Osaic, one of the largest independent broker/dealer networks in operation consolidating its b/ds into a single entityhas recruited Cornerstone Advisors, a team based in Baxter, Minn. with approximately $360 million in client assets, from Cetera Investment Advisors.
Cornerstone Advisors is led by founder James P. Benson II, a veteran advisor with over 30 years of experience, and includes five other advisors and support staff. In addition to the Baxter location, the firm also has offices in Bismarck, ND and Perham, Minn.
Benson said he was drawn to Osaic's technology stack, service offerings and overall support.
Last year, Advisor Group was rebranded as Osaic and is consolidating its eight legacy broker/dealers into the new brand; the firm plans to have them all integrated by the middle of next year, although SagePoint and Royal Alliance have already transitioned. At the end of last year, Osaic announced that he would win Lincoln National Corp.'s business. with assets of 108 billion dollars.
Osaic executives announced the firm's new name and consolidation caused a 240% increase in its recruited assets in the third quarter over a year ago.
But the company has seen some big departures recently, with advisers citing consolidation as the reason for their moves. This includes Bice Wealth Managementa $130 million team and Equity Design Groupwhich managed $520 million, both dropped for the LPL last month. Pettinelli Financial Partnersa $700 million Redwood City, Calif., practice recently left Royal Alliance, one of Osaic's subsidiaries, for Stratos Wealth Partners, an LPL CSO.
in 2019, Osaic sold most of the shares to private equity firm Reverence Capital Partners. In December, Bloomberg reported that Reverence was looking to sell up to 20% of Osaic worth up to $2.5 billion.