American Portfolios, the Long Island-based independent broker/dealer headed by Chairman Lon Dolber, has hired Joseph "Joby" Gruber, the former head of FSC Securities, as president of national sales and marketing; he also has joined American Portfolios' executive committee. Gruber will be commuting from his home in Atlanta and working part-time, at least at first, in American Portfolios' Holbrook, New York, headquarters.
American Portfolios was founded by Dolber, opening for business on September 11, 2001, and has distinguished itself through its advanced technology; in the June 2010 directory of independent broker/dealers published by Investment Advisor, the B/D reported it had 608 producing registered representatives as of April 1, 2010. It reported
$55.7 million in 2009 revenues, of which $12 million was fee-based revenue; American Portfolios' said then that its average production per rep was $117,000.
In 2008, Gruber was forced to resign as president of FSC and Advantage Capital, then part of the AIG broker/dealer network--now called Advisor Group and headed by Larry Roth as CEO--after FINRA charged him with allowing a subordinate to take his 2007 firm element continuing education proficiency tests.