocks, bonds, etc
Multi style
Allocation across growth, value, small cap, large cap, etc
Multi manager
Constantly monitors managers to use a handful of the top consistently
Northwestern Mutuals Russell Investment Group has a 20% share of the manager-ofmanagers market, down from 26% in 2002.
Northwestern Mutuals Russell Investment Groups investment management & research
business can be organized by products.
Northwestern Mutuals Russell Investment Group delivers portfolios through single net
asset value life point mutual funds, target risk mutual fund strategies whereby Russell
provides the asset allocation recommendation and implements through its mutual funds,
& its unified managed account product.
Northwestern Mutuals Russell Investment Groups assets under management are
primarily managed in non-mutual fund investment products. More specifically, 19% of
Russell Investment Group assets under management are found in mutual funds while
81% of assets under management are in other investment products.
Northwestern Mutuals Russell Investment Groups investment management &
researchs first product is mutual funds.
Northwestern Mutuals Russell Investment Group offers 340 mutual funds, up nearly
90% since 2004.
Northwestern Mutuals Russell Investment Group offers seven types of mutual funds,
including its US equity funds, international & global equity funds, fixed income funds, taxmanaged equity funds, specialty funds, money market funds, & life points funds.
Equity funds
Russell US Core Equity
Russell US Quantitative Equity
Russell US Growth
Russell US Value
Russell US Small & Mid Cap
International & global equity funds
312
Russell International Developed Markets

Russell Global Equity
Russell Emerging Markets
Fixe income funds

Russell Strategic Bond
Russell Investment Grade Bond
Russell Short Duration Bond
Russell Tax Exempt Bond
Tax-managed equity funds
Tax- Managed US Large-Cap
Tax-Managed US Mid-and-Small-Cap
Tax-Managed Global Equity Fund
Specialty funds
Russell Real Estate Securities
Money market funds
Russell Money Market
Life point funds (fund-of-funds)
Target Portfolio Series
- Balanced Strategy
- Conservative Strategy
- Equity Growth Strategy
- Growth Strategy
- Moderate Strategy
Target Date Series

- 2010 Strategy
- 2015 Strategy
- 2020 Strategy
- 2025 Strategy
- 2030 Strategy
- 2035 Strategy
- 2040 Strategy
- 2045 Strategy
- 2050 Strategy
- In Retirement
Target Distribution Series

- 2017 Retirement Distribution A Shares
- 2017 Retirement Distribution S Shares
- 2017 Accelerated Distribution A Shares
- 2017 Accelerated Distribution S Shares
- 2027 Extended Distribution A Shares
- 2027 Extended Distribution S Shares
313
Northwestern Mutuals Russell Investment Group has gathered $29.0 billion mutual fund
assets, up over 300% since 2001 but down 33% since 2007.
Northwestern Mutuals Russell Investment Groups mutual funds have net outflows of
$2.1 billion, down from net inflows of $4.1 billion in 2007.
Northwestern Mutuals Russell Investment Groups key offering is its life point mutual
funds which are targeted at client accounts less than $100,000.
Northwestern Mutuals Russell Investment Group has 21 life point mutual funds.
Northwestern Mutuals Russell Investment Groups life point funds is the key focus of its
US retirement business, now accounting for $7.5 billion in assets under management.
Northwestern Mutuals Russell Investment Group sells outcome oriented portfolios
currently surrounding three outcomes, including target risk, target date, & target
distribution. Specifically, details include:
Target risk
Balanced Strategy
Conservative Strategy
Equity Growth Strategy
Growth Strategy
Moderate Strategy
Target date
2010 Strategy
2015 Strategy
2020 Strategy
2025 Strategy
2030 Strategy
2035 Strategy
2040 Strategy
2045 Strategy
2050 Strategy
In Retirement
Target distribution
2017 Retirement Distribution A Shares
2017 Retirement Distribution S Shares
2017 Accelerated Distribution A Shares
2017 Accelerated Distribution S Shares
2027 Extended Distribution A Shares
2027 Extended Distribution S Shares
Northwestern Mutuals Russell Investment Group has been criticized for its life point
funds high fees.
314
Northwestern Mutuals Russell Investment Group offers its mutual funds in classes A, C,
& I. Specifically, details include:
Class A
-Class C
-Class I
$100,000 minimum
Northwestern Mutuals Russell Investment Group has also packaged its manager-ofmanagers capabilities into a mutual fund wrap account program; and an MSP program.
Northwestern Mutuals Russell Investment Groups mutual fund wrap account program
RAMP is one of the leading independent sub-advised mutual fund wrap account
programs.
Northwestern Mutuals Russell Investment Group also offers a unified managed account
program called RMP.
Northwestern Mutuals Russell Investment Group charges 70 to 130 basis points on its
RMP program based on account size and brokerage model.
Northwestern Mutuals Russell Investment Groups portfolio review, asset allocation,
IPS, & proposal generator capabilities are all part of its portfolio link.
Northwestern Mutuals Russell Investment Group also has a sub-advisory agreement
with Van Kampen whereby Van Kampen distributes a series of target date mutual funds
and Russell Investment Group sub-advises half of the assets.
Northwestern Mutuals Russell Investment Groups investment management & research
business can be organized by channels.
Northwestern Mutuals Russell Investment Group gathers two-thirds of its assets under
management from independent broker/dealer reps. More specifically, 67% of Russell
Investment Group assets under management come from independent broker/dealers,
20% come from fee-based financial advisors, 8% come from defined contribution plans,
and 5% come from banks.
Northwestern Mutuals Russell Investment Group has just 20 financial advisor
institutional clients.
Northwestern Mutuals Russell Investment Groups financial advisor business serves a
wide variety of institutional clients, including American International Group, Cambridge
Investment Research, Envestnet Asset Management, & Fidelity Investments.
American International Group
315
BNP Paribas
Fund Quest
Cambridge Investment Research
Commonwealth Financial Network
Davidson Companies
DA Davidson
Envestnet Asset Management
Fidelity Institutional Wealth Services
National Financial Services Corporation
National Financial Partners
Northwestern Mutual
Principal Financial
Raymond James
Regions Finance
Morgan Keegan
Royal Bank of Canada
RBC Wealth
Stifel Nicolaus
TD Bank Financial Group
TD Ameritrade
The Bank of New York Mellon
Pershing
The Charles Schwab Corporation
Schwab International
Wells Fargo Corporation
AG Edwards & Sons
Wachovia Securities
Northwestern Mutuals Russell Investment Groups assets under management are only
in small part from Northwestern Mutual. More specifically, 18% of Russell Investment
Group assets under management are from Northwestern Mutual while 82% are not from
Northwestern Mutual.
Northwestern Mutuals Russell Investment Groups financial advisor business serves
financial advisor clients.
many financial advisors, including Anchor Capital Advisors & Maty Watkins. Specifically,
details include:
Anchor Capital Advisors (Bill Rice)

Greene Wealth Management
Maty Watkins
The Savant Group

end client accounts.
316
Northwestern Mutuals Russell Investment Groups regional strategic selling events are
popular.
Northwestern Mutuals Russell Investment Group focuses on delivering value added
services, including capital market insights & practice management assistance.
Northwestern Mutuals Russell Investment Group has dedicated financial advisor web
site.
Northwestern Mutuals Russell Investment Group offers its web capability helping
advisors to aid financial advisors in re-profiling their clients in current troubling times,
recording solutions for retirement planning given recent market impacts, & assisting
financial advisors in reviewing their businesses given lower top line revenues.
Northwestern Mutuals Russell Investment Groups helping advisors offers three sections
for financial advisors, including sections regarding clients, financial advisors businesses,
& the current market.
Northwestern Mutuals Russell Investment Groups helping advisors first section deals
with the clients.
Northwestern Mutuals Russell Investment Groups helping advisors provides a long
article addressing have the markets ruined retirement and outlining different tests and
questions to address for clients.
Northwestern Mutuals Russell Investment Groups helping advisors groups current
retirees and those near retirement into four risk levels, giving potential actions for each
risk level. Specifically included are very high risk, high risk, moderate risk, and low risk.
Northwestern Mutuals Russell Investment Groups helping advisors offers a portfolio
analyzer tool which is really just an Excel worksheet that calculates the clients needed
retirement funds against its projected actual value through financial advisor data imports.
Northwestern Mutuals Russell Investment Groups helping advisors second section
deals with financial advisors businesses.
Northwestern Mutuals Russell Investment Groups helping advisors offers an article that
attempts to boost financial advisor morale and offers ideas on how to believe in
themselves.
Northwestern Mutuals Russell Investment Groups helping advisors offers and article to
help advisors assess the health of their businesses through three parts, including a hard
look at the numbers, strategies to address revenue shortfall, & fundamental changes for
the future. Specifically, details include:
A hard look at the numbers
Four Steps
- Estimating recurring revenue
- Estimating expenses
- Estimate owner/advisor income & desired profits
- Estimate revenue shortfall or surplus
317
Strategies to address a revenue shortfall

Spending levers
Discretionary versus nondiscretionary spending
Staff: communication & talent review
Adjustments to owner/advisor income & reducing profit targets
Revenue levers
New client acquisition
Additional revenues from your clients
Paid-in capital & short-term borrowing
Fundamental changes for the future
Offers five strategies
Northwestern Mutuals Russell Investment Groups helping advisors suggests that
financial advisors plot out the next two years by quarter to ensure that clients are getting
the guidance they need.
Northwestern Mutuals Russell Investment Groups helping advisors third section deals
with the current market.
Northwestern Mutuals Russell Investment Groups helping advisors attempts to remain
optimistic about the market, offering ten signs to watch for that indicate an improving
economy, but offers nothing in terms of a potential worsening economy.
Northwestern Mutuals Russell Investment Groups helping advisors maintains an
optimistic only view on the economy with an announcement that an interactive market
recovery dashboard will soon be available.
Northwestern Mutuals Russell Investment Group provides financial advisors with pointof-sale collateral.
Northwestern Mutuals Russell Investment Group offers a quarterly investor newsletter
featuring articles about general investing & retirement saving topics.
Northwestern Mutuals Russell Investment Group produces its edge newsletter for
financial advisors.
Northwestern Mutuals Russell Investment Group University offers a complete program
of innovative learning opportunities to help financial advisors take their business to the
next level.
Northwestern Mutuals Russell Investment Group University directly trained 906
individuals in 53 seminars, sending 1,949 continuing education certificates to attendees
of sponsored events.
Northwestern Mutuals Russell Investment Groups third business is Russell indexes.
318
Northwestern Mutuals Russell Investment Group produces 20 US equity indexes,

including the well known Russell 2000 small cap equity index. Specifically, indexes
include:
Russell 3000
Russell 2000
Russell 1000
Russell Top-200
Russell Mid-Cap
Russell 2500
Russell Small-Cap Completeness
Russell 3000 Growth
Russell 3000 Value
Russell 1000 Growth
Russell 1000 Value
Russell 2000 Growth
Russell 2000 Value
Russell Top-200 Growth
Russell Top-200 Value
Russell Mid-Cap Growth
Russell Mid-Cap Value
Russell 2500 Growth
Russell 2500 Value
Russell Small-Cap Completeness Growth
Russell Small-Cap Completeness Value
Russell/Mellon Analytical Services
Russell Top-50
Northwestern Mutuals Russell Investment Groups US indexes have $4.0 trillion

benchmarked to them, off 10% since 2007.
Northwestern Mutuals Russell Investment Groups US indexes account for over half of
US equity products benchmarked by US institutional investors. More specifically, 59% of
US benchmarked products use the Russell Index while 41% do not.
Northwestern Mutuals Russell Investment Groups fourth business is alternative
investments.
Northwestern Mutuals Russell Investment Groups alternative investments business
includes hedge funds, private equity, & real estate offerings.
Northwestern Mutuals Russell Investment Groups first alternative investment business
is hedge funds.
Northwestern Mutuals Russell Investment Groups hedge fund clients are primarily
located in Europe, the United States, Japan, & Australia.
Northwestern Mutuals Russell Investment Group had $6.0 billion assets under
management in its hedge fund program until it was forced to liquidate in 2008.
319
Northwestern Mutuals Russell Investment Group offers private equity through its
Pantheon subsidiary.
Northwestern Mutuals Russell Investment Groups Pantheon serves clients in 30
countries.
Northwestern Mutuals Russell Investment Groups Pantheon has five offices.
Northwestern Mutuals Russell Investment Groups Pantheon has offices in New York,
San Francisco, London, Hong Kong, & Brussels.
Northwestern Mutuals Russell Investment Groups Pantheon has 23 partners.
Northwestern Mutuals Russell Investment Groups Pantheon has 148 employees.
Northwestern Mutuals Russell Investment Groups Pantheon serves 260 institutional
clients.
Northwestern Mutuals Russell Investment Groups Pantheon has $23.0 billion assets
under management, up over 300% since 2003.
Northwestern Mutuals Russell Investment Groups Pantheons investments are
categorized into regional primary investment and global secondary investments.
Regional primary investments
Includes private equity funds in the US, Europe, & Asia
Global secondary investments
Invests in more mature private equity funds via secondary market
Northwestern Mutuals Russell Investment Groups Pantheon manages Pantheon
International Participations (PIP) which is a publicly traded private equity fund-of-funds
listed on the Long stock exchange.
Northwestern Mutuals Russell Investment Groups Pantheons Pantheon International
Participations has $8.5 billion assets under management.
Northwestern Mutuals Russell Investment Groups Pantheons Pantheon International
Participations offers both ordinary and redeemable shares.
Northwestern Mutuals Russell Investment Group offers real estate investments.
Northwestern Mutuals Russell Investment Groups real estate team operates from five
offices.
Northwestern Mutuals Russell Investment Group has $8.0 billion assets under
management in real estate strategies.
Northwestern Mutuals Russell Investment Group offers multi-manager real estate funds.
320
Northwestern Mutuals Russell Investment Groups fifth business is investment services.

Northwestern Mutuals Russell Investment Groups Investment Services offers four
services, including overlay services, agency foreign exchange trading, commission
recapture, & transition management services.
Northwestern Mutuals Russell Investment Groups Investment Services first service is
its derivative overlay service.
Northwestern Mutuals Russell Investment Groups Investment Services uses its
derivative overlay platform to find instances of slippage within portfolios.
Northwestern Mutuals Russell Investment Groups Investment Services uses derivatives
to manage beta exposures associated with portable alpha strategies.
Northwestern Mutuals Russell Investment Groups Investment Services derivative
overlay allows investors to offset interest rate risks synthetically.
Northwestern Mutuals Russell Investment Groups Investment Services second service
is agency foreign exchange trading.
Northwestern Mutuals Russell Investment Groups Investment Services third service is
commission recapture.
Northwestern Mutuals Russell Investment Groups Investment Services commission
recapture does not have an internal trading desk for fear of conflict of interest.
Northwestern Mutuals Russell Investment Groups Investment Services commission
recapture provides customizable monthly performance reporting through client link.
Northwestern Mutuals Russell Investment Groups Investment Services has saved its
clients $1.0 billion since 1969 through commission recapture.
Northwestern Mutuals Russell Investment Groups Investment Services fourth service is
its transition management service.
Northwestern Mutuals Russell Investment Groups Investment Services transition
management service utilizes the T standard for performance measurement.
Northwestern Mutuals Russell Investment Groups sixth business is Russell Retirement
Services.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services offer
defined benefit and defined contribution plans.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services first
offering is defined benefit plans.
321
Northwestern Mutuals Russell Investment Groups Russell Retirement Services utilizes

tools to evaluate defined benefit plans, including asset & liability studies, its Russell
pension navigator, & Russell road map. Specifically, details include:
Asset and liability studies
-Russell pension navigator
Web-based tool for managers to better grasp assets & liabilities
Accessed through Client Link portal
Updated version release in 2006
- Allowed managers to run hypothetical scenarios & forecast impact on
corporate policy and the balance sheet
Russell road map
-Northwestern Mutuals Russell Investment Groups Russell Retirement Services Russell
pension navigator is utilized by a number of defined benefit plans including Union Pacific
Corporation.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services second
offering is defined contribution plans.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services offers
its multi-manager funds, balanced funds, target date funds, and customized solutions for
defined contribution plans.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services offers
its multi-manager funds, balanced funds, target date funds, and customized solutions for
defined contribution plans.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services
provides quarterly performance reporting, web-based fund information, & participant
education materials for defined contribution plans.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services believes
that 401k plans are undergoing a fundamental change from a wealth management
vehicle to one of income replacement.
Northwestern Mutuals Russell Investment Groups Russell Retirement Services
researchers dubbed their findings the 10/30/60 rule, stating that retirement income
comes 10% from contributions while working, 30% from investment returns prior to
retirement, & 60% from investment returns after retirement.
The final section of Northwestern Mutuals profile will address is organizational structure
& ownership.
322
Northwestern Mutuals web site is organized into nine sections, including about us,
network services, insurance products, investment products advisory services, learning
center, about the network, customer center, and careers.
Northwestern Mutual is led by CEO Edward Zore and chief operating officer John
Bremer. Executive team also includes: John Schlifske, executive vice president,
investment products & services; Barbara Piehler, chief investment officer, Bill Beckley,
head, agency; and Gary Poliner, chief financial officer.
Northwestern Mutual remains a mutual company so that it returns profits to policy
owners instead of share holders.
Northwestern Mutual has $157 billion assets, up 150% in 1996.
Northwestern Mutual has earned the highest ratings in terms of financial strength from
all four of the major rating agencies, including Standard & Poors, Moodys, Fitch, & AM
Best. Specifically, details include:
Standard & Poors
AAA
"Northwestern Mutual's new individual life insurance sales have
generated growth rates considerably higher than the industry over the
past five years, while strong persistency has been maintained on existing
business. The company has consistently provided policy owners with
dividend rates that are among the industry's highest."
Moodys
Aaa
"Moody's believes that Northwestern Mutual's sophisticated and welltrained field force is a major company strength. The company's financial
representatives have developed strong relationships with their largely
upscale client base. Northwestern Mutual is heavily focused on providing
the products and services necessary for these representatives to maintain
these client relationships on a long-term basis."
Fitch
AAA
"Northwestern Mutual's (AAA) ratings are favorably influenced by its
excellent competitive position, providing individual life insurance products
in the US through an exclusive and highly productive career agency
distribution system. In addition, the company has strong balance sheet
fundamentals including a solid capital position and stable, long duration
liabilities."
AM Best
A++
"These ratings reflect Northwestern Mutual's leading position as a
provider of individual protection and wealth-management products, its
conservative operating strategy, high-quality investment portfolio, good
323
earnings performance, and superior risk-adjusted capitalization. The

