At a glance
- The firm launched at LPL in 2019 and now includes about 21 financial advisors along with client service and operations staff, according to WealthManagement.com, which first reported the move.
- Managing partner James Costabile said Osaic pairs large-scale resources with a more personal, relationship-focused approach.
- Shannon Reid, Osaic's president and head of advisor growth and engagement, said: "One of my key goals for Osaic, short-term and long-term, is to bring large firm resources, but make the firm feel small and personal for advisors."
ICG next, a Wall Township, N.J., wealth manager with about $2.3 billion in client assets, has left LPL Financial for independent broker/dealer Osaic. The firm launched at LPL in 2019 and now includes about 21 financial advisors along with client service and operations staff, according to WealthManagement.com, which first reported the move.
Managing partner James Costabile said Osaic pairs large-scale resources with a more personal, relationship-focused approach. Costabile spent about 16 years as an advisor at Ameriprise before moving to LPL, according to BrokerCheck records cited in the report.
Shannon Reid, Osaic's president and head of advisor growth and engagement, said: "One of my key goals for Osaic, short-term and long-term, is to bring large firm resources, but make the firm feel small and personal for advisors." She told Wealth Management that the draw for Costabile's team is a firm with the scale to deliver resources that "really seeks to feel smaller and more personal."
The staffing comparison
The report does not disclose transition payments, payout levels or other recruiting terms. Reid compared headcounts: Osaic's independent channel has roughly twice the advisors she oversaw as president of Raymond James's independent contractor division, she said, and about three times the relationship leaders and relationship team, "maybe even more than three times."
Osaic is based in San Diego and owned by private equity firm Reverence Capital. It has been working to keep and draw advisors after attrition during what it calls its Journey to One, begun in 2023 to rebrand and integrate eight affiliated broker/dealers. Reid joined a little under a year ago after about 18 years at Raymond James. She said a unified organization, including the technology stack, draws teams like ICG, while relationships and service will matter more as technology and firms advance.
ICG has nearly tripled in size since 2019, Osaic said, and intends to keep expanding through advisor recruiting, acquisitions and organic growth.
Wealth Advisor Daily reported on Oct. 14 that LPL added a $1 billion Seattle team from Northwestern Mutual.
Reported by the Recruiting & transitions desk from WealthManagement.com and Wealth Advisor Daily archive. Published . Corrections