Osaic Celebrates Consequential Year with Strong Recruitment, Successful Rebranding and Consolidation of Wealth Management Firms, Accelerated Growth of Institutional Channel and Ongoing Strategic M&A

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Jan 16, 2024, 06:00 ET

Firm Continues to Build Scale with the Addition of Approximately $22 billion in Total Client Assets in 2023 and 11 New Bank and Credit Union Relationships

PHOENIX, Jan. 16, 2024 /PRNewswire/ -- Osaic, Inc. (Osaic), one of the nation's largest providers of wealth management services, announced that 2023, a year that saw the rebranding of the firm and its move to begin consolidation of seven separate wealth management firms into a single entity, has seen record recruiting and organic growth across the enterprise.

For the full year, Osaic recruited new financial professionals, representing approximately $22 billion in total client assets. In addition, Osaic Institutions finished its first full year as part of Osaic with the addition of 11 new bank and credit union relationships across the country. And in December, Osaic announced the acquisition of the Lincoln Wealth firms, with more than 1,450 advisors and the addition of another $108 billion in client assets.

"2023 was an eventful and exciting year for our firm," said Jamie Price, President & CEO, Osaic. "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. We look forward to continuing our momentum in the new year and beyond."

Journey to One

Bringing all seven wealth management firms together under a single brand better positions Osaic to serve its affiliated advisors by offering them seamless access to the full breadth of capabilities, resources, and expertise that the firm's combined scale provides. By simplifying its business structure, Osaic has been able to reduce complexity through a unified platform and enhance the overall service experience for existing and prospective financial professionals.

"We've already seen our financial professionals benefitting from the removal of artificial barriers and the broadening of our communities," added Price. "Service has been enhanced, procedures and operations have been streamlined, and new opportunities have been created for financial professionals looking for acquisition, succession, and business continuity planning."

Osaic plans to continue the consolidation of its firms in 2024, starting with Woodbury Financial Services' integration into Osaic in January.

Organic Growth

Osaic's "Journey to One" value proposition is resonating with financial professionals across the marketplace. After the new brand was launched, Osaic experienced a 100% increase in recruited assets compared to the prior year in the second half of 2023. These record results follow a consecutive increase in recruited assets quarter-over-quarter this year.

Additionally, the firm grew recruiting into its RIA Solutions channel by 143% in 2023 versus 2022. The average revenue per advisor recruited into this channel is up 52% from last year. The firm has also increased organic growth with on-platform asset inflows increasing more than 35% from 2022. In October, Osaic announced changes to its advisory pricing, making their Wealth Management Platform less expensive with a flat platform fee for advisors with more than $50 million in advisory assets, all the way down to 0 basis points for advisors with more than $500 million in advisory assets and industry-leading wrap pricing as low as 4 basis points.

"Our platform continues to attract high-quality financial professionals and practices who are in search of a true partner with the scale, resources, and expertise to help them better build their business and thrive," said Greg Cornick, President, Advice and Wealth Management, Osaic. "In 2023, we expanded our affiliation options, enhanced our service and technology experiences, and added innovative business building capabilities, allowing us to continue bringing aboard talented financial professionals from across our evolving industry. As a firm, we invested more than $100 million in growth and capital initiatives."

Formerly known as Infinex Investments, Osaic Institutions successfully recruited 11 new bank and credit union relationships nationwide.

"Our value proposition to financial institutions keeps getting stronger," said Stephen Amarante, Osaic Institutions President & CEO. "We offer a unique service experience, customized technology stack, and hands-on relationship management support that institutions need to ensure financial professionals can thrive as they focus on the well-being of their clients. Through Osaic, we can provide the scale, flexibility, and perspective banks and credit unions are looking for to take their wealth management businesses to the next level."

Acquisition of Lincoln Wealth

On December 14, 2023, Osaic announced a definitive agreement to acquire Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation, the wealth management firms that make up "Lincoln Wealth" from Lincoln National Corporation. The approximately 1,450 financial professionals under Lincoln Wealth offer holistic financial planning and advisory services to affluent clients and oversee approximately $108 billion in total client assets.

Mr. Price concluded, "As we look to transition Lincoln Wealth's financial professionals into Osaic, they will benefit from our scale and the investments we've made in our advisors to ensure their experience and growth potential is second to none. The holistic approach to wealth management championed by Lincoln Wealth leadership and financial professionals is consistent with our approach and will create a strong foundation for ongoing success." Lincoln Wealth will join Osaic in the first half of the year following the close of the transaction which is subject to regulatory approval.

About Osaic

Osaic, Inc. ("Osaic"), a portfolio company of Reverence Capital Partners, is one of the nation's largest providers of wealth management strategies, supporting approximately 10,500 financial professionals. Our mission is to support the strategic role that financial professionals can play in the lives of their clients. Cultivating a spirit of entrepreneurship and independence, Osaic champions the enduring value of financial professionals. For more information visit www.osaic.com

Securities and investment advisory services are offered through the firms: Osaic Wealth, Inc., Triad Advisors, LLC, Osaic Institutions, Inc., and Woodbury Financial Services, Inc., broker-dealers, registered investment advisers, and members of FINRA and SIPC. Securities are offered through Securities America, Inc., American Portfolios Financial Services, Inc., and Ladenburg Thalmann & Co., broker-dealers and member of FINRA and SIPC. Advisory services are offered through Arbor Point Advisors, LLC, American Portfolios Advisors, Inc., Ladenburg Thalmann Asset Management, Inc., Securities America Advisors, Inc., and Triad Hybrid Solutions, LLC, registered investment advisers. Advisory programs offered by Osaic Wealth, Inc., Securities America Advisors, Inc., Triad Advisors, LLC., and Woodbury Financial Services, Inc., are sponsored by VISION2020 Wealth Management Corp., an affiliated registered investment adviser.

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