Susan Axelrod, Finra’s outgoing executive vice president of regulatory operations, is joining Merrill Lynch Wealth Management as chief regulatory officer, Merrill announced Thursday.
Axelrod was responsible for most of the Finra regulatory functions that impact broker-dealers, including exams and investigations. She lead a team of more than 1,400 people in 14 Finra district offices. Axelrod assumed her role as executive vice president of regulatory operations in 2010 after serving as senior vice president of the unit.
She will report to Andy Sieg, head of Merrill Lynch Wealth Management.
Axelrod announced her departure from Finra in October, agreeing to stay on until January 5, and then through April as senior advisor to Finra CEO Robert Cook.
She led the development of Finra’s risk-based exam program, implemented a helpline for seniors and established Finra’s high-risk broker program. Finra also expanded its cybersecurity oversight and training under Axelrod’s tenure.
Prior to joining Finra in 2007, Axelrod served in senior regulatory roles at NYSE Regulation, where she began her career in 1989.
Finra has yet to name a replacement for Axelrod.
“As our advisors continue to build their practices in an evolving regulatory environment, Susan will be an essential partner helping us drive responsible growth and improve how we operate,” Merrill's Sieg said in a statement.
Axelrod will be replacing Michelle Carter, who previously led supervision and oversight for Merrill Lynch Wealth Management. In March, Carter took on a newly created role at U.S. Trust, leading business planning, governance and controls, Merrill said.