Morristown-based Private Advisor Group has announced that it has completed its planned succession, with Frank Smith officially assuming the role of CEO. The announcement from the wealth management firm caps off a year marked by strong growth. In 2022, Private Advisor Group attracted $4.4 billion in newly affiliated assets under management.
“The independent (registered investment adviser) model remains in high demand. Based on licensing and registration data, we see the trend of advisers aligning with an independent RIA continuing. There is also continued interest in advisers moving to fee-only, adopting the investment adviser representative, or IAR-only, model, which was another area of growth for us last year,” Verne Marble, Private Advisor Group’s head of business development, said.
Marble continued: “Other trends and opportunities we’re capitalizing on are RIAs looking to wind down those operations and tuck in to a larger entity like ours so they can take advantage of scale and spend less time on regulatory or operational tasks like the maintenance of an ADV. And finally, more advisers are considering full or partial purchases/buyouts of their practice, which we can structure in a variety of ways. Every financial adviser considering making a move in 2023 or beyond should be asking what equity sharing opportunities are available prior to making a move.”
“Reflecting on the last year, our profession has had to address some pretty meaningful challenges and opportunities. As someone who has admired Private Advisor Group, first externally and now from the inside, I remain ever impressed at how this team — our employees and the adviser community — shows up in a meaningful way in support of one another, as well as the investors and communities we serve across the country,” Smith commented. “I look forward to the growth of our community and furthering our mission — to form meaningful relationships with financial advisers, inspire entrepreneurs to build successful independent businesses and change the lives of everyday investors.”