NAIBD held its annual Spring Symposium on March 18, 2009 in Santa Monica, California. This one-of-a-kind industry event addressed the latest issues affecting independent broker/dealers with topics that were very relevant to current market conditions.

Session Highlights

Keynote: Bruce Kelly, News Editor, Investment News
8:45 - 9:30 AM
How are the never-before-seen recent industry developments going to impact your firm?

Bruce Kelly is the news editor and one of the brokerage reporters for InvestmentNews. He covers Wall Street, FINRA, clearing firms, broker-dealers, legal issues and securities arbitration. He joined InvestmentNews in April 2000, the month after the technology bubble in the stock market began its burst.

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Top 10 Best & Worst Decisions
10:00 - 10:45 AM
Growing and managing an independent broker/dealer requires education, experience and a little bit of luck. What were the best and worst decisions that this Panel of top industry executives made? Listen in while this seasoned panel of industry pros discuss the good, the bad and the ugly.

Moderator –
Timothy U. Morton (NAIBD Board of Directors) is the Director of Annuity Marketing for Westland Financial Services, Inc. and provides a unique service to the Broker/Dealer Community with compliance oriented marketing support, suitability review and training for annuities.  Tim is also the Vice President Development for WBB Securities, LLC, a full service FINRA  member firm.  Mr. Morton has been in the securities industry for 25 years, and was President and CEO of JMC Financial Corporation from 1998-2006. JMC was a Broker/dealer specializing in the bank distribution channel.  He started his career in this industry with Private Ledger (now LPL) in 1982.  Tim has served on the board of directors of the NAIBD for many years and is now the Executive Vice President.  He also chairs the Membership and Programs Committees for NAIBD.  Mr. Morton served as a member of the FINRA Small Firms Rules Impact Task Force committee and has participated on several national forums. Tim received a degree in Information Systems in 1978 from Coleman College. Mr. Morton holds current Life, LTC and Disability Insurance, Variable Annuity and NASD Series 7, 24, 51 and 63 licenses.

Speakers-
Amy Beattie is the Chief Operating Officer and a founder of Cuso Financial Services (CFS).  Ms. Beattie has more than 30 years experience working in the operations and administration of successful brokerage operations.  Previously, she was responsible for operations of a regional bank BD, and before that a large independent brokerage firm.  She is a strong project manager and has been instrumental in guiding the development of the technology systems that have elevated CFS to a leading position in the credit union and brokerage industries.

Stephen A. Distante (NAIBD Chairman) is the President and Chief Executive Officer of Vanderbilt Securities, LLC, a registered Broker/Dealer specializing in Financial Planning including stocks, bonds, mutual funds, variable annuities and variable life insurance. Steve received a BS degree in accounting from St. John's University in New York and is fully licensed with FINRA with the Series 7, 24 and 63 as well as current Life and Health licenses.

Brian J. Kovack (NAIBD Board of Directors) is Co-Founder and President of Kovack Securities, Inc., a national full service independent broker/dealer with approximately 250 registered reps.  From February 2006 to August 2007, Brian served on the NASD Board of Governors as an industry representative. He also served on the FINRA Interim Board of Governors from August 2007 to October 2007 as a Mid-Size Industry Board Member.  Brian received a Finance degree from the University of Florida and also has a Master of Accounting and Juris Doctorate degrees. Brian is Series 7, 24, 27, 53, 63 and 65 licensed, has a CRCP designation and serves as a FINRA Dispute Resolution Chairperson arbitrator.

David M. Sobel, Esq. (NAIBD Board of Directors) is currently Executive Vice President and Chief Compliance Officer of Abel/Noser Corp., a FINRA / NYSE member broker/dealer. He was previously a partner at The Goldstein Law Group, P.C. where he concentrated in the areas of broker-dealer compliance/regulation, securities litigation, including arbitration and mediation, and disciplinary/enforcement matters at the SEC, NYSE, AMEX and FINRA.
Mr. Sobel has a Master of Science Degree from Brooklyn College and a Law Degree (JD) from Pace University Law School where he was an Editor of the International Law Review. Since 1998 he has been a member of the FINRA Board of Arbitrators (Chairperson Qualified), a current member of FINRA District 10 Committee, a Board of Directors of NAIBD, a member of the NYSE Hearing Board and the National Society of Compliance Professionals.

