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Broker-Dealer Retail Wealth Management 2017: Current Legal and Compliance Issues Facing Dual Registrants


Speaker(s): Cece Baute Mavico, Clifford E. Kirsch, Jason C. Roberts, John C. Munch, Joseph M. Gallo, Lisa M. Francomano
Recorded on: Feb. 8, 2017
PLI Program #: 180718

Cliff Kirsch began his career at the U.S. Securities and Exchange Commission (SEC), became chief legal officer for one of the country’s largest dually- registered broker-dealer/advisers and then joined Sutherland (now Eversheds Sutherland) in 2006. He relies on his regulatory and in- house background and an up-to-date knowledge of regulatory developments to provide practical and innovative counsel to broker-dealers and investment advisers in the areas of securities regulation and compliance.

With more than 25 years of experience, Cliff regularly counsels clients on the design and distribution of investment products including wrap-fee programs and other advisory products, mutual funds, bank collective investment funds and insurance products. He also focuses on issues related to the design and implementation of compliance programs at financial services firms.

While at the SEC, Cliff received the Manuel F. Cohen Award, which recognizes younger lawyers who have displayed outstanding legal ability, integrity and judgment and he served as assistant director of the SEC's Division of Investment Management.

Cliff is a frequent speaker at industry conferences, and is the author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute).

Cliff is also co-founder of the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.

Experience

Eversheds Sutherland counsels a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.

Eversheds Sutherland represents a coalition of major life insurance companies, which collectively account for more than 80% of the annuity business in the United States, in their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.

Eversheds Sutherland serves as outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.  Eversheds Sutherland serves as regular primary outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.

Eversheds Sutherland represents coalition of collective trust fund sponsors, advisers and other service providers.

Eversheds Sutherland serves as counsel to the Coalition of Collective Trust Funds. Among other things, Sutherland monitors and reports on legal and regulatory matters affecting collective trust funds.

Professional Activities

Member, New York City Bar Association

Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania

Former Chair, FINRA Variable Products Committee

Former Board Member, National Society of Compliance Professionals


Jason C. Roberts, Esq. is the Founder and CEO of the Pension

Resource Institute (PRI), a firm that delivers strategic consulting, compliance, training and technology-based solutions to retirement plan sponsors, service providers and investment companies.

He is also a founder and shareholder at Retirement Law Group (RLG) a law firm specializing in ERISA- and investment-related matters. Prior to founding PRI and RLG, Jason was a partner and co-chair of the Financial Services Group at a leading ERISA law firm and the head of the Investment Fiduciary practice for a prominent securities industry legal defense firm.

Jason has been repeatedly recognized as one of the “100 Most

Influential in Defined Contribution” by the 401(k) Wire and a “Rising Star” by SuperLawyers Magazine. In 2015, he was selected by InvestmentNews as one of the “Top 40 Advisors and Associated Professionals under 40” in the financial planning industry.

Jason has published numerous articles focusing on ERISA and securities compliance, fiduciary best practices and is a frequent speaker at retirement plan and financial industry conferences. He is a contributing author and faculty member for the Practicing Law Institute. Jason is also currently serving a two-year term as an advisor to the finance committee for the Beach Cities Health District.

Jason received his B.S.B.A. in Finance & Banking from the University of Missouri and his J.D. from UCLA Law School.


Joseph Gallo is Vice-President and Senior Counsel of Lincoln Financial Group –responsible for providing strategic legal advice, support and counseling to senior management within Lincoln Financial Distribution and Lincoln Financial Network - Lincoln’s affiliated retail wealth management firm.  He oversees all legal and compliance aspects of LFN’s investment advisory platform, program and services offered and sponsored by LFN. 

Prior to joining Lincoln, Mr. Gallo served in a variety of industry roles, most recently as an Executive Director for Morgan Stanley Wealth Management, where he provided legal and regulatory counsel to the retail advisory wealth management business in the U.S.  Prior to Morgan Stanley, Mr. Gallo was Senior Counsel at SEI Investments, where he provided leadership and direction on a broad range of matters for SEI’s asset management and investment advisory business. 


Cece is a managing attorney in LPL’s Compliance, Legal, and Risk organization, specifically the Head of Regulatory Inquiries & Strategy.  She and her team are responsible for representing the firm in complex regulatory matters and advising on regulatory strategy.  She is located in LPL Financial’s Fort Mill office.

Prior to joining LPL Financial in 2015, Ms. Mavico was in private practice where she focused on securities regulatory and enforcement matters and was a senior regulatory specialist with the NASD in Washington, DC.  Ms. Mavico started her career in the financial services industry in compliance and supervisory roles and held various securities and insurance licenses.  Ms. Mavico received a Bachelor of Science in Finance from Trinity University and a Juris Doctor from American University, Washington College of Law.  She is a member of the New York, District of Columbia and Texas Bar Associations.


John Munch has been a member of SEI’s Legal Team since 2001 and General Counsel of SEI Investments Distribution Co., SEI’s broker-dealer subsidiary, since 2004.  In addition, Mr. Munch leads the SEI Legal Department teams responsible for supporting SEI’s business units globally.  Prior to joining SEI, Mr. Munch was an associate with the law firm of Howard Rice Nemorvoski Canady Falk & Rabkin and, prior thereto, Seward & Kissel, specializing in the representation of mutual funds, investment advisers and broker-dealers.   Mr. Munch is a graduate of the University of Connecticut (B.A.) and Tulane Law School (J.D.).


Lisa is an Executive Director and CCO for UBS Financial Services' advisory business.  Lisa has been with UBS since 2001. Prior to her current role she was an investment advisory attorney in the legal department.  Prior to UBS, Lisa was a Vice President at Lehman Brothers providing investment advisory legal support to the firm's wrap fee and broker-managed programs.  Lisa began her career at Prudential Securities Inc. in 1992 as an analyst in the legal department.  Lisa graduated from Fairfield University and New York School of Law, evening division.