Osaic Closes on Acquisition of Lincoln Wealth Management Firms
Provider of wealth management solutions Osaic closed on the acquisition of Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation – the wealth management firms that make up Lincoln Wealth from Lincoln National Corporation. As a result of the transaction, more than 1,400 advisers overseeing approximately $115 billion in assets will be onboarded to Osaic.
The DI Wire previously reported on the then-pending $700 million acquisition in December 2023 when 1,450 advisers were expected to make the move.
Since that announcement, a percentage of financial advisers from both Lincoln Wealth and Osaic have departed their respective firms.
Examples include:
- A Northern California-based RIA with $700 million in total client assets left Osaic for Stratos in February;
- Seven from Minnesota brought a collective $700 million in client assets from Osaic to LPL Financial in March 2024; and
- A former Lincoln financial team with $860 million in assets joined LPL last week.
According to third-party reporting, Osaic did not provide comments about adviser attrition numbers.
“The addition of the Lincoln Wealth team expands the Osaic national network of seasoned and specialized financial professionals. They are highly regarded as some of the most holistic planning-focused professionals in the wealth management industry. We are truly honored they chose to join Osaic,” said Jamie Price, president and chief executive officer.
“We extend a warm welcome and look forward to continuing to provide their team of advisers and associates with the support, expertise, and resources they need to make a difference in their clients’ lives,” added Price.
The acquisition follows a decade-long strategic partnership between Osaic and Lincoln National Corporation. Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation will join Osaic as standalone entities until they now fully convert into Osaic as part of the firm’s consolidation in the coming months.
“Lincoln Wealth has a long history of helping advisers build thriving practices,” added Greg Cornick, president, advice and wealth management at Osaic. “We are thrilled to welcome the leadership team, employees and advisers into our network and deliver more of the tools they need to create a best-in-class client experience.”
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