A Connecticut-based team managing about $750 million in client assets is joining LPL from Osaic after that firm acuired Lincoln Financial's wealth business. This is the latest in several former Lincoln teams to join the large independent broker/dealer.
Summit Planning Group was founded in 1995 and has offices in Branford and Glastonbury, Conn. The team includes financial advisors Brian Onofrio, David Knocz, Karl Zirolli, Jay Pinto, Frank Navario, Alison Gaffney and Ben Onofrio.
According to Brian Onofrio, the team opted to move to LPL because it was a “stable partner” investing in capabilities and business resources.
“We believe LPL puts our clients in a better-suited position as they seek to maximize their returns and reduce risks, all while receiving a higher level of service,” he said about the deal.
In May, Osaic, the network of broker/dealers formerly known as Advisor Group, finalized its acquisition of the $115 billion Lincoln Financial wealth business. The firm planned to onboard more than 1,400 advisors.
The acquisition came as Osaic was attempting to roll its eight legacy brands, including American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services, under single branding within two years.
Teams from Lincoln began moving to LPL shortly after the Osaic deal was initially announced, and the moves have continued after the deal’s closing.
These include Brian Pflaum, an Alabama-based advisor with $345 million in assets who joined LPL and rebranded to TPG Private Wealth. Additionally, a team based in Lubbock, Texas, with about $140 million in assets, joined Lincoln from LPL shortly before the acquisition.
Pilot Financial, a large network of 105 advisors with $4.6 billion in managed assets, also opted to move its business to LPL from Lincoln Financial in May, shortly after the deal closed. The N.C.-based business was founded in 2001 and affiliated with Lincoln until the move to LPL. The firm now operates as an office of supervisory jurisdiction for LPL.
Ryan Rayburn was another advisor who opted to move to LPL Financial after the Lincoln/Osaic deal was announced. Rayburn leads Strategic Wealth Partners, a Dallas-based team with about $860 million in managed assets, a six-member staff and an additional office in Minden, La.
In an interview with WealthManagement.com, Rayburn said he was “happy” with Lincoln and was surprised to receive an email last year about the sale to Osaic. He started his due diligence on Osaic and its competitors; he didn’t want to land where disruption was likely, and Osaic’s private equity ownership gave him pause, as they may opt to slim down services in pursuit of maximizing profits.
He said one of the reasons he landed with LPL was its size; he didn’t envision the behemoth IBD would be bought any time soon.
“I think it’s just the nature of the consolidation effect we’re seeing in broker/dealers,” he said. “We’re going to end up in the not-too-distant future with just a few different places to go to. You want to be with one of the bigger players, and you want to be with someone who invests a lot in tech.”