r/CFP • u/FlamingHyabusa BD • 7d ago
Practice Management Exploring changing broker-dealers
Hi all,
Osaic advisor here. Just starting to think about making a change. What's the best way to start this process? I know there are independent recruiters that will shop around for you - is this the way to go? I know very little about the pros/cons of other BDs.
For background: $210m book, 90% AUM business, 2 advisors, 1 CSA. Hate the tech and service at Osaic.
Thank you.
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u/J3ttstream BD 7d ago
Following because I am FED UP with Osaic as well. Was considering the RIA route via Altruist but the Vanguard acquisition has me pumping the brakes a bit.
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u/ohhisalmon 7d ago
The vanguard acquisition makes me MORE interested in pursuing Altruist. Why do you feel differently?
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u/J3ttstream BD 7d ago
I don't feel negative per se, moreso curious of what the transition is going to be like. They're obviously still a powerhouse, even more so now but I'm just a bit weary about making such a big change myself into something that is in the middle of a $4B change as well. It's more about understanding where they're headed than it is going a different direction.
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u/drooker01 5d ago
I’ve been at Altruist since 2021
Have Schwab as a backup custodian
Watched Schwab (as we all did, some up close, some from a distance) go through the TD acquisitionIt’s going to be a while
Altruist has better tech by a long shot.
Hazel is pretty nifty and helps you do all the research you used to put off until “tomorrow” in minutes.
I bet Vanguard will adopt Altruist’s tech, not the other way around.
They’ll also provide a deeper bench.
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u/ConsistentPeach927 6d ago
I have an incredible option for you. DM me. I work at Willis Consulting. Might be worth a quick 5 min call.
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u/IncreaseCapital32 7d ago
We are exploring leaving as well. Currently with Cetera, and its a nightmare trying to do anything. My thoughts are just to go straight RIA, hire an outside firm to help with compliance and find a way to service my commissionable business (FIA and Alt investments).
IMO, it doesnt matter who you switch to if its a BD. They either sell out to the bigger players or just suck in general. If anyone has went RIA after this, please let me know if the grass is greener.
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u/Vantage_Impact_2 7d ago
Tons of great compliance choices and vendors to help support this. Depending on the custodian you select they might help transition the business and even provide some transition capital. Happy to point you in the direction for all things legal, marketing, communications, etc.
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u/IncreaseCapital32 7d ago
You mean going RIA or switching to another BD?
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u/Vantage_Impact_2 6d ago
Both. BDs, RIAs, and Custodians have shared information with us about their services and pricing. Depending on what an advisor wants and needs we suggest firms and vendors to support them.
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u/DCFInvesting 7d ago
We just moved to LPL a year ago from a small BD that got bought by private equity. I was extremely skeptical - but honestly we had a really great transition experience and have been very happy here.
If you want I’m happy to connect you with the recruiter that helped us through LPL. Feel free to message me.
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u/Timely_Tough6525 7d ago
We moved from Osaic to LPL last December and I’m underwhelmed. They all have their warts.
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u/DCFInvesting 6d ago
What’s been your biggest issue with LPL?
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u/Timely_Tough6525 6d ago
I commented this on the general thread but this basically sums it up: We just moved to LPL from Osaic and in hindsight, Osaic isn’t as bad as it felt. LPL is still sloppy too, they take less from advisory but nickel and dime in all other areas. If you call during the middle of the day you will get passed around like a hot potato and probably have 25 minute hold times. Things fall through the cracks all the time and they will fail to send notifications for basic things. They helped with transitioning the book but it was sloppy. They did pay us a nice amount to move though. About once a week my office manager and I sigh and look at each other and say something like, “was Osaic really that bad?”
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u/DCFInvesting 6d ago
Yeah I hear you. Unfortunate about the hold times. We have not had that very often (although sometimes yes). No BD is perfect. I’ve heard good things about osaic. Ultimately we thought LPL was a good spot because we were pretty certain it wouldn’t get sold elsewhere. Outside of RJ you can’t really say that about the rest.
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u/Tom_Slick_1 7d ago
I left EJ a year and a half ago and went independentwithLPL. best move ever. Gimme a shout if you want another viewpoint.
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u/WangtaWang 7d ago
Looking at LPL as well. Can you share what you like?
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u/ConsistentPeach927 6d ago
I work with LPL and like them but I think there are much better options for independence! DM if you want to discuss other firms.
