New Executive Addition Adam Schorr Named Chief Financial Officer, Petra Barone Assumes Role of Head of Finance
MORRISTOWN, NJ, April 4, 2023 / PRNewswire / Private Advisor Group, one of the largest and fastest-growing independent wealth management firms in the country*, has announced that Adam Schorr has been named its Chief Financial Officer (CFO). Petra Barone, will assume a new role as Head of Finance. Together, they bring decades of strategic finance experience to the leadership team at Private Advisor Group and will strengthen the accounting and finance functions while continuing to capitalize on both organic growth and strategic opportunities ahead.
“Adam’s deep financial planning and analysis expertise complemented by his extensive knowledge of our profession will make an immediate and positive impact to our advisor community,” Frank Smith, Chief Executive Officer commented on the appointment. “As our firm has grown and advisor needs have evolved, it will be an enormous benefit to add additional talent to our finance team while supplementing much of the work Petra has overseen to date. She’s been instrumental in modernizing our accounting standards and procedures, leading compensation, and optimizing the infrastructure of the department. Coupling her experience with Adam’s financial foresight creates a powerful team positioned to drive efficiencies and ignite our community’s growth.”
As CFO, Schorr’s responsibilities encompass leading the strategy for the finance and accounting teams, helping oversee the firm’s capital strategy and investments, developing of robust financial metrics and business intelligence, and engaging with key stakeholders on the firm’s financial performance and strategic direction of the company. Simultaneously, Barone will oversee advisor compensation, advisory fee billing, accounts payable & treasury functions, and continue to serve as the primary liaison with key sponsor and compliance partners.
“I’m excited to be joining such a talented group of people at Private Advisor Group,” said Adam Schorr. “The firm’s impressive growth – from advisors joining the firm, and those growing organically by tapping into Private Advisor Group’s resources – is a testament to its strength. I look forward to becoming engrained in this community, maximizing our capital resources to help advisors grow wisely, and working alongside Petra and the entire team to further our mission: to form meaningful relationships with financial advisors, inspire entrepreneurs to build successful independent businesses and change the lives of everyday investors.”
Based in Charlotte, NC, Schorr, is a father of three and youth athletics coach. He brings over 17 years of financial services experience to the team. He’s held a variety of leadership roles at LPL Financial with a focus on financial planning and analysis, he most recently served as Senior Vice President Technology Strategy, Business Operations – Chief of Staff to CIO. In addition, he served as a past board treasurer for the LPL Foundation and past board member for Junior Achievement. He holds an MBA from the University of North Carolina at Charlotte – Belk College of Business, a VA Certificate of Law Enforcement from N. Virginia Criminal Justice Academy and a Bachelor of Science from Emory University.
“I’m thrilled we’re expanding our finance team by bringing in Adam,” said Petra. “His experience and knowledge of the wealth management space will be instrumental in expanding our team’s ability to strengthen and thoughtfully grow Private Advisor Group. I look forward to collaborating with him and the opportunity to work more closely with our advisors. Welcome Adam!”
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 $25 billion in assets under management as of December 31, 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.