ratings also acknowledge the strength and quality of the Northwestern
Mutual Financial Network, its exclusive distribution system, which is
operated on a variable cost basis."
Northwestern Mutuals premium revenues are nearly half returned to policy holders as
dividends. More specifically, 40% of Northwestern Mutual Premium revenues are
returned to policy holders as dividends while 60% of revenues are spent otherwise.
Northwestern Mutual pays $4.6 billion in dividends, up over 300% since 1986.
Northwestern Mutual dividends paid out are three-quarters used by clients to purchase
additional life insurance protection. More specifically, 75% of Northwestern Mutual
dividends are used to purchase additional life insurance protection while 25% of
dividends are used otherwise.
Novantas
Novantas was founded in 1999 and is based in New York, NY. It has 4 offices with 100
employees. It is led by its Managing Directors Dave Kaytes & Rick Spitler. Their web
site is www.novantas.com.
History
The first section of Novantas profile will explain the key historical events in the firms
development.
Novantas was founded in 1999 and has evolved through three phases, including its early
Early Phase
The first phase in the development Novantas was its early phase.
Novantas was founded in 1999.
Middle Phase
The second phase in the development Novantas was its middle phase.
Recent Phase
The third phase in the development Novantas was its recent phase.
Statistics
The second section of Novantas profile will review some key statistics regarding the
firm.
Novantas has 4 offices.
Novantas has 100 employees.
Businesses
The third section of Novantas profile will outline its core businesses.
324
Novantas has at least two businesses, including its consulting and information services
business.
Consulting
Novantas first business is its consulting business.
Information Services
Novantas second business is its information services business.
Novantas is used by TD Bank Financial Groups TD Ameritrade for customer research.
The final section of Novantas profile will address is organizational structure &
ownership.
Novantas has a detailed web site that is divided into five sections, including What We
Do, Who We Are, What We Think, Careers, and Contact Us.
Novantas is led by its Managing Directors Dave Kaytes & Rick Spitler.
Novantas is owned by its managing directors.
Novell
Novell was founded in 1983 and is headquartered in Waltham, MA. The company has
5,000 employees, generates $1.2 billion revenues, has $736 million operating income,
and earns $373 million. Novell is led by its CEO Ron Hovsepian, and is listed publicly
(NASDAQ: NOVL). Its web site is www.novell.com.
History
The first section of Novells profile will explain the key historical events in the firms
development.
Novell was founded in 1993 and has evolved through three phases, including its early
phase, middle phase, and recent phases
Businesses
The second section of Novells profile will outline its core businesses.
Novell has many businesses, including Cambridge Technology Partners.
Cambridge Technology Partners
Novells First Business is its Cambridge Technology Partners, which was founded in
1991.
The final section of Novells profile will explain its organization & ownership.
Novell has a web site.
Novell is led by its CEO Ron Hovsepian.
325
Novell is publicly owned and traded on the New York Stock Exchange under the ticker
NOVL.
Optima Consulting
Optima Consulting is based in Connecticut and is led by CEO Ken Hoffman.
History
The first section of Optima Consultings profile will explain the key historical events in the
firms development.
Optima Consulting was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Optima Consulting was its early phase.
Middle Phase
The second phase in the development of Optima Consulting was its middle phase.
Recent Phase
The third phase in the development of Optima Consulting was its recent phase.
Statistics
The second section of Optima Consulting profile will review some key statistics
regarding the firm.
Businesses
The third section of Optima Consultings profile will outline its core businesses.
Optima Consulting has a number of businesses.
The final section of Optima Consultings profile will address is organizational structure &
ownership.
Optima Consulting has a web site.
Optima Consulting is led by CEO Ken Hoffman
Optima Consulting is privately owned.
Orbis Marketing
Orbis Marketing is based in Los Angeles, California. It is a mutual fund advertising and
media planning consulting firm. It provides marketing & advertising research, as well as
media planning & buying. It has four employees. The firms principal is Jim Atkinson,
and its web site is www.orbismarketing.com.
History
The first section of Orbis Marketings profile will explain the key historical events in the
firms development.
326
Orbis Marketing was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Orbis Marketing was its early phase.
Orbis Marketing was founded.
Middle Phase
The second phase in the development of Orbis Marketing was its middle phase.
Orbis Marketing joined Tiburon Strategic Advisors Fellows Program in 2001.
Recent Phase
The third phase in the development of Orbis Marketing was its recent phase.
Orbis Marketing recently moved into new offices in Los Angeles. Previously, it was
based in a home office.
Statistics
The second section of Orbis Marketings profile will review some key statistics regarding
the firm.
Businesses
The third section of Orbis Marketings profile will outline its core businesses.
Orbis Marketing has eleven marketing principles that drive its business activities and
marketing efforts, including Keeping Customers on the Path of Least Resistance.
Keep Customers on the Path of Least Resistance
-Think Customer
Constantly having customers, including target customers, at the top of mind
eliminates many errors
Provide Customer with Special Treatment
Let customers know that they are special
Never treat prospective customers better than existing customers
Distinguish Self from the Competition
-Maintain Strong Customer Relationships
-Build Distribution Capability that You Can Access & Control
Marketing efforts have a dual objective
First is to raise assets
Second is to lay the foundation for raising assets at a later date
327
Deliver Something
As an industry that delivers an intangible, it is critical that what is tangible be
meaningful
Effective Advertising when Targeting & Context Converge
-Maintain Control Over the Forces that Determine Your Success
Be in a position to control your own destiny
Offer More than a Prospectus
Offer of a free prospectus is an extremely weak call for action
Give investors a reason to act
Build Credibility Through Honesty
-Orbis Marketing Has a number of businesses, including its marketing & advertising
research and media planning & buying businesses. Orbis Marketings business lines are
meant to be self reinforcing; good marketing & advertising research will enhance media
planning & buying services; as more advertisements are placed, more results will be
generated to augment the research.
Marketing & Advertising Research
Orbis Marketings first business is its marketing & advertising research business which
provides an overview of fund industry metrics, a fund company survey, brand recognition
service, media metrics by publication, services in how to guide advertising, fund
valuation reports, fund surge causation and, and internet marketing. Orbis Marketings
business lines are meant to be self reinforcing; good marketing & advertising research
will enhance media planning & buying services; as more advertisements are placed,
more results will be generated to augment the research.
Orbis Marketings key differentiator is tracking advertising results.
Orbis Marketing currently offers a report on its advertising results; it may be wrapped
into the firms proposed research categories. The report is an abstract version of a
report that is produced for clients, and includes key advertising metrics and related data.
Orbis Marketings marketing & advertising research services latest study with the
University of Oregon has eight proposed research categories, including Overview of
Fund Industry Metrics, Fund Company Survey, and Brand Recognition. Specifically,
details include:
Overview of Fund Industry Metrics
Average holding period
Average lifetime value
Acquisition cost
Cost per assets raised
Cost per lead
Conversion rate
328
Fund Company Survey

Detailed information company by company
Data from fund company worksheet
Brand Recognition
Company by company rating
Public relations effect on rating
Advertising effect on rating
Performance effect on rating
Correlation between brand recognition and flows
Advisor recognition by company
Media Metrics by Publication
Cost per lead
Cost per account
Cost per assets raised
Lifetime value of account
Branding benefits by publication
How to Guide Advertising
Where to begin
What to spend
What to expect (e.g., leads, conversions, brand building)
Prices to pay
Tracking results
Media to use
Fund Valuation Reports
Valuation based on flows, assets under management, etc.
Fund Surge Causation
Performance effects on assets under management and advertisement results
Isolation of variables to determine why mutual funds assets under
management increases
Performance
Rating
Ranking
Public relations
Advertising
Brand awareness
Timeliness
Expense ratios
Internet Marketing
Search engine optimization
Cost per click analysis and effectiveness
Survey of current activities
Internet advertising
Email
329
Media Planning & Buying

Orbis Marketings second business is its media planning & buying business. In media
planning & buying they advise on mix of direct response and brand building. The firm
recommends specific media/publications. Provides ad placement and rate negotiations
for email, web, and print. Over time, the firm plans to include radio and television as
well. Moreover, the firm tracks advertising results and the data is used to drive media
recommendations and to generate additional research data for research reports
Orbis Marketings media planning & buying business encompasses four service groups,
including Advice, Recommendations, Placement & Negotiation, and Tracking of Results.
Advice
Mix of direct response and brand building
Based on research and client circumstances
Recommendations
Specific media/ publications
Based on proprietary research
Placement & Negotiations
Generally place at discounted rates
Currently offer for email, web, and print
Plan to offer for radio and television in the future
Tracking of Results
Data used to drive media recommendation
Data also used to generate additional data for research reports
Orbis Marketing has a 15% profit margin on media buying after splitting gross profits with
the involved advertising agency. Specifically, Orbis Marketing as a marketing net profit
of 15%, while advertising agency net profit accounts for the remaining 85%.
Orbis Marketing markets that it offers research services through its affiliation with
Tiburon Strategic Advisors.
Orbis Marketing Provides access to research on a variety of topics, including market
segments, industry & distribution channel overviews, and company profiles.
Orbis Marketing has a newsletter named The Orb which is targeted at mutual fund
industry executives. Its subscribers can sign up online at no cost. It is distributed on
opt-in basis only. Firm will attempt to send to at least one marketing professional at
each target firm. The Orb is archived on web site and keeps readers current on the
firms research & analysis and industry trends & events. Plans are to send one to two
times per month.
Orbis Marketing has been quoted in a variety of articles including Fund Marketing Alert,
Ignites, Mutual Fund Market News and the Wall Street Journal.
Orbis Marketing has a joint venture with fund expenses led by Max Rodersman, a
controversial firm.
330
Orbis Marketing has served six direct distributed mutual fund firms that have $1 to $25
billion assets under management:
Al Frank Asset Management

Bridgeway Capital Management
Litman/Gregory
Guinness Atkinson
US Global Investors
Wilshire Mutual Funds
Orbis Marketing has identified about 60 target clients that are direct-distributed mutual
fund management firms with $1 to $25 billion assets under management. Orbis
Marketings core capability is online marketing for mutual fund companies.
Orbis Marketing has identified five key capabilities needed to deliver on the firms
business lines, including the eventual need to add an account executive. Specifically,
details include:
Account Executive
Sufficient for now; add as needed
Fund Data
Use Maxs data
System is very robust in terms of historic flows, assets under
management, and fees
Has good data on performance and rankings data
Inherent communication problem with Max
May need to augment with historic Morningstar ratings
Media Planning
Narrow strength; broad weakness
Poor knowledge regarding media other than Morningstar, Marketwatch, and
various other publications
Excellent contacts for some print publications (e.g., Money, Smart Money,
and the Wall Street Journal)
Lack experience and knowledge of ways other media planning firms operate
& generate media plans
Need to add capability and breadth as firm grows
Original Industry Research
Inexperienced
Firms ability to deliver on this may be strong given understanding of industry
and employees
Need to gain experience to be fully effective
May need to purchase some original research
Particularly consumer research
Research capability enhanced by working relationship with Tiburon
Writing & Editing
Uncertain
331
Needs to be good at a minimum

The final section of Orbis Marketings profile will address is organizational structure &
ownership.
Orbis Marketings web site is informative and easy to navigate, including five sections:
Introducing Orbis, About the Firm, Advertising Results, Newsletter, and Contact Us.
Orbis Marketing is led by its Principal Jim Atkinson. James Atkinson is Account
Executive, Amanda Milewski is Research Editor, and Andy Hagans is the Marketing
Analyst. Orbis Principal Jim Atkinson is also an executive at Guinness Atkinson Funds.
Orbis Marketing is owned by its Principal Jim Atkinson.
PA Consulting Group
PA Consulting Group was founded.
History
The first section of PA Consulting Groups profile will explain the key historical events in
PA Consulting Group was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of PA Consulting Groups development was its early
phase.
Middle Phase
The second phase in the development of PA Consulting Groups development was its
middle phase.
Recent Phase
The third phase in the development of PA Consulting Groups development was its
recent phase.
Statistics
The second section of PA Consulting Groups profile will review some key statistics
regarding the firm.
Businesses
The third section of PA Consulting Groups profile will outline its core businesses.
PA Consulting Group has a number of businesses.
The final section of PA Consulting Groups profile will address is organizational structure
& ownership.
PA Consulting Group has a web site.
332
PA Consulting Group is led by its management.

PA Consulting Group is privately owned.
Paragon Resources
Paragon Resources was founded by Steve Saenz.
History
The first section of Paragon Resources profile will explain the key historical events in
Paragon Resources was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Paragon Resources was its early phase.
Middle Phase
The second phase in the development of Paragon Resources was its middle phase.
Recent Phase
The third phase in the development of Paragon Resources was its recent phase.
Statistics
The second section of Paragon Resources profile will review some key statistics
regarding the firm.
Businesses
The third section of Paragon Resources profile will outline its core businesses.
Paragon Resources has a number of businesses.
The final section of Paragon Resources profile will address is organizational structure &
ownership.
Paragon Resources has a web site.
Paragon Resources is led by its management.
Paragon Resources is privately owned.
Peppers & Rogers Group
Peppers & Rogers Group was founded.
History
The first section of Peppers & Rogers Groups profile will explain the key historical
333
Peppers & Rogers Group was founded and has evolved through three phases, including
Early Phase
The first phase in the development of Peppers & Rogers Group was its early phase.
Middle Phase
The second phase in the development of Peppers & Rogers Group was its middle
phase.
Recent Phase
The third phase in the development of Peppers & Rogers Group was its recent phase.
Statistics
The second section of Peppers & Rogers Group profile will review some key statistics
regarding the firm.
Businesses
The third section of Peppers & Rogers Group profile will outline its core businesses.
Peppers & Rogers Group has a number of businesses.
The final section of Peppers & Rogers Group profile will address is organizational
Peppers & Rogers Group has a web site.
Peppers & Rogers Group is led by its management.
Peppers & Rogers Group is privately owned.
Performance Research Associates
Performance Research Associates is a marketing & public relations consultant company.
History
The first section of Performance Research Associates profile will explain the key
Performance Research Associates was founded and has evolved through three phases,
Businesses
The second section of Performance Research Associates profile will outline its core
businesses.
Performance Research Associates has a number of businesses.
Consulting
334

The final section of Performance Research Associates profile will address is
Performance Research Associates has a web site.
Performance Research Associates is led by its management team.
Performance Research Associates is owned by its investors.
Perot Systems
Perot Systems Ross Perot was the CEO of EDS.
History
The first section of Perot Systems profile will explain the key historical events in the
firms development.
Perot Systems was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Perot Systems development was its early phase.
Middle Phase
The second phase in the development of Perot Systems was its middle phase.
Recent Phase
The third phase in the development of Perot Systems was its recent phase.
Statistics
The second section of Perot Systems profile will review some key statistics regarding
the firm.
Businesses
The third section of Perot Systems profile will outline its core businesses.
Perot Systems has a number of businesses.
The final section of Perot Systems profile will address is organizational structure &
ownership.
Perot Systems has a web site.
Perot Systems is led by Ross Perot.
Perot Systems is privately owned.
Peter Drucker
Peter Drucker was born in 1909 and was a professor at Claremont Graduate University.
He passed away in 2005. His web site is web site: www.pfdf.org.
335
History
The first section of Peter Druckers profile will explain the key historical events in the
firms development.
Peter Drucker was born in 1909 and subsequently became a consulting icon.
Early Phase
The first phase of the development of Peter Drucker was its early phase from 1908 to
1946.
Peter Drucker was born in 1909.
Middle Phase
The second phase of the development of Peter Drucker was its middle phase from 1948
to 1991.
Peter Drucker wrote Concept of Corporation in 1946.
Peter Drucker wrote The Practice of Management in 1954.
Peter Drucker wrote The Age of Discontinuity in 1969.
Recent Phase
The third phase of the development of Peter Drucker was its recent phase from 1992 to
2008.
Peter Drucker wrote Post Capitalist Society in 1993
Peter Drucker wrote The Essential Drucker in 2001
Peter Drucker passed away in 2005.
Peter Drucker profiled General Motors organization and structure.
Peter Drucker was known for his work on many concepts, including decentralization,
privatization, empowerment, and knowledge worker.
Peter Druckers beliefs were captured in another book called The Definitive Drucker in
2007. The book was written by Liz Edersheim and published by McGraw-Hill.
Statistics
The second section of Peter Druckers profile will review some key statistics regarding
the firm.
Businesses
The third section of Peter Druckers profile will outline its core businesses.
Peter Drucker has a number of businesses.
336

The final section of Peter Druckers profile will address is organizational structure &
ownership.
Peter Drucker has a web site.
Peter Drucker is led by Peter Drucker.
Peter Drucker is privately owned.
Peter Senge
Peter Senge is led by CEO Peter Senge.
History
The first section of Peter Senges profile will explain the key historical events in the firms
development.
Peter Senge was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Peter Senge was its early phase.
Middle Phase
The second phase in the development of Peter Senge was its middle phase.
Recent Phase
The third phase in the development of Peter Senge was its recent phase.
Statistics
The second section of Peter Senges profile will review some key statistics regarding the
firm.
Businesses
The third section of Peter Senges profile will outline its core businesses.
Peter Senge has a number of businesses.
The final section of Peter Senges profile will address is organizational structure &
ownership.
Peter Senge has a web site.
Peter Senge is led by its CEO Peter Senge.
Peter Senge is privately owned.
337
Pew Research Center

Pew Research Center was founded in 2004 and is based in Washington, DC. Its web
site is www.pewresearch.org.
History
The first section of Pew Research Centers profile will explain the key historical events in
The Pew Research Center was founded in 2004 and has evolved through three phases,
The Pew Research Center was founded in 2004.
Early Phase
This section explains the early phase of Pew Research Center.
Middle Phase
This section explains the middle phase of Pew Research Center.
Recent Phase
This section explains the recent phase of Pew Research Center.
Statistics
The second section of Pew Research Centers profile will review some key statistics
regarding the firm.
Services
The third section of Pew Research Centers profile will outline its core services.
The Pew Research Center has eight divisions including, the Pew Research Center for
the People & the Press, Project for Excellence in Journalism, Stateline.Org, Pew Internet
& American Life Project, and Pew Hispanic Center.
Pew Research Center for the People & the Press
The Pew Research Centers first division is its Pew Research Center for the People &
the Press.
Project for Excellence in Journalism
The Pew Research Centers second division is its Project for Excellence in Journalism.
Stateline.Org
The Pew Research Centers third division is its Stateline.Org.
Pew Internet & American Life Project
The Pew Research Centers fourth division is its Pew Internet & American Life Project.
Pew Forum on Religion & Public Life
The Pew Research Centers fifth division is its Pew Forum on Religion & Public Life.
338
Pew Hispanic Center

