AIG's independent BD brings in new chief executive

FWR Staff

2 July 2008

Jeffrey Auld takes James Cannon's place as head of AIG Financial Advisors. Broker-dealer AIG Financial Advisors has a new president and CEO in former NEXT Financial Group CEO Jeffrey Auld. He replaces James Cannon, who "has left the firm to pursue personal interests," according to Auld.

Cannon left on Friday. Auld started on Monday.

Number two

Cannon had been with AIG, an insurance underwriter, since 1987. He led the creation of AIG Financial Advisors, AIG's independent broker-dealer through the merger of three standalone firms in 2005.

Auld was with Houston-based NEXT Financial, an independent broker-dealer with about 900 brokers, from 2000 until September 2006 when he left to be president of Marion, Iowa-based Berthel Fisher Financial Services, an independent broker-dealer with about 350 affiliated advisors. He left Berthel Fisher in May 2008 "for personal reasons," according to the firm.

Phoenix-based AIG Financial Advisors and its American General Securities affiliate support about 3,000 independent brokers. It's the second biggest independent broker-dealer by gross revenue and by number of reps producing more than $100,000 annually. LPL Financial is number one on both counts. -FWR

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