SCHEDULE PLANNING GUIDE - Financial Services Institute

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SCHEDULE PLANNING GUIDE 

OPENING GENER AL SESSION (1.0 ) * 

Monday, January 25, 4:00pm-6:00pm 

Changing Regulation in a Changing World 

Panel of Regulatory Executives moderated by Neal Sullivan, J.D. 

GENER AL SESSION 

Tuesday, January 26, 4:00pm-5:30pm 

Leadership Know-How 

Keynote Speaker—Ram Charan 

Tuesday, January 26, 2010 

CEO 

Compliance 

Inv. Advisory 

Services 

Marketing 

Oper ations 

7:30am–8:30am 

Breakfa st with Exhibitors 

8:30am–9:45am 

Evolution of the 

Independent 

Channel 

Dan Inveen 

Best Practices 

for Litigation and 

Arbitration 

Sam Edgerton 

Nina McKenna 

Moderator: 

Bernie Breton, CFP ® 

Points of View: 

Competitive 

Strategies for 

Serving RIAs 

Mark Tibergien 

Lifeline: Helping 

Your Advisors 

Build a Business 

David Patchen 

Mark Schoenbeck, 

CFP ® 

The Art of Efficiency 

Bobbi Masiello 

Michael Nesspor 

Moderator: 

Nate Collins, CFP ® 

9:45am–10:00am 

Break 

10:00am–11:30am 

CEO Leadership 

Today 

Ed Forst, CFP ® 

Salene Hitchcock- 

Gear 

Mark Mettelman 

Moderator: 

Dale E. Brown, CAE 

Regulatory Update: 

What’s on the 

Agenda (1.5)* 

Dave Bellaire, Esq. 

Neal Sullivan, J.D. 

A Second Look 

at Third-Party 

Platforms 

Michael Bell 

Maria Markovich, J.D. 

Moderator: 

Terrance (Tracy) 

DeWald 

Recruiting Best 

Practices 

Chris Flint, CRPC 

Mary Sieck 

How Good Is That 

Customer Database 

Craig Gurien 

Alex Sauickie 

Moderator: 

Donna Guinta, FLMI, 

ACS, AIA 

11:30am–12:45pm 

Net working Lunch 

1:00pm–2:15pm 

This Is Our Time: 

Branding the 

Independent 

Channel 

Dave Master 

Ruth Papazian 

Eric Schwartz 

Moderator: 

Shelley A. Lee 

Approaches to 

Supervision: The 

Risks and Benefits 

Christopher 

Maryanopolis 

Paul Tolley 

Moderator: 

Kerry Cunningham 

Anatomy of an RIA 

Acquisition (1.5)* 

Derek J. Bruton 

Jeff Rosenthal 

Moderator: 

Philip Palaveev 

State of the Annuity 

Business (1.0)* 

Cathy Weatherford 

Operations: 

A Regulatory 

Perspective (1.5)* 

Bob Errico 

William (Bill) Reilly, Jr. 

Moderator: 

Arthur Goldsmith 

2:15pm–2:30pm 

Break 

2:30pm–3:45pm 

Innovation: Now a 

Necessity 

Ram Charan 

This session is for 

CEOs only. 

Yes, You Do Need 

To Know About 

Social Media! Or, 

What’s All This 

Tweeting Going On 

Karalyn Carlton 

Tom Pappas 

Jeff Williams 

The Evolution 

of Performance 

Reporting Using 

GIPS 

Kimberly Cash, CAP, 

CIPM 

Kim LaBarbiera- 

Paschall, J.D. 

Yes, You Do Need 

To Know About 

Social Media! Or, 

What’s All This 

Tweeting Going On 

Karalyn Carlton 

Tom Pappas 

Jeff Williams 

The New World of 

403(b) (1.5)* 

David Blask 

Jim Henderson, 

CFP ® , CPA 

3:45pm–4:00pm 

break 

4:00pm–5:30pm 

General Session 


Ram Charan 

5:30pm–7:30pm 

Recep tion with Exhibitors 

*( ) Numbers in parentheses indicate number of continuing educations credit hours approved for CFP ® , CLU ® , and ChFC ® . 

The following states have approved CLE credits: California 9, Florida 15.5, Georgia 15, New York 15, Pennsylvania 6.5, and Texas 9. 

Please note that many states offer reciprocal approval. 

2010 FSI Broker- Dealer Conference 

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ED SESSIONS 

opening general session 

Changing Regulation in a Changing World 

Monday, January 25, 4:00pm-6:00pm 

This session has been approved for 1.0 hour of continuing education for CFP ® , CLU ® , and ChFC ® . 

The opening keynote session at OneVoice will focus on one of the most important 

and challenging issues facing independent broker-dealer firms today—regulatory 

reform. Neal Sullivan, J.D., partner with Bingham McCutchen and FSI’s 

outside policy counsel, will lead a panel discussion with regulatory executives 

that we can guarantee will be another can’t-miss keynote session. 

Moderator: Neal Sullivan, J.D., Partner, Bingham McCutchen, LLP 

Panel of Regulatory Executives: Paul S. Atkins, Co-founder and Managing Director, 

Patomak Partners, LLC 

Joseph P. Borg, Director, Alabama Securities Commission 

David A. DeMuro, Lawyer, O’Melveny & Myers 

Neal Sullivan is co-chair of Bingham’s Securities Area, a 120-attorney group within 

Bingham McCutchen. He is also practice group leader of the firm’s broker-dealer 

group. Neal conducts a comprehensive securities regulatory practice and maintains 

a particular focus on broker-dealer and investment adviser matters. He regularly 

represents clients before the SEC, FINRA, and other self-regulatory organizations 

and state securities agencies, frequently concerning emerging regulatory issues. In 

addition, he has extensive experience with private and public investigations and 

enforcement proceedings brought by the SEC, FINRA, and its predecessor entities 

(NASD and NYSE) and state agencies. Neal serves as outside counsel to the Boston 

Options Exchange and to Bourse de Montréal with regard to U.S. registration 

issues. He was formerly outside counsel to the Boston Stock Exchange. 

Paul S. Atkins is co-founder and managing director of Patomak Partners, LLC, a 

regulatory compliance consulting firm based in Washington, DC. Previously, Paul 

served as commissioner of the Securities and Exchange Commission from July 2002 

to August 2008. During his two terms, he advocated transparency and consistency 

in the SEC’s decision-making and operations; smarter regulation that considers 

costs and benefits; and improvements to the competitiveness and attractiveness of 

the US capital markets. He represented the SEC at various meetings of the US-EU 

Transatlantic Economic Council, the President’s Working Group on Financial 

Markets, the World Economic Forum, and the Transatlantic Business Dialogue. He 

paid official visits to almost two dozen countries on five continents. He had earlier 

SEC experience from 1990-1994 when he served on the staffs of SEC Chairmen 

Richard C. Breeden and Arthur Levitt, as chief of staff and counselor, respectively. 

Prior to his appointment as commissioner, Paul was a partner of 

PricewaterhouseCoopers (and its predecessor Coopers & Lybrand.) 

10 2010 FSI Broker- Dealer Conference

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Joseph (Joe) Borg has been director of the ASC since 1994. Joe is twice past 

president of the North American Securities Administrators Association (NASAA) 

and serves as a member of its Board of Directors, ombudsman and chair of the 

International Committee. Joe has testified before various committees of the U.S. 

Senate and U.S. House of Representatives including recent testimony on such 

areas as Microcap fraud, criminal elements in the financial markets, information 

sharing among financial regulatory agencies before the House Committee on 

Oversight about risks posed to everyday investors from Initial Public Offerings of 

private equity and hedge fund firms and the Senate Special Committee on Aging 

concerning illegal investment sales practices that victimize senior citizens. 

Joe served as a U.S. delegate to an Intergovernmental Expert Group for the 

United Nations Commission on International Trade and Law (UNCITRAL). 

David A. DeMura is currently a lawyer with O’Melveny & Myers. From 1984 

through 2008, he worked at Lehman Brothers as head of Global Compliance and 

Regulation. Earlier, he spent ten years with the SEC. He was on the Executive 

Committee of SIFMA’s Compliance & Legal Division, serving as president from 

2003 to 2004. He is a trustee of the SIFMA/Wharton Securities Industry Institute. 

David was on the NASD Board of Governors from 2001 through 2005. From 

1999 through 2002, he sat on the NASD’s National Adjudicatory Council, 

serving as its chairman from 2001 to 2002. He was on the NASD, now FINRA, 

Membership Committee; the Licensing and Registration Council; and the 

Compliance Advisory Group. 

david received his B.A. from the University of Michigan and his J.D. from the 

University of Notre Dame Law School. 


