Lorna Hern has two decades of experience in every aspect of broker-dealer and RIA compliance; risk management; and trade, advisory and client-centric service operations and call center services.
Original Title
VP Operations Trading Compliance In Raleigh Durham North Carolina Resume Lorna Hern
Lorna Hern has two decades of experience in every aspect of broker-dealer and RIA compliance; risk management; and trade, advisory and client-centric service operations and call center services.
Lorna Hern has two decades of experience in every aspect of broker-dealer and RIA compliance; risk management; and trade, advisory and client-centric service operations and call center services.
LORNA HERN Mobile: (919) 710-9978 Wake Forest, North Carolina 27587 lornahern@yahoo.com FINANCIAL PROFESSIONAL FINANCIAL SERVICES Poi sed f or opportuni ti es l eadi ng busi ness i ni ti ati ves and tal ent teams open to travel I NDEPENDENT & BANK BROKERAGE - REGI STERED I NVESTMENT ADVI SORY BUSI NESSES COMPLI ANCE | CUSTOMER SERVI CE | OPERATI ONS | ADVI SORY & TRADE SERVI CES | TRAI NI NG Expertise Transparency Meeting internal / external client deliverables and fixing problems through sweeping change and inevitable challenges Influencing and leading game-changing commitment to ethics and compliance in guiding investment initiatives. Two decades as a high-energy leader, strategist, and trusted advisor with unwavering integrity and approachable personality. Deeply experienced in every aspect of broker-dealer and RIA compliance; risk management; and trade, advisory and client-centric service operations and call center services. Specialist in trading, operations, direct mutual fund trades, annuity transactions, dual clearing firms, call center and information systems. FINRA, SEC, and MSRB regulations expertise. Served as firms MRSB Principal. Partnered with CCO on external audits (FINRA, SEC, and MSRB); annual bank audits; and related initiatives. Received 100% successful audit results, with only minimal findings. Leadership of new account opening and principal review. Internal controls for Know Your Customer Rule for all accounts. Assisted with revamping and customizing WSP manual to firms needs. Co-piloted ongoing alignment of business with FINRA and SEC regulations.
PERFORMANCE FEEDBACK INDUSTRY LEADERSHIP Lorna has solid knowledge of the securities industry key person in management of the clearing relationship for the firm reorganized operations and training area providing cost savings of 30% and streamlined processing valued member of my Management Team for her work ethic, team leadership, creativity, and open mindedness. ~ Ramsey Jones, Former President, First Citizens Investor Services, Inc. PERFORMANCE FEEDBACK INDUSTRY LEADERSHIP Lorna is a challenged, driven visionary with a comprehensive knowledge of all aspects of the broker-dealer industry she was dedicated in the compliance aspect in her departments and the go to person in her field a professional leader in all audits with FINRA, SEC, MSRB and internal compliance and bank audits. ~ Patricia Price, Chief Compliance Officer (CCO), First Citizens Investor Services, Inc.
PROFESSIONAL EXPERIENCE
First Citizens Investor Services, Inc., Raleigh, NC, 2008 to 3/2014
VP - MANAGER - OPERATIONS, PRINCIPAL APPROVAL & TRADING
As change agent, helmed refinement and improvements for Operations, Trading and Training departments, including development of policies and procedures. Partnered with CCO on ongoing oversight of all new and existing FINRA, SEC and MSRB regulations impacting firms business model and best practices. Managed 5 direct/20 indirect reports.
Risk Management: Owned firms business continuity plan. Shaped and implemented comprehensive BCP for all areas of broker dealer with bi-annual reviews and updates; and annual plan verification testing.
Trading Operations: Performed principal review and monitoring of all trades, including managed account platform. Held oversight for trading: TRACE, OATS, and MSRB reporting and quarterly reviews of rules engine for trades. Established material event monitoring for municipal trades.
Broker Dealer of the Year Award, 2007 Investment Magazine Lorna could always get things done industry knowledgeable ongoing support and help made work fun! ~ Fredena James First Citizens Ops Supervisor L OR NA HE R N | PROF E S S I ONAL EX P E R I E NC E ( F I R S T CI T I Z E NS ) c ont i n ue d PAGE 2 OF 3
Cost Efficiencies: Trimmed staff by 20%, slashed expenses 20%, and streamlined operations.
Customer Service Call center Leadership: Involved hands-on leader with Advisors and Clients calls answering questions and solving all problems.
Training: Established and managed broker- dealer training department. Trained Financial Advisors, Client Sales Assistants, Call Center, Operations and Trading staff.
