Smith succeeds R.J. Moore in leading the 25-year-old firm into the next phase of growth
MORRISTOWN, NJ, Oct. 20, 2022 / PRNewswire / Private Advisor Group, one of the largest and fastest-growing wealth management firms in the country*, announced today that Frank Smith will succeed Robert “R.J.” Moore as the firm’s chief executive officer in mid-January, as part of a long-planned transition. Frank will now serve as president and CEO of Private Advisor Group.
In November 2020, Moore joined Private Advisor Group, which was founded by John Hyland and Pat Sullivan in 1997, with a focus on setting strategic direction, growing the firm and helping to nurture new leadership. Moore hired Smith in January 2021 and promoted him to president in April 2022, as the first step in the succession process.
“This is well-deserved recognition for Frank, who is a brilliant leader trusted by our employees and advisor community,” Moore said. “Over the past two years, I’ve seen firsthand how Frank’s passion for this profession and strategic mindset have truly enriched our support for advisors and enhanced our growth trajectory. I have no doubt that he is the perfect person to lead Private Advisor Group into a bright future while sustaining the values and culture that we hold dear.”
R.J., along with Pat Sullivan, will assume Executive Chair roles at the firm with R.J. focusing on supporting Capital Management, Finance and Diversity while Pat will focus on supporting the Advisor Experience including the Advisor Alignment and Equity Participation Program.
“I’m honored that R.J., John, Pat and the team have placed their trust in me,” Smith said. “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. 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. To accomplish that, we will remain keenly focused on the advisor experience.”
Over the past 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 and more.
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 has also expanded its own team over the past year, making strong hires across advisor growth, compliance, technology and marketing.
Smith brings a diverse background in the financial services industry. Before joining Private Advisor Group, Smith was director of investment solutions at CUNA Mutual Group. He spent 13 years as a leader at LPL Financial in business development, enterprise relationship management and consulting for the RIA solutions division.
About Private Advisor Group
Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation’s leading financial services firms. With over $29 billion in assets under management as of June 30, 2022, the firm leverages its resources to deliver strategies positioned to improve financial outcomes for individual investors and to inspire growth, fiduciary adherence, succession and a client-centric approach for independent financial advisors’ practices. Barron’s has recognized Private Advisor Group as a top ten registered investment advisory firm since 2019.
*Barron’s “Top 100 RIA Firms” ranking is based upon quantitative and qualitative criteria including: regulatory records, client retention reports, assets managed, revenue generated, technology spending, number of clients, size and diversity of staff, placement of a succession plan, and more. Investor experience and returns are not considered. Neither Private Advisor Group nor its financial advisors pay a fee to Barron’s in exchange for the ranking.
For more information, visit www.privateadvisorgroup.com.
Securities offered through LPL Financial, member FINRA / SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor and separate entity from LPL Financial.