Industry Moves

Kestra Platform Takes in Michigan Firm

Kestra Private Wealth Services says OWL Private Wealth Advisors has joined the platform.

Bloomfield Hills, Mich.-based OWL is led by managing partners Jeffrey Smith and Brian Thomas, who have a combined 40 years of experience in the financial and advisory services, Kestra says.

Kestra PWS, a hybrid RIA subsidiary of Kestra Financial, says OWL oversees around $120 million in client assets.

OWL provides holistic financial planning and goals-based wealth management services for multi-generational families and individuals. The firm specializes in goals-based planning, investment management, insurance planning, and corporate and individual retirement consulting, Kestra says.

“In our pursuit of independence, we sought a partner who could empower us to deliver the best experience for our clients. We ultimately chose Kestra PWS for their best-of-breed technology and human capital,” Smith says in a statement.

“After an extensive search, Kestra PWS emerged as the frontrunner due to their industry-leading technology integration and high-caliber service that will enable us to focus on our clients as the top priority,” Thomas adds.

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SEC Names New Cybersecurity Policy Senior Advisor

The SEC says Nancy Sumption will serve as Chairman Jay Clayton’s senior advisor for cybersecurity policy.

Sumption will coordinate efforts across the SEC to address cybersecurity policy, engage with external stakeholders on matters related to cybersecurity, and help enhance the SEC’s mechanisms for assessing and responding to cyber-related risks, the regulator says.

She succeeds Kevin Zerrusen who recently returned to the private sector.

The SEC says Sumption brings to her role nearly three decades of legal, policy, operations and executive risk management experience in both the national security and corporate sectors.

Her prior public service includes more two decades in the U.S. intelligence community, the Department of Justice, and as an officer and staff judge advocate in the U.S. Air Force, the SEC says. After the 9/11 terrorist attacks, she led several reform initiatives in the areas of information sharing, cybersecurity, international data protection, privacy, and data governance, the SEC adds.

Upon leaving government service, she held positions in cybersecurity, information governance, and privacy in the healthcare and finance sectors and at the MITRE Corp., according to the SEC.