PHOENIX, May 19, 2020 /PRNewswire/ -- Advisor Group, the nation's largest network of independent wealth management firms, today announced the appointment of seasoned industry leader Jon Frojen as Chief Financial Officer. The addition of the former CFO of United Capital, now part of Goldman Sachs, to the Advisor Group leadership team positions the organization for continued growth and success. Mr. Frojen, who brings CFO experience from United Capital and, prior to that, Cetera Financial Group, will report directly to Jamie Price, Advisor Group's President and Chief Executive Officer.
Commenting on the addition of Mr. Frojen to Advisor Group's leadership team, Mr. Price said, "I am very excited to welcome Jon Frojen to this role. Throughout his career, Jon has distinguished himself with his innovative and collaborative approach to management in the financial services industry. Bringing on such a skilled executive could not have happened at a more important time for Advisor Group, as we continue to build on the incredible momentum we have achieved in recent months. With Jon on the team, there is no limit to what we can accomplish for our financial professionals and their clients, as the nation's leading multi-clearing, multi-custody and multi-brand network of wealth management firms."
As the new CFO of Advisor Group, Mr. Frojen's responsibilities include setting the overall vision and strategy for the Finance Department; overseeing day-to-day operations of the accounting, treasury, tax, procurement, commissions and financial planning and analysis departments, as well as long-term financial planning and capital allocation in alignment with the firm's strategic plan.
In his prior role as CFO of United Capital, Mr. Frojen led all aspects of the company's financial management, serving an essential role in the firm's ongoing growth strategy and its successful acquisition by Goldman Sachs. Before joining United Capital, Mr. Frojen served as CFO at Cetera Financial Group, where he managed the company's finance functions, oversaw a doubling of the company's revenues and he led the firm's capital management and acquisition strategy.
"My decision to join Advisor Group was easy, due to its already superb management team, the integrity of its staff and financial professionals and its culture of service to financial professionals and their clients," Mr. Frojen said. "Having been privileged to be part of some of the most dynamic businesses in the wealth management space, I am excited to join Advisor Group. The company clearly has the expertise, financial stability and strategic vision to redefine the wealth management space, while driving growth and success for its financial professionals across the country. Advisor Group's unique strengths are enhanced by its ownership under Reverence Capital, one of the most well-regarded financial services-focused private equity firms in the country. Reverence Capital is an ideal partner to support Advisor Group's long-term growth plans, delivering access to significant capital, strategic relationships and valuable expertise."
Mr. Price continued, "Financial professionals are demanding more innovative technologies and solutions, as well as greater flexibility of business models, to better grow their businesses and serve their clients. Jon's breadth of experience across the wealth management industry, including in the independent broker-dealer and the RIA spaces, adds substantial strategic value to Advisor Group as wealth management industry models continue to converge. His hiring further shows that we are making strong progress in harnessing our full potential and positioning the company for long-term growth. Not only have we deepened our senior leadership team in recent months, we also continue to launch tools that support financial professionals, particularly during the ongoing pandemic."
Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital Partners, a leading financial services-focused private equity firm and majority equity owner of Advisor Group, concluded by saying, "The addition of Jon Frojen as Chief Financial Officer positions Advisor Group to take full advantage of its significant resources and scale to reinforce its industry leadership. Jon's decision to become part of the Advisor Group story further validates our confidence that the organization is exceptionally well-positioned for continued growth and success."
About Advisor Group
Advisor Group, Inc. is the nation's largest network of independent wealth management firms, serving approximately 11,300 financial professionals and overseeing over $450 billion in client assets. The firm is mission-driven to support the strategic role that financial professionals can play in the lives of their clients. Securities and investment advisory services are offered through its affiliated broker-dealers: FSC Securities Corporation; Royal Alliance Associates, Inc.; SagePoint Financial, Inc.; Woodbury Financial Services, Inc.; Securities America, Inc.; Triad Advisors, LLC.; Investacorp, Inc.; KMS Financial Services, Inc.; and Securities Service Network, LLC, members FINRA and SIPC, and Registered Investment Advisers. Cultivating a spirit of entrepreneurship and independence, Advisor Group champions the enduring value of financial professionals and is committed to being in their corner every step of the way. For more information, visit https://www.advisorgroup.com.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets and (5) Financial Technology/Payments. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors. For more information, visit www.reverencecapital.com.
For Reverence Capital Partners:
Steve Lipin / Michael Flaherty
Gladstone Place Partners
SOURCE Advisor Group