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Osaic Picks Up $360M Midwest Team From Cetera

Cornerstone Advisors, a Baxter, Minn.-based team with about $360 million in client assets, joins from Cetera Investment Advisors.

Osaic, one of the largest networks of independent broker/dealers that has been in the process of consolidating its b/ds into a single entity, has recruited Cornerstone Advisors, a Baxter, Minn.-based team with about $360 million in client assets, from Cetera Investment Advisors.

Cornerstone Advisors is led by founder James P. Benson II, a veteran advisor with over 30 years of experience, and includes another five advisors and support staff. In addition to the Baxter location, the firm also has offices in Bismarck, N.D. and Perham, Minn.

Benson said he was attracted to Osaic’s tech stack, service offerings and overall support.

Last year, Advisor Group rebranded itself as Osaic and is consolidating its eight legacy broker/dealers into the new brand; the firm plans for all of them to be integrated by the middle of next year, though SagePoint and Royal Alliance have already transitioned. Late last year, Osaic announced it would acquire Lincoln National Corp.’s $108 billion wealth business.

Osaic executives said the firm’s new name and consolidation drove a 240% increase in its recruited assets in the third quarter over a year ago.

But the firm has seen several large departures recently, with advisors citing the consolidation driving their moves. That includes Bice Wealth Management, a $130 million team, and Equity Design Group, which managed $520 million, both of which jumped ship for LPL last month. Pettinelli Financial Partners, a Redwood City, Calif. practice with $700 million, recently left Royal Alliance, one of Osaic’s subsidiaries, for Stratos Wealth Partners, an OSJ of LPL.

In 2019, Osaic sold a majority stake to private equity firm Reverence Capital Partners. In December, Bloomberg reported that Reverence was seeking to sell up to 20% of Osaic worth as much as $2.5 billion.

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