Osaic

Last updated

Osaic
Company typeOsaic
IndustryWealth Management Firm
Headquarters
Scottsdale, Arizona
,
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 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 Thalmann & Co., Inc., Ladenberg Thalmann Asset Management, and Premier Trust.

Contents

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.

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References

  1. ↑ "Advisor Group Builds Out Leadership With Two New Hires". Wealth Management. May 6, 2022. Retrieved January 5, 2023.
  2. ↑ "Transformative Wealth Management | Osaic". osaic.com. Retrieved May 30, 2024.
  3. ↑ "Joby Gruber Out at AIG – Articles – Financial Planning" . Retrieved April 10, 2023.
  4. ↑ 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)
  5. ↑ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal".
  6. ↑ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal".
  7. ↑ "Osaic nabs veteran Wells Fargo group managing $600 million in Michigan".
  8. ↑ "Osaic gains $250M advisor team, its first since rebrand from Advisor Group".
  9. ↑ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal". AdvisorHub. November 12, 2019. Retrieved October 24, 2022.
  10. ↑ Welsch, Andrew. "Advisor Group Buys $40 Billion Independent Broker-Dealer". www.barrons.com. Retrieved January 16, 2023.
  11. ↑ Levaux, Janet. "Advisor Group to Buy $40B American Portfolios". ThinkAdvisor. Retrieved January 16, 2023.
  12. ↑ Salinger, Tobias. "Advisor Group's second big deal is largest of the year in its channel".
  13. ↑ Welsch, Andrew. "Insurer Lincoln National to Sell Wealth Management Unit to Osaic". www.barrons.com. Retrieved December 15, 2023.
  14. ↑ 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.
  15. ↑ Kelly, Bruce (September 21, 2022). "Women take the lead at Advisor Group".
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