Osaic nabs two advisor teams from LPL in North Carolina

Osaic, one of the largest wealth management platforms in the US, has continued its strategy of attracting independent advisor teams from competitors, most recently adding two North Carolina-based firms that previously affiliated with LPL Financial.

The moves come as Osaic, known as Advisor Group before its 2023 rebrand, both expands its advisor network and contends with ongoing attrition amid industry consolidation.

Payne Financial Consultants, a multi-generational firm led by David Payne, brings approximately $102 million in client assets to Osaic by integrating with its OSJ Alpha Omega Wealth Partners.

In a statement Tuesday morning, Payne, who is joined by his sons Zach and Andrew, cited the opportunity to align with long-time peers and the firm’s advisor support model as key reasons for the move.

“We’ve known and respected Russell’s team for years,” Payne said, referring to Alpha Omega’s managing partner Russell Hadley. “Their understanding of how to support a high-touch, service-oriented firm like ours made Alpha Omega, and Osaic, the natural choice.”

Payne, whose BrokerCheck record spans 40 years, added, “My sixth client account, opened in 1985, is still active today. That client once told his wife, ‘If something happens to me, your first call should be to David, then the accountant.’ We strive to build that level of trust with every client we serve”  .

Bowman Financial Solutions, also from North Carolina, has also affiliated with Osaic via Alpha Omega, bringing $73 million in assets.

Led by Brent Bowman, the firm’s decision marks a return to a trusted working relationship with Hadley, whom Bowman previously collaborated with at Woodbury Financial.

“Our highest priority and greatest privilege is helping our clients meet their financial goals,” Bowman said Tuesday. “To do that, we want to use all the appropriate tools at our disposal, including expanding the support network for our clients.”

The additions are part of a broader trend of independent advisors seeking greater autonomy and support, with Osaic positioning itself as a destination for growth-minded teams.

Kristen Kimmell, executive vice president of business development at Osaic, emphasized the firm's ability “to offer the scale, flexibility and resources that empower independent firms like Bowman Financial Solutions to serve clients with excellence and grow on their own terms” .

Osaic’s growth has occurred alongside significant advisor attrition, a common challenge during large-scale consolidations.

According to a recent Wolfe Research report, Osaic experienced a net loss of 186 advisors through the first half of 2025, one of the largest in the industry this year. Osaic executives have downplayed the rate of defections, maintaining that it's in line with expectations for a company undergoing major integration pains.

The firm has also seen high-profile departures this year, such as Ventura Wealth Management, a $600 million RIA that left Osaic to operate independently in April.

More recently in June, a $1.5 billion superteam in New York left Osaic for Commonwealth, which has been acquired and is now being integrated by LPL.