Larry Roth, head of AIG’s Advisor Group, a network of 6,000 advisors, has jumped ship to Realty Capital Securities, the broker/dealer and wholesale distributor of direct investment offerings owned by Nick Schorsch. Roth takes over as CEO of RCS from Michael Weil, who will become chairman, the company announced today.
Schorsch, known for his work in the non-traded REIT space as founder of American Realty Capital, just recently purchased independent broker/dealer First Allied.
Roth has served as CEO at Advisor Group since 2006, navigating the firm through many transitions and news headlines, including a possible sale of the firm’s broker/dealers in 2009, which never happened, and the recent acquisition of Woodbury Financial. The firm now includes four b/ds—Royal Alliance, FSC Securities, SagePoint Financial and Woodbury. At a time when insurance companies are shedding their broker/dealer units, AIG is one of the only insurance firms still in the IBD business.
Peter Harbeck will take over Roth’s position as interim president and CEO of Advisor Group, but the company did not name a permanent replacement. Harbeck was most recently serving as chairman, head of securities processing and other back-office operations. He will continue to serve as president and CEO of SunAmerica Asset Management Corp., which he has led since 1995.
“[Larry’s] broad and deep understanding of the independent broker dealer community will allow us to better serve the 100,000 financial advisors affiliated with our 300 selling group members,” said William Kahane, CEO of RCAP, in a statement.