Volunteer of the Month: June 2017

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Andrew Bushey, CFA

Andrew Bushey, CFA

The Social Events Advisory Group is tasked with organizing relaxing, entertaining, and networking-oriented events that will appeal to the Society’s diverse membership. Andrew has been actively involved on the advisory group since 2016 and is part of a core group of members thinking outside the box when planning social events.

Today Andrew is being recognized for his efforts with the Society’s kickball team. Since the inception in summer 2014, Andrew has played every year on the team and will be serving as team captain when the summer league starts later this month.

Help us in thanking Andrew for taking his advisory group duties to the next level and making the Society champions on the field!

We appreciate all you do for the Society Andrew!

Volunteer of the Month: May 2017

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Brad Adams, CFA

Longtime member (22 years to be exact!), Brad Adams, CFA, has served on five advisory groups since 2012. In 2014 he also chaired what was previously the Finance Advisory Group. Currently, he is a member of both the Communications and Professional Development Advisory Groups.

Today Brad is being recognized for his efforts on the Communications Advisory Group. Regularly attending meetings and volunteering to be a reporter at the Society’s events, Brad has made a strong contribution to the Communications Committee.

Brad has published seven CFA Society Chicago Blog articles since the launch of the online publication and is scheduled for more. Help us in thanking Brad for attending Society events and keeping members informed!

Job well done! We appreciate all you do for the Society.

Volunteer of the Month: April 2017

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A Feltovich

Andy Feltovich, CFA

Since joining CFA Society Chicago in 2012, Andy Feltovich, CFA, didn’t hesitate when it came to answer the call for volunteers. Andy has generously given his time and talents by serving on the Education and Professional Development Advisory Groups.

Andy is currently the Co-Chair for the Professional Development Advisory Group but today’s kudos come from his work on the Education Advisory Group. Andy led a subcommittee that planned, “Investing for the Long-Term” event with top financial leaders including Robert Gordon, Deirdre Nansen McCloskey, Bob Browne, CFA, Rick Rieder, and Francisco Torralba, CFA. The event was moderated by Michele Gambera, CFA, and drew nearly 200 attendees!

Thank you Andy! We appreciate all you do for the Society.

CFA Society Chicago Chairman’s Letter to Membership

img_1799Dear Fellow Charterholders and CFA Society Chicago Members:

Thank you all for your support throughout the first half of the 2016 – 2017 fiscal year.

During the first six months, the CFA Society Chicago Executive Committee traveled to multiple CFA Institute meetings and conferences to show our support, share best practices and network with other societies and CFA Institute peers. It is clear that CFA Society Chicago is an integral part of the global success of CFA Institute (CFAI). Our counsel is highly sought after on governance, event management and community engagement. We will continue to strive to be a global leader and aid our industry as we face the challenges ahead.

The 2016 Annual Dinner was a success and the feedback from the survey indicates that the attendees enjoyed the event. Our keynote speaker, Cliff Asness, PhD., provided an in-depth discussion on current markets and the challenges of today’s hedge fund industry. We are grateful for his time and informative insights. We would like to thank our staff for all their hard work as they organized another great event! Furthermore, thank you to our 60+ sponsors whose generosity provides invaluable financial support and signifies the value the Annual Dinner brings to our investment community. Thank you!

On March 7th the Education Advisory Group welcomed Robert Gordon, PhD., Northwestern University, and Deidre McCloskey, PhD., University of Illinois Chicago, at the Society’s Investing for the Long Term: Productivity, Capital Markets Expectations and Portfolio Management event. The speakers and panelists discussed how technology will affect the future of our economy and the investment implications.

Our local financial literacy efforts continue to gain strong momentum. Between October 2016 and January 2017, the program had 42 members respond to the initial call for volunteers with 22 members attending school visits at ten high schools. Our members also contributed to On the Money, an entrepreneurship, finance and business journal created by teens for teens, by assisting with the writing process, sharing perspectives, discussing financial concepts and serving as a sounding board. Our partnership with the Economic Awareness Council is thriving and we continue to receive positive feedback from the members attending these school visits. The Society also led an information session at the City of Chicago Treasurer’s Office in February 2017. A special thank you to all our volunteers, the Membership Engagement Advisory Group and Co-Chairs Maura Murrihy, CFA, and Aaron Taylor, CFA!

