Monday, May 20, 2024

Private Advisor Group Adds $90M Advisor From RFG -Dlight News

Private Advisor Group, the Morristown, N.J.–based registered investment advisor and office of supervisory jurisdiction affiliated with LPL Financial, has recruited Ethan Campbell, owner and wealth advisor at Stones River Wealth Management in Woodbury, Tenn., from RFG Advisory. Campbell was with RFG for about three years.

He and his team, which also includes wealth advisor Collin Reed and office administrator Alana Hale, oversee $90 million in client assets. The practice will join EPM Financial, another Private Advisor Group affiliate with about $500 million in AUM, while retaining the Stones River brand.

Campbell said he chose to move to PAG for its multi-custodial offering, technology suite and competitive economics.

PAG was co-founded in 1997 by John Hyland and Pat Sullivan as Morristown Financial Group. In 2020, the duo brought in Robert “RJ” Moore, former LPL and Cetera executive, to lead the company and set the strategic direction. In October 2022, the firm announced that President Frank Smith would take over as both president and CEO in January 2023 as part of a planned transition from Moore.  Moore remains a shareholder and executive chair of the firm, alongside Sullivan.

Under Moore’s leadership, the firm took on its first outside investor, with Merchant Investment Management taking a noncontrolling minority stake in the RIA in late 2021. Merchant’s investment helped the firm launch its equity program. It is an opt-in program wherein an advisor agrees to contribute a portion of their revenue, typically between 10% and 20%, in exchange for upfront cash and equity in the firm.

Earlier this year, PAG relocated its Morristown, N.J. headquarters to a larger space and opened a new office in Rock Hill, S.C., where Smith is based. The firm has more than doubled its staff since 2021, primarily in advisor-facing functions.

The firm now has over $31.5 billion in assets under management.

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