LPL Financial added another firm as part of its recent string of nabbing breakaway practices from Osaic. The latest addition is Franklin Lakes, N.J.- and Westchester, Pa.-based Prestige Wealth Group, which manages approximately $540 million in advisory, brokerage and retirement plan assets.
Prestige, headed by managing partners Rich Galgano and Matt Geraci, has joined LPL Financial’s broker/dealer, RIA and custodial platforms from Osaic.
Prestige was started in 2007 by Mark Fleksher, who remains with the team as a consultant. The firm’s managing partners, Galgano and Geraci, were hockey teammates in college and have worked together since 2020 to grow the practice organically and through acquisitions. They are joined by team members Chris Rich, Paul Goldman and Alan Concha.
“We offer advanced services for all phases of a person’s financial journey, and in recent years, we’ve shifted our practice to focus on affluent clients in the high-net-worth space,” Geraci said in a statement. “We want to be everything to a select few, instead of something to everyone.”
The move to LPL followed a search for a new firm where Prestige felt it could grow and deliver more value to high-net-worth clients.
“Our decision to align with LPL was based on the firm’s advanced technology, strategic support and dedication to empowering advisors to deliver optimal client experiences,” Galgano said in a statement. “We appreciate that LPL gives us stability and scale as a Fortune 500 company, along with the autonomy to serve clients as we see fit. With smoother processes and an upgrade in the ease of doing business, we are confident that our business and clients will be set up for more continued success.”
Prestige is the latest in a growing roster of former Osaic firms that have moved to LPL since Osaic rebranded from Advisor Group last year. The firm plans to roll its eight broker/dealers under one entity within 18 to 24 months. Additionally, the firm finalized its acquisition of Lincoln Financial’s $115 billion wealth business earlier this year after closing a deal to buy it late last year.
Last month, California-based Nexus Wealth Partners moved to LPL. In May, Pilot Financial, a network of 105 advisors with $4.6 billion in managed assets, moved from Osaic to become an LPL office of supervisory jurisdiction (the team was with Lincoln before Osaic acquired the business).
In August, two former Lincoln teams with over $4 billion in assets joined LPL from Osaic. Additionally, Jen Roche, an executive vice president of marketing and communications at Osaic, left the firm in August to join LPL (where she’d worked previously in her career).
The addition also comes in the wake of Wealth Enhancement Group, a Minneapolis-based registered investment advisor with more than $96 billion in client assets, announcing that it was disaffiliating from LPL. WEG operated as a super office of supervisory jurisdiction of LPL for the last 17 years, and the change will take effect June 30, 2025.
LPL also recently shuffled its top leadership, naming Rich Steinmeier as its new CEO after firing former president and CEO Dan Arnold. Earlier this week, Arnold entered a settlement with LPL to retain $12 million in stock options.
