The Financial Services Institute elected three new directors from small and mid-sized fiancial advisory firms last week.

When the new members take their seats on Jan. 1, the FSI board of directors will stand at 16 directors—four from small and mid-sized firms, and another four that are independent financial advisors.

The three new members are David Stringer, president, Prospera Financial Services, Dallas; Stephen Chipman, president and CEO, Foothill Securities, Mountain View, Calif.; and Dick Lampen, president and CEO, Ladenburg Thalmann Financial Services, Miami.

“Our advocacy agenda benefits firms and advisors of all sizes and business models, and our board of directors continues to reflect that diversity,” FSI President and CEO Dale Brown said in a statement.

The FSI also elected R. Lawrence (Larry) Roth, CEO of Advisor Group, as the new chair of the Board. Mike Mungenast, CEO and president of ProEquities, was elected vice chair. He will serve a one-year term and then be in line to become chair in 2014.

The FSI is an advocacy organization for independent financial services firms and independent financial advisors that consists of over 100 independent financial services firm members and over 35,000 financial advisor members.