Dan Hetzel – Ausdal Financial Partners

For more than four decades, Ausdal Financial Partners has blended midwestern values with forward-thinking innovation to create something rare in the financial industry: a firm that feels personal while offering the reach and resources of a national player. Founded in 1979, the independent securities broker-dealer and investment advisory firm serves representatives and clients across 20 to 30 states, with offices in Davenport, Iowa, and suburban Chicago. Its advisors enjoy the best of both worlds—the responsiveness of a small firm combined with the capabilities of a large one.

In an era marked by industry consolidation, Ausdal has remained an independent success story. That stability has as much to do with people as it does with performance. The firm’s representatives, known as “reps,” form the backbone of the business, and supporting them is central to Ausdal’s mission. As General Counsel, Dan Hetzel ensures that every legal decision, compliance update, and policy shift reflects that people-first focus.

“Reps are the lifeblood of what we do,” Hetzel says. “I enjoy interacting with them, training them, and helping them navigate whatever challenges come their way. I often meet them at some of the most stressful moments in their careers, but they’re all good people doing their best for their clients. That human interaction is one of the most rewarding parts of my job.”

Bridging law & finance

For Hetzel, a career that connects law and finance seems almost inevitable. His grandfather was a lawyer in Chicago, and his father an economist.

“My grandad was a lawyer in Chicago, and I knew early on I wanted to follow that path,” he recalls. “My dad’s an economist, so I grew up around finance and gravitated toward financial-services law. I ended up at a smaller firm that happened to specialize in it.”

He spent two decades in private practice, where Ausdal Financial Partners was one of his largest clients. The firm’s culture, grounded in collaboration and transparency, always stood out to him. So, when the opportunity arose to move in-house, Hetzel saw it as a natural next step—one that offered new perspectives and possibilities.

“Coming in-house after years as outside counsel gives you a different lens,” he says. “You get to see the full picture and be part of the decision-making in real time. There are things you can do as in-house counsel—especially preventative work—that you never get to do as outside counsel.”

That transition has shaped how Hetzel leads the legal function at Ausdal. Having once been on the other side of the table, he understands how to leverage external counsel efficiently and where to add value internally. He continues to collaborate closely with his former firm on litigation, but his day-to-day work now focuses on helping reps avoid disputes before they arise.

“I still manage litigation, but I outsource most of it,” he says. “It’s more efficient for everyone. What’s really satisfying is the preventative side—dealing with customer situations that could turn into legal issues. As in-house counsel, I can step in early, talk things through, and keep problems from escalating. That’s something you can’t always do as outside counsel.”

Keeping people & compliance in focus

Hetzel’s role extends beyond traditional legal work. He helps oversee rep recruiting, partners with the board of directors, and collaborates closely with Ausdal’s compliance department to address emerging regulatory challenges. Working side by side with compliance leadership allows him to stay ahead of shifting standards and evolving interpretations.

One major turning point for the industry came in June 2020, when the SEC introduced Regulation Best Interest, an effort to hold brokers and advisors to a fiduciary-style standard. The rule’s broad, principle-based design created uncertainty—especially for smaller independent firms like Ausdal.

“It’s changed how everyone operates,” Hetzel explains. “Regulators no longer give step-by-step instructions. They set principles, and then the industry learns what those principles mean through enforcement actions. So, our job is to stay in front of that, to interpret where things are heading, and make sure our reps are prepared.”

Training plays a central role in that proactive approach. Hetzel works with reps across the country to ensure they understand new rules and how to apply them in their day-to-day work. One area of growing concern, he says, is elder financial abuse—a trend affecting firms nationwide.

“Elder abuse scams are on the rise, and we take that very seriously,” he says. “A couple of times a year, we’ll get a call from a rep who’s been asked to liquidate a large amount from an elderly client’s account. We can step in, slow things down, and make sure it’s legitimate. Sometimes it’s just a client buying a house. But sometimes it’s something else entirely. Being able to intervene early makes a huge difference.”

Through this work, Hetzel not only protects clients but also reinforces a culture of diligence and care that defines Ausdal Financial Partners. The firm’s reps know they have a trusted legal partner who understands their world and respects the relationships they build with their clients.

Where work & life align

While Hetzel’s professional life revolves around complex regulations and risk management, his personal life provides a grounding contrast. Living near the beach in Evanston, Illinois, he spends much of his free time with his 11-year-old son.

“Right now, he still likes hanging out with me, and I’m going to milk that for as long as it lasts,” he says with a laugh. “We spend a lot of time outdoors—at parks, basketball games, or just with his friends. My parents live nearby, so it’s great having family close.”

That sense of connection mirrors the environment Hetzel has helped foster at Ausdal. It’s a place where professional relationships are personal, collaboration is constant, and success is measured not just by financial growth but by the well-being of the people who make it possible.

After more than 20 years in private practice and his current in-house role, Hetzel occasionally thinks about what might come next. He hasn’t ruled out a future return to his old firm, nor has he dismissed new opportunities to teach or serve on boards. For now, though, he’s focused on helping Ausdal continue to thrive amid widespread industry consolidation.

“There’s a huge amount of change happening in the independent broker world,” he says. “We’re one of the firms that’s remained independent, and that’s something I’m proud of. The consolidation trend isn’t going away, but we’ve found a way to grow while staying true to who we are.”

That identity—rooted in service, community, and integrity—has kept Ausdal Financial Partners resilient for nearly half a century. Under Hetzel’s steady leadership, the legal and compliance functions remain aligned with those same values, ensuring that the firm’s reps and clients continue to receive the support they need to succeed.

At the end of the day, Hetzel views his role less as that of a gatekeeper and more as a connector—someone who bridges law and finance, structure and empathy. In that balance lies both his professional legacy and Ausdal’s ongoing strength.