Frank Smith Assumes CEO Role at Private Advisor Group

Private Advisor Group, one of the largest and fastest-growing independent wealth management firms in the country*, has announced that it has completed its planned succession, with Frank Smith officially assuming the role of Chief Executive Officer, capping off a year marked by strong growth. In 2022, Private Advisor Group attracted $4.4 billion in newly affiliated assets under management.

Last year, Private Advisor Group rolled out two new proprietary programs—Advisor Alignment & Equity Program and WealthSuite—which are available exclusively to its advisor community and have shown to drive considerable interest, along with its multi-custodian offering and flexible affiliation models.

Private Advisor Group’s head of business development, Verne Marble, offered further insight into some of the trends influencing the growth, “The independent RIA model remains in high demand. Based on licensing and registration data, we see the trend of advisors aligning with an independent RIA continuing. There is also continued interest in advisors moving to fee-only, adopting the Investment Advisor Representative or IAR-only model, which was another area of growth for us last year.”

He 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 advisors are considering full or partial purchases/buy outs of their practice, which we can structure in a variety of ways. Every financial advisor considering making a move in 2023 or beyond should be asking what equity sharing opportunities are available prior to making a move.”

Frank Smith commented, “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 advisor community – shows up in a meaningful way in support of one another, as well as the investors and communities we serve across the country. I look forward to the growth of our community and furthering our mission–To form meaningful relationships with financial advisors, inspire entrepreneurs to build successful independent businesses, and change the lives of everyday investors.”

Private Advisor Group is actively recruiting financial advisors nationwide with an entrepreneurial and independent mindset. Learn more at privateadvisorgroup.com.

About Private Advisor Group

Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation’s leading financial services firms. With over $29 billion in assets under management as of June 30, 2022, the firm leverages its resources to deliver strategies positioned to improve financial outcomes for individual investors and to inspire growth, fiduciary adherence, succession, and a client-centric approach for independent financial advisors’ practices. Barron’s has recognized Private Advisor Group as a top ten registered investment advisory firm since 2019.