FSI Representation on FINRA Board of Governors: Q&A with Scott Curtis

It may sound simplistic, but advocacy, at its core, is about having a voice. Never mind the cause – the environment, military and veterans, or independent financial firms and advisors – without a strong voice, it’s hard to make a difference. 

That’s always been one of our primary goals: to give our members a voice in the regulatory and legislative processes. And it’s why we were delighted when FSI member Scott Curtis was elected to the FINRA Board of Governors in September, continuing the tradition of FSI representation on FINRA’s Board.   

Curtis, a former FSI Board member and current President of Raymond James’ Private Client Group, will serve as a Large-Firm Governor for at least the next three years. He brings a unique perspective to the Board, informed by over 30 years in financial services and backed by a history of always trying to find constructive solutions to the industry’s biggest challenges and opportunities. 

We had an opportunity recently to chat with him about his new role on the FINRA Board of Governors. 

FSIVoice: What compelled you to run for the Board? 

Curtis: Events just unfolded perfectly for me. I spent the last 10 years serving on the FINRA membership committee, which was a great experience. As that term was ending, the large seat opened up. I talked to a variety of folks about it, including FSI President & CEO Dale Brown, Raymond James CEO Paul Reilly and FINRA CEO Robert Cook. They were encouraging, and I wanted to stay involved with FINRA in a meaningful way, so I pursued the opportunity. 

FSIVoice: What are the biggest issues facing the industry as you begin your work with the Board? 

Curtis: Two immediately come to mind. The first is technology. It touches everything now, including how firms operate and how clients access and consume information. It also plays a fundamental role in how advisors and clients interact. So, the question becomes, “How do we keep up with technological evolutions?” It isn’t easy because modifying existing and implementing new regulations takes time due to the process steps, while technological shifts can happen almost overnight. 

The other one is related to demographics. It’s simple math: the number of young professionals entering our industry does not come close to matching the number of people leaving it via retirement. 

“How do we make our profession more appealing to college students and people still early in their careers?” That’s the question we need to be asking ourselves. It starts with trying to make our industry more reflective of the communities we serve. In other words, bringing in more folks that traditionally have not worked in financial services before now, whether it’s people of color, women or both. 

But it’s more than that. We also need to do a better job of promoting the positive aspects of our business and the wide variety of career opportunities available.  Far too many people perceive our profession primarily as financial transactions and commissions focused, as typically portrayed in movies and on TV, rather than trusted financial professionals providing valued financial advice and guidance to clients. 

FSIVoice: How should FSI members feel about having a member on the FINRA Board?

Curtis: What FSI members should care about is having representation on the Board. I can assure you their voice will be represented during our discussions. I’ve been in this industry for a long time, including over 20 years at Raymond James, where I’ve had the privilege of leading all sorts of business units including packaged products, retirement plans and insurance solutions, our independent advisors businesses, and now our firm’s domestic wealth management businesses. So, I’d like to think that I bring a diverse perspective to the Board, and everyone can be sure that I will bring that to bear whenever we consider potential rules and changes. 

FSIVoice: What would you like people to know about FINRA that they may not appreciate? 

Curtis: I think most people appreciate this, but I want to re-emphasize it: FINRA focuses on investor protection and market integrity. It’s a non-profit organization. No one is enriching themselves. I encourage everyone to go to FINRA’s website and review the information under “Financial Reports and Policies” to better understand the organization’s balance sheet, revenue sources and cost allocations. I suspect the transparency of information will surprise some readers and counter misperceptions, particularly regarding FINRA’s use of fines and revenue sources.