WBB Securities, LLC
Kristina Cole has been a Corporate Officer of WBB Securities, LLC for the last 2 years. She has been the Managing Director of Compliance and Legal residing from WBB's San Diego, CA headquarters. She has enjoyed a lengthy career with more than 17 years in the securities industry, with an extensive background specializing in compliance and financial regulatory supervision. Prior to her role at WBB Securities, Kristina was a Senior Compliance Officer focusing on surveillance and branch audits with Commonwealth Financial Network, and Senior Compliance Officer with LPL Financial as a branch auditor. She is active with industry groups and currently a member of the Southern California Compliance Group, Financial Services Institute (FSI), and the National Association of Independent Broker/Dealers (NAIBD).
Ms. Cole holds both a Bachelor of Arts and Masters of Business Administration with a concentration in Management, she also holds the Series 7, 24, 53, 55, 63, 66, and 99. Ms. Cole has performed hundreds of branch audits throughout the entirety of the United States and has acted in a supervisory capacity in dealing with FINRA audits on multiple occasions. Ms. Cole is a strong advocate for fair and transparent regulation and was a recent candidate for the National Adjudicatory Council (NAC). She has resided her entire adult life in California and currently resides in San Diego, CA with her husband and daughter.
In these difficult financial times I have witnessed firsthand, as a compliance and corporate officer of a small firm, the challenges of the day to day tasks of running a broker/dealer. In my role as management of a small firm, I have had the responsibility of not only keeping up with the fluid regulatory environment, but also the challenges of running a growing business.
As small firms, ensuring that a small firm's staffhas the tools and resources to be at the forefront of regulatory change and that our clients and brokers interests have always been safeguarded is the focus of our shared business paradigm. In light of the current regulatory climate, small firms are being uniquely pressed to keep up with compliance requirements in ways that have never been seen before. I believe it is imperative that small firms are represented so that regulators recognize that many expectations that can easily be handled by large firms must be carefully considered for small firms with finite resources.
As the old saying goes, "all politics are local." The voice and representation for small firms begins at the District level. I look forward in representing your voice as a representative of small firms on the District 2 committee. I look forward to working with you and hearing your opinions to help develop a reasonable, effective and user friendly regulatory framework for small firms in the near future.
CCO/EVP, Compliance Oversight and General Mgmt
Sorrento Pacific Financial, LLC
My experience and qualifications are extremely diverse and well-rounded within the industry, giving me valuable insight that will enable me to be a great asset to this committee.
I came into the industry in 1982 as an independent representative for a firm that eventually became FNIC. After seven long years of mediocre production and loving the industry but underperforming on the sales side, I moved into a compliance analyst role with Private Ledger (LPL) in 1988. As the firm grew I worked my way through various departments at LPL, including heading the Service Center, New Accounts, Transfers, Retirement Accounts and Tax Reporting departments for a total of 14 years. Other opportunities arose, and from there I went to WS Griffith (Phoenix Life) where I oversaw Operations and OSJ functions for five years, and then to my present position of CCO at Sorrento Pacific Financial, LLC (since 2005), where I have been part of the growth that has taken the firm from a start-up BD with no representatives, to a firm with nearly 125 registered reps. In addition, I am also EVP with our sister broker-dealer, CUSO Financial Services, LP., where I oversee the in-house OSJ team.
This is an opportunity for me to share my experience from not only the diverse areas of securities sales, operations, trading and compliance, but also with significant experience with large BDs (14 years at LPL), midsized BDs (5 years at WS Griffith) and smaller BDs (7 years) with Sorrento Pacific Financial, LLC. As a representative for the FINRA District 2 Committee, I hope to share ideas and concerns regarding the challenges facing small BDs that perhaps are not an issue for large or mid-sized firms. It's critical that FINRA hear clear input from smaller BDs, so that the regulatory environment is fair to all firms regardless of size. It is my hope that I can assist in development or modification of policies and procedures that can effectively serve their intended purpose, while at the same time be less cumbersome or costly on the broker-dealer community.
Vice President Compliance, AMLCO
CUSO Financial Services, LP
My industry experience encompasses 13 years in compliance with mid to large size firms. Currently I oversee the registration and compliance functions for CUSO Financial Services, LP. The firm is registered as a broker dealer, investment advisor, and insurance agency. The firm has over 500 registered individuals in financial institutions and independent channels. My areas of expertise include: written supervisory procedures, review of new regulation, internal audit, branch audits, facilitating regulatory audits from federal and state agencies, registration and licensing, training, and anti-money laundering compliance. I was previously a manager in the compliance department of LPL Financial. I am an active participant in regional compliance groups including FSI and NAIBD. I am a member of the firms Senior Management Team and am involved with all areas of compliance of the firm including information security, trading and operations, and product review.
Given my current position, I am focused on current regulatory matters of our day including new forms of communication, information security, accurate and timely disclosures, and product knowledge and suitability in the ever changing and complex product development areas. My aim would be to have input into regulation and guidance that is risk based and effective in providing investor protection. It is important for regulation to address the risks in our industry in such a way that firms can implement meaningful compliance programs in the most efficient manner to protect investors and the integrity of our markets.
S. Kendrick Dunn
Assistant Vice President, Compliance
Pacific Select Distributors, Inc.
For the past ten years, Ken has been the Chief Compliance Officer of Pacific Select Distributors Inc. and a subsidiary of Pacific Life Insurance Company, of which Ken is also an Assistant Vice President. His career started with the NASD in 1982 and included over eight years supervising examination staff conducting field examinations, special investigations and reviewing new member applications. After leaving the regulatory environment he worked for over five years at different times as a FIN-OP as well in compliance, human resources and administration. At different time he has worked for a bank affiliated broker-dealer, an equity trading and investment banking firm and at an institutional firm specializing in high yield bonds. Ken has also formed and then served as President of Jamboree Securities Consulting for over five years. His consulting firm worked with and advised ten firms through the NASD new member process.
Ken has also served on the Boards of the National Association of Independent Broker Dealers, the Association of Western Securities Management and the Securities Industry Management Association. He is also a member of FINRA's Dispute Resolution pool. He has spoken at numerous industry conferences.
Ken holds the Series 7, 24, 27, 51 and 63 registrations. He is a graduate of UCLA with a BA in Economics and he holds an MBA in Finance and Consulting Services from USC.
Large firms face many regulatory pressures. The variety of my experience allows me to effectively represent large firms on the District Committee. My broker-dealer is part of a larger organization. I have dealt firsthand with the implementation issues and supervision challenges created when rulemaking and other regulatory initiatives are not carefully crafted to account for different business models. I want to eliminate those inefficiencies and burdens.
During my career, my work has included serving as a CCO as well as a being a FIN-OP. I have also started a business and have worked with and advised many firms creating and expanding businesses. By working from those varies perspectives, I understand the challenges of dealing with regulators. Having worked for a regulator, I also understand the regulatory view. I possess the ability to effectively bridge what can be lack of understanding the needs of one side by the other.
As such, I take my responsibility of serving on the Committee seriously. I work actively with firms to understand their issues and concerns and raise them to FINRA. I have also proposed solutions that I believe are effective for all sides. And I have followed up with FINRA staff in an effort to have issues addressed.
It has been my pleasure to serve the membership of District 2. I hope to have your trust to continue that work. Please contact me if you have questions or issues you would like to discuss.