The Pew Research Centers sixth division is its Pew Hispanic Center.
Pew Global Attitudes Project
The Pew Research Centers seventh division is its Pew Global Attitudes Project.
Social & Demographic Trends
The Pew Research Centers eighth division is its Social & Demographic Trends.
The final section of Pew Research Centers profile will address is organizational
The Pew Research Centers Web Site is Streamlined into Six Sections, Including Topic
Index, Publications Index, The Databank, Where Do You Fit?, Projects of the Center,
and About the Center.
The Pew Research Center is led by its president Andrew Kohut.
The Pew Research Center is privately owned.
Phyllis Bernstein Consulting

Phyllis Bernstein Consulting is led by CEO Phyllis Bernstein.
History
The first section of Phyllis Bernsteins profile will explain the key historical events in the
firms development.
Phyllis Bernstein was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Phyllis Bernstein was its early phase.
Middle Phase
The second phase in the development of Phyllis Bernstein was its middle phase.
Recent Phase
The third phase in the development of Phyllis Bernstein was its recent phase.
Statistics
The second section of Phyllis Bernsteins profile will review some key statistics regarding
the firm.
Businesses
The third section of Phyllis Bernsteins profile will outline its core businesses.
Phyllis Bernstein has a number of businesses.
339

The final section of Phyllis Bernsteins profile will address is organizational structure &
ownership.
Phyllis Bernstein has a web site.
Phyllis Bernstein is led by its CEO Phyllis Bernstein
Phyllis Bernstein is privately owned.
Pittiglio, Rabin, Todd, & McGrath
Pittiglio, Rabin, Todd, & McGrath is lead by Managing Director Michael McGrath.
History
The first section of Pittiglio, Rabin, Todd, & McGraths profile will explain the key
Pittiglio, Rabin, Todd, & McGrath, was founded and has evolved through three phases,
Early Phase
The first phase in the development of Pittiglio, Rabin, Todd, & McGrath was it early
phase.
Pittiglio, Rabin, Todd, & McGrath was founded.
Middle Phase
The middle phase in the development of Pittiglio, Rabin, Todd, & McGrath was it middle
phase.
Recent Phase
The recent phase in the development of Pittiglio, Rabin, Todd, & McGrath was it recent
phase.
Statistics
The second section of Pittiglio, Rabin, Todd, & McGraths profile will review some key
Businesses
The third section of Pittiglio, Rabin, Todd, & McGraths profile will outline its core
businesses.
Pittiglio, Rabin, Todd, & McGrath has several various businesses.
The final section of Pittiglio, Rabin, Todd, & McGraths profile will address is
Pittiglio, Rabin, Todd, & McGrath has a web site.
340
Pittiglio, Rabin, Todd, & McGrath is led by its management.

Pittiglio, Rabin, Todd, & McGrath is privately owned.
Population Council
Population Council was founded.
Population Council was founded in 1952 by John Rockefeller III, and is based in New
York, NY. It operates in 18 countries and has 500 employees. Its web site is
www.popcouncil.org.
History
The first section of Population Councils profile will explain the key historical events in
Population Council was founded in 1952 and has evolved through three phases,
Early Phase
The first phase in the development of Population Councils development was its early
phase.
Population Council was founded in1952 by John Rockefeller III.
Middle Phase
The second phase in the development of Population Councils development was its
middle phase.
Recent Phase
The third phase in the development of Population Councils development was its recent
phase.
Statistics
The
second
section
of
Population Councils profile will
review some key statistics
regarding the firm.
The Population Councils Employees are Slightly Over Half Located

in the US
Population Council Employees

B y Country
Population Council has offices

in 18 countries.
Population
Council
programs in 80 countries.
has
Population Council
employees.
500
has
US
52%
Other Countries
48%
Source: 6/3/ 08 Populat ion Council Web S ite; Tiburon Research & A naly sis
26
Population Councils employees

are slightly over half located in the US. Specifically, 52% of Population Council
employees are located in the US. The other 48% are located in other countries.
341
The Population Council has a budget of $74 million.

Services
The third section of Population Councils profile will outline its core services.
Population Council conducts research in three areas, including HIV & AIDS, poverty,
gender, & youth, and reproductive health.
HIV & AIDS Research
Population Councils first area of research is HIV & AIDS.
Poverty, Gender, & Youth Research
Population Councils second area of research is poverty, gender, & youth.
Reproductive Health Research
Population Councils third area of research is reproductive health.
The final section of Population Councils profile will address is organizational structure &
ownership.
Population Councils web site is organized into seven sections, including HIV & AIDS,
poverty, gender, & youth, reproductive health, locations, publications & resources,
events, and contribute.
Population Council is Led by its President Peter Donaldson. Ayorinde Ajayi serves as
Regional Director of Sub-Saharan Africa, Ragui Assaad as Regional Director of West
Asia & North America, Wendy Baldwin as Director of Poverty, Gender, & Youth, John
Bongaarts as Vice President, Anrudh Jain as Vice President of International, Scott
Newman as Chief Financial Officer, Saroj Pachauri as Regional Director of South & East
Asia, Naomi Rutenberg as Director of HIV & AIDS, and James Sailer as Director of
Corporate Affairs.
Population Council is privately owned.
Price Waterhouse Coopers was founded in 1874 by Samuel Price & Edwin Waterhouse
and is based in New York, NY. It has 760 offices worldwide, 122,000 employees, and
generates $17.6 billion revenues. Price Waterhouse Coopers is led by its CEO Samuel
DiPiazza. The web site is www.pwc.com.
History
The first section of Price Waterhouse Coopers profile will explain the key historical
Price Waterhouse Coopers was founded in 1874 and has evolved through three phases,
including its early, middle, and late phases.
Businesses
The second section of Price Waterhouse Coopers profile will outline its core businesses.
342
Price Waterhouse Cooper has threes core businesses, including its audit services, tax
services, and financial planning services business.
Consulting
Price Waterhouse Coopers final business is its consulting business.
Price Waterhouse Coopers may be rebuilding it consulting business.
The final section of Price Waterhouse Coopers profile will address is organizational
Price Waterhouse Coopers has a detailed web site, divided into five sections including
careers, PWC portal, publications, about us, & contact us.
Price Waterhouse Coopers is led by its CEO Samuel DiPiazza.
Price Waterhouse Coopers is owned by its partners.
Professional Accounting Sales
Professional Accounting Sales (PAS) is one of the nations largest online supermarkets
for tax professionals and also acts as an investment banker exclusively for tax
professionals. It was founded in 1982 and is based in Atlanta, GA. It has 25, 000
registered buyers and hundreds of sales representing over $240 million in revenues from
49 states. It operates six regional offices that are independently owned and operated.
Its president Leon Faris, and its website is www.cpasales.com.
History
The first section of Professional Accounting Sales profile will explain the key historical
Statistics
The second section of Professional Accounting Sales profile will review some key
Businesses
The third section of Professional Accounting Sales profile will outline its core
businesses.
Professional Accounting Sales sells practices as small as $100,000 and as large as a
few million dollars in revenue.
Professional Accounting Sales commission is paid in full by the seller. Fees range
between 6% and 10% depending on the size & nature of the practice and the location.
Professional Accounting Sales has six regional offices that are independently owned and
operated.
Professional Accounting Sales sells a complete how-to manual for buying an accounting
practice.
343
Professional Accounting Sales has 25,000 registered buyers, almost double from two
years prior.
Professional Accounting Sales has completed hundreds of deals.
has represented total sellers
revenues of $240 million, an
increase of almost $70 million
from two years prior.
Professional Accounting Sales Has Represented Total Sellers Revenues of

$240 Million, an Increase of Almost $70 Million From Two Years Prior
Professional Accounting Sales Total Sellers R evenues Represented

($ Millions)

advertises for both buyers and
sellers.
Specifically,
details
include:
$240
$175
Practice Sellers
There has never
been a better time to
sell your practice
2002
2004
Minimum
seller
financing
We will confidentially advertise and negotiate the transfer of your practice
Source: 2/16/05 PA S Web S ite; 3/15/02 P AS Conv ers ation (Ezell); 3/15/ 02 PAS Web Sit e; 1/ 02 The CPA Journal; 1/7/ 02 PA S Web Site; 6/ 14/ 01 Accounting
Today; Tiburon Research & A naly sis
28
Practice Acquirers
100% financing available to qualified buyers
Buyers do not pay our fees
Typical sales on Professional Accounting Sales are for firms with around $500,000 in
revenues that sell for one or two times revenues.
The most unique attribute of Professional Accounting Sales is that it arranges for almost
three-quarters of its transactions to be paid in cash. Specifically, 70% of the firms sales
transactions are in paid in cash. The remaining 30% is paid by seller-financing or earnout.
Professional Accounting Sales provides financing for qualified buyers through strong
lending relationships. Each office has relationships with local banks that provide for
acquisitions (e.g., the San Francisco office works with Wells Fargos SBA division and
Mid West Bankers). Typical terms include 80%-100% financing, competitive rates,
minimal collateral, and ten-year terms. The approval process requires seven to ten
business days, and the minimum loan amount is $100,000, while the maximum loan
amount is $3,000,000.
Professional Accounting Sales fees are paid by sellers.
Professional Accounting Sales Charges fees ranging between 6% and 10% of the
purchase price depending on the size & nature of the sellers practice and its location.
Professional Accounting Sales has six regional offices that are independently owned and
operated. Each office is headed by a CPA who had earlier owned his or her own firm.
344
Professional Accounting Sales produces a buyers manual called The Complete How-To
Guide For Buying an Accounting Practice. The manual also includes a 50 question test
that may qualify for eight hours of CPE credit. The manual sells through the web site for
$295.
Professional Accounting Sales manual contains ready to use forms and checklists
including practice valuation worksheets, due diligence checklists, purchase agreements,
seller financing agreements, and lease assumptions. The manual also contains forms
and checklists for buy/sell agreements, non-competition agreements, financing
documents, closing documents, and transition provisions.
Professional Accounting Sales offers a preferred buyer program which allows access to
additional information. Notifications of new listings are available for members of this
program before they are available to the public. Benefits of the program also include
special financing programs, additional information of listings, a free copy of buyers
manual, and the option of receiving sample contracts & proposals in Word format. The
registration fee for this program is $795, which is refunded upon the closing of a listing.
The final section of Professional Accounting Sales profile will address is organizational
Professional Accounting Sales has a web site.
Professional Accounting Sales is led by its President Leon Farisl.
Professional Accounting Sales is privately owned.
Proudfoot Consulting
Proudfoot Consulting was founded.
History
The first section of Proudfoot Consultings profile will explain the key historical events in
Proudfoot Consulting was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Proudfoot Consulting was its early phase.
Middle Phase
The second phase in the development of Proudfoot Consulting was its middle phase.
Recent Phase
The third phase in the development of Proudfoot Consulting was its recent phase.
Statistics
The second section of Proudfoot Consultings profile will review some key statistics
regarding the firm.
345
Businesses
The third section of Proudfoot Consultings profile will outline its core businesses.
Proudfoot Consulting has a number of businesses.
The final section of Proudfoot Consultings profile will address is organizational structure
& ownership.
Proudfoot Consulting has a web site.
Proudfoot Consulting is led by its management.
Proudfoot Consulting is privately owned.
Publicis Groupe
Publicis Groupe is based in Paris. France.
History
The first section of Publicis Groupes profile outlines the key historical events in the
firms development.
Statistics
The second section of Publicis Groupes profile outlines some key statistics regarding
the firm.
Businesses
The third section of Publicis Groupes profile outlines its core businesses.
Razorfish
Publicis Groupes Razorfish is a web site developer founded in 2004 and based in
Seattle, WA. The company is led by its CEO Clark Kokich. The company web site is
www.avenuea-razorfish.com.
History
The first section of Publicis Groupes Razorfishs profile explains the key historical
Publicis Groupes Razorfish was founded in 2004 and has evolved through three
phases, including its early, middle, and recent phases.
Publicis Groupes Razorfish was founded in 2004 through the merger of Razorfish, the
largest interactive marketing & technology services firm and Avenue A, the largest buyer
of online media & search.
Early Phase
This section outlines the early phase of Publicis Groupes Razorfish.
Middle Phase
This section outlines the middle phase of Publicis Groupes Razorfish.
346
Recent Phase
This section outlines the recent phase of Publicis Groupes Razorfish.
Statistics
The second section of Publicis Groupes Razorfishs profile reviews some key statistics
regarding the firm.
Businesses
The third section of Publicis Groupes Razorfishs profile outlines its core businesses.
Publicis Groupes Razorfish is an interactive services firm that helps companies use the
online channel as a marketing and business tool. The company combines data, insightdriven design, leading technologies and rigorous optimization to build strong brands and
improve relationships with customers, employees, and partners.
Publicis Groupes Razorfish has five core competencies, including strategy, insight,
creativity, technology, and optimization.
Publicis Groupes Razorfishs creative solutions stem from a strategic model called the
Customer Experience Journey (CEJ), which consists of six beliefs, including the internet
is essential, channels must be integrated, and understanding is key to success. Other
beliefs include users rule, creativity & technology must work together, and there is
always room for improvement.
Publicis Groupes Razorfish has a long list of distinguished clients, including Alaska
Airlines, Astra Zeneca, Best Buy, and Boston Scientific. Specifically, distinguished
clients include:

Alaska Airlines
Astra Zeneca
Best Buy
Bosch Tools
Boston Scientific
Breville
Capital One
Carnival Cruise Lines
CondNet
Coors Brewing Company
Danskin
Dell
Daimler Chrysler
Disney
EMC Corporation
eMedicine
Fanta
Ford Motor Company
Garnier Fructis
Hotels.com
ING DIRECT
Japan Dairy Council
347

JCPenney
Kraft
Levi Strauss & Company
Maybelline
Mercedes-AMG
Microsoft/MSN
New York Times Co.
Nielsen Media
Nike
Office Depot
Oxfam
Pershing
PNC Bank
Pringles
Ralph Lauren
Red Bull
Singapore Airlines
Sony Computer Entertainment
Standard Life Bank
Starwood Hotels
Thomson
Toyota
Van Cleef & Arpels
Victoria's Secret
Visa
Williams-Sonoma
Wyeth Pharmaceuticals
XM Satellite Radio
Publicis Groupes Razorfish provides five services, including interactive marketing,

customer-focused web sites, e-commerce, intranets & extranets, and branding &
identity.
Publicis Groupes Razorfishs first service is interactive marketing.
Publicis Groupes Razorfishs second service is customer-focused web sites.
Publicis Groupes Razorfishs third service is e-commerce.
Publicis Groupes Razorfishs fourth service is intranets & extranets.
Publicis Groupes Razorfishs fifth service is branding & identity.
The final section of Publicis Groupes profile addresses its organizational structure &
ownership.
Publicis Groupes Razorfish has a web site organized into five sections, including what
we do, how we do it, our work, about us, and contact us.
Publicis Groupes Razorfish is led by its CEO Clark Kokich.
348
Publicis Groupes Razorfish is owned by its investors.

