Investor Advocate

Posted: Nov 29, 2010
Washington, District of Columbia, United States

The Office of the Investor Advocate was created within the SEC by Section 915 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.The Investor Advocate is the head of the office and reports directly to the SEC Chairman.The Investor Advocate is appointed by the Chairman after consultation with the Commission.

The functions of the Office of the Investor Advocate are:

  • Assist retail investors in resolving significant problems these investors may have with the Commission or with self-regulatory organizations.
  • Identify areas in which investors would benefit from changes in the regulations of the Commission or the rules of self-regulatory organizations.
  • Identify problems that investors have with financial service providers and investment products.
  • Analyze the potential impact on investors of proposed regulations of the Commission and proposed regulations of the Commission and proposed rules of self-regulatory organizations.
  • To the extent practicable, propose to the Commission changes in the regulations or orders of the Commission and to Congress any legislative, administrative, or personnel changes that may be appropriate to mitigate problems identified in the above areas and to promote the interests of the investors.

According to the procedures defined in the regulation, the Commission must respond to all recommendations from the Investor Advocate within 3 months of receipt.

Within 180 days after being appointed to this position, the Investor Advocate must appoint an Ombudsman, and after consultation with the Chairman, the Investor Advocate may choose to retain or employ independent counsel, research staff, and service staff as s/he deems necessary.

As outlined in the law, the Investor Advocate must provide specific Congressional committees with two reports each year.The first report, which is due no later than June 30 of each year after 2010, must contain the objectives for the following fiscal year.The second report, which is due no later than December 31 of each year after 2010, must contain a report of activities during the immediately preceding fiscal year.Both reports must include a report by the Ombudsman of his/her activities.

The Investor Advocate will serve as the senior executive directing the Office.Specific responsibilities will include:

  • Directs the work of the Office, determining operational priorities and adjusting staff assignments as appropriate.
  • Sets performance standards, appraises key employees, and assures equity of appraisals done by supervisors.
  • Determines training needs and arranges for necessary training.
  • Approves or decides on personnel actions for recruitment, reassignment, promotion, reclassification, within-grade increases, and other actions involving the Office.
  • Makes selections on key positions and approves selections made by subordinate supervisors.
  • Hears and decides on group grievances and serious disciplinary measures.
  • Approves expenses for training, overtime, travel, and awards within delegated authority.
  • Actively supports special emphasis programs such as EEO, safety, internal controls, etc.

As established by Section 911 of the Act, the Investor Advocate will also serve as a member of the Investor Advisory Committee.

The successful candidate must have experience in advocating for the interests of investors in securities and investor protection issues, from the perspective of investors.As such, the Investor Advocate should have experience working with, and understanding the needs of, a broad range of different types of investors.

The Investor Advocate may not have been employed by the SEC during the two years prior to appointment to this position, and may not be employed by the SEC for five-year period after leaving this position.

An Undergraduate degree from a well respected institution is required and an advanced degree is preferred.


Korn/Ferry shall provide equal employment opportunity to all qualified candidates, and will refer candidates without regard to race, color, religion, national origin, sex, age, disability, veteran status or any other legally protected basis. Korn/Ferry shall comply with all applicable laws, rules and regulations in the performance of duties pursuant to this Agreement, including but not limited to, Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and state and local anti-discrimination laws to the extent applicable.

This opportunity is no longer available.

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