Private Advisor Group Names New CEO

“As a firm, Private Advisor Group has a strong culture built around our focus on relationships, supporting and solving for the needs of independent advisors, and giving back to the communities that we’re in,” according to Smith.

“I am committed to helping the firm and our advisor community continue to achieve collective growth by further building on that culture of support and service, and doing so in a sustainable way that protects the firm’s 25-year legacy for years to come,” he said in a statement. “To accomplish that, we will remain keenly focused on the advisor experience.”

Over the last two years, Private Advisor Group has achieved significant growth. Last year, the firm negotiated a strategic partnership with Merchant Investment Management, which provided additional durable capital to help fund long-term growth solutions for its community of financial advisors and investors nationwide.

In March, Private Advisor Group launched its Advisor Alignment and Equity Program, which allows advisors to exchange a portion of practice revenue for an equity-sharing opportunity and potentially gain access to additional working capital to fund growth opportunities in areas such as continuity and succession planning, hiring, marketing, mergers and acquisitions.

Earlier this year the firm brought on two large wealth management practices: Minneapolis-based Investors Financial Group, servicing over $1.86 billion in advisory assets under management as of December 31, 2021, and AK Financial Group, based in Irvine, Calif., and overseeing a reported $1 billion in assets under management as of May 31, 2022.

Private Advisor Group also expanded its own team over the last year, making strong hires across advisor growth, compliance, technology and marketing, it said.

(Pictured: Frank Smith)