More On Legal & Compliancefrom The Advisor's Professional Library
- Risk-Based Oversight of Investment Advisors Even if the SEC had a larger budget and more resources, it is doubtful that the Commission would have the resources to regularly examine all RIAs. Therefore, the SEC is likely to continue relying on risk-based oversight to fulfill its mission of protecting investors.
- Do’s and Don’ts of Advisory Contracts In preparation for a compliance exam, securities regulators typically will ask to see copies of an RIAs advisory agreements. An RIA must be able to produce requested contracts and the contracts must comply with applicable SEC or state rules.
This week in new hires, Joseph Gaeckle was appointed managing principal at Lincoln Financial Advisors, Jeff Conway was named to lead an organization at State Street, and the SEC appointed Dr. Jennifer Marietta-Westberg deputy director of its RSFI division.
Also, Joe Cunningham joined Horizons ETF Management; U.S Bank's Private Client Reserve named two new officers; and Clark Kendall joined the advisory board of the John Marshall Bank.
Lincoln Financial Advisors Appoints Joseph Gaeckle Managing Principal
Lincoln Financial Network, the retail client business of Lincoln Financial Group, announced Monday that Joseph Gaeckle has been appointed managing principal of Lincoln Financial Advisors Corp., serving as market leader in the greater Philadelphia area. He is based in Berwyn, Pa., and will report to Jack McCaughan, managing director of the Atlantic regional planning group, which includes the Philadelphia regional offices.
Gaeckle joins from Waddell & Reed, where he served as a managing principal focused on growing sales and the advisor force in his division, and district manager, where he led a team of advisors and supported recruiting efforts. Prior to Waddell & Reed, he served as regional marketing director/wholesaler and sales coordinator with The Hartford Financial Services Group, Inc. (PLANCO Financial Services).
State Street Taps Jeff Conway to Lead Data and Analytics Solutions for Clients
State Street Corp. announced Friday that it had named Jeff Conway to lead an organization dedicated to developing solutions to address clients’ data information and trading challenges. Global Exchange reorganizes existing components from State Street’s research and advisory, analytics, Currenex, Global Link and derivatives clearing capabilities into one organization focused on providing clients with easier access to solutions and accelerating new product development. Conway, executive vice president and 25-year industry veteran, will report to Jack Klinck, a member of State Street’s management committee and head of global strategy and new ventures.
Conway has led a number of businesses and corporate functions during his 25-year career at State Street in addition to leadership roles within the company’s international business in Europe and the Asia-Pacific region.
SEC Names Jennifer Marietta-Westberg Deputy Director of RSFI
The Securities and Exchange Commission recently announced that Dr. Jennifer Marietta-Westberg has been named deputy director of its division of risk, strategy, and financial innovation (RSFI). Marietta-Westberg will oversee the division’s policy and rulemaking support functions, particularly its economic analysis in support of SEC policy and rulemaking. In addition, she will assist with the overall management of the division, working closely with Craig Lewis, RSFI director and chief economist, and the division’s other deputy director, Kathleen Weiss Hanley.
Marietta-Westberg joined the SEC in 2006 as a visiting scholar in what was then the office of economic analysis. In 2010, she was named assistant director of what is now the office of investments and intermediaries within RSFI, where she oversaw economic analyses in support of policy and rulemaking recommendations by the SEC’s division of investment management and its division of trading and markets. Before coming to the SEC, she was an assistant professor at Michigan State University.
Horizons ETFs Management (USA), a subsidiary of Seoul, Korea-based Mirae Asset Global Investments Co. (MAGI), recently announced the appointment of Joe Cunningham as executive vice president and head of capital markets for Horizons USA. He will oversee all market-making and capital-market trading relationships for Horizons USA and assist with institutional distribution.
Cunningham is an investment industry executive with nearly two decades of experience in product and business development, strategic relationships management and the implementation of trading models for global equities and derivatives markets. Previously, he served as director of institutional ETF order flow and national account manager at ProShares. Prior to that, he was vice president of Louis Capital Markets, where he helped to launch the firm's algorithmic trading platform.
Horizons USA, through Exchange Traded Concepts, also announced that it has filed a registration statement with the SEC to issue three covered call ETFs on the New York Stock Exchange. The Horizons-branded covered call ETFs seek investment results that, before fees and expenses, generally correspond to the performance of the underlying S&P indexes.
U.S Bank's Private Client Reserve Names Two New Officers
The Private Client Reserve of U.S. Bank has announced the addition of Doug Heding as assistant vice president and private banking officer in Milwaukee, and Kenan Aksoz as wealth management consultant in Minneapolis.
In his new position, Heding will provide a customized set of services to manage the banking needs of high-net-worth individuals and families. He brings a wide range of experience in treasury management, credit risk management, HNW client relationship management and small business relationship management. Before joining, Heding was a private banking officer for the Private Bank and Trust in Milwaukee.
As wealth management consultant, Aksoz will work with HNW individuals and families to develop comprehensive solutions and strategies to help them meet their financial objectives. Aksoz has more than 23 years of experience in the financial services industry. Prior to cofounding Aksoz Medved, he was a principal in Aksoz & Company, a mergers and acquistions firm. His experience includes corporate restructurings, joint ventures, recapitalizations, management buyouts and the acquisition and sale of companies for his own account.
Maryland-based financial services firm Kendall Capital Management announced Tuesday that Clark Kendall, CEO, president and founder, was selected to join the advisory board of John Marshall Bank. In his new role on the board, Kendall will meet with other board members occasionally throughout the year and act as an extended arm of the bank into the local community.
As a founder of Kendall Capital, Kendall is focused on providing financial direction to HNW individuals and families in and around Montgomery County, Md.
Read the April 10 New Hire Roundup at AdvisorOne.