Erica McGinnis has stepped down from her role as president and chief executive officer of Advisor Group, an independent broker/dealer network that was recently sold to private equity firm Lightyear Capital and Canadian pension manager PSP Investments.
McGinnis, who has headed the company since 2013, will remain onboard as the executive vice president, head of transitions. Former Cetera CEO and Advisor Group executive chairman, Valerie Brown, will serve as interim president and CEO and will “work closely” with McGinnis until a replacement is found.
“Erica McGinnis has accepted a role of EVP, Head of Transitions – leading the separation from AIG. This new role will allow focused leadership on our transition to an independent company and to utilize Erica’s deep understanding of the business and our advisors, positioning our organization for success,” said Kevin Dinino, a spokesman for Advisor Group, in an emailed statement.
Dinino added, “As president and CEO, Erica has contributed immeasurably to Advisor Group, and on behalf of the board and management team we sincerely thank her for her tireless efforts toward building the business that we have today.”
McGinnis was hired as president and CEO of Advisor Group in September 2013 to replace Larry Roth, who stepped down to join the now defunct Realty Capital Securities as its chief executive. Prior to accepting the top position at Advisor Group, McGinnis served in various roles at the firm over the last 12 years, including chief compliance officer and senior vice president, head of supervision.
The Advisor Group network consists of four broker-dealers: FSC Securities, Royal Alliance Associates, SagePoint Financial, and Woodbury Financial. It is the nation’s largest broker-dealer network with more than 5,200 registered reps and affiliated financial advisors and $160 billion in client assets under administration.