Being part of the Finra Board provides the forum to represent the constituents who sent you there. Over the course of a three-year term, those constituents’ needs and views will evolve, so staying in close contact with them is not just important, it’s a prerequisite to ensure their views are represented on the Board accurately.
Over the course of my first term, I logged thousands of air miles attending dozens of national and regional industry events to make sure I understood how mid-size firms felt about various rule proposals and initiatives. I also maintained a consistent open-door policy and encouraged mid-size firm members to reach out to me if they had concerns or ideas.
And, of course, my daily conversations with the more than 400 advisors we support at Kovack Securities provided a vital source of perspective, as well.
These efforts to stay in touch with my constituents and continually seek their input on the shifting regulatory issues facing small and mid-size firms played a major role in my work in helping to establish Finra’s Small Firm Helpline. This resource has provided an additional layer of guidance to firms with fewer resources, allowing them to more easily adapt to new regulatory requirements.
Conclusion
The next three years will be crucial in shaping our regulatory framework for the next decade and beyond. To help Finra become the most effective regulator possible, we must continue to support Robert Cook’s Finra360 initiative and strive to further strengthen the collaborative dialogue between the regulator and its member firms.
Achieving these goals will require industry representatives on the Finra Board of Governors who possess a laser focus on the needs of the people and firms they represent, and who will also work diligently to cultivate strong relationships with other Board members in order to effectively steer new proposals from idea to implementation.
Brian Kovack, Esq., is the president and co-founder of Kovack Securities, a privately owned, national full-service independent broker-dealer based in Fort Lauderdale, Fla. He is currently seeking re-election to the Mid-Size Firm seat on the Finra Board of Governors. For more information, please see www.kovack4bog.com.