Small Firms Information
SFAB Candidate Profiles - West Region
Cynthia Aragon
Chief Compliance Officer
FAT Securities, LLC
Candidate Biography
I started my career as a licensed attorney in NY, but shifted to compliance quickly becoming an AMLCO at Citicorp in 1996. My first broker/dealer compliance position was in retail sales at Ameriprise Financial in 2001. I was responsible for 13 offices and 300 RRs in NJ. Since then I have shifted to smaller firms. GE Investment Distributors, Inc was the distributor for the GE family of Mutual Funds so I had to work closely with the Investment Advisor for the funds to coordinate compliance efforts. The firm had 70 RRs focused mostly on either customer service or third party selling agreements. After GE, I worked at SEB Enskilda, Inc. The firm sold equity and fixed income securities from the Scandinavian countries to institutional investors in the US; the firm had 18 RRs. My current firm is a proprietary trading firm with 4 RRs. I believe that the diverse experience I possess in retail, institutional, IA, Investment Company and proprietary trading provides a unique perspective that would be an asset to the SFAB. In every position, I was responsible for writing, implementing and testing procedures to ensure compliance with the regulations.
Candidate Statement
I am running for the SFAB because micro-firms need a stronger voice. There are a great number of firms with 10-50 RRs. These firms have unique needs and operational issues that need to be considered more frequently when discussing rule changes. I have the ability to see how rules will affect a variety of products and businesses in different ways. As a career compliance person, I have had to apply those rules to a variety of products and business models. This allows me to determine a more practical approach to rulemaking so all firms can implement them more efficiently. Rules need to consider the application as much as the desired protections in order to truly achieve the desired results. There are practical complications faced by the smaller of small firms which need to be addressed when implementing new regulations. Simply carving out exceptions is not the ideal solution in all instances. Only someone who has had to figure out how to "make it work" can truly understand how complicated some of the issues really can get. Although the one size fits all approach has changed over the last few years, there is still room for improvement. I want to be the voice that continues to push for improvements to help small firms not only be compliant but also proactively involved.
Gerard P. Gloisten
President
GBS Financial Corp.
Candidate Biography
Since I joined GBS I have been active in nearly all positions of the firm. GBS has over 60 RR's and is a dually registered B/D. I've worked in and now direct Compliance, Commissions, Retail, Recruiting and Operations. As a small firm president I interact with all of our RR's and IAR's. In addition, I interact with retail and some institutional clients as I still maintain a book of clients offering services in Investments and Insurance. Everyday I deal with the issues a Small Firm encounters and my involvement with the District 1 DBCC gave me a better understanding of the relationship between FINRA and it's member firms. Over the past 10 years I have developed relationship with my local FINRA representatives in addition to many peers in the small firm space. On a number of occassions I have had the pleasure to join small firm committees organized by SIFMA where we discuss current issues facing small firms. I've learned from the best as my father, Don Gloisten, who has been registered for over 50 years, and has been involved with NASD/FINRA and served on District 2 DBCC and other various functions with FINRA.
Candidate Statement
Small firms represent the largest portion of FINRA B/D's and therefore deserve the greatest attention. The small firms were not responsible for the near collapse in the financial system yet they are getting painted by the same brush. I understand what small firms are dealing with because as an co-owner/principal of our firm I deal with the same issues all small firms deal with everyday. I've been involved with FINRA on the local DBCC committee and understand the process involved in rule proposal and rule changes. Small firms are shouldering a substantial burden and the urge for many of these firms is to exit the business out of sheer frustration/ fee escalation / examination and rule overload. The knee jerk reaction to develop additional rules due financial meltdowns over the past decade are drowning small firms and I intend to let FINRA know whats working and whats not. I want to fight for the small firms and help craft policy that supports the majority portion of FINRA membership.
Daniel W. Roberts
President and CEO
Roberts & Ryan Investments Inc.
Candidate Biography
Dan Roberts entered the brokerage industry in 1972 as a registered representative for Dean Witter & Co. after having served as assistant manager for the main office, in 1987 he founded the San Francisco based regional firm of Roberts & Ryan, a full service, high net worth retail firm. He manages this firm which continues to serve the investment needs of thousands of retail and institutional clients.
In 1965 he received from San Francisco State University his undergraduate degree in Business Administration (emphasis in accounting) and in 1972 his MBA (emphasis in finance) from Loyola University of Chicago.
From a compliance standpoint, he is closely and personally involved with compliance as rules impact the smaller firm. He has and will continue to feed back to FINRA about rulemaking in general, especially as impacts the smaller firm.
Mr. Roberts maintains several memberships in the investment industry including the Bond Club of San Francisco - Board of Directors; California Disabled Veteran Business Alliance - President; FINRA committee member - District 1, 2004-2007; FINRA Small Firms Advisory Board(SFAB), elected member Western Region, 2008-Present; Better Business Bureau of San Francisco , President; Independent Broker Dealer Association; FINRA hearing panelist/NYSE arbitration panelist and FINRA District 1 nominating committee member - 2009. He is a frequent program speaker in the area of compliance at the FSX Investment Conferences in 2008 and 2009.
Mr. Roberts maintains FINRA Series 4, 7, 24, 27, 53, and 63 licenses. He is also a Life and Variable Insurance Agent.
Candidate Statement
Now, more than ever, small firms need voice to the regulatory organization. More specifically during the past two years, as the SFAB elected Western Board member, I have acted to push back and preserve the interests of the small firms both verbally in meetings and via letters responding to FINRA and SEC requests for comments.
You might know that the SFAB is reviewing consolidation of the NYSE rulebook with FINRA. We will be examining this in detail for at least one more year. Also, during this historic political period regulation reform is proposed. At least two changes will directly affect the smaller firms: "PCAOB" and "fiduciary responsibility". I have been your advocate on these two important issues. The public company accountancy rule will raise all our administrative cost with little or no gain. At the same time imposition of a "fiduciary" standard will increase our liability without gains in client protection.
With my presence on the SFAB, the membership has a strong opponent against these and other issues which put small firms at further risk.
Doug Schriner
President
Harrison Douglas, Inc.
Candidate Biography
I have worked in all aspects of operations, sales, training, compliance and development of retail products and services with wirehouses, clearing firms, custodians, sponsors and independents on all management, operational and compliance levels. I have open relationships with all of the regulators.
Candidate Statement
I believe I possess the appropriate of qualities of experience, intelligence, curiosity, warmth, sincerity, humor and diplomacy to constructively represent the interests of the small firms with passion and eloquence.