Dale Brown, CEO of the Financial Services Institute (FSI), testified on June 17 before the U.S. Senate Committee on Health, Education, Labor, and Pensions (HELP), expressing FSI’s “significant concerns” with legislation proposed on April 22 (S. 3254) intended to “address the misclassification of workers,” that is, independent contractors. Brown testified that the bill would have “serious unintended consequences” for independent B/Ds and their representatives, charging that the bill would introduce a “significant degree of uncertainty that would result in an unlevel playing field for independent broker/dealers who offer an important alternative to financial advice and services from Wall Street firms.”
Separately, the FSI also announced its endorsement of Mari Buechner, president & CEO of Coordinated Capital Securities in Madison, Wisconsin, and current chair of FSI’s Board, for a second term on the FINRA Board. Buechner has served on the FSI board since 2007, and in 2008 was elected to one of three small-firm seats on the 23-member FINRA board.
American Portfolios, the Long Island-based independent B/D, has hired Joseph “Joby” Gruber, the former head of FSC Securities, as president of national sales and marketing; he also has joined American Portfolios’ executive committee.