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December 03, 2012 at 07:56 AM
The cavalry is coming.
The announcement on Friday of three new directors to FSI’s board is no doubt welcome relief for some, as it’s accompanied by a corresponding announcement of a “strengthened focus” on the small and mid-size broker-dealer space. For a sector of the industry under regulatory and financial fire, with some questioning the ability of smaller broker-dealers to survive, the attention couldn’t come soon enough.
While FSI is quick to note “it continues to represent all independent financial services firms and independent financial advisors in Washington, D.C., and the states,” four of its 16 directors now come from small and mid-size firms and another four are independent financial advisors.
The three new members of the FSI Board of Directors are:
- David Stringer, President, Prospera Financial Services, Dallas
- Stephen Chipman, President and CEO, Foothill Securities, Mountain View, Calif.
- Dick Lampen, President and CEO, Ladenburg Thalmann Financial Services, Miami
“We want our board to reflect the diversity of our membership,” Dale Brown, president and CEO of FSI, told AdvisorOne. “Over its nine-year history, we’ve had a board of leaders; some that are widely known throughout the industry, and others that are known by what they do with their firms.”
As to whether it will be business as usual or a new direction for the board, Brown says it will be neither.
