A Florida workplace of supervisory jurisdiction managing greater than $1 billion is shifting to Ausdal Monetary Companions from Osaic Wealth.
The workforce consists of 15 advisors, together with OSJ Supervisor Richard Gerepka, who mentioned the transition would higher serve the wants of the workforce’s purchasers.
“We had been searching for a accomplice that not solely affords the assets of a big dealer/seller but in addition fosters a small-firm tradition the place we are able to preserve robust shopper relationships,” he mentioned.
Gerepka’s profession spans a long time, together with over 15 years at American Portfolios. In 2022, Advisor Group announced it acquired American Portfolios, including 850 advisors and nearly $40 billion in belongings.
American Portfolios saved its branding and working mannequin, turning into one in every of eight Advisor Group b/ds, together with FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Monetary, Securities America, Triad Advisors and Woodbury Monetary Companies.
However in 2023, Advisor Group announced its rebranding to Osaic with plans to combine the Advisor Group dealer/sellers into one entity inside 18 to 24 months. Concurrently, Osaic finalized the acquisition of Lincoln Financial’s $115 billion wealth enterprise, with 1,400 advisors anticipated to be onboarded.
Because the integrations progressed, quite a few groups left Osaic for different companies, together with a California-based workforce managing about $1 billion in belongings that joined LPL Financial late last month. Final April, LPL scooped up Pilot Monetary, a $4.6 billion agency with 105 advisors, from Osaic, which was beforehand affiliated with Lincoln.
In keeping with Ausdal, Gerepka’s workforce made the transfer after the acquisition (and integration) of American Portfolios, which pushed them to ook for a agency that higher aligned with their values.
In an interview last fall with WealthManagement.com, Osaic CEO Jamie Value mentioned he wasn’t involved in regards to the departures, saying the speed of advisor attrition was “proper on” with what he anticipated in annual projections post-rebranding and that any vital change of the sort they had been making would contain some attrition.
Value additionally disputed that the agency’s personal fairness backing was a purpose for a lot of departures, as a number of advisors beforehand instructed WealthManagement.com (personal fairness agency Reverence Capital holds a majority stake within the firm). He mentioned the notion of Reverence Capital dictating the necessity for the mixing was a “misnomer.”
“(There’s) the thought of personal fairness coming in and squeezing prices in our enterprise to achieve a revenue when 90% of our prices are variable. They’re associated to both the markets or the advisors’ payout,” he mentioned. “You’ll by no means create an excellent wealth administration enterprise if that was the factor you probably did.”
Ausdal is an unbiased b/d and an funding advisory agency based in 1979, with advisors all through the nation and places of work in Davenport, Iowa and out of doors of Chicago. In keeping with the agency, its whole AUM was about $7.5 billion earlier than the acquisition of the workforce from Osaic.
