Advisor Group

Advisor Group does not employ a centralized CIO making asset allocation decisions. Its affiliated advisors operate independently, selecting investments and constructing portfolios within the firm's approved product platforms. The home office provides due diligence, investment research, and model portfolios, but ultimate discretion rests with individual advisor practices.

Advisor Group operates as a network of independent broker-dealers, not a wirehouse. Advisors are independent contractors who own their books of business. The firm provides clearing, compliance, technology, and practice management support, but does not employ advisors with salary-plus-bonus compensation — instead sharing in advisor-generated revenue.

In September 2023, Advisor Group rebranded its corporate entity to Osaic, consolidating eight legacy broker-dealer brands under one holding company. This move centralized technology infrastructure, compliance, and product management that had previously been siloed. The rebranding was designed to create a single institutional counterparty for carriers and custodians while preserving advisor-facing autonomy.

Advisor Group is a wealth management platform, not a principal investor. The firm itself does not commit capital to funds or direct deals. Its affiliated advisors may allocate client capital to alternative investments through the firm's approved due-diligence platform, but these are client-directed decisions, not firm-level strategy.

Advisor Group grows primarily through acquisition of mid-sized independent broker-dealers and RIAs. Target firms are typically $50 million to $500 million in annual revenue. Once acquired, practices are integrated onto the firm's technology and compliance platform while retaining their local brand identity and operational autonomy.

Reverence Capital Partners acquired a majority stake in Advisor Group in 2019 from Lightyear Capital, in a transaction valuing the business at approximately $2.3 billion. Lightyear Capital retained a minority position. The firm's capital structure is private equity-backed, not publicly traded.

The May 2024 integration of Lincoln Financial's wealth management business added approximately 1,450 advisors, bringing Osaic's total network to more than 11,000 advisors. This transaction represents a continuation of the firm's consolidation strategy, targeting captive advisor forces at insurance-affiliated wealth management platforms.