September 5, 2012 / 1:26 AM / 7 years ago

U.S. financial adviser group NAPFA names new chairman

Sept 4 (Reuters) - The National Association of Personal Financial Advisors (NAPFA) has selected New Jersey-based Lauren Locker as its new chairman, filling a gap left by a chair-elect who resigned just before taking charge.

Locker, who heads Locker Financial Services LLC in Little Falls, New Jersey, begins the post immediately, according to an announcement by the group on Tuesday. NAPFA is a trade group representing 2400 fee-based advisers.

NAPFA’s selection of Locker fills a void created when Ron Rhoades, an adviser and chair-elect, unexpectedly stepped aside, citing a compliance problem at the investment advisory firm he leads. The mix-up that left his firm unregistered with securities regulators in Florida.

Rhoades’ resignation led to uncertainty about who the next leader would be.

The group, under Locker’s leadership, will, among other issues, continue its push to oppose a self-regulatory group to oversee advisers who are registered with the U.S. Securities and Exchange Commission. The group has long argued that the SEC itself, and not a private organization, such as FINRA, is the best choice to police those advisers.

“The current debate regarding oversight and regulation of our industry presents NAPFA members with a unique opportunity,” Locker said in a statement.

Locker succeeds Susan John, who has been chairman of the group since 2010. John signed on for an extra year in 2011 after no one volunteered for the post.

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