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Osaic, previously Advisor Group, stated it added about $22 billion in shopper property in 2023 to its roughly $500 billion in whole property.
That’s down sharply from the prior yr, when the agency introduced on $84.2 billion in shopper property and 1,800 monetary advisors by means of acquisitions and recruiting — together with the acquisition of American Portfolios Monetary Providers, which had $40 billion of shopper property in mid-2022.
Osaic, although, is gearing as much as assimilate advisors from its $700 million acquisition introduced in December of two wealth administration corporations from Lincoln Monetary Group, which embrace about 1,450 advisors and $108 billion in shopper property. It says these advisors ought to be part of Osaic by June 30, “following the shut of the transaction which is topic to regulatory approval.”
As well as, Osaic Establishments added 11 financial institution and credit score union relationships nationwide final yr.
”2023 was an eventful and thrilling yr for our agency,” Osaic President & CEO Jamie Value stated in an announcement. “The enchantment of our new worth proposition might be seen within the file recruiting we’ve seen because the new model was launched [in June].”
The agency is within the technique of consolidating seven separate wealth corporations right into a single entity. It plans to proceed this effort in 2024 by integrating Woodbury Monetary Providers this month.
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