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Osaic, one of many largest networks of unbiased dealer/sellers that has been within the technique of consolidating its b/ds right into a single entity, has recruited Cornerstone Advisors, a Baxter, Minn.-based crew with about $360 million in shopper property, from Cetera Funding Advisors.
Cornerstone Advisors is led by founder James P. Benson II, a veteran advisor with over 30 years of expertise, and consists of one other 5 advisors and help workers. Along with the Baxter location, the agency additionally has workplaces in Bismarck, N.D. and Perham, Minn.
Benson mentioned he was interested in Osaic’s tech stack, service choices and total help.
Final 12 months, Advisor Group rebranded itself as Osaic and is consolidating its eight legacy dealer/sellers into the brand new model; the agency plans for all of them to be built-in by the center of subsequent 12 months, although SagePoint and Royal Alliance have already transitioned. Late final 12 months, Osaic introduced it could purchase Lincoln Nationwide Corp.’s $108 billion wealth enterprise.
Osaic executives mentioned the agency’s new title and consolidation drove a 240% improve in its recruited property within the third quarter over a 12 months in the past.
However the agency has seen a number of massive departures just lately, with advisors citing the consolidation driving their strikes. That features Bice Wealth Administration, a $130 million crew, and Fairness Design Group, which managed $520 million, each of which jumped ship for LPL final month. Pettinelli Monetary Companions, a Redwood Metropolis, Calif. observe with $700 million, just lately left Royal Alliance, one in every of Osaic’s subsidiaries, for Stratos Wealth Companions, an OSJ of LPL.
In 2019, Osaic bought a majority stake to personal fairness agency Reverence Capital Companions. In December, Bloomberg reported that Reverence was searching for to promote as much as 20% of Osaic price as a lot as $2.5 billion.
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