Osaic Institutions, the company’s broker/dealer entity that focuses on advisors at banks and credit unions, has added five credit union wealth management programs from CUSO Financial Services, part of Atria Wealth Solutions, which was acquired by LPL Financial last year.
The five firms bring nearly $500 million in combined assets to Osaic’s institutions channel.
That includes Rave Financial Credit Union, a Southeast Texas-based credit union, which has joined through Osaic’s W-2 model. The team is led by advisor Marioreen “Mario” Gibson.
Minnesota-based South Metro Federal Credit Union, North Dakota-based Capital Credit Union, Ohio-based Impact Credit Union and California-based Noble Credit Union have also chosen Osaic to support their wealth management programs.
“We’ve crafted something special at Osaic to support credit unions and banks in efforts to deliver exceptional wealth management services,” said Greg Cornick, executive vice president of Advice and Wealth Management at Osaic, in a statement. “It’s incredibly rewarding to offer these community pillars the scale and capabilities of a large firm—while continuing to deliver a personalized experience that feels intimate and intentional.”
This follows news in January that Osaic brought Navy Federal Investment Services, the broker/dealer subsidiary of the Navy Federal Credit Union, onto its platform. Navy Federal works with over 14 million members, and its investment services arm has $6.06 billion in assets under administration and 69 advisors.
StoneBridge Advisors, an Osaic affiliate, recently added Ryan Grossman, a financial advisor with $210 million in assets under advisement. He joins from VALIC Financial Advisors.
Over the last several years, Osaic has been executing its “Journey to One” initiative, a plan to integrate its eight broker/dealers under the Osaic brand. In January, the firm completed its final integration: Lincoln Financial’s wealth business, which it acquired last May. However, the firm is still converting some directly held mutual funds and annuities, which are always the last to move over. That should be completed in about 30 days.
Osaic closed its acquisition of Lincoln Financial’s $115 billion wealth business last May, requiring the onboarding of more than 1,400 advisors.