McGinness, formerly with LPL Financial, will oversee the strategic development, ongoing maintenance, and sales and marketing of First Allied's fee-based platform, Guided Portfolio Solutions.
Hired as a managing director, McGinness also will help develop programs and tools to support the growth of advisors' fee-based practices and assist them in assessing their need for additional staff and other resources.
First Allied has 1,030 advisors, 483 of whom are fee based. The advisors manage close to $20 billion in assets, nearly $4 billon of which is fee based.
"With Mr. McGinness, we have recruited a proven, high-energy and visionary executive," said First Allied President Adam Antoniades in a press release of June. "His track record exemplifies his comprehensive expertise in practice management and his ability to help our advisors grow their businesses through the deliberate and intense creation of value for their clients.
McGinness, 36, has been hired as a managing director and will report directly J. Vere Reynolds-Hale, First Allied's national sales manager.
"He will focus on First Allied's growth by creating value-added initiatives and strategies that help our advisors grow their businesses. Mr. McGinness will also play an instrumental role in helping position First Allied as a world-class independent broker/dealer committed to providing objective guidance and help advisors attain their financial goals," Antoniades said.
Recently, McGinness authored the 2009 "Moss Adams/Investment News Advisor Compensation and Staffing Study" and co-authored research reports for Pershing LLC on transitioning to fee-based pricing and the development of advisory program capabilities.
"I'm delighted to join such an impressive management team and strong company at a time when independent advisors are clamoring for solutions that will help them provide better client service, while also driving business growth," said McGinness in a statement.
While at LPL Financial, McGinness served as vice president of business consulting. Before that, he served as associate director at Cerulli Associates and managed the firm's intermediary research practice, focusing on the distribution of advice and product in the U.S. financial services industry.