In honor of Women’s History Month, we’re spotlighting leaders whose experience, integrity, and commitment to client service define excellence across the advisory landscape. Today, we’re featuring Teresa Cowan, Co-Lead of ACA Foreside and President of Affiliated Broker-Dealers, a leader whose decades-long career has helped shape the modern distribution ecosystem.
What inspired you to pursue a career in advisory and distribution, and what continues to draw you to this work today?
Early in my career, I worked for a bank-owned discount brokerage firm and became FINRA licensed by obtaining my Series 7. I went on to receive four additional licenses, which I still hold today. Because the service line was new, I was able to grow with the firm, expand my knowledge, and take on additional roles. It exposed me to the securities industry, retail brokerage, trading, and the regulatory framework behind it. It was exciting, and it inspired me to stay in this industry.
Was there a defining moment earlier in your career that changed your trajectory or gave you clarity about your path?
Yes. After several management roles in retail broker-dealers, I had the opportunity to co-found a mutual fund legal underwriter (distributor) in 2000. This Broker-Dealer (BD) model was very different from my earlier roles. Building the firm, understanding the distribution business, onboarding clients, and supporting their goals was incredibly fulfilling. We grew the firm successfully, and through acquisition, it’s now one of ACA Foreside’s largest affiliated broker-dealers.
What motivates you most about the work you do today?
Working with great staff to provide our clients with best-in-class distributor services. I’m proud that ACA Foreside is the largest third party distributor, offering quality and compliant service through our talented team and our 16 affiliated broker-dealers. We maintain strong client relationships and stay actively engaged with industry changes to ensure service readiness.
How would you describe your leadership style?
As Co-Lead of Distribution and President of Affiliated Broker-Dealers, it is essential to support and retain our talented team. I am consistently amazed by their dedication. Collaboration is important as well as giving our staff opportunities to learn, develop their careers, and strengthen our collective capability. Through ongoing servicing and structured check-in and due diligence calls, we maintain close client relationships that enable us to understand and support their needs.
What accomplishment(s) are you especially proud of?
I’m proud of our team every day. The ability to solve unique client challenges is always meaningful. A few recent accomplishments include expanding our Pune, India team with licensed Marketing Reviewers, completing our latest FINRA exam with no findings or comments, and supporting ETF growth, share class readiness, and our expanding private funds business.
What trends should clients be paying attention to?
Continued interest in ETFs, digital assets, private funds, and interval funds. Clients also value our gateway to the U.S. offering: BD chaperoning, offshore NSCC settlement, and 12(d) services. On top of that, FINRA continues to review rules and fees, and our BD Chief Compliance Officers (CCOs) ensure clients are informed and prepared.
What do you see as the biggest opportunity for women in advisory roles today, and how can organizations better support that growth?
I’ve seen a positive increase in women stepping into leadership roles. Continuing to expand knowledge beyond your current role creates opportunities for growth. Organizations play a crucial role in supporting development, offering advancement pathways, and creating policies that recognize personal and family needs.
Is there a piece of advice you received that has stayed with you over the years or shaped how you show up as a trusted partner?
Early in my career, I noticed a manager who always gave verbal credit to team members in meetings. Nothing elaborate — just a simple mention of someone’s contribution. It really stood out to me because other managers didn’t. That small act of recognition has stayed with me and shaped how I highlight the work of others.
What’s one common misconception about your area of expertise that you often help people rethink?
One common misconception is that distribution is sales. In the context of ACA Foreside, distribution is legal underwriting and distributor support services, provided through limited-purpose affiliated broker-dealers. We are not retail broker-dealers.
Conclusion
Teresa’s career reflects the strength of experience, humility, and stewardship. From co-founding a distributor that became a cornerstone of ACA Foreside to leading teams across 16 affiliated broker-dealers, her leadership continues to deepen client trust and elevate the distribution industry.
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