We were proud to again sponsor the CFA Institute Gender Diversity Conference held in Boston last fall. The conference provided a detailed argument for increasing success through diversity. We encourage all our employers to embrace diversity and we are happy to supply literature created by the Institute to support this effort. The third annual Alpha and Gender Diversity Conference will be held at the Westin Harbour Castle in Toronto, Canada September 18 – 19, 2017.

Other Society highlights for the first half include:

  • Oversubscribed demand for CFA Institute Scholarships: 49 applicants for 35 local scholarships.
  • Research Challenge started with 11 teams focused on McDonald’s. Illinois Institute of Technology won the contest and will represent the Society at the Regional contest in Seattle in April 2017. Congratulations and Good luck!
  • The Professional Development Advisory Group has rolled out its redesigned mentoring program featuring ten mentorships for a six month evaluation. Special thanks to Shai Dobrusin, CFA, Jay Bullie, CFA, and Umed Saidov, CFA, for their efforts in redesigning the program.

The 2nd Annual Financial Compensation Survey results are now available on our website in the Career Management section. The report compiles compensation practices in the Chicago area conducted in mid-2016. The survey requested data on numerous aspects of compensation. In addition to covering base salary and total compensation, the survey addressed the respondent’s CFA charterholder status, level of education, and occupation. Information on the type and size of the firm as well as the amount of assets under management was included in the survey. The survey captured annual salary change data and the respondent’s view on the adequacy of compensation and the desire to explore other job opportunities. We hope you all find this information useful.

We are very excited about the remainder of our fiscal year. To aid in professional development we will be hosting our Annual Career Fair on March 24th, and a presentation on Executive Presence and Leadership Principles by Patricia Cook from Patricia Cook & Associates on March 28th. The Distinguished Speaker Series will welcome T. Bondurant French, CFA, Executive Chairman from Adams Street Partners, who will provide an update on the Private Equity Industry on April 5th. There are also multiple chances for networking at social events throughout the year. All our events can be viewed on our website in the event section. Please join us!

Lastly, on Tuesday, June 13, 2017, we will be having The Active vs. Passive Debate: Trends, Insights, and Case Studies event. This event will address Trends and Insights into ETFs as well as reviewing Case Studies in the application of ETFs in portfolios. The keynote for the event will be Nobel Prize Winner Eugene Fama, PhD. He will be interviewed by Robert Litterman, Senior Partner at Kepos Capital. Mr. Litterman retired in 2009 from Goldman Sachs previously serving as Head of Quantitative Investment Strategies. This session is a reprisal of their interview five years ago from the CFA Global Conference held in Chicago. A special thank you to the Education Advisory Group Planning Committee: Garrett Glawe, CFA, Ben Johnson, CFA, and Cindy Tsai, CFA. This should be a thought provoking event as our industry continues to evolve rapidly.

These programs do not happen without the valuable time and efforts of our members. All of our programming is designed by volunteers sharing ideas on what is important to our industry, community and future. It is a great opportunity to meet fellow charterholders and build your personal network. Please consider joining one of our Advisory Groups and help deliver value added programming and services while helping to promote the charter in our community. For additional information and to learn more about volunteer opportunities please visit our website at www.CFAChicago.org.

 

Best Regards,

Douglas Jackman, CFA
Chairman, CFA Society Chicago

Volunteer of the Month: March 2017

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Spencer Kelly

Thank you to all the dedicated CFA Society Chicago volunteers who give selflessly of their time and talents! This month the Professional Development Advisory Group is recognizing Spencer Kelly.

New Candidate member Spencer Kelly joined the Society in November 2016 and hit the ground running with his volunteer participation. Spencer joined the Professional Development Advisory Group and signed up to help plan Industry Roundtables, one of the Society’s notable member-only events. He worked with a subcommittee to secure 12 roundtable hosts to discuss their respective sectors in the investment industry.

