Over the past 10 years the Securities Industry Association has grown to include not just securities firms but banks, insurers, and mutual fund companies. At its recent annual conference in Boca Raton, Fla., chairman- elect Irving Weiser, who is chairman and chief executive of Interra Financial, talked about the group's changing membership and what that means for its agenda. The following is excerpted from those remarks.
When SIA was formed 25 years ago, our membership was almost exclusively run by industry executives who reported directly to their shareholders. There were no discounters or electronic deliverers. Even 10 years ago, banks and insurance companies combined owned less than 10% of our membership, and discounters had no representation among the top 20 firms.