Laverne Thompson
“Faces” is a component of the Financial Centre Focus (FCF) initiative coordinated by BFSB and the Professional Industry Association Working Group to profile role models within the financial services sector.
The promotion was introduced in December, 2010.
It is produced in collaboration with Guardian Business, with profiles appearing in the Thursday edition of the Nassau Guardian twice monthly.
Introductory Snapshot
NAME: Ms. Laverne S. Thompson
INDUSTRY POSITION: Managing Director of MMG Bank & Trust Ltd. and MMG Bahamas Ltd., and the Morgan & Morgan Group (MMG) representation in The Bahamas.
EDUCATION & TRAINING: Bachelor of Arts in Banking and Finance-Private Trust, College of The Bahamas; Masters of Business Administration with specialization in International Business, University of Miami; the ICA International Diploma in Anti-Money Laundering & Compliance
Ms. Thompson also is a Certified Financial Planner through the Chartered Institute of Bankers. In the corporate field, her practice includes all matters related to Securities, with extensive familiarity in regulation of securities and capital markets, providing private banking client services and trading in international markets.
CAREER: Banking, Financial & Corporate Services, Securities, Regulation (past)
OTHER: Member of The Bahamas Association of Compliance Officers and The Bahamas Institute of Bankers.
What attracted you to the sector?
I was first introduced to the dynamics of the financial services sector via the Bahamas Junior Achievement program (JA Bahamas) where my sponsor firm was RoyWest Banking Corporation. My first position in the international financial services sector was with the RoyWest Group in the Private Banking department and later in the Control department where I gained insight into the endless opportunities, in the sector having access to all areas including, securities trading, private banking and trust.
How long have you been involved in financial services? What keeps you motivated?
My career in the financial services sector spans more than 15 years having held the positions of Head of Securities Trading at Templeton Global Advisors Ltd., working in both its Nassau and Ft. Lauderdale offices; as Relationship Manager with Union Bancaire Privee; and as Head of the Authorizations Department at the Securities Commission of the Bahamas.
The industry is highly competitive and constantly changing which makes it both challenging and invigorating to keep abreast of all developments. The continuous opportunities this allows for positive contributions for improvements to our ‘Bahamas Advantage’ and the possibilities to reinvent and grow my expertise keep me motivated. I have enjoyed and am pleased to have been able to make such contributions, both Regulatory and through Industry Groups and in currently working with a great team of professionals at MMG.
Why do you think you have been successful?
A willingness to remain steadfast in the face of change and uncertainty has been paramount. I am also an advocate for continuous training whether formal or informal, which allows for positive contributions, and a culture of effective communication and service excellence. Above all, a strong faith and family life have been the two most dominant forces in my success.
Did mentoring play a part in your success?
Yes. I am fortunate to have been able to cultivate a network of supporters and professional relationships over the years that have selflessly shared what they have learned and experienced which has been priceless and they continue to be an integral part of my success.
What qualifications do you feel are the most useful in helping you perform in the sector?
A plethora of options are available both formal and informal which will afford beginners and professionals alike the necessary qualifications to become successful in the financial services sector. As the landscape is ever-changing however, I believe is important to ensure that your focus is such that you remain relevant and effective in your environment which may take you out of the ‘traditional role’. Should your chosen field be compliance, accounting, legal etc., then ensure that you are equipped to function in any environment requiring those skills.
What has been the biggest challenge in your career and or industry? How did you overcome it?
Taking on a position with a Regulator has been both the most challenging and rewarding experience of my career. I was fortunate enough to join the Securities Commission just as new legislation was being introduced in the Securities Industry in The Bahamas. It was challenging initially to refocus my perspective from business to regulatory; however I soon found that my experiences in industry were my greatest asset. The insight gained in assisting with implementation of the current regulatory framework and participating in various international assessments of the sector has proven invaluable.
What advice would you give young people just starting out in the industry?
Change is a constant. Always has been, always will be. Be deliberate in broadening your appeal through obtaining the necessary skills which will allow you to make a positive difference in your environment. Nonetheless remain professional and of high integrity. If you can do all that, you are well on your way to becoming successful in our financial services sector.