A Cleveland-based father-son duo previously overseeing more than $350 million in client assets at Osaic has joined Equitable Advisors, adding to the giant hybrid RIA's ongoing advisor retention challenges.
Equitable Advisors, the broker-dealer subsidiary of Equitable Life, welcomed Dean and Michael Leonakis on Monday, announcing the transition of their practice, MAGIS Wealth Advisors.
The announcement from Equitable cited the firm’s supported independence model and focus on long-term succession planning.
The Leonakis team brings nearly 60 years of combined experience serving a client base that includes corporate executives, business owners, and retirees. They are joined by six additional staff who will remain with the practice in operational and administrative roles.
“After more than 40 years in this noble profession, I remain deeply committed to serving clients with excellence,” Dean Leonakis, whose BrokerCheck record spans 43 years going back to 1982, said in a statement.
Equitable Advisors, the retail wealth division of Equitable Holdings, currently oversees more than $100 billion in assets under administration and has a national advisor force of about 4,500 professionals. In addition to practice flexibility, the firm has recently emphasized internal programs that connect tenured advisors with new entrants to foster multigenerational team structures.
The addition of MAGIS Wealth Advisors in Ohio comes as Osaic faces ongoing advisor attrition. According to recent data from Wolfe Research, Osaic had experienced a net loss of 186 advisors through early June, among the steepest declines across major wealth firms.
Several sizable teams have departed Osaic in recent months. In June alone, the Rochester, New York-based Angelo Planning Group, managing $1.5 billion in assets, and Arizona-based Patrick Funke & Associates, with over $430 million in client funds, both joined Commonwealth Financial Network after exiting Osaic.
Osaic has sought to bolster its own advisor network through strategic enhancements and acquisitions. In a significant move last month, the firm said it would acquire CW Advisors, a Boston-based RIA catering to high-net-worth clients, in a move aimed at strengthening its employee-model platform. The acquisition is expected to expand Osaic’s capabilities in the fee-only segment while appealing to growth-oriented advisors.
“Their scale, talent and infrastructure are highly complementary to our strategy of expanding Osaic’s presence across all models and segments of the wealth management industry,” Jamie Price, president and CEO, said of the acquisition.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Survey suggests those from across the political spectrum might have other ideas.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
