Morristown, NJ and Cedar Rapids, Ia. — October 22, 2019 /PRNewswire/
Acquisition will provide AIM RIA advisors and clients a seamless transition
Private Advisor Group (PAG), a leading advisor platform supporting more than 650 independent advisors and over $19 billion in AUM, announced today they were selected as the succession firm for Advantage Investment Management (AIM), a registered investment advisory firm with over $385 million in AUM located in Cedar Rapids, Iowa.
The acquisition provides AIM’s fourteen advisors and 1504 accounts the benefit of Private Advisor Group’s Registered Investment Advisor (RIA) infrastructure support, including a comprehensive compliance system, access to the latest technology and multi-custodial platform. AIM selected PAG due to its ability to create a seamless succession plan, client-focused philosophy and a culture of compliance. The succession will be complete before the retirement of founder and Chairman, Joseph Russo.
“Private Advisor Group’s strong reputation in the industry as a top RIA firm that has grown by doing the right thing for their clients is what attracted us to them. We are confident that our advisors and clients will be well taken care of under their leadership and care,” says Joseph Russo, Founder and Chairman of Advantage Investment Management.
Private Advisor Group is an RIA firm that has grown primarily through recommendations from other professionals in the industry. PAG was recently ranked number three in Barron’s 2019 Top 50 RIA Firms, rising from number six in 2018. Barron’s ranked firms on growth in assets under management and advisement to advisor satisfaction and culture. Also considered is the advisors experience, advanced degrees and industry designations, the size and shape of their teams, their philanthropic work and their compliance records.
“AIM has built a successful wealth management business under Joe’s leadership. At PAG, we share their client focus philosophy and welcome their advisors and clients to the PAG family,” said Pat Sullivan, co-founder and managing director at Private Advisor Group.
About Private Advisor Group
Private Advisor Group (PAG) is today’s platform solution designed for the independent advisor. Founded by advisors John Hyland and Pat Sullivan, PAG has quickly become an industry standard for advisors who seek support in risk management, compliance back-office solutions and service.
Private Advisor Group’s mission is to help advisors grow their business by providing a suite of services that enables them to stay focused on their clients. The firm has grown to over $19 billion in assets under management (AUM), while supporting more than 650 advisors as of June 30, 2019. For more information, visit www.privateadvisorgroup.com
Based in Cedar Rapids, Iowa, AIM was formed in 2008 as a privately-owned RIA within Advantage Financial Group, Inc. (AFG). AFG has provided professional services to its independent financial advisor community in the Midwest, Great Lakes and Southeast regions since 2001.
AFG affiliated with LPL in 2012, bringing brokerage and advisory assets to the LPL platform. AFG/AIM previously served Independent Financial Advisors in 26 branches in 11 states. The combined resources of Private Advisor Group will now facilitate those services to over 4,000 individual, corporate and Foundation clientele.
Securities Offered Through LPL Financial. Member FINRA/SIPC. Investment Advice offered through Private Advisor Group, a registered investment advisor and separate entity from LPL Financial.