Private Advisor Group announced that it has added a registered investment advisor firm bringing more than $1 billion in assets under management.
AK Financial Group, based in Irvine, California and comprising a staff of 25, will join Private Advisor Group as part of the latter firm’s West Coast expansion, according to a press release announcing the move. The transition is expected to be completed by year's end. Both firms have registered representatives affiliated with LPL Financial as their broker-dealer.
AK Financial’s founder and president, Andrew Karlinski, has more than 45 years of experience in financial planning and will serve as the managing director of Private Advisor Group’s West region.
Private Advisor, ranked ninth on the recently released Barron’s 2022 Top RIA Firms list — based on assets managed, technology spending, staff diversity, succession planning and other metrics — says it has more than $33 billion in assets under management. The firm onboarded more than $3 billion in assets last year and is still looking to recruit nationwide, a spokesperson stated.
In March, Private Advisor acquired Minnesota-based Investors Financial Group, which managed more than $1.86 billion, as reported. In May, Private Advisor named Frank Smith president, a position in which he focuses on succession planning.