Robinhood adds compliance officers from Fidelity and Wells Fargo
It is hard to think of a company which did a financing at a valuation north of $11 billion as a startup, but to some degree Robinhood is just that. The next-gen online broker is still dealing with growing pains such as periodic downtime and delayed growth internationally, and is still busy building out its senior management team.
Just a couple weeks removed from hiring Facebook executive Christina Smedley as its new CMO, Robinhood has announced that it will now welcome not one but two new Chief Compliance Officers its team. Norm Ashkenas will be joining as Chief Compliance Officer for Robinhood Financial, and Kelly Zigaitis will serve as Chief Compliance Officer for Robinhood Securities.
With what the company called extensive, exemplary backgrounds in brokerage industry compliance, Norm and Kelly will lead Robinhood’s compliance teams as it scales its processes, policies, and practices. Regulatory compliance is a critical element of investor protection and Robinhood said it is committed to ensuring that its compliance program is industry leading. Alongside continued investment in enhancing controls that support a high quality investing experience for customers, the company noted that it is also actively growing its customer support team and the resources available to customers so they can stay informed.
Norm Ashkenas will join Robinhood in September and was most recently SVP and Head of Compliance for Fidelity Institutional & Fidelity Brokerage Technology, and CCO for National Financial Services and Fidelity Distribution Co., the clearing, custody, intermediary, capital markets, and brokerage technology divisions of Fidelity Investments. He joined Fidelity in 2003 and has held various compliance leadership roles including Head of Compliance for Fidelity Personal Investments, CCO for Fidelity Brokerage Services, and CCO for Fidelity Personal and Workplace Advisors, and Fidelity Personal Trust. Prior to Fidelity, Norm was SVP for Regulatory and Compliance Examinations with Prudential Securities Inc., and VP/Associate General Counsel for 10 years, and was a litigation attorney with Chemical Bank. Norm has served on several FINRA committees including as Chair of the NAC and is a Board Member and past Chair for the National Society of Compliance Professionals. Norm earned a B.A. from Northwestern University and a J.D. from Fordham Law School.
“I’ve admired and been impressed with Robinhood’s ability to connect, communicate, and engage with its customers and to expand access to the financial markets for new investors,” said Norm Ashkenas, Chief Compliance Officer for Robinhood Financial. “I’m excited to partner with the many teams across Robinhood as we continue to deliver valuable products and impactful resources to customers seeking a better financial future.”
Kelly Zigaitis will also join Robinhood in September from Wells Fargo Advisors where she served as Head of Oversight and Controls. Kelly was previously at TD Ameritrade where she held a variety of roles including Managing Director, Retail Supervision and Controls, and as CCO at Scottrade leading up to its acquisition by TD Ameritrade. While with Scottrade, she led a multi-year effort to modernize the company’s compliance program, including developing a high performing team, implementing a technology strategy, and redesigning policies and procedures across the firm. Kelly practiced law in St. Louis for several years before joining a local full service advisory firm as their sole in-house legal and compliance attorney. Kelly earned a B.S. degree with a double major in Communication Disorders and Psychology from Southeast Missouri State University and her J.D. from Washington University School of Law in St. Louis, where she served as Managing Editor of the Washington University Law Review.
“I’m thrilled to be joining a team that has already achieved so much by delivering a modern investing experience while maintaining such focus on its customers and its mission,” said Kelly Zigaitis, Chief Compliance Officer for Robinhood Securities. “The passion Robinhood has for helping more people participate in the markets is unmatched and I look forward to working with everyone across the company as we continue to enable greater financial opportunity to all.”