New Coalition Focuses on Industry’s Individuals

The Financial Professional Coalition wants to be a one-stop-shop for answering questions and allaying the anxieties of individuals in the industry ranging from registered reps to back-office staff. 

It’s a resource Chair and co-founder Stephen Kohn argues has been long been missing and sorely needed.

“There may be a lot of organizations in the industry, but none that cater to and help the individual rep, the rank-and-file of the industry,” he said. “This is designed to help everybody.”

In an interview with WealthManagement.com, Kohn and co-founder Bill Singer discussed their ambitions for the new service, which launched Tuesday morning. The coalition’s registered in Colorado and is currently free to join.

Kohn’s been in the industry since 1984, and was elected to the Financial Industry Regulatory Authority (FINRA) Board of Governors in 2017 to represent small firm interests, while Singer is a securities attorney, representing firms, individual reps, whistleblowers and harmed investors (he also runs BrokeandBroker.com, which catalogs industry-related court filings).

Kohn and Singer have known each other for many years, and the coalition’s origins sprang from discussions the two had about their involvement (and frequent frustration) with FINRA elections and dealings.

Together, they concocted the idea for the coalition, in which individuals in the industry can email questions they have to the group’s growing number of founders who operate, in a sense, as subject matter experts.

“But it’s not a lawyers’ referral service. We’re not looking to develop clients for attorneys. We’re not looking to make business for recruiters and expert witnesses,” Singer said. “We’re trying to leave a legacy for the industry that’s given us both a wonderful career.”

Singer stressed that the coalition wasn’t looking to lobby politicians or raise money for particular causes. Instead, he likened the service to a “helpline,” noting that while numerous organizations counsel and advocate at the firm level, the individuals working at those firms lacked similar support and risked being trounced by broader industry or regulatory issues.

“There’s nothing in our industry where anyone in production, anyone in a back office, anyone in a margin department, can call a number and talk to somebody and get some advice or help,” he said. “It doesn’t exist.”

According to Singer and Kohn, after signing up for the free membership, anyone can submit a question in order to get non-legal guidance and a referral for further help. When submitting the question, a dropdown box allows you to specify your interest, ranging from your role in the industry (including registered reps, investment advisors and insurance professionals), to the particular stressor you’re facing (including, age, racial or gender discrimination, questions about crypto and issues facing military veterans).

From there, the question goes to one of the group’s 20+ founders with expertise in that particular area, who can directly assist the questioner and, if needed, refer them to further support. Kohn said he was “gratified” by the launch, and said he began receiving membership requests and support within minutes of the announcement.

“We hit a nerve, and I think it’s going to continue,” he said. “The coalition will morph and expand as it needs to include other resources as we see things we can’t address with the august group we have right now.”