Osaic, one of many largest networks of unbiased dealer/sellers that has been within the means of consolidating its b/ds right into a single entity, has recruited Cornerstone Advisors, a Baxter, Minn.-based staff 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 contains one other 5 advisors and help employees. Along with the Baxter location, the agency additionally has places of work in Bismarck, N.D. and Perham, Minn.
Benson stated he was drawn to Osaic’s tech stack, service choices and total help.
Final yr, 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 yr, although SagePoint and Royal Alliance have already transitioned. Late final yr, Osaic introduced it will purchase Lincoln Nationwide Corp.’s $108 billion wealth enterprise.
Osaic executives stated the agency’s new identify and consolidation drove a 240% improve in its recruited property within the third quarter over a yr in the past.
However the agency has seen a number of giant departures lately, with advisors citing the consolidation driving their strikes. That features Bice Wealth Administration, a $130 million staff, 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, lately left Royal Alliance, one among Osaic’s subsidiaries, for Stratos Wealth Companions, an OSJ of LPL.
In 2019, Osaic bought a majority stake to non-public fairness agency Reverence Capital Companions. In December, Bloomberg reported that Reverence was in search of to promote as much as 20% of Osaic price as a lot as $2.5 billion.
