In early December 2008, FSI's Board of Directors unanimously elected Eric Schwartz, Chairman & CEO of Cambridge Investment Research in Fairfield, IA, as Chair for 2009.  Eric brings extensive independent broker-dealer leadership and management experience to his role as FSI's top volunteer leader.  Mari Buechner, President & Chief Compliance Officer of Coordinated Capital Securities in Madison, WI, was elected 2009 Vice Chair. 

One new Director was also elected by the Board for a new term beginning in 2009:

  • Frank Tauches, Executive Vice President of American Portfolios Financial Services, Inc. in Holbrook, NY. 

Under FSI's bylaws, the Chairs of the Compliance, Operations, and Marketing & Investment Advisory Services Council serve on the Board of Directors.  These individuals, elected by their peers on each council, will join the Board for 2009:

  • Arthur B. Goldsmith, Senior Vice President, The Strategic Financial Alliance, Inc. in Atlanta, GA (Operations);
  • David C. Knoch, President & COO, 1st Global Partners in Dallas, TX (Marketing & Investment Advisory Services); and
  • Paul J. Tolley, Chief Compliance Officer, Commonwealth Financial Network in Waltham, MA (Compliance)

 2009 Board of Directors

Schwartz Eric Schwartz, Chair

Eric is the founder and Chairman of Cambridge Investment Research, Inc., and the founder of Cambridge’s predecessor broker-dealer, in 1981. Eric is considered an industry expert on fee-based business and has been a featured speaker at national industry forums numerous times. 

BuechnerMari Buechner, Vice Chair

Mari is the President, Chief Executive Officer & Chief Compliance Officer of Coordinated Capital Securities, Inc (CCS). In 2008 Mari was appointed as an at-large member of FINRA’s Small Firm Advisory Board as well as to the FINRA Board of Governors.  She is a member of FINRA Independent Dealer/Insurance Affiliated Committee, past FINRA District 8 Committee member, a member of the FINRA District 8 Nominating Committee, a past member of FINRA Licensing and Registration Committee. She graduated from the University of Wisconsin-Madison in 1987 earning a Bachelor of Science Degree in Finance and Marketing.

MurphyBrian Murphy, Immediate Past Chair

Brian is Chairman of Woodbury Financial Services, the independent broker-dealer for Hartford Life. Brian is also executive vice president of the Individual Life Division at Hartford Life Inc., a subsidiary of The Hartford Financial Service Group, Inc.  Brian joined Woodbury in 2001 as Vice President of Sales and Marketing and was named Senior Vice President & Chief Distribution Officer in 2003 before becoming President & CEO in January 2004. 

AndersonDaniel W. Anderson

Dan is currently Chairman of AdvisorNet Financial (formerly Swenson Anderson Financial Group). He received his BA degree in mathematics from Augsburg College. He joined Strommen and Associates in 1969 as a registered representative and entered management in 1977. In 1980, Dan assumed the Presidency and partial ownership. AdvisorNet Financial currently has in excess of 200 full time representatives who work with individuals and corporate clients in areas such as financial planning, insurance planning, asset management, estate analysis, and employee benefit consulting. Dan holds the professional designations of Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC). He has served a number of professional organizations as a member and leader, including Million Dollar Round Table, Society of Insurance and Financial Professionals, National Association of Insurance and Financial Advisors and GAMA International. Dan is a Regional Director for Financial Network Investment Corporation in El Segundo California, a securities broker-dealer, and a General Agent for a number of insurance companies.

AuldJeff Auld

Jeff, President & CEO, of SagePoint Financial, Inc. has 30 years of industry experience that includes senior management positions in every sector of the financial services industry.  Before joining SagePoint, Jeff served as President of Berthel Fisher & Co. Financial Services, Inc. where he was responsible for recruiting and involved in the firm’s marketing, advertising, technology and operational improvements. He was President and CEO of NEXT Financial Group, Inc. where he led the firm from a start-up broker-dealer to one of the nation’s 40 largest in five years. He served as Chairman and President of Magna Investments, Inc. He began his career in the financial services industry as a Registered Representative before being named a Limited Partner with Edward D. Jones & Company.

