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Industry Experience Major International Bank Holding Company Area of Focus: Developed inventory of regulatory reports that would potentially be effected by the systems merger of two FINRA registered broker-dealers. Client Situation: Client anticipated the merger of two wholly owned broker-dealer affiliates on disparate and incompatible platforms. It was necessary to validate manual and automated processes leading to regulatory reporting to ensure proper aggregated reporting to the SEC and other industry regulators post merger. Business Challenge: To establish systems and procedures to verify the accuracy and data integrity of a third party software bridge being developed across the two disparate clearing platforms allowing aggregation of client positions and feed regulatory reporting systems. This effort required validation of current reporting and processes, integrity of data feeds from their origins, review of compliance requirements and development of testing procedures to ensure accurate regulatory reporting from the bridged systems and a systematic means for reconciling variances. Results: We verified the continuing need for the inventoried regulatory reports eliminating unnecessary or redundant reports. We validated processes and procedures dealing with exception reporting and manual processes. Confirmed completeness of combined reporting data feeds but project was put in hibernation mode when software bridge generated abundant irreconcilable variances from expected and provable results. SIPA Liquidation Trustee for a National Broker / Dealer Area of Focus: Forensic reconstruction of books and records of the broker / dealer after discovery of financial irregularities impacting investor accounts. Client Situation: Broker / Dealer filed for bankruptcy protection after discovery of unrecoverable net capital deficiencies. The Securities Investors Protection Corporation intervened to protect the interests of the customer / investors that were impacted by the failure. Business Challenge: To identify the client / investors that were impacted by the failure and quantify the extent of their potential damages. We were tasked to uncover what went wrong and where the money went. To reconcile all impacted accounts providing a basis for claims validation and repayment under the Securities Investors Protection Act. Results: We identified all impacted client / investors quantifying the extent of each individual’s damages. We uncovered multiple areas of fraud and provided litigation support to the Trustee in addition to claims management assistance to SIPC. We assisted SIPC and the firm’s former client / investors in restoring their funds to the full extent provided under the Securities Investors Protection Act. Insurance Company Owned National Broker / Dealer Area of Focus: Operational controls and development of new channels for distribution of new insurance products. Client Situation: This functionally organized insurance holding company had grown up as a direct response marketing company depending on their customers to call an 800 number in response to direct response advertising and television commercials. It was seeking to expand its growth by developing new product lines and marketing channels including the use of “fee only”financial planners interested in a low cost “no load” permanent life insurance product. Business Challenge: Assumed management of four regional offices from Philadelphia, PA to Irvine, CA employing 40 telemarketing staff, and a similar number of office-based traveling representatives. We bridged the functionally organized structure of the parent company giving the field force direct input into marketing initiatives where previously unavailable below the level of Senior Vice President. Trained field office representatives to present financial plans and present solutions. Rolled out a new “no load” Life Insurance Product successfully through our internal network of financial planning coordinators. Results: We dramatically reduced marginal costs of marketing campaigns while maintaining and improving operating revenues. Stayed on to close down the Broker / Dealer after the property and casualty portion of the company incurred an unanticipated loss leading to the breakup of the company and sale of its component parts to larger insurance companies.
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