He will succeed R.J. Moore in January to lead the wealth manager in the next phase of growth.

US-based wealth manager Private Advisor Group has named president Frank Smith as its new CEO, in a planned transition from Robert “R.J.” Moore, 60, who has served as CEO since November 2020. 

Smith brings a diverse background in the financial services industry. Before joining Private Advisor Group, he was director of investment solutions at CUNA Mutual Group. Smith spent 13 years as a leader at LPL Financial in business development, enterprise relationship management and consulting for the RIA solutions division, the firm said in a statement.

Moore, who joined Private Advisor Group in 2020, hired Smith in 2021 and promoted him to president in April 2022, as the first step in the succession process, the firm added.

Moore said: “This is well-deserved recognition for Frank, who is a brilliant leader trusted by our employees and advisor community.” 

“Over the past two years, I’ve seen first-hand 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,” he continued.

Moore, along with Pat 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, the firm added.

Smith said: “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.” 

“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.

Over the past two years, Private Advisor Group said it 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.

Earlier this year the firm brought on two large wealth management practices: Minneapolis-based Investors Financial Group, overseeing over $1.86 billion in advisory assets under management, and AK Financial Group, based in Irvine, California, overseeing a reported $1 billion in assets under management.

Private Advisor Group has also expanded its own team over the past year, making hires across advisor growth, compliance, technology and marketing.

Founded in 1997 in Morristown, New Jersey, Private Advisor Group is a financial services firm with over $29 billion in assets under management.