Osaic has wrapped up its
The deal,
"The addition of the Lincoln Wealth team expands the Osaic national network of seasoned and specialized financial professionals," said Jamie Price, Osaic president and CEO.
Osaic, backed by the private equity group Reverence Capital Partners, is among the biggest aggregators of advisory practices. Its other recent purchases include the midsize independent brokerage competitors
Like many of Osaic's other acquisitions, Lincoln Financial Advisors and Lincoln Financial Securities will continue operating under their own names for a while. Osaic plans to use a
Osaic said in a release that its purchase of Lincoln's wealth businesses comes after a decade-long partnership between the two firms. Lincoln, based in Radnor, Pennsylvania, has struggled in recent years as deaths from the COVID-19 pandemic weighed on its life insurance business.
Lincoln was hit with other losses following the collapse of Silicon Valley Bank and changes to its statistical assumptions about certain annuities, according to an analysis by the investing website