Reverence Capital Partners, a private-equity firm. Osaic describes itself as a portfolio company of Reverence Capital Partners in its own press releases.

Is Osaic in the Broker Protocol?

Yes. Osaic Wealth (formerly Royal Alliance), Osaic FA (formerly Lincoln Financial Advisors) and Osaic FS (formerly Lincoln Financial Securities) are all on J.S. Held's member list dated September 8, 2026, Osaic FA with joinder qualifications.

What is Osaic's W-2 channel?

A model launched in 2023 for independent RIAs that affiliate with Osaic's corporate RIA as employees to relieve the day-to-day of running a business and gain liquidity for expansion or succession. Osaic describes the hybrid W-2 model as also acting as a succession program, with about $57 billion in client assets and $24 billion more in the pipeline.

Are advisors joining or leaving Osaic?

Both, and consolidation explains most of it. Osaic has added thousands of advisors through acquisition since 2023. Winthrop & Co.'s registration-based ledger recorded 254 producing-advisor departures from Osaic Wealth in the first half of 2026, which is what a broker-dealer conversion looks like from the outside.

Is Osaic a good firm for a financial advisor?

That depends on the practice. The public record shows the independent channel's largest consolidator, a W-2 route built around succession and liquidity, a private-equity owner, and meaningful departures during conversions. Which of those matters most is a question about your book and what you want to own.

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Osaic

Independent broker-dealer·Osaic, Inc., a portfolio company of Reverence Capital Partners

Osaic is a privately held network of broker-dealers and registered investment advisers, owned by Reverence Capital Partners, that supports more than 11,000 financial professionals and over $700 billion in assets under administration after consolidating eight Advisor Group broker-dealers into one firm and acquiring Lincoln Financial's wealth business. An advisor affiliates as an independent 1099 practice, as a W-2 employee of Osaic's corporate RIA, as a fee-only RIA, or through a bank or credit union program.

11,000+

Financial professionals

[1]

$700B+

Assets under administration

[1]

1,450

Lincoln advisors acquired

[2]

254

Departures, H1 2026

[3]

Facts last reviewed Sep 10, 2026. Every figure on this page carries a numbered source.

01 · Destination profile

What Osaic is

Osaic, Inc., a portfolio company of Reverence Capital Partners

Osaic is the name Advisor Group took in June 2023 as it began consolidating its broker-dealers, FSC Securities, Royal Alliance (now Osaic Wealth), SagePoint Financial, Triad Advisors, Infinex Investments, Woodbury Financial Services, Securities America, American Portfolios and Ladenburg Thalmann, into one firm; it is a portfolio company of Reverence Capital Partners and supported over 11,000 financial professionals at the time.^[4]
Osaic states it supports more than 11,000 affiliated financial professionals and over $700 billion in assets under administration, with headquarters in seven states and professionals in all fifty.^[1]
On December 14, 2023 Osaic agreed to acquire Lincoln Financial's wealth management business, Lincoln Financial Advisors and Lincoln Financial Securities, roughly 1,450 advisors; those entities now appear on the Protocol list as Osaic FA and Osaic FS.^[2]

02 · Destination profile

How an advisor affiliates

The channels, in the firm's own terms.

Independent (1099)

1099, own practice

Osaic describes its independent advisory or brokerage 1099 model as the core affiliation, with solo practices, ensembles and OSJ structures inside it.^[5]

W-2 employee channel

W-2, Osaic corporate RIA

Launched in 2023 for independent RIAs that choose to affiliate with Osaic's corporate RIA to relieve the day-to-day of running the business, gain access to liquidity for expansion or succession, and use Osaic's scale; Osaic describes the hybrid W-2 model as also acting as a succession program, with about $57 billion in client assets and $24 billion more in the pipeline.^[6]

Fee-only RIA

RIA, no brokerage

Osaic's newest fee-only RIA option came through its acquisition of the $13.5 billion CW Advisors.^[5]

Osaic Institutions

Bank and credit union programs

Osaic Institutions, Inc. is the entity Osaic names for its bank and credit union programs.^[1]

03 · Destination profile

The economics, as publicly reported

Published ranges and filings, not an offer. What a specific practice is offered is a question for the room.

Osaic does not publish a payout grid or a transition-deal range; its own materials describe the W-2 channel as a route to liquidity for expansion or succession, which is the economic proposition it leads with.^[6]
Industry-wide, the same 2026 reporting that tracks recruiting loans put independent broker-dealer deals near 125 percent of an advisor's prior-year revenue, against 300 to 500 percent upfront at the wirehouses; Osaic recruits in the independent channel, so that is the map its offers sit on.^[7]
Osaic is private-equity owned, and the 2026 reporting on Osaic's own ownership and exit horizon is a diligence question rather than a published fact; what is published is that Reverence Capital Partners is the owner.^[4]

04 · Destination profile

Protocol for Broker Recruiting

Membership per the official J.S. Held list, with the joinder qualifications that matter on the day you resign.

Osaic's broker-dealers are Protocol members. Osaic Wealth, Inc., formerly Royal Alliance Associates, has been a member since June 5, 2009; Osaic FA, Inc., formerly Lincoln Financial Advisors, since August 31, 2009 with joinder qualifications; Osaic FS, Inc., formerly Lincoln Financial Securities, since August 31, 2009, per the J.S. Held master list. The qualifications on Osaic FA are worth reading before a move.^[8]

What the Protocol does and does not protect: the explainer.

05 · Advisor movement

Who actually moved, from registration records

The only judgment on this page, and it is a count. Producing advisors, first half of 2026.