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CEO Track 

Evolution of the Independent Channel 

Tuesday, January 26, 8:30am-9:45am (75 minutes) 

The present is not the future—there are stark new realities in the advisor marketplace and the 

economy. What you think it means to be “independent” may be different than what advisors think it 

means. And, what you think they’re looking for, need, and find acceptable from their broker-dealer 

may not match their expectations. This session will tap into decades-long thought leadership to 

confirm or debunk our perception of what really matters to your client, the independent financial 

advisor. Inveen is the director of research at FA Insight and a former consultant with Moss Adams 

LLP and Russell Investment Group. FA Insight produces the FSI Broker-Dealer Financial Perfromance 

and Compensation Study for FSI. 

Speaker: 

Dan Inveen, Director of Research, FA Insight 

Dan Inveen, an FA Insight founding partner, has assisted businesses with research 

and strategy development for over two decades. His expertise in strategic planning, 

financial management, staffing, compensation, operations, and client servicing has 

helped a broad spectrum of industry executives gain a better understanding of how 

to achieve success in the financial advisory marketplace. Prior to forming FA Insight, 

Dan’s past positions include serving as senior research manager with the Business 

Consulting Group at Moss Adams, manager of marketing research for Russell 

Investment Group, and director and chief economist for the U.S. Virgin Islands 

Bureau of Economic Research. 

Deena Katz is an associate professor in the Personal Financial Planning Division at 

Texas Tech University, in Lubbock, Texas. She is also a founding partner of Evensky 

& Katz, a wealth management firm located in Coral Gables, Fla. She is an internationally 

recognized financial advisor and practice management expert and the 

author of seven books on financial planning and practice management topics. 

Deena was one of the first advisors named to Financial Planning Magazine’s list 

of “Movers and Shakers” for 2001 and 2008, as well as one of Accounting Today’s 

“Top Ten Names to Know in Financial Planning” in 2001 and 2002. She has been 

on Investment Advisor’s list of “Most Influential People in the Industry” for six of 

the past seven years. 

deena is on the national board of directors of the Financial Planning Association ® 

and is an immediate past member of the board of trustees for the Foundation for 

Financial Planning. 


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CEO Leadership Today 

Tuesday, January 26, 10:00am-11:30am (90 minutes) 

What is your firm doing that demonstrates why the independent channel is best positioned to serve 

the advisory community What changes are you considering in response to market disruption and 

anticipated regulatory changes Is the traditional broker-dealer model still relevant Hear three top 

broker-dealer executives share their views on how they are positioning their firms to handle these 

questions and the ever-changing regulatory environment. 

Moderator: Dale E. Brown, CAE, President & CEO, FSI 

Speakers: Ed Forst, CFP ® , President, Lincoln Investment Planning 

Salene Hitchcock-Gear, President & CEO, Ameritas Investment Corp. 

Mark Mettelman, President & CEO, Triad Advisors, Inc. 

Dale Brown is the founding president and CEO of the Financial Services Institute. 

FSI was formed in January 2004 as the association for independent broker-dealers 

and the independent financial advisors they serve. Since its launch, FSI has grown 

to 117 broker-dealer members who serve more than 138,000 independent financial 

advisors. FSI also includes over 11,000 financial advisor members. 

Dale brings more than 21 years of association management experience to FSI and 

broad leadership in government relations and constituent advocacy. He leads 

FSI’s advocacy strategy, interacting frequently with regulators and policymakers in 

Washington. Prior to joining FSI at its launch, Dale led the government relations, 

corporate, and broker-dealer programs for the Financial Planning Association 

(FPA) and the International Association for Financial Planning (IAFP). Dale led the 

successful fight in the mid-1990s against IRS attempts to force broker-dealers to 

re-classify independent contractor representatives as statutory employees. 

Ed Forst, president and CEO of Lincoln Investment Planning, is responsible for the 

activities of 446 licensed representatives, located in 74 branch offices, and more 

than 190 full-time operations and support personnel. 

Lincoln Investment Planning, Inc. is a full-service broker-dealer and registered 

investment adviser serving the diverse financial needs of about 125,000 individual 

investors representing over $5.9 billion in assets. For the past 40 years, Lincoln 

Investment has focused on providing retirement plans for employees of school 

districts, universities, hospitals, and other non-profit and community-based 


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organizations. With over 2,100 payroll deduction retirement plans receiving over 

$210 million in retirement contributions annually, Ed has been instrumental in 

positioning Lincoln Investment as the broker-dealer of choice for 403(b) professionals 

nationwide. 

ed is a CERTIFIED FINANCIAL PLANNER (CFP ® ) certificant and has been in the 

financial services industry since 1980. 

Salene Hitchcock-Gear is president and chief executive officer of Acacia Life 

Insurance Company, a UNIFI company headquartered in Bethesda, Md., and 

Ameritas Investment Corp. (AIC). An affiliate of UNIFI Companies, AIC is a fullservice 

broker-dealer headquartered in Lincoln, Neb., with corporate offices in 

Bethesda, Md.; Cincinnati, Ohio; and Omaha, Neb. AIC has nearly 2,000 registered 

representatives nationwide and approximately $12 billion in total client 

assets under management. The firm has been in the public finance business since 

1997 and consistently ranks first among the top 15 managing underwriters doing 

business in Nebraska. 

salene is also the executive leader of the Wealth Management Group (WMG), 

designed to leverage the annuity, retirement plans, and investment businesses for 

UNIFI. In March 2000, Salene was elected president and chief executive officer of 

The Advisors Group (TAG), a subsidiary of Acacia and a full-service broker-dealer. 

Mark C. Mettelman is president and CEO of Triad Advisors, Inc. Prior to 

co-founding Triad in 1998, Mark was a senior vice president of Keogler, Morgan 

& Co., where he was responsible for overseeing the fixed‐income trading 

department, advisory services, and new business development. From 1986-1988, 

Mark was an equity and fixed income trader for FSC Securities. Prior to joining 

FSC, Mark spent two years at Blunt, Ellis & Loewi, where he was an assistant 

portfolio manager in the convertible arbitrage department. 

Mark is active with the Financial Services Institute (FSI), is a member of National 

Financial’s Advisory Council, and is frequently quoted in industry publications. 

Mark also served on the Investment Advisor Law and Regulatory Subcommittee for 

the State of Georgia. Mark holds the following industry registrations: Registered 

General Securities Representative, Registered General Securities Principal, 

Registered Municipal Securities Principal, Securities Agent, and Registered 

Investment Adviser. He holds a B.S. in management from Auburn University. 


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This Is Our Time: Branding the Independent Channel 

Tuesday, January 26, 1:00pm-2:15pm (75 minutes) 

The independent broker-dealer and advisor channel may be the best-kept secret of the last 40 years. 

Now, it’s time to tell our story—and do some strategic thinking on what “Brand IBD” is, how it could 

occupy the right space in the consumer’s mind, what the brand’s promise and pledge are, and how 

to position the brand for the long term. This panel discussion will be led by an industry communications 

consultant and includes executives of two broker-dealers and a business and marketing 

strategy consultant. Put on your best “what if” strategic thinking cap for this important session. 

Moderator: Shelley A. Lee, Communications Consultant, Ashworth-Lee Communications 

Speakers: Dave Master, Managing Director, Carpenter Group 

Ruth Papazian, Executive Vice President & Chief Marketing Officer, LPL Financial 

Eric Schwartz, Chairman & CEO, Cambridge Investment Research 

Shelley Lee, a communications professional for more than 25 years, is the founder 

and president of Ashworth-Lee Communications. Her experience and skills include 

consulting, planning, and implementation services for a wide variety of corporate 

communications initiatives, including corporate and brand identity, strategic 

messaging, marketing communications programs, communications strategy, and 

editorial management. Prior to founding her own business in 1989, she was director 

of corporate communications for an independent broker-dealer and editorial 

services manager for a major non-profit health organization. Shelley also is an extensively 

published writer and business journalist who has written for The Wall Street 

Journal, Money magazine, Business to Business, and Atlanta magazine, and is a 

regular writer for the Journal of Financial Planning. 

David (Dave) Master runs the consulting practice for Carpenter Group, a business 

advisory and marketing firm that works solely with financial services clients in areas 

such as wealth management, retirement, and product sales. Prior to joining the 

Carpenter Group, Dave was director of strategic initiatives for Prudential Investments 

and CMO for JennisonDryden mutual funds and managed accounts. Before joining 

Prudential, Dave spent a decade consulting to firms such as American Skandia, 

William Blair, Farmer’s Insurance, First Chicago/NBD, Scudder, Charles Schwab, SEI 

Investments, and Fleet Financial on strategy, product development, and marketing. 

dave started consulting after having been a senior manager at the Chase Manhattan 

Bank with Vista Mutual Funds and Global Investor Services; and at the Bank of New 

England, where he was head of account management for the Fiduciary Services 

Group and director of marketing for commercial banking. He studied economics at 

Dartmouth College and received his M.B.A. from the Yale School of Management. 