Bewley_WebMichael D. Bewley

Mike is the newly named COO of Kovack Securities in Ft. Lauderdale, FL.  He was formerly Vice Chairman and CEO of Wall Street Financial Group, a privately owned, independent broker-dealer located in Rochester, NY.  Mike was with WSFG from 1996 thru 2008, and moved into the role of COO in 2002, which he held until becoming the Vice Chairman and CEO in 2005.  Mike has been an active member of the Financial Services Institute (FSI) since its inception, where he has served on the Operations Council.  Mike has a B.S. in Management/Finance from St. John Fisher College in Rochester, NY and is active in several charitable organizations in the Rochester area.

Dwyer_WebWilliam E. Dwyer III 

Bill is Managing Director, and President, LPL Independent Advisor Services. He has dedicated almost the entirety of his working career to the securities industry, focused on making sure retail investors have the best opportunity to have a successful investment experience.  Bill oversees several departments within LPL, including Business Development, Branch Development, Advisory Services, Research, Marketing, and Sponsor Relations, as well as LPL's subsidiary companies, including LPL Insurance Associates, LPL Mortgage Services, and the Private Trust Company. In this role, he is responsible for advisor satisfaction and growth of the firm, which in 2007 exceeded $2 billion in revenue and is one of the ten largest brokerage firms in the industry. Over his 15 years at LPL he has been influential in both the firm's growth and in the growth of the Independent Broker Dealer industry. He joined LPL Financial Services in Branch Development, a department he would eventually oversee, at a time when the firm was doing approximately $60 million in revenue.  Prior to joining LPL in 1992, Bill spent eight years as an investment representative at various firms. He has served on the Board of Directors of Big Brothers and Big Sisters of Massachusetts Bay since 1999 and has held the position of Executive Vice Chairman since 2001.  He also serves on the Private Client Services Executive Committee of the Securities Industry and Financial Markets Association.  He has a Bachelor of Arts from Boston College and holds NASD Series 3, 7 and 63 licenses.

Goldsmith, Arthur PhotoArthur B. Goldsmith, FSI Operations Council Chair

Arthur serves as Senior Vice President of Operations and Technology for SFA Holdings, Inc. and The Strategic Financial Alliance, Inc. (“SFA”). From 2001 until joining SFA, Arthur was the Managing Director with The Mainstay Group Capital Markets Consultants, developing compliance and operational initiatives domestically and internationally. From 1997 to 2001, he worked for Dover International as Vice President/Senior Project Manager developing a start-up, self-clearing internet broker-dealer. From 1995 – 1997 Arthur worked for KPMG and the Intrados Group in the former Soviet Union and Eastern Europe, assisting with capital markets development in many capacities including creating a central depository, the Ukrainian Trading System, and regulators for new Securities Commissions. From 1991 – 1995 he managed New Dimensions, a consulting firm that assisted financial firms in operations and compliance. From 1977 – 1989 he worked with Johnson Lane as the Senior Vice President/Director of Operations and Technology and served as a member of the Board of Directors. In additions to Operations and Technology, he was responsible for Branch Operations administration, created and managed a retail agency trade desk as well as state-of-the-art Customer Service organization. Earlier in his career, Arthur worked at Merrill Lynch after beginning his career in the securities industry at Walston & Company. Arthur attended  New York University majoring in Investment Banking and is registered with FINRA and holds Securities Series Licenses 7, 31 and 24.

Knoch, DavidDavid C. Knoch, FSI Marketing and Investment Advisory Services Chair

David is 1st Global's President and Chief Operating Officer and is responsible for the leadership of all sales support functions as well as operational processing. David is charged with the development, design, and execution of all new and ongoing services for 1st Global's three main business entities: 1st Global Advisors Inc., a federally registered investment adviser; 1st Global Capital Corp., a FINRA-registered broker-dealer; and 1st Global Insurance Services, Inc., an insurance general agency.  David maintains active, professional memberships in the Financial Services Institute (FSI), Investment Adviser Association, Money Management Institute, and Investment Management Consultants Association. He is a part of the Investment Management Consultants Association's Performance Reporting Standards Task Force. David graduated from the University of Massachusetts, Amherst, and is a Certified Investment Management Analyst (CIMA®) professional. He is a registered representative who holds FINRA Series 7, 24, 53, and 66 licenses.

