Osaic

Short description: American brokerage

Osaic

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/

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. There are four separate broker-dealers that remain to be integrated in 2024: Woodbury Financial, American Portfolios, 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.

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]

## Contents

* 1 History
* 2 Acquisitions
* 3 Women in all positions
* 4 References
* 5 External links

## 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 of 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]

## Women in all positions

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

1. ↑ "Advisor Group Builds Out Leadership With Two New Hires" (in en). 2022-05-06. https://www.wealthmanagement.com/industry/advisor-group-builds-out-leadership-two-new-hires.
2. ↑ "Joby Gruber Out at AIG – Articles – Financial Planning". http://www.financial-planning.com/asset/article/574571/joby-gruber-out-aig.html?pg=. Retrieved 10 April 2023.
3. ↑ Berman, Jeff; AM, 2020 at 11:06. "Advisor Group Rolls Out Updated UMA Platform" (in en). https://www.thinkadvisor.com/2020/07/09/advisor-group-expands-rollout-of-updated-uma-platform/.
4. ↑ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal". https://www.advisorhub.com/ladenburg-to-acquire-advisor-group-in-1-3-billion-deal/.
5. ↑ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal". https://www.advisorhub.com/ladenburg-to-acquire-advisor-group-in-1-3-billion-deal/.
6. ↑ "Osaic nabs veteran Wells Fargo group managing $600 million in Michigan". https://www.investmentnews.com/osaic-nabs-veteran-wells-fargo-group-managing-600-million-in-michigan-243231.
7. ↑ "Osaic gains $250M advisor team, its first since rebrand from Advisor Group". https://www.investmentnews.com/osaic-gains-250m-advisor-team-its-first-since-rebrand-from-advisor-group-240351.
8. ↑ "Advisor Group to Acquire Ladenburg in $1.3 Billion Deal" (in en-US). 2019-11-12. https://www.advisorhub.com/ladenburg-to-acquire-advisor-group-in-1-3-billion-deal/.
9. ↑ Welsch, Andrew. "Advisor Group Buys $40 Billion Independent Broker-Dealer" (in en-US). https://www.barrons.com/advisor/articles/advisor-group-buys-american-portfolios-financial-services-51655837852.
10. ↑ Levaux, Janet. "Advisor Group to Buy $40B American Portfolios" (in en). https://www.thinkadvisor.com/2022/06/22/advisor-group-to-buy-40b-american-portfolios/.
11. ↑ Salinger, Tobias. "Advisor Group’s second big deal is largest of the year in its channel". https://www.financial-planning.com/news/advisor-group-to-buy-american-portfolios-financial-services.
12. ↑ Welsch, Andrew. "Insurer Lincoln National to Sell Wealth Management Unit to Osaic" (in en-US). https://www.barrons.com/advisor/articles/lincoln-financial-wealth-sale-osaic-82089457.
13. ↑ Wilkins, Korie. "Barely one-quarter of financial planners are women, but industry experts say 2 simple strategies could move the needle" (in en-US). https://www.businessinsider.com/strategies-to-increase-female-financial-planners-2023-3.
14. ↑ Kelly, Bruce (September 21, 2022). "Women take the lead at Advisor Group". https://www.investmentnews.com/women-take-the-lead-at-advisor-group-226772.

## External links

* Official LinkedIn

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