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Ruth Papazian serves as executive vice president and chief marketing officer of 

LPL Financial, providing strategic direction and oversight of the marketing, advertising, 

and marketing communication activities for the firm’s Independent Advisor 

Services and Institution Services businesses. In this role, Ruth is responsible for 

firm-wide marketing efforts, as well as for the development of key programs, 

campaigns, and events that support the growth and profitability of independent 

advisor practices and the financial institution-based investment programs 

supported by LPL Financial. 

Prior to joining LPL Financial in 2007, Ruth was managing director and head of global 

marketing for Morgan Stanley Investment Management and president and chief 

marketing officer for Evergreen Investments. Ruth has over 25 years’ experience in 

advertising and marketing in the financial services industry. She is a member of The 

Investment Company Institute, the Forum for Investment Advice, and the Corporate 

Executive Board/VIP Forum. Ruth earned a bachelor’s degree from Stonehill College. 

Eric Schwartz is founder, chairman, and CEO of Cambridge Investment Research, 

Inc. Since founding Cambridge’s predecessor broker-dealer, Eneric Financial 

Services, Inc., in 1981, he has led Cambridge’s phenomenal growth, based in large 

part on his fundamental commitment to providing the highest level of flexible, 

open-architecture fee and commission platforms to independent financial planners 

and investment advisors. 

Eric is a member of the founding board of directors of the Financial Services 

Institute (FSI) and immediate past chairman of that organization. 

Innovation: Now a Necessity 

Tuesday, January 26, 2:30pm-3:45pm (75 minutes) 

This session is for CEOs only. 

Surveying the forever-changed financial services landscape, CEOs of independent broker-dealers 

acknowledge the status quo will no longer suffice. Shrinking margins, unpredictable regulatory 

expansion, changing advisor preferences, and rapidly evolving technology require a renewed effort 

to embrace change. This exclusive, CEO-only session will be led by Ram Charan, a highly sought 

advisor to CEOs and senior executives in companies ranging from start-ups to members of the 

Fortune 500, including GE, DuPont, EDS, and Colgate-Palmolive. He is the author of a number of 

best-selling business books, including Execution, Know-How, and Every Business Is a Growth 

Business. Ram will conduct an interactive session for CEOs on leading a transformation toward 

efficiencies, how to get existing teams to think creatively, leveraging talent, and strategic coaching. 

A don’t-miss session for broker-dealer CEOs. 

Speaker: Ram Charan 


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Ram Charan is a highly acclaimed business advisor, speaker, and author. Ram has 

coached some of the world’s most successful CEOs. For 35 years, he has worked 

behind the scenes at companies like GE, KLM, Bank of America, DuPont, Novartis, 

EMC, 3M, and Verizon. 

Ram started his business career as a teenager working in the family shoe shop in 

India. He went on to earn an engineering degree and then M.B.A. and doctorate 

degrees from Harvard Business School. He graduated from Harvard with high 

distinction and was a Baker Scholar. He then served on the Harvard Business 

School faculty. Ram cuts through the difficult problems and gets you to the right 

insights: he makes difficult problems simple with great insights. 

ram is a favorite among executive educators. He has taught for 30 consecutive 

years at GE’s famous Crotonville Institute and is the recipient of their Bell Ringer 

award (best teacher). 


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Compliance Track 

Best Practices for Litigation and Arbitration 

Tuesday, January 26, 8:30am–9:45am (75 minutes) 

Market downturns have historically been followed by an increase in customer complaints, arbitrations, 

and litigations. This session will cover an overview of the current litigation and arbitration 

environment, with a focus on how firms can take steps to improve their handling of these situations. 

Our speakers also will cover best practices around the use of e-mail in this age of transparency and 

discovery. What should be communicated via e-mail What should not How is the attorney-client 

privilege appropriately protected 

Moderator: Bernie Breton, CFP ® , Chief Compliance Officer, Multi-Financial Securities Corp. 

Speakers: Sam Edgerton, Partner, Edgerton & Weaver, LLP 

Nina McKenna, Chief Counsel, ING Advisors Network 

Bernard (Bernie) Breton is responsible for overseeing the compliance program of 

Multi-Financial Securities Corp. As the CCO, he also serves as the money laundering 

reporting officer (MLRO) and regulatory liaison with FINRA and SEC. 

Bernie has over 20 years of experience in the securities compliance area. He previously 

served as chief compliance officer for Carillon Investments, Inc., and Union 

Central Life Insurance Company’s separate accounts. Prior to that, he held various 

compliance positions with MetLife and AXA. He started his compliance career as 

an examiner with FINRA’s Atlanta District. 

Bernie graduated magna cum laude with a Bachelor of Science degree in 

economics and earned an M.B.A. with a major in finance, both from the University 

of Tennessee at Chattanooga. He is a CERTIFIED FINANCIAL PLANNER (CFP ® ) 

certificant and holds various securities registrations. He is also a past FINRA DBCC 

Committee member and serves as industry arbitrator for FINRA Arbitration. 

Sam Edgerton is the founding partner of Edgerton & Weaver, LLP. Sam is a trial 

attorney with civil litigation expertise in state and federal courts, as well as appellate 

work, arbitration, and mediation. Sam also has extensive experience in 

government enforcement litigation and corporate compliance matters. 

From 1982 through 1986, Sam worked in the Office of Enforcement of the U.S. 

Securities and Exchange Commission in Los Angeles. From 1984 through 1986, he 

also served as a special assistant United States attorney (Criminal Division). Sam 

also served as mayor of Hermosa Beach for four terms, having been elected to the 

City Council by popular vote in 1991, 1995, 1999, and 2003. 

sam is a member of the state bars of California, New York, Massachusetts, and the 

District of Columbia. He is also admitted to practice before the Supreme Court of 

the United States of America. 


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Nina Schloesser McKenna is chief counsel with ING US Legal Services. Prior to 

joining ING, Nina practiced corporate and securities law, as of counsel, with 

Sonnenschein, Nath & Rosenthal. Before Nina joined Sonnenschein, Nath & 

Rosenthal, she served as a regional chief counsel in the Enforcement Department 

of NASD, where for 15 years she provided legal advice in connection with enforcement 

matters and broker-dealer regulatory issues. 

Session Outline—Best Practices for Litigation and Arbitration 

I. Assessing and Handling Customer Claims and Regulatory Matters 

II. Handling a Customer Claim 

III. Handling a Regulatory Issue 

IV. New Topics 

V. How Compliance/Supervision Affects Litigation 

VI. Dealing With Seniors 

VII. Preventing/Defending a Selling Away Case 

VIII. Written Supervisory Procedures 

IX. Audits 

X. Miscellaneous Issues 

XI. Q & A from the Audience 

Regulatory Update: What’s on the Agenda 


This session has been approved for 1.5 hours of continuing education for CFP ® , CLU ® , and ChFC ® . 

Major regulatory developments have occurred during the past year and many more are on the table. 

Broker-dealers and investment advisers are greatly impacted and challenged by these changes. This 

regulatory and legal panel will provide timely, clear, and concise discussion around these regulatory 

changes and their impact on the broker-dealer and advisory compliance community. 

Speakers: Dave Bellaire, Esq., General Counsel & Director of Government Affairs, FSI 

Neal Sullivan, J.D., Partner, Bingham McCutchen, LLP 

David (Dave) Bellaire joined the Financial Services Institute, Inc., as general counsel 

and director of government affairs in October 2005. He has extensive experience in 

the legal, compliance, and operations departments of independent broker-dealers. 

Most recently, Dave worked as vice president of operations and counsel at Securities 

Service Network, Inc. (SSN). In 2002, he was recognized as SSN’s Employee of the 


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Year for his outstanding contributions to customer service. Before joining SSN, 

Dave served as regional compliance manager and special investigations attorney 

with InterSecurities, Inc. (ISI). Prior to his affiliation with ISI, he served as assistant 

director of compliance at Commonwealth Equity Services, Inc. (now known as 

Commonwealth Financial Network, Inc.) and as assistant to the executive director of 

the Institute of Certified Financial Planners (now known as the FPA). 

dave is licensed to practice law in Massachusetts and Tennessee. Dave also holds 

the Series 7, 24, 53, 63, and 65 licenses. 

Neal Sullivan is co-chair of Bingham’s Securities Area, a 120-attorney group within 

Bingham McCutchen. He is also practice group leader of the firm’s broker-dealer 

group. Neal conducts a comprehensive securities regulatory practice and maintains 

a particular focus on broker-dealer and investment adviser matters. He regularly 

represents clients before the SEC, FINRA, and other self-regulatory organizations 

and state securities agencies, frequently concerning emerging regulatory issues. In 

addition, he has extensive experience with private and public investigations and 

enforcement proceedings brought by the SEC, FINRA, and its predecessor entities 

(NASD and NYSE) and state agencies. Neal serves as outside counsel to the Boston 

Options Exchange and to Bourse de Montréal with regard to U.S. registration 

issues. He was formerly outside counsel to the Boston Stock Exchange. 

