Advisor Group taps wirehouse veteran Jamie Price to be CEO

One of the largest networks of independent broker-dealers, the Advisor Group, has tapped a wirehouse veteran, Jamie Price, to be its CEO. Between 2002 and 2010, Mr. Price served in numerous positions at UBS Financial Services Inc., most recently as head of wealth management for its Advisor Group Americas. Erica McGinnis in August stepped down from her role as president and chief executive officer of Advisor Group, three months after American International Group Inc. completed the sale of the brokerage network to Lightyear Capital, a private equity firm led by Donald Marron, a UBS veteran. Mr. Price will report to Valerie Brown, executive chairman, according to a statement from the company. Advisor Group comprises four broker-dealers that house close to 5,000 financial advisers and $160 billion in client assets. During an interview on Monday morning, Mr. Price stressed that the opportunity for firms like the Advisor Group to increase market share currently is as good as it has ever been. He also acknowledged that profit margins at brokerage firms have long been under pressure. He said focusing on baby boomers passing along savings to heirs should be a cornerstone of any brokerage firm's success. “There is going to be $24 trillion of assets transferred into the hands of people much more facile with technology," he said. "The potential is huge.” “There are going to be some big winners and losers in this business,” he said, adding that he intends to go on a listening tour of Advisor Group advisers and employees. Ms. Brown said that at the top of Advisor Group's mind at the moment is preparing for regulatory changes, including the Department of Labor's new fiduciary rule for brokers who work with retirement accounts. Advisor Group will continue to pay advisers commissions for working with IRA accounts, she added. The firm is also focused on its digital and technology offerings for advisers, she said.