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Each nominee had to have a minimum of five years financial services experience, practiced a minimum of three years with the same firm, and have at least $60MM in assets under management. D Magazine further checked with FINRA and the SEC to ensure that nominees had acceptable compliance records. Investment performance was not a criterion and none of the firms paid to have their wealth managers on the list.

“Since we work with clients so closely and know the details of their accounts, we needed access and control of our accounting data to make sure that data quality is high,” says Taylor Herzog, Research Analyst and Technology Solutions Manager at True North.

“The accounting engine is a foundational piece of our technology. We can connect other needed technology solutions to it, share data across different systems, and have the ability to innovate for our clients,” says Vic Esclamado, Chief Operating Officer at True North. “PortfolioCenter puts us in a strong position to leverage the data we collect there to provide reporting to clients that really speaks to their concerns.”

True North will be rolling out the PortfolioCenter solution in July, 2011.

As an example of some of the value-added information shared at the conference, Haarstick and Marlow picked up some useful insights from the keynote presentation by Bill Gross of PIMCO. “Mr. Gross focused on the Fed’s low interest rate policy and what it means for lenders to the U.S. government (treasury note and bond holders). He made the case that treasury holders are having their pockets picked because the U.S. government is borrowing money at a level below long-term inflation.” Marlow added, “Gross made the case to be opportunistic. To look at areas of the world with real interest rates like Brazil, Canada, Germany and Mexico.”

Haarstick also attended a panel discussion on “Actively Adding Value” to client portfolios, with panelists Will Browne (Tweedy, Browne Co., LLC), Ken Feinberg (The Selected Funds), and David Poppe (Sequoia Fund). One interesting point from that discussion centered on financials: Wells Fargo Bank was praised as a mega-bank that seemed to have a lot going for it, including strong management that avoided bad decisions, achieving good product cross-sales, having done smart acquisitions (e.g. Wachovia) and has competitive business economics.

Over the three day conference, Haarstick and Marlow were able to hear experts share insights on topics such as:

• Commodities: Economic Threat or Investment Opportunity
• Sustainable Investing: Not Just for Hippies Anymore
• Spotlight on Global Opportunities
• Generating Income in a Low-Yield World
• Hidden Gems
• Are There Less Volatile Way to Invest in Asia?

True North Advisors strongly believes in providing opportunities for it’s team members to attend conferences like the Morningstar conference to keep up to date on the latest thinking in the industry. Insights that Haarstick and Marlow have gathered from the conference presentations and discussions should put them in a better position to incorporate those insights into portfolio management discussions and decisions for the benefit of clients.

“For me, it’s mostly about the people here,” says Rich Davis, who started at True North as an intern the first week of June, flying back to Dallas from California, to return to his roots in Highland Park. “I’m learning a lot talking with everyone during breaks throughout the day.”

“The project I’m working on has already found about $25,000 in additional revenue for the firm that it was missing,” says Carrie Stevenson about her project auditing billing portfolios. “I feel great that I was able to get those kind of results in just a few weeks.”

“We are hopeful that our interns get a lot from their time working with us,” says Paula Holt, Director of Administration at True North. “We certainly have a lot for them to do! We think it’s a win-win for the firm and the interns.”

True North is considering expanding its internship program beyond the summer, perhaps to attract local college students interested in doing internships during the school year.

See below for a copy of the invitation and pictures from the fun event: