Company 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 an American wealth management firm. [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. The remaining broker-dealers that will be integrated in 2024 include American Portfolios, Lincoln Financial Advisors, 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]
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]
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]
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.
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