One other group is leaping from Osaic to LPL; this time, it’s a New Jersey-based group with 22 advisors and about $1 billion in managed belongings.
Based in 1979 and primarily based in Eatontown, N.J., Funding Advisors Monetary Group is led by Thomas E. Musumeci, his daughter Annie Silvestro and James Flannery. Along with the advisors, the agency consists of eight associates and administrative workers.
Musumeci stays president of the agency, and his son Tom can also be an advisor. The observe was initially at Royal Alliance earlier than the community of dealer/sellers previously often known as Advisor Group rebranded as Osaic in 2023 and commenced integrating all of its legacy dealer/sellers.
In line with the group, they desired extra autonomy and know-how sources, so that they landed on LPL.
Musumeci has been within the trade for over 50 years. Silvestro mentioned she had the “privilege” of rising up within the enterprise and observing her father’s relationships with shoppers.
“My father created a observe the place anybody who needed assist creating and constructing wealth might get it, whatever the measurement of their accounts, and we’re proud to proceed his legacy at this time,” she mentioned.
Along with integrating its legacy b/ds, Osaic finalized the acquisition of the $115 billion Lincoln Monetary wealth enterprise in Might, planning to onboard greater than 1,400 advisors. Within the wake of this acquisition (together with the change from Advisor Group to Osaic), a variety of advisors have left Osaic for different corporations, lots of which have landed at LPL.
These embrace Pilot Monetary, a big community of 105 advisors with $4.6 billion in managed belongings, which opted to maneuver its enterprise to LPL from Lincoln Monetary shortly after the deal closed. The N.C.-based enterprise was based in 2001 and affiliated with Lincoln till the transfer to LPL.
In February, LPL added the $520 million Wisconsin-based Fairness Design Group, beforehand affiliated with SagePoint (one other Advisor Group legacy agency). The North Carolina agency Bice Wealth Administration additionally left Osaic earlier this 12 months, citing an “untenable” state of affairs and alleging the agency prioritized scale on the expense of back-office assist for advisors.
Ryan Rayburn additionally opted to maneuver to LPL Monetary after the Lincoln/Osaic deal was introduced. Rayburn leads Strategic Wealth Companions, a Dallas-based group with about $860 million in managed belongings, a six-member workers and an extra workplace in Minden, La.
In an interview with WealthManagement.com, Rayburn mentioned he was stunned to obtain an e mail final 12 months concerning the sale to Osaic. He began his due diligence on Osaic and its rivals and mentioned he landed with LPL as a result of it was unlikely to be bought.
“We’re going to finish up within the not-too-distant future with only a few totally different locations to go to,” he mentioned. “You need to be with one of many greater gamers, and also you need to be with somebody who invests rather a lot in tech.”
