A. B. Krongard, chairman and chief executive of Alex. Brown Inc., will be named chairman of the Securities Industry Association tomorrow at the trade group's annual meeting in Boca Raton, Fla.
The association represents more than 760 brokerage firms, mutual funds and investment bankers.
Mr. Krongard said his agenda as chairman of the organization will include working to educate consumers about the importance of savings and investing; lobbying for legislation that gives investors incentives, such as tax breaks, to save money; and working to retain and build public trust in the securities industry.
"We are in a business that is characterized by trust, and I just want to see that that is emphasized," he said.
The association also is backing controversial legislation by Rep. Jack Fields, a Texas Republican, that rewrites 40-year-old securities laws, and legislation that defuses frivolous lawsuits against securities firms.
"I'm thrilled he's chairman," said Marc Lackritz, president of the association. "He's a terrific leader and has a clear vision."
Mr. Lackritz said that in meetings, Mr. Krongard often argues that people who sell securities must put the customer first.
"It has been his passion to continue to raise the professionalism of the industry," he said.
Mr. Krongard has been on the association's board for four years. In 1994, he was vice chairman, and this year he has served as chairman-elect.
As point man for the industry, Mr. Krongard will have a full plate of speeches, traveling and testifying on Capitol Hill. But he said it shouldn't detract from his duties at Alex. Brown, a Baltimore-based investment banking and securities firm.
"My first obligation will be to Alex. Brown," he said.