254

Departed

The H1 2026 ledger measured this firm's outflow only; inflow was not separately tallied, so no join or net figure is stated. Reported joins below come from trade-press tracking.

Period	Joined	Departed	Net	Direct breakaways
H1 2026, producing advisors, Osaic Wealth (outflow measured; inflow not separately tallied)	n.d.	254	n.d.	n.d.^[3]

06 · Destination profile

Who tends to move there

The pattern in the record. A pattern, not a recommendation.

Osaic is the independent channel's consolidator, and the record reads that way in both directions. It has absorbed eight broker-dealers and Lincoln's 1,450 advisors in three years, which is why it appears among the destinations for advisors leaving insurance-affiliated and bank channels and why its W-2 channel is pitched as succession and liquidity rather than payout. The 254 producing-advisor departures from Osaic Wealth in the first half of 2026 are the other side of the same consolidation: advisors whose broker-dealer was folded into a larger one and who chose a different platform rather than the conversion. The advisor who moves there tends to want scale and an exit path inside one firm; the advisor who leaves tends to want a smaller counterparty.

07 · Destination profile

The twelve diligence questions, applied

The list from how to choose a platform, answered where the public record answers and left as the question where it does not.

8 of 12

questions about Osaic are not answered anywhere public. They are answered in the room, for a specific practice, and the answers move the number more than anything above.

01What are the actual terms of the custody agreement, at my asset mix?: Asked in the room
02What is the cash sweep arrangement, and who keeps the spread?: Asked in the room
03What is the all-in cost, in basis points and in dollars, at my revenue and asset mix?: Asked in the room
04What is bundled, and what is charged separately?: Asked in the room
05What moves the number over time?: Asked in the room
06Who owns the client data, contractually, and in what form do I get it if I leave?: Asked in the room
07Who holds the technology contracts?: Asked in the room
08Whose ADV is it?: In the 1099 channel the advisor operates under Osaic's broker-dealer and, at their choice, Osaic's corporate RIA or their own; in the W-2 channel the advisor affiliates with Osaic's corporate RIA as an employee.^[6]
09What happens if the platform is sold?: Osaic has been the buyer, repeatedly: eight broker-dealers consolidated since 2023 and Lincoln's wealth business acquired. For an advisor inside Osaic the live question is the reverse, what happens when Osaic itself is sold, since its owner is a private-equity firm.^[4]
10Who owns the platform, and what is their exit horizon?: Reverence Capital Partners, a private-equity firm. The exit horizon is not published.^[4]
11How do I leave, and what does it cost?: Asked in the room
12What do I take with me?: Osaic Wealth, Osaic FA and Osaic FS are Protocol members, Osaic FA with joinder qualifications, so client information moves under the Protocol between member firms subject to those qualifications.^[8]

08 · Destination profile

Questions advisors ask about Osaic

How many advisors does Osaic have?: Osaic states it supports more than 11,000 affiliated financial professionals and over $700 billion in assets under administration, after consolidating eight Advisor Group broker-dealers into one firm in 2023 and acquiring Lincoln Financial's roughly 1,450-advisor wealth business.
Who owns Osaic?: Reverence Capital Partners, a private-equity firm. Osaic describes itself as a portfolio company of Reverence Capital Partners in its own press releases.
Is Osaic in the Broker Protocol?: Yes. Osaic Wealth (formerly Royal Alliance), Osaic FA (formerly Lincoln Financial Advisors) and Osaic FS (formerly Lincoln Financial Securities) are all on J.S. Held's member list dated September 8, 2026, Osaic FA with joinder qualifications.
What is Osaic's W-2 channel?: A model launched in 2023 for independent RIAs that affiliate with Osaic's corporate RIA as employees to relieve the day-to-day of running a business and gain liquidity for expansion or succession. Osaic describes the hybrid W-2 model as also acting as a succession program, with about $57 billion in client assets and $24 billion more in the pipeline.
Are advisors joining or leaving Osaic?: Both, and consolidation explains most of it. Osaic has added thousands of advisors through acquisition since 2023. Winthrop & Co.'s registration-based ledger recorded 254 producing-advisor departures from Osaic Wealth in the first half of 2026, which is what a broker-dealer conversion looks like from the outside.
Is Osaic a good firm for a financial advisor?: That depends on the practice. The public record shows the independent channel's largest consolidator, a W-2 route built around succession and liquidity, a private-equity owner, and meaningful departures during conversions. Which of those matters most is a question about your book and what you want to own.

Sources

8 numbered sources behind this page

[1] Osaic, About, Osaic, Sep 10, 2026.
[2] Osaic Announces Acquisition of Lincoln Wealth, PR Newswire, Dec 14, 2023.
[3] The State of Advisor Movement, H1 2026 (Winthrop & Co. with FINTRX; BrokerCheck registrations), Winthrop & Co., Jul 23, 2026.
[4] Advisor Group Rebrands As Osaic, PR Newswire, Jun 21, 2023.
[5] Osaic's Supported Independence channel nears $80B as broker/dealer stresses flexible models, Osaic, Sep 10, 2026.
[6] Osaic Expands its W2 Employee Affiliation Channel with Payant Wealth Management Group, PR Newswire, Feb 6, 2025.
[7] Recruiting loans reveal headcount winners, and more, Financial Planning, May 19, 2026.
[8] The Broker Protocol Member Firms list, dated September 8, 2026, J.S. Held, Sep 8, 2026.

Winthrop & Co. is compensated by firms when an advisor joins through us. The advisor never pays. We have working relationships with several of the firms profiled here, which is why every figure on these pages carries its source and why we do not rank firms. The right firm is a question about your practice, not a league table.

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