Paige Pierce retained her seat representing small firms on the Finra board in an election that concluded Wednesday.
Pierce was one of three industry members elected to the Financial Industry Regulatory Authority Inc. board during the annual meeting of Finra firms at the regulator’s office in Washington. Voting had been going on by phone, mail and online through most of August.
Pierce, chief executive of Bley Investment Group, won re-election over challenger Daniel Logue, counsel and chief compliance officer at Muriel Siebert & Co. Inc., in the only contested race.
Timothy Sheve, chief executive of Janney Montgomery Scott, was re-elected as a large-firm governor after running unopposed. James Crowley, chief executive of Pershing Advisor Services, was elected as the mid-size firm governor. He also ran unopposed.
During her campaign, Pierce emphasized updating the Finra rulebook based on lessons learned by the financial industry while operating during the pandemic. Although not directly related to her board seat, Pierce also has been leading an effort to push legislation through Congress that would reform audit requirements for small broker-dealers.
“I am excited I have three more years to advance the small-firm perspectives and interests on the board,” Pierce said. “I’m ready to get back to work.”
The 22-member Finra board is composed of 12 public members and 10 industry members. Seven of the 10 industry members are elected by firms in their category. There are three small-firm seats, three large-firm seats and one mid-size firm seat on the board. A small firm has fewer than 150 registered representatives, a mid-size firm has between 151 and 499 reps, while a large firm has 500 or more reps.
In July, the Finra board appointed two new members: Vangaurd chairman chief executive Mortimer “Tim” Buckley and Peggy Ho, senior vice president and general counsel at Commonwealth Financial Network.
“These five board members bring a diverse set of leadership skills and experiences from across the securities industry,” Finra chief executive Robert Cook said in a statement. “Their perspectives will be invaluable in supporting our ongoing commitment to protecting the investing public.”
Finra board members serve three-year terms and cannot serve more than two consecutive terms. Newly elected and appointed members begin their terms at the Sept. 23-24 meeting.
Two firms land teams managing more than $1.1 billion in combined assets from Kestra and Edward Jones.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
