Some 11,000 financial advisors, who manage nearly $500 billion in client assets, will move to a new brokerage and registered investment advisory firm called Osaic.
Phoenix Advisory Group revealed its new name On June 21, the firm will finally be home to brokerage firms and RIA teams for eight affiliates in its current network: American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial services.
after much speculation Reverence Capital Partners-backed companies’ plansAdvisor Group said in late April that it would merge Consolidation of companies into one renamed entity Over the next 18 to 24 months.
The shift marks a test for the company, which is turning around Previous commitment to maintain brand network Enables advisors to choose among small or large brokerage firms with different histories and cultures.Some experts believe that bringing them together will Reduce operational burden and help recruit and retain more advisors.
“We developed the Osaic brand to reflect who we are, and most importantly, who we want to be, and as a commitment to the advisors we serve and will serve in the future,” said CEO Jamie Price ) announced the new name during a brief live event.
“As we went through the branding and naming process, we decided early on to use a brand that could be our own, a name that wasn’t an accepted word or combination of words, because we wanted something that, again, was ours, which Representing who we only want to be and where we will be in the future,” he added. “This brand brings together our heritage, our history, our size, our multiple capabilities, and our diversity of thought and background into one beautiful picture. It seamlessly blends everything we are today and what we will leverage Everything to become who we want to be in the future.”
In addition to the green, tan, and fluorescent yellow of the new logo, Price’s team revealed a timeline for eight companies to join Osaic.
Royal Alliance effectively changed its name on the day of the announcement, with incremental changes to customer accounts resulting in a full transition of the clearing system by 7 August. SagePoint’s first day of business under the new name is scheduled for September 5th. FSC will launch as Osaic on November 6, with Infinex going live under that name a week later. Woodbury’s migration will continue into next year, as the first day of Osaic is scheduled for January 22. The remaining three firms, Securities America, Triad Advisors and American Portfolios, will migrate to Osaic after the tax season in the second and fourth quarters of 2024.
Clients who hold accounts directly on the company’s platform will see those assets transferred without having to sign any paperwork, while clients using third-party money managers must follow a series of transfer agreements that the company has promised to simplify as much as possible.
Jen Roche, executive vice president of marketing and communications for Advisor Group, said the company’s new name came about after hundreds of discussions with advisors, brand agency Sullivan NYC, and senior corporate executives. Every member of the naming team chose “Osaic” among their top three choices, she said.
“We know it communicates who we are and what we want to be,” Roche said. “As Jamie said, we chose to create a brand with a coined name rather than a well-known word because we wanted something fresh, something we could populate and make our own. This is just the beginning. Osaic Yes with some very specific thematic elements and ideas, but it’s also a clean slate. So we’ve grown it together. Ultimately, our brand is a symbol of our partnership, and we’ll rely on our partners to continue building with us brand.”
The company has evolved into a very different and larger company than it was when Price started. Joined Advisor Group from UBS in 2016 Previous private equity owner Lightyear Capital had newly acquired company Earlier that year from insurance company AIG. At the time, the firm had just four brokerage firms, 5,000 advisors and $160 billion in client assets.
Getting to scale after Reverence Capital purchased a majority stake in the company in 2019 exist Reportedly priced at $2 billion. Private Equity Firm’s Money Backs Advisor Group’s Acquisition of Five Brokerages Ladenburg Thalmann Network 2020 Acquires mid-sized competitor for $1.3 billion US Portfolio and Infineon last year. Greg Cornick, president of Advisory and Wealth Management at Advisor Group, said the name reflects that the “future of wealth management is transformative, not transactional”.
“We believe financial professionals are changing lives,” Connick said. “To that end, our brands are built with their end customers in mind, because we know that’s what matters, and when they thrive, we all thrive. Another element that emerged from the research was , prosperity is not just about business. It’s about reaching your full potential and finding strength and belonging. Osaic’s mission and commitment is that we will use our size, resources and expertise to help our financial professionals achieve their full potential potential of people, business leaders and customer partners”
