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Small Firm Advisory Committee (SFAC)

The Small Firm Advisory Committee (SFAC) is an advisory committee established by the NASD Board of Governors in 1998. The SFAC ensures that issues of particular interest and concern to small firms are effectively communicated to and considered by the FINRA Board of Governors. The SFAC reviews and comments on all new and amended FINRA rule proposals, and provides guidance to FINRA staff regarding the potential impact of proposed regulatory initiatives on FINRA's small firms.

The SFAC is comprised of 10 members, five at-large members appointed by FINRA's Board of Governors, and five members elected by the small firms - one member in each of the five FINRA regions. FINRA's three small firm representatives to the Board of Governors serve as ex-officio members of the SFAC. In addition, all SFAC members are affiliated with firms employing no more than 150 registered representatives and are senior executives at their firm.

Small Firm Advisory Committee Members

Carlos Barrientos Serrano (Chair)
Invex, LLC
Coral Gables, FL
(305) 571 6820

Erin Baskett
Market Securities, LLC
New York, NY
(636) 675-3746

Kenneth Cherrier
Fidelity & Guaranty Securities, LLC
Des Moines, IA
(515) 473-5156

Robert Hamman
First Asset Financial Inc.
(785) 825-5050

Preston Haxo
Mondeum Capital, LLC
(305) 921-9412

Steven Jafarzadeh
Stonehaven, LLC
(917) 349-7050

Janice Parise
Winterflood Securities US Corp.
New York, NY
(212) 751-4422

Carolina M. Rivas
Bci Securities, Inc.
(305) 929-5506

Alyson Stevens
Wiley Bros. Aintree Capital & Partners, LLC
(615) 252-6120


Joseph Terry
CCO Capital, LLC
Phoenix, AZ
(602) 224-4237

Wendy Lanton (Ex-Officio)
Herold & Lantern Investments, Inc.
Melville, NY

Linde Murphy (Ex-Officio)
M.E. Allison & Co., Inc.
San Antonio, TX

Paige W. Pierce (Ex-Officio)
Bley Investment Group, Inc.
Fort Worth, TX