Al Frank Asset Management, the independent asset advisor and boutique money manager, has named Jeff Montgomery as chairman of the board, with effect from 1 August 2010.

Montgomery has been chief executive officer for the company since 2008. Prior to that, the served as CEO of Washington Square Securities, now ING Advisors, and CEO of NFP Securities. He replaces Joe Lahti, who will remain a board member.

AFAM is a subsidiary of domestic all cap value manager Al Frank and has been preparing to make major strides in the asset management industry over the past months. In November 2009, the firm took over Innealta Capital, a rapidly growing ETF manager, which has seen its portfolio rise by over 400 per cent since.

"We now offer exposure to a broad ranging asset classes - US equities, international equities, fixed income instruments, real estate, and commodities. AFAM-Innealta Capital is positioned to further capitalize on the future of the asset management business," said Montgomery in a statement.

"The definition of risk has forever changed in the minds of investors and we are well prepared to serve both the wealth accumulation and wealth preservation needs of our clientele," he added.

AFAM has over $418 million in assets under management as of 31 May 2010.