Atlanta-based FSC Securities Corp., one of Advisor Group’s three independent broker-dealers, said it named Jerry Murphy as its new president and CEO on Monday. Murphy formerly served as executive vice president of Advisor Group and reports to AIG President and CEO Larry Roth.
“We are delighted that Jerry has accepted the role as president and CEO of FSC Securities Corp,” said Roth in a statement. “Jerry’s demonstrated leadership capabilities, first-hand knowledge of FSC’s culture, home office team and advisors, as well as his extensive experience in the financial services industry make him the ideal leader for FSC.”
Murphy (left) joined Advisor Group in 2005 and earlier was a senior executive at Janney Montgomery Scott. He also was director of the policy and practice team for the Nasdaq Stock Market.
“With FSC in such a strong position in the industry, now is the perfect time for Jerry to take on this new role and use his talents to work more closely with our affiliated advisors to help them execute on their growth strategies and take their practices to the next level,” Roth added.
Earlier this year, FSC Securities said it was adding up to 50 financial advisors from QA3 Financial. It now has roughly 1,200 producing advisors (250 of whom are OSJs) with some $32 billion in assets under management.
“I’m thrilled to be in this role at FSC,” said Murpy in a phone interview with AdvisorOne on Monday. “It’s a fantastic firm.”
Murphy says his priority is to spend time with advisors in order best assess what the firm is doing right and what it can do better. “Ultimately, I went to help the advisors grow their business, so FSC can grow, too,” he explained.
“I want to show outside advisors at broker-dealers in turmoil and, in general, at all broker-dealers, that FSC is a great option, and you should consider us,” said Murphy.
He says the firm grows through both the FSC’s recruiting efforts and organic expansion, as its OSJs add reps through their own recruiting efforts. “We are targeting advisors across the waterfront, including those at the wirehouses and our direct competitors,” the CEO explained.
Murphy’s most immediate task, he says, is to speak at FSC’s educational conference being held next month in Phoenix. “This is our largest event of the year,” he said, “so, I have to hit the ground running.”
The independent broker-dealer previously was led by Mark Schlafly, formerly with LPL Financial, from June 2008 to March 2011. The executive resigned from his post at FSC earlier this year for “family reasons,” according to the company.
Schlafly took the reins at FSC after its chief at the time, Josephy “Joby” Gruber, was forced to resign. FINRA charged Gruber with allowing a subordinate to take his 2007 continuing-education proficiency tests. He has since been tapped to serve as head of sales and marketing for American Portfolios, a Long Island-based independent broker-dealer.