Pusateri Consulting & Training
Pusateri Consulting & Training is by CEO Leo Pusateri.
History
The first section of Pusateri Consulting & Trainings profile will explain the key historical
Pusateri Consulting & Training was founded and has evolved through three phases,
Early Phase
The first phase in the development of Pusateri Consulting & Training was its early
phase.
Middle Phase
The second phase in the development of Pusateri Consulting & Training was its middle
phase.
Recent Phase
The third phase in the development of Pusateri Consulting & Training was its recent
phase.
Statistics
The second section of Pusateri Consulting & Trainings profile will review some key
Businesses
The third section of Pusateri Consulting & Trainings profile will outline its core
businesses.
Pusateri Consulting & Training has a number of businesses.
The final section of Pusateri Consulting & Trainings profile will address is organizational
Pusateri Consulting & Training has a web site.
Pusateri consulting is led by its CEO Leo Pusateri.
Pusateri Consulting & Training is owned by Leo Pusateri.
RB Webber & Company
RB Webber & Company was founded in 1991 and is based in Mountain View, CA. Their
web site is www.rbwebber.com.
349
History
The first section of RB Webbers profile will explain the key historical events in the firms
development.
RB Webber was founded in 1991 and has evolved through three phases, including its
Early Phase
The first phase in the development of RB Webbers development was its early phase.
RB Webber & Company was founded in 1991.
Middle Phase
The second phase in the development of RB Webbers was its middle phase.
Recent Phase
The third phase in the development of RB Webbers was its recent phase.
Statistics
The second section of RB Webbers profile will review some key statistics regarding the
firm.
Businesses
The third section of RB Webbers profile will outline its core businesses.
RB Webber offers several business services, including corporate strategy, economic
analysis, market opportunity evaluation, partnerships & investments, product & market
strategies, and sales enablement, pricing, & channel management tools.
The final section of RB Webbers profile will address is organizational structure &
ownership.
RB Webber has a web site.
RB Webber is led by a number of high level professionals. RB Webber has six partners:
Joseph Brilando has 25 years of experience in computer & software industries, formerly
at Boston Consulting Group; Katherine Boshkoff has 14 years of product management &
marketing; Stephen Jordan has 23 years of electronic industry experience, formerly at
McKinsey & Company; Robert Lauridsen has 20 years consulting experience formerly at
Boston Consulting Group and Booz, Allen, & Hamilton; Stephen Plume has 15 years
technology consulting experience; Jeffrey Webber has 22 years of technology consulting
experiences, formerly at McKinsey & Company.
RB Webber is privately owned.
Reagan Consulting
Reagan Consulting is based in Atlanta, GA. Its web site is www.reaganconsulting.com.
350
History
The first section of Reagan Consultings profile will explain the key historical events in
Reagan Consulting was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Reagan Consulting was its early phase.
Reagan Consulting was founded as a bank-insurance consulting firm.
Reagan Consulting assisted banks with dozens of insurance agency acquisitions, joint
ventures, and de novo operations.
Middle Phase
The second phase in the development of Reagan Consulting was its middle phase.
Recent Phase
The third phase in the development of Reagan Consulting was its recent phase.
Statistics
The second section of Reagan Consultings profile will review some key statistics
regarding the firm.
Businesses
The third section of Reagan Consultings profile will outline its core businesses.
Reagan Consulting has a number of businesses.
The final section of Reagan Consultings profile will address is organizational structure &
ownership.
Reagan Consulting has a web site.
Reagan Consultings management team includes Senior Vice President Jim Campbell.
Reagan Consulting is privately owned.
Regroup
Regroup was founded by Ann Oglanian and is based in San Francisco, CA. Ann
Oglanian serves as the firms Managing Director. Its website is devel.regroupllc.com.
History
The first section of Regroups profile will explain the key historical events in the firms
development.
Regroup was founded and has evolved through three phases, including its early phase,
351
Early Phase
The first phase in the development of Regroup development was its early phase.
Middle Phase
The second phase in the development of Regroups development was its middle phase.
Recent Phase
The third phase in the development of Regroups development was its recent phase.
Statistics
The second section of Regroups profile will review some key statistics regarding the
firm.
Businesses
The third section of Regroups profile will outline its core businesses.
Regroup has a number of businesses, including its Business Consulting, Compliance,
Technology, and Professional Development.
Business Consulting
Regroups first business is its Business Consulting Business.
Regroups Business Consulting has four segments, including Vendor Management,
Planning, Product Development, and Corporate Governance
Compliance
Regroups second business is its Compliance Business.
Regroups Compliance Business has four segments, including Regulatory Management,
CCO Coaching, Risk Assessment, and Policies & Procedures
Technology
Regroups third business is its Technology Business.
Regroups Technology Business has four segments, including Vendor Evaluation,
Vendor Selection, Implementation, and Project Management
Professional Development
Regroups fourth business is its Professional Development Business.
Regroups Professional Development Business has four segments, including Strategic
Planning, Code of Ethics, Continuing Education, and Conflict Management
Regroup Serves four sectors, including investment Advisors, Hedge Funds, Broker
Dealers, and Mutual Funds
The final section of Regroups profile will address is organizational structure &
ownership.
352
Regroup has a detailed web site with five sections, including About Us, Solutions,
Clients, Events & Resources, and Contact Us.
Regroup is led by its Managing Director Ann Oglanian.
Regroup is privately owned.
Renaissance Resources Group
Renaissance Resources Group was founded.
History
The first section of Renaissance Resources Groups profile will explain the key historical
Renaissance Resources Group was founded and has evolved through three phases,
Early Phase
The first phase in the development of Renaissance Resources Group was its early
phase.
Middle Phase
The second phase in the development of Renaissance Resources Group was its middle
phase.
Recent Phase
The third phase in the development of Renaissance Resources Group was its recent
phase.
Statistics
The second section of Renaissance Resources Groups profile will review some key
Businesses
The third section of Renaissance Resources Groups profile will outline its core
businesses.
Renaissance Resources Group has a number of businesses.
The final section of Renaissance Resources Groups profile will address is
Renaissance Resources Group has a web site.
Renaissance resource group is led by its management.
Renaissance Resources Group is privately owned.
Right Management Consultants
Right Management Consultants was founded and is based in Pittsburgh, PA.
353
History
The first section of Right Management Consultants profile outlines the key historical
Right Management Consultants was founded and has evolved through three phases,
including its early, middle, & recent phases
Early Phase
This section outlines the early phase of Right Management Consultants.
Right Management Consultants were founded as a career transition and organizational
consulting firm.
Middle Phase
This section outlines the middle phase of Right Management Consultants.
Recent Phase
This section outlines the recent phase of Right Management Consultants.
Statistics
The second section of Right Management Consultants profile outlines some key
Businesses
The third section of Right Management Consultants profile outlines its core businesses.
Right Management Consultants has a number of businesses.
The final section of Right Management Consultants profile outlines its organizational
Right Management Consultants has a web site.
Right Management Consultants is led by its management team.
Right Management Consultants is privately owned.
Robert Reich
Robert Reich was founded.
History
The first section of Robert Reichs profile will explain the key historical events in the
firms development.
Robert Reich was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Robert Reich was its early phase.
354
Middle Phase
The second phase in the development of Robert Reich was its middle phase.
Recent Phase
The third phase in the development of Robert Reich was its recent phase.
Statistics
The second section of Robert Reichs profile will review some key statistics regarding
the firm.
Businesses
The third section of Robert Reichs profile will outline its core businesses.
Robert Reich has a number of businesses.
The final section of Robert Reichs profile will address is organizational structure &
ownership.
Robert Reich has a web site.
Robert Reich is led by its CEO Robert Reich.
Robert Reich is privately owned.
Rocaton Investment Advisors
Rocaton Investment Advisors is based in Darien, CT.
History
The first section of Rocaton Investment Advisors profile will explain the key historical
Rocaton Investment Advisors was founded.
Businesses
The second section of Rocaton Investment Advisors profile will outline its core
businesses.
Rocaton Investment Advisors was started by Rogers Casey pension employees who left
the firm when CRA purchased the firm.
Rocaton Investment Advisors has a number of businesses.
Consulting
Rocaton Investment Advisors final business is its consulting business.
The final section of Rocaton Investment Advisors profile will address is organizational
Rocaton Investment Advisors has a web site.
355
Rocaton Investment Advisors is led by its management.

Rocaton Investment Advisors is privately owned.
Roland Berger
Roland Berger was founded in 1967 by Roland Berger. It is based in Munich, Germany.
The firm has operation in 23 countries with 34 offices worldwide and 2,000 employees,
including 160 partners that generate $923 million in revenues. It is led by its CEO
Burkhard Schwenker. Their web site is www.rolandberger.com.
History
The first section of Roland Bergers profile will explain the key historical events in the
firms development.
Roland Berger was founded in 1967 and has evolved through three phases, including its
Early Phase
The first phase in the development of Roland Berger was its early phase.
Roland Berger was founded in 1967 by Roland Berger in Munich, Germany.
Middle Phase
The second phase in the development of Roland Berger was its middle phase.
Recent Phase
The third phase in the development of Roland Berger was its recent phase.
Statistics
The second section of Roland Bergers profile will review some key statistics regarding
the firm.
Roland Berger has operations in 23 countries.
Roland Berger has 34 offices.
Roland Berger has 2,000 employees.
Roland Berger has 160 partners.
Roland Berger generates over $900 million in revenues. Specifically it generates $923
million in revenues.
Businesses
The third section of Roland Bergers profile will outline its core businesses.
Roland Berger has several various businesses.
356

The final section of Roland Bergers profile will address is organizational structure &
ownership.
Roland Berger has a web site that is divided into four sections, including Expertise,
Careers, Company, and News.
Roland Berger is by its CEO Burkhard Schwenker.
Roland Berger is privately owned.
Russell Reynolds Associates
Russell Reynolds Associates was founded.
History
The first section of Russell Reynolds profile will explain the key historical events in the
firms development.
Russell Reynolds Associates was founded and has evolved through three phases,
Early Phase
The first phase in the development of Russell Reynolds Associates development was its
early phase.
Middle Phase
The second phase in the development of Russell Reynolds Associates development
Recent Phase
The third phase in the development of Russell Reynolds Associates development was
its recent phase.
Russell Reynolds Associates acquired Whitehead, Mann, Pendleton, & James.
Statistics
The second section of Russell Reynolds Associates profile will review some key
Businesses
The third section of Russell Reynolds Associates profile will outline its core businesses.
Russell Reynolds has a number of businesses.
The final section of Russell Reynolds Associates profile will address is organizational
Russell Reynolds Associates has a web site.
357
Russell Reynolds Associates is led by its management.

Russell Reynolds Associates is privately owned.
Ryan ALM
Ryan ALM is based in New York, NY. It was founded in 2004. It has 14 employees.
The chief financial architect is Ron Ryan. The web site is www.ryanalm.com.
History
The first section of Ryan ALMs profile will explain the key historical events in the firms
development.
Ryan ALM was founded in 2004.
Statistics
the firm.
Businesses
The second section of Ryan ALMs profile will outline its core businesses.
Ryan ALM has three core businesses, including its custom liability index, liability beta
portfolio, and portable alpha liability system.
Ryan ALMs first business is its custom liability index (CLI) business, whereby it creates
its CLI for each client based on their actuarial projected. The product sends series of
daily reports covering structure, sensitivity, and performance to clients.
Ryan ALMs second business is its liability beta portfolio business, whereby it manages
assets as a liability index fund that neutralizes the interest rate sensitivity of liabilities.
Portfolios use government and AAA corporate zero-coupon bonds to match and fully find
liabilities. It provides the lowest cost and risk portfolio for LDI clients. It has $1.1 billion
assets under management.
Ryan ALM has over $1 billion assets under management.
Ryan ALMs third business is its portable alpha liability system (PALS) business which is
a structured asset management system designed to erase deficits over a target time
horizon.
Ryan ALMs PALS consists of two distinct & synergistic portfolios, including Liability
Alpha and Liability Beta. Liability Alphas objective is to outgrow liabilities based on a
target return (measured by the CLI) needed to erase the deficit over a target time
horizon. Liability Betas objective is to match and fully fund target liabilities.
Ryan ALMs sends out newsletters, including the Ryan Letter.
The final section of Ryan ALMs profile will address is organizational structure &
ownership.
358
Ryan ALMs web site offers three entry points, including clients, company info, and Ryan
Indexes.
Ryan ALM is led by its Chief Financial Architect Ron Ryan.
Ryan ALM is Privately Owned.
Ryan Insurance Strategy Consultants
Ryan Insurance Strategy Consultants is a Greenwood, CO based independent
insurance brokerage firm specializing in life insurance, disability, and long term care
policy analysis and underwriting. The firms President is John Ryan. Its web site is
www.ryan-insurance.com.
History
The first section of Ryan Insurance Strategy Consultants profile will explain the key
Ryan Insurance Strategy Consultants was founded and has evolved through three
Early Phase
The first phase in the development of Ryan Insurance Strategy Consultants was its early
phase.
Middle Phase
The second phase in the development of Ryan Insurance Strategy Consultants was its
middle phase.
Recent Phase
The third phase in the development of Ryan Insurance Strategy Consultants was its
recent phase.
Statistics
The second section of Ryan Insurance Strategy Consultants profile will review some key
Businesses
The third section of Ryan Insurance Strategy Consultants profile will outline its core
businesses.
Ryan Insurance Strategy Consultants has a number of businesses.
The final section of Ryan Insurance Strategy Consultants profile will address is
Ryan Insurance Strategy Consultants has a web site.
Ryan Insurance Strategy Consultants is led by its management.
359
Ryan Insurance Strategy Consultants is privately owned.

Sapient
Sapient was founded in 1990 by Jerry Greenberg & Stuart Moore in Cambridge, MA. It
operates in 6 countries and has 19 offices. The firm has 6,217 employees generating
$566 million in revenue and $15.2 net income. Its chairman is Jeff Cunningham and its
CEO is Alan Herrick. Sapient is a public company traded under the NASDAQ ticker
SAPE. Its web site is www.sapient.com.
History
The first section of Sapients profile will explain the key historical events in the firms
development.
Sapient was founded in 1990 and has evolved through three phases, including its early
Early Phase
The first phase in the development of Sapient development was its recent phase.
Sapient was founded in 1990 by Jerry Greenberg & Stuart Moore in Cambridge, MA.
Middle Phase
The second phase in the development of Sapient development was its recent phase.
Recent Phase
The third phase in the development of Sapient development was its recent phase.
Statistics
The second section of Sapients profile will review some key statistics regarding the firm.
Sapient has operations in six
countries.
Professional Accounting Sales Has Represented Total Sellers Revenues of

$240 Million, an Increase of Almost $70 Million From Two Years Prior
Professional Accounting Sales Total Sellers R evenues Represented

($ Millions)
Sapient has 19 offices.

$240
Sapient
has
over
6,000
employees, up 26% since 2006.
$175
Sapient generates $566 million

in revenues, up 35% since
2006.
Sapient generates over $15
million in net income, up 400%
from 2006.
2002
2004
Source: 2/16/05 PA S Web S ite; 3/15/02 P AS Conv ers ation (Ezell); 3/15/ 02 PAS Web Sit e; 1/ 02 The CPA Journal; 1/7/ 02 PA S Web Site; 6/ 14/ 01 Accounting
Today; Tiburon Research & A naly sis
28
Businesses
The third section of Sapients profile will outline its core businesses.
Sapient has five businesses, including Business & IT Strategy, Business Applications,
Business Intelligence, Outsourcing, & Marketing Strategy.
360
Business & IT Strategy

Sapients first business is its Business & IT Strategy Service.
Business Applications
Sapients second business is its Business Applications Service.
Business Intelligence
Sapients third business is its Business Intelligence Service.
Outsourcing
Sapients fourth business is its Outsourcing Service.
Market Strategy
Sapients fifth business is its Marketing Strategy Service.
The final section of Sapients profile will address is organizational structure & ownership.
Sapient has an in-depth web site with five sections including, What We Do, About Us,
News, Connect, & Search.
Sapient is led by its Chairman Jeff Cunningham.
Sapient is publicly owned and traded on NASDAQ under the ticker SAPE.
Schlumberger
Schlumberger was founded.
History
The first section of Schlumbergers profile will explain the key historical events in the
firms development.
Schlumberger was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Schlumberger development was its early phase.
Schlumberger was founded
Middle Phase
The second phase in the development of Schlumberger development was its middle
phase.
Recent Phase
The third phase in the development of Schlumberger development was its recent phase.
361
Statistics
The second section of Schlumbergers profile will review some key statistics regarding
the firm.
Businesses
The third section of Schlumbergers profile will outline its core businesses.
Schlumberger has a number of businesses.
The final section of Schlumbergers profile will address is organizational structure &
ownership.
Schlumberger has a web site.
Schlumberger is led by its management.
Schlumberger is privately owned.
Scient
Scient was founded
History
The first section of Scients profile will explain the key historical events in the firms
development.
Scient was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Scient development was its early phase.
Middle Phase
The second phase in the development of Scient development was its middle phase.
Recent Phase
The third phase in the development of Scient development was its recent phase.
Statistics
The second section of Scients profile will review some key statistics regarding the firm.
Businesses
The third section of Scients profile will outline its core businesses.
Scient has a number of businesses.
The final section of Scients profile will address is organizational structure & ownership.
Scient has a web site.
362
Scient is led by its management.

Scient is privately owned.
Segal Advisors
Segal Advisors has 54 pension clients and $34 billion in pension assets.
History
The first section of Segal Advisors profile will explain the key historical events in the
firms development.
Segal Advisors was founded.
Businesses
The second section of Segal Advisors profile will outline its core businesses.
Segal Advisors has a number of businesses.
Consulting
Segal Advisors final business is its consulting business.
The final section of Segal Advisors profile will address is organizational structure &
ownership.
Segal Advisors has a web site.
Segal Advisors is led by its management.
Segal Advisors is privately owned.
SFM Consulting
SFM Consulting was founded in 2002 and is based in Boston, MA. Its CEO is Peter
Starr. SFM Consulting is probably going to disband to join a larger organization. Selfreported alternatives include; other research based firms such as Spectrum or Chatham
Partners, investment consulting which was its original experience, a CSO at money
manager or distribution company which would make them a good candidate for a T
Rowe Price job, or they may start a consulting firm.
History
The first section of SFM Consultings profile will explain the key historical events in the
firms development.
SFM Consulting was founded in 2002 and has evolved through three phases, including
Early Phase
The first phase in the development of SFM Consulting was its early phase.
Middle Phase
The second phase in the development of SFM Consulting was its middle phase.
363
Recent Phase
The third phase in the development of SFM Consulting was its recent phase.
Statistics
The second section of SFM Consultings profile will review some key statistics regarding
the firm.
Businesses
The third section of SFM Consultings profile will outline its core businesses.
SFM Consulting has a number of businesses.
The final section of SFM Consultings profile will address is organizational structure &
ownership.
SFM Consulting has a web site.
SFM Consulting is led by its CEO Peter Starr. Peter Starr is a former MD of Institutional
business at Cerulli. Peter Starr can be reached at 617-454-1033 x3283.
SFM Consulting is privately owned.
Shannahan & Company
Shannahan & Company is based in Mill Valley, CA. Their CEO is Pete Shannahan.
History
The first section of Shannahan & Companys profile will explain the key historical events
Shannahan & Company was founded and has evolved through three phases, including
Early Phase
The first phase in the development of Shannahan & Companys development was its
early phase.
Middle Phase
The second phase in the development of Shannahan & Companys development was its
middle phase.
Recent Phase
The third phase in the development of Shannahan & Companys development was its
recent phase.
Statistics
The second section of Shannahan & Companys profile will review some key statistics
regarding the firm.
364
Businesses
The third section of Russell Reynolds Associates profile will outline its core businesses.
Shannahan & Company has a number of businesses.
The final section of Shannahan & Companys profile will address is organizational
Shannahan & Company has a web site.
Shannahan & Company is led by Pete Shannahan.
Shannahan & Company is owned by Pete Shannahan.
Sincere & Company
Sincere & Company was founded.
History
The first section of Sincere & Companys profile will explain the key historical events in
Sincere & Company was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of Sincere & Company was its early phase.
Middle Phase
The second phase in the development of Sincere & Company was its middle phase.
Recent Phase
The third phase in the development of Sincere & Company was its recent phase.
Statistics
The second section of Sincere & Companys profile will review some key statistics
regarding the firm.
Businesses
The third section of Sincere & Companys profile will outline its core businesses.
Sincere & Company has a number of businesses.
The final section of Sincere & Companys profile will address is organizational structure
& ownership.
Sincere & Company has a web site.
Sincere & Company is led by its management.
365
Sincere & Company is privately owned.

