Private Advisor Group Welcomes $100M AUM Drake Financial Services

MORRISTOWN, NJ—January 9, 2024 — Private Advisor Group, one of the largest and fastest-growing independent wealth management firms in the country*, announced that Drake Financial Services,  led by Robert K. Drake, has joined its community of advisors.

Mr. Drake, who took the practice over from his father, has been providing holistic wealth management solutions for clients for over 30 years. His firm, Troy, MI-based Drake Financial Services, oversees more than $100 million in assets under management and is anchored by its comprehensive process, The Financial Advocate Approach™, which helps to clarify confusing financial decisions and deliver wealth-building strategies for clients. Private Advisor Group’s Alignment and Equity Program, succession solutions, community of advisors, technology, and service offerings were all factors in Drake Financial Services key decision making criteria. Through its relationship with Private Advisor Group, the firm has strengthened its position for scalable growth and enhanced business operations and client service.

“As the wealth management industry continues to evolve, we provide independent advisors with the best-in-class solutions and technology they need to stay one step ahead,” said Verne Marble, Director of Business Development at Private Advisor Group. “We welcome Bob and his team at Drake Financial Services to the Private Advisor Group family, and look forward to growing with them to meet their evolving client and business needs.”  

As a comprehensive wealth management provider, Drake Financial Services engages clients in a formal financial planning process that emphasizes several areas of specialization for its team, including portfolio allocation, retirement income projections, education funding, tax/liability management, estate planning, and risk management.

“We decided to join Private Advisor Group because we recognized that they are committed to the success of their advisors,” said Robert K. Drake, Co-Founder of Drake Financial Services. “We were looking for a forward-looking firm that could provide us with the right mix of strategic guidance, scale, accessibility, and leading technology—and was guided by the mindset of taking care of their clients. Additionally, we are now plugged into a deeply committed community of advisors, and we are eager to engage with our peers and colleagues through the various pathways that Private Advisor Group offers.”

To find out what Private Advisor Group can do for your practice, visit https://www.privateadvisorgroup.com/who-we-serve/advisors.  

About Private Advisor Group

Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation’s leading financial services firms. With over $28.5 billion in assets under management as of June 30, 2023, the firm leverages its resources to deliver strategies positioned to improve financial outcomes for individual investors and to inspire growth, fiduciary adherence, succession, and a client-centric approach for independent financial advisors’ practices. Barron’s has recognized Private Advisor Group as a top 10 registered investment advisory firm every year since 2019.

*Barron’s “Top 100 RIA Firms” ranking is based upon quantitative and qualitative criteria including: regulatory records, client retention reports, assets managed, revenue generated, technology spending, number of clients, size and diversity of staff, placement of a succession plan, and more. Investor experience and returns are not considered. Neither Private Advisor Group nor its financial advisors pay a fee to Barron’s in exchange for the ranking.

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