CEDAR RAPIDS — Berthel Fisher Companies – a leading wealth management, investment, management, and insurance solutions provider – has announced that Kim Chapman, Chief Compliance Officer of Berthel, Fisher & Company Financial Services, Inc. has been elected to serve on FINRA’s National Adjudicatory Council (NAC) for the mid-size firm seat.
“I am thrilled to begin collaborating with FINRA on behalf of its members,” Chapman said. “Having been in the securities business for over 30 years, I deeply believe that FINRA members deserve to have someone on the National Adjudicatory Council who understands their issues, who is not afraid to speak their mind, and someone who can see things from a practical level when addressing the challenges of running a broker-dealer.”
Chapman was appointed CCO of Berthel, Fisher & Company Financial Services, Inc. in 2020. She has over 20 years of experience in compliance, including with business models encompassing captive audiences, franchised models, and independent models. Chapman holds FINRA securities licenses 6, 7, 14, 24, and 99.
She has worked in the retail space, a fintech model, investment banking and product manufacturers in both insurance and mutual funds. Chapman has experience in new firm registrations and closing a clearing operation while maintaining the broker-dealer. She has worked in large firms with more than 5,000 registered reps and small firms with fewer than 50 registered persons.
The Financial Industry Regulatory Authority concluded voting for the contested seat on Dec. 15, 2023. Chapman’s four-year term on the NAC began last month. Ken Norensberg, Managing Director at Luxor Financial Group, served as her campaign manager. Chapman is also a member of FINRA’s Mid-West Regional Committee.
The NAC is appointed by the FINRA Board of Governors to review initial disciplinary decisions issued by FINRA hearing panels and presides over disciplinary matters that have been appealed to or called for review by the NAC. The NAC also reviews statutory disqualification matters, considers appeals of membership proceedings, exercises exemptive authority and acts in other proceedings as set forth in the Code of Procedure.
The NAC comprises 15 members—seven industry members and eight non-industry members. The seven industry members of the NAC include two small firm, one mid-size firm, two large firm and two at-large industry members. Of the eight non-industry NAC members, at least three are public members.
“Kim Chapman is the ideal elected official to represent our firm at FINRA,” said Andrew Christofferson, CEO & President for Berthel Fisher subsidiaries. “Her leadership, expertise, and integrity will be of great benefit to the fair and efficient oversight of mid-size firms that strive every day to support financial advisors in their mission of providing exceptional client service.”
Berthel Fisher & Company
Berthel Fisher & Company (“The Berthel Fisher Companies,” “Berthel Fisher”), consists of Berthel Fisher & Company Financial Services, a leading independent broker-dealer; BFC Planning, a SEC-Registered Investment Advisor; Berthel Fisher & Company Insurance, an agency providing comprehensive solutions with competitive contracts from top carriers; Securities Management & Research (SMR), an insurance-based broker-dealer operated by a securities firm as well as SMR’s holding company, One Financial; and has majority ownership of BFC Investments, Commercial Power Finance, and iPrism Global. For more information, visit https://www.berthel.com/.
FINRA
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry—brokerage firms doing business with the public in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.