Advisor Group has a new president and CEO.

The independent broker-dealer network, which would be the nation's fourth-largest IBD if all its component businesses were consolidated, has named Erica McGinnis, a 42-year-old internal candidate, as its president and CEO.

The move is effective immediately. Previously, McGinnis oversaw all supervisory activities for Advisor Group, managing nearly 120 home office employees. She joined Advisor Group in 2004 as director of branch exams. She previously managed operations, training and compliance efforts for Charles Schwab, Wells Fargo and Ameriprise Financial.

Advisor Group, a unit of AIG Life and Retirement, includes four separate independent B-Ds: Royal Alliance, FSC Securities, SagePoint Financial and Woodbury Financial.

Jay Wintrob, the parent company's president and CEO, praised McGinniss track record at the company. "Her strong knowledge of our broker-dealers and the needs and wants of our independent advisors, coupled with her skill and understanding of the changing landscape for the independent financial advice industry, makes her the ideal leader for Advisor Group," Wintrob said in a statement announcing the deal.

McGinnis replaces Larry Roth, who a month ago left to become CEO of Real Capital Securities, a broker-dealer and wholesaler of real estate trusts. (That firm's parent company, RCS Capital, on Wednesday announced the acquisition of another broker-dealer, Investors Capital Holding.)

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