Neal has appeared before the U.S. Congress to provide testimony on various 

SEC proposals and proposed federal oversight of the U.S. capital markets. He is 

the former executive director of the North American Securities Administrators 

Association and a former vice president, regulation, of the Boston Stock Exchange. 

Session Outline—Regulatory Update: What’s On the Agenda 

I. Congress 

a. Regulatory reform 

i. Standard of care 

ii. Enhanced regulatory oversight 

b. Other issues 

II. SEC 

a. Strategic plan 

i. 12b-1 Fees 

ii. Point-of-sale disclosures 

iii. Investor education 

iv. Municipal securities 



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III. FINRA 

a. Rulebook consolidation 

i. Expansion of FINRA’s jurisdiction 


IV. NASAA 

a. Seeking to expand their jurisdiction 

i. RIA supervision 

ii. Regulation D, Rule 506 offerings 


Approaches to Supervision: The Risks and Benefits 

Tuesday, January 26, 1:00pm–2:15pm (75 minutes) 

Centralized or decentralized Does supervision belong in the branch office or the home office 

Compliance and supervisory professionals regularly have to determine how to best structure supervisory 

responsibilities in order to minimize risk, ensure operational efficiencies, and satisfy regulatory 

requirements. This panel will explore the risks and benefits associated with these different models 

and help provide information to assist you in developing policies and procedures for the model that 

best fits your organization. 

Moderator: Kerry Cunningham, Head of Risk Management, ING Advisors Network 

Speakers: Christopher Maryanopolis, President, Signator Investors, Inc. 

Paul Tolley, Chief Compliance Officer, Commonwealth Financial Network 

Kerry Cunningham is head of risk management for ING Advisors Network. She 

is responsible for overseeing the compliance and operational risk programs of the 

Network’s four independent broker-dealers and for other business areas. Prior to 

joining ING in 2001, Kerry served as chief counsel in the NASD’s Chicago District 

Office. Prior to her work with the NASD, Kerry was an enforcement branch chief in 

the Los Angeles office of the Securities and Exchange Commission. 

Kerry maintains active memberships in several industry organizations. She is a 

past Compliance Council chair and board member of FSI and a past member 

of the board of directors for the National Society of Compliance Professionals. 

Kerry currently serves as a member of the FINRA District Committee for District 

No. 2. Kerry is a graduate of Loyola Law School of Los Angeles and the University 

of California at San Diego. 


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Chris Maryanopolis has over 22 years of experience in the financial services industry 

and over 8 years of experience as a senior level executive. He has experience in 

client services, marketing, and sales within diversified financial firms. He was hired 

with John Hancock Financial Network in May 2007 and is currently president of 

Signator Investors, Inc. 

Prior to that, he was president of Equity Services and also served as the chief 

of broker dealer operations with NYLIFE Securities. In 1990, Chris obtained his 

M.B.A. from Fordham and in 1986, his B.A. from the SUNY at Stony Brook. 

Paul Tolley has been chief compliance officer at Commonwealth Financial Network 

since August 2006. As CCO of Commonwealth, Paul is responsible for establishing, 

administering, and enforcing Commonwealth’s broker-dealer and investment adviser 

supervisory and compliance policies and procedures. He is also responsible for the 

general management and leadership of the firm’s compliance and licensing staff. 

Paul has more than 19 years of compliance experience and a strong background in 

broker-dealer and investment advisory compliance best practices. Prior to joining 

Commonwealth, Paul was first vice president and chief compliance officer for 

National Planning Holdings of Santa Monica, Calif., where he oversaw compliance 

for the four independent broker-dealers within the NPH broker-dealer network. He 

has also served in senior compliance positions at Cambridge Investment Research 

and LPL. 

Paul holds FINRA Series 4, 7, 24, 53, 63, and 65 securities licenses. Paul earned his 

B. S. in Business Administration from Northeastern University in Boston. 

Session Outline—Approaches to Supervision: The Risks and Benefits 

Whether you’re with a large or small firm, deciding what supervisory structure is 

best for your firm can be challenging. This interactive panel, which includes representatives 

of both supervisory and compliance functions, will discuss the pros 

and cons of centralized, decentralized, and hybrid supervision models and the 

challenges each model presents for the supervisors, their chain of command, and 

compliance professionals. 

I. Overview of Supervision vs. Compliance, Types of Supervisory Models, and 

Changing Regulatory Views 

II. Discussion Areas: 

a. The advantages/disadvantages of supervision in the field by OSJ managers 

b. The advantages/disadvantages of centralized supervision by employees in 

the home office 

c. Special issues involving producing managers, geographic locations of 

offices, special products, etc. 


ED SESSIONS 

d. Reporting structures of supervisors in any model 

e. Areas of the business that might be appropriate for home office supervision 

even where a decentralized field supervision model is used—the hybrid model 

f. If some supervision must be in the Compliance Department, can the 

inherent conflicts of interest be handled and, if so, how 

III. Questions and Answers 

Yes, You Do Need To Know About Social Media! 

Or, What’s All This Tweeting Going On 

(Joint Session with Marketing) 


Facebook, Twitter, LinkedIn, Tumblr—social media has exploded in the last couple of years, encouraging 

both firms and their customers to communicate, network, and share information. Who’s using 

it (Some of you are—and so are some of your advisors.) How do you participate in it—and how do 

you “control” it What are the regulatory views on social media What are the risks If you can’t beat 

them, join them. Just know how to do it the right way. 

Speakers: Karalyn Carlton, Vice President, Marketing, Pacific West Securities, Inc. 

Tom Pappas, Vice President and Director of Advertising Regulation, FINRA 

Jeff Williams, Vice President & CCO, Northwestern Mutual Investment Services 

Karalyn Carlton’s focus as vice president of marketing for Pacific West Financial 

Group is to create programs that add value to the firm’s financial professionals’ 

practices, manage the firm’s marketing efforts, improve communication, and 

expand business through field development. Prior to joining Pacific West in 2002, 

Karalyn worked in business development for a branding agency, concentrating in 

sales and assisting clients with their marketing initiatives. She also has served as 

marketing manager for a national craft beverage company and as project manager 

for a business interiors firm. 

Karalyn holds the 7 and 66 licenses and obtained the Accredited Asset 

Management Specialist (AAMS) designation. She is a member of the American 

Marketing Association and serves on serves on FSI’s Marketing Council. 


23

ED SESSIONS 

Thomas Pappas is vice president and director of the FINRA Advertising Regulation 

Department, which regulates the advertisements, sales literature, and correspondence 

used by FINRA firms. His responsibilities include rule development, 

management of the filing and surveillance programs, and related enforcement 

activities. He served in the same role at NASD before its 2007 consolidation with 

NYSE Member Regulation, which resulted in the formation of FINRA. He joined 

NASD in 1984 and was previously with Davenport & Company LLC. He received a 

bachelor’s degree from The University of Richmond and an M.B.A. from Virginia 

Commonwealth University. 

Jeff Williams is the vice president and chief compliance officer for Northwestern 

Mutual Investment Services, LLC, which is a subsidiary of The Northwestern Mutual 

Life Insurance Company, and a registered broker-dealer and investment advisor. In 

his capacity as CCO, Jeff is responsible for the compliance program for the firm 

and its 7,000+ representatives. Jeff joined The Northwestern Mutual Life Insurance 

Company in 1991 as the corporate risk manager and subsequently became vice 

president of compliance risk management. Jeff received a B.S. degree in business 

administration from the University of Illinois (Champaign) in 1977. 

Session Outline—Yes, You Do Need To Know About Social Media! Or, 

What’s All This Tweeting Going On 

I. Social Media as a Marketing Tool 

a. What is social media 

b. The current landscape: social media today (LinkedIn, Twitter, etc.) 

c. Before you get started 

d. Strategies for growing brand awareness and establishing and building 

relationships 

e. Challenges marketing departments face in these efforts 

II. Rules and Regulations Applicable to Social Media 

a. How do SEC and FINRA rules apply to social media 

• Record keeping—retain, archive, and retrieve 

• Internal approval by registered principal 

• FINRA filing requirements 

• Issues relating to content 

• Supervision and procedures 

b. Update on recent guidance issued by FINRA 

III. A CCO’s Perspective 

a. Requests to use social media 

• Internal (marketing, communications, recruiting) 

• External (brokers, customers) 


ED SESSIONS 

b. What are potential social media risks your firm should consider 

• Advertising rules—supervision and retention 

• Communication threads—supervision and retention 

• Access to sites 

• Outside business activities 

• “Newness” risk 

• Image protection 

c. How do you manage these risks 

• Policies and procedures 

• Supervisory controls 

• Technology 

d. Observations 


25

ED SESSIONS 

Investment Advisory Services track 

Points of View: Competitive Strategies for Serving RIAs 


Are you as competitive as you can be for new recruits looking to retain their independent RIAs while 

coming on board with your firm This session will present the points of view of BD/RIAs, large RIAs, 

and IARs looking to relocate, examining the different options to meet these needs and how each 

option will affect the firm’s bottom line. Former noted industry consultant Mark Tibergien, now CEO 

of Pershing Advisor Solutions, will lead you through whether to allow independent RIAs to use your 

proprietary trade programs, conduct asset management, custody away, and share fees with third 

parties such as accountants and lawyers. Mark also will explore current RIA trends, including growth 

and retraction. 

