December 19, 2007 - In early December, FSI's Board of Directors unanimously elected Brian Murphy, Chairman of Woodbury Financial Services, as Chair for 2008.  Brian brings extensive independent broker-dealer leadership and management experience to his role as FSI's top volunteer leader.  Eric Schwartz, Chairman & CEO of Cambridge Investment Research in Fairfield, IA, was elected 2008 Vice Chair.  Eric is a founding Director of FSI.

Four new Directors were also elected by the Board for new terms beginning in 2008:

• Mary Sterk, President of Sterk Financial Services in Sioux City, IA, is the third independent financial advisor on FSI's Board of Directors;
• Michael D. Bewley, COO of Kovack Securities in Ft. Laurderdale, FL;
• William E. Dwyer III, President of LPL Independent Advisor Services in Boston, MA; and
• Michael J. Mungenast, President & CEO of ProEquites, Inc. in Birmingham, AL.

Under FSI's bylaws, the Chairs of the Compliance, Operations, and Marketing & Advisory Services Council serve on the Board of Directors.  These individuals, elected by their peers on each council, will join the Board for 2008:

• Kerry E. Cunningham, Head of Risk Management, ING Advisors Network in El Segundo, CA (Compliance);
• Robert A. Hatton, former President & CEO of FFP Advisory Services, Inc. in Chesterfield, MO (Operations); and
• Warren Pfitzenmayer, Vice President, Marketing, ING Advisors Network in Atlanta, GA (Marketing & Advisory Services)

"FSI's Board of Directors reflects the strength and diversity of our membership and the shared vision of FSI's influential role in the industry," noted John Simmers, CEO of ING Advisors Network and 2007 Chair of FSI's Board.  "Brian will be an outstanding leader for FSI, and the addition of Eric as Vice Chair, a new Financial Advisor and three respected CEOs adds even more depth to an already strong leadership team."

"Our first four years as an advocacy organization have been very successful, thanks in large part to committed and visionary volunteers like the four founding Directors finishing their service on our Board," said Dale E. Brown, President & CEO.  "Stephanie Brown, General Counsel & Managing of LPL Financial Services, Bob Cogan, President & CEO of Capital Analysts Incorporated, John Poff, retired CEO of Mutual Service Corp., and Peter Wheeler, President of Commonwealth Financial Network all gave countless hours and considerable wisdom to FSI in our formative years."  I also want to recognize our Council Chairs who served on the Board in 2007:  Mark Quinn of Royal Alliance (Compliance), David Kelsey in ING Financial Advisers (Operations), and James Clements of National Planning Holdings (Marketing & Advisory Services)."

Brian Murphy, Chair Brian is Chairman of Woodbury Financial Services, the independent broker-dealer for Hartford Life. Brian is also executive vice president of 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.

Eric Schwartz, Vice 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.

John Simmers, Immediate Past Chair John is the chief executive officer for the ING Advisors Network, a group of four independent broker-dealer firms, where he is responsible for the overall development and implementation of Network-wide initiatives and on-going business development and operational strategies. John co-founded Financial Network Investment Corporation in 1983, where he served as chief operating officer and member of its Board of Directors before his appointment in 2000 to ING Advisors Network as chief operating officer. He also was previously in management with the National Association of Securities Dealers.

Daniel 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 from El Segundo California, a securities broker-dealer, and a General Agent for a number of insurance companies.

Michael D. Bewley Mike is the newly named COO of Kovack Securities.  He was formerly Vice Chairman and CEO of Wall Street Financial Group, a privately owned, independent broker-dealer located in Rochester, NY.  Michael 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.

Mari Buechner Mari is the President, Chief Executive Officer & Chief Compliance Officer of Coordinated Capital Securities, Inc (CCS). In 2008 Ms. Buechner was appointed as an at-large member of FINRA’s Small Firm Advisory Board, 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.

