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Private Advisor Group
Pat Sullivan and John Hyland founded Private Advisor Group in 2011, evolving their original 1997 practice, Morristown Financial Group, into a platform that...
Private Advisor Group
Pat Sullivan and John Hyland founded Private Advisor Group in 2011, evolving their original 1997 practice, Morristown Financial Group, into a platform that helps financial advisors go independent. Rather than managing assets directly, the firm builds the operational rails — compliance, technology, and multi-custodial access through relationships including Charles Schwab — that allow advisors to own their client relationships while accessing institutional-scale resources. The firm’s strategy is asset-class agnostic and rooted in advisor empowerment. It does not dictate a house investment view; its advisors allocate across public equities, fixed income, alternatives, and private markets on behalf of individuals, pension plans, charitable organizations, and corporations. Its platform aggregation model also enables deal-level collaboration via structures like the Alignment & Equity Program, launched with Merchant Wealth Partners in 2022, which facilitates advisor acquisitions and succession transactions. The network operates nationally, with a headquarters in Morristown, New Jersey, and a growing footprint in the Carolinas. Private Advisor Group currently serves more than 700 independent advisors across the United States. A strategic CEO transition in 2023 crystallized its long-term leadership plan, with Frank Smith assuming the presidency and CEO role. The firm’s adjacent community structures include widely attended annual conferences and an active philanthropic arm that has raised significant sums for Covenant House New Jersey, Tunnels to Towers, and the Leukemia & Lymphoma Society, reinforcing its advisor-centric culture. Structurally, Private Advisor Group sits between a traditional RIA aggregator and a pure partnership — its advisors maintain independent brand identities and client books, but the parent firm provides the shared-services chassis that absorbs rising regulatory and technology costs. That architecture makes it a magnet for breakaway advisors seeking scale without ceding control to a large consolidator.
General information
Firm type
RIA / Wealth Platform
Year founded
2011
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Morristown
Corporate office
305 Madison Avenue, Morristown, NJ 07960, United States
Additional offices
Carolinas
Principals
Frank Smith
Chief Executive Officer, President
Patrick J. Sullivan
Co-founder, Executive Chair
John Hyland
Co-founder & Partner
Jim Perhacs
Chief Operating Officer
Adam Schorr
Chief Financial Officer
Sector focus
Frequently asked questions
How does Private Advisor Group generate revenue?
Private Advisor Group’s advisors are independent contractors who retain a majority of their advisory fees. The firm itself earns a portion of those fees in exchange for compliance oversight, technology access, and operational support. This revenue-share model aligns platform growth with advisor success, rather than imposing product distribution quotas.
Who leads investment decisions at Private Advisor Group?
Private Advisor Group does not have a centralized investment committee. The platform is deliberately advisor-centric; each independent advisor makes autonomous investment decisions for their own client base. The firm provides tools, custodial access, and due-diligence support, but it does not impose a house view or mandate specific products.
Is Private Advisor Group a family office?
No. Private Advisor Group is a registered investment adviser structured as a national RIA platform. While it serves some high-net-worth individuals through its advisor network, its primary function is to provide the infrastructure — compliance, technology, and multi-custodial support — that enables independent financial advisors to run their own practices.
How does Private Advisor Group source its advisor talent?
The firm focuses on breakaway advisors — experienced professionals leaving wirehouses or other captive environments to go independent. Its pitch centers on offering the operational scale of a large firm while preserving the advisor’s own brand and client ownership. The Alignment & Equity Program, launched with Merchant Wealth Partners in 2022, also facilitates acquisitions and succession transactions within the network.
Which custodians does Private Advisor Group use?
The firm maintains flexible custodial relationships to give its advisors choice. The firm’s website explicitly flags Charles Schwab as a key custodian, and a standard Schwab disclaimer indicates the two firms have an agreement where Schwab provides services to Private Advisor Group accounts. Additional custodial partners are not named publicly, but the platform emphasizes multi-custodial access as a feature.
What is the history of Private Advisor Group’s leadership transition?
Co-founders Pat Sullivan and John Hyland launched the firm in 2011. Sullivan, now Executive Chair, and Hyland, still a Partner, executed a long-planned CEO succession in 2023. Frank Smith, previously an executive at the firm, was named CEO and President to lead day-to-day operations while the founders remained actively involved in strategy and advisor advocacy.
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