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Executive Moves

JPMorgan Picks Braunsten As CFO in Mgmt. Shuffle

JPMorgan Chase named Doug Braunstein CFO Tuesday, part of an executive shuffle it said would help groom the company's future leaders.

Braunstein, head of investment banking in the Americas, replaces Michael Cavanagh, who becomes chief executive of treasury and securities services.

Heidi Miller, who was CEO of treasury and securities services, is now president of international operations, a newly created position. JPMorgan called growth prospects in all of businesses outside the U.S. "significant" and said Miller's job will be to develop a comprehensive business strategy to accelerate expansion in the BRIC nations (Brazil, Russia, India and China).

China, Brazil, India and Russia. He will also be entrusted with expanding global corporate banking, working closely with investment bank CEO Jes Staley and Cavanagh. Cavanagh had been CFO since 2004.

Spotlight on McGinness, First Allied's Advisory MD

Matt McGinness has a reputation for producing heavy hitting research in practice management. He's also been schooled in the ways of consulting with advisory firms to help them grow their businesses. That's why First Allied Securities, San Diego, tapped him as its new managing director to runs its advisory consulting services division.

First Allied has been among this industry's leading independent broker/dealers for several years. Since 2007, it has consistently ranked between 20 and 24 on Financial Planning's list of the biggest and fastest growing independent broker/dealers.

But that's not enough. The firm wants to break out and do business on a much higher level, according to executives at the company.

"Mr. McGinness will play an instrumental role in helping position First Allied as a world-class independent broker/dealer committed to providing objective guidance and help advisors attain their financial goals," said First Allied President Adam Antoniades.

McGinness said First Allied aggressively tries to help advisers grow their business, and it goes beyond providing service and technology. Many advisers often struggle with successfully managing two sets of skills: Drumming up business and managing it on the back end, he said. They bring in plenty of revenue, but don't understand why they are not taking home more. They say they feel like they are running a successful business, but don't understand why working on it is so taxing.

And so McGinness, 36, caught the company's eye. For 12 years, he has worked in consulting and marketing capacities, developing solid expertise in compensation, staffing, financial management, client surveys, customer experience design, marketing strategy and tactics, as well as client service and satisfaction. He then became associate director at Cerulli Associates, from which LPL Financial Services, the industry's largest independent broker/dealer, hired McGinness, At LPL, he was vice president of business consulting and delivered business analysis to its top advisers.

MGinness left LPL to launch Best Practice Research, a research and consulting firm. While there, he authored the 2009 Moss Adams/Investment News Advisor Compensation and Study, and co-authored reports for Pershing.

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