A California-based team of advisors managing about $1 billion in client assets is the latest team to leave Osaic for LPL Financial.
Manhattan Beach, Calif.-based Salient Wealth Planning Group is comprised of John P. Schlatter, Robert Rojano, Alec Hoag and Michael Madden. According to Schlatter, the firm primarily works with high-net-worth families, emphasizing financial planning and wealth transfer strategies across generations.
According to the Salient team, they opted for LPL because of its customer service and technology resources, noting the independent broker/dealer invested about $500 million into tech advancements in 2024 alone.
“With LPL, we have a dedicated service team and access to a wide range of innovative capabilities, strategic business solutions and research,” Schlatter said.
Schlatter first registered with the SEC in 1988, with brief stints at Travelers Equities and Cigna Financial Advisors before joining Osaic in 1997.
In 2023, the network of broker/dealers formerly known as Advisor Group rebranded as Osaic, with a multi-year plan to integrate its broker/dealers under the Osaic brand. Additionally, Osaic closed its acquisition of Lincoln Financial’s $115 billion wealth business last May, requiring the onboarding of more than 1,400 advisors.
However, in the wake of the integrations, numerous teams have left Osaic for other firms, including LPL.
Last July, a $1 billion New Jersey-based team formerly with Royal Alliance (one of the Advisor Group legacy b/ds) left Osaic for LPL. The latter firm also grabbed Pilot Financial, a $4.6 billion firm with 105 advisors, last April. The N.C.-based business previously affiliated with Lincoln, and joined LPL as an office of supervisory jurisdiction.
In an interview last fall with WealthManagement.com, Osaic CEO Jamie Price didn’t sweat the departures, saying the rate of advisor attrition was “right on” with what they expected in annual projections post-rebranding.
