LPL Financial adds $1B team of 22 advisors from Osaic

Investment Advisors Financial Group will be joining LPL Financial from Osaic, bringing $1 billion in advisory, brokerage and retirement plan assets and a 22-advisor team.

The Eatontown, New Jersey-based group is led by firm founder Thomas Musumeci, his daughter Annie Silvestro, and James Flannery.

"We welcome Thomas, James, Annie and the entire Investment Advisors Financial Group to LPL and look forward to supporting the continued growth and evolution of their firm," said Scott Posner, LPL executive vice president of business development, in a press release. "At LPL, we applaud their strategic and team-focused approach to helping their clients work toward their financial objectives, and we are proud to support them with differentiated technology, business solutions and innovative wealth management platforms designed to create a heightened client experience." 

The team decided to leave Osaic in order to pursue greater autonomy and improve their client experience through technology and robust services.

"At Investment Advisors Financial Group, we are a full-service organization that takes an innovative team approach that aims to help clients meet their financial goals and advisors to be as successful as they want to be," Flannery said in a press release. "Four decades ago, Tom established a practice that has become a legacy for its advisors, staff and clients. Partnering with LPL and utilizing their extensive services and platform will help us take our next-level client experience further."

LPL Financial offers a ClientWorks platform that the team believes will make account opening, electronic signatures and client reporting more efficient. 

"Their tools are well-integrated and often proprietary, so you aren't going in and out of multiple systems with multiple carriers to service your accounts," Silvestro told Financial Planning. "It makes for a much smoother experience."

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The team is family-run; in addition to Silvestro, another of Musumeci's children, Tom, also works at the firm. 

"I had the privilege of growing up in the business, and a big part of that was observing the relationships my father formed with a variety of clients," Silvestro said in the press release. "My father created a practice where anyone who wanted help creating and building wealth could get it, regardless of the size of their accounts, and we are proud to continue his legacy today."

Silvestro believes that LPL Financial's resources will help the team grow its client base and its office of supervisory jurisdiction through providing recruitment strategies and support.

"We are confident that our values align with those of LPL Financial, and through our partnership, we will build on each other's successes and strengths in multiple arenas while also maintaining our independence," she said in an interview.