Chief Financial Officer

PROFILE

Chief Financial Officer with twenty-eight years of broad experience in the securities brokerage industry as well as nearly ten years in the professional services industry. Highly motivated leader with sound, disciplined business judgment and strategic thinking. Proven ability to effectively manage cost containment and growth strategies in a constantly changing environment. Highly engaged in the management and supervision of the human resources, legal/risk, strategy, tax, payroll and operations functions.

EXPERIENCE

Management Consulting Group 2015-February 2025 

Chief Financial Officer

Management Consulting Group is a consulting firm with a niche in healthcare consulting. MCG has approximately 350 employees, with two-thirds of the employees situated in offices in 9 major cities throughout the US and the balance supported as remote employees. I joined MCG in May 2015 as its first CFO after the acquisition of a majority stake by Gryphon Investors in November 2014. MCG grew from $60 million in revenue when I joined to $130 million when 75% of the ownership was sold to Siemens Healthineers in November 2019. During this period, MCG acquired two healthcare consulting businesses: Eveia Health Consulting and Management and the healthcare consulting division of Kurt Salmon Associates and a SaaS business: MD Ranger.

Responsibilities include debt compliance, tax, financial reporting and budgeting, forecasting, compensation planning, accounts payable, treasury, office leases, payroll, relations with the private equity investor and lenders, contracts, equity issuances, and insurance, among other areas. Some of my accomplishments are as follows:

• Played a key role in Gryphon Investors sale to Siemens Healthineers, including meeting the due diligence requirements of roughly 110 Siemens Healthineers employees and involvement in negotiating the terms of the deal. The sale process was run by William Blair and included multiple private equity firms and a handful of strategic investors.

• Recapitalized the firm in 2018 with a lending syndicate resulting in the initial investors receiving a full return of their investment as well as a portion of their preferred returns.

• Played a key role in the three acquisitions mentioned above as well as evaluating acquisitions

which we didn’t pursue.

• Negotiated approximately $2 million in recoveries related to post-acquisition matters.

• Restructured the company’s discretionary profit-sharing plan and its performance incentive plan to provide employees with more competitive cash compensation.

• Identified flaws in the company’s limited liability company operating agreement, without which would have created significant tax risk to the company and its members.

• Promoted and created restricted unit and management incentive unit plan to retain newly hired consultants.

First Allied Holdings Inc., San Diego, CA 2011-2015

Chief Financial Officer

First Allied Holdings Inc. (FAHI) was a holding company which was formed by Lovell Minnick LLP to acquire FAS Holdings, Inc. from Advanced Equities Financial Corp. in 2011. At the time FAHI acquired it, FAS Holdings owned an independent contractor broker dealer, a registered investment advisor, an asset management company, and a pension administration company. In 2013, FAHI acquired the Legend Group, which was primarily a 403(b) independent broker dealer and advisory firm. FAHI was acquired by RCAP Holdings, LLC in September 2013 and became a wholly-owned subsidiary of RCS Capital Corporation, which was publicly traded under the symbol RCAP until its bankruptcy. FAHI generated nearly $400 million in revenues and had approximately 1,200 financial advisors.

Responsibilities included human resources, tax, financial regulatory compliance, financial reporting and budgeting, commission accounting, accounts payable, treasury and payroll. Additionally, I performed an integral role in acquisitions, litigation resolution, risk management, and served as secretary to the Board of Directors. Some of my accomplishments are as follows:

• Played a key role in the sale of FAS Holdings, Inc. to First Allied Holdings Inc. (Lovell Minnick LLP)

• Was critical in the structure and sale of First Allied Holdings Inc. to RCAP Holdings, LLC.

• Played a key role in the acquisition of the Legend Group from Waddell & Reed for less than 40% of revenues and less than 4 times EBITDA including 100% debt financing.

• Developed and retained a motivated national finance team with no turnover of direct reports.

• Spun out the investment advisory business from First Allied Securities, Inc. freeing up $4 million of regulatory capital.

• Managed the financial due diligence for the acquisitions of VSR and Girard Securities resulting in purchase price savings of approximately $5 million.

• Renegotiated Pershing clearing agreement resulting in savings in excess of $1 million annually.

• Renegotiated San Diego real estate lease saving approximately $500,000 per year.

• Implemented a recruiting model resulting in more accretive recruiting.

• Implemented a daily business metrics email which tracks major business results and drivers, including revenues by product, assets by product and location, margin and money market fund balances, recruiting, attrition, and head count.

• Created a monthly reporting package for executive management and the Board to more easily assess financial performance.

Advanced Equities Financial Corp., Richmond, VA 2004-2011

Chief Financial Officer

Advanced Equities Financial Corp. (AEFC) was a privately-owned holding company which owned two subsidiaries: a broker dealer focused almost exclusively on Reg. D private placements and FAS Holdings, Inc.

Responsibilities included human resources, tax, financial regulatory compliance, financial reporting, financial planning and analysis, commission accounting, accounts payable, and payroll. Accomplishments during this period follow:

• Played a major role in the negotiation and due diligence of the acquisition of First Allied Securities, Inc. (FASI) from Wells Fargo.

• Managed growth from $30 million in revenues in 2004 to more than $300 million in revenues in 2007.

• Successfully integrated Round Hill Securities, Inc. into FASI.

