Audits & compliance activities

New Account principal review

Multi-level / functional teams
Diverse & complex relations
Talent developer & mentor
Mitigating & managing risk
Internal controls
Cost reduction & containment
Continuous improvement

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
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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.

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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

MANAGER, ACAT DEPARTMENT, MCDONALD INVESTMENTS (1999 2002)
MANAGER, NEW ACCOUNTS, KEY CLEARING, 1990 1999

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