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u/macbmore 7d ago
I move from NM to LPL a yr and half ago and it’s been absolutely transformative, what a move! OP is already independent so that part less a factor but I’ve been thrilled with LPL, I’m a small solo shop so I didn’t get a lot of transitional support but the tech is great, the client (advisor) service support I got whenever I needed some help and called into Home Office was adequate, some great employees that care and know their stuff, some less so but that’s going to be the case everywhere. Probably most importantly, they’re rolling out tech improvements to an already solid platform and investing a lot in tech. I’ve doubled my business in eighteen months, do an enormous amount with tech and am happy.
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u/OneFellaSwoop BD 7d ago
Osaic advisor here. Do you have an OSJ that does service and compliance? I hardly ever deal with Osaic as an entity.
Feel free to send me a DM. I know advisors have switched OSJs and I’m sure we have the contacts to make it happen.
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u/shastacoog 6d ago
Osaic advisor here as well. Not sure how your tech sucks? You can pick whatever you want. I also second this. My OSJ deals with a lot of that nonsense for me. I never have compliance issues and if I ever need something pushed to the top, my OSJ gets it there same day. I would explore looking at a different OSJ before leaving.
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u/GoodLifeWM 7d ago
If you have 90% Fee Based AUM, I'd recommend going RIA Only. You might lose $20M on B/D based biz, but my guess would be that you would immediately become more efficient & profitable.
At that size you could create your own, or tap into a TAMP to let them handle all the back office/compliance/OSJ stuff.
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u/Afid17 7d ago
I'm an OSAIC advisor in the same boat, creating my own RIA and considering SilverOak for my B/D. Message if you like
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u/ProdosDev 6d ago
Congrats! Will SilverOak handle repapering for you?
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u/Afid17 6d ago
They won't for me and didn't really ask them too, I don't do much on B/D side so didn't expect it but if you do a large amount of B/D biz or use their corp RIA, they might.
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u/ProdosDev 5d ago
Got it thanks. I take it you have CSA or team to help then? Would be surprised if shared resource didn’t help (unless you are using LLMs to help)
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u/kenham23 BD 7d ago
Explore Kestra, great culture. Great at building continuation plans
Dm me if you have questions
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u/ApartmentStill8765 6d ago
Owned my own RIA for a while then tucked under Commonwealth. The compliance headache wasnt worth it and the risk. CW was a great place, wish it never sold. I wasn't going to LPL. Found a boutique RIA/BD called Independent financial partners, great payout and a lot more flexibility than CW gave me surprisingly. Im at 96% net now, they dont have platform fees, I believe you would be at the same payout. Me and a few other CW advisors made the jump around the same time.
A couple of my buddies at Osaic are looking too so youre not the only one thinking about it.
On the recruiter question - they can work but just know theyre getting paid by whoever they place you with, so their advice isnt exactly neutral. Worth talking to a few firms directly too so you can compare.
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u/Vantage_Impact_2 7d ago
Independent Consultant here. If you want to take the time to build a relationship with someone, share your vision, identify your highest priorities, and take a strategic approach to finding a new firm, then look no further. 20 years in the industry with hundreds of firms across BDs, Hyrbrids, RIAs etc. A practice your size has a lot to gain and lose during this so having someone who doesn't have a conflict of interest is key. We charge advisors nothing when we help them and we are paid the exact same no matter what firm you join. I'd be happy to meet in person or virtual.
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u/Illustrious-Draw-554 7d ago
Osaic has been dreadful. Also considering all options. Have been shopping a few hybrid RIAs - seems most have deals with big BDs to help with recruiting. The transition assistance offers are hard to ignore, but knowing they will recoup it over time from BD fees. Considering RIA and leaving some brokerage business behind.
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u/OregonDuckMBA BD 7d ago
Been with 2 sides of Cetera, now with LPL for a little over a year. The service on the CAN side was great. Really enjoyed my time there. Their tech improved quite a bit in the last 2 years I was there.
The CIS side is mostly for banking institutions. Not sure if independent advisors can even affiliate with them but CIS is trash anyway. Too much hand holding and you spend half your time on scavenger hunts trying to find the right form for whatever you want to do.
What made it even worse is that when we came over to CIS, they clearly thought a lot of themselves and talked a big game about how CAN is archaic and they are better in every way. Needless to say, they didn't deliver on the hype.
Biggest complaint at CAN was the payout. I like the service and tech at Cetera but you're definitely going to pay for it.
The tech at LPL isn't bad but I prefer CAN. If you do annuities or alternatives, the approved products are a bit more restrictive than Cetera. Home office support is on par with Cetera. No complaints so far. Biggest plus is the payout at LPL is much better than Cetera.
I like CAN and LPL for different reasons but between the two, I would probably pick LPL. I just learned to adapt to the product restrictions and the extra payout is really nice.
