Osaic
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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 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, and Triad Advisors. Osaic also has four Advantage Companies: Highland Capital Brokerage, Ladenberg Thalmann & Co., Inc., Ladenberg Thalmann Asset Management, and Premier Trust.
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.
References
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