What Lincoln Financial Network does

Osaic is one of the largest US wealth management networks, operating as a private holding company headquartered in Scottsdale, Arizona, majority-owned by Reverence Capital Partners since its $2.3 billion acquisition in May 2019. The company rebranded from Advisor Group Holdings in June 2023 as part of a strategy to consolidate 11 legacy broker-dealer brands into a single enterprise. Osaic manages $700B+ in assets under administration across 11,000+ affiliated financial professionals in all 50 states serving 4M+ end clients, and supports 270+ financial institutions. The Lincoln Financial Network sits within this network following Osaic's December 2023 acquisition of Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS) from Lincoln National Corporation.

The platform operates a multi-channel architecture spanning independent broker-dealers (Osaic Wealth), Registered Investment Advisors (Osaic Advisory Services, CW Advisors, VISION2020), institutions (Osaic Institutions serving banks and credit unions), and the Empowered Independence W-2 channel. Core technology is the Wealth Management Platform (WMP), powered by Envestnet, offering four advisory programs: Unified Managed Accounts, Genesis Model Portfolios, Separately Managed Accounts, and Advisor Managed Portfolios. The OneHub advisor portal serves as the digital interface, with an AI-powered search tool teased at the 2026 NXT Conference. Subsidiaries include Ladenburg Thalmann (investment banking, 1876 vintage, $138B+ raised since 2000), Ladenburg Thalmann Asset Management, Highland Capital Brokerage, and Premier Trust. Backed by 2,500+ home office support staff and 30+ cybersecurity specialists.

Revenue is generated through diversified streams: sales commissions on packaged products (mutual funds, variable insurance, fixed insurance), asset-based advisory fees, 12b-1 trailing commissions, revenue sharing from 200+ mutual fund partners (up to 30 basis points) and 100+ insurance carriers (up to 20% of premiums), clearing compensation from Pershing and National Financial Services, and investment banking fees. GTM combines recruitment-focused advisor onboarding with dedicated transition consultants, enterprise field sales for institutional clients, and community-building through flagship events (NXT, ConnectED, W Forum). Pricing for advisory accounts follows monthly asset-based fees, while brokerage services use transaction-based models with pay-as-you-go billing.

Name

Lincoln Financial Network

Legal name

Osaic, Inc.

Website

https://osaic.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Osaic is a US wealth management platform operating one of the largest independent broker-dealer networks, supporting 11,000+ affiliated financial professionals with $700B+ in assets under administration across multiple affiliation models including independent advisors, RIAs, and institutions.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Investment Banking and Securities Intermediation (523150), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Independent Broker-Dealer / Registered Representative Networks (FSAEACAG)

akta.pro secondary industries

Independent Broker-Dealers (Retail Network) (FSAAAAAC), Broker-Dealer Affiliated Wealth Advisory (FSAEABAB), Digital Wealth Platforms for Advisors (TAMP/Advisor Tech) (FSAGAEAH), Digital/Hybrid Private Wealth (Robo-Enabled HNW Service) (FSAAABAO)

Keywords

• Wealth management platform
• Broker-dealer services
• Independent financial advisors
• Investment advisory
• Retirement planning