Please join the Society and the Professional Development Advisory Group in thanking Spencer for his contributions.

Volunteer of the Month: February 2017

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ram

Sitaram (Ram) Gundapaneni

CFA Society Chicago would like to send a heartfelt thanks to all of its volunteers who share their time and talents with the Society.  Today, we’re extending a very special “thank you” to Sitaram (Ram) Gundapaneni.  He’s the Membership Engagement Advisory Group’s Volunteer of the Month.

Ram has been a CFA Society Chicago member for more than four years, serving on both the Communications and Membership Engagement advisory groups since joining the Society.  Ram has led a small group of volunteers and organized Welcome Calls to over 500 new members, trained volunteers to make Welcome Calls by holding orientation conference calls, and attended society events to greet new members in attendance. Ram has also prescreened membership applications to be presented to the CFA Society Chicago Board of Directors, taken minutes at the Membership Engagement Advisory Group meetings, and assisted with the CFA Institute Research Challenge hosted by the Society.

Thank you Ram! We’re lucky to have you as a part of our society!

Thank you CFA Society Chicago Volunteers!

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The success of the society is a reflection of the ever-increasing dedication and enthusiasm CFA Society Chicago volunteer advisory group members’ display on a continual basis.

The CFA Society Chicago Board of Directors would like to thank the volunteer members for their contribution to CFA Society Chicago.  We know how valuable one’s free time is, and cannot tell you how much the Board and the entire staff appreciate all of the work you’ve done. We could not do this without the members’ involvement.

Annual Dinner Advisory Group

Kristan Rowland, CFA (Co-Chair), William Blair & Company
Stephen Moy, CFA (Co-Chair)
Melissa Binder, CFA, The Marco Consulting Group
Wonee Janet Dougherty, CFA, JPMorgan
Walid Fikri, CFA, William Blair & Company
Timothy Holt, CFA, Investment Mgmt Consulting Group
Douglas Jackman, CFA, Thomas White International Ltd.
Josh Mangoubi, CFA
Aaron Temple, CFA, RSM US
Bei Wang, CFA, KPMG Capital

 

CFA Women’s Network

Kerry Jordan, CFA (Co-Chair), D’Orazio Capital Partners
Marie Winters, CFA (Co-Chair), Northern Trust
Jenifer Aronson, CFA, Mosaic Fi
Karen Alexander, CFA, Institutional Capital
Kathy Buck, CFA, Fidelity
Patricia Halper, CFA, Chicago Equity Partners
Krista McLeod, CFA, Silverpath Capital Management
Mary Catherine Mortell, CFA
Maura Murrihy, CFA
Joan Rockey, CFA, Castleark Management
TanyaWilliams, CFA
Miranda Yu, CFA, Guggenheim
Susan Zeeb

 

Communications Advisory Group

Brett Bina, CFA (Co-Chair), Berenberg Asset Management
Peter Vinzani, CFA, (Co-Chair)
Brad Adams, CFA
Thomas Bernardi, CFA, Bernardi Securities, Inc.
Zachary Brown, CFA, Milliman Inc.
Michael Campagna, CFA, Duff & Phelps
Chris Fry
Sandra Krueger, CFA
Charles McGrath, CFA
Cynthia McLaughlin, Invesco Powershares Capital Management
Mark Toledo, CFA, Chicago Partners
Kevin Waspi, CFA, University Of Illinois at Urbana-Champain

 

