- Source: Osaic
Osaic, formerly known as Advisor Group, is an American wealth management firm. The firm serves approximately 11,600 financial professionals managing more than $653 billion in assets. 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. Osaic is a portfolio company of Reverence Capital Partners.
The CEO of Osaic is Jamie Price.
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. In 2019, Reverence Capital Partners bought Advisor Group for $2.3 billion.
In 2023, Advisor Group announced its new name, Osaic, as part of a multi-month strategy to rebrand its subsidiary firms into one entity.
Acquisitions
In 2019, Osaic acquired Ladenburg Thalmann Financial Services valued at $1.3 billion. The deal closed in the first half of 2020.
In May 2022, Osaic acquired Infinex Financial Holdings and in June of that same year acquired American Portfolios Financial Services.
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.
In December 2023, Osaic acquired Lincoln National Corporation's wealth management business for an undisclosed amount.
Women in all positions
The firm has a pledge to interview at least one qualified female candidate for every open position. As of 2023, 7 out of 21 senior executive positions at Osaic were filled by women leaders who were promoted internally or hired externally.
In addition, as of 2022, 24.9% of Osaic’s financial professionals were women.