Headquarters

HQ city

Scottsdale

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Broker-Dealer Services: Osaic operates broker-dealer firms (Osaic Wealth, Inc., Osaic Institutions, Inc., Osaic Services, Inc., Ladenburg Thalmann & Co.) offering securities and investment advisory services. Revenue comes from sales commissions on packaged products (mutual funds, variable insurance, fixed insurance, direct investments, 529 plans, UITs), asset-based advisory fees, and 12b-1 trailing commissions.
2. Investment Advisory Services: Advisory programs offered through Osaic Advisory Services, LLC, Ladenburg Thalmann Asset Management, CW Advisors, and VISION2020 Wealth Management Corp. Revenue from asset-based advisory fees, some with separate transaction charges or inclusive of advisory services and transactions.
3. Revenue Sharing Payments: Compensation from strategic partners including mutual fund companies, insurance companies, and product providers. Typically calculated as fixed fee or annual percentage of assets held, or percentage of annual new sales. Up to 30 basis points for mutual funds/variable insurance; up to 20% of premiums for fixed insurance.
4. Investment Banking & Capital Markets: Ladenburg Thalmann provides investment banking, capital markets, equity research, and asset management capabilities. Has raised more than $138 billion in capital and completed more than 1,300 transactions since 2000.
5. Clearing & Custodial Services: Compensation received from clearing firms (Pershing LLC, National Financial Services) based on number of accounts, account assets, and cumulative net flows. Used to offset general operating expenses.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Lincoln Financial Network provides back-office support, technology infrastructure, compliance supervision, and broker-dealer services to a community of independent financial professionals and registered investment advisors across the United States. Through the Envestnet-powered Wealth Management Platform, it offers advisory programs including Unified Managed Accounts, Model Portfolios, Separately Managed Accounts, and Advisor Managed Portfolios, supported by cybersecurity tools, clearing arrangements, and 2,500+ home office support staff. The network ultimately serves 4M+ clients nationwide through affiliated advisors and 270+ financial institutions.

Product overview

Osaic is one of the nation's largest providers of wealth management solutions, operating as a platform-plus-modules architecture. The core offering centers on the Wealth Management Platform (WMP), a comprehensive advisory platform powered by Envestnet's technology, which provides four distinct advisory programs: Unified Managed Accounts, Genesis Model Portfolios, Separately Managed Accounts, and Advisor Managed Portfolios. The company operates multiple broker-dealer sub-brands including Osaic Wealth, Inc. and Osaic Institutions, Inc., along with subsidiaries such as Ladenburg Thalmann (investment banking/capital markets), Ladenburg Thalmann Asset Management, Highland Capital Brokerage, and Premier Trust. Additional offerings include Vision2020, Osaic Advisory Services, and CW Advisors for registered investment advisory services. The Empowered Independence channel provides a W-2 model for advisors seeking continuity and succession planning support. The OneHub advisor portal serves as the primary digital interface for financial professionals.

Differentiator

Problem solved

Functional benefit

Brands

• Empowered Independence: W-2 affiliation model for advisors offering flexibility and client focus with added support, resources, and continuity benefits.
• VISION2020
• CW Advisors
• Ladenburg Thalmann
• Highland Capital Brokerage
• Premier Trust
• NXT Conference
• ConnectED
• W Forum
• Osaic Foundation

Products and services

• Wealth Management Platform (WMP)

Quantifiable outcome

• $700B+ assets under administration
• +4 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability1 record

Feature4 records

Partnerships

Ten partnerships are on record, tiered major and core.

• Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS)majorStrategic or Co-development Partner · 15 December 2023Osaic announced a definitive agreement to acquire Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS) — the wealth management firms that comprise Lincoln Wealth — from Lincoln National Corporation. These were legacy Lincoln businesses.
• Premier TrustcoreStrategic or Co-development Partner · 1 January 2010Founded in 2001 and headquartered in Nevada. Premier Trust helps clients take advantage of the state's favorable trusts, corporate, and tax laws. Acquired by Ladenburg Thalmann in 2010 and acquired by Advisor Group (now Osaic) in 2020. Administers more than 5,000 Nevada trusts and $1.5B in assets under administration.
• EnvestnetcoreTechnology or IntegrationTechnology partner powering the Wealth Management Platform (WMP) with connected infrastructure. The robust features and functionality support delivery of investment management services through a comprehensive advisory platform.
• Ladenburg Thalmann & Co. Inc.coreStrategic or Co-development PartnerEstablished in 1876, joined NYSE in 1879. Major force in middle-market financing providing investment banking, asset management, equity research, and capital markets. Has raised more than $138 billion in capital and completed more than 1,300 transactions since 2000. Subsidiary of Osaic.
• Ladenburg Thalmann Asset Management (LTAM)coreStrategic or Co-development PartnerEstablished in 1982, LTAM manages more than $4B in AUM and specializes in market analysis, due diligence, fund selection, asset allocation, and diversification strategies. Offers personalized strategies for individuals, families, foundations, endowments, retirement plans, and profit-sharing plans.
• Highland Capital Brokerage (HCB)coreStrategic or Co-development PartnerFounded in 1991, headquartered in Birmingham, Alabama. National life insurance and annuity distribution company providing point-of-sale support, advanced marketing, and estate and business planning techniques. Core competencies include life insurance, annuities, and longevity planning.
• Pershing LLCcoreTechnology or IntegrationPrimary clearing and custody partner. Osaic directs all trades in OTC, listed stock, and options to Pershing for execution. Subject to payment for order flow arrangements.
• National Financial Services (NFS)coreTechnology or IntegrationSecondary clearing and custody partner for certain operations. Osaic directs trades to NFS for execution. Subject to payment for order flow arrangements.
• Strategic Partners (200+ Mutual Fund Companies)coreChannel Partner/ Reseller/ DistributorOsaic offers thousands of mutual funds from more than 200 mutual fund companies. Strategic Partners receive enhanced marketing and training opportunities and pay revenue sharing up to 30 basis points of purchase amount plus ongoing asset-based compensation.
• Insurance Strategic Partners (100+ Companies)coreChannel Partner/ Reseller/ DistributorMore than 100 insurance companies offering variable life and annuity contracts. Life Insurance Strategic Partners pay amounts in addition to sales commissions up to 20% of premiums for enhanced marketing and training opportunities.

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Stifel Financial Corp. Stifel offers wealth management, investment banking, and institutional services. Its independent advisor (Stifel Independent Advisors) and Stifel Nicolaus divisions overlap with both Osaic Wealth and Ladenburg Thalmann's capital markets business.
• Raymond James Financial: Raymond James operates a large independent contractor (PCG) channel serving independent financial advisors alongside its employee-advisor and private client businesses — overlapping with Osaic on the independent advisor segment but as part of a broader diversified firm.
• Edward Jones: Edward Jones is a large retail wealth management franchise with thousands of branch-based financial advisors serving mass-affluent and HNW clients — broadly comparable as a wealth distribution competitor but with an employee-advisor (rather than independent) model.
• Ameriprise Financial: Ameriprise provides retail wealth management, asset management, and insurance through its advisor network and institutional channels. Comparable to Osaic's broader wealth management offering including insurance/annuity distribution.
• Charles Schwab Corporation: Schwab provides custody, clearing, and wealth management services to independent RIAs and offers its own retail and direct-indexing products. As a custody competitor and increasingly as a wealth platform, Schwab is adjacent to Osaic's clearing arrangements and RIA support.

Direct peers

• Commonwealth Financial Network: Commonwealth is a privately held independent broker-dealer/RIA serving thousands of financial advisors with practice management, technology, and compliance support — a direct competitor in the independent advisor affiliation space.
• Cambridge Investment Research: Cambridge is a large privately held independent broker-dealer/RIA with extensive advisor affiliation model choices and back-office support services — directly competitive with Osaic Wealth and Osaic Advisory Services.
• LPL Financial Holdings: LPL Financial is the largest independent broker-dealer in the US by AUA and the most direct competitor to Osaic's independent advisor network. Both operate hybrid RIA/BD affiliation models serving independent financial professionals with back-office, technology, and custody solutions.
• Cetera Financial Group: Cetera is a privately held (Genstar Capital), PE-owned independent broker-dealer network with multiple affiliation models and $400B+ AUA. It is a near-direct competitor offering independent, RIA, and institutional channels for financial professionals.

Others

• Lincoln Financial Group: Lincoln Financial divested its wealth management businesses (LFA and LFS, comprising Lincoln Wealth) to Osaic in December 2023. Lincoln continues to operate in adjacent insurance/annuity space and remains an ecosystem partner for distribution of certain insurance and annuity products through Osaic.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/osaic_inc
• Facebookfacebook.com/OsaicInc
• LinkedInlinkedin.com/company/osaic-fa-and-osaic-fs
• Instagraminstagram.com/osaic_inc

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lincoln Financial Network