Distinguished Speakers Series Advisory Group

Patrick Bourbon, CFA (Co-Chair), Promanage, LLC
Sunitha Thomas, CFA (Co-Chair), Northern Trust
Christopher Ashbee, CFA, Chicago Equity Partners
Andrew Baker, CFA
Pablo Brezman Cohen JCDecaux
Shivani Choudhary Ashland Partners & Company Llp
Jing Dai
Jeff Doblin, Tethys Partners
Bob Finley, CFA, Virtue Asset Management
James Franke, CFA, Rothschild Investment Corporat
Lila Ling Han, CFA, Aon Hewitt
Michael Honeycutt, CFA, High Tower
Aditi Jain, CFA, GE Capital
Robert Knezevic, CFA, Susquehanna International Group
Sandra Krueger, CFA
Brian Langenberg, CFA, Langenberg & Company
Cosmin Lucaci-Oprea, CFA, Brownson, Rehmus & Foxworth, Inc.
Eric Mandall, CFA, BMO Global Asset Management
Sonya Morris, CFA, Harbor Capital Advisors
Mary Catherine Mortell, CFA
Daniel Natale, CFA
John Nelson, CFA, Mesirow Financial
Tim O’Connell
Alan Papier, CFA, Nuveen Investments
Kenny Parzgnat, CFA, GCM Grosvenor
Kevin Ross, CFA, Advisory Research Inc.
Gordon Scott, CFA
M Nicholas Sims, CFA, William Blair
Amanda Stilmock, CFA, J.P. Morgan Asset Management – Institutional Americas
James Stirling, CFA, UBS Financial Services Inc.
William Suess, CFA, Silverpath Capital Management
David Watkins, CFA, SHA Capital Partners
Steven Wittwer, CFA, Great Lakes Advisors, Llc
Paul Yox

 

Education Seminars Advisory Group

Garrett Glawe, CFA (Co-Chair), Standard & Poor’S
Robert Mudra, CFA (Co-Chair), Ocean Tomo
Nasri Ashkar, CFA, Baker & Mckenzie
Edidiong Attang
Elena Black, CFA, Opportunity International
Shivani Choudhary, Ashland Partners & Company LLP
Lawrence Cook, CFA
James Daley, CFA, Morningstar
Yeshaya Dobrusin, CFA, Charles E. Dobrusin & Associates
Andy Feltovich, CFA, Northern Trust
James Georgantas
Tiffany Greenhouse, CFA, MSCI
Lee Hayes, CFA, Genesee Investments
Tom Hillman, CFA, Credit Suisse
Rida Iqbal
Ben Johnson, CFA, Morningstar
John Joyce, CFA, William Blair & Company
Kiran Kurian
Christopher Lakumb, CFA, Rivernorth Capital Management, Inc.
Adam Mayer, CFA Northern Trust
Charles McGrath, CFA
Cynthia McLaughlin, Invesco Powershares Capital Management
Matthew Morris, UBS Global Asset Management
Jeanne Murphy, CFA, CFA Institute
Christopher Newman C.N.A
Alan Papier, CFA, Nuveen Investments
Kenneth Parzgnat, CFA, GCM Grosvenor
Jonathan Pham KPMG
Nancy Prial, CFA, Essex Investment Management
Allyson Rasmussen, CFA, Ashland Partners
Nicholas Redmond, CFA, Oculus Asset Management
Kevin Ross, CFA, Advisory Research Inc.
Linda Ruegsegger, CFA, Chicago Equity Partners
Richard Swartz
Jinghui Tang
Aaron Temple, CFA, RSM US
Oliver Thomas
Cindy Tsai, CFA, Investment Envisioned, Inc.
Kevin Waspi, CFA, University Of Illinois at Urbana-Champai
Miranda Yu, CFA, Guggenheim Partners
Susan Zeeb

 

Membership Engagement Advisory Group
Maura Murrihy, CFA (Co-Chair)
Aaron Taylor, CFA (Co-Chair), Chilmark Partners
Erik Baaske, CFA, Northern Trust
David Bock, Ernst & Young
Joseph Grandis, CFA, BMO Harris Bank
Sitaram Gundapaneni, Northern Trust
Dillion Hoover
Brian Langenberg, CFA, Langenberg & Company
William Lee, CFA
John Mariscalco, CFA, Main Street Advisors
James Meixner, CFA, Robert Baird
Gerald Norby, CFA, William Blair & Company
Jonathan Pham, KPMG
Rebecca Smith, CFA, SouthernSun Asset Management
James Van Osten
Evgeny Vostretsov, CFA
David Walters, CFA, PFM Asset Management LLC
Kevin Waspi, CFA, University of Illinois at Urbana-Champain