Relationship Management: Owned and managed the relationship with Pershing LLC and DTCC. Drove high client experience satisfaction levels through client first principals coupled with staunch compliance and risk management adherence.
Project Leadership: Headed multiple teams efforts on projects aligned with strategic initiatives: - Served as co-director of RIA Committee that established new vendor relationships and converted existing accounts. - Closed Ironstone Securities, Inc. and converted 1,500+ accounts to 3 separate broker dealers. - Implemented new internal controls adhering to Know Your Customer Rule. - Established and launched DTCC Insurance Services, capturing firms annuity data feeds. - Converted RIA platform to Concord Wealth Management (1,300+). - Led conversion of directly held College American 529 plans (1,500+) to Pershing platform. - Designed and implemented new trading risk procedures. - Founded firms Best Execution Committee; served as Principal Reviewer.
Regulatory Oversight: Facilitated regulatory review of ERISA accounts in conformance with new Department of Labor requirements. Developed disclosures. Monitored account distribution and change activities.
RIA: Served as a member of the firms RIA Committee. Committee completed a full revision of RIA Compliance Manual and desktop procedure manuals in January 2014. Co-produced regulatory examinations.
Cambridge Investment Research, Inc., Fairfield, IA, 2006 to 2008
VP - MANAGER - OPERATIONS & TRADING
Directed 7 broker-dealer operations and trading / investment departments (8 direct / 90 indirect reports) serving 1,200+ registered representatives nationwide. Authored contingency plan. Led refinement and improvement of existing operational methods and protocols. Extensive vendor management.
Audits: Achieved consistent satisfactory findings by FINRA and SEC auditors.
Compliance: Managed the Principal approval desk for all annuities purchased. Ensured compliance with FINRA, MSRB, SEC rules relevant to trading and operations (best execution, TRACE, OATS).
Quality Control: Maintained a 99.8% error rate in all control management of accounts, trades and security processing.
Clearing Relations: Managed all aspects of dual clearing relationships with Pershing LLC and National Financial LLC.
Strategic Planning: Crafted and administered group budget and business plan for Cambridges Board of Directors.
Illustrative Project Leadership: Served as Co-Director of Service Level Standards project (objectives, program design / execution). Acted as Project Manager for development and implementation of Schwab Institutional / Cambridge Investment Research integrated recruitment platform.
Charter One Securities, Inc., Cleveland, OH, 2002 to 2006 MANAGER - OPERATIONS & TRADING
Headed companywide operations supporting 75 financial representatives in multiple states. Consolidated and relocated trading functions to corporate headquarters. Reported to Broker Dealer President; served on the Board.
Managed 8 direct reports. Worked closely with Chief Financial Officer, Chief Compliance Officer, Human Resources and Board on building ground-up department that handled back-office processing and service.
L OR NA HE R N | PROF E S S I ONAL EX P E R I E NC E ( CHAR T E R ONE SE C URI T I E S ) c on t i nue d PAGE 3 OF 3
Created a Call/Processing Center which worked with our Advisors and Clients to handle questions, problems and processed operations requests.
Continuous Improvements: Trimmed staff by 50% and cut expenses by 30% within 4 months of hire.
Audits: Acted as liaison with all Charter One Securities departments during FINRA and OCC bank audits.
Staff Development: Created procedures / system manuals for Investment Consultants and staff. Cross trained and mentored employees across multiple functions and skill sets.
Trade Processing Accuracy: Held a 99% error rate on all trade processing activities.
Risk Management: Produced operations first disaster recovery plan.
McDonald Investments, Inc. (merged with Key Clearing Corporation), Cleveland, OH, 1995 to 2002
Influenced and led navigation post 1999 merger with McDonald Investments, and stepped into expanded role managing accounts transferred through McDonald.
Fiscal Leadership: Slashed overall expenses 25% (2001 and 2002) through efficiency improvements, streamlined processes and watchful budget oversight.
Initially brought on board with Key Clearing as Manager of New Accounts with oversight for management of daily operations (account activities, systematic investments, changes, applications). Trained new hires.
Audits: Teamed with Compliance Department on all FINRA, NYSE, and bank audits.
Conversions: Valued member of the Key Business Development with mapping of accounts from National Financial platform to the newly established self-clearing platform of Key Clearing Corporation.
Process reviews: Lead role in reviewing all back office processing between Key Investments Inc. and Key Clearing Corporation.
EDUCATION
Business Administration, Sawyer Business College, Cleveland, OH Western Kentucky University, Bowling Green, KY
LICENSES Series 7 | Series 24 | Series 53 | Series 63 | Series 99