Spencer Stuart
Spencer Stuart was founded.
History
The first section of Shannahan & Companys profile will explain the key historical events
Spencer Stuart was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Spencer Stuarts development was its early phase.
Middle Phase
The second phase in the development of Spencer Stuarts development was its middle
phase.
Recent Phase
The third phase in the development of Spencer Stuarts development was its recent
phase.
Statistics
The second section of Spencer Stuarts profile will review some key statistics regarding
the firm.
Businesses
The third section of Spencer Stuarts profile will outline its core businesses.
Spencer Stuart has a number of businesses.
The final section of Spencer Stuarts profile will address is organizational structure &
ownership.
Spencer Stuart has a web site.
Spencer Stuart is led by its management.
Spencer Stuart is privately owned.
SRI International
The firm was founded in 1946. It was originally called Stanford Research Institute. It is
based in Menlo Park, California. It is an independent, nonprofit research institute that
conducts contract research and development for governmental agencies, commercial
businesses, foundations, and other organizations. It has 12 offices and 1,400
employees generating $374 million in revenues. The firm is led by CEO Curtis Carlson.
Their web site is www.sri.com.
366
History
The first section of SRI Internationals profile will explain the key historical events in the
firms development.
SRI International was founded as the Stanford Research Institute in 1946 and has
subsequently experienced significant growth. Its growth can be tracked across three
phases: its early days phase, its significant growth phase, and its independent growth
phase.
Early Days Phase
The first phase in the development of SRI International was its early days phase from
1946 to 1952.
SRI International was founded as Stanford Research Institute in 1946 when it was
granted non-profit status from Stanford University.
SRI Internationals predecessor, Stanford Research Institute, started its first research
project, led by eleven Stanford University trustee-elected directors in 1946.
SRI Internationals predecessor, Stanford Research Institute had 198 employees in
1948.
SRI Internationals predecessor, Stanford Research Institute, moved to Stanford Village
from campus in the early 1950s.
SRI Internationals predecessor, Stanford Research Institute, began its international
division in the early 1950s.
Significant Growth Phase
The second phase in the development of SRI International was its significant growth
SRI Internationals predecessor Stanford Research Institutes large-scale innovations
staff exceeds 1,400 employees by the early 1960s.
SRI Internationals predecessor, Stanford Research Institute, began its business
intelligence program in the mid 1960s.
SRI Internationals predecessor, Stanford Research Institute, opened its Tokyo office in
the late 1960s.
SRI Internationals predecessor, Stanford Research
demonstration of personal computing in the late 1960s.
Institute,
made
the
first
Independent Growth Phase

The third phase in the development of SRI International was its independent growth
SRI Internationals predecessor, Stanford Research Institute, became independent from
Stanford University & became SRI International in 1970.
367
SRI International took on a large scale marketing and advertising effort with the Values
and Lifestyles Program in the 1980s.
SRI International Acquired Smarnoff Corporation in 1987. Founded in 1942, it was
formerly RCA Laboratories. Smarnoff is now the firms for-profit subsidiary. It offers
electronic, information, and biomedical innovations to address marketplace needs. It
has 600 employees generating $117 million in revenue.
Statistics
The second section of SRI Internationals profile will review some key statistics regarding
the firm.
SRI International has 12 offices.
SRI International has almost 1,500 employees. Specifically, it had 1,400 employees in
2005.
SRI International generates almost $400 million revenues. Specifically, it generated
$374 million in revenues in 2005.
Businesses
The third section of SRI Internationals profile will outline its core businesses.
SRI International is organized into five businesses, including its Engineering & Systems,
Policy, Information & Computing Sciences, Biosciences, & Physical Sciences Divisions.
Engineering & Systems
SRI Internationals first business line is its Engineering & Systems Division, which is its
largest group. SRI international conducts engineering research, systems engineering
and development, and integration services for government clients.
Policy
SRI Internationals second business line is its Policy Division. It helps government
agencies, nonprofits, and commercial clients solve problems and capitalize on
opportunities pose by complex issues in education, health, economic development, and
human services through research-based solutions.
Information & Computing Sciences
SRI Internationals third business line is its Information & Computing Sciences Division.
It develops and advances new technologies in machine intelligence, speech and natural
language, perception and visual sciences, bioinformatics, formal methods, and computer
security.
Biosciences
SRI Internationals fourth business line is its Biosciences Division. It is a full-service
preclinical contract research organization for government and commercial clients.
368
Physical Sciences
SRI Internationals fifth business line is its Physical Sciences Division. It offers
multidisciplinary teams to solve technical challenges through laboratory experiments,
computer simulations, and testing.
SRI International, along with their subsidiary Sarnoff Corporation, create new spin-off
businesses to capitalize on technology developed at SRI and move it into the
marketplace. It formed 16 new ventures through work with top-tier investment and
venture capital firms. It nurtures technology and business concepts to create funding
opportunities.
SRI International also provides Research & Development Resources to portfolio
companies. It helps startups minimize risk and cost of building a research and
development infrastructure. It serves as an independent technology expert during the
due diligence process.
SRI International has dozens of spin-off companies. Specifically, details include:
Artificial Muscle
-Bridge Pharmaceuticals
-Discern Communications
-Intuitive
-Surgical
-Lamina Ceramics
-Locus Pharmaceuticals
-Nuance Communications
-Orchid Biosciences
-Packet Hop
-Poly Fuel
--
369
PowerZyme
-Princeton Lightwave
-Pyramid Vision Technologies
-Secure Products
-Songbird Hearing
-SRI Consulting Business Intelligence
-One of SRI Internationals Spin-Off Ventures is SRI Consulting Business Intelligence. It
is based in Menlo Park, California. It is an employee-owned spin-off of SRI International.
It combines content-based research programs with consulting expertise. It has web site
at www.sric-bi.com.
SRI Consulting Business Intelligence is organized into nine core consulting services.
These nine core services are technology & market assessments, opportunity discovery,
innovation & commercialization, consumer demand, scenario planning, strategy,
intelligence solutions, technology management and, learning strategy.
SRI Consulting Business Intelligence utilizes six proprietary research programs to
support its consulting services. Specifically, details include:
Scan
Corporate radar for scoping out early signals of change
Digital Futures
Offers informed and unbiased views of new opportunities in technology
Explorer
Offers a balanced understanding of change in opportunities in technology
commercialization
Learning on Demand
Offers opportunities in technology-enabled learning and strategies in
eLearning
VALS
Corporate radar for scoping out early signals of change
Consumer Financial Decision
370
Offers informed and unbiased views of new opportunities in technology
SRI Internationals first service is technology & market assessments. Provides focused
independent assessments using best-practices research techniques utilizing extensive
technical and market expertise in the research programs.
SRI Consulting Business Intelligences second service is opportunity discovery.
A
process of innovation that gives companies a systematic way to explore opportunities by
zeroing in on those with the greatest promise for business.
SRI Consulting Business Intelligences third service is innovation and commercialization.
It assists in understanding and harnessing alternative principles of innovation and
commercialization, to work through processes and create new business opportunities.
Its specialized tools support companies in important efforts.
SRI Consulting Business Intelligences fourth service is consumer demand. It assists
corporations in meeting consumer demand objectives through research skills and tools.
It utilizes proprietary VALS consumer psychographic segmentation methodology.
SRI Consulting Business Intelligences fifth service is scenario planning. It is a tool for
making strategic decisions in an environment of uncertainty. The methodology
developed from an alliance with Royal Dutch/Shell and General Electric.
SRI Consulting Business Intelligences sixth service is strategy. Utilizes the market,
technology experts, and tools to help companies develop and manage new strategies.
SRI Consulting Business Intelligences seventh service is intelligence solutions. It
assists companies in integrating intelligence systems and practices into their strategymanagement processes.
SRI Consulting Business Intelligences eighth service is technology management. It
assists companies in maintaining sight of technology developments and aligning their
technology investments to business needs.
SRI Consulting Business Intelligences ninth service is learning strategy. It utilizes the
proprietary Learning on Demand program. It focuses on practical uses of technology,
along with existing and new modes of learning to improve the efficiency and impact of
learning for business units, employees, partners, customers, and students.
SRI Consulting Business Intelligences clients represent six key industry sectors.
Electronics
Firm utilizes experts from the proprietary Digital Futures program
Identifies plans for next-generation products and services for leading
electronics manufacturers
Oil, Gas & Energy
Firm assists in aligning corporate, business-unit, and technology objectives
and activities
371
Chemicals & Materials

Firm provides objective perspectives on changing business and technology
landscapes
Telecommunications
Firm combines domain expertise in wireless communications and
telecommunications via the proprietary Digital Futures and Explorer programs
with experienced consultants to provide analysis
Financial Services
Firm assists clients develop needed data, capabilities, and strategy for
decisive business operations
Auto
Firm acts as a corporate radar on emerging technology and market issues

and provides no hype insight about key strategic challenges
SRI Consulting Business Intelligences key client industries include financial services. It
assists financial services industry clients develop the data, capabilities, and strategies to
create decisive business solutions.
SRI Consulting Business Intelligence utilizes their Consumer Financial Decisions Group
to execute its financial services projects. It provides strategic planning, marketing, and
research services to leading financial institutions, associations, government agencies,
and universities.
SRI Consulting Business Intelligences Consumer Financial Decisions Group offers nine
products & services. Specifically, details include:
Macro Monitor
Biennial macroeconomic data-collection and analysis program that combines
behavioral measures with attitudinal measures
Wealthy Boomers
Program that analyzes current and future wealthy boomers and their use of
financial products and services
Profit From Online Financial Services
Program to help financial institutions understand the online consumer market
thoroughly and integrate the online component effectively and seamlessly
into their overall service-delivery infrastructure
Competing in the New Deregulation Era
Report giving institutions a look at the attitudes and demographics of bank
and investment core and upscale customers as they approach an era of
financial-services deregulation
Aging Boomers
Analytic report that looks at boomers and their financial services
372
Financial Mind-Sets
Study that analyzes the changes in consumer financial behavior in the past
decade and describes the financial mind-sets that are at work today
Future of Life Insurance
Analysis report using data from the Macro Monitor to identify and interpret the
predominant and prevalent trends for life insurance
Investor Styles
Analysis using a standardized financial psychographic segmentation to
demonstrate how investors differ psychologically
Compensating Life Insurance Sale Reps
Study to gauge the awareness of and reaction to current life insurance
compensation practices and alternative compensation systems among the
groups most affected by these practices
SRI Consulting Business Intelligence has done six recent projects for financial services
industry clients. Specifically, details include:
Understanding 401K Consumers
Assisted a leading 401k provider in profiling and understanding its plan
participants and financial services consumers in general
Utilized the proprietary Macro Monitor and VALS programs
Conventional Wisdom of Financial Customers
Worked with a US financial institution to administer a custom survey and
develop new segment profiles
Development of Environmental Principles for Banks
Worked with a major international bank to develop environmental principles
and a strategy
Assessment of US Financial Markets
Used scenarios to study the future business environment of the US financial
industry for a major Japanese bank
Test-Market Response to New Concept
Assisted the exploration of introducing a new retail paradigm and testing of
the product and service concept for a large west coast bank
New Advertising Strategy
Assisted an institution to develop a new corporate campaign and set of
messages, working through an advertising agency
SRI Internationals web site is very detailed and easy to navigate. The web site features
the following areas of information about the firm:
About Us
373
R&D Divisions
Careers
Newsroom
Contact Us
Focus Areas
SRI Japan
Sarnoff Corporation
Subscribe to The SRI Digest

The final section of SRI Internationals profile will address is organizational structure &
ownership.
SRI International is led by Curtis Carlson, along with a seasoned management team.
The management team includes the following:
Richard Abramson, Vice President of Legal & Business Affairs

Dennis Beatrice, Vice President of Policy Division
Thomas Furst, Chief Financial Officer
Lawrence Dubois, Vice President of Physical Sciences Division
William Mark, Vice President of Computing Sciences Division
Walter Moos Vice President of Biosciences Division
Leonard Polizzotto, Vice President of Business Development & Marketing
John Prausa, Vice President of Engineering & Systems Division
Alice Resnick, Vice President of Corporate & Marketing Communications
Jean Tooker, Vice President of Human Resources
Norman Winarsky, Vice President of Ventures & Strategic Programs
Curtis Carlson was formerly employed by Sarnoff Corporation before ascending to the
role of CEO for SRI.
SRI Consulting Business Intelligence is privately owned.
Stephen Covey (Franklin Covey Company)
Stephen Covey is the co-CEO of Franklin Covey Company and was born in 1932. He is
known as a leadership super coach and has written numerous books such as First
Things First in 1994, Principle Centered Leadership (1991), and The 7 Habits of Highly
Effective People. He has a web site at www.lessonsinleadership.com.
History
The first section of Stephen Coveys profile will explain the key historical events in the
firms development.
Franklin Covey Company was founded and has evolved through three phases, including
Early Phase
The first phase in the development of Franklin Covey Company was its early phase.
Stephen Covey was born in 1932.
374
Middle Phase
The second phase in the development of Franklin Covey Company was its middle
phase.
Recent Phase
The third phase in the development of Franklin Covey Company was its recent phase.
Statistics
The second section of Stephen Coveys profile will review some key statistics regarding
the firm.
Businesses
The third section of Stephen Coveys profile will outline its core businesses.
Franklin Covey Company has a number of businesses.
The final section of Stephen Coveys profile will address is organizational structure &
ownership.
Franklin Covey Company has a web site.
Franklin Covey Company is led by its CEO Stephen Covey.
Franklin Covey Company is privately owned.
Stern, Stewart, & Company
Stern, Stewart, & Company was founded.
History
The first section of Stern, Stewart, & Companys profile will explain the key historical
Stern, Stewart, & Company was founded and has evolved through three phases,
Early Phase
The first phase in the development of Stern, Stewart, & Company was its early phase.
Stern, Stewart, & Company was founded.
Middle Phase
The second phase in the development of Stern, Stewart, & Company was its middle
phase.
Recent Phase
The third phase in the development of Stern, Stewart, & Company was its recent phase.
Statistics
The second section of Stern, Stewart, & Companys profile will review some key
375
Businesses
The third section of Stern, Stewart, & Companys profile will outline its core businesses.
Stern Stewart & Company has several various businesses.
The final section of Stern, Stewart, & Companys profile will address is organizational
Stern Stewart & Company has a web site.
Stern, Stewart, & Company is led by its management.
Stern Stewart & Company is privately owned.
Strategic Coach
Strategic Coach is based in Toronto, Canada. The Strategic Coach Program is a threeyear long program (classes meet once per quarter) that coaches highly successful
entrepreneurs. The key focus points for entrepreneurs are how to simplify their lives, get
their lives back in balance, and overcome any guilt they feel about their success. They
also offer Knowledge Products, introducing ideas taught in the program, including
thinking clearly about your goals and measuring progress to maximize energy and
confidence.
History
The first section of Strategic Coachs profile will explain the key historical events in the
firms development.
Strategic Coach was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Strategic Coach was its early phase.
Middle Phase
The second phase in the development of Strategic Coach was its middle phase.
Recent Phase
The third phase in the development of Strategic Coach was its recent phase.
Statistics
The second section of Strategic Coachs profile will review some key statistics regarding
the firm.
Businesses
The third section of Strategic Coachs profile will outline its core businesses.
Strategic Coach has a number of businesses.
376

The final section of Strategic Coachs profile will address is organizational structure &
ownership.
Strategic Coach has a web site.
Strategic Coach is led by its CEO Dan Sullivan.
Strategic Coach is owned by Dan Sullivan.
Strategic Execution Group
Strategic Execution Group was founded in 2008 and is based in Denver, CO. It is led by
its Partners Steve Scheid & Jane Ingalls.
Their web site is
www.strategicexecutionllc.com.
History
The first section of Strategic Execution Groups profile will explain the key historical
Strategic Execution Group was founded and has evolved through three phases,
Early Phase
The first phase in the development of Strategic Execution Group was its early phase.
Strategic Execution Group was founded in 2008 in Denver, CO.
Middle Phase
The second phase in the development of Strategic Execution Group was its middle
phase.
Recent Phase
The third phase in the development of Strategic Execution Group was its recent phase.
Statistics
The second section of Strategic Execution Groups profile will review some key statistics
regarding the firm.
Businesses
The third section of Strategic Execution Groups profile will outline its core businesses.
Strategic Execution Group has five core businesses, including strategic positioning,
restructuring support, crisis communications, mergers & acquisitions communications,
and research.
Strategic Positioning
Strategic Execution Groups first business is strategic positioning.
Restructuring Support
Strategic Execution Groups second business is restructuring support.
377
Crisis Communications
Strategic Execution Groups third business is crisis communications.
Mergers & Acquisitions Communications
Strategic Execution Groups fourth business is mergers & acquisitions communications.
Research
Strategic Execution Groups fifth business is research.
The final section of Strategic Execution Groups profile will address is organizational
Strategic Execution Groups web site is currently an outline with limited information but is
divided into four sections, including Overview, Capabilities, Professionals, and Contact.
Strategic Execution Group is led by its Partners Steve Scheid & Jane Ingalls. Steve
Scheid is chairman of Janus Capital Group; he was also previously at The Charles
Schwab Corporation and First Interstate Bancorporation; Jane Ingalls is the founder of
Artemis Communications; she was previously at Janus Capital Group, Oppenheimer
Funds, Sawyer & Miller Group, Prudential Securities, and Morgan Stanley
Strategic Execution Group is privately owned.
Strategix Performance
Strategix Performance was founded.
History
The first section of Strategix Performances profile will explain the key historical events in
Strategix Performance was founded.
Statistics
The second section of Strategix Performances profile will review some key statistics
regarding the firm.
Businesses
The second section of Strategix Performances profile will outline its core businesses.
Strategix Performance has several various businesses.
The final section of Strategix Performances profile will address is organizational
Strategix Performance has a web site.
Strategix Performance is led by its management.
Strategix Performance is privately owned.
378
Strategos (Gary Hamel)

Strategos is led by CEO Gary Hamel, a University of Michigan professor who is widely
known for his growth and innovation strategies. He stresses the need for companies to
identify their core competencies and strive to reach stretch goals. He is so well
respected that he commands $50,000 per public speaking appearance. He has written
several books such as, Leading the Revolution (2000) and Competing for the Future
(1994). His web site is www.strategos.com.
History
The first section of Strategos profile will explain the key historical events in the firms
development.
Strategos was founded and has evolved through three phases, including its early phase,
Early Phase
The first phase in the development of Strategos was its early phase.
Middle Phase
The second phase in the development of Strategos was its middle phase.
Recent Phase
The third phase in the development of Strategos was its recent phase.
Statistics
The second section of Strategos profile will review some key statistics regarding the
firm.
Businesses
The third section of Strategos profile will outline its core businesses.
Strategos has a number of businesses.
The final section of Strategos profile will address is organizational structure &
ownership.
Strategos has a web site.
Strategos is led by CEO Gary Hamel.
Strategos is privately owned.
Success Profiles
Success Profiles was founded.
History
The first section of Success Profiles profile will explain the key historical events in the
firms development.
379
Success Profiles was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Success Profiles development was its early
phase.
Middle Phase
The second phase in the development of Success Profiles development was its middle
phase.
Recent Phase
The third phase in the development of Success Profiles development was its recent
phase.
Statistics
The second section of Success Profiles profile will review some key statistics regarding
the firm.
Businesses
The third section of Success Profiles profile will outline its core businesses.
Success Profiles has a number of businesses.
The final section of Success Profiles profile will address is organizational structure &
ownership.
Success Profiles has a web site.
Success Profiles is led by its management.
Success Profiles is privately owned.
Sun Star
Sun Star was founded in 1991 by Kathryn Morrison based in Alexandria, VA and has 2
offices with 25 clients. It is led by its CEO Kathryn Morrison. The company web site is
www.isunstar.com.
History
The first section of Sun Stars profile explains the key historical events in the firms
development.
Sun Star was founded in 1991 and has evolved through three phases, including its early phase,
middle phase, and Tiburon affiliation phases.
Sun Star was founded in 1991 to offer media relations services to investment managers &
financial trade associations.
Early Phase
380
This section outlines Sun Stars early phase.