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What’s Hot- Regulation S/P, AML, Outside Business Activities and More
10:00 - 10:45 AM
What are regulators focusing on during exams and sweeps? What aren’t you doing to protect your firm? This session will discuss where the regulators are focusing their attention and how to keep your firm out of trouble.

Moderator –
Robert Hackel (NAIBD Board of Directors) is Chief Operating Officer of R.F. Lafferty & Co. and is responsible for overseeing the firm’s business expansion and overall operations. Recently appointed to this position, Mr. Hackel has built out the Investment Banking, Institutional Sales and SEC Registered Investment Advisory divisions for the firm.  Mr. Hackel previously served as Managing Director for five years at R.F Lafferty, where he was responsible for spearheading the firm’s corporate strategy and business development efforts.  Mr. Hackel built his career at the firm, starting out as a Registered Representative, where he worked with both retail and institutional clients improve their businesses through innovative investment strategies. Mr. Hackel received a Bachelor’s of Business Administration in Finance from Pace University in New York.  Since 2007, Mr. Hackel has also served on the Board of Directors of the National Association of Independent Broker Dealers and also holds certification in FINRA Series, 4,7,24,55,63,65 and 87 licenses and is also licensed to sell life, health and variable annuities.  

Speakers-
David Green is the District Director of FINRA’s Los Angeles District Office (District 2). He served in the same role at NASD before its 2007 consolidation with NYSE Member Regulation, which resulted in the formation of FINRA. For two and a half years preceding his appointment as Director, Mr. Greene served as the Deputy Regional Chief Counsel, FINRA Enforcement – Western Region, and was based in Los Angeles. From January 2000 through November 2004, Mr. Greene was a Regional Counsel in the FINRA Enforcement in Los Angeles. Prior to joining NASD in 2000, he was associated with a law firm in Los Angeles for 10 years. Mr. Greene is designated as a Certified Regulatory and Compliance Professional through the FINRA Institute at Wharton. Mr. Greene received a B.S. in Political Science from Pepperdine University and a J.D. from Southwestern University School of Law.

Chet J. Hebert is the founder and President of the Compliance Department, Inc. which was formed in 2002 in response to the overwhelming regulations being faced by the securities industry and small independent contractor broker-dealers in particular. In addition to his overall management duties he has designed a branch office examination software program that allows for customized audit modules, immediate reporting, and statistical record keeping. Mr. Hebert is considered by many in the industry as the “father of automated branch office audit software.” He has collaborated with The Keane Organization to develop Compliance SCORE™. Mr. Hebert is President and Chief Executive Officer of Colorado Financial Service Corporation. In addition, He serves as Financial and Operations Principal for several small independent broker-dealers. Mr. Hebert has been in the securities industry since 1987. Prior to establishing The Compliance Department Inc., he served as President and Chief Operating Officer of SmartAudits Compliance Systems and prior to that has served as a registered representative, branch office manager, and national sales manager for other broker-dealer firms in Colorado, California, and Florida. Mr. Hebert has been registered in the securities industry for over twenty years and holds registrations as General Securities Representative, General Securities Principal, Financial and Operations Principal, and licensed insurance producer. Mr. Hebert did his undergraduate studies at Louisiana State University and the University of West Florida majoring in Finance and Accounting.

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What are Successful RIA’s Doing to Grow Their Business? Why the Experts believe the RIA & B/D Models are the Future.
11:15 AM - 12:00 PM
This panel will discuss why independent broker/dealers of all sizes are shifting their focus towards the joint B/D and RIA platforms and why it makes sense for you. Having an affiliated RIA is not enough- how do you grow it? Listen as the panel discusses how firms have found new business opportunities through recruiting wirehouse reps seeking to go independent.

