AIG Advisor picks leader for B-Ds

AIG Advisor Group Inc. has picked up a highly touted executive from rival LPL Financial to lead two broker-dealers, Advantage Capital Corp. and FSC Securities Corp., both of Atlanta. Mark J. Schlafly will be president and chief executive of both firms and report to R. Lawrence Roth, president and chief executive of AIG Advisor Group. Mr. Schlafly replaces Joseph B. “Joby” Gruber, who resigned from Advantage Capital and FSC in April because he allowed an underling to take continuing-education exams in his name. Mr. Schlafly takes over at the end of the month. In 2006, LPL Financial of Boston hired him from A.G. Edwards & Sons Inc., which is now part of Wachovia Securities LLC of St. Louis. At the time, LPL hired Mr. Schlafly and other executives from rivals to expand its roster of top management. He was senior vice president of brokerage products and solutions and also managed LPL’s financial planning group. AIG Advisor Group has more than 7,500 registered representatives affiliated with its various broker-dealers.