Joe Russo has been elected chair of the Financial Services Institute’s 2012 Board, the advocacy organization said in a statement. Russo, founder of Advantage Financial Group, is the first financial advisor to chair the board.

R. Lawrence Roth, CEO of Advisor Group, was elected vice chair of the board.

FSI also elected five new directors to the 2012 Board, including three CEOs and two financial advisors. The new directors are: Adam Antoniades, CEO of First Allied Holdings in San Diego; John Moloney, chairman and CEO of Moloney Securities in Manchester, Mo.; Jim Livingston, president and CEO of National Planning Holdings in Denver; Rick Carlson, senior financial advisor with Carlson Advisors in Tomah, Wis.; and Dean Harman of Harman Wealth Management, The Woodlands, Texas.

Danielle Reed writes for Financial Planning.