ICG Next leaves LPL for Osaic with $2.3B and acquisition plans

ICG Next, a Wall Township, N.J. wealth manager with about $2.3 billion in client assets and roughly 21 financial advisors, has left LPL Financial for independent broker/dealer Osaic, WealthManagement.com reported Oct. 20.

The firm launched with LPL in 2019 and is led by Managing Partner James Costabile, who spent about 16 years as an Ameriprise advisor before joining LPL, according to BrokerCheck records cited in the report. Osaic said ICG has nearly tripled in size since 2019 and plans to keep expanding through advisor recruiting, acquisitions and organic growth.

The $2.3 billion across 21 advisors averages roughly $110 million per advisor.

"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," said Shannon Reid, Osaic's president and head of advisor growth and engagement, in an interview with Wealth Management. Of Costabile's team she said: "Particularly with James and that team, I think one of the key elements was coming to a firm that, while having the scale to deliver resources, really seeks to feel smaller and more personal."

Reid joined Osaic a little under a year ago after about 18 years at Raymond James, most recently as president of its independent contractor division. She said she has maintained a practice at Osaic of staffing a large advisor service team. On the independent side, she said, Osaic has about twice the number of advisors she ran at Raymond James's independent channel, and about three times the relationship leaders and relationship team, "maybe even more than three times."

San Diego-based Osaic is owned by private equity firm Reverence Capital and has been working to keep and draw advisors after attrition during its "Journey to One," the rebranding and integration of eight affiliated broker/dealers that began in 2023. Reid said a unified organization, technology stack included, is a draw for teams like ICG, though she expects relationships and service to matter more as technology and firms advance.

Earlier this month LPL signed Brad Jerome's $175 million Michigan practice away from Osaic, as this publication reported Oct. 8, roughly one-thirteenth the size of ICG on the reported figures. For LPL, $2.3 billion amounts to about 0.3% of the $819.1 billion in registered assets it reported as of Oct. 17, per PWD records.