LPL Financial has attracted two additional advisory teams from Osaic, representing more than 30 advisors and $4 billion in client assets. Lutherville, Md.-based Academy Financial and Berwyn, Pa.-based PFG Advisors. were previously with Lincoln Financial's wealth business, previously Osaic bought it earlier this year.
Academy Financial was founded in 1992 by Harry Horn, a graduate of the US Military Academy, still involved with the firm as a consultant and partner emeritus. Brent Kvech, T. Joseph Barger, Michael Leonard and Michael McFeeley, a former naval officer and US Merchant Marine Academy alumnus, currently lead the firm.
PFG Advisors is led by Tyler McCraw and Steve Morris. After joining the LPL, the firms will merge and operate under the Academy brand. The teams selected LPL based on the firm's operational capabilities and tools for managing client portfolios.
“We felt that the stability of LPL — a Fortune 400 company with a large infrastructure, economies of scale and powerful technology — would allow us to operate independently and focus solely on taking care of our customers,” Kvech said in a statement.
last year, Osaic rebranded by Advisor Group and planned to bring its eight broker/dealers under one entity, including American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services, within 18 to 24 months. Royal Alliance, SagePoint, Woodbury and FSC have already been integrated, according to the firm.
in may the firm closed its acquisition of Lincoln Financial's $115 billion wealth business after reaching a deal to buy it for $700 million last December. Lincoln will also enter the Osaic,
Amidst these changes, several Osaic and Lincoln teams have chosen to leave and many of them were relegated to the LPL.
Financial Pilota broad network of 105 advisers with $4.6 billion in assets under management also chose to move to LPL in May. The North Carolina-based business was founded in 2001 and was affiliated with Lincoln until switching to LPL. Last month, Summit Planning Group, a Connecticut-based team that manages about $750 million in assets, also moved to LPL from Osaic, which it joined through the acquisition of the Lincoln estate.
Ryan Rayburn also transferred his $860 million Dallas-based team to LPL from Osaic after the firm acquired the Lincoln fortune. He said WealthManagement.com that he was worried about further disruption.
Rayburn also worried about Osaic's private equity ownership and wondered if Osaic would cut back on services to maximize profits.
In February, LPL added $520M Wisconsin-based Equity Design Grouppreviously associated with SagePoint. Co-founder Jason Hohenstein echoed Rayburn's concerns, saying the move to the Osaic brand added a “significant layer of confusion” for customers.
“We had no idea which way Osaic was going,” he said.
Earlier, CEO Jamie Price had said WealthManagement.com Reports that Osaic's private equity owner, Reverence Capital Partners, was looking to sell some of its ownership stake were “pure speculation.” An Osaic spokesman declined to comment on specific departures from the firm, but said Price's previous comments still stood.
“Reverence continues to be a great strategic partner and is committed to investing in Osaic's long-term success,” the spokesperson said.