Al Frank Asset Management has rolled out Advisor Class shares for its two mutual funds, the Al Frank Fund and the Al Frank Dividend Value Fund.

In an interview, Steve Samson, chief operating officer of the Laguna Beach, California-based firm, said the move was in response to demand from advisors, who favored a share class without a 12b-1 fee, particularly when investing for the long-term on behalf of larger clients. The minimum investment in the Advisor Class shares is $100,000.

The introduction of the share class "provides us with an opportunity to penetrate the retirement plan market," Samson said.

Assets under management at Al Frank have expanded by about $100 million from the end of 2005, he said. The firm now manages roughly $875 million in individually managed accounts and the Al Frank Funds.

Over the last couple of months, the firm has broadened the ranks of its service managers. The firm has brought in Luke Aucoin and Dave Kugler to focus on the broker-dealer and RIA communities, respectively. In addition, the firm has recently hired George Denninghoff to manage relationships with high net worth individuals.

Al Frank is continuing to boost its headcount, Samson said. The firm is recruiting for support positions in marketing and operations and is also looking to add a portfolio manager. 

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