The SEC recently published its 2024 exam priorities, highlighting key examination and compliance priorities across areas including Regulation Best Interest and Investment Advisors. Later in the fall, the SEC’s enforcement branch reported 784 actions, with nearly $5 billion in fines — underscoring a clear need for action in 2024.
On December 12, 2023, industry experts came together to discuss the following:
- Convergence of best interest principles across Reg BI and the DOL’s fiduciary requirements
- Investment advice provided to clients across products, strategies, and account types
- Processes for determining that investment advice is provided in clients’ best interest
- How technology can be a key asset in considering reasonably available alternatives (RAA) products, account type, and rollover recommendations
Watch the full replay here.
Meet the Speakers
Tom Selman
With over two decades of regulatory leadership and expertise, Tom Selman served as FINRA’s Executive Vice President for Regulatory Policy and Legal Compliance Officer. A prolific author and commentator on financial services regulation, he led multiple FINRA departments, including Advertising Regulation, Corporate Financing, and the Office of Disciplinary Affairs. Mr. Selman holds a CFA charter and serves on the Board of Directors of the CFA Society Washington, D.C.
Armin Sarabi
As Chief Compliance Officer, Armin oversees Alphastar’s compliance program, establishing standards and procedures to identify, prevent, detect, and correct noncompliance with applicable laws and regulations. As General Counsel, he provides legal advice and counsel on all matters related to Alphastar’s business operations.
Rhonda Davis
Rhonda Davis is Managing Director of the Compliance Practice at Bates Group. She joined Bates Group in 2021 and is based in Houston, Texas. Previously, she founded Cobia Compliance LLC in 2009, providing regulatory and consulting services to broker-dealers and investment advisers. She specializes in AML independent testing, FINRA 3120 testing, and annual Rule 206(4)-7 testing for investment advisers. Ms. Davis also assists with FINRA membership applications, continuing membership applications, firm wind-downs, regulatory examinations, and litigation support.
Robert McGill
Robert McGill is President of Compliance and Compensation at Docupace. With more than 40 years of experience in financial services, he previously founded and led jaccomo from 2000 to 2021. Acquired by Docupace in May 2021, jaccomo brought expertise in compliance, data integration, advisor compensation, and financial reporting to Docupace’s back-office automation and workflow platform. Earlier in his career, Robert spent 17 years at Accenture’s Management Consulting Practice, focusing on manufacturing, high tech, SAP implementation, and consumer packaged goods strategy.
Parham Nasseri, Vice President, Regulatory Strategy, InvestorCOM
Parham Nasseri has spent his career translating complex regulatory requirements into technology solutions that improve investor and advisor outcomes. With over 15 years of experience in regulatory and wealth management roles, he has held senior positions in regulatory analytics, digital transformation, and investment analytics.
He currently serves as Vice President, Product & Regulatory Strategy at InvestorCOM. He also serves on several advisory boards, including the Ontario Securities Commission’s Investor Advisory Panel, CFA Societies’ Canadian Advocacy Council, the Canadian RegTech Association, and Junior Achievement of Central Ontario. He is host of the Wealth Compliance Leaders series.
