LPL Monetary added one other agency as a part of its latest string of nabbing breakaway practices from Osaic. The newest addition is Franklin Lakes, N.J.- and Westchester, Pa.-based Status Wealth Group, which manages roughly $540 million in advisory, brokerage and retirement plan belongings.
Status, headed by managing companions Wealthy Galgano and Matt Geraci, has joined LPL Monetary’s dealer/seller, RIA and custodial platforms from Osaic.
Status was began in 2007 by Mark Fleksher, who stays with the group as a marketing consultant. The agency’s managing companions, Galgano and Geraci, have been hockey teammates in faculty and have labored collectively since 2020 to develop the observe organically and thru acquisitions. They’re joined by group members Chris Wealthy, Paul Goldman and Alan Concha.
“We provide superior providers for all phases of an individual’s monetary journey, and lately, we’ve shifted our observe to give attention to prosperous shoppers within the high-net-worth area,” Geraci mentioned in a press release. “We need to be all the pieces to a choose few, as a substitute of one thing to everybody.”
The transfer to LPL adopted a seek for a brand new agency the place Status felt it might develop and ship extra worth to high-net-worth shoppers.
“Our determination to align with LPL was based mostly on the agency’s superior know-how, strategic help and dedication to empowering advisors to ship optimum shopper experiences,” Galgano mentioned in a press release. “We recognize that LPL offers us stability and scale as a Fortune 500 firm, together with the autonomy to serve shoppers as we see match. With smoother processes and an improve within the ease of doing enterprise, we’re assured that our enterprise and shoppers will likely be arrange for extra continued success.”
Status is the newest in a rising roster of former Osaic companies which have moved to LPL since Osaic rebranded from Advisor Group final yr. The agency plans to roll its eight dealer/sellers beneath one entity inside 18 to 24 months. Moreover, the agency finalized its acquisition of Lincoln Monetary’s $115 billion wealth enterprise earlier this yr after closing a deal to purchase it late final yr.
Final month, California-based Nexus Wealth Companions moved to LPL. In Could, Pilot Financial, a community of 105 advisors with $4.6 billion in managed belongings, moved from Osaic to develop into an LPL workplace of supervisory jurisdiction (the group was with Lincoln earlier than Osaic acquired the enterprise).
In August, two former Lincoln teams with over $4 billion in belongings joined LPL from Osaic. Moreover, Jen Roche, an govt vice chairman of selling and communications at Osaic, left the agency in August to hitch LPL (the place she’d labored beforehand in her profession).
The addition additionally comes within the wake of Wealth Enhancement Group, a Minneapolis-based registered funding advisor with greater than $96 billion in shopper belongings, announcing that it was disaffiliating from LPL. WEG operated as a brilliant workplace of supervisory jurisdiction of LPL for the final 17 years, and the change will take impact June 30, 2025.
LPL additionally not too long ago shuffled its high management, naming Wealthy 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 inventory choices.