Middle Phase
This section outlines Sun Stars middle phase.
Recent Phase
This section outlines Sun Stars recent phase.
Sun Star sponsored Tiburons CEO Summit XIV in 2008.

Sun Star has a simple and straight forward primary goal for its clients:
Our primary goal is to add value to your products and services by
enhancing your visibility and credibility through positive news coverage
Statistics
The second section of Sun Stars profile reviews some key statistics regarding the firm.
Sun Star has 2 offices.
Sun Star offices are located in Alexandria, VA & New York, NY.
Sun Star has 25 clients.
Sun Stars clients include Hennessy Funds, James Investment Research, and The
Charles Schwab Corporation. Other clients include Jensen Investment Management and
Johnson Family Funds.
Businesses
The third section of Sun Stars profile outlines its core services.
Sun Star has ten core services, including strategic planning, message development,
media training services, new media relations, strategic communications counseling, and
managing press conferences.
Sun Stars first service is strategic planning, whereby it creates comprehensive public
relations strategies.
Sun Stars second service is message development.
Sun Stars message development service can be delivered as a one day seminar.
Sun Stars third service is media training.
Sun Stars media training attempts to prepare executives to communicate with the press.
Sun Stars media training uses simulated interviews.
Sun Stars fourth service is news media relations.
381
Sun Stars news media relations service arranges meetings with reporters and financial
publications.
Sun Stars fifth service is strategic communications counseling.
Sun Stars sixth service is managing press conferences.
Sun Stars seventh service is corporate communications & investor relations which
arranges analyst conferences.
Sun Stars eighth service is market research.
Sun Stars market research service has four methods of research, including message
testing, public opinion polling, focus group testing, and overnight surveys.
Sun Stars ninth service is video production.
Sun Stars tenth service is newsletters whereby it produces newsletters for mutual fund
companies, and non profit organizations.
Sun Stars executives often speak at conferences, including those for the national
investment company service association (NICSA) and mutual fund education alliance
(MFEA).
The final section of Sun Stars profile addresses its organizational structure & ownership.
Sun Stars web site is organized into seven sections, including about us, why Sun Star,
team, services, testimonials, careers, and contact.
Sun Star also has a web site called iFinancial Marketing which is an online publication
providing information on marketing, public relations, branding, and other marketing
strategies. This web site has six sections, including All Stories, Careers, Press
Connection, Contact, Archive, and About IFM.
Sun Star is led by its CEO Kathryn Morrison. Other key executives include Dan
Sondhelm, Robert Brummond, Bob Tebelff, Melissa Murphy, Omar Hafez, Seuk Kim,
Amiee Watts, James Doyle, Tony Kono, and Sue Bryant.
Sun Star is privately owned.
Symmetrix
Symmetrix was founded
History
The first section of Symmetrixs profile will explain the key historical events in the firms
development.
Symmetrix was founded and has evolved through three phases, including its early
382
Early Phase
The first phase in the development of Symmetrix development was its early phase.
Middle Phase
The second phase in the development of Symmetrix development was its middle phase.
Recent Phase
The third phase in the development of Symmetrix development was its recent phase.
Statistics
The second section of Symmetrixs profile will review some key statistics regarding the
firm.
Businesses
The third section of Symmetrixs profile will outline its core businesses.
Symmetrix has a number of businesses.
The final section of Symmetrixs profile will address is organizational structure &
ownership.
Symmetrix has a web site.
Symmetrix is led by its management.
Symmetrix is privately owned.
Syntaxis
Syntaxis was founded.
History
The first section of Syntaxis profile will explain the key historical events in the firms
development.
Syntaxis was founded.
Businesses
The second section of Syntaxis profile will outline its core businesses.
Syntaxis has several various businesses.
Consulting
Syntaxis final business is its consulting business.
The final section of Syntaxis profile will address is organizational structure & ownership.
Syntaxis has a web site.
Syntaxis is led by its management.
383
Syntaxis is privately owned.

The Brookings Institute
The Brookings Institute was founded in 1927 by Robert Brookings and is based in
Washington, DC. Its web site is www.brookings.edu.
History
The first section of The Brookings Institutes profile will explain the key historical events
The Brookings Institute was founded in 1927 and has evolved through three phases,
including its founding, Nixon Turbulence, and Strobe Talbott Phases.
The Brookings Institutes predecessor the Institute for Government Research was
founded in 1916 as the first private organization to analyze public policy issues at the
national level.
Founding Phase
This section will explain the early phase of The Brookings Institute.
The Brookings Institutes predecessor the Institute of Economics was founded in 1922.
The Brookings Institutes predecessor the Robert Brookings Graduate School was
founded in 1924.
The Brookings Institute was founded in 1927 through the merger of the Institute for
Government Research, the Institute of Economics, and the Robert Brookings Graduate
School.
Nixon Turbulence Phase
This section will explain the middle phase of The Brookings Institute.
The Brookings Institutes relationship with the White House deteriorated in 1968.
The Brookings Institute was named to President Richard Nixons enemies list due to its
criticism of Nixons domestic & foreign policies.
Strobe Talbott Phase
This section will explain the recent phase of The Brookings Institute.
Statistics
The second section of The Brookings Institutes profile will review some key statistics
regarding the firm.
Services
The third section of The Brookings Institutes profile will outline its core services.
The Brookings Institute focuses on five main areas of research, including economic
studies, foreign policy, governance, global economy & development, and metropolitan
policy.
384

The final section of The
Brookings Institutes profile will
address
is
organizational
The Br ookings Institute Focuses on Five Main Areas of Research, Including Economic Studies,
Foreign Policy, Governance, Global Economy & Development, and Metropolitan Policy
Brookings Institute Businesses
The Brookings Institutes web

site is streamlined into nine
sections, including US, World,
Economy, Programs, Experts,
Events, Brookings Institution
Press, Executive Education, and
About Brookings.
Brookings Institute
Economic Studies
Foreign Policy
Go vernan ce
Global Economy
& Develop ment
Metrop olitan
Policy
The Brookings Institute is led by

its chairman John Thornton.
Source: 6/2/ 08 Wikipedia Web Sit e; T b
i uron Research & Analysis
The Brookings
privately owned.
Institute
is
The Conference Board

The Conference Board is based in New York, NY. Its CEO is Jonathan Spector.
History
The first section of The Conference Boards profile will explain the key historical events
The Conference Board was founded and has evolved through three phases, including its
most recent phase under former CEO Richard Cavanagh.
Early Phase
The first phase in the development of The Conference Board was its early phase.
The Conference Board was founded.
Middle Phase
The second phase in the development of The Conference Board was its middle phase.
Recent Phase
The third phase in the development of The Conference Board was its recent phase.
The Conference Board named Richard Cavanagh CEO in 1995.
The Conference Board named Jonathan Spector CEO in 2007.
Statistics
The second section of The Conference Boards profile will review some key statistics
regarding the firm.
385
Businesses
The third section of The Conference Boards profile will outline its core businesses.
The Conference Board has several various businesses.
The Conference Board publishes some of the leading economic surveys.
The final section of The Conference Boards profile will address is organizational
The Conference Board has a web site.
The Conference Board is led by CEO Jonathan Spector.
The Conference Board is privately owned.
The Gallup Organization
The Gallup Organization was founded.
History
The first section of The Gallup Organizations profile will explain the key historical events
The Gallup Organization was founded and has evolved through three phases, including
Early Phase
The first phase in the development of Gallup Organization was its early phase.
Middle Phase
The second phase in the development of Gallup Organization was its middle phase.
Recent Phase
The third phase in the development of Gallup Organization was its recent phase.
Statistics
The second section of The Gallup Organizations profile will review some key statistics
regarding the firm.
Businesses
The third section of The Gallup Organizations profile will outline its core businesses.
The Gallup Organization has a number of businesses.
The final section of The Gallup Organizations profile will address is organizational
The Gallup Organization has a web site.
386
The Gallup Organization is led by its management.

The Gallup Organization is privately owned.
The Hayden Group
The Hayden Group is based in Boston, MA.
History
The first section of The Hayden Groups profile will explain the key historical events in
The Hayden Group has evolved through three phases, including its early phase, middle
phase, and recent phases.
Early Phase
The first phase in the development of The Hayden Group was its early phase.
The Hayden Group was founded as a retained executive search firm specializing in the
investment management industry.
Middle Phase
The second phase in the development of The Hayden Group was its middle phase.
Recent Phase
The third phase in the development of The Hayden Group was its recent phase.
Statistics
The second section of The Hayden Groups profile will review some key statistics
regarding the firm.
Businesses
The third section of The Hayden Groups profile will outline its core businesses.
The Hayden Groups clients include Jennison Dryden.
The Hayden Group has a number of key businesses.
The final section of The Hayden Groups profile will address is organizational structure &
ownership.
The Hayden Group has a web site.
The Hayden Groups management team includes Partner Robert Hawley.
The Hayden Group is privately owned.
The McHenry Group
The McHenry Group is led by CEO Ward Harris.
387
History
The first section of The McHenry Groups profile will explain the key historical events in
The McHenry Group was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of The McHenry Group was its early phase.
Middle Phase
The second phase in the development of The McHenry Group was its middle phase.
Recent Phase
The third phase in the development of The McHenry Group was its recent phase.
Statistics
The second section of The McHenry Groups profile will review some key statistics
regarding the firm.
Businesses
The third section of The McHenry Groups profile will outline its core businesses.
The McHenry Group sends out frequent email newsletters.
The McHenry Group fielded a twenty-seven question survey of third party retirement
administrators in 2000. The survey covers infrastructure, service offerings, vendor
usage & satisfaction, and the impact of emerging products & services.
The McHenry Groups survey is a respectable effort but not too deep. Specifically,
details include:
Strengths
Covers breadth of topics
Comprehensive survey
Covers vendor use and satisfaction
Weaknesses
Report summarizes responses; little analysis or benchmarking
Satisfaction ratings not vendor-specific
Asks survey taker to rate their satisfaction on their primary vendor, but
does not tie across users
No revenue questions (cannot establish best practices)
No qualitative comments
The McHenry Group has a subsidiary company called Pro Tools.
The McHenry Group has a number of businesses.
388

The final section of The McHenry Groups profile will address is organizational structure
& ownership.
The McHenry Group has a web site.
The McHenry Group is led by CEO Ward Harris.
The McHenry Group is privately owned.
The Parthenon Group
The Parthenon Group was founded.
History
The first section of The Parthenon Groups profile will explain the key historical events in
The Parthenon Group was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of The Parthenon Group was its early phase.
The Parthenon Group was founded.
Middle Phase
The second phase in the development of The Parthenon Group was its middle phase.
Recent Phase
The third phase in the development of The Parthenon Group was its recent phase.
Statistics
The second section of The Parthenon Groups profile will review some key statistics
regarding the firm.
Businesses
The third section of The Parthenon Groups profile will outline its core businesses.
The Parthenon Group has several various businesses.
The final section of The Parthenon Groups profile will address is organizational structure
& ownership.
The Parthenon Group has a web site.
The Parthenon Group is led by its management.
The Parthenon Group is privately owned.
389
Thomson Management Solutions

Thomson Management Solutions is based in Brimfield, MA. It is a consulting firm and is
led by its CEO Maria Thomson.
History
The first section of Thomson Management Solutions profile will explain the key historical
Thomson Management Solutions was founded and has evolved through three phases,
Early Phase
The first phase in the development of Thomson Management Solutions was its early
phase.
Middle Phase
The second phase in the development of Thomson Management Solutions was its
middle phase.
Recent Phase
The third phase in the development of Thomson Management Solutions was its recent
phase.
Statistics
The second section of Thomson Management Solutions profile will review some key
Businesses
The third section of Thomson Management Solutions profile will outline its core
businesses.
Thomson Management Solutions offers a number of services.
The final section of Thomson Management Solutions profile will address is
Thomson Management Solutions has a web site.
Thomson Management Solutions is led by CEO Maria Thomson.
Thomson Management Solutions is privately owned.
Thomson Reuters
Thomson Reuters was founded in 1851 in London, England and has offices in 91
countries. It has 15,500 employees, 2,300 editorial staff, and 330,000 professional
users. Thomson Reuters provides real-time data on 5.5 million financial records.
Thomson Reuters has $5.5 billion in revenues and derives more than 90% of their
revenue from their financial services business. It has $673 million in net income and
owns a majority stake in two subsidiaries; Instinet and Factiva. It is listed on the
390
NASDAQ ticker as RTRSY. Thomson Reuters is led by CEO Tom Glocer. Their web
sites are www.ThomsonReuters.com and www.lipperleaders.com.
History
The first section of Thomson Reuters profile will explain the key historical events in the
firms development.
Thomson Reuters was founded in 1851.
Businesses
The second section of Thomson Reuters profile will outline its core businesses.
Thomson Reuters has several businesses, including Lipper.
Lipper
Thomson Reuters Lipper provides research on over 130,000 funds and assets in excess
of $10 trillion. It was founded in 1973. It was acquired by Thomson Reuters in 1998. It
is based in New York and Denver. It has 350 employees. The CEO is Michael Peace.
Thomson Reuters Lipper has 350 employees.
Thomson Reuters Lipper has made seven recent key acquisitions, including Hardwick,
Stafford, & Wright, BOPP ISB AG, CAMRA, BT Alex Brown Investment Trusts, Fitzrovia
International, Hedge World, and TASS Research.
Thomson Reuters Lipper is a global leader in mutual funds information, analytics, &
commentary.
Thomson Reuters Lippers data and classifications are widely accepted in the industry.
Thomson Reuters Lipper has little presence among consumers or financial advisors.
Thomson Reuters Lipper appears to be pushing into the financial advisor market by
making its classification system more relevant, since being acquired by Thomson
Reuters.
The final section of Thomson Reuters profile will address is organizational structure &
ownership.
Thomson Reuters has a web site.
Thomson Reuters Lipper has a web site.
Thomson Reuters is led by its CEO Tom Glocer.
Thomson Reuters Lipper is led by its CEO Michael Peace.
Thomson Reuters is privately owned.
391

Tiburon Strategic Advisors was founded in 1998 and is based in Tiburon, CA. The firm
provides research-based strategic consulting to the financial services industry. Tiburon
Strategic Advisors is led by its Managing Principal Chip Roame. The firms web site is
www.tiburonadvisors.com.
History
The first section of Tiburon Strategic Advisors profile will explain the key historical
Tiburon is in its third phase of growth and headed for phase four; this means adding
principals and associate principals.
Sole Proprietorship Phase
The first phase in the development of Tiburon Strategic Advisors was its sole
proprietorship phase from 1998 to 2000.
1998: Rented initial office

1998: Filed as a limited liability company
1998: Engaged Moss Adams for first audit
1999: Changed name to The Tiburon Group
1999: Moved to current office at Point Tiburon Plaza
2000: Changed name to Tiburon Strategic Advisors
2000: Began process to trademark name
2000: Started business plan
2000: Posted first web site
Infrastructure Building Phase

The second phase in the development of Tiburon Strategic Advisors was its
infrastructure building phase from 2001-2004.
2001 - 2004: Allowed revenues to go down; use conference speeches to pay bills
2001: Published first research report
2001: Initiated weekly research releases
2001: Began building ACT database
2001: Began building benchmarking tools
2002: Established CEO Summits
2002: Upgraded web site
2003: Began CEOs in-Residence, Consulting Fellows, and Financial Advisor
Roundtable Programs
2003: Shifted release program from mail to email
2004: Expanded office space
2004: Installed technology infrastructure
2003: Grew size of ACT Database through trades
2004: Tiburon purchased the bulk of its furniture
2004: Shifted CEO Summits to Paul Hastings and expanded to 75 attendees
2005: Future of Advice research report
Team Building & Institutionalization Phase

The third phase in the development of Tiburon Strategic Advisors was its team building
& institutionalization phase from 2005-2008.
392
2005 - 2007: Hired research & marketing managers

2005 - 2007: On boarded research & marketing managers
2005 - 2007: Organized PowerPoint work into forty-four documents
2005 - 2007: Organized clippings along the same lines as Power Point files
2005 - 2007: Pushed research report sales way up
2005 - 2007: Continued to focus on conference speeches (and now research
reports) to pay bills
2005 - 2007: Sought high margin research-based consulting projects
2005: Chip Roame named by Investment Advisor Magazine as one of the 150
most influential professionals in the financial planning industry
2005: Clarified company profiling process
2006: Clarified research report writing process
2006: Began limiting CEO summits to clients only
2007: Documented PowerPoint format
2007: Created research report retainer
2007: Shifted CEO Summit to the Ritz Carlton and expanded to 100 attendees
Principal & Associate Principal Additions Phase

The fourth phase in the development of Tiburon Strategic Advisors was its principal and
associate principal additions phase.
2007: Complete business plan

2007: Organize and complete company profiles
2007: Upgrade research releases
2007: Recruit principals & associate principals
2007: Onboard associate principals
2007: Take on more market research & strategy consulting projects, pushing
revenues up significantly
2007: Continue to add research & marketing managers to build bench strength
and continue publishing research reports
2007: Invested heavily in growing size of ACT database
2007: Intends to undertake a media strategy for CEO Summits
2008: Hosted spring CEO Summit in New York, NY
2008: Intends to add a Chief Consulting Officer
2009: Intends to host a CEO Summit in Europe
Statistics
The second section of Tiburon Strategic Advisors profile will review some key statistics
regarding the firm.
Businesses
The third section Tiburon Strategic Advisors profile will outline its core businesses.
Tiburon is a research-based strategic consulting firm serving the financial services
industry; other firms play more tactical roles. The firms core services are the delivery
of research-based strategy consulting including its market seminars. The firm also
prides itself on helping its clients through the process of strategic implementation (e.g.,
identifying vendors, etc.). However, the firm recognizes that there comes a point where
Tiburon's research skills are no longer the focus of its clients' needs and clients
specifically need assistance in designing brochures, training advisors, installing software
393
choices, choosing money managers, and/or recruiting executives. In other words,

Tiburon offers strategic help that often leads to its clients needing tactical help in
implementing strategies.
Tiburon is a Research-Based Strategic Consulting Firm Serving the
Financial Services Industry; Other Firms Play More Tactical Roles
Tiburon seeks only to serve the

financial
services
industry,
including
banks,
brokerage
firms, insurance companies, &
investment managers, as well
as related technology & media
firms.
Tiburon has built a leverageable
engine for future growth,
including
1,200
project
experiences, 150,000 pages of
PowerPoint
content,
50
published reports, and its
weekly releases program.
Tiburon
Consulting Industry Services
S tra tegy C onsulting
Mer ger s & Ac quis itions

