Osaic Explained

Osaic
Type:Osaic
Industry:Wealth Management Firm
Hq Location City:Scottsdale, Arizona
Hq Location Country:United States
Key People:Jamie Price (CEO),
Greg Cornick (President, Advice and Wealth Management),
Jon Frojen (Chief Financial Officer),
Tim Hodge (EVP, Trading & Operations),
Nina McKenna (Chief Legal Officer and General Counsel),
Matt Schuleter (President of Products & Platforms)
Website:https://osaic.com/

Osaic, formerly known as Advisor Group, is an American wealth management firm.[1] The firm serves approximately 11,600 financial professionals managing more than $653 billion in assets.[2] While Osaic was initially a network of independent broker-dealers, in 2023, the company began the process to integrate all the firms under the Osaic brand and service platform. The remaining broker-dealers that will be integrated in 2024 include American Portfolios, Lincoln Financial Advisors, and Triad Advisors. Osaic also has four Advantage Companies: Highland Capital Brokerage, Ladenberg Thalmann & Co., Inc., Ladenberg Thalmann Asset Management, and Premier Trust.

Though its headquarters is in Scottsdale, AZ, the firm has locations across the U.S. including Oakdale, MN; New York, NY; Jersey City, NJ; and Atlanta, GA.[3] Osaic is a portfolio company of Reverence Capital Partners.

The CEO of Osaic is Jamie Price.[4]

History

The firm was founded by American International Group (AIG) in 2002. In 2016, Lightyear Capital, LLC and PSP Investments bought the then named AIG Advisor Group from AIG.[5] In 2019, Reverence Capital Partners bought Advisor Group for $2.3 billion.[6]

In 2023, Advisor Group announced its new name, Osaic, as part of a multi-month strategy to rebrand its subsidiary firms into one entity.[7] [8]

Acquisitions

In 2019, Osaic acquired Ladenburg Thalmann Financial Services valued at $1.3 billion. The deal closed in the first half of 2020.[9]

In May 2022, Osaic acquired Infinex Financial Holdings and in June of that same year acquired American Portfolios Financial Services.[10] [11]

In June 2022, Osaic acquired New York-based American Portfolios Financial Services, an independent brokerage and RIA supporting more than 850 financial professionals in nearly 400 branches across the country who oversee approximately $40 billion in client assets.[12]

In December 2023, Osaic acquired Lincoln National Corporation's wealth management business for an undisclosed amount.[13]

Women in all positions

The firm has a pledge to interview at least one qualified female candidate for every open position.[14] As of 2023, 7 out of 21 senior executive positions at Osaic were filled by women leaders who were promoted internally or hired externally.[15]  

In addition, as of 2022, 24.9% of Osaic’s financial professionals were women.

Notes and References

  1. Web site: 2022-05-06 . Advisor Group Builds Out Leadership With Two New Hires . 2023-01-05 . Wealth Management . en.
  2. Web site: Transformative Wealth Management Osaic . 2024-05-30 . osaic.com . en.
  3. Web site: Joby Gruber Out at AIG – Articles – Financial Planning. 10 April 2023.
  4. Web site: Berman. Jeff. AM. 2020 at 11:06. Advisor Group Rolls Out Updated UMA Platform. 2020-08-21. ThinkAdvisor. en.
  5. Web site: Advisor Group to Acquire Ladenburg in $1.3 Billion Deal .
  6. Web site: Advisor Group to Acquire Ladenburg in $1.3 Billion Deal .
  7. Web site: Osaic nabs veteran Wells Fargo group managing $600 million in Michigan .
  8. Web site: Osaic gains $250M advisor team, its first since rebrand from Advisor Group .
  9. Web site: 2019-11-12 . Advisor Group to Acquire Ladenburg in $1.3 Billion Deal . 2022-10-24 . AdvisorHub . en-US.
  10. Web site: Welsch . Andrew . Advisor Group Buys $40 Billion Independent Broker-Dealer . 2023-01-16 . www.barrons.com . en-US.
  11. Web site: Levaux . Janet . Advisor Group to Buy $40B American Portfolios . 2023-01-16 . ThinkAdvisor . en.
  12. Web site: Salinger . Tobias . Advisor Group’s second big deal is largest of the year in its channel .
  13. Web site: Welsch . Andrew . Insurer Lincoln National to Sell Wealth Management Unit to Osaic . 2023-12-15 . www.barrons.com . en-US.
  14. Web site: Wilkins . Korie . Barely one-quarter of financial planners are women, but industry experts say 2 simple strategies could move the needle . 2024-01-25 . Business Insider . en-US.
  15. Web site: Kelly . Bruce . September 21, 2022 . Women take the lead at Advisor Group .