Private Advisor Group (PAG) has named Frank Smith to succeed Robert “R.J.” Moore as its chief executive officer, the firm announced in a news release.
Smith, who serves as president of the $29 billion Morristown, N.J.-based firm, will also continue in that role. He will succeed Moore, who joined the company in November 2020. The release said that the move is part of a long-planned transition. The promotion takes effect in mid-January.
Smith was hired by Moore in January 2021 and promoted to president in April. He was previously the director of investment solutions at CUNA Mutual Group, where he spent two years. Prior to that, he spent 13 years at LPL Financial in business development, enterprise relationship management and consulting for the RIA solutions division, the release noted.
“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,” Smith said in a prepared statement.
“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. To accomplish that, we will remain keenly focused on the advisor experience,” he added.
Moore resigned from Cetera Financial Group in March 2019 after three years as CEO. He oversaw the $1.6 billion acquisition of Cetera by private equity firm Genstar in September 2018. He was hired as PAG’s CEO in November 2020.
“This is well-deserved recognition for Frank, who is a brilliant leader trusted by our employees and advisor community,” Moore said. “Over the past two years, I’ve seen firsthand how Frank’s passion for this profession and strategic mindset have truly enriched our support for advisors and enhanced our growth trajectory. I have no doubt that he is the perfect person to lead Private Advisor Group into a bright future while sustaining the values and culture that we hold dear.”
Moore, along with PAG co-founder Pat Sullivan, will assume executive chair roles at the firm, “with R.J. focusing on supporting capital management, finance and diversity while Pat will focus on supporting the advisor experience including the advisor alignment and equity participation program,” according to the release. Sullivan and John Hyland founded PAG in 1997.
PAG has seen significant growth over the past two years, the release said, noting that the firm last year sold a minority stake in New York City-based Merchant Investment Management last, which gave it more capital to help fund long-term growth solutions for its community of financial advisors and investors nationwide.
Also, earlier this year, PAG acquired Minneapolis-based Investor Financial Group with more than $1.86 billion in assets under management (as of December 31, 2021), and Irvine, Calif.-based AK Financial Group, which oversaw $1 billion in AUM, as of May 31.