A dvice
S ales & Mar ket ing

Consulting
Ve nture C apital
Advice
Organiza tional
Effectivene ss
C ons ulting
Operations &
Te chnology Consulting
Im plementa tion &

Pr oject Ma na gem ent
S ourc e: Tiburon Research & Analys is
Tiburon values teamwork and strongly believes in distributing documents ahead of time;
first internally, then to client staff.
Tiburon won awards in 2001 and 2002 from the San Francisco Business Times based
on its revenue growth. Specifically, details include:
2001 San Francisco Business Times
#31 fastest growing company in the Bay Area 1998-2000
248% revenue growth
2002 San Francisco Business Times
#73 fastest growing

Tiburon Generates Almost Two-Third s of its Revenu es from Client-Sp ecific Market Research and Strategy
company in the Bay
Consulting Services, an d the Other One-Third from Research Rep orts & Ot her Leverageable Activities
Area in 1999-2001
Tiburon Net Operating Revenues
50% revenue
By Project Type
growth
Execu ti ve Pr og ra m
CEO Su mmit
Spo ns or sh ips
7%
E xecu ti ve
Co u nse lin g,
Reta ine rs , & Bo ard
Rol es
Tiburon has steadily converted it

revenue stream to a wide
variety of recurring sources,
creating an annuity.
The
recurring sources contributing to
Tiburons revenue stream are
strategy
consulting,
market
research, executive counseling,
retainers, and board roles, In
recent years the following
additional sources have been
and increasing and leading sources of Tiburons recurring revenue stream, they include
market seminars, conference speeches, research report retainers, research reports, and
its database access program.
Fe es
1%
9%
Str ate gy Con su ltin g

13 %
Ma rke t Res ear ch

1 5%
Re sear ch Rep or t
Acce ss P rog ram,
Re sea rch Rep o rt s, &
Dat aba se Ac cess
P rog ra m
31 %
M ar ket S em ina rs
5%
Con fe ren ce
Sp eec he s
1 9%
Not e:
Tiburons net operating revenues ex clude both reimbursed expens es and int erest & divid end incom e
Source: Tiburon Research & A nalys is
394
Tiburon generates about two-thirds of its revenues from client-specific market research
and strategy consulting services, and the other one-third from research reports,
conference speeches & other activities. Specifically, strategy consulting contributed
13% and market research projects accounted for 15% of Tiburons net operating
revenues, , while conference speeches were 19%. Executive counseling, retainers &
board roles contributed 9% and market seminars added an additional 5%. In the other
areas of activity which generate revenues, research retainer reports, research reports, &
databases contributed 31% to revenues generated, executive programs 1%, and CEO
Summit sponsorships contributed 7%.
Tiburons managing principal has had two significant media profiles in Investment News
in 2000 and in Research Magazine in 2005. Specifically, details include:
Investment News
Managing principal was profiled
Research Magazine
Managing principal was featured on the cover
Tiburon is building its CEOs-in Residence, Financial Advisor Round Table, and Fellows
Programs to bring additional resources to Tiburon clients, to strengthen client
relationships, and to work with friends throughout the industry.
Tiburon shifted its CEO Summits to the Ritz Carlton Hotel and increased the attendees
to 100 in 2007.
The final section of Tiburon Strategic Advisors profile will address is organizational
Tiburon Strategic Advisors has a web site. The web sites areas of navigation include
About Tiburon, Client Services, Research Reports, Tiburon People, Tiburon CEO
Summits, and Tiburon Toolkit.
Tiburon is seeking to expand its current staff, with a focus on adding either a chief
consulting officer and/or a team of three principals & associate principals.
Tiburon Strategic Advisors is privately owned by Chip Roame.
Tom Peters Group
Tom Peters Group is led by CEO Tom Peters.
History
The first section of Tom Peters Group profile will explain the key historical events in the
firms development.
Tom Peters Group was founded and has evolved through three phases, including its
Early Phase
395
The first phase in the development of Tom Peters Group was its early phase.
Middle Phase
The second phase in the development of Tom Peters Group was its middle phase.
Recent Phase
The third phase in the development of Tom Peters Group was its recent phase.
Statistics
The second section of Tom Peters Group profile will review some key statistics
regarding the firm.
Businesses
The third section of Tom Peters Group profile will outline its core businesses.
Tom Peters Group has a number of businesses.
The final section of Tom Peters Group profile will address is organizational structure &
ownership.
Tom Peters Group has a web site.
Tom Peters Group is led by its CEO Tom Peters.
Tom Peters Group is privately owned.
Tom Stanley
Tom Stanley is led by its CEO Tom Stanley
History
The first section of Tom Stanleys profile will explain the key historical events in the firms
development.
Tom Stanley was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Tom Stanley was its early phase.
Middle Phase
The second phase in the development of Tom Stanley was its middle phase.
Recent Phase
The third phase in the development of Tom Stanley was its recent phase.
Statistics
The second section of Tom Stanleys profile will review some key statistics regarding the
firm.
396
Businesses
The third section of Tom Stanleys profile will outline its core businesses.
Tom Stanley has a number of businesses.
The final section of Tom Stanleys profile will address is organizational structure &
ownership.
Tom Stanley has a web site.
Tom Stanley is led by its CEO Tom Stanley.
Tom Stanley is owned by Tom Stanley.
Tower Group
Tower Group was founded.
History
The first section of Tower Groups profile will explain the key historical events in the
firms development.
Tower Group was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Tower Group development was its early phase.
Middle Phase
The second phase in the development of Tower Group development was its middle
phase.
Recent Phase
The third phase in the development of Tower Group development was its recent phase.
Statistics
The second section of Tower Groups profile will review some key statistics regarding
the firm.
Businesses
The third section of Tower Groups profile will outline its core businesses.
Tower Group has a number of businesses.
The final section of Tower Groups profile will address is organizational structure &
ownership.
Tower Group has a web site.
Tower Group is led by its management.
397
Tower Group is privately owned.

Towers Watson & Company
Towers Watson was founded.
History
The first section of Towers Watson & Companys profile will explain the key historical
Towers Watson & Company was founded in 1934 and has evolved through three
Early Phase
The first phase in the development of Towers Watson & Company was its early phase
from 1934 to 1970.
Middle Phase
The second phase in the development of Towers Watson & Company was its middle
Recent Phase
The third phase in the development of Towers Watson & Company was its recent phase
from 2001 to 2008.
Statistics
The second section of Towers Watson & Companys profile will review some key
Businesses
The third section of Towers Watson & Companys profile will outline its core businesses.
Towers Watson & Companys first business is Towers Perrin.
Towers Perrin
Towers Perrin was founded in 1934 and is based in Atlanta, GA. It has 6,262
employees and has $900 million in revenues. Its CEO is Mark Mactas. Their web site is
www.towersperrin.com
History
The first section of Tower Perrins profile will explain the key historical events in the
firms development.
Towers Perrin was founded in 1934 and has evolved through three phases, including its
Early Phase
The first phase in the development of Towers Perrin was its early phase from 1934 to
1970.
398
Towers Perrin was founded in 1934 with focus on issues in the areas of human resource
consulting & administration, management & actuarial consulting to the financial services
industry, and reinsurance intermediary services.
Middle Phase
The second phase in the development of Towers Perrin was its middle phase from 1971
to 2000.
Recent Phase
The third phase in the development of Towers Perrin was its recent phase from 2001 to
2008.
Statistics
The second section of Towers Perrins profile will review some key statistics regarding
the firm.
Towers Perrin employs over 6,000 professionals.
Towers Perrin generates revenues of over $900 million.
Towers Perrin generates almost $145,000 in revenues per professional.
Businesses
The third section of Towers Perrins profile will outline its core businesses.
Towers Perrin has three businesses, including its HR Services, Reinsurance, and
Tillinghast.
Tower Perrin first business is its Human Resources Services.
Towers Perrins Human Resources Services provides global human resource consulting
and related services that help organizations effectively manage their investment in
people.
Towers Perrins Resources Services includes employee benefits,
compensation, communication, change management, employee research, and the
delivery of human resources services.
Towers Perrins second business is its Reinsurance Segment.
Towers Perrins Reinsurance Segment provides global reinsurance intermediary
services and consulting expertise that focuses on the creative blending of traditional and
nontraditional risk transfer vehicles. This service includes a reinsurance strategy &
program review, claims management & program administration, catastrophe exposure
management, contract negotiation & placement, and consulting in market security
issues.
Towers Perrins third business is Tillinghast.
Towers Perrins Tillinghast provides consulting and software solutions to insurance and
financial services companies and advises other organizations on risk financing and selfinsurance.
399

The final section of Tower Perrins profile will address is organizational structure &
ownership.
Towers Perrins web site is geared towards its businesses and has four sections,
including Human Resources Services, Reinsurance, Tillinghast, and Our Services.
Towers Perrin is led by its CEO Mark Mactas.
Towers Perrin is privately owned.
Towers Watson & Companys second business is Watson Wyatt Worldwide.
Watson Wyatt Worldwide
Watson Wyatt Worldwide was founded in 1946 and is based in Arlington, VA. It employs
7,000 professionals generating $1.3 billion in revenues. It is led by its CEO John Haley
and is a public company in the NYSE as WW. Their web site is www.watsonwyatt.com.
History
The first section of Watson Wyatt Worldwides profile will explain the key historical
Watson Wyatt Worldwide
Watson Wyatt was founded in 1946 and has evolved through three phases, including its
Early Phase
The first phase in the development of Watson Wyatt Worldwides development was its
early phase from 1946 to 1980.
Watson Wyatt Worldwide was founded in 1946 and is based in Arlington, VA.
Middle Phase
The second phase in the development of Watson Wyatt Worldwides development was
its middle phase from 1981 to 2000.
Recent Phase
The third phase in the development of Watson Wyatt Worldwides development was its
recent phase from 2001 to 2008.
Statistics
The second section of Watson Wyatt Worldwides profile will review some key statistics
regarding the firm.
Watson Wyatt employs over 7,000 professionals, almost doubling since 1996.
Specifically it had 7,000 professionals in 2007 and 3,730 in 1996.
Watson Wyatt generates revenues of over $1.2 billion, almost doubling in the past year.
Specifically it earned $1.27 billion in 2006, $737 million in 2005, $702 million in 2004,
$710 million in 2003 and 2002, and $656 million in 1996.
400
Watson Wyatt generates almost $180,000 in revenues per professional.

Watson Wyatt earns over $87 million, up over 50% from the previous year. Specifically
their net income was $87 million in 2006 and $52 million in 2005.
Businesses
The third section of Watson Wyatt Worldwides profile will outline its core businesses.
Watson Wyatt has five businesses, including employee benefit programs cost &
effectiveness management; attraction, retention, and reward strategies; pension plan
sponsors advisory; insurance and financial services companies advisory; and
technology, outsourcing, and data services.
Watson Wyatts first business is employee benefit programs cost & effectiveness
management.
Watson Wyatts second Business is attraction, retention, & reward strategies services.
Watson Wyatts third business is pension plan sponsors advisory services.
Watson Wyatts fourth business is insurance and financial services companies advisory
services.
Watson Wyatts fifth business is technology, outsourcing, & data services.
The final section of Watson Wyatt Worldwides profile will address is organizational
Watson Wyatts web site has five sections, including, Our Firm, Business Issues,
Services, Ideas & Research, and News.
Watson Wyatt is led by its CEO John Haley.
Watson Wyatt is a publicly traded company, represented on the NYSE Ticker as WW.
The final section of Towers Watson & Companys profile will address is organizational
Townsend & Schupp
Townsend & Schupp is based in Hartford, CT.
History
The first section of Townsend & Schupps profile will explain the key historical events in
Townsend & Schupp was founded and has evolved through three phases, including its
Early Phase
401
The first phase in the development of Townsend & Schupp was its early phase.
Townsend & Schupp was founded as a life insurance industry consultant, it gathers and
analyzes financial information regarding the US and Canadian life insurance markets
and provides data, statistical analysis and research in a variety of formats ranging from
monthly reports, to quarterly and annual publications.
Middle Phase
The second phase in the development of Townsend & Schupp was its middle phase.
Recent Phase
The third phase in the development of Townsend & Schupp was its recent phase.
Statistics
The second section of Townsend & Schupps profile will review some key statistics
regarding the firm.
Businesses
The third section of Townsend & Schupps profile will outline its core businesses.
Townsend & Schupp has a number of businesses.
The final section of Townsend & Schupps profile will address is organizational structure
& ownership.
Townsend & Schupp has a web site.
Townsend & Schupps management team includes Executive Fred Townsend.
Townsend & Schupp is privately owned.
T-Systems
T-Systems was founded.
History
The first section of T-Systems profile will explain the key historical events in the firms
development.
T-Systems was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of T-Systems development was its early phase.
T-Systems was founded
Middle Phase
The second phase in the development of T-Systems development was its middle phase.
Recent Phase
402
The third phase in the development of T-Systems development was its recent phase.
Statistics
The second section of T-Systems profile will review some key statistics regarding the
firm.
Businesses
The third section of T-Systems profile will outline its core businesses.
T-Systems has a number of businesses.
The final section of T-Systems profile will address is organizational structure &
ownership.
T-Systems has a web site.
T-Systems is led by its management.
T-Systems is privately owned.
Turning Point
The firm was founded in 1994 and is based in Clearwater, Florida. It provides recruiting
services to employers, candidates, and registered representatives. It is organized into
two business lines, executive search and registered representative placement. Mitch
Vigeveno is the CEO. The firms web site is www.tpirecruiters.net.
History
The first section of Turning Points profile will explain the key historical events in the
firms development.
Turning Point was founded in 1994 and has evolved through three phases, including its
Early Phase
The first phase in the development of Turning Points development was its early phase.
Turning Point was founded in 1994.
Middle Phase
The second phase in the development of Turning Points development was its middle
phase.
Turning Point joined Tiburon Strategic Advisors Consulting Fellows program in 2001.
Recent Phase
The third phase in the development of Turning Points development was its recent
phase.
403
Statistics
The second section of Turning Points profile will review some key statistics regarding
the firm.
Businesses
The third section of Turning Points profile will outline its core businesses.
Turning Points Value Proposition centers around the firms industry knowledge.
Turning Point is organized into two business lines, executive search & registered
representative placement.
Executive Search
Turning Points first business is executive search. it serves both employer and
candidate clients. The firm prefers to work with mid size companies. It places positions
range from advisors to CEOs. A client company places job order, committing the firm to
fill the position.
Turning Point provides recruiting services to employers, candidates, and registered
representatives. Specifically, details include:
Employers
Executive search
Ancillary services
Contract labor
Employer of record rate calculator
Hot candidates
Salary expert
Candidates
Candidate placement
Ancillary services
Career alerts
Employer of record
Knowledge base
Online job search
Resume posting
Salary expert
Registered Representatives
Assistance in switching firms/wirehouses
Assistance in becoming independent
Placement assistance as employee
Turning Points executive search business line is the firms profit generator. Specifically,
in executive search it collects one-third up front, one-third when the candidate is place,
and one-third at final agreement. The firms profit margin is 25%-35% of placed
candidates first year income. With registered representative recruiting the firm receives
an unspecified portion up front and an unspecified portion later on, as well as 4% to 6%
of placed representatives first year commissions. Turning Point executive search
404
creates committed business, while conversely its registered rep recruiting revenue is
contingent upon acquisition of high level reps.
Turning Points executive search business line has much higher fees than its registered
rep recruiting business line.
Turning Points Executive Search Business Line Has Much Higher
Turning Point definitely
Fees than its Registered Rep Recruiting Business Line
tailors its fee structure to each
engagement.
Turning Point Fees by Business Line
Turning
Points
Executive
search
uses
proprietary
technology & multiple databases
to identify candidates and build
its prospects list. Of note is that
Turning
Points
Sharkware
database has less than 50%
emails; Turning Points main
database
contains
phone
numbers; NF Communications
database has personal emails.
25% - 35%
4% - 6%
Executive Search B usiness Lin e
Registered Representative Recru iting

Business Lin e
Not e:
A not her s ource said that Turning P oint tailors its f ee st ructure t o each engagement
Source: 2/22/05 Turning P oint Conv ers ation (V g
i eveno); 2/9/05 Turning Point Web Site; Tiburon Researc h & Analy sis;
Turning Point works primarily on contingency searches versus retained searches.

