Osaic Added $22B in Assets in 2023

Osaic, formerly Advisor Group, said it added about $22 billion in client assets in 2023 to its roughly $500 billion in total assets.

That’s down sharply from the prior year, when the firm brought on $84.2 billion in client assets and 1,800 financial advisors through acquisitions and recruiting — including the purchase of American Portfolios Financial Services, which had $40 billion of client assets in mid-2022.

Osaic, though, is gearing up to assimilate advisors from its $700 million acquisition announced in December of two wealth management firms from Lincoln Financial Group, which include about 1,450 advisors and $108 billion in client assets. It says these advisors should join Osaic by June 30, “following the close of the transaction which is subject to regulatory approval.”

In addition, Osaic Institutions added 11 bank and credit union relationships nationwide last year. 

 ”2023 was an eventful and exciting year for our firm,” Osaic President & CEO Jamie Price said in a statement. “The appeal of our new value proposition can be seen in the record recruiting we’ve seen since the new brand was launched [in June].”

The firm is in the process of consolidating seven separate wealth firms into a single entity. It plans to continue this effort in 2024 by integrating Woodbury Financial Services this month.