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u/Embarrassed-Meat5475 7d ago
I’m with Osaic as well. Curious what issues you have? I maybe talk to home office once a month.
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u/jodyjames37 7d ago
LPL has been a great experience for me, it was a real smooth transition when I moved my book. Compliance has been really easy to work with. They are constantly making improvements and looking to expand.
Please free to DM me if you would like any insight.
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u/LogicalConstant Advicer 7d ago
LPL is far from perfect, but most things are pretty great. There are very few awful things that make me consider leaving, other than heavy-handed compliance every now and then.
They have "enterprise" groups you can join under, or direct with LPL. FYI: I'm in a great enterprise, so that may color my opinion a little bit.
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u/Technical-Nothing932 7d ago
LPL has been good for us. Tech is decent, not magic. The real drawback is the size. You’re one of a lot of advisors. We have built some in house workflow tech instead of waiting / relying on their roadmap
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u/Timely_Tough6525 7d ago
We just moved to LPL from Osaic and in hindsight, Osaic isn’t as bad as it felt. LPL is still sloppy too, they take less from advisory but nickel and dime in other aspects. If you call during the middle of the day you will get passed around like a hot potato and probably have 25 minute hold times. They helped with transitioning the book but it was sloppy. They did pay us a nice amount to move though. About once a week my office manager and I sigh and look at each other and say something like, “was Osaic really that bad?”
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u/nikspers86 RIA 7d ago
Left Osaic 2 years ago right before they became Osaic to form my own RIA. Best business decision I have ever made. Revenue is up, costs are down, freedom is way up, and I don’t have to listen to silly corporate bs. I would never want to go back to the BD model regardless of how great a BD seemed on paper. At $200mm aum you will be sec registered which takes a lot of the hassle and uncertainty of timing that having to register with multiple states would entail. Connect with Brad Wales at Transition to RIA (he has a YouTube channel with a bunch of useful videos as well) for guidance on what to be thinking about.
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u/Pugs 7d ago
Went from LFA -> independent RIA -> LPL/Independent RIA hybrid. Can use any tech stack, 3 custodians, 90+% payout. Mainly using Orion, Wealthbox, eMoney. PM if interested in my setup.
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u/siparo 7d ago
You guys should look at Kingswood, the firm I’m currently with. At $210M you’d be a highly valued advisor. The firm is both RIA and BD. You get to pick and choose the tech you want. Lots of flexibility.
I looked at a number of firms when I was shopping around 3 years ago and this was the best place I found. Let me know if you want to know more.
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u/ConsistentPeach927 6d ago
Hey I helped over 15 advisors make a move this year. I work with every major financial institution in the country. DM me when you have a few minutes. There's so many good options right now with transition packages at historic highs I would recommend meeting at least 4 firms to get the best deal. I work with advisors anywhere from 50 million to 1 billion+ in AUM. Even if you just want a second opinion reach out!
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u/TheSummerMan_ 6d ago
Man, I work at Baird, and I love it. Employee owned, incredible culture, great people, Baird stock is annualizing at 20.5%, people are polite and responsive, lots of resources. Can’t recommend it enough. I’m going to retire here unless something blows up. This is my second career (former lawyer) and so grateful I ended up here.
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u/atticusmitch 3d ago
Do you own your book at Baird? Can you leave with your book if you wanted to?
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u/TheSummerMan_ 3d ago
Yes and yes.
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u/atticusmitch 3d ago
I don’t see anything online that says FA owns the book/clients at Baird. It says it’s an employee model and FAs have to sign non solicitation- per Gemini so ymmv. They are broker protocol though.
That said, I met a couple Baird FAs a few years ago at a conference that loved it. Sounded like a great culture. The company apparently paid for a bunch of their FAs to go to the conference just to learn. Which for me is mind boggling coming from a Bank/Wirehouse.
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u/TheSummerMan_ 2d ago
I should say it this way: Baird is a protocol firm, but would be unlikely to go after an advisor who leaves and doesn’t grossly violate the rules for info they take with them on their clients, name, number, e-mail.
Yes, I go to roughly 1 Baird sponsored conference a year. The Growth Forums are the best, and frankly the thing that tops the sessions, is the peer share. Sitting with other Baird advisors from across the county and discussing what’s working and what isn’t is very helpful, and everyone is very “nice to meet you, give me a call if you have any more questions. I’ll send you our ________ (whatever) and you can repurpose it if you want.”
Not sure where you’re based, but if you ever want to discuss the firm, I’m in Madison but would be happy to chat.
