Osaic Reports $22 Billion In Recruited Client Assets For 2023, A Year That Also Saw A Rebranding And Consolidation Of Its Multiple Wealth Management Firms

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Osaic said in news release this week that it recruited new advisors representing $22 billion in client assets in 2023. Last year, the firm also underwent a re-brand (it was formerly known as Advisor Group), embarked on a consolidation plan that will reduce its seven broker-dealers to one and acquired Lincoln Wealth.

Jamie Price | Osaic CEO & President

“2023 was an eventful and exciting year for our firm,” said Jamie Price, Osaic’s President & CEO. “Our progress has been well received by advisors, staff, and the broader wealth management marketplace. We’ve transitioned more than half of our financial professionals into Osaic and expanded our addressable market, growing our footprint in both the institution and RIA spaces. Our move to a single entity enables us to better serve our financial professionals and help them grow their businesses. The appeal of our new value proposition can be seen in the record recruiting we’ve seen since the new brand was launched.”

Osaic believes that bringing its firms together under a single brand will allow it to better serve its affiliated advisors by offering them access to all the capabilities, resources, and expertise from across the network.

The company maintains that the combined brand will also simplify what was a cumbersome business structure. For instance, Osaic advisors looking for acquisition, succession, and business continuity planning opportunities within the broader family will now be able to do so without repapering clients.

“We’ve already seen our financial professionals benefit from the removal of artificial barriers and the broadening of our communities,” said Price.

Meanwhile, in one of the largest deals of the year, Osaic agreed to acquire Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation from Lincoln National Corporation.

Lincoln is the latest insurance company to exit the wealth management business. The approximately 1,450 financial professionals under Lincoln Wealth oversaw approximately $108 billion in total client assets at the time of the deal.