Private Advisor Group is moving forward with its leadership transition plan, announcing Oct. 20 that current President Frank Smith will succeed Robert “R.J.” Moore as chief executive officer in mid-January, at that time taking on both titles. 

In April, the Morristown-based wealth management firm announced that Smith, who joined the company in January 2021, was promoted to president as part of its succession plan. 

Part of Moore’s responsibilities when he was hired in November 2020 was to set strategic direction, grow the firm and help nurture new leadership. He described Smith as “the perfect person” to lead the company. 

“This is well-deserved recognition for Frank, who is a brilliant leader trusted by our employees and advisor community,” Moore said in a statement. “Over the past two years, I’ve seen firsthand how Frank’s passion for this profession and strategic mindset have truly enriched our support for advisors and enhanced our growth trajectory.” 

Moore and firm co-founder Pat Sullivan will take on executive chair roles at the firm. 

Prior to joining Private Advisor Group, Smith was director of investment solutions at CUNA Mutual Group and before that served in leadership roles at LPL Financial for 13 years. 

Smith said his goal as president and CEO is to remain committed to the firm’s “focus on relationships, supporting and solving for the needs of independent advisors, and giving back to the communities that we’re in.” 

Under Moore’s leadership, the firm has achieved significant growth, including: 

• Negotiating a strategic partnership with Merchant Investment Management last year that provided additional capital to help fund long-term growth; 
• Launching its Advisor Alignment and Equity Program in March, which allows advisors to exchange a portion of practice revenue for an equity-sharing opportunity and potentially gain access to additional working capital; 
• Bringing on Minneapolis-based Investors Financial Group, servicing more than $1.86 billion in advisory assets under management as of Dec. 31, 2021; and California-based AK Financial Group, overseeing a reported $1 billion in assets under management as of May 31, 2022.  

Founded in 1997, Private Advisor Group is one of the nation’s leading financial services firms, with more than $29 billion in assets under management as of June 30, 2022.