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Financial Services Institute

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The Financial Services Institute (FSI) is an advocacy organization for independent financial services firms and independent financial advisors. FSI has over 100 financial services firm members and over 35,000 financial advisor members. FSI's mission is to create a more responsible regulatory environment for independent broker-dealers and their affiliated independent financial advisors through effective advocacy, education and public awareness.[1] And its strategy includes involvement in FINRA governance, constructive engagement in the regulatory process and effective influence on the legislative process.[2]

Financial Services Institute
File:FSI picture.jpeg
Financial Services Institute (FSI)

Origins

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FSI was formed in 2004 with the support of the Financial Planning Association (FPA™) out of a growing need for independent broker-dealers to be represented in Washington, D.C. and in the states. After more than a year of conversations and analysis, the FPA Board of Directors concluded that FPA’s Broker-Dealer program could not adequately serve the specific and complex needs of independent contractor broker-dealers. In August 2003, in consultation with and with support from FPA’s Broker-Dealer Advisory Council, the FPA Board of Directors recommended to the creation of this new association.

In 2004, Dale E. Brown, CAE, former associate executive director of FPA, became the first president and CEO of the newly created FSI.[3] [4]

In 2007, FSI, led by its Board of Directors, decided to open up membership to individual financial advisors. Today, FSI has over 35,000 independent financial advisor members. [5]

FSI Leadership Team

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Name Position
Dale E. Brown, CAE President & CEO
Keith Kelly Executive Vice President & COO
Dave T. Bellaire, Esq. General Council & Director of Government Affairs
Chris Paulitz[6] Managing Director, Marketing & Communications
  • Dale E. Brown, CAE- President & CEO: Dale Brown has over 20 years of association management experience to FSI. Prior to FSI, Mr. Brown served as the associate executive director of the Financial Planning Association (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. Mr. Brown also led the successful fight in the mid-1990’s against the IRS’s attempts to force broker-dealers to reclassify independent contractor representatives as statutory employees. In both IAFP and FPA, Mr. Brown was part of the senior management team and brings broad leadership experience to FSI. [7] In 2004, Mr. Brown became the present CEO of FSI. [8] During this time, FSI has become a vocal and important advocate for financial advisors. [8] Mr. Brown is regularly recognized as one of the most influential people in the investment advisory business. In 2012, Mr. Brown was recognized in Investment Advisor’s annual IA 25, making it his sixth appearance on the list. [9] [8]
  • Keith Kelly- Executive Vice President & COO: Mr. Kelly serves as executive vice president and chief operating officer for the Financial Services Institute. [10] Prior to FSI, he served as president at Mutual of Omaha Investor Services. Mr. Kelly also worked for more than five years as vice president and chief operations officer for Nationwide Financial Network and as director of operations and product management at Genworth Financial Investment Services. He also held positions at GE Asset Management as a manager of marketing and product management and Dreyfus Funds in sales and marketing. Mr. Kelly received a Bachelor of Science degree in Advertising and Public Relations at the New York Institute of Technology. [11]
  • Dave T. Bellaire, Esq.- General Council & Director of Government Affairs: Mr. Bellaire is the general counsel and director of government affairs at the Financial Services Institute. [12] He has more than 18 years of broker-dealer compliance, legal, and operations experience. Most recently, he was vice president of operations and general counsel at Securities Service Network, Inc. He also previously was compliance manager and special investigations attorney with InterSecurities, Inc., assistant director of compliance at Commonwealth Financial Network, Inc. and assistant to the executive director at the Institute of Certified Financial Planners (ICFP). Mr. Bellaire received a B.S. in business management from Providence College and a JD from the University of Denver, Sturm College of Law. He holds the series 7, 24, 53, 63, and 65 licenses and is admitted to the state bar of Massachusetts and Tennessee. [11]
  • Chris Paulitz- Managing Director, Marketing & Communications: Mr. Paulitz was a spokesman and strategic advisor to decision makers on Capitol Hill for more than 12 years before becoming the Managing Director, Marketing & Communications at FSI. He also served as senior vice president of communications for the Insured Retirement Institute. Before that, Mr. Paulitz had spent more than a decade working as a spokesman and strategic advisor for House and Senate leadership offices, the Republican National Committee, the National Republican Congressional Committee, and the Bush administration. Mr. Paulitz earned his bachelor's degree in communication and journalism from The Ohio State University. [13]

Advocacy [14]

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The following are advocacy issues FSI has been involved in:

  • Dept. of Labor fiduciary rule withdrawn.
  • 12b-1 fees preserved.
  • Independent contractor status protected nationally and in the states.
  • Inherited "Stretch" IRAs preserved.
  • Doubled financial advisor membership to over 35,000.
  • Nearly 20 new members elected to FINRA committees.

References

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  1. ^ "About Us". Financial Services Institute. Retrieved 27 July 2012.
  2. ^ "Overview". Financial Services Institute. Retrieved 27 July 2012.
  3. ^ "Dale Brown, Financial Services Institute". AdvisorOne. Retrieved 27 July 2012.
  4. ^ Andrus, Danielle. "Dale Brown: The 2012 IA 25 Extended Profile". AdvisorOne. Retrieved 27 July 2012.
  5. ^ Cite error: The named reference smartmoney was invoked but never defined (see the help page).
  6. ^ Mitchell, Donna. "FSI Names New Communications Director". Financial Planning. Retrieved 27 July 2012.
  7. ^ Cite error: The named reference advisorone_a was invoked but never defined (see the help page).
  8. ^ a b c Cite error: The named reference advisorone was invoked but never defined (see the help page).
  9. ^ Cite error: The named reference summitbusinessmedia was invoked but never defined (see the help page).
  10. ^ Cite error: The named reference advisorone_b was invoked but never defined (see the help page).
  11. ^ a b Cite error: The named reference financialservices was invoked but never defined (see the help page).
  12. ^ Cite error: The named reference smartmoney_a was invoked but never defined (see the help page).
  13. ^ Cite error: The named reference financial-planning was invoked but never defined (see the help page).
  14. ^ Cite error: The named reference financialservices_b was invoked but never defined (see the help page).
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