Speaker: Mark Tibergien, CEO, Pershing Advisor Solutions, LLC 

Mark Tibergien is managing director of Pershing LLC. Previously, Mark was a principal 

in Moss Adams LLP, where he was chairman of the Financial Services Industry 

Group. He has consulted with hundreds of financial services organizations in the 

U.S, Australia, and Canada. For the past eight years, Accounting Today has recognized 

Mark as one of the “100 Most Influential” people in the accounting profession, 

and for the seventh time, Investment Advisor magazine recognized him as 

one of the “25 Most Influential” people in the financial services industry. He 

authored two books, Practice Made Perfect and How to Value, Buy or Sell a 

Financial Advisory Practice. 

A Second Look at Third-Party Platforms 


Take a new look at fresh opportunities on the third-party platform and a second look at responsibilities 

your current agreements put on your firm that you may not even realize. Learn about the latest 

options available to firms interested in offering advisors access to third-party money management 

that may save your advisors money and your firm time. Understand when you need to dust off your 

solicitation agreements or addendums and get clear on how your responsibilities, opportunities, 

and liabilities vary depending on your role as a sponsor, sub-advisor, co-advisor, and solicitor. Join 

this panel to learn how to navigate through third-party platforms and explore agreements and relationships 

between third-party money managers and IBD/RIAs, revenue sharing, dos and don’ts of 

entering into these relationships, and much more. 


ED SESSIONS 

Moderator: Terrance (Tracy) DeWald, Senior Vice President and General Counsel, Securities 

America, Inc. 

Speakers: Michael Bell, President and Chief Executive Officer, Curian Capital 

Maria Markovich, J.D., Senior Attorney, SEI Advisor Network 

Terrance (Tracy) DeWald’s distinguished legal and securities industry career 

began in 1987 in Omaha, Nebraska. He spent the first 11 years in private practice, 

where he became specialized in securities litigation and arbitration matters. In 

1998, Tracy left private practice to accept a position as chief compliance officer 

and counsel for The Mutual of Omaha Companies, where he served until 2003, 

and from 2003–2007, he served as chief compliance officer for TD Ameritrade. 

Currently, Tracy is the senior vice president and general counsel for Securities 

America, Inc., and affiliated companies, serving in that position since June of 2007. 

tracy is a graduate of Creighton University School of Law, where he is currently an 

adjunct professor in the field of arbitration law and procedure. He also remains a 

sought-after speaker at many industry and regulatory conferences in the areas of 

compliance, privacy/safeguarding, and anti-money laundering issues. 

Michael Bell is president and chief executive officer of Curian Capital and Curian 

Clearing (“Curian”). As Curian’s CEO, Michael has senior management responsibility 

for the strategy and direction of the company. He was named president and 

CEO in 2005 after serving as chief legal officer for Curian and Jackson National 

Life Distributors LLC, the marketing arm of Curian’s parent, Jackson National Life 

Insurance Company ® (Jackson SM ). Michael joined Jackson in 2003 to manage the 

legal, regulatory, and compliance activities for Curian, Jackson National Life 

Distributors LLC, and National Planning Holdings ® , Inc. Michael was previously a 

senior executive at FOLIOfn, Inc., where he served as chief administrative officer 

and general counsel and was responsible for the firm’s finance, accounting, legal, 

regulatory, compliance, human resources, and administrative functions. Before 

joining FOLIOfn, Michael was a corporate finance attorney for Latham & Watkins 

and a certified public accountant for KPMG. 

Maria Markovich has been a member of SEI’s legal team since 2007, providing 

legal services to SEI’s Advisor Network. Prior to joining SEI, Maria was an associate 

with the law firms of Drinker Biddle & Reath LLP (Philadelphia), specializing in the 

representation of mutual funds and prior to that was with Sullivan & Cromwell LLP 

(New York), concentrating in the areas of securities transactions and in the representation 

of banks and other financial institutions. Maria is a graduate of the 

University of Pennsylvania (B.A. in English), the Pennsylvania Academy of the Fine 

Arts (certificate in sculpture), New York University (M.A. in economics) and 

Brooklyn Law School (J.D.). Prior to attending law school, Maria was an assistant 

bank examiner with the Federal Reserve Bank of New York. 


27

ED SESSIONS 

Session Outline—A Second Look at Third-Party Platforms 

I. Welcome and Introductions 

II. Business Models 

a. Solicitation model (Top 10 points of interest) 

i. Duties and responsibilities of platform and solicitor 

ii. Fees of manager and solicitor 

iii. Regulatory/compliance issues for manager and solicitor 

iv. Miscellaneous topics/issues 

b. Sub-advisor model (Top 10 points of Interest) 

i. Duties and responsibilities of advisor and sub-advisor 

ii. Fees of advisor and sub-advisor 

iii. Regulatory/compliance issues for advisor and sub-advisor 


c. Co-advisor model (Top 10 points of Interest) 

i. Duties and responsibilities of co-advisors 

ii. Fees of co-advisors 

iii. Regulatory/compliance issues for co-advisors 


III. Compliance Overview and Approaches from the Platform-user Perspective 

a. Reports 

b. Other materials 

c. Restrictions 

d. Communication 

Anatomy of an RIA Acquisition 



Growth is essential—whether by acquiring or aligning with a larger firm—but where do you go 

from there Join your colleagues to hear from Philip Palaveev and two broker-dealer executives on 

a checklist and timeline for an acquisition’s steps, on examining the process for BD/RIA-BD/RIA, 

BD-RIA, or RIA-RIA acquisitions, as well as the regulatory guidelines and common pitfalls to avoid in 

a merger/acquisition. 

Moderator: Philip Palaveev, President, Fusion Advisor Network 

Speakers: Derek J. Bruton, Executive Vice President, National Sales Manager, Independent Advisor 

Services, LPL Financial Corporation 

Jeff Rosenthal, Senior Vice President & Chief Marketing Officer, Triad Advisors, Inc. 


ED SESSIONS 

Philip Palaveev is president of Fusion Advisor Network, a network of some of the 

leading independent advisory firms in the country. Fusion provides associated 

member firms with business management consulting, marketing, technology optimization, 

human resource guidance, benefits, and situational support for equity 

transactions. 

In his role, Philip leads practice management for the firm and drive its expansion 

in the registered investment advisory (RIA) area. In addition, Philip works with new 

and existing Fusion members, leveraging his recognized expertise to help them 

grow and improve their practices. 

Prior to joining Fusion, Philip was a principal with Moss Adams LLP, where he led 

the market research for the firm. Specializing in consulting with broker-dealers, 

insurance companies, and investment advisers, Philip has participated in over 200 

consulting engagements, helping the industry’s largest national firms as well as 

the fastest growing RIAs create their pricing and financial management structure. 

Derek Bruton is national sales manager for LPL Financial Independent Advisor 

Services. He has responsibility for business consulting for all independent advisors 

and is focused on driving advisor satisfaction, supporting the growth of their business, 

and serving as a key advocate for their needs. 

Derek joined LPL Financial in 2007. Prior to joining the firm, he was a managing 

director and national sales manager at TD Ameritrade Institutional, presiding 

over the institutional sales force. Before TD Ameritrade, Derek worked as director 

of money manger services at Merrill Lynch from 2001 through 2005, managing 

Merrill’s institutional custody and trading businesses for registered investment 

advisers. From 1994 to 2001, Derek served in various sales and sales management 

positions with Charles Schwab Institutional. During this period, he managed topperforming 

sales teams in both northern California and New York. 

derek graduated with a Bachelor of Arts in history and organizational behavior 

from Stanford University and is Series 7, 8, 24, and 63 registered. 

Jeffrey L. Rosenthal currently serves as chief marketing officer and senior vice 

president for Triad Advisors, an independent broker-dealer headquartered in 

Atlanta, Georgia. Jeff builds and enhances the relationship and experience Triad’s 

affiliated advisors have with the home office. His primary responsibilities include 

constructing product distribution, education, and due diligence for Triad’s 450 

affiliated advisors across all product lines. With a focus on developing strong relationships, 

Jeff is instrumental in assisting advisors grow their practices in a rapidly 

changing marketplace. 


29

ED SESSIONS 

Prior to joining Triad in 2003, Jeff served as an estate planning specialist with 

Hartford Life helping successful advisors create and implement estate planning 

solutions for their clients. Before Hartford Life, Jeff was an independent financial 

advisor working with emerging‐affluent and affluent business owners in and 

around Atlanta from 1993 to 2003. He is currently registered with his Series 6, 7, 

63, and 24 and is fully licensed for all life, health and sickness products. 

