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Senior Vice President and General Counsel
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Tracy DeWald - Senior VP, General Counsel
These individuals are "among [regulators'] top targets," says Tracy DeWald, general counsel at Securities America, a broker-dealer based in Omaha, Neb. "People age 60 and over are the biggest source of regulatory complaints.""Regulators are drawing a distinction between designations that are earned and those that are bought like prizes in a Cracker Jack box," DeWald says.What distinguishes a real designation from a specious one?"An authentic designation requires you to pass a difficult test," DeWald explains.In addition, DeWald adds, "there are continuing education requirements and you can be kicked out if you violate the rules."We have a similar policy," says DeWald of Securities America.
White Paper Library || Securities America
January 6, 2010 -- Forbes.com -- In â€œLocking Down Client Data,â€ Tracy DeWald, senior vice president and general counsel of Securities America, writes that regulatory pressure concerning the security and privacy of client data is on the rise and suggests that advisors take a fresh look at office security.
September 1, 2009 -- Compliance Exchange -- Tracy DeWald, General Counsel at Securities America, is quoted in the article "In its zeal to root out bad brokers, FINRA's new rules might force firms to name some good guys in client complaints. The article explains that, due to new FINRA rules, financial advisors could face more marks against them in their permanent records. DeWald says that firms donâ€™t want to make a disclosure that is not required because then they face claims by the broker.
For financial advisors, this storm develops when they want to develop their own sales and marketing brochures, letters, ads and other materials. ?When you create new things, they have to go through the compliance-review process,? explains Tracy DeWald, senior vice president and general counsel for Securities America Inc., an Omaha-Neb.-based broker-dealer.
Depending on the complexity, that can take time.? He has some advice for these creative types. First, consider whether your ?new idea? might have already been thought of?and approved. ?If they would just call their firm, insurer or mutual fund company and explain the approach, they might find there?s already something that could be co-branded or pulled off the shelf that accomplishes most of what they want to do,? he says. DeWald likewise encourages advisors to keep it simple. ?I tell reps if they don?t talk about ?X,? then I don?t have to file this with the NASD, and they don?t have to worry about the extra, time-consuming steps that filing involves,? he explains. Given the complexity of products, that?s not always easy. He also discourages advisors from trying to sell products via brochures. ?There?s a tendency to want to use a letter or brochure to sell something,? he explains. This generally calls for lots of details, and the more details a promotional piece contains, the more scrutiny it will face. That means delays. Instead, he suggests that advisors talk about themselves, saying something like, ?I believe in a balanced investment approach for my clients.?
Tracy DeWald is senior vice president and general counsel for Omaha-based Securities America, Inc.
DeWald is an adjunct professor at Creighton University School of Law and a sought-after speaker at industry and regulatory conferences. Tracy DeWald is senior vice president and general counsel for Omaha-based Securities America, Inc. DeWald is an adjunct professor at Creighton University School of Law and a sought-after speaker at industry and regulatory conferences.