Mungenast_WebMichael J. Mungenast

Mike has been CEO and President of ProEquities, Inc., a leading broker-dealer for independent financial advisors, since 2002.  In this position, Mike leads a sales force of 1,100 Registered Representatives who function as independent Financial Advisors.  ProEquities has enjoyed record sales growth and profit growth in each year under Mike’s leadership.  He has been with the firm eight years, initially functioning as their COO.  Prior to joining ProEquities, Mike held positions as Partner and CFO of Dover International, a provider of consulting, training, and outsourcing services to various broker-dealers channels, and at Coopers and Lybrand in their audit and litigation services department.  He graduated in 1986 from Auburn University with a BSBA in Accounting and became certified as a CPA in 1988.  Mike serves on various industry committees and has recently served as Chairman of the 2005 conference for the Financial Services Institute and as Chair of CEO Advisory Council in their first year of existence.   He also serves the industry as a representative on the FINRA District 5 Committee and is a member of the SIA Independent Firms Committee.  He is a member of the Leadership Birmingham Class of 2005, a deacon at Briarwood Presbyterian Church, and on the Birmingham Jr. Achievement Board of Directors. He is happily married to his wife, Dana, and enjoys coaching his children Anna (9) and Joseph (7) in their various sports endeavors.

RothR. Lawrence Roth

Larry is chief executive officer (CEO) of Advisor Group, the nation’s largest independent broker-dealer network. As CEO, Larry is responsible for the strategic and operating initiatives of Advisor Group’s approximately 8,000 financial advisors. The broker-dealers that constitute Advisor Group, a division of American International Group Inc., are SagePoint Financial, Inc. in Phoenix; Royal Alliance in New York; and FSC Securities Corp. based in Atlanta. Before his appointment to CEO of Advisor Group in 2007, Larry was president and CEO of the group’s New York-based broker-dealer, Royal Alliance. At Royal Alliance, Larry shaped an environ¬ment of success that contributed significantly to both the quality and organic growth of the company. Prior to Royal Alliance, Larry was managing director of Berkshire Capital Corp., a mergers and acqui¬sitions advisory firm. In earlier positions, Larry was CEO of the ING U.S. retail group and CEO of VESTAX Securities Corp., a broker-dealer he owned and built to more than 700 registered representatives. Larry is a certified public accountant and an attorney with professional experience, including an associ¬ation with Deloitte & Touche. He holds a B.A. from Michigan State University and a J.D. from the University of Detroit School of Law. He graduated from the Owner/President Management Program at the Graduate School of Business Administration at Harvard University and is a member of the Harvard Business School Club.

Russo, JoeJoseph R. Russo

Joe is a native of Cedar Rapids, Iowa where he attended LaSalle High School and Kirkwood College.  He began his securities career in 1972 as a Registered Representative with United Financial Services Corporation, earning “Broker of the Year” and “Manager of the Year” awards.  He joined Merrill Lynch in 1977 and was promoted to Branch Manager and Corporate Officer that same year. In 1983, Joe founded Perpetual Investment Associates and Perpetual Investment Advisors, the first Broker/Dealer and Registered Investment Advisor to be partnered with a state-chartered Savings and Loan in the nation.  He served as CEO and Board Chairman until 1989 when AEGON, USA Securities, Inc. acquired the companies. In 1992, Joe created an independent securities marketing firm to service the needs of AEGON’s rapid expansion.  That firm is known today as Advantage Financial Group.  AFG is the premier OSJ within National Planning Corporation. It manages over $1.9 billion of client assets within its 48 Branch office infrastructure. In addition to his duties as CEO & Chairman of AFG, he is also Chairman of Advantage Investment Management, a Registered Investment Advisor practice headquartered in Cedar Rapids, and conducts his securities brokerage business from Naples, Florida.  Joe proudly serves on the President’s Advisory Council of National Planning Corporation, Board of Directors of Financial Services Institute (FSI), chairs FSI’s Advisory Services Committee, and is licensed as a General Securities Principal, Municipal Bond Principal, Options Principal, and Registered Investment Advisor Representative.  He is a frequent guest speaker at securities related venues and serves on numerous corporate and charitable boards.

