Keenan beats out two others for small-firm seat on Finra board

CEO of St. Bernard Financial tops president of Mutual Trust Co. of America, general counsel of Abel/Noser.
AUG 09, 2013
Robert Keenan, chief executive of St. Bernard Financial Services Inc. in Russellville, Ark., has won a small-firm seat on the Financial Industry Regulatory Authority Inc. board. Mr. Keenan beat out two competing candidates, Jed Bandes, president of Mutual Trust Co. of America Securities and David Sobel, general counsel at Abel/Noser Corp. Mr. Keenan got 489 votes, Mr. Bandes 463 and Mr. Sobel 384. Finra announced the results yesterday after concluding its annual meeting. Small-firm candidates represent broker-dealers with no more than 150 registered representatives. “I was campaigning on the fact that I own and operate a retail broker-dealer,” said Mr. Keenan, whose three-year term starts immediately. He called for more guidance from Finra to help small firms meet regulatory requirements. Mr. Keenan also said he contacted all 3,883 small firms, asking for their votes. As for his opponents, Mr. Sobel was perhaps considered a “compliance attorney,” Mr. Keenan added, and Mr. Bandes was hurt by his 2010 board vote supporting Finra's action to reject several transparency-related proxy proposals that were approved by members. Mr. Bandes had supported the proposals when he ran for the board earlier that year. Mr. Bandes did not return a call for comment. In an email, Mr. Sobel congratulated Mr. Keenan, adding that small-firm candidates get “caught up in the fight trying to establish their own personalities” by inundating small firms with solicitations. Mr. Sobel noted that less than 35% of small firms voted. The lack of interest sends “a very distinct message to the Finra senior staff: ‘We don’t care, do what you will to us,’” he said. Mr. Sobel and Mr. Bandes were not available for comment. James Weddle, managing partner at Edward Jones, won an uncontested race for a large-firm seat. Finra's 22-person board has 11 public governors and 10 industry members. Finra chief executive Richard Ketchum holds the remaining seat and heads the board.

Latest News

Easy to buy, harder to exit: The liquidity risk hidden inside ETFs
Easy to buy, harder to exit: The liquidity risk hidden inside ETFs

Getting a client into a fund has never been easier – but after that, the hardest part is yet to come.

FINRA bars NYLIFE rep who used smart glasses to cheat on Series 6
FINRA bars NYLIFE rep who used smart glasses to cheat on Series 6

A former NYLIFE Securities rep was permanently barred after using internet-enabled glasses to cheat on the Series 6 exam

Vanguard settled Just Invest lawsuit weeks before Altruist deal
Vanguard settled Just Invest lawsuit weeks before Altruist deal

Both of Vanguard's acquisitions have targeted the RIA industry, but the first ended in a legal settlement just weeks before buying Altruist.

Ex-Raymond James duo launch Proxima on Concurrent's platform
Ex-Raymond James duo launch Proxima on Concurrent's platform

Chris Davitt and Anupam Singh bring institutional recruiting muscle to a firm built for advisors chasing equity and independence.

Osaic names Sayee Bellamkonda as first chief AI and technology officer
Osaic names Sayee Bellamkonda as first chief AI and technology officer

Appointment continues a wave of AI leadership hires reshaping wealth management as advisory firms race to build out digital and data infrastructure.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income