ICG next moves $2.3 billion from LPL to Osaic, citing platform and deal support

ICG next, a Wall Township, N.J. wealth manager with about $2.3 billion in client assets, has moved to Osaic from LPL Financial, taking roughly 21 financial advisers and an office in Melville, N.Y., with it. The team joined Osaic on Oct. 21, according to AdvisorHub records. Managing partner James Costabile told AdvisorHub the firm had been looking to change broker-dealers for about a year and was introduced to Osaic by an industry recruiter.

ICG next launched with LPL in 2019 and has nearly tripled in size since, according to Osaic. Costabile came to LPL from Ameriprise Financial, where BrokerCheck records show he began his career in 2002 and spent about 16 years. The firm serves mass-affluent and high-net-worth families across generations, according to the announcement. Across roughly 21 advisers, $2.3 billion works out to about $110 million of client assets per adviser.

The firm gives three reasons for choosing Osaic: access to senior leadership, hands-on recruiting and acquisition support, and the ability to operate on the NFS platform. The announcement says ICG next will pursue adviser recruiting, acquisitions and organic growth at Osaic.

"From day one, I felt that [Osaic] had a real clarity in their vision," Costabile told AdvisorHub. "I felt that they were building this community with their advisors, and that appealed to us."

Shannon Reid, Osaic's president and head of advisor growth and engagement, described the pitch as large-firm scale delivered personally. "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 WealthManagement. On ICG next specifically, she said a key element was "coming to a firm that, while having the scale to deliver resources, really seeks to feel smaller and more personal."