Osaic agreed to acquire Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS), the broker-dealer and RIA firms that comprise Lincoln Wealth, from Lincoln National Corporation, which, with affiliates, is also known by its marketing name, Lincoln Financial Group. Lincoln Wealth consists of approximately 1,450 advisors and oversees approximately $108 billion in assets as of June 30. The deal is expected to close in the first half of 2024.
The acquisition aims to require minimal to no repapering and no change to account numbers. Lincoln Wealth’s leadership team and employees supporting the business will join Osaic intact as standalone entities after the close of the transaction, which is subject to regulatory approvals.
Lincoln will retain its wholesale distribution franchise, Lincoln Financial Distributors (LFD), and its channel of independent agents will become part of LFD.
“We’re excited to welcome Lincoln Wealth’s impressive leadership team, financial advisors and other dedicated employees to Osaic. This acquisition was driven by the strong partnership between Osaic and Lincoln Financial Group which will continue into the future,” said Jamie Price, CEO of Osaic. “The cultural alignment between Lincoln Wealth and Osaic makes this a natural fit and we look forward to continuing to serve Lincoln Wealth advisors with the strong culture of community and development they have built.”
Price added, “Lincoln Wealth will soon assimilate into Osaic … along with our other firms, which will allow them to benefit from our scale and the investments we’ve made in our advisors.”
In June, Osaic rebranded from its former name, Advisor Group, and announced plans to unite its wealth management firms and reduce operation complexity over the course of 18 to 24 months.
“Osaic is a company we’ve come to know well.” said David Berkowitz, President of Lincoln Wealth. “They share our dedication to providing innovative solutions to the independent advisor population so that they are best supported in serving their clients, and we believe that together, we can aid advisors’ growth in new ways. Osaic is wholly dedicated to financial advisors and the wealth management business which will benefit our advisors, and we look forward to joining them in their vision for the future of the industry.”
Lincoln National Corporation has been a strategic partner to Osaic for over a decade and the firms plan to continue to expand their partnership. LFD will expand its distribution relationship with Osaic, including the professionals transitioning to Osaic in this transaction and other professionals in Osaic’s network.
Greg Cornick, President of Advice and Wealth Management at Osaic, said, “This acquisition and continued partnership with Lincoln Financial Group aligns with our strategy to leverage our scale and resources to serve more financial professionals and build a strong community of like-minded advisors. Lincoln Wealth advisors and leadership impressed us with their commitment to excellence and to cultivating businesses built around integrity.”
Ellen Cooper, Chairman, President and CEO of Lincoln Financial Group, said, “We are pleased to have found a strong long-term home for Lincoln’s wealth management business, and we believe this transaction will greatly benefit this national network of financial professionals who deliver invaluable services for their clients each and every day. We look forward to our continued partnership with our colleagues who will join Osaic, and together, we will ensure continuity and support a smooth and seamless transition.”
Osaic is a portfolio company of Reverence Capital Partners and supports over 10,500 financial professionals.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at mmadden@wealthsolutionsreport.com.