Sterk_WebMary Sterk

Mary is President and Founder of Sterk Financial Services, Inc, is a Certified Financial Planner and a Registered Investment Advisor.  She has been in the financial services industry for over 14 years.  Mary has earned numerous awards, including the prestigious Eagle's Circle Award seven years in a row, the Leadership Council Award, and is a multiple year qualifier for the Million Dollar Roundtable's Court and Top of the Table.  Mary was recently the Chairperson of the Woodbury Financial Services Representative Advisory Council.  Mary and her three children live in Dakota Dunes, South Dakota.

Tauches, FrankFrank Tauches

Frank first entered the securities industry in 1974 as an Enforcement Attorney with the New York Stock Exchange and subsequently spent ten years with Merrill Lynch & Co. as an attorney and branch manager.  He formed Independent Financial Securities in 1987.  Frank was appointed to the Board of Directors of American Portfolios Holdings, Inc. in 2003 and then served as General Counsel and Chief Operating Officer of American Portfolios Financial Services before his appointment as President in 2006.  In 2008 he was appointed Executive Vice President and General Counsel of American Portfolios Holdings, Inc. He served as Chairman of the Water Authority of Western Nassau County, a public benefit corporation, from 1995 to 2008 and negotiated the takeover of the assets of Jamaica Water Supply Company.  Frank also was elected a Trustee of the Incorporated Village of Garden City, New York in 1990 and served as Mayor from 1997 to1999.  Frank served on active duty for three years as a Captain in the United States Marine Corps. He remained active in the reserves and returned to duty again as a Colonel in conjunction with Operation Desert Shield/Desert Storm. He was elected President of the Marine Corps Reserve Officers Association in 1993 and retired in 2007 with forty-two years total service. Frank holds a Bachelor of Arts degree from Fordham University and a Juris Doctor degree from St. John’s University School of Law.  Frank and his wife, Lorraine, have been married for thirty-seven years and reside in Garden City, New York.  They have four grown children: Lori, Jason, Kim and Katie.

Tolley, PaulPaul Tolley, FSI Compliance Council Chair

Paul has been Chief Compliance Officer at Commonwealth Financial Network since August 2006. As CCO of Commonwealth, Paul is responsible for establishing, administering and enforcing Commonwealth’s broker-dealer and investment adviser supervisory and compliance policies and procedures. He is also responsible for the general management and leadership of the firm’s Compliance and Licensing staff.  Paul has more than 16 years of compliance experience and a strong background in broker-dealer and investment advisory compliance best practices. Prior to joining Commonwealth, Paul was First Vice President and Chief Compliance Officer for National Planning Holdings of Santa Monica, California, where he oversaw compliance for the four independent broker-dealers within the NPH broker-dealer network. He has also served in senior compliance positions at Cambridge Investment Research and LPL.  Paul holds FINRA Series 4, 7, 24, 53, 63, and 65 securities licenses.  He is a member of the National Society of Compliance Professionals. Paul earned his BS in Business Administration from Northeastern University in Boston.

BrownDale E. Brown, CAE - President & CEO - Ex Officio

Dale brings 19 years of association management experience to FSI, most recently as the associate executive director of FPA. For IAFP, one of FPA’s predecessor organizations, he led the government relations program and the broker-dealer program, which grew to more than 130 member firms by the time FPA was created in January 2000. Dale also led the successful fight in the mid-1990s against the IRS’s attempts to force broker-dealers to reclassify independent contractor representatives as statutory employees. In both IAFP and FPA, Dale played a critical role in the senior management team and brings broad leadership experience to FSI in his role as founding President & CEO.