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Case Study- How to Implement STP to Improve Your Business Processing and ReduceCompliance Headaches
11:15 AM - 12:00 PM
Are you still using paper to open new accounts? How about Excel spreadsheets to track commissions or perform trade review? This session will discuss in detail how several firms made the transition from “old school” business-as-usual to Straight Through Processing (STP) and how it impacted their business. Listen in on how these panelists developed STP for their non-brokerage and brokerage business.

Moderator –
Stephen A. Distante (See previously mentioned bio)

Speakers-
Brian LaPointe Laserfiche

Robert Powell is the marketing director of Laser App software.  He has a bachelor’s degree from California Polytechnic State University in Marketing Management.  Robert has traveled to over 300 broker-dealer conferences in the last seven years he has worked for Laser App, so he brings a unique “in the field” perspective to working with registered reps and broker-dealers.

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A Snapshot of 5 Years in the Future
1:30 - 2:30 PM
How are the dramatic changes in regulation and the economy going to affect the small and mid size B/D’s? Will your firm survive 5 years from now? Acquisitions of other firms, adding wirehouse reps, or just selling the company and getting out—this “no holds barred” candid discussion will help you guide the future of your firm. This panel will share their views on the shifting financial landscape and the future of small and mid-size independent broker/dealers.

Moderator –
LaRae Bakerink is the Chief Executive Officer of WBB Securities, LLC. LaRae has been active in the securities industry for the past 26 years. She currently serves on the FINRA Membership Committee and the FINRA Technology Advisory Committee. Ms. Bakerink served on the NASD Board of Governors from January of 1999 thru February of 2006. She also served on the NASD Audit Committee and the NASD Regulation Board. She served on the FINRA Small Firm Advisory board from 2006 to 2008. She has served as a FINRA Arbitrator since 1993. She served on the Nasdaq Stock Market Board from 1998 to 2000. She holds Series 4, 7, 24, 27, 53, 55, 63 and 87 securities licenses. Ms. Bakerink has a B.S. and an M.B.A. from San Diego State University .

Speakers-                                          
Brian Nygaard is a Managing Director for Pershing LLC’s National Customers Group, where he is responsible for sales and ongoing management of Pershing’s strategic customer relationships and managing the San Francisco office. Mr. Nygaard was with Pershing more than 20 years ago and left in 1988 to join the Principal Financial Group, where he ran the broker-dealer and mutual fund businesses before moving on to run strategic development for the broader company. Subsequently, Mr. Nygaard moved on to ING, where he was Senior Vice President of Strategic Development and then President of the ING Advisors Network. In 2001, Mr. Nygaard became the President of the H&R Block Financial Advisors organization, the full service securities arm of the tax-preparer parent company. Mr. Nygaard earned a Bachelor of Science degree, magna cum laude, in Accounting from Drake University.

Laura Morrissey, is senior vice president, Relationship Management and regional manager for National Financial, a provider of Integrated Brokerage Solutions® and a Fidelity Investments company.  Ms. Morrissey is responsible for developing and managing National Financial’s correspondent client relationships in the West Coast region by assisting with client growth objectives such as increasing assets and driving investment and desktop product penetration and profitability goals.  A 22-year veteran in the financial services industry, Ms. Morrissey joined National Financial in 1995 initially as a conversion analyst in the Client Integration group and later becoming a director.  In 1998, she joined National Financial’s Product Deployment and Product Support group as a director and in 1999 was named vice president, Strategic Project Management.  In 2003, she became vice president, Relationship Management, managing retail and institutional correspondent client relationships.  Ms. Morrissey was appointed vice president, Client Service Management in 2003 and in 2005 assumed her current position as senior vice president and regional manager. Prior to joining Fidelity, Ms. Morrissey worked at Scudder, Stevens and Clark, Inc. in Boston. Ms. Morrissey received her bachelor of arts degree in political science from the University of Massachusetts in 1987.  She currently holds her General Securities and Principal registrations.

Edward Wedbush has been President, CEO and Managing Partner of Wedbush Morgan Securities Inc since 1955. He received his MBA from the University of California, Los Angeles and an Honorary Doctorate in Commercial Science from the University of Cincinnati.