The Evolution of Performance Reporting Using GIPS ® 


Compliance-recruiting competition has become increasingly challenging, and 2010 will not likely be 

much different. Learn how to differentiate your firm by offering a system that can support performance 

reporting and GIPS standards to your IARS and potential recruits. This session will offer firms 

an invaluable look into key requirements to stay ahead of the changes and challenges of offering 

performance reporting support to your representatives and will discuss best practices on applying 

GIPS as well as a review of the crucial issues and latest evolution in performance measurement. 

Speakers: Kimberly Cash, CAP, CIPM, Ashland Partners & Company, LLP 

Kim LaBarbiera-Paschall, J.D., Associate Vice President, Advisory Compliance, 

Ameritas Investment 

Kimberly Cash, CPA, CIPM, is a partner with Ashland Partners & Co. LLP. She 

speaks internationally on GIPS, sharing 15 years of practical experience in the 

detailed analysis of composite construction, performance compilations, and the 

intricacies of the full and fair disclosures that are the ethical foundation of the 

performance standards. She participated on the AICPA committee that wrote the 

SOP establishing national guidance for CPAs conducting verifications. 

As an expert in the field, she’s working directly with clients and training a professional 

staff of 95 strong with her knowledge of the standards and the industry, 

coupled with her ability to match practical applications of the standards to each 

client’s unique compliance concerns. 

as the partner in charge of verification services at Ashland, she continues to 

emphasize ethics and client service as the cornerstone of the firm’s success, while 

continually updating and improving service and overseeing client communication 

through The Verifier newsletter. 


ED SESSIONS 

Kim LaBarbiera-Paschall has 20 years of experience in the financial services 

industry. She has worked in legal and risk management for banking, investment, 

and insurance companies including Prudential, HSBC, Ameriprise, and ING/Multi- 

Financial. Currently, Kim is the advisory associate vice president and CO of 

Ameritas Investment Corp., Bethesda, Md. She has her Series 6, 7, 9/10, 24, 63, 

and 66 licenses. She also passed the New York and Virginia state insurance exams. 

A member of the New York and New Jersey bars, Kim is pursuing her L.L.M. in 

corporate securities law at Georgetown University and is a graduate of Seton Hall 

Law School and Boston College. As an active member of the financial services 

industry, Kim is a frequent speaker on investment advisory, legal, and compliance 

topics. On a more personal note, Kim is a member of the U.S. Sailing Association 

and tries to get out sailing as frequently as she can in the Alexandria, Va. area, 

where she lives. 

Session Outline—The Evolution of Performance Reporting Using GIPS 

I. Why comply with the GIPS standards 

II. How can I prepare for a GIPS compliance project 

III. What should I expect when getting into compliance 

IV. What goes into a GIPS compliant presentation 

V. Should the firm be verified 

VI. What’s new with GIPS in 2010 


31

ED SESSIONS 

Marketing Track 

Lifeline: Helping Your Advisors Build a Business 


A practice management offering can be the ultimate relationship builder for broker-dealers and 

their advisors. Developing a program presents a number of challenges but potentially can enhance 

recruiting results, drive financial advisor success, aid advisor retention, and even improve partner 

firm relationships. 

Our speakers, Dave Patchen, regional director, Raymond James Financial Services, and Mark 

Schoenbeck, CFP ® , chief marketing officer and director of practice management, Genworth Financial 

Wealth Management, will focus on this critical business-building technique and why and how to 

provide the proper support for your advisors. Other discussion items will include content creation 

and delivery, leveraging your partner relationships, and obtaining buy-in. 

Speakers: David Patchen, Regional Director, Raymond James Financial Services 

Mark Schoenbeck, CFP ® , Chief Marketing Officer & Director of Practice Management, 

Genworth Financial Wealth Management 

David (Dave) Patchen began as a wirehouse producer before moving on to 

become an independent contractor branch owner and producer. Prior to coming 

to RJFS, Dave was COO of a nationwide independent contractor broker-dealer 

that cleared through Raymond James and was founder of Jefferson Capital 

Management, a fee-only investment management RIA firm. 

He earned his B.S. degree in marketing from Indiana University of Pennsylvania, 

and an M.B.A. from the University of Florida. In 2005, he completed the 

Registered Corporate Coach (RCC) Program and is now a member of the 

Worldwide Association of Business Coaches (WABC). He currently coaches 

40 RJFS offices, including Mark Smith in Denver, Colo. Dave has been Series 

7 licensed since 1988. He holds FINRA Series 3, 7, 24, 63 and 65 licenses. 

Mark Schoenbeck, CFP ® , is chief marketing officer and director of practice 

management for Genworth Financial Wealth Management. He is responsible for 

the development and execution of the firm’s marketing strategies, public relations, 

corporate events, and practice management offerings. Mark started his career in 

the financial services industry as a financial advisor before moving into leadership 

roles within a large independent broker-dealer and money management firm. 

He has been widely published in industry publications and is a frequent industry 

speaker. Mark earned a bachelor’s degree from California Lutheran University and 

holds FINRA licenses 7, 63, 65 and 24. Mark lives in California with his wife Victoria 

and his two children, Finley and Daxs. 


ED SESSIONS 

Session Outline—Lifeline: Helping Your Advisors Build a Business 

I. Dedicating Resources to Practice Management 

II. The Challenges 

III. Tips and Takeaways 

IV. Questions and Answers 

Recruiting Best Practices 


As the financial services industry undergoes the most significant reform it’s experienced in the last 

75 years, it’s clear no facet of our business will go untouched. This change will create great opportunities 

and challenges. While the recruiting initiatives of many organizations will benefit from the tailwinds 

of financial services reform and the impending industry consolidation, the growth opportunity 

will be met with some headwinds. The rapid change will effect how broker-dealers position themselves 

in the marketplace, as well as how they attract, onboard, and retain the industry’s best talent. 

This session will explore industry trends, highlights opportunities to differentiate your company, and 

provides practical concepts and tools you can employ immediately to drive sustainable growth. 

Speakers: Chris Flint, CRPC, Vice President, Head of Advisor & Acquisition Strategy, 

Lincoln Financial Network 

Mary Sieck, President, Financial Services Group, Management Advisors International 

Christopher Flint is head of advisor recruitment for the retail distribution network 

of Lincoln Financial Group. Chris assumed the role in April 2006. Prior to that, he 

served as a senior vice president of branch office development for Securities 

America, Inc., and managing principal for Securities America Wealth Management 

Group in Omaha, Neb. 

Chris has a Master of Business Administration degree and a Master of Information 

Systems degree from Creighton University. He holds Series 4, 7, 24, 53, 63, and 

66 licenses and most recently achieved his CRPC designation. 

chris and his wife, Amber, have been married for 14 years and are the proud 

parents of two children, Alexandria and Greyson. 


33

ED SESSIONS 

Mary Sieck, president of the Financial Service Group for Management Advisors 

International, an executive search firm, is based out of Charlotte, NC. She has 

completed several retained searches for senior level executives in the securities, 

broker-dealer, investment advisor, insurance, and mutual fund industries nationwide. 

In addition to retained executive searches, she had partnered with client companies, 

also on a contingency basis, helping to build sales supervision and compliance 

audit teams, financial analysts, and modelers, throughout the United States. 

Mary’s division places all levels of candidates in these industries and provides 

consultants and contractors for projects or merger/acquisition initiatives to allow 

clients to have the best temporary talent available in the industry. 

Session Outline—Recruiting Best Practices 

I. Industry Highlights—Financial Reform & its Impact on Recruiting 

II. Positioning for Growth—How to Differentiate in a Commoditized Marketplace 

III. Strategies to Attract Your Target Profile—Marketing & Recruiting 

IV. On-boarding Best Practices—Transition & Retention 

V. Open Forum for Group Discussion & Questions 

State of the Annuity Business 


This session has been approved for 1.0 hour of continuing education for CFP ® , CLU ® , and ChFC®. 

Given the market declines of the last two years, what was the impact on variable annuities and their 

riders What does the future hold, and how should advisors be marketing these products And, 

looking ahead to 2011 when equity indexed annuities may be treated as securities, what do firms 

need to be concerned about when looking at their product lists Cathy Weatherford, president and 

CEO of the Insured Retirement Institute (formerly NAVA), will present and examine the changing 

regulatory climate for annuities. 

Speaker: Cathy Weatherford, President & CEO, Insured Retirement Institute 


ED SESSIONS 

Catherine (Cathy) Weatherford is the president and CEO of IRI, the organization 

that supports the importance of retirement planning, including the growth, acceptance, 

and understanding of annuity and variable life products. Prior to joining IRI, 

Cathy served for 12 years as the EVP and CEO for the National Association of 

Insurance Commissioners. Cathy was also the first woman to serve as Oklahoma’s 

insurance commissioner, a position she held from 1991–1995 after serving as a 

senior policy advisor to Oklahoma Governor David Walters. She began her career 

serving in several capacities in her 13-year tenure at the Oklahoma Insurance 

Department. 

