Management Biographies

Herb W. Morgan

Founder, CEO & Chief Investment Officer

Herb W. Morgan is CEO and Chief Investment Officer of Efficient Market Advisors, LLC (EMA), which he founded in 2004. Considered to be one of the nation’s premier experts in the area of Exchange Traded Funds, he is the creator of the Efficient Market Advisors Managed ETF Account, a unique low cost, tax-efficient investment account that utilizes Exchange Traded Funds. (ETFs)

Prior to becoming CEO of EMA, Mr. Morgan held the post of Senior Vice President of Advisory at Linsco/Private Ledger Financial Services, Inc. Mr. Morgan was also Sr. Vice President with Dreyfus as well as Sr. Vice President with ING Funds group. (Then known as Pilgrim Funds) From 1990 to 1996 Herb held positions with J&W Seligman & Co. Herb Morgan graduated from The University of California, Santa Cruz with a Bachelor of Arts Degree in Economics. (Honors)

Mr. Morgan has been interviewed by multiple publications including Forbes Magazine, CBS Market Watch, Business Week, Investment News, Investors Business Daily and The Wall Street Journal. Mr. Morgan has also been a guest on Fox News and CNBC television. Additionally, Herb has served as an expert witness in cases involving mutual fund trustee fiduciary liability.

Herb served as President of the Board of Administration of the San Diego City Employees Retirement System (SDCERS) where he was a member of the Investment , Business Governance. Audit and Disability Committees. He was a member of the Board of Administration from April 2009 to July 2013.

Mr. Morgan is involved with philanthropy in education where he served on the board of directors of The Foundation Chapter of Theta Chi Fraternity, Inc. from 2005 through June 2011. During his tenure he served as chair of the Investment Committee.

David B. Wescoe

President - Investment Policy Committee Member

David Wescoe is President and a member of the Investment Policy Committee of Efficient Market Advisors, LLC.

Prior to joining EMA, David was the chief executive of two multi-billion dollar pension plans and one the country’s largest independent broker-dealers.  David led the Motion Picture Industry Pension and Health Plans (MPI), where he was responsible for over $6 billion is investment assets for thousands of participants in the motion picture industry.  He was recruited to MPI after serving as the CEO of the San Diego City Employees’ Retirement System (SDCERS) with over $5 billion in investment assets.  At SDCERS, Mr. Wescoe received the “Most Admired Government Agency CEO Award” from the San Diego Business Journal, and the San Diego City Council declared March 9, 2010 “David B. Wescoe Day” in San Diego “in appreciation of [Mr. Wescoe’s] willingness and tremendous efforts to restore the San Diego City Employees’ Retirement System’s operational integrity and credibility.”

Mr. Wescoe began his career as a corporate finance lawyer with Simpson Thacher & Bartlett in New York City and then served as Counsel to Commissioners Bevis Longstreth and James C. Treadway, Jr. of the U.S. Securities and Exchange Commission in Washington. After the SEC, he was a partner in private law practice specializing in corporate and securities law, Chief Financial Officer and General Counsel at several NYSE-listed companies and CEO of Northwestern Mutual Investment Services, the broker-dealer subsidiary of Northwestern Mutual, one of the largest independent broker-dealers in the United States.

Mr. Wescoe is a frequent speaker on financial topics, and he has been quoted by The New York Times, The Wall Street Journal, National Public Radio and Governing magazine.  He also testified before California’s Commission on Public Employee Post-Employment Benefits.

A native Kansan, Mr. Wescoe received a B.A. from the University of Kansas and a J.D. from Columbia Law School. He has earned the Chartered Financial Consultant designation from the American College and has completed executive business education programs at Stanford University and the University of Chicago. He has served on the Board of numerous non-profit, educational and arts organizations, including La Jolla Music Society, Trinity School in New York City, and national Board Chair of the Kansas University Alumni Association.

Jeffrey C. Anderson, Jr.

Sr. Vice President - National Sales Manager

In addition, to serving as National Sales Manager, Jeff is also is a member of the Investment Policy Committee. Mr. Anderson comes to EMA with 18 years of financial services experience.

Mr. Anderson most recently was President of StandSure Wealth Management an independent investment advisory firm. Prior to founding StandSure Wealth Management in 2003 Mr. Anderson worked for Smith Barney as a Financial Consultant (1996-2003) and Tullett and Tokyo Forex as an inter-bank broker (1989-1996).

Mr. Anderson holds an MBA from Pepperdine University (1993) and a BA from the University of California, Los Angeles (1989). In addition, he also holds a Professional Certificate in International Business from the Thunderbird School of Global Management (1990) and attended the graduate seminar of International Finance at London University (1989).

Glenn A. Ambach, CFA

Senior Portfolio Manager

Wisconsin native Glenn Ambach holds a Bachelor of Arts degree in economics and political science from the University of Wisconsin-Madison. His extensive industry experience is supplemented by being a CFA Charter holder. The CFA designation is widely regarded in the global financial industry for its rigorous focus on current investment knowledge, analytical skill, and ethical standards.

Glenn was previously Trading Representative for Wells Fargo Investments, Vice President at FAC Wealth Management and portfolio manager for an advisory group within Morgan Stanley Wealth Management.

Glenn is a member of the Efficient Market Advisors, LLC Investment Policy Committee and Trade Management Oversight Committee. His role includes research, portfolio construction and trading.

Austine Crowe

Investment Policy Committee Member

Mr. Crowe joined Efficient Market Advisors, LLC in 2006 and is presently the Regional Sales Director and a member of the firm’s Investment Policy Committee.

Previously, Mr. Crowe was Executive Vice President, Chairman of the Investment Committee and lead portfolio manager at T.O. Richardson Company, Inc. Mr. Crowe was portfolio manager for TO Richardson’s Sector Rotation and Enhanced Index mutual funds. Prior to this, he was a commercial pilot with Eastern Air Lines, Inc where he served on the Air Line Pilots Association Retirement and Insurance Committee.

Mr. Crowe graduated, with merit, from the United States Naval Academy with a Bachelor of Science degree with majors in Mathematics and Aeronautical Engineering.