Advisor Group has hired the chief financial officer of United Capital, Jon Frojen, to be its CFO.
Frojen, who was with United Capital since 2016, previously was with Cetera Financial Group. (Goldman Sachs bought the RIA and platform provider last year and just renamed it Goldman Sachs Personal Financial Management.)
The news comes a week after Advisor Group said it is merging three of the five broker-dealers it recently acquired from Ladenburg Thalmann and after Goldman announced plans to buy fintech platform and custodian Folio Financial.
“Bringing on such a skilled executive could not have happened at a more important time for Advisor Group, as we continue to build on the incredible momentum we have achieved in recent months,” according to Jamie Price, Advisor Group’s President and CEO.
Reverence Capital Partners-owned Advisor Group has some 11,300 financial professionals in its broker-dealer network. They work with about $450 billion in client assets.
“Having been privileged to be part of some of the most dynamic businesses in the wealth management space, I am excited to join Advisor Group,” Frojen said in a statement.
Advisors “are demanding more innovative technologies and solutions, as well as greater flexibility of business models, to better grow their businesses … and serve their clients,” Price added.
“Jon’s breadth of experience across the wealth management industry, including in the independent broker-dealer and the RIA spaces, adds substantial strategic value to Advisor Group as wealth management industry models continue to converge,” he said.