 

Professional Development Advisory Group 
Jenifer Aronson, CFA (Co-Chair), Mosaic Fi
Andrew Feltovich, CFA (Co-Chair), Northern Trust
Chris Abraham, CFA, CVA Investment Management
Brad Adams, CFA 
William Anderson, CFA 
Nasri Ashkar, CFA, Baker & Mckenzie
Edidiong Attang 
Joseph Besch 
Jay Bullie, CFA, Fitch Ratings
Jim Daley, CFA, Morningstar
Yeshaya Dobrusin, CFA, Charles E. Dobrusin & Associates Ltd.
Pratik Doshi, CFA 
Anne Durkin, CFA, Main Street Advisors
William Fitzpatrick, CFA, Manulife Asset Management
Alek Gasiel, CFA, Northern Trust
Tyler Glover, CFA, William Blair & Company
Samantha Grant, CFA, Mesirow
Timothy Greive, CFA, Kaplan
Daniel Harris, CFA 
John Ide, CFA, J.P. Morgan Asset Management
Jiayao Jiang 
Spencer Kelly, CAN
Andrey Kochetov, CFA, US Bank
Kiran Kurian 
John Mariscalco, CFA, Main Street Advisors
Joe Maule, Northern Trust
Kenneth Parzgnat, CFA, GCM Grosvenor
Thanh Pham, CFA, Associated Bank
Kevin Ross, CFA ,Advisory Research Inc.
Umed Saidov, CFA 
Chenjie Sang 
Naved Siddiqui, CFA, Thomas White International
Michael Sullivan, CFA 
Rick Tauber, CFA, Morningstar
Marcus Velasco, CFA, Nuveen
Hee-Jin Yi, CFA, US Bank

 

Social Events Advisory Group 
Mark Cichra, CFA (Co-Chair), Kemper
Colin MacLean, CFA (Co-Chair), BMO Harris Bank
Ken Blickenstaff, Geneva Advisors
David Bock, Ernst & Young
Pablo Brezman Cohen, JCDecaux
Andrew Bushey, CFA, Skyline Asset Management, LP
Taylor Champion, CFA, US Trust
Matthew Copeland, UBS Global Asset Management
Christopher DeMale, CFA, NFP Retirement
Chris Fry 
Adan Galvan, CFA, Ativo Capital Management
James Georgantas, CFA,  Boyd Watterson Asset Management
Ahmet (Tolga) Guder, Northern Trust
Rishabh Halakhandi, CFA, Thomas White International, Ltd.
Dillion Hoover 
Michael Honeycutt, CFA, High Tower
Kyle Hutchins, SG Capital Management
Aditi Jain, CFA, GE Capital 
Dan Lekan, CFA 
William Lee, CFA, Neuberger Berman
Jian Li, CFA, Morningstar
Christopher Lozynski, CFA The Tlp Group, Llc
Mario Manfredi, First Trust Advisors
Matthew McLaughlin, CFA, William Blair
Kimberly Merchant, CFA, BMO Harris Bank
Daniel Natale, CFA 
Zachary Rosenstock, CFA, Segall Bryant & Hamill
Mateusz Rudzinski, JP Morgan Chase
Hisham Sayeedi, Northern Trust
Naved Siddiqui, Thomas White International
Nicholas Tan, CFA 
Bei Wang, CFA 
Seth Williams, Fitch Ratings

CFA Society Chicago Chairman’s Letter to Membership

img_1799Dear Fellow Charterholders and CFA Society Chicago Members:

Based on feedback we have received, we are initiating this quarterly Chairman of the Board Message to all our members. The intent is to keep the membership informed of the activities and priorities of the Board of Directors.

