Auld new head of two AIG units

AIG Advisor Group, continuing to play a game of musical chairs with the executives in charge of its various broker-dealers, has replaced James Cannon with Jeffrey Auld as president and chief executive of both AIG Financial Advisors Inc. of Phoenix and American General Securities Inc. of Houston.
JUN 30, 2008
AIG Advisor Group, continuing to play a game of musical chairs with the executives in charge of its various broker-dealers, has replaced James Cannon with Jeffrey Auld as president and chief executive of both AIG Financial Advisors Inc. of Phoenix and American General Securities Inc. of Houston. This is the third major change in leadership since 2006 in the AIG network, which has 7,500 affiliated reps. Mr. Cannon left to pursue other interests, according to a statement from the firm. Mr. Auld officially joins AIG at the end of the month. One industry observer wondered whether Mr. Auld will focus on recruiting, which many regard as his key strength. "With AIG being a much larger firm, will he be as hands-on with recruiting" as he was with Next Financial Group Inc. of Houston, where he previously worked, asked Jonathan Henschen, president of Henschen & Associates in Marine on St. Croix, Minn. The AIG Advisor Group has recently seen significant turnover among its executives. In January 2006, Mark Goldberg left as chief executive of Royal Alliance Associates Inc. of New York, which is part of the AIG network. He was replaced by industry veteran R. Lawrence Roth, who has since risen to president and chief executive of the AIG network. Earlier this month, Boston-based LPL Financial's Mark J. Schlafly was named president and chief executive of FSC Securities Corp. and Advantage Capital Corp., both of Atlanta. He replaced Joseph B. "Joby" Gruber, who resigned from Advantage Capital and FSC in April because he allowed an underling to take continuing-education exams in his name. Mr. Roth heaped praise on the latest addition to his management team. "The advisers are excited about working with Jeff," he said. Mr. Auld left Berthel Fisher and Co. Financial Services Inc. of Marion, Iowa, in May for personal reasons. In 2006, he resigned from Next Financial, also for personal reasons, and weeks later joined Berthel Fisher. Mr. Auld oversaw tremendous growth at Next, but that growth came with a price. This month, the Securities and Exchange Commission fined the firm $125,000 for violating rules that pertain to clients' private information when Next recruited registered reps. E-mail Bruce Kelly at [email protected].

Latest News

Fintech bytes: Vestmark, NDEX, and Forms Logic partnerships sharpen RIA tools
Fintech bytes: Vestmark, NDEX, and Forms Logic partnerships sharpen RIA tools

First Trust models, Schwab-linked data tools and Orion transition tech headline a busy week for RIA wealthtech

Two LPL executives jump to competitors as 2026 comes to a close
Two LPL executives jump to competitors as 2026 comes to a close

The change in senior personnel occurs days after LPL Financial tapped a new head of recruiting.

Osaic names new CMO and Empowered Independence head
Osaic names new CMO and Empowered Independence head

Former PulteGroup and Citizens executives join the broker-dealer network after a year of senior leadership departures

RIA moves: Prospera lands $600M Cornerstone team in Rochester
RIA moves: Prospera lands $600M Cornerstone team in Rochester

Independent RIA Concurrent adds over $1B across six moves, while OnePoint BFG opens West Palm Beach with a $240M team

Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse
Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse

The mega-RIA keeps absorbing independent fiduciary firms as Cerulli data shows the fee-only segment losing asset share

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor