Former top cop at Finra joins LPL

Shorris signs on with indie B-D; 'invaluable addition'

Sep 30, 2011 @ 12:41 pm

By Bruce Kelly

LPL Financial LLC has hired one of the biggest guns in the securities regulation business, announcing today that James Shorris, a former top official at the Financial Industry Regulatory Authority Inc., is joining the firm.

Mr. Shorris has deep roots in Washington. At Finra, he served as head of enforcement, where, he directed investigations of broker-dealers and registered representatives. Mr. Shorris left the self-regulatory organization in April.

While he will not be a designated lobbyist for LPL, he will assist with the B-D's government relations strategy and efforts on Capitol Hill. In addition, Mr. Shorris' job will include working with the Securities and Exchange Commission and Finra.

Indeed, in an interview Friday afternoon, the former Finra official stated that part of his new job at LPL would be to look carefully at new supervisory rules that the regulator proposed earlier this year. “There are implications for firms like LPL and its supervisory structure,” he said.

Mr. Shorris’ new title will be executive vice president and associate counsel for regulatory and compliance policy. He will be based in Boston and report both to general counsel Stephanie Brown and chief risk officer John McDermott, chief risk officer.

"Jim's many years of high-level experience in the regulation of securities firms, coupled with his strong network of industry and governmental relationships, make him an invaluable addition to our legal and compliance teams,” Ms. Brown said in a statement.

She added: “We look forward to working together with him to secure the best possible services and outcomes for all parties: clients, advisers and the firm alike."

LPL — the largest publicly traded independent broker-dealer in the U.S. — has 12,000 registered reps and advisers, most of them working in small one or two man offices. “The firm has grown tremendously," Mr. Shorris noted, "both its number of advisers and its infrastructure."


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Top questions surrounding future of DOL fiduciary rule

Reporter Greg Iacurci and managing editor Christina Nelson discuss the biggest uncertainties springing from the Fifth Circuit Court of Appeals' decision to vacate the regulation.

Latest news & opinion

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.

UBS, after dumping the broker protocol, continues to see brokers come and go

The wirehouse has seen 14 individuals or teams leave and five join for a net loss of $2.4 billion in AUM

Merrill vets ready to recharge breakaway recruiting efforts

After regrouping in wake of broker-protocol exits, Snowden Lane Partners is ready to recruit wirehouse brokers and RIAs.

Ron Carson: I'll leave Cetera if it's sold to LPL

Head of the Carson Group, who was affiliated with LPL for 28 years, tells his 48 partner firms he has no intention of returning to his old broker-dealer.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print