This Board for the 2016 – 2017 fiscal year met for the first time on July 27, 2016. We began the session by reviewing the previous year and are happy to report CFA Society Chicago finished the 2015 – 2016 fiscal year on June 30, 2016 with strong with reserves of nearly $1.89 million on revenues of $1.4 million. Membership grew to a record 4,563 members, a 2.7% increase from a year ago. We finished the year with an operating loss of $86,600 versus a projected loss of $185,000. The unrealized loss was $18,400 for a total Net Loss of $105,000. During the year, over 140 events were held ranging from 25 to 1,200 participants.

Two primary areas of focus for the 2016 – 2017 period will be to promote Employer Engagement and Society Volunteerism. The Society has developed tools and reports to track the levels of each, and we will utilize the information to target growth areas during the year. The success of our programming depends on our volunteers and their employers support.  We aspire to develop a community of inclusion, diversity and respect, which is one of our five organizational pillars. Please get involved!

We also discussed and continue to evaluate opportunities in the areas of Advocacy and Financial Literacy which will continue to be developed over the coming year by a new Advocacy Task Force and the Membership Engagement group, respectively.

The CFA Institute has begun to elicit feedback from the Societies on the Continuing Education (CE) program. As part of this process, David Larrabee, CFA, Director, Member and Corporate Products with CFA Institute, attended the board meeting and presented an overview of the current CE program. CFA Institute is examining the voluntary status of the program and assessing the effects of making it mandatory. There are no near term plans to make CE mandatory but the Institute is seeking input globally on the matter, as well as the broader topic of how it might strengthen the current CE program.

The Board discussed in detail many of the issues that would need to be addressed before mandatory CE would be considered such as: encompassing current employer training and educational programs, incorporating other professional designation CE programs and events, and developing a robust, accessible and affordable programming.

The Board offered suggestions on incentives to encourage members to take continuing education which included an online assessment when renewing membership, a recognition program for members that take continuing education, and a communication presenting the value proposition on why continuing education is important.

We would like to thank Mr. Larrabee and the Institute for providing us the opportunity to discuss continuing education.  We are anticipating additional information regarding important issue in the future and we will keep you apprised of any developments.

During the next few weeks CFA Society Chicago will be holding events including the Distinguished Speaker Series luncheon programs featuring Jeff Ubben, Chief Executive Officer of Value-Act Capital, on September 21st and Jimmy Levin, Managing Director of Och-Ziff Capital Management, on Oct 4th. The Education Advisory Group will be presenting “Investing in Innovation” on September 28th. Please visit www.cfachicago.org for additional information and registration details.

The end of summer also means CFA Society Chicago’s Annual Dinner is around the corner, with this year’s event being held at Navy Pier on November 2, 2016. Registration for the 30th Annual Dinner is now open and features Cliff Asness, Managing Principal and CIO of AQR Capital, as this year’s keynote speaker. The Hortense-Friedman Award for Excellence will be presented to Richard Ennis, CFA, and posthumously to George Norton. If you are interested in sponsoring this year’s dinner please contact Kim Augustyn, Director of Programming and Sponsorship at kaugustyn@cfachicago.org or (312) 251-1301.

The strength of CFA Society Chicago benefits from the efforts of all our volunteers and the support of our local firms. We hope to continue to be a leading voice and a resource for our members and your firms. Thank you to all the current volunteers and the support of your firms. If you would like to learn more about how you or your firm can participate in our programming opportunities, please reach out to CFA Society Chicago at (312) 251-1301 or info@cfachicago.org.

 

Sincerely,

Douglas Jackman, CFA
Chairman, CFA Society Chicago

 

CFA Society Chicago’s 2016 Annual Business Meeting

DSC_2952Beginning with a cocktail and appetizer hour, CFA Society Chicago’s annual business meeting was held at the Virgin Hotel on June 20th. Chief Executive Officer, Shannon Curley, CFA, led off with a summary of this past year which he labeled under the major theme of “Building the Base”.

