Pierce wins small-firm seat on Finra board

Pierce wins small-firm seat on Finra board
Paige Pierce, chief executive of Bley Investment Group, emphasized updating the Finra rulebook during her campaign. Timothy Sheve, chief executive of Janney Montgomery Scott, and James Crowley, chief executive of Pershing Advisor Solutions, also were elected to the board.
SEP 01, 2021

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.

Latest News

Northern Trust names new West Region president for wealth
Northern Trust names new West Region president for wealth

The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.

Capital Group extends retirement plan services further with a focus on advisors
Capital Group extends retirement plan services further with a focus on advisors

The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.

Why RIAs are the next growth frontier for annuities
Why RIAs are the next growth frontier for annuities

David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.

Supreme Court slaps down challenge to IRS summons for Coinbase user data
Supreme Court slaps down challenge to IRS summons for Coinbase user data

Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."

Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director
Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director

Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.