By: Ana DeGannes and the Private Advisor Group marketing team
Legacy takes many forms. For Patric Hyland and Patrick Sullivan, sons of Private Advisor Group’s founders, joining the firm was never a given, but early exposure to its core values left a lasting impression. The firm began in Morristown, NJ, with their fathers serving as partnered advisors and has since grown into one of the nation’s leading financial services firms, managing over $35 billion in advisory assets. Today, Patric and Patrick are forging their own paths within a business shaped by those early influences. Their journeys show how the next generation can drive growth while honoring the foundation laid before them. Here’s what their unique stories reveal about building enduring, multigenerational firms:
Patric Hyland started his career path similar to his father’s, as a financial advisor. Mentored by a successor to his father, this granted him the space to grow independently. Now, he’s come to serve many of the same clients his father once did. “I had to earn trust on my own,” he says, “but I’m proud to bring something fresh to relationships that go way back.” Now, Patric is navigating an increasingly digital client landscape by embracing new tools and technologies to meet evolving expectations while staying grounded in what he sees as most important: genuine, human connection.
Patric was drawn to the flexibility of the profession early on, but it wasn’t until he entered the business that he truly understood his father’s legacy from the outside in. “My dad has a great ability to connect with people. That’s what I try to emulate.” Through client stories and quiet moments of gratitude, he saw the impact his father had on others and felt inspired to do the same. “My dad never said, ‘this is yours to carry.’ He just lived it in a way that made me want to,” Patric says.
Now, he’s expanding on that trust with a voice of his own. “Even in a family practice, you’re still new talent and there’s real opportunity in that,” says Patric. “You don’t have to fit a mold, but you do have to prove your value. Clients want to know you—that you’re capable, trustworthy, and bringing your own expertise to the table.” His experience with legacy offers a nuanced view into what it means to carry forward a legacy without being directly handed the reins — a situation more common than many realize.
While Patric pursued the client-facing side of the business as a financial advisor, Patrick Sullivan’s entry into the firm looked a little different. He didn’t always envision himself in the business—far from it. After years of internships with the firm, he intentionally set out to explore other paths, landing in a rotational program at a wirehouse. But it was there he learned a key career insight: “structure and size can be stabilizing, but not necessarily fulfilling”. That realization became a catalyst.
Patrick sought an environment where he could collaborate with more people, wear multiple hats, and contribute at scale. Instead of serving investors, he stepped into to working on the firm’s strategy, culture, and technology. “I’ve always enjoyed analysis and solving complex problems, so a role serving advisors was a better skillset match. Working at Private Advisor Group has also given me room to test soft skills like public speaking and cross-functional leadership that you don’t always get in a client-facing role.”
Now Head of Technology & Experience, Patrick plays a key role in evolving the firm’s infrastructure to better serve independent advisors, navigating the complexities of an evolving business model, and expanding the very mission his father began. For Patrick, legacy isn’t just about what you carry forward, but what you make your own. “If I had any hesitation about joining the firm early on, it was whether it might limit my growth,” says Patrick. “But in hindsight, it’s done the opposite—it’s accelerated it. From the start, it was important to me to set healthy expectations for honest feedback. We all make mistakes, and I wanted to make sure I could learn from them like anyone else.”
The main lessons from their unique experience as next-gen professionals?
Reputation is earned, not inherited
A formidable reputation isn’t simply passed down and, in many cases, it need not be a direct handoff. Patric learned early on that he needed to build trust himself by showing up consistently, leading with care, and embracing fresh ways to serve long-standing clients. Legacy relationships may open the door—but credibility is built through individual action.
Choose your path with intention
Patric and Patrick didn’t default into the family firm—they chose it deliberately, aligning their skills with where they could make the greatest impact. Their paths show that for a legacy to thrive, next-gen leaders must be empowered to lead with authenticity and shape the business on their own terms.
Make room to evolve.
Multigenerational firms continue to thrive by honoring their roots while adapting to what’s next. Patrick saw firsthand that rising advisor demands call for smarter systems, scalable tech, and streamlined operations. His mission: build the infrastructure that lets advisors focus on what matters most. In family-founded firms, evolution isn’t optional—it’s how you stay relevant, retain talent, and scale impact.
Values are the glue
A strong, values-driven culture sets the tone for long-term continuity, relevance, and meaning. For both Patrick and Patric, the values lived consistently and authentically by their parents became the blueprint for the work they do today. In multigenerational firms, success hinges on value transmission that’s meaningful to those who inherit it.
Both have earned reputations as emerging leaders and perhaps it’s because Patric and Patrick share a similar purpose: honoring the relationships, culture, and values passed down from their parents that live within the firm, while making room for new ideas and their own voice. Despite their distinct roles, they cross paths on occasional projects and overlap in their commitment to carrying the firm’s giving footprint forward. An emphasis on giving back, established by our founders, continues today through initiatives like Private Advisor Group’s foundation, Fit to Serve.
The foundation is focused on mental, physical and financial wellbeing and in support of its launch, Patric and Patrick were among the first to sign up for a marathon supporting the Leukemia & Lymphoma Society—and even recreated an old newspaper clipping of their fathers racing for the same charity 30 years ago, bridging generations of purpose.
As the next generation navigates a career in financial services, stories like Patric and Patrick’s remind us that there’s no single path—just a shared purpose. It’s values, vision, and a respect for legacy that lead the way forward.