The four major activities of focus were:

  1. Redesigning the website
  2. Working with CFA Institute to rebuild the CRM database
  3. Improving outreach to local universities and employers
  4. Preparing the office move to 33 N. LaSalle Street, Suite 910, Chicago, IL 60602

Following Curley’s remarks, Chicago Chairman Kerry Jordan, CFA, highlighted some of the accomplishments of this special 90th anniversary year:

  • The Society hosted over 130 events (with 9 sellouts!)
  • Record attendance at the 2015 Annual Dinner
  • Membership is up to 4,524 total members

Jordan complimented the invaluable contributions of the Advisory Group Co-chairs, and made special mention of the increased program offering of the Professional Development Advisory Group.

Examples of new or expanded initiatives include:

  • Creation of a new task force to determine how the CFA Society Chicago can be more helpful toward advocacy:
  • Launching of the CFA Women’s Network
  • The financial literacy program
  • Education of pension trustees
  • Branding campaign
  • Community service

Jordan then spoke about a few global initiatives involving the CFA Institute. Paul Smith, CEO of CFA Institute, has scheduled visits at over 140 local societies across the globe and was in Chicago to attend the regional and global finals of the CFA Institute Research Challenge.  Over the past year the CFA Institute has redesigned how local societies can receive funding for building brand awareness.

Jordan participated in the global brand campaign as part of a committee including six other charterholders to discuss the charter, what it means and how it can be made more prominent in the future.

Jordan then concluded by thanking the CFA Society Chicago staff and Shannon Curley, CFA, for his effort to grow the Chicago Society.

Marie Winters, CFA, Treasurer of CFA Society Chicago, was introduced next. Her remarks were brief, but included the society’s current financial standing including reserves sufficient enough to cover 14 months of operating expense. Recently we have used reserves strategically to upgrade technology and quality of programming.

After the 2015-2016 executive committee was thanked, Doug Jackman, CFA, was introduced as the incoming Chairman.

In the business portion of the meeting, the by-laws were approved, as well as the new slate of directors and officers for CFA Society Chicago.

Awards for amazing service were given to Justin Shepard, CFA, and Chris Vincent, CFA, and a special thanks was given to Larry Cook, CFA, who is departing as the Education Advisory Group co-chair.

Finally, Jackman was introduced as the next Chairman of the Board of Directors. Jackman spoke about not having a personal agenda, just his privilege to oversee the overarching agenda to build a strong Society which thrives on its volunteer system. Toward this goal CFA society Chicago plans to invest in upgrading systems and generating more active participation by members and member firms.

CFA Society Chicago is open to any ideas on how the Chicago society can further strengthen its brand and reputation.

The evening concluded with a reception that was a great opportunity to reconnect as well as meet new and interesting members.

Putting Investors First

DSC_2831Each May, CFA Institute and local societies join together to create awareness around placing investors interest first. This event reminds us of why we work in this industry – to best serve our clients.  Moderator Darin Goodwiler guided panelists Jonathan Boersma, CFA, David Hershey, CFA, and Brian Thompson through a discussion on the current regulatory and ethical environment investment professionals are navigating. The panelists provided insights from CFA Institute, the SEC and consulting and investment management disciplines.

Most of the discussion covered the Department of Labor (DOL) rule and its impacts. Given the goal of DOL is to provide objective advise to investors, 93% of 1400 surveyed want the law and 51% think the law is already set up to meet this objective. Broker dealers will be impacted the greatest and it is likely that security sales will be a differentiated title from what we have known as advisors. As the DOL regulation progresses, we can expect to hear a unified message from the SEC and FINRA via social media and other communication channels.  All who give advice to clients are be held to the same standards and it was noted that CFA charterholders, candidates and members have long been held to a very high standard of loyalty, prudence and care. Due to this, no change is expected for this group.

One thing DOL won’t help with is people behaving badly. Culture and management play a role. Ethics training and regulation can help but regulation backward looking is implemented because we learn from our mistakes and play “catch-up” from innovation. Thompson commented that ethical decision making plays into awareness like yoga does into moods and breathing. Panelists felt that best practices are using GIPS and having a strong and visible Chief Compliance Officer.

This event was part of CFA Institute’s annual ethics initiative. For those wanting to practice ethics by role play in an interactive environment, please see http://cfa.is/1WTtG0G to access on-line programs offered by the CFA Institute.