More than a decade into an epic
For one, he'd have hired an attorney who specialized in financial services, not just employment law. It might have smoothed the journey for his case — which now sits in an appeal with the U.S. Ninth Circuit — over allegations that he was unfairly terminated by the Wall Street giant for not directing his clients' savings into proprietary JPMorgan investments.
Such lessons learned the hard way are what Burris and a group of like-minded professionals are hoping they can help others avoid through their founding of the
The coalition is meant to be a resource for anyone looking for advice on leaving large brokerages and setting up their own advisory or broker-dealer firms, dealing with regulators, finding expert witnesses, obtaining licensing or simply running a practice. Burris said many organizations like the Securities Industry Financial Markets Association and the Financial Services Institute look out primarily for the interests of large brokerage firms.
What's long been needed, Burris said, is an organization that stands up for individual workers.
"Representatives of the financial services who are not in senior management just don't have access to a lot of resources," said Burris, who runs Burris Wealth Management in Surprise, Arizona. "Meanwhile, the big firms in the financial services industry have an entire army of attorneys out there at their beck and call."
A Financial Services Institute official disputed the notion that his organization works only for big industry players, however.
"FSI has long been advocating for financial advisors to make sure their voice is heard where it matters most," David Bellaire, FSI's executive vice president and general counsel, said in an email.
The Securities Industry Financial Markets Association couldn't immediately be reached for comment.
The new Financial Professionals Coalition is charging nothing to become a member. It's primarily meant for the more than 600,000 planners who are registered with the Financial Industry Regulatory Authority as brokers and the more than 300,000 investment advisor representatives registered with the Securities and Exchange Commission and individual states. But it will also be open to back-office workers, insurance representatives, traders and virtually anyone else whose work touches on financial services.
Another founder of the Financial Professionals Coalition, securities lawyer and the author of the
"Before this, if someone had a FINRA regulatory question, they'd call an attorney and the attorney would tell you you have to put down a $5,000 retainer before they'd talk to you," Singer said. "With us, there's no charge for that. We can at least figure out what your problem is. And then, if you want to hire an attorney, we can refer you to an attorney."
Because brokers and advisors spend so much of their time dealing with regulation, the coalition's expertise is concentrated in law. But there are also founders who specialize in investment strategies, industry recruitment and website design.
Singer said the coalition also wanted to provide examples of planners who have come to the industry from diverse backgrounds.
Singer said he has been approached at various times over the years by people who wanted to start a membership organization for financial services workers. One time, in the early 2000s, it was representatives of the AFL-CIO who were asking him if he'd like to help start a brokers union, he said.
That idea would have never flown, Singer said. Brokers and other financial services workers are generally too devoted to free-market principles to consider joining a union, he said. Something like the Financial Professionals Coalition, he believes, is about as far as most will be willing to go.
"This is a counterweight to the big industry players," Singer said. "We don't need another advocacy firm for employers."
Stephen Kohn, the chairman of the Financial Professionals Coalition, said he and his fellow founders in part hope to hear from members about exactly what services they're lacking.
"If they don't see it on our website, tell us what the problem is and we will get a resource to help them," said Kohn, a former member of the FINRA board of directors who later started his own small broker-dealer, DMK Advisor Group.
Kohn said there are no plans to charge membership fees. He said the founders plan to work as volunteers while the coalition increases its numbers and learns more about the demand for its services.
Singer said he expects the coalition to be of particular use to advisors who are looking to leave large wirehouses and other firms and set off on their own.
"What COVID has taught us is that the wirehouse model is of limited value," he said. "A lot of folks are starting to go independent or are starting regional branches at best."
Burris said there are plenty of ways unwary planners can go astray. His whistleblower
Burris initially lost before a FINRA arbitration panel in August 2014. The following year, though,
As he awaits the outcome of his appeal, Burris estimated he has easily spent more than $300,000 on legal bills. He said he recognizes nothing he did at the outset would have been likely to make his case easy. But still, he said, knowing whom to turn to could have eased the way a bit.
"I didn't know any lawyers. I didn't know any expert witnesses," Burris said. "There was a steep learning curve. And now that I know, I know I would do quite a few things differently."
