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Industry Spotlight > Broker Dealers

FSI Elects '08 Leaders

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The Atlanta-based Financial Services Institute, or FSI, says the industry group’s board of directors has unanimously elected Brian Murphy, chairman of Woodbury Financial Services of Woodbury, Minn., as the 2008 chair of the board. Murphy succeeds John Simmers, CEO of ING Advisors Network.

Eric Schwartz, chairman and CEO of Cambridge Investment Research of Fairfield, Iowa, and a founding director of FSI, will be vice chair for 2008. In addition, four new directors were elected by the board for terms beginning January 2008:Michael Bewley, vice chairman and CEO of Wall Street Financial Group in Fairport, N.Y.;

William E. Dwyer, III, managing director and president of LPL Independent Advisor Services in Boston, and San Diego;

Michael J. Mungenast, president and CEO of ProEquities, Inc. in Birmingham, Ala.; and

Mary Sterk, CFP, president of Sterk Financial Services in Sioux City, Iowa.

Members of the 15-person FSI board of directors are elected annually for a one-year term which is renewable up to four consecutive years.

Established in January 2004, FSI has 112 broker-dealer members and 8,100 financial advisor members.

The group hosts in annual independent broker-dealer conference, OneVoice, in Orlando, Fla., from January 28 to 30 at the Omni Orlando Resort. (See for more details).

“The FSI board of directors reflects the strength and diversity of our membership and the shared vision of FSI’s influential role in the industry,” says Simmers. “Brian [Murphy] will be an outstanding leader for FSI, and the addition of Eric Schwartz as vice chair, a new financial advisor board member, and three respected CEOs adds more depth to an already strong leadership team.”

A 30-year industry veteran, Murphy joined Woodbury in 2001 as vice president for sales and marketing, and became president and CEO in January 2004. In February 2007, Murphy also was named executive vice president of the individual life division at Hartford Life Inc., a subsidiary of the Hartford Financial Service Group, Inc. Woodbury is an independent broker-dealer owned by the Hartford. Murphy joined the FSI board of directors in January 2006.

“I am extremely pleased to accept the challenge of leading the FSI board in 2008 and continuing the outstanding work of John Simmers and the 2007 board,” says Murphy. “In 2007, FSI achieved significant milestones in our mission of advancing the interests of independent broker-dealers and the independent financial advisors they serve. I also expect that FSI will continue the momentum of membership growth, a major initiative begun in 2007.”

“Our first four years as an advocacy organization have been very successful, thanks in large part to committed and visionary volunteers,” explains Dale E. Brown, FSI president and CEO.

Reach Research managing and web editor Janet Levaux at [email protected].


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