Advisor moves: $275M family practice leaves LPL for Osaic, LPL attracts Osaic team in Mississippi

Osaic and LPL extended their recruitment rivalry on Thursday, with Osaic gaining a family-led West Coast RIA while losing another team on the Gulf Coast, while Ameriprise bolstered its own ranks with a breakaway Merrill Lynch advisor.

Providence Wealth Planning leaves LPL for Osaic

Osaic expanded its advisor network with the addition of Providence Wealth Planning, a family-led RIA based in Southern California that manages $275 million in client assets.

The firm, founded by father-son duo Mark and Ian Massey, moved to Osaic after more than nine years with LPL Financial.

Providence specializes in financial planning, wealth advisory, and retirement planning, and cited Osaic’s technology and succession planning support as factors in its decision to switch affiliations.

The move also marks a milestone for the Massey family, as Kyle Massey joins as managing partner following a two-decade career that included roles at E*TRADE and Morgan Stanley.

Advisors Paul Leone, Aldo Santana, Tyler Brashears, and administrative director Neida Cox are also joining Osaic with Providence.

Kristen Kimmell, executive vice president of business development at Osaic, said Providence is “a perfect example of the entrepreneurial, client-centric firms we are proud to partner with.” 

This follows Osaic’s recent recruitment of PATH Financial Partners, a Fort Lauderdale-based team managing $125 million in assets, which joined from Valic earlier this year. 

Coastal Wealth Management Group joins LPL

LPL Financial and Financial Resources Group have brought on Coastal Wealth Management Group, a team based in Ocean Springs, Mississippi, with approximately $175 million in advisory, brokerage, and retirement plan assets.

The former Osaic team, which includes Lloyd Baxter, George Cumbest, Darryl Meadows, and Timothy Taranto, has deep roots on the Mississippi Gulf Coast.

Coastal Wealth Management Group works with business owners, pre-retirees, and retirees, and is looking to expand its client base to include those in the music industry and college athletes. The group is known for its process-driven approach, with Cumbest also serving as president of the Mississippi Songwriter Alliance.

The move extends LPL's ongoing record of recruitments at the expense of Osaic, which most recently included an 11-advisor team previously managing $750 million in assets

Ameriprise brings on $120 million advisor

Elsewhere, Ameriprise Financial announced it has recruited Vince Abio, an advisor with 28 years of industry experience who previously managed more than $120 million in client assets at Merrill Lynch.

Abio is joining S&T Financial Services, a practice within the Ameriprise Financial Institutions Group, after relocating to Pennsylvania from the East Coast.

S&T Financial Services, which provides investment services to S&T Bank clients in Pennsylvania and Ohio, includes a team of 15 financial advisors and four support staff who collectively manage over $1.4 billion in brokerage assets.

Abio’s move follows Ameriprise’s ongoing recruitment efforts, with the firm reporting it added 73 advisors in the most recent quarter and more than 400 in the past year.

The broker-dealer giant also claimed another significant win this week, announcing Monday that ChoiceOne Bank, which oversees more than $4.3 billion in assets and has 56 branches across Michigan, has transitioned its investment program from Osaic's financial institutions group to the Ameriprise Financial Instituteion Group.

ChoiceOne's investment program, now operating within Ameriprise as ChoiceOne Wealth Management, is run by 10 financial advisors with two support staff members, together overseeing some &780 million in assets across Michigan.

A recent report by Cerulli pointed to the rising significance of tangential business lines for broker-dealers, which are contending with increasingly fierce competition in an increasingly consolidated landscape.

"Some IBDs have expanded their platform capabilities beyond serving independent advisors to include the wealth management programs at banks that find it more advantageous to partner with a third party to access a wealth management platform than it is to maintain their own," Cerulli analysts said.