Not long after Private Advisor Group named a new chief executive officer, the Morristown-based wealth management firm appointed its next chief financial officer. 

In an expansion of the company’s finance team, Adam Schorr will take on the new position, while Petra Barone – currently managing director and CFO – will assume the new role of head of finance, the firm announced April 4.  

“Adam’s deep financial planning and analysis expertise complemented by his extensive knowledge of our profession will make an immediate and positive impact to our advisor community,” Frank Smith, who assumed the CEO role in January, said in statement. 

Schorr will be responsible for the strategy of the finance and accounting teams and will also help oversee the firm’s capital strategy and investments, develop financial metrics and business intelligence, and engage with key stakeholders on the firm’s financial performance and strategic direction.  

Barone will oversee advisor compensation, advisory fee billing, accounts payable and treasury functions and will continue to serve as the primary liaison with sponsor and compliance partners. 

Smith explained that the additional position was necessary as the firm grew and advisor needs evolve.  

“[Barone has] been instrumental in modernizing our accounting standards and procedures, leading compensation, and optimizing the infrastructure of the department. Coupling her experience with Adam’s financial foresight creates a powerful team positioned to drive efficiencies and ignite our community’s growth.” 

Schorr, who is based in Charlotte, N.C., brings more than 17 years of financial services experience to Private Advisor Group. He comes to the company after more than 16 years at LPL Financial, according to his LinkedIn profile. His most recent role there was senior vice president technology strategy, business operations – chief of staff to CIO. 

Schorr earned his MBA from the University of North Carolina at Charlotte – Belk College of Business and a bachelor’s degree from Emory University. Having served a short stint as an officer with the Arlington County Police, he also earned a VA certificate of Law Enforcement from the Northern Virginia Criminal Justice Academy. 

“The firm’s impressive growth – from advisors joining the firm, and those growing organically by tapping into Private Advisor Group’s resources – is a testament to its strength,” Schorr said, adding that he’s looking forward to working with Barone to further the firm’s mission. 

Barone welcomed Schorr, saying, “His experience and knowledge of the wealth management space will be instrumental in expanding our team’s ability to strengthen and thoughtfully grow Private Advisor Group.” 

Founded in 1997, Private Advisor Group is one of the nation’s leading financial services firms, with over $25 billion in assets under management as of Dec. 31, 2022.