Kerry Cunningham, Chair, Compliance Council Kerry is Head of Risk Management for ING Advisors Network.  She is responsible for overseeing compliance and other areas for the Network’s four independent broker-dealers.  Kerry has over 25 yeas of securities industry experience.  Prior to joining ING in 2001, Kerry served as Chief Counsel for the NASD’s Chicago District Office.  Prior to her work with the NASD, Kerry served as Special Counsel and Branch Chief of Enforcement in the Los Angeles office of the Securities and Exchange Commission.   She is a frequent speaker at securities industry events.  She is a graduate of Loyola Law School of Los Angeles and the University of California at San Diego.

William 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.

Robert A. Hatton, Chair, Operations Council Bob is the former President & CEO of FFP Advisory Services, Inc.  Bob holds a BA in Accounting and Business Administration from Winona State University.  Bob began serving as Executive Vice President of Operations for FFP in April 2002.  He is currently a Certified Financial Planner (CFP).  Prior to joining FFP, Bob served as Vice President and Director of Operations, Financial Planning Center for AXA Advisors from 1998 to 2002.  Other experiences included four years as Vice President and COO of IDS Life of New York and Managing Analysts operations, a financial planning group for high net worth clients of American Express Financial Advisors.  Bob also worked for Norwest Banks for 13 years in numerous leadership positions.  Bob holds his FINRA series 7, 24, 51 and 65 licenses.

Michael 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, an advocacy organization for independent registered representatives, and as Chair of their 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.

Warren Pfitzenmayer, Chair, Marketing & Advisory Services Council Warren A. Pfitzenmayer is vice president, head of strategic relationships for ING Advisors Network (Network) in Atlanta, Ga. He is responsible for the relationships between the product providers and the financial professionals affiliated with one of the independently managed broker-dealers of ING. It is comprised of four broker-dealers: Financial Network Investment Corporation, ING Financial Partners, Inc., Multi-Financial Securities Corporation, and PrimeVest Financial Services, Inc. Each firm is also a registered investment adviser firm, and collectively under the Network, support approximately 8,000 independent contractor financial professionals nationwide. Warren is the main liaison between the mutual fund, variable annuity and direct participation firms and the broker-dealers of the Network, identifying the needs of the affiliated financial professionals, and developing effective marketing strategies and resources. Prior to joining ING, he spent more than 10 years in the mutual fund industry in various capacities, including fund sales, management, operations and service. Most recently, he was the director of mutual funds and variable annuities for IFG Network Securities, Inc., including being responsible for their sales and marketing strategies. He has also worked with such firms as Alliance Capital, Bear Stearns, Eaton Vance, and the Dreyfus Corp. Warren received his bachelor’s degree in international relations with a minor in history from Syracruse University in New York. He is also a member of the Financial Planning Association in the Atlanta Chapter, and holds his Series 6 and 63 securities registrations. Warren currently serves as chairman of the Marketing & IA Services Council for FSI.

R. Lawrence Roth Larry is chief executive officer (CEO) of AIG Advisor Group, the nation’s largest independent broker-dealer network. As CEO, Larry is responsible for the strategic and operating initiatives of AIG Advisor Group’s approximately 8,000 financial advisors. The broker-dealers that constitute AIG Advisor Group, a division of American International Group Inc., are AIG Financial Advisors Inc. in Phoenix; Royal Alliance in New York; and FSC Securities Corp. and Advantage Capital Corp., which are co-managed and based in Atlanta. Before his appointment to CEO of AIG 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 Financial Services Institute and the Harvard Business School Club.

Joseph 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 $1.5 billion of client assets within its 28 Branch office infrastructure. In addition to his duties as CEO & Chairman of AFG, he maintains his Registered Investment Advisor practice in Cedar Rapids, and conducts his securities brokerage business from Naples, Florida. Joe serves on the President’s Advisory Council of National Planning Corporation, 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.

Mary 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 7 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.

Dale 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.