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Frank Smith

Practice Management > Building Your Business > Leadership

Private Advisor Group Names New CEO  

By Jeff Berman

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What You Need to Know

  • Frank Smith is succeeding Robert Moore as CEO.
  • Moore will assume an executive chair role at the firm.
  • The appointment was part of a long-planned transition, the firm said Thursday.

RIA Private Advisor Group has named Frank Smith, its president, to the role of CEO, succeeding Robert “R.J.” Moore, effective in mid-January 2023.

The appointment was “part of a long-planned transition,” the firm said Thursday, noting Smith will continue to serve as president going forward.

Smith will take the helm of Private Advisor Group as the firm, started 25 years ago by John Hyland and Pat Sullivan, enters its “next phase of growth,” it said.

The firm had more than $29 billion in assets under management as of June 30, it said.

Moore joined the firm in November 2020 and focused on setting strategic direction, “growing the firm and helping to nurture new leadership,” the company said.

Moore hired Smith in January 2021 and promoted him to president in April 2022 as the first step in its succession process.

Moore, along with Sullivan, will assume executive chair roles at the firm, with Moore focusing on supporting capital management, finance and diversity while Sullivan will focus on supporting the advisor experience including the Advisor Alignment and Equity Participation Program.

Before joining Private Advisor Group, Smith was director of investment solutions at CUNA Mutual Group. He also spent 13 years as a leader at LPL Financial in business development, enterprise relationship management and consulting for the RIA solutions division.

“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)

Jeff Berman

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