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Osaic, one of many largest networks of impartial dealer/sellers that has been within the technique of consolidating its b/ds right into a single entity, has recruited Cornerstone Advisors, a Baxter, Minn.-based crew with about $360 million in consumer 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 workplaces in Bismarck, N.D. and Perham, Minn.
Benson mentioned he was interested in 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 mentioned the agency’s new title 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 massive departures just lately, with advisors citing the consolidation driving their strikes. That features Bice Wealth Administration, a $130 million crew, 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, just lately left Royal Alliance, one in all Osaic’s subsidiaries, for Stratos Wealth Companions, an OSJ of LPL.
In 2019, Osaic offered a majority stake to personal fairness agency Reverence Capital Companions. In December, Bloomberg reported that Reverence was searching for to promote as much as 20% of Osaic price as a lot as $2.5 billion.
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