Teresa Schafer Teresa M. Schafer Director 646.262.4897 vCard

Terry is a financial services executive, with 30 years of experience as a COO and CFO for investment banking capital markets, trading and derivative businesses in New York, London and Tokyo, as well as investment advisor, RIA and hybrid broker-dealer businesses.  Terry specializes in translating business, legal and regulatory requirements into workable business policies, processes and technology solutions.  Specific areas of focus: 1) Trading and Markets – equity automated trading platforms, best execution and related MiFID/Reg NMS requirements, risk assessments, AML remediation (Europe and US), OTC derivatives, prime brokerage, new business strategy and execution, business evaluations, compliance solutions, communication of management compliance policies;  2) Financial advisor support and technology solutions: hybrid/independent broker-dealer and RIA management oversight and trading practices, design and process implementation of financial planning and investment management technology solutions, including integrated goals based investing, training of advisors to prepare and deliver client financial plans, tax efficient investing and client and advisor support processes.

Expertise

  • Financial advisor support platforms, including training and use of financial planning software, centralized portfolio investments tied to client financial plans (goals based investing), and tax efficient investing.
  • Evaluation of financial advisor technology for large multi-advisor firms, and small advisory practices. Efficiency reviews of advisor practices and proposed solutions, including streamlining client onboarding, integrated financial planning, automated trading and rebalancing, centralized portfolios, and client and advisor technology dashboard and tools. All solutions custom defined for cost effectiveness and individual needs.
  • Creation of compliance oversight process for hybrid advisor roll-up firm, utilizing centrally managed investment portfolios and individual client financial plans, where appropriate, as well as the oversight of advisors as portfolio manager.
  • Creation of training programs for advisors to deliver Goals Based Wealth Management (GBWM) solutions to clients. Onboarded and transitioned advisors and their clients from brokerage accounts to advisory accounts, with financial plans.
  • Implemented Reg NMS rules at broker-dealer and defined best execution review policies for large and medium/small broker-dealers. Understanding of MiFID rules.
  • Defined access control and review procedures for internally designed trading systems.
  • Re-defined client ID/money laundering processes (Anti-Money Laundering, or “AML”) and remediated all client accounts under UK regulator direction (European AML standards).
  • Defined and communicated “tone at the top” compliance policies for major international investment bank, and multi-advisor financial advisory firm.
  • Experienced in defining and implementing new business/product requirements and compliance policies for many trading and derivatives desks and advisory businesses in the US as well as the UK, Europe, Latin America, Japan and Hong Kong.
    • Created Equity Trading desk in Mexico, set up a new UK and European retail Listed Derivatives desk, created a Tokyo Listed Derivatives Desk, set up several multi-product proprietary trading desks.
  • Prepared Divisional risk assessments and ongoing risk monitoring during implementation of new risk capital requirements. Also performed evaluation of conflicts within business lines.
  • Familiar with legal entity, capital and credit issues of OTC and listed derivatives.
  • Defined systems and operational requirements to meet regulatory guidelines at both broker-dealers and Registered Investment Advisors.
  • Defined compliance program for hybrid broker-dealer/advisory retail practice.
  • Designed the user experience and defined platform components for a financial planning and investment platform to support financial advisors and clients.
  • Led business efficiency evaluations and process improvement programs across several mature businesses.
    • Defined factors that impacted business profitability in Equity Trading as the industry moved to lower cost automated trading; trade execution costs and routing, client profitability, distribution and unbundling of research.
  • Experience with SEC, FINRA and FSA (UK) exams.

Career Highlights

  • Chief Operating Officer (COO)/Chief Financial Officer (CFO) – Wealthcare Capital Management (“roll-up” hybrid RIA firm) and Financeware (proprietary financial planning software sold on an institutional basis)
  • Principal/COO/CFO – Agility-Partners/Blackfish Financial – Start-up Robo-Investment/Advice Platform
  • Managing Director COO – Equities Americas, New York – Credit Suisse
  • Managing Director Global COO – Equity Derivatives and Convertibles Unit (EDCU) – London, New York – Credit Suisse
  • Managing Director – Global Business Manager Equities, London – Bankers Trust Company (Deutsche Bank)
  • Vice President, Business Manager, Tokyo – Bankers Trust Company
  • Vice President, Business Manager, New York – Bankers Trust Company
  • Associate, Mortgage Securitization – Salomon Brothers, Inc., New York
  • Price Waterhouse Coopers

Education, Accolades and Industry Commitments

  • S., Accounting and Business, University of Scranton, Scranton, PA
  • Member of the Board of Trustees, University of Scranton – 2010 to 2016 – Vice Chair – 2014 to 2016
  • Member of the University of Scranton President’s Business Council
  • Certified Public Accountant (Inactive)
  • Regulatory Licenses – FINRA – Series 7, 24 & 63 (Inactive)
  • Certified Financial planner (CFP) Candidate – coursework in progress
  • Board Member and Treasurer, Help with Housing, 2011 – 2013
  • Past Member, ISDA European Advisory Board, working to standardize equity derivative contract terms