Of all the important ways in which the independent financial services sector has evolved to expand its voice in Washington, D.C. and the states since the Financial Services Institute (FSI) was founded in 2004, one development has flown under the radar—yet it’s been one of the most vital factors in helping us secure a seat at the table when major regulation or legislation that impacts our industry is discussed.
I’m referring to the ever-increasing determination of firm executives and advisors across the country to not only get engaged in the advocacy priorities that matter to our industry, but to take leadership roles in proactively pushing those priorities forward.
As my team and I work with members each week to encourage them to get involved in our mission, we are increasingly finding that another powerful force is spurring these professionals to engage in advocacy in ways we have never seen before: The voices of their peers, expressed independently of our outreach efforts.
What we have found, in short, is that there is a new generation of advocacy leaders emerging across our industry. It’s a network of advisors and executives that have seen success in moving the needle on key bills and rule proposals, whether it’s through running for various FINRA committees; developing a working dialogue with their representatives in Congress; participating in our annual Capitol Hill Day and urging other members to do the same; attending hearings on key issues, or any number of other activities.
And it’s not just a handful of professionals. We are finding that advisors and firm executives today have a far more sophisticated grasp of how to impact legislative and regulatory rulemaking processes than they did 10 or even five years ago. They have also come to view advocacy as one of their own core priorities and set aside time to get involved.
These growing, industry-wide trends have strengthened the voice of the independent financial services sector by ensuring that regulators and legislators hear directly from the professionals on the front lines—helping to amplify our efforts to advance our industry’s advocacy priorities.
To honor this rising generation of advocacy leaders, this summer, we launched our new advocacy recognition program. These awards, which include the Stephen R. Kareta Excellence in Advocacy Award and the FSI Advocacy Circle of Excellence, celebrate our members’ service and achievements in fighting for a more sensible, business-friendly regulatory environment.
The honorees were selected for their efforts to organize and engage other members in advocacy, their devotion of time and resources to building and strengthening working relationships with legislators and regulators and many other factors.
The 20 members of this year’s Advocacy Circle of Excellence represent nearly every discipline across our industry, including firm CEOs; veteran financial advisors; leaders in compliance, supervision and regulatory affairs; and executives in operations, technology and marketing—demonstrating the breadth of the growing focus on advocacy leadership we are seeing throughout the independent financial services community.
Even among this extraordinarily dedicated group of 20, there were those that stood out for the example they set. We were therefore pleased to further recognize three members of the Circle of Excellence—Harman Wealth Management Managing Director and CEO Dean Harman, Kusske Financial Asset Management President Mary B. Kusske and Cetera Advisor Networks’ Head of Supervision Summer Pretzer—as the first recipients of the Stephen R. Kareta Excellence in Advocacy Award.
Stephen Kareta was a powerful advocate whose career at Foothill Securities and Securities America provided a perfect illustration of the larger leadership role that firm executives and advisors are playing in advocacy today. We hope this award will continue to honor his legacy and remind our members of his enthusiastic efforts to champion financial literacy and FSI’s broader mission for years to come.
Dean, Mary and Summer certainly embody this spirit:
Dean Harman—the second advisor ever to serve as the chair of FSI’s Board—has provided testimony to Congress about the detrimental effects of the Department of Labor’s first fiduciary rule in 2016, and has been a key voice for our industry in discussions with leaders like SEC Chairman Jay Clayton, FINRA CEO Robert Cook, and numerous members of the House and Senate.
Mary B. Kusske has attended 10 of our last 12 Capitol Hill Day events, sharing her infectious enthusiasm with both legislators and her fellow FSI members in order to forcefully make the case for a more business-friendly regulatory environment.
Summer Pretzer, meanwhile, has been responsible for some of the most insightful and high-impact presentations and panel discussions on compliance and supervision issues at our annual OneVoice conference, having played a key role on the planning team for the event every year since 2018.
When we first started FSI in 2004, we knew that educating and inspiring advisors and firm executives to take up the mantle of proactive leadership in our mission might take some time. Today, though, it’s our members who are pushing us to match their proactive enthusiasm and commitment—and it’s one of the most rewarding developments I’ve seen in my career.
Dale E. Brown is president and CEO of the Financial Services Institute.