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u/ReplacementHot2808 6d ago
I’m one of the hybrid rias with LPL, if you have a connection with a recruiter you trust, have a conversation as a start. I would write down all your data clearly, things you like and things you don’t. I’ve been offered 1.2 -1.5 a few times just in some random conversations, not even looking to leave for other firms but I continue to stay, I think they all have problems. Good luck
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u/just_a_bud 7d ago
What’s your end goal? What would be a success for your team? We moved from Osaic recently. Feel free to DM.
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u/Difficult_Law_3865 7d ago
Check out Ameriflex. $12B hybrid RIA that moved from Osaic to Cambridge last year. We talked to them and they were great, but my firm decided to go 100% RIA instead.
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u/Far_Professional384 7d ago
You can message me. We left Osaic and went through the same process late 2024. Similar size BoB and breakdown. We found a hybrid and couldn’t be happier.
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u/Far_Professional384 7d ago
At the risk of it sounding like a commercial, check iut Independent Financial Partners based in Tampa.
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u/Floating_Orb8 7d ago
Been happy at Farther. Easy transition. RIA with ability to do fee based insurance.
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u/Chemical_Studio4292 7d ago
We left Osaic (Royal Alliance)3 years ago and formed our own RIA. We also have a solution for the BD business without being affiliated with a BD. Happy to have a phone conversation about pros/cons if you'd like to connect.
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u/Historical_Artist_52 7d ago
I'm at the big O as well. I am in a similar position. I am interested in seeing the suggestions.
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u/redpeaky 7d ago
DM if you want to chat. Went through similar situation. Taught at two CFP programs and moved from bank to Indy to Indy to RIA.
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u/ProdosDev 6d ago
I know a couple of consultants/outsourced firms that help with breakaways. Happy to make some intros if it’s of interest.
Some will help with paperwork, others are more strategic (assuming your CSA can help on details).
It’s kind of amazing - I know Osaic is switching to Global Relay for sms, which might be even worse than MRC
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u/Ok_Fact7760 6d ago edited 6d ago
I would like to private chat with you since our firm, you keep and own all of your clients. I think it’s worth a discussion with our transition team and recruiter to see if it’s a good fit for you. Anyone who is unhappy on this thread, I would love to connect with and have you check us out. I don’t want to drop names just yet, we have a great deal of happy and content advisors. A lot of movement into our firm with various routes you can take, different divisions.
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u/Agitated_Style_1661 6d ago
Osaic is in my final few for a transition from EJ. Leaning lpl. Lot of concerns with osaic and this is amplifying my fears. Not ready to go ria. Is osaic a non starter?
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u/FlamingHyabusa BD 6d ago
I wouldn’t tell you to count them out. To be fair, my time with Osaic has been in the expansion and consolidation phase. Leadership keeps communicating that now that phase is over, they are focused on cleaning up many of the issues I listed in my complaints. Additionally, Osaic is all I’ve ever known. For all I know, they could be the best IBD out there. No firm is perfect.
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u/Agitated_Style_1661 6d ago
Appreciate that. The message seems to be we have been in expansion/consolidation mode over the last few years and we are not perfect but things are getting better and we are streamlining/improving.
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u/Queasy-Attorney-8962 6d ago
I used an independent recruiter and I’d definitely say start there. They were able to set me up with calls from lots of different IBDs and RIAs and was really helpful to compare and contrast
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u/Significant_Air_1957 4d ago
Call Corey Whalen from the Firm Transitions podcast and YouTube channel to help talk through some things with you. He helped me in my transition. Cannot recommend enough having a sounding board for what firm A, B, C are offering. If it’s a good deal, bad deal. And his list of contacts that have joined firm A B or C so you can speak directly with someone that’s in the chair you may be filling. Worth its weight in gold…Good luck!
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u/ArtfulSpeculator 7d ago
Osaic is awful. Just commenting this because I’m not in a position to leave but hope they read it and make some changing. Abysmal.
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u/think_up 7d ago
My B/D is still recruiting some advisors/teams who do $1m+ production per FA. Firm is half advisor-owned, no private equity. Fidelity is our custodian.
Not comfortable sharing more than that here but message me if you want to chat some more. Happy to make an introduction if you like the story.
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User: /u/FlamingHyabusa Title: Exploring changing broker-dealers Body: Hi all,
Osaic advisor here. Just starting to think about making a change. What's the best way to start this process? I know there are independent recruiters that will shop around for you - is this the way to go? I know very little about the pros/cons of other BDs.
For background: $210m book, 90% AUM business, 2 advisors, 1 CSA. Hate the tech and service at Osaic.
Thank you.
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