Osaic Inc. on Tuesday morning said it had recruited a giant team of advisors from rival LPL Financial, with the New Jersey-based ICG next and its $2.3 billion in client assets joining the firm.
Osaic and LPL Financial routinely square off in recruiting advisors from other firms as well as from each other. Midwest Financial Group, with $450 million in assets, left the LPL-owned Commonwealth Financial Network last month for Osaic.
Osaic is a private equity-owned giant network of financial advisors with more than 10,000 advisors across its platform. A spokesperson for LPL Tuesday morning did not return a call to comment.
ICG next is led by managing partner James A. Costabile, alongside approximately 21 financial advisors and a team of client service and operations employees.
ICG next has nearly tripled in size since 2019 and plans to continue expanding through organic growth, advisor recruiting and acquisitions, according to a press release.
“We’ve built ICG next around comprehensive advice, long-term stewardship and what we call ‘caring competence,’” Costabile said in the release. “This combines deep expertise with a genuine commitment to the families we serve.”
“As we thought about what’s next for our clients, our advisors and our business, we wanted a partner that understood what makes ICG next distinctive while giving us the scale and support to reach our strategic objectives,” he said.
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