Advisor Group names CEO

Advisor Group, the network of independent broker-dealers owned by American International Group Inc., last Wednesday named longtime compliance chief Erica McGinnis its new chief executive. Ms. McGinnis, 42, has worked for Advisor Group since 2005. Most recently, she was senior vice president and chief compliance officer for the network, which has four independent broker-dealers and more than 6,000 registered representatives and financial advisers. She replaces one of the top independent-broker-dealer executives in the industry, Larry Roth, who left Advisor Group last month to become the chief of Realty Capital Securities LLC, the wholesaling broker-dealer for the variety of nontraded real estate investment trusts sponsored by American Realty Capital.

Standout

Ms. McGinnis stands out as a woman taking charge of a broker-dealer network in an industry that traditionally has been dominated by men. Financial services has long been criticized for lacking diversity in its leadership and its employees. “Perhaps the independent broker-dealers are leading the industry in recognizing the talents and skills of women as leaders,” said Rita Robbins, an adviser affiliated with Royal Alliance Associates Inc., one of the four Advisor Group broker-dealers. Along those lines, Ms. McGinnis has questioned how the industry might prime the next generation of advisers.”How do we bring more women into the business, particularly as we are concerned about baby boomer advisers [and their eventual retirement]?” she said.