LPL Financial has added another firm as part of its latest series of spin-off practice acquisitions from Osaic. The latest addition is Franklin Lakes, NJ- and Westchester, Pa.-based Prestige Wealth Group, which manages approximately $540 million in advisory, brokerage and retirement plan assets.
Prestige, led by managing partners Rich Galgano and Matt Geraci, has joined LPL Financial's agent/dealer, RIA and custody platforms from Osaic.
Prestige was started in 2007 by Mark Fleksher, who remains with the team as a consultant. The firm's managing partners, Galgano and Geraci, were fellow college hockey players and have worked together since 2020 to grow the practice organically and through acquisitions. They are joined by team members Chris Rich, Paul Goldman and Alan Concha.
“We provide advanced services for all stages of a person's financial journey, and in recent years, we have shifted our practice to focus on affluent clients in the high net worth space,” Geraci said in a statement. “We want to be everything to a select few, instead of being something to everyone.”
The move to LPL followed a search for a new firm where Prestige felt it could grow and deliver more value to high net worth clients.
“Our decision to affiliate with LPL was based on the firm's advanced technology, strategic support and commitment to empowering advisors to deliver optimal client experiences,” Galgano said in a statement. “We appreciate that LPL gives us the stability and scale of a Fortune 500 company, along with the autonomy to serve clients as we see fit. With smoother processes and an improvement in the ease of doing business, we are confident that our business and customers will be set up for more continued success.”
Prestige is the latest in a growing list of former Osaic firms that have since moved to LPL Osaic rebranded by Advisor Group last year. The firm plans to roll its eight broker/dealers into one entity within 18 to 24 months. Additionally, the firm finalized the acquisition of Lincoln Financial's $115 billion wealth business earlier this year after closing a deal to buy it at the end of last year.
Last month, California-based Nexus Wealth Partners moved to LPL. in may Financial Pilota network of 105 advisors with $4.6 billion in assets under management, moved from Osaic to become a supervisory jurisdiction LPL office (the team was with Lincoln before Osaic acquired the business).
In August, two former Lincoln teams with over $4 billion in assets joined LPL from Osaic. Furthermore, This is Rochean executive vice president of marketing and communications at Osaic, left the firm in August to join LPL (where she had worked earlier in her career).
The addition also comes on the heels of Wealth Enhancement Group, a Minneapolis-based registered investment advisor with more than $96 billion in client assets. announcing that it was incapacitating from LPL. The WEG has operated as the LPL's super supervisory jurisdictional office for the past 17 years and the change will take effect on June 30, 2025.
The LPL also recently changed its senior leadership, appointing Rich Steinmeier as its new CEO following the firing of former president and CEO Dan Arnold. Earlier this week, Arnold entered into an agreement with LPL to hold $12 million in stock options.