Kelly Gorman is the new CEO of the Financial Advisors Association of Canada (Advocis), effective Sept. 23. She takes the helm at a critical time in the association’s 118-year history as it works to rebuild its finances following a struggle with liquidity.
Gorman will be responsible for strategy and supporting Advocis’ mission to provide education, advocacy and professional development, a release said.
Her strategic vision will be key in rebuilding the association. She succeeds Harris Jones, who was appointed interim CEO in September 2023 after the association faced a financial crisis and ousted longtime CEO Greg Pollock.
Pollock subsequently launched a $2.5-million claim of wrongful termination. The association also faces a $208,000 constructive and wrongful dismissal claim by former chief operating officer Julie Martini. And earlier this year, Advocis settled with SeeWhy Financial Learning Inc. for nearly $100,000 for non-payment of SeeWhy’s learning materials.
Last year Advocis leaned heavily on its Century Initiative assets — funded with premium membership fees — to keep its fund balances in positive territory.
According to the 2023 annual report, the association received $2.7 million from the contingency fund in total. While $700,000 of that amount isn’t repayable, the remaining $2 million is repayable with interest.
The Century Initiative balance was $5.6 million at the start of 2023 and $3.3 million at year-end, the annual report said.
In a letter in June, Jones informed members that the association had reached a stable financial state from which to rebuild. Few details about how Advocis found itself in the liquidity crunch were provided at the annual general meeting in July.
At that time, then-board chairman Eric Lidemark said “a new vision” was forthcoming from returning chairman, Al Jones, and the new CEO, as of then unnamed.
Prior to joining Advocis, Gorman was executive vice-president of governance advisory with Kingsdale Advisors in Toronto.
Gorman also held senior leadership roles with CPA Ontario and the Ontario Securities Commission, where she was deputy director, enforcement, and chief of the Office of the Whistleblower.
“With her deep expertise in regulatory frameworks and enterprise management, Gorman will focus on expanding the association’s reach and strengthening its commitment to professional excellence in a rapidly evolving financial services landscape,” the release said.
Advocis said Gorman would be available for interviews after she begins her role on Sept. 23.
In a LinkedIn post, Gorman thanked Advocis for the opportunity. “I can’t wait to get started,” she wrote.