Osaic, formerly known as Advisor Group, is an American wealth management firm.[1] The firm serves approximately 11,000 financial professionals managing more than $515 billion in assets. While Osaic was initially a network of eight 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, Triad Advisors, and Securities America. Osaic also has four Advantage Companies: Highland Capital Brokerage, Ladenberg Thalman & Co., Inc., Ladenberg Thalmann Asset Management, and Premier Trust.
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| Company type | Osaic |
|---|---|
| Industry | Wealth Management Firm |
| Headquarters | Phoenix, AZ , 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/ |
Though its headquarters is in Phoenix, AZ, the firm has locations across the U.S. including Oakdale, MN; New York, NY; Jersey City, NJ; and Atlanta, GA.[2] Osaic is a portfolio company of Reverence Capital Partners.
The CEO of Osaic is Jamie Price.[3]
History edit
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.[4] In 2019, Reverence Capital Partners bought Advisor Group for $2.3 billion.[5]
In 2023, Advisor Group announced its new name, Osaic, as part of a multi-month strategy to rebrand its subsidiary firms into one entity.[6][7]
Acquisitions edit
In 2019, Osaic acquired Ladenburg Thalmann Financial Services valued at $1.3 billion. The deal closed in the first half of 2020.[8]
In May 2022, Osaic acquired Infinex Financial Holdings and in June of that same year acquired American Portfolios Financial Services.[9][10]
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.[11]
In December 2023, Osaic acquired Lincoln National Corporation's wealth management business for an undisclosed amount.[12]
Women in all positions edit
The firm has a pledge to interview at least one qualified female candidate for every open position.[13] As of 2023, 7 out of 21 senior executive positions at Osaic were filled by women leaders who were promoted internally or hired externally.[14]
In addition, as of 2022, 24.9% of Osaic’s financial professionals were women.
References edit
- ^ "Advisor Group Builds Out Leadership With Two New Hires". Wealth Management. May 6, 2022. Retrieved January 5, 2023.
- ^ "Joby Gruber Out at AIG – Articles – Financial Planning". Retrieved April 10, 2023.
- ^ Berman, Jeff; AM, 2020 at 11:06. "Advisor Group Rolls Out Updated UMA Platform". ThinkAdvisor. Retrieved August 21, 2020.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal".
- ^ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal".
- ^ "Osaic nabs veteran Wells Fargo group managing $600 million in Michigan".
- ^ "Osaic gains $250M advisor team, its first since rebrand from Advisor Group".
- ^ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal". AdvisorHub. November 12, 2019. Retrieved October 24, 2022.
- ^ Welsch, Andrew. "Advisor Group Buys $40 Billion Independent Broker-Dealer". www.barrons.com. Retrieved January 16, 2023.
- ^ Levaux, Janet. "Advisor Group to Buy $40B American Portfolios". ThinkAdvisor. Retrieved January 16, 2023.
- ^ Salinger, Tobias. "Advisor Group's second big deal is largest of the year in its channel".
- ^ Welsch, Andrew. "Insurer Lincoln National to Sell Wealth Management Unit to Osaic". www.barrons.com. Retrieved December 15, 2023.
- ^ Wilkins, Korie. "Barely one-quarter of financial planners are women, but industry experts say 2 simple strategies could move the needle". Business Insider. Retrieved January 25, 2024.
- ^ Kelly, Bruce (September 21, 2022). "Women take the lead at Advisor Group".