Private Advisor Group (PAG), a Morristown, N.J.-based hybrid registered investment advisor (RIA) and office of supervisory jurisdiction (OSJ) of LPL Financial, has promoted Frank Smith to the newly created position of president.
Hired as head of advisor growth in January 2021, Smith assembled and led a team of business development, marketing and engagement professionals responsible for driving record-breaking recruiting results that same year, the company said. A news release also cited Smith’s contribution in executing PAG’s largest acquisition, as well as the subsequent launch of the Advisor Alignment and Equity Program as significant accomplishments the firm was recognizing by elevating Smith to president.
“During his tenure at Private Advisor Group and throughout the course of his distinguished career, Frank has shown a consistent drive for results while remaining ever-focused on the firm’s strategy and long-term sustainability,” RJ Moore, Private Advisor Group’s CEO, said in a prepared statement. “His leadership qualities will continue to influence the strong culture and tremendous success of our firm well into the future.”
As PAG president, Smith will continue to perform his current responsibilities, while also focusing on building out his team and strategy for the firm, the release said.
Prior to joining PAG, Smith held leadership roles as the director of Investment Solutions at CUNA Mutual Group and senior vice-president for enterprise business consulting and RIA solutions at LPL Financial.
“There is something truly special about Private Advisor Group, its team and community of over 700 financial advisors,” Smith said in a prepared statement. “It’s a privilege to further our mission to form meaningful relationships with financial advisors, inspire entrepreneurs to build successful independent businesses, and change the lives of everyday investors.”
In an email, he underscored the importance of finding compatible advisor partners to drive the company’s push to scale.
“Attracting and retaining quality advisors is a key momentum driver of our business,” Smith said. “We experienced record growth in 2021, and while the landscape is competitive, we’re on trend to continue to see a record number of advisors affiliate in 2022. In general across the financial profession, RIAs continue to gain market share as advisors move from captive channels to the independent RIA space. Private Advisor Group’s scale, multiple affiliation and custodian options, and overall advisor offering and support model serve as competitive advantages.”
Smith said in the email there is a tried and true strategy every passionate advisor should follow to grow their business.
“A defined sales experience coupled with an outstanding value proposition has been our most successful strategy for converting prospects into clients,” he said. “In financial services, recruiting new clients is complex. Our experience focuses on a sequence of milestone due diligence activities, aligned to key decision-making criteria of the prospect. Interspersed with these milestones are checkpoints at all levels of our organization that allow us to continuously validate and re-assess the prospect’s journey, cultural fit, and our ability to provide them the ongoing experience they expect and deserve.”