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U.S. Regulatory and Political Environment: How it may impact your business
3:00 - 3:45 PM
This General Session will focus on the present economic conditions and how the massive proposed legislative changes will shape the future of the global and U.S. economy.

Moderator –
G. Donald Steel (NAIBD President) is the President of Planned Investment Company, Inc., a small Broker-Dealer and RIA firm based out of Indianapolis, Indiana. Mr. Steel has been a Producing Manager since 1980 and the firm’s President since 1987.  Mr. Steel was a member of the NASD District 8 Committee from1990 to 1991 and was Chairman of that committee in 1992. He is an Industry/Non-Public FINRA Arbitrator and is a member of the FINRA Membership Committee and the FINRA Small Firm Advisory Board. Mr. Steel previously served on the Net Capital Task Force in 2005 and on the Small Firm Business Continuity Task Force from2006 to 2007.Mr. Steel served for 30 years in the U.S. Navy both as an active and reserve Naval Flight Officer. He retired in 2002 as a Captain. Mr. Steel has been the Board Chairman of three United Way Agencies. He chaired the building of the USS Indianapolis (CA-35) National Memorial, and was a National Vice President of the Navy League of the U.S. He is a past President of the Kiwanis Club of Indianapolis. Mr. Steel graduated with a Bachelor’s degree in Soviet Studies and General Engineering in 1975 from the U.S. Naval Academy.

Speakers-
Ken Dunn is an Assistant Vice President with Pacific Life.  He has served as CCO for Pacific Life’s broker-dealer (Pacific Select Distributors) since 2002. Ken has served on the Boards of the Association of Western Securities Management, Securities Industry Management Association and the National Association of Independent Broker Dealers.  He was recently nominated to serve on the FINRA Dist. 2 Committee beginning in June 2009.

Neal E. Nakagiri has been Member and Manager; President, Chief Executive Officer and Chief Compliance Officer of NPB Financial Group, LLC, since its inception August 2005.  NPB is licensed as a retail, general securities FINRA broker-dealer, SEC investment advisor and life insurance agency.  Prior to joining NPB, Neal was affiliated with Associated Securities Corp. in various capacities including President, CEO, COO, CCO and General Counsel, (1985- 2004). 

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Guidelines for Revenues and Expenses:
What Should Your Firm be Earning? How do you value what your Firm is worth?
4:00 - 4:45 PM
How does your small to mid-size firm compare with others within the industry? Is your firm earning more or less on Net Income? How about your home office staff- what types of salary ranges are your competitors paying? This session is one that everyone will want to attend discussing firm profitability, officer and employee pay ranges, clearing firm agreements, and more.

Moderator –
Jim Williams (NAIBD Director) is the President and owner of Financial Telesis Inc., a broker dealer and registered investment advisory firm based in San Rafael, California. Financial Telesis Inc. has been a broker dealer since 1992, and currently has 130 registered representatives specializing in mutual fund and variable products. The firm is comprised of both retail based representatives and representatives that specialize in retirement plan services. Mr. Williams is a C.P.A. and has over 20 years experience in the securities industry as a CFO, Chief Compliance Officer and owner. He was elected to the NASD District 1 Committee in 2006. He is a past President of the Board of Directors, San Francisco Chapter IAFP. Mr. Williams has an undergraduate degree from the University of Maryland and an MBA from Golden Gate University                              

Speaker-
Jim Biddle, for the past 20 years, has been the owner, President and Chief Executive Officer of The Securities Center, Inc., an FINRA broker/dealer in Chula Vista, CA. He is a Registered Securities Principal, Government Securities Principal, Municipal Securities Principal, Financial and Operations Principal and holds life and disability and variable contracts licenses, with a total of 31 years in the industry. Mr. Biddle has a bachelor's degree in business administration from The Ohio State University (1964) and a degree in operations research/systems analysis from the Naval Postgraduate School (1971).

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Contact Information:

Tel: (888) 646-2423
Fax:(609) 799-7032

info@naibd.com