An advisory team from Osaic is landing at LPL Financial, the latest in a series of similar transitions, while another Osaic team departed this week for MassMutual.
The Ohio-based, $350 million Strata Financial Group includes partners Anthony Campagni, Ronald Jurczynski and Mitchell Romeo, as well as financial advisors Kyle Hancharick and Dominic Elmo. Support staff members Emily Dohenko and Shayla Svetgoff will join the team as it moves to LPL.
Campagni and Rino Romeo (Mitchell Romeo’s uncle) founded the firm in 1998; the elder Romeo died in 2019. The firm is based in two Ohio locations: Sheffield Village (working with clients in the Cleveland area) and Dublin (doing the same for Columbus).
According to Campagni, the firm has a “unique focus on tax and financial planning in an ever-changing environment.” According to FINRA records, Campagni was affiliated with Advisor Group (later rebranded as Osaic) for more than 25 years, with previous brief stints including at MML Investors Services.
Mitchell Romeo said the firm was drawn to LPL because of its “transparency and robust public presence,” while Jurczynski said their goal was to “leverage LPL’s vast resources,” including consolidated reporting and access to more investment and insurance solutions.
Strata’s move to LPL marks the latest in a steadily increasing list of teams who’ve made similar moves since Osaic rebranded from Advisor Group in 2023 while integrating its legacy broker/dealers under one entity (the firm also finalized a deal to purchase Lincoln Financial’s $115 billion late last year).
Earlier this month, LPL attracted Nexus Wealth Partners, a $410 million California-based firm that specializes in working with Holywood actors, writers and executives. In May, Pilot Financial, a network of 105 advisors with $4.6 billion in assets, left Osaic to become an LPL office of supervisory jurisdiction. In August, two teams totaling over $4 billion joined LPL from Osaic (all formerly with Lincoln).
Additionally, earlier this week, the California-based Brezden Wealth Advisors left Osaic to join MassMutual and registered with MML Investors Services. Founder Joe Brezden was with MassMutual more than 20 years ago before returning to the fold this week.
Michael Brezden (Joe’s son) and Practice Manager Sandy Poznoski round out the team, which works with business owners whose net worth ranges from $25 million to more than $250 million.
In a WealthManagement.com interview this fall, Osaic CEO Jamie Price said Osaic’s attrition rate after rebranding was “right on” with its annual projections and disputed claims from some former Osaic advisors who said the firm’s consolidation and private equity backing spurred them to leave.
Price said the idea that owner Reverence Capital Partners would dictate the firm’s plans for its integration was a “misnomer” and that it would not make sense for a private equity partner to squeeze business costs when 90% of them were variable.
“You would never create a very good wealth management business if that was the thing you did,” Price said.
Earlier this week, former Osaic Chief Financial Officer Jon Frojen joined Beacon Pointe, a Southern California-based RIA with $38 billion in assets under advisement. He will be responsible for the firm’s financial functions and strategy. Kristy Britt, a former head of finance for operations and technology with Thomson Reuters, replaced Frojen at Osaic.