Yes, You Do Need To Know About Social Media! 


(Joint Session with Compliance) 


Facebook, Twitter, LinkedIn, Tumblr—social media has exploded in the last couple of years, encouraging 

both firms and their customers to communicate, network, and share information. Who’s using 

it (Some of you are—and so are some of your advisors.) How do you participate in it—and how do 

you “control” it What are the regulatory views on social media What are the risks If you can’t beat 

them, join them. Just know how to do it the right way. 

Speakers: Karalyn Carlton, Vice President, Marketing, Pacific West Securities, Inc. 

Tom Pappas, Vice President and Director of Advertising Regulation, FINRA 

Jeff Williams, Vice President & CCO, Northwestern Mutual Investment Services 

Karalyn Carlton’s focus as vice president of marketing for Pacific West Financial 

Group is to create programs that add value to the firm’s financial professionals’ 

practices, manage the firm’s marketing efforts, improve communication, and 

expand business through field development. Prior to joining Pacific West in 2002, 

Karalyn worked in business development for a branding agency, concentrating in 

sales and assisting clients with their marketing initiatives. She also has served as 

marketing manager for a national craft beverage company and as project manager 

for a business interiors firm. 

Karalyn holds the 7 and 66 licenses and obtained the Accredited Asset 

Management Specialist (AAMS) designation. She is a member of the American 

Marketing Association and serves on FSI’s Marketing Council. 


35

ED SESSIONS 

Thomas Pappas is vice president and director of the FINRA Advertising Regulation 

Department, which regulates the advertisements, sales literature, and correspondence 

used by FINRA firms. His responsibilities include rule development, 

management of the filing and surveillance programs, and related enforcement 

activities. He served in the same role at NASD before its 2007 consolidation with 

NYSE Member Regulation, which resulted in the formation of FINRA. He joined 

NASD in 1984 and was previously with Davenport & Company LLC. He received a 

bachelor’s degree from The University of Richmond and an M.B.A. from Virginia 

Commonwealth University. 

Jeff Williams is the vice president and chief compliance officer for Northwestern 

Mutual Investment Services, LLC, which is a subsidiary of The Northwestern Mutual 

Life Insurance Company, and a registered broker-dealer and investment advisor. In 

his capacity as the CCO, Jeff is responsible for the compliance program for the firm 

and its 7,000+ representatives. Jeff joined The Northwestern Mutual Life Insurance 

Company in 1991 as the corporate risk manager and subsequently became the vice 

president of compliance risk management. Jeff received a B.S. degree in business 

administration from the University of Illinois (Champaign) in 1977. 

Session Outline—Yes, You Do Need To Know About Social Media! 


I. Social Media as a Marketing Tool 

a. What is social media 

b. The current landscape: social media today (LinkedIn, Twitter, etc.) 

c. Before you get started 

d. Strategies for growing brand awareness and establishing and building 

relationships 

e. Challenges marketing departments face in these efforts 

II. Rules and Regulations Applicable to Social Media 

a. How do SEC and FINRA rules apply to social media 

• Record Keeping—retain, archive, and retrieve 

• Internal approval by registered principal 

• FINRA filing requirements 

• Issues relating to content 

• Supervision and procedures 

b. Update on recent guidance issued by FINRA 

III. A CCO’s Perspective 

a. Requests to use social media 

• Internal (marketing, communications, recruiting) 

• External (brokers, customers) 


ED SESSIONS 

b. What are potential social media risks your firm should consider 

• Advertising rules—supervision and retention 

• Communication threads—supervision and retention 

• Access to sites 

• Outside business activities 

• “Newness” risk 

• Image protection 

c. How do you manage these risks 

• Policies and procedures 

• Supervisory controls 

• Technology 

d. Observations 


37

ED SESSIONS 

Operations Track 

The Art of Efficiency 


Stay competitive, stay in business. If only it were that simple. Efficiency is critical—and challenging. 

Learn about how operationally efficient broker-dealers are able to support more investment 

professionals, achieve higher levels of productivity, and generate more revenue per employee. 

Given increasing competitive pressures, new regulatory requirements, and challenging market 

conditions, broker-dealers must enhance their operational infrastructure and processes to achieve 

long-term growth. 

Moderator: Nate Collins, CFP ® , Managing Director of Operations, ProEquities, Inc. 

Speakers: Bobbi Masiello, Senior Vice President, New Business Development, National Financial, 

a Fidelity Investments company 

Michael Nesspor, Managing Director, Pershing, a BNY Mellon company and iNautix, an 

affiliate of Pershing 

Nate Collins is managing director of operations at ProEquities, Inc., the securities 

broker-dealer of Protective Life. Nate has daily responsibility for the firm’s operations, 

equity trading, and product due diligence. Prior to joining ProEquities, Nate 

served 12 years as the chief financial officer and operations manager of Regions 

Investment Company, Inc., which at the time was the securities broker-dealer of 

Regions Financial Corporation. A CERTIFIED FINANCIAL PLANNER (CFP ® ) 

certificant, Nate holds the FINRA Series 4, 7, 24, 27, and 63 licenses. 

Nate holds a Bachelor of Science degree in accounting from the University 

of Alabama. 

Bobbi Masiello is senior vice president, new business development, for National 

Financial (NF), a leading provider of Integrated Brokerage Solutions and a division 

of Fidelity Investments, the largest mutual fund company in the United States, the 

number one provider of workplace retirement savings plans, and a leading online 

brokerage firm. Bobbi acquired her current title in March 2006 and is responsible 

for overseeing new business development efforts and business management 

initiatives across NF. Bobbi joined Fidelity in 1986 and, since that time has held 

various senior leadership positions in the areas of relationship management and 

operations, including serving as head of NF’s client integration, training, and 

support services. 

Bobbi attended Northeastern University in Boston and holds her series 7 and 

24 licenses. She is active in numerous community and civic organizations in the 

greater Boston area. 


ED SESSIONS 

Michael Nesspor is a managing director for Pershing and iNautix, where he is 

responsible for delivering business consulting services and solutions to brokerage 

customers. Michael has extensive brokerage and project management experience 

in delivering reengineering solutions for customers. His area of expertise is 

conducting business process reviews to identify opportunities for productivity, 

quality, profitability, and service improvements within a broker-dealer’s operations. 

Previously, for 10 years, Michael managed Pershing’s Project Management Office, 

an internal consulting group that focuses on business analysis, project management, 

and business reengineering. Prior to Pershing, Michael spent nine years 

in finance, systems, and operations for the asset management firm, Scudder, 

Stevens and Clark. Prior to Scudder, Michael worked for three years as a senior 

consultant at Grant Thornton (formerly Alexander Grant & Co.), focusing on 

middle-market clients. 

How Good Is That Customer Database 


Efficiency is very important in today’s world, as are both the quality and the integrity of customer 

data that your company manages. Maintaining quality and integrity is an ongoing challenge, and 

our speakers, from leading data quality companies, will discuss best practices for this highly 

important function. 

Moderator: Donna Guinta, FLMI, ACS, AIA, Vice President, Operations, Cadaret, 

Grant & Co., Inc. 

Speakers: Craig Gurien, Director, Insurance and Retirement Services, DTCC 

Alex Sauickie, Senior Vice President, Managing Director, Albridge Solutions 

Donna Guinta, FLMI, ACS, AIAA, is vice president of operations at Cadaret, Grant 

& Company, Inc., in Syracuse, NY. Donna oversees the company’s operational and 

systems functions. Her primary focus is maintaining quality and productivity while 

strengthening and improving representative service. Prior to joining Cadaret, 

Grant in 2001, Donna spent 18 years at Mutual of New York managing underwriting 

and policy issue. 

Donna holds a bachelor’s degree in business administration from Columbia 

College, Syracuse, NY. She holds FINRA series 6, 63, and 26 licenses, as well as a 

life, accident, and health insurance license, and is a member of the FLMI Society. 

Donna is currently a member of FSI’s Operations Council and the Operations 

Management Roundtable. 


39

ED SESSIONS 

Craig Gurien is director of product management for Insurance & Retirement 

Services (I&RS) at The Depository Trust & Clearing Corporation (DTCC). Some of 

Craig’s responsibilities include managing and implementing enhancements to the 

DTCC insurance suite of products, facilitating industry working groups, and 

leading new product initiatives. His most recent launches at DTCC include Web 

service products, fund transfers, and insurance attachments. Craig was also 

responsible for launching ACATS/IPS, which integrated insurance assets into 

DTCC’s Automated Customer Account Transfer Service (ACATS). 

craig joined the DTCC in 1999. He has a degree in business administration from 

the State University of New York at Albany and an M.B.A. degree from Baruch 

College in New York City. 

