Cubby Bice, founder of Bice Wealth Management, has relocated his team from brokerage firm Osaic to LPL Financial. This move, driven by a desire to leverage LPL’s integrated technology and expansive services, strengthens LPL Financial’s image as a leading choice for advisors seeking autonomy and premium support.
Bice, who has been in the industry for 25 years, has voiced concerns over Osaic’s neglect towards advisory needs in their expansion plans. The disregard for such needs, in Bice’s view, creates an unsustainable work environment. Bice believes that an organization’s growth should also focus on qualitative development, including strong emphasis on advisory needs.
Prior to the transition, Osaic’s predecessor, Advisor Group, unveiled plans to merge its eight broker/dealers into a new entity, scheduled for completion in Q2 2025. However, Bice clarified that the switch to LPL wasn’t just about Osaic’s rebranding.
Inadequate back-office support and poor technological provisions for advisors at Osaic were the primary reasons for Bice’s move. Bice argued that these deficiencies necessitated the switch, aiming to ensure optimal support for their advisors.
In a similar vein, The Equity Design Group, based in Wisconsin, also transitioned from Osaic to LPL. Co-founder Jason Hohenstein attributed the switch to Osaic’s consolidation, which he claimed led to significant client confusion.
Hohenstein elaborated on concerns about unclear leadership restructuring information post-rebranding, frequent changes in ownership, and the need for greater transparency and stability for clients. He noted that the switch to LPL eliminated these uncertainties, enabling them to better serve their clients.
Hohenstein also highlighted increased client engagement and satisfaction following the move, illustrating the benefits of stability and clarity for customer trust and satisfaction. He advised other firms considering a platform transition to reflect on these factors.
Meanwhile, LPL Financial continues demonstrating impressive growth, having recently acquired Atria Wealth Solutions and its $100 billion value. Besides partnering with almost 2,400 advisors, 150 banks, and credit unions, LPL has bolstered its Business Solutions platform, focusing on enhancing digital capabilities for advisors and providing exceptional services for high-net-worth clients.
LPL Financial’s growth strategy demonstrates its commitment to establishing itself as an industry leader, aiming to distinguish itself from competitors through top-notch services combined with innovative wealth management solutions for high-net-worth clients.
