Osaic nabs veteran Wells Fargo group managing $600 million in Michigan

Labor Day weekend is a traditional time for financial advisors to leave one firm and be recruited by another.

The newly rebranded Osaic Inc. said Thursday that it nabbed a team of financial advisors formerly with Wells Fargo Advisors Financial Network that manages $600 million in client assets.

Based in Birmingham in suburban Detroit, the Investment Consulting Group consists of managing partners and co-founders Christopher DeWolfe and Jason Franklin, along with vice presidents Judd Allen, Mark Ivanovic and Spencer Schmale. Clay Franklin is a financial advisor with the team.

Labor Day weekend is a traditional time for financial advisors to leave one firm and be recruited by another. The extra day off over the long weekend gives advisors more time to set up their new offices and contact clients.

Osaic Wealth, which is currently under the control of a private equity group, Reverence Capital, was known until earlier this year as Advisor Group. The giant network of 11,000 brokers and financial advisors, with $500 billion in client assets and eight distinct firms, is now operating under one brand and service platform: Osaic.

According to their BrokerCheck profiles, both DeWolfe and Franklin were 15-year veterans of Wells Fargo Advisors Financial Network, commonly known as FiNet, and had been registered with the firm since 2008.

“We chose to go independent with Osaic due to its open architecture and growth-oriented culture,” Franklin said in a statement. “We are excited about the tools they provide our team to offer clients an elevated service experience.”