Erica McGinnis has been named president and CEO of AIG's Advisor Group. McGinnis is the first woman appointed to run the broker–dealer network and most recently served as senior vice president and chief compliance officer of the firm. The fact that McGinnis comes out of the compliance department in an era of intensified regulation may be as significant as her gender.
McGinnis replaces Peter A. Harbeck, who had named interim president and chief executive officer earlier this month after Larry Roth left to become CEO of Realty Capital Securities.
McGinnis, 42, will pursue strategies to enhance the service platform to better serve current financial advisors and attract new registered representatives to the organization, according to the announcement.
She will work with the senior leadership team at Advisor Group, including the leaders at the network’s four broker-dealers – Royal Alliance, FSC Securities, SagePoint Financial and Woodbury Financial. McGinnis reports directly to Stephen Maginn, president and CEO of AIG Financial Distributors.
In her previous role, McGinnis oversaw all supervisory activities for Advisor Group, managing nearly 120 home office employees. She joined the firm in 2004 as director of branch exams.
Earlier in her career, she managed operations, training and compliance efforts for Charles Schwab, Wells Fargo and Ameriprise Financial.
“I have been part of Advisor Group for nearly a decade and am very excited to expand my role,” said McGinnis in a prepared statement. “It is my goal to make Advisor Group and our broker-dealers the firms of choice for leading financial advisors.”