Osaic
TypeOsaic
IndustryWealth 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)
Websitehttps://osaic.com/

Osaic, formerly known as Advisor Group, is one of the nation's largest providers of wealth management solutions.[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.

With its headquarters in Phoenix, Arizona, it is one of the largest network of independent broker-dealers in the US, with over 10,000 registered representatives, many of whom are also investment advisors.[2] There are multiple broker-dealers that constitute Osaic.

The CEO of Osaic is Jamie Price.[3]

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.[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 pf a multi-month strategy to rebrand its subsidiary firms into one entity.[6][7]

Acquisitions

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]

References

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