• Performed due diligence and participated in the acquisition negotiations and integration of FFP Securities, Inc. (integrated into FASI), the acquisition of the assets of FFP Advisory Services, Inc., n/k/a First Allied Advisory Services, Inc. and the assets of First Montauk Securities Corp.

• Restructured the acquisition of Greenbook Financial Services, Inc. resulting in a savings of $10 million.

• Built an entire finance function from scratch as FASI had been supported by the Wells Fargo finance function.

• Managed a finance team located in Richmond, VA; San Diego, CA; and Chesterfield, MO.

• Offshored portions of the commission accounting and finance functions to India.

• Negotiated the transition of clearing services from Wells Fargo to Pershing, LLC.

Wachovia Securities, Richmond, VA 2001-2004

Chief Financial Officer-Independent Brokerage Group

The Independent Brokerage Group (IBG) of Wachovia Securities consisted of First Clearing Correspondent Services; Wexford Clearing Services, LLC; Wachovia Securities Financial Network, LLC (WSFN); Wachovia Securities Direct; and the Latin America Division of Wachovia Securities.

Responsibilities included budgeting and forecasting for IBG; filing FOCUS Reports and complying with regulatory financial requirements for WSFN; financial reporting and analysis for IBG; compensation of independent contractor financial advisors for WSFN; billing of correspondents for monthly clearing and execution fees, interest sharing, money market remuneration, technology and other costs for First Clearing Correspondent Services and Wexford Clearing Services, LLC; serving as a member of the Board of Wexford Clearing Services, LLC, the New Business Review Committee of First Clearing Correspondent Services and the Executive Management Committees of First Clearing Correspondent Services and WSFN; and reviewing for revenue enhancements and cost reduction opportunities. Accomplishments during this period follow:

• Implemented new web-based correspondent billing system providing correspondents with the ability to review their bills online, with powerful query functionality.

• Implemented new independent contractor financial advisor compensation system.

• Created disciplined execution in new correspondent financial modeling process, which is also used for contract negotiations with existing correspondents.

• Identified a cost-effective solution to reduce the outsourcing cost of an optical storage system resulting in savings of $1 million annually.

• Developed a motivated finance team with no turnover.

JWGenesis Financial Corp., Boca Raton, FL 1986-2001

Chief Financial Officer and Director

JWGenesis Financial Corp. was a publicly traded securities brokerage holding company under the symbol "JWG", whose subsidiaries included a NYSE member clearing firm, a NYSE member retail securities brokerage firm, a NASD member retail securities brokerage firm, and a NASD member independent contractor retail securities brokerage firm. On January 1, 2001, JWGenesis Financial Corp. was acquired by First Union Securities, which in September 2001, merged into Wachovia Securities. Prior to the acquisition by First Union Securities, I reported to the Chief Executive Officer of JWGenesis Financial Corp. and served on its Executive Committee and Board of Directors.

Responsibilities included budgeting, forecasting, and financial and regulatory reporting for the four broker/dealers and public holding company; supervising and directing the efforts of the operations, technology, legal, accounting, human resources and payroll departments; serving as chief compliance officer for the NYSE member clearing firm; and managing risk and the treasury function for the entire organization. My direct reports included the Chief Legal Officer, the Senior Vice President-Operations, the Senior Vice President-Management Information Systems, the Human Resource Manager, and three Financial and Operational Principals. Accomplishments during this period are as follows:

• Played a key role in the negotiation of the sale of the NYSE member clearing firm to Fiserv, Inc. for

$59 million.

• Convinced the firm to invest in Knight Securities, LLC ultimately resulting in a gain of $18million.

• Maintained stringent cost controls resulting in 38 consecutive profitable quarters.

• Acted as supervisory analyst for research in the NYSE member retail securities brokerage firm.

• Assisted in the negotiations of the acquisition of a NASD member retail securities brokerage firm for 10% of its revenues.

• Assisted in the negotiation of the sale of JWGenesis Financial Corp. to First Union Securities.

• Obtained a clean independent contractor audit from the Internal Revenue Service creating a safe harbor for employment taxes.

• Ensured that the firm complied with regulatory requirements such that during my tenure there was never a financial regulatory issue.

• Managed the growth of the company from $10 million in revenues to over $120 million in revenues.

• Assisted in leading the company to be the best performing public company in Florida in the 1-, 3-, 5- and 10-year periods ended May, 2000.

• Assisted in leading the company to be selected by Forbes in both 1998 and 1999 as one of the 200 best small companies in America.

Price Waterhouse, LLP, Fort Lauderdale, FL 1981-1986

Audit Senior

Responsibilities for this international accounting firm consisted primarily of supervision of audit staff, escalation to audit managers and partners of significant issues, resolution of audit issues with clients, and the preparation and/or review of audited financial statements. Clients included various industries, with an emphasis on securities brokerage and real estate.

EDUCATION

University of Florida, Gainesville, FL (1977-1981)

• Bachelor of Science in Accounting, with High Honors

• Sole recipient of the Deloitte, Haskins and Sells Outstanding Scholarship and Leadership Award, 1981.

LICENSES

• Certified Public Accountant (1981)

• Past Securities Licenses - Series 3, 4, 7, 8, 13, 14, 16, 24, 27, 53, 63, and 65. All expired due to leaving the securities industry.

VOLUNTEERING

• Father Joe’s Villages, Board Member, November 2023 - present