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FSI Names 5 New Board Directors

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The Financial Services Institute has elected five new directors to its board for 2016, and four existing directors have new leadership posts.

The five new directors who will serve on the 17-member board starting Jan. 1 are Kent Christian, president of Wells Fargo Advisors Financial Network (the firm’s independent-advisor channel); Shawn McLaughlin, president and CEO of McLaughlin Ryder Investments; James Poer, president & CEO of NFP Advisor Services; Kimberly Kropp, owner of Moylan Kropp Retirement Planning and a financial advisor; and Bill Dowell, founder, president and an advisor with Vision Financial Group.

“Our board is strong and diverse, and adding these five visionary leaders will ensure our members are well represented,” said FSI President & CEO Dale Brown, in a statement released Wednesday. “Our critical advocacy agenda benefits firms and advisors of all sizes and business models – and our board of directors reflects that diversity and shares our passion for doing what’s right for our members and investors.”

Current Vice Chair Amy Webber, president of Cambridge Investment Research, will advance to serve as chair of the board for one year. Richard Lampen, president and CEO of Ladenburg Thalmann Financial Services, is set to serve as vice chair in 2016 and chair in 2017.

David Knoch, president & COO of 1st Global, was elected chair of the finance committee; Dean Harman, founder and CEO of Harman Wealth Management, was tapped to serve as FSI PAC board chair; and Adam Antoniades, president of Cetera Financial Group, will be the immediate past chair.

The remaining board members for 2016 are Steve Chipman of Foothill Securities, Scott Curtis of Raymond James Financial Services, financial advisor Joe Himelick, financial advisor Tony LaJeunesse, Seth Miller of Transamerica Financial Advisors, John Rooney of Commonwealth Financial Network, and David Stringer, Prospera Financial Services.

Board members whose terms have ended include advisor Rick Carlson, Tim Murphy of Investors Capital, Clive Slovin of the Strategic Financial Alliance and advisor Mike Mungenast.

FSI, which represents more than 100 independent financial services firms and their 160,000-plus affiliated financial advisors, also issued a statement Wednesday regarding Congress’ omnibus spending bill and its lack of a provision addressing the proposed Department of Labor fiduciary rule:

“Congress not only has the right but the duty to fulfill their legislative role and protect retirement savers. The odds of passing an omnibus bill with a rider to protect retirement investors from the Department of Labor’s fiduciary rule, however, were always slim,” explained Brown.

“But that rider is not Congress’ only chance to act,” he said. “We are very pleased with the efforts of Representatives (Peter) Roskam and (Richard) Neal to drive a bipartisan solution to this critical issue. We note that Sens. (Rob) Portman and (Ben) Cardin have stated their strong belief that congressional involvement is essential.  This is why all advisors must get engaged in the legislative process and advocate for hard-working Americans trying to save for a dignified retirement.”

— Check out DOL Fiduciary Rule Survives ‘Best Opportunity’ to Kill It on ThinkAdvisor.