Firm Update: March 2023

Welcome to our March Newsletter.

In this month’s newsletter, I will share some thoughts both as to the evolving world of government interevention and “industrial policy” in deal making, along with the role securities licensing plays, especially as to our financial services “brand” and reputation.

Then, Michelle Mueller will provide compliance updates, and Zaya Bold will do so for collaboration (including a valuable February webinar recording!). 

To all of our success!

Jay Turo
Managing Director
GT Securities, Inc.

Respect, Faith, and Trust. 

So many of us have put great time, effort, and energy into becoming and remaining licensed securities professionals. 

I have proudly been one since studying for and passing my Series 7 more than 30 years ago! 

Since then, I have added and maintained the Registered Investment Banker license (Series 79), the Registered Securities Principal (Series 24), the  Registered Financial and Operations Principal (Series 28), and the Uniform Investment Advisor qualification (Series 65). 

All this, of course, has and continues to involve real time, work and stress. 

I must confess that for a long time I viewed it all as something I “had to do” to allow for the “real work” of deal and money making.

While of course there remains a base truth and reality to this, my perspective was also informed by a certain idealism and naivete that any kind of regulatory intervention in the “free market” was but a “gumming up” of the good work and free flow of business and commerce. 

And that over time, with increasingly efficient information and trading markets, much of this government oversight would naturally diminish over time.

Fat chance!

No, today, things are heading in the other direction toward more regulation, more government intervention, and more “industrial policy.”

Leaving the “free marketeers” among us with a choice.

To either make the sport of railing against the injustice of it all, or adjusting to play to win the game in front of us.

Like famed Silicon Valley VCs Andreessen Horowitz (a16z) are doing.

Take a look at their new American Dynamism venture fund, which views “government as a customer, competitor…key stakeholder.”

On one level, I am sure the firm’s founders – famed free market and entrepreneurship zealots Marc Andreessen and Ben Horowitz – would prefer just to invest and work like in the old days – far from the tentacles of government and regulation. 

But, as they are above all else about making money for themselves and their stakeholders, they see the “way of the world” heading toward more and more “industrial policy” opportunity arenas like this. 

And they intend to profit from it. 

For boutique investment bankers like this, thinking about deal opportunities from this frame of reference is very important, and when it comes to our securities licensing, it goes a whole level deeper. 

Quite simply, because for us licensing represents – in a unique, powerful, and hard-to-duplicate way – that we are very serious and ethical professionals. 

That we hold ourselves to the highest standards of fair dealing and fiduciary responsibility. 

And that we do so over the scope of a career and a lifetime. 

So many bankers regularly come up to me with a version of this inspirational refrain – “I’ve been licensed for 10, 15, 20, 30 years and I have a “clean” file.” 

When a person of financial sophistication hears this, what arises in them almost invariably are thoughts and feelings of respect, faith, and trust.

Is there anything more important in business than this?

So this month, let’s stop and take more pride – and promote more as a badge of professional honor – the work we’ve all done to attain and maintain our securities registrations.

Respect, Faith, and Trust. 

I’ll play on that team.

Compliance Updates

Finra Regulatory Element Continuing Education. Beginning this year, in 2023, Registered Persons must complete their Regulatory Element CE annually by Dec. 31 under the amendment to FINRA rules 1210 and 1240. Registered Persons are required to complete the Regulatory Element CE annually by logging into their Finpro account. Individuals who do not complete the Regulatory Element CE by December 31 each year will be designated CE inactive by FINRA.

More information regarding this regulatory rule can be found here.

LinkedIn. Please ensure LinkedIn profiles held out to the public remain purely “brochure / resume type,” communicating in general terms. Any offers and sales of securities via these websites are strictly prohibited.

Michelle Mueller, Chief Compliance Officer

New GT Securities Affiliate Resources

Axial. We are excited to announce that GT Securities affiliates can market their deals on Axial. Axial is the largest online transaction platform empowering lower-middle market deal makers. Over 3,500 advisors and 2,500 corporate and financial buyers have joined Axial to efficiently connect with relevant capital partners, source actionable deals, and build new relationships.

Over 2,500 financial investors and corporate acquirers target lower middle market investments on Axial every year, including:

  • 450+ Family Offices
  • 750+ Private Equity Firms
  • 850+ Corporate Acquirers & Portfolio Companies
  • 400+ Independent Sponsors & HNWIs
  • 150+ Lenders and Private Credit Investors

Watch the recording of GT Securities exclusive webinar, where we share more about the proprietary tools offered to GT Securities bankers. 

BizBuySell. GT Securities affiliates now have access to BizBuySell – with an inventory of over 65,000 businesses for sale and more than 3 million monthly visits. 

Referrals. Do you know an investment banker looking for the benefits of independence and professionalism provided on the GT Securities platform? We are always interested in speaking to highly ethical and credentialed banking professionals to join our platform, and we are offering credits and bonus for referred bankers. Please reach out to me to learn more.

Zaya Bold, Director of Banking Partnerships

Happy March to All!

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