We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • FINRA is not out to get you: New exam chief pledges consistency

    September 27, 2018 by Tobias Salinger

    SALT LAKE CITY —In her new role as FINRA’s executive leading examinations, Bari Havlik says she has some unique perspective from her prior job as chief compliance officer at Charles Schwab. A few members of her former team came to Schwab from the SEC, she recalls.

    “Once they started having to respond to regulatory inquiries, they said, ‘Oh my God, I had no idea it was so difficult to get so much of this information. We thought you just had it at the snap of your fingers,’” Havlik says. “We need to be thoughtful about it and to try to understand the other side.”

    Click HERE to read the original story via FinancialPlanning. 

    Havlik, FINRA’s executive vice president for member supervision, appeared at the FSI Forum on Sept. 24 after she replaced Susan Axelrod in late April as the lead manager of surveillance and exams. Axelrod left the self-regulatory organization last year before taking a position with Merrill Lynch.

    FINRA conducted more than 7,800 exams in 2017, collecting nearly $132 million in fines and restitution and barring almost 500 brokers, according to its annual report. The regulator’s budget calls for spending more than $300 million this year on regulating the industry’s 629,000 brokers and 3,700 BDs.

    The plan for 2019 includes looking further at how to get so-called high risk brokers to do right by clients or leave the industry, Havlik says. Her goals for her team center on enhancing training for examiners to ensure they audit firms with an understanding of how their businesses operate while using a by-the-book approach, she says.

    “There will be an occasion when somebody interprets something in a way that is not as consistent as we would like. I would say that, in those cases, I would ask that firms escalate any concerns,” Havlik says. “I do need feedback on those situations. I can’t keep making improvements, and we can’t learn from situations unless we hear about them.”

    She recommends advisors or their BDs seek out their FINRA district or regional director to discuss the situation or share it with a professional organization like FSI. Havlik has already met with Dale Brown, the CEO of FSI, and others from the IBD advocacy group at least two times in her first five months.

    “We frequently act as that impartial anonymous buffer or broker, if you will, to say, ‘Hey this is what we’re hearing from a firm’ or mostly from a group of firms,” said Brown, who led the session with Havlik.

    “If the question’s popping up enough,” he continued, “we’re able to have a good conversation with you and your team, and often that ends up looping our members into that conversation, reaching a better understanding.”

    One FSI member asked Havlik why FINRA didn’t just bar all of the brokers on its list of recidivist brokers, but she replied that the regulator has no “quote unquote list” of the so-called high-risk advisors.

    “Not all disclosures are created equal,” she said. For example, she noted, brokers with five customer complaints about an unsuccessful product that their firm sold are different from a brokers with complaints about unauthorized trading or churning.

    Before her presentation before an audience with Brown, Havlik met with FSI’s board for roughly an hour — which includes executives from some of the largest ifrms in the IMD space. She described the view that FINRA is “out to get them” as the biggest misconception among FINRA’s stakeholders.

    “The vast, vast majority of the people in this industry are doing the right thing by investors and the markets. It’s a very, very small percentage that are not, that give the industry a bad name,” Havlik said. “The misconception is that FINRA thinks everybody’s in that space and everybody’s got something going on that’s wrong and that’s not at all the case.” 

     

     

    Originally Posted at Financial Planning on September 25, 2018 by Tobias Salinger.

    Categories: Industry Articles
    currency