Turning Point also offers employers hourly search capabilities. The rate for these
capabilities is $150.00 per hour, with a ten hour minimum. It often utilizes subcontractors and charges 15% placement fee on top of hourly rate.
Turning Point charges between 25-35% placement fees of first year salary for its
executive search services.
Turning point collects fees from
employers in three phases,
including up front, when the
candidate is placed, and at final
agreement. Specifically, 34% of
fees are collected up front, and
33% is respectively collected
when the candidate is placed
and at the final agreement.
Turning Point Collects Fees from Employers in Three Phases, Including Up

Front, When the Candidate is Placed, and At Final Agreement
Turning Point Fees

By Collection Phase
Up F ront
34%
At Fin al
Agreem ent
33%
Turning Point includes DiSC

personality profile testing as part
of its retained search process.
Turning Point maintains a code
of ethics for employer clients.
When Candidate
Place d
33%
Source: 2/17/00 Turning Point Conv ers at ion (Vigeveno); T b

i uron Research & Analys is
Objective & Accurate Communication

Communication between clients and candidates shall be objective & accurate
405
Honest & Factual Representation

Clients, positions, and candidates shall be represented honestly & factually
Reasonable Assignments
Only assignments that can be completed within a reasonable period of time
are accepted
Client Company Restrictions
No recruiting or solicitation of employees from client companies
Confidentiality
Privileged information is never revealed about our clients or candidates
No Contractual Binding
Clients, or firm, may terminate services at any time
Turning Points executive search business line also offers employers four other services.
those services are contact labor services, employer of record, hot candidates, and salary
expert.
Turning Points first ancillary service offered to employers in its executive search
business line is contract labor services.
Turning Points Contract Labor has a number of services, including contract staffing,
custom staffing services, and payroll/employer of record. Other services include
permanent placement, retiree re-staffing, and temp-to-permanent conversions.
Turning Point believes that employers use its contract labor services for a variety of
reasons. Those reasons include avoiding IRS scrutiny from 1099 issues, budget
constraint circumvention, end of assignment flexibility, headcount issues, staffing
flexibility, and try before you buy (temp-to-perm).
Turning Point provides a comprehensive insurance package to employers for its
contractors. The package includes the following coverage to employers for its
contractors:
$2,000,000 Professional Liability
$1,000,000 Employers Liability
$2,000,000 Hired/Non-Owned Auto Liability
$4,000,000 Excess Liability
$1,000,000 Employer Practices Liability
$1,000,000 Employee Dishonesty Bonding Statutory Workers Compensation
$2,000,000 Commercial General Liability
$25,000 Forgery Bonding
State and Federal Unemployment Insurance
Turning Points second ancillary service offered to employers in its executive search
business line is employer of record.
406
Turning Points employer of record service is top echelon which provides a number of
services, including financial services and acting as employer of record. Specifically,
details include:
Financial Services
Handles taxes, insurance, benefits, 401k, & payroll for placed candidates
Acting as Employer of Record
-Employer Pays Fee for Service
-Employer Dictates All Worker Activities
-Turning Points third ancillary service offered to employers in its executive search
business line is hot candidates, which is an online resource to provide employers self
search opportunities to find the best candidates for a specified position.
Turning Points fourth ancillary service offered to employers in its executive search
business line is salary expert, which is an online service to calculate salary for candidate
based on location and position filled.
Turning Points executive search business line offers six services to candidates. These
services are Career Alerts, Employer of Record, Job Searches, Knowledge Base,
Resume Posting, and Salary Expert.
Turning Points first service to candidates in its executive search business line is career
alerts whereby candidates can login to web site to view current career postings.
Turning Points second service offered to candidates in its executive search business
line is employer of record.
Turning Points employer of record service provides a number of services, including
financial services and acting as legal employer of record. Specifically, details include:
Financial Services
Firm handles payroll, taxes, insurance, benefits, and invoicing
Legal Employer of Record
Top Echelon firm acts as legal employer of record for placed candidates
Candidates Submit Timesheets to Firm
-Firm Collects Payment from Candidates Physical Employer
-Turning Points third service offered to candidates in its executive search business line is
job searches which provide links to job search database on web site.
407
Turning Points fourth service offered to candidates in its executive search business line
is its knowledge base where candidates can search the database for specific
information. Topics range from contracting to resume advice.
Turning Points fifth service offered to candidates in its executive search business line is
resume posting which allows candidates to login to web site and post resumes.
Turning Points sixth service offered to candidates in its executive search business line is
the salary expert which allows candidates to determine average compensation for similar
positions. The conversion program provided can determine salary values in different
locations as well.
Registered Representative Placement
Turning Points second business line is registered representative placement. This
serves brokers and dealers, and provides placement for both employers and registered
representatives, meaning that the rep can seek assistance as well as an employer
company. Placement is dictated by the firms ability to connect with high quality
registered representatives.
Turning Points Registered Representative Placement can be organized into three
services, including assistance in firm changes and becoming independent. Specifically,
details include:
Assistance in Firm Change
Moving to a new firm or wirehouse
Becoming Independent
Advice for transition to independence
Starting your own office
Placement Assistance
Help in obtaining employment at banks or other financial institutions
Turning Points Registered Representative Placement services has a variety of activities,
including assess information, search opportunities, and recommend situations.
Assess Information
Assess information from the registered representative about current business
and plans to change
Search Opportunities
Search extensive universe of broker/dealers and individual branch office
opportunities
Recommend Situations
Recommend situations that fit individual needs
Research & Initial Conversations
Handle research and initial conversations
408
Access to Other Resources

Offer access to other resources to help in business dealings
Turning Point has placed over 300 registered representatives with independent
broker/dealer firms, including AIG Advisory Group, Ameriprise Financial, and Cambridge
Investment Research:
AIG Advisor Group
Cambridge Investment Research
Csenge Advisory Group
Financial Service Corporation
Fringe Insurance Benefits
Intersecurities
National Financial Partners
NF Communications
Pathway Financial Services
Securities America
Turning Point does not charge registered representatives for its services, but instead
broker/dealers to whom candidates are introduced pay fees to the firm.
Turning Point charges fees of about 5% on placed representatives first year
commissions.
Turning Point maintains that registered representatives can expect a professional
consultation for a number of reasons, including experience, confidentiality, and the right
attitude. Specifically, details include:
Experience
Over thirty years experience in financial services industry
Confidentiality
Maintains total confidentiality in all dealings
Right Attitude
Maintains a helpful, courteous, and service oriented attitude
Objective Answers
Offers objective answers to questions
Best Selection
Helps select most appropriate broker/dealer for business
Following Up
Maintains on going follow-up
Turning Points ten years of experience and industry contacts enables the firm to offer
representatives many opportunities, including firms with proprietary research. Other
opportunities include placement with companies with deferred compensation or profit
sharing, producer groups which provide marketing programs, broker/dealers with 100%
409
payout of VA & VUL, broker/dealers with 95% payout on investment advisory services,
firms offering equity participation, broker/dealers which accommodate compliance
issues, firms specializing in stocks and bonds, broker/dealers that offer transition
funding, firms friendly to custodying assets at Schwab, Fidelity, TD Waterhouse, and
Fiserv, firms with lower ticket charges and fees, firms with syndicate offerings, IPOs,
and market making, as well as broker/dealers that are successful with large producer
groups.
Turning Point offers representatives tips on various broker/dealer questionnaire topics
including the tenure of broker/dealers in business:
Tenure of broker/dealer in business
Companys financial strength
States broker/dealer is registered
Whether or not broker/dealer is a RIA
Compliance history of broker/dealer
Company support if client sues or complains
Firms commitment to support advisors with independent offices
Mutual funds, insurance products, and programs on broker/dealer approved to
list
Complementary products and services offered to clients
Broker/dealers trading desks
Turning Point pays representatives five hundred dollars for each referral that is placed
with a broker/dealer.
Turning Point offers a comprehensive Guide To Moving Your Book, which is a workbook
style guide geared towards helping to evaluate personal motives for desire to make a
change. It includes personal checklists, profiles of successful account executive, self
business analysis. It lists possible options for change. It also examines how to choose
the right broker/dealer. It offers tips on making the move and offers set-up and monthly
expenses worksheets.
Turning Point creates monthly themed newsletters for employers and registered
representatives, including Dont Hire Without a Background Check. Specifically, details
include:
Employers
9/04 Dont Hire Without a Background Check
10/04 Want to Recruit, Hire, and Retain Better?: Know Your Great
Employees
11/04 Solving the Talent Retention Problem
12/04 More Than Money A Cautionary Tale of Poor Hiring
1/05 Hiring the Right Employees Requires Asking the Right Questions
andListening for the Right Answers
Registered Representatives
2/05 A New Type of Direct Marketing
2/05 Financial Planning Software: Is True Multi-Tasking on the Horizon?
1/05 Avoid Failed Phone Calls
12/04 So You Are Thinking of Making A Change
410
12/04 The Efficient Use of a Client-centered Web Site
Turning Point maintains a variety of connecting points with related organizations,

including affiliates, partners, and web site links. Specifically, details include:
Affiliates
Financial Planning Association
Margaret Martin & Associates
National Banking & Financial Services Network
National Association of Personnel Services
Top Echelon
Partners
Brannick Human Resources Connection
Broker Dealer Compliance
Gray Matter Strategies
HR Corporate Solutions
International Performance Group Margaret Martin & Associates
NF Communications
Web Site Links
Associations
Mutual Funds
News
Regulatory & Exchange
Services
Trade Magazines
Turning Point is affiliated with several professional organizations, including the Financial
Planning Association. Specifically, details include:
Community that fosters the value of financial planning and advances the
financial planning profession
Margaret Marin & Associates
Professional development specialist
Assists organizations to maximize their effectiveness and performance by
developing each individual within the organization
Oldest & largest association of independently owned recruiting firms
Specializes in banking and financial services marketplace
National Association of Personnel Services
Proactively serves, protects, informs, & represents all facets of the personnel
services industry regarding federal legislation and regulatory issues
411
Top Echelon
Worlds most successful placement network of independent recruiters
Provides strategy consulting, market research, & other related services to
brokerage, investment management, banking, & insurance markets
Turning Point displays links to partner companies, including Brannick Human Resources
Connection. Other partners include Broker Dealer Compliance, Gray Matter Strategies,
HR Corporate Solutions, International Performance Group, Margaret Martin &
Associates, National Banking & Financial Services Network, NF Communications and,
Tiburon Strategic Advisors.
Turning Point offers links to related organizations in six categories, including
associations, mutual funds, and news. Specifically, details include:
Association
American Bankers Association
National Association of Personal Financial Advisors
National Association of Investment Professionals
National Association of Independent Broker/Dealers
National Association of Insurance & Financial Advisors
IMCA
Life Insurance Management Research Association
Financial Services Institute
Mutual Funds
Morningstar
Mutual Fund Investors Center
News
Wall Street Journal

Forbes
Fortune
Barron
CNNfn
Financial Services Online
IBD
New York Times
USA Today
Worth Magazine
Smart Money
Regulatory & Exchange

SEC
NASDAQ
NYSE
AMEX
NASD
412
Services
Morningstar
Horsesmouth
Zacks
Hoovers
Bloomberg
Kiplinger Online
Bankrate.Com
FSOnline.Com
Trade Magazines
Financial Planning
Registered Rep
Investment News
Investment Advisor
Research
On Wall Street
Turning Point has written and/or been quoted in various industry articles. Specifically,
details include:
Turning Point Authored
Recruiting the Old Fashioned Way
Morningstar Advisor
How to Create Value in Your Business
Morningstar Advisor
Positioning Yourself Properly: Controlling Prospects Perceptions of You
Morningstar Advisor
Turning Point Quotes
A Few Good Recruits
Financial Planning
Brokers on the Bubble in Pru-Wachovia Deal
Investment News
The Recruiting Dance
Journal of Financial Planning
Turning Points web site is easily navigable and informative, with five sections, including
employers, candidates, registered reps, contact us, and about us.
Turning Points Going Independent web site is targeted at registered representatives and
is easily navigable. Sections of the web site include About Us, Services, Opportunities,
Resources, and Contact Us.
Turning Point has a web site devoted to registered representatives called
www.goingindependent.com, which contains separate turning point information for
registered representatives.
413

The final section of Turning Points profile will address is organizational structure &
ownership.
Turning Point is led by its CEO Mitch Vigeveno and includes four other employees.
They are Steve McQuinn, Vice President, Jason Burke, Director of Operations, Shannon
Sterner, Executive Recruiter and Margaret Martin, Professional Development Specialist.
Mitch Vigeveno founded Turning Point; Mitch was a life insurance agent, a regional Vice
President for a support company to broker/dealers, and prior to Turning Point, was Vice
President of branch development for Raymond James; Steve McQuinn joined Turning
Point in 2004; Jason Burke came to Turning Point from Societe Generale in New York;
Margaret Martin works closely with Turning Point as an affiliate.
Turning Point owned by CEO Mitch Vigeveno.
Unisys
Unisys is based in Blue Bell, PA and has 37,000 employees, 4000 clients, $5.8 billion in
revenues and $38 million in net income. It is a public company and its ticker symbol is
UIS. The CEO is Joe McGrath.
History
The first section of Unisys profile will explain the key historical events in the firms
development.
Businesses
The third section of Unisys profile will outline its core businesses.
Unisys has a number of businesses.
Consulting
Unisys final business is its consulting business.
The final section of Unisys profile will address is organizational structure & ownership.
Unisys has a web site.
Unisys is led by its CEO Joe McGrath.
Financial Services.
Dominick Cavuoto is President of Global
Unisys is publicly owned with its ticker being UIS.

Urban Institute
Urban Institute was founded in 1968 and based in Washington DC. It has a presence in
28 countries. Its web site is www.urban.org.
History
The first section of Urban Institutes profile will explain the key historical events in the
firms development.
414
The Urban Institute was founded in 1968 and has evolved through three phases,
The Urban Institute was founded in 1968 to provide independent nonpartisan analysis of
the problems facing Americas cities & residents.
Early Phase
This section explains the early phase of Urban Institute.
Middle Phase
This section explains the middle phase of Urban Institute.
Recent Phase
This section explains the recent phase of Urban Institute.
Statistics
The second section of Urban Institutes profile will review some key statistics regarding
the firm.
The Urban Institute works in 28 countries.
Businesses
The third section of Urban Institutes profile will outline its core businesses.
The Urban Institute has a number of businesses.
The final section of Urban Institutes profile will address is organizational structure &
ownership.
The Urban Institutes web site is cluttered with six main sections and numerous subsections, including find research, issues, sectors, places, people, and about UI.
The Urban Institute is led by its president Robert Reischauer.
The Urban Institute is privately owned.
US Web
History
The first section of US Web profile will explain the key historical events in the firms
development.
US Web was founded in 1995 and has evolved through three phases, including its early
Early Phase
The first phase in the development of US Web development was its early phase.
415
US Web acquired CKS in 1998.

Mitchell Madison Group was founded.
US Web acquired Mitchell Madison Group in 1999.
Middle Phase
The second phase in the development of US Web development was its middle phase.
Recent Phase
The third phase in the development of US Web development was its recent phase.
Statistics
The second section of US Webs profile will review some key statistics regarding the
firm.
Businesses
The third section of US Webs profile will outline its core businesses.
US web has at least one business, including its Mitchell Madison Group.
Mitchell Madison Group
US Webs first business is its Mitchell Madison Group. Mitchell Madison Group was
founded in 1991 by a group of McKinsey & Company veterans.
The final section of US Webs profile will address is organizational structure &
ownership.
US Web has a web site.
US Web is led by its management.
US Web is privately owned.
Warren Bennis
Warren Bennis was founded.
History
The first section of Warren Bennis profile will explain the key historical events in the
firms development.
Warren Bennis was founded and has evolved through three phases, including its early
Early Phase
The first phase in the development of Warren Bennis was it early phase.
Middle Phase
The second phase in the development of Warren Bennis was its middle phase.
416
Recent Phase
The third phase in the development of Warren Bennis was its recent phase.
Statistics
The second section of Warren Bennis profile will review some key statistics regarding
the firm.
Businesses
The third section of Warren Bennis profile will outline its core businesses.
Warren Bennis has a number of businesses.
The final section of Warren Bennis profile will address is organizational structure &
ownership.
Warren Bennis has a web site.
Warren Bennis is led by Warren Bennis
Warren Bennis is privately owned.
WE Deming
WE Deming lived from 1900-1993. He is widely known as the original quality control
guru and is well known for his work in the rebuilding effort of Japan post World War II as
well as working with automaker Henry Ford. He wrote several books including The New
Economics for Industry, Government, & Education (1993) and Out of the Crisis (1986).
He also developed the 14 points for management. More can be found at the W.
Edwards Deming Institute web site at www.deming.org.
History
The first section of WE Demings profile will explain the key historical events in the firms
development.
WE Deming was born was founded and has evolved through three phases, including its
Early Phase
The first phase in the development of WE Deming was its early phase.
Middle Phase
The second phase in the development of WE Deming was its middle phase.
Recent Phase
The third phase in the development of WE Deming was its early phase.
Statistics
The second section of WE Demings profile will review some key statistics regarding the
firm.
417
Businesses
The third section of WE Demings profile will outline its core businesses.
WE Deming has a number of businesses.
The final section of WE Demings profile will address is organizational structure &
ownership.
WE Deming has a web site.
WE Deming is led by its management.
WE Deming is privately owned.
Weiss Group
Weiss Group was founded in 1971 and is based in Jupiter, FL. It is led by its Chairman
Martin Weiss. Its web site is www.weissgroupinc.com.
History
The first section of Weiss Groups profile will explain the key historical events in the
firms development.
Weiss Group was founded in 1971 and has evolved through three phases, including its
early phase, middle phase, and late phases.
Early Phase
The first phase in the development of Weiss Group was its early phase.
Weiss Group was founded in 1971 as a consulting service that assesses financial
stability of insurance companies, HMOs, banks, savings and loans, and securities
brokers.
Middle Phase
The second phase in the development of Weiss Group was its middle phase.
Recent Phase
The third phase in the development of Weiss Group was its recent phase.
Statistics
The second section of Weiss Groups profile will review some key statistics regarding the
firm.
Businesses
The third section of Weiss Groups profile will outline its core businesses.
Weiss Group has a number of businesses.
The final section of Weiss Groups profile will address is organizational structure &
ownership.
418
Weiss Group has a web site.

Weiss Group is led by its Chairman Martin Weiss.
Weiss Group is privately owned.
Wilshire Associates
Wilshire Associates is based in Santa Monica, CA. It sends advisors mutual fund
updates monthly as well as quarterly. It offers Navigator: a software package that costs
$30,000-$60,000. Looks at 10,000 equities and mutual funds and is a screening tool to
aid the financial advisor in consulting. Wilshire has 7,000 clients and $250 billion assets
under management. Growth in assets over the last year is approximately $250 million to
$1 billion. A secured website is offered to financial advisors that provides insight to
management of their business. It is led by executives Emily Straw and Heidi Gerhert. It
has a web site: www.wilfunds.com.
History
The first section of Wilshire Associates profile will explain the key historical events in the
firms development.
Wilshire Associates was founded.
Statistics
the firm.
Businesses
The third section of Wilshire Associates profile will outline its core businesses.
Wilshire Associates has a number of businesses.
Wilshire is an institutional consulting firm.
Wilshire offers a series of tools through its navigator software.
The final section of Wilshire Associates' profile will address is organizational structure &
ownership.
Wilshire Associates has a web site.
Wilshire Associates is led by its management.
Wilshire Associates is privately owned.
419

1735 Tiburon Boulevard
Tiburon, CA 94920
www.TiburonAdvisors.Com
004.2
09.07.01

Consulting Industry - Defining Good Business Advice

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Consulting Industry - Defining Good Business Advice

Caricato da

Copyright:

Formati disponibili

Financial Institutions Research Report Series

MARKETS & DISTRIBUTION CHANNELS ...................................................................72

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

Federal & State Governments ................................................................................................... 72

FUTURE PREDICTIONS FOR THE CONSULTING BUSINESS ...................................77

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

Atos Origin............................................................................................................................ 100

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

Best Practices ...................................................................................................................... 120

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

CEG Worldwide .................................................................................................................... 170

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

White Papers ............................................................................................................. 205

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

One-Off Manager Research ...................................................................................... 215

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

Organization & Ownership................................................................................................ 232

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

Media Planning & Buying .......................................................................................... 330

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

Professional Development ........................................................................................ 352

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

09.07.01 Consulting Industry

Tiburon Strategic Advisors, LLC

INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY

Summarize & organize recent industry media coverage