Alex Sauickie has management responsibility for Albridge’s operations, data 

quality, and award-winning client services teams. His career includes positions 

as director of client services at both The Island ECN, serving as principal for their 

trade desk, and Paytrust, ensuring 24x7 service for co-branded Web-based 

products to clients of American Express, Citibank, and others. As vice president 

of contact center technology at Merrill Lynch, Alex led the content quality team 

for ML Direct and was part of the original management team responsible for the 

Merrill Lynch Financial Advisory Center. Alex holds FINRA Series 7, 24, 65, 63, 

and 55 licenses and has been recognized for leadership in the industry by the 

International Quality & Productivity Center (IQPC) and ContactCenterWorld. 

alex serves on the non-profit boards of trustees for The Kimball Medical Center 

Foundation and Chloe’s Causes. He received a Bachelor of Science in marketing 

from Trenton State College. 

Session Outline—How Good Is That Customer Database 

I. Industry Challenges that Influence Today’s Data Quality 

a. Corporate actions 

b. Classifications 

c. Standardization 

II. Benchmarking Your Data and Working to Improve It 

III. Review and Controls around the Data You Present to Your Customers 

IV. Standardization and How the Industry Can Be Influenced 

a. Standard layouts 

b. Product ID standards 

c. Complete data elements 


ED SESSIONS 

Operations: A Regulatory Perspective 



Each year, additional rules and regulations are reviewed and put into place by FINRA and the SEC. 

While most of these rules affect the compliance department of the firm, they also affect operations. 

Our speakers will also discuss suitability and how it might change after the scandals and economic 

turmoil of the last year. 

Moderator: Arthur Goldsmith, Senior Vice President of Operations and Technology, The Strategic 

Financial Alliance, Inc. 

Speaker: Bob Errico, Executive Vice President for Member Regulation, FINRA 

William (Bill) Reilly, Jr., Chief, Bureau of Securities Regulation, State of Florida, Office of 

Financial Regulation 

Arthur B. Goldsmith serves as senior vice president of operations and technology 

at The Strategic Financial Alliance, Inc. (“SFA”). Prior to joining SFA, Arthur was the 

managing director with The Mainstay Group, developing compliance and operational 

initiatives. Arthur worked for KPMG and the Intrados Group in the former 

Soviet Union and Eastern Europe, assisting with capital markets development in 

many capacities including creating a central depository, the Ukrainian Trading 

System, and regulators for new Securities Commissions. In addition, he was with 

Johnson Lane as the senior vice president/director of operations and technology 

and served as a member of the board of directors. Earlier in his career, Arthur 

worked at Merrill Lynch after beginning his career in the securities industry at 

Walston & Company. 

arthur attended New York University majoring in Investment Banking. He has 

been active with FSI serving on the Operations Council for several years. 

Bob Errico is executive vice president, member regulation at FINRA, and is 

responsible for the ongoing surveillance and annual examinations of firms for 

sales practice compliance. He held the same title at NASD, which consolidated 

with NYSE Member Regulation to form FINRA in 2007. 

Bob has more than 30 years of experience in the securities industry. Before joining 

NASD in 2003, Bob was senior vice president for Capital Markets Oversight at 

Charles Schwab & Co., Inc., as well as general counsel for Schwab Capital Markets 

LP. Prior to that, he was co-head of Legal Affairs-North America for Swiss Bank and 

general counsel for S.G. Warburg (USA). He was also associate general counsel 

at Dillon Read & Co., Inc. Bob began his career at LF Rothschild. Bob has a B.A. 

degree from Villanova University and a J.D. degree from Seton Hall University 

Law School. 


41

ED SESSIONS 

Bill Reilly has been employed in a number of capacities by the Office of Financial 

Regulation, formerly the Department of Banking and Finance, since 1980, most 

recently, as chief, bureau of securities regulation. Bill has also served as a member, 

co-chair, and chair of the North American Securities Administrators Association, 

Inc. (NASAA) Broker-Dealer Operations Project Group since 1989 and a member 

of the Standards, Training, and Certification Project Group since 2006. For the last 

24 years Bill has been responsible for the content and speaker selection for the 

Florida/NASAA Annual Broker Dealer Training Program. He received NASAA 

Outstanding Service Awards in 1997 and 2001. In October 2008, Bill was 

appointed by Chief Financial Officer Alex Sink to serve on the Safeguard Our 

Seniors Task Force which is charged with reviewing insurance industry practices 

involving senior citizens. Bill is a graduate of the University of Florida. 

The New World of 403(b) 



Over the last few years, a number of changes have occurred in the 403(b) arena. Some companies 

have totally moved away from the 403(b) business and some have embraced the changes and 

expanded their business. This session will discuss both previous and future changes in the 403(b) 

retirement area, as well as how firms who work mainly in the 403(b) arena have embraced these 

changes. 

Speakers: David Blask, Chief Pension Consultant, Lincoln Investment Planning, Inc. 

Jim Henderson, CFP ® , CPA, President & CEO, Great American Advisors, Inc. 

David Blask, senior pension consultant for Lincoln Investment Planning Inc., 

specializes in 403(b), 457, and 401(k) plans. He has worked with all types of retirement 

programs for over 28 years and played a key role in the development of new 

standards at Lincoln Investment for maximum allowable contribution calculations 

and in educating financial representatives and employers on the rules governing 

403(b) contributions. He has spoken to a variety of groups explaining the impact of 

Internal Revenue Service audits on retirement plans of governmental entities and 

the final 403(b) regulations. David is a regular contributor of articles on technical 

aspects of retirement plans to the NTSAA Advisor. His views on the changing 

world of 403(b) plans have been quoted by The Wall Street Journal and Defined 

Contribution & Savings Plan Alert. 

david has earned the American Society of Pension Actuaries designation of 

Certified Pension Consultant and is an Enrolled Agent entitled to practice before 

the Internal Revenue Service. 


ED SESSIONS 

Jim Henderson is president and chief executive officer for Great American Advisors, 

a wholly-owned subsidiary of American Financial Group (NYSE: AFG). Jim has served 

in this capacity over the past 12 years and is responsible for leading Great 

American’s broker-dealer and advisory operations. Jim has worked within the AFG 

organization for over 19 years, serving both life and property and casualty insurance 

subsidiaries in various capacities, including product development, marketing and 

distribution support, agency management, financial reporting, actuarial and risk 

exposure. Jim has been actively involved in the financial services industry for over 23 

years. Prior to joining AFG, Jim was the chief financial officer for the Manhattan Life 

companies and manager with the public accounting firm Deloitte Haskins and Sells. 

Jim graduated magna cum laude from the University of Cincinnati in 1983 in finance 

and accounting, received his CPA certification in 1985 and his CFP ® certification in 

2009. Jim holds FINRA licenses: 4, 6, 7, 24, 26, 63, and 65. 


43

ED SESSIONS 

GENERAL SESSION 


Tuesday, January 26, 4:00pm–5:30pm 

Ram Charan brings realism and specificity to a subject that is often vague and 

amorphous: leadership. Why do so many leaders fail Very simple, he says: they 

don’t know how to run a business. Ram breaks through the façade of leadership 

to explain the capabilities leaders must possess. He gives aspiring leaders a 

blueprint to take charge of their own development and help other leaders grow. 

This session, based on Ram’s 2007 book, Know-How: The 8 Skills that Separate 

People Who Perform From Those Who Don’t, and his 2008 book, Leaders at 

All Levels: Deepening Your Talent Pool to Solve the Succession Crisis, covers 

the following: 

• What teaching about leadership tends to miss 

• The 8 capabilities leaders really need 

• When and how personality matters 

• Examples of leaders who have outstanding know-how in critical areas 

• How to build and improve your know-how 

• How to build a pipeline of leaders who deliver 

Keynote Speaker: Ram Charan 

Ram Charan is a highly acclaimed business advisor, speaker, and author. Ram has 

coached some of the world’s most successful CEOs. For 35 years, he has worked 

behind the scenes at companies like GE, KLM, Bank of America, DuPont, Novartis, 

EMC, 3M, and Verizon. 

Ram started his business career as a teenager working in the family shoe shop 

in India. He went on to earn an engineering degree and then an M.B.A. and 

doctorate degrees from Harvard Business School. He graduated from Harvard with 

high distinction and was a Baker Scholar. He then served on the Harvard Business 

School faculty. Ram cuts through the difficult problems and gets you to the right 

insights: he makes difficult problems simple with great insights. 

ram is a favorite among executive educators. He has taught for 30 consecutive 

years at GE’s famous Crotonville Institute and is the recipient of their Bell 

Ringer award (best teacher). He won the Best Teacher Award at Wharton and 

Northwestern. He was named among Business Week magazine’s top ten resources 

for in-house executive development programs.

SCHEDULE PLANNING GUIDE - Financial Services Institute

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