Two vie in runoff for Finra small firm advisory board

Deadline for ballots in race between Stephen Hart and Myles Edwards is Monday.
DEC 04, 2013
Finra should design compliance programs that take into account the size and resources of the broker-dealers it oversees, according to one of two candidates for the regulator's Small Firm Advisory Board. “Regulation should not be one-size fits all,” said Stephen Hart, chief compliance officer at Robotti & Company. “I would encourage a closer look at firm sizes and [tailor] regulation that is targeted at them,” he said. “It's paramount to protect our clients' interests through appropriate regulation.” Mr. Hart would have a platform for promoting his views, if he wins a runoff election for the New York Region seat on the Financial Industry Regulatory Authority Inc. advisory board. He is running against Myles Edwards, chief compliance officer and general counsel at Constellation Wealth Advisors. The nearly 1,000 eligible small-firm broker-dealers in the area, which includes New York City and nearby Nassau and Suffolk counties, must cast their ballots by phone or electronically by Monday. A small firm is defined as one that has 150 or fewer registered representatives. The original four-candidate race ended in a dead heat between Mr. Hart and Mr. Edwards. The winner will serve a three-year term beginning next month. “It's pretty interesting,” said Mr. Hart, 34, who was a chief administrative officer and vice president at BlackRock Inc. before joining Robotti. “What are the chances of it being an exact tie?” Mr. Edwards is the incumbent on the advisory board. In a statement on Finra's website, he said he would provide a “practical and responsible approach to serving small firms.” “Self-regulation and business practicability can be compatible, and I would seek to assist in the process whereby rules are formulated collaboratively, thus strengthening the relationship between the member firm, the district and Finra itself,” Mr. Edwards, who didn't respond to an interview request, said in the statement.

Latest News

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

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.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

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