An advisory team from Osaic is landing at LPL Financial, the latest in a series of similar transitions, while another Osaic team left this week for MassMutual.
The $350 million Ohio-based Strata Financial Group includes partners Anthony Campagni, Ronald Jurczynski and Mitchell Romeo, as well as financial advisors Kyle Hancharick and Dominic Elmo. Support staff members Emily Dohenko and Shayla Svetgoff will join the team as it moves to the LPL.
Campagni and Rino Romeo (Mitchell Romeo's uncle) founded the firm in 1998; the great Romeo died in 2019. The firm is based in two Ohio locations: Sheffield Village (working with clients in the Cleveland area) and Dublin (doing the same for Columbus).
According to Campagni, the firm has a “unique focus on tax and financial planning in an ever-changing environment.” According to FINRA records, Campagni was affiliated with Advisor Group (later renamed Osaic) for more than 25 years, with previous brief stints including MML Investor Services.
Mitchell Romeo said the firm was attracted to LPL because of its “transparency and strong public presence,” while Jurczynski said their goal was to “leverage LPL's vast resources,” including consolidated reporting and access to more solutions. investment and insurance.
Strata's move to LPL marks the latest in an ever-growing list of teams that have made similar moves since Osaic rebranded from Advisor Group in 2023 while integrating its legacy broker/dealers under one entity (the firm also finalized a deal to buy Lincoln Financial's $115 billion late last year).
Earlier this month, LPL pulled Nexus Wealth Partners, a $410 million California-based firm that specializes in working with Hollywood actors, writers and executives. in may Financial Pilota network of 105 advisers with $4.6 billion in assets, left Osaic to become an LPL office of the supervisory jurisdiction. In August, two teams totaling over $4 billion joined LPL from Osaic (all formerly with Lincoln).
Additionally, earlier this week, California-based Brezden Wealth Advisors left Osaic to join MassMutual and registered with MML Investors Services. Founder Joe Brezden was with MassMutual more than 20 years ago before returning to the group this week.
Michael Brezden (Joe's son) and Practice Manager Sandy Poznoski round out the team, which works with business owners whose net worth ranges from $25 million to more than $250 million.
IN or WealthManagement.com interview this fallOsaic CEO Jamie Price said Osaic's rate of churn following the rebranding was “fair” to its annual forecasts and disputed claims by some former Osaic advisers who said the firm's consolidation and private equity backing urged them to leave.
Price said the idea that owner Reverence Capital Partners would dictate the firm's plans for its integration was a “misnomer” and that it would not make sense for a private equity partner to squeeze the costs of the business when 90% of them were variable.
“You're never going to build a very good wealth management business if that's what you've been doing,” Price said.
Earlier this week, Osaic's former Chief Financial Officer Jon Frojen joined Beacon Pointea Southern California-based RIA with $38 billion in assets under advisement. He will be responsible for the financial functions and strategy of the firm. Kristy Britta former head of finance for operations and technology with Thomson Reuters, replaced Frojen at Osaic.