Osaic Took A $275M Family Firm From LPL. LPL Took A Growth-Minded Team Back.

Wealth Management

Aug 20

Osaic and LPL Financial traded advisor teams in opposite directions on the same day in August 2025, producing an unusually clean snapshot of how competitive the independent wealth market had become. Osaic recruited Southern California-based Providence Wealth Planning from LPL with approximately $275 million in client assets, while LPL and Financial Resources Group added Coastal Wealth Management Group from Osaic with about $175 million in advisory, brokerage and retirement plan assets.

The combined $450 million makes an easy headline. The motives behind the moves are more useful. Providence was a family-owned practice entering a new stage of succession and leadership development as Kyle Massey joined father Mark and brother Ian Massey. The team cited technology, succession resources, culture and long-term growth when choosing Osaic. Coastal Wealth was approaching growth from another direction. The Mississippi practice wanted more capacity, newer technology and stronger acquisition capabilities and joined LPL only after George Cumbest said he had spoken with roughly 30 advisors and assistants about their experience with the platform.

That difference gives the recruiting exchange a stronger editorial thesis than simply declaring one broker-dealer the winner. Osaic won a practice trying to institutionalize a family enterprise across generations. LPL won a practice looking for infrastructure to expand through acquisitions and new client niches.

The rest of the original InvestmentNews roundup reinforced the same point. Ameriprise recruited 28-year industry veteran Vince Abio from Merrill Lynch with more than $120 million and separately replaced Osaic behind ChoiceOne Bank’s approximately $780 million investment program in Michigan. One news day therefore produced four transitions involving four different growth problems: succession, M&A, experienced-advisor recruiting and institutional distribution.

A year later, the distinction matters even more. Providence remains affiliated with Osaic and has expanded its advisory bench, while Coastal’s current website continues identifying LPL as its broker-dealer and registered investment adviser. Meanwhile, industrywide recruiting data show LPL finishing 2025 with a large net advisor gain while Osaic recorded a substantial net decline. Individual recruiting wins were real, but they never told the entire competitive story.

TL;DR

Osaic recruited Providence Wealth Planning from LPL: The Southern California practice brought approximately $275 million in client assets after more than nine years with LPL.
Providence was a succession-oriented recruit: Mark and Ian Massey founded the firm, while Kyle Massey joined as managing partner after a 20-year career that included more than 15 years with E*TRADE and Morgan Stanley.
LPL took Coastal Wealth from Osaic: The Ocean Springs, Mississippi team brought about $175 million through Financial Resources Group.
Coastal was focused heavily on future growth: The team cited technology, greater client-service capacity, stability and LPL’s M&A capabilities.
Cumbest conducted unusual peer diligence: He said he spoke with about 30 LPL advisors and assistants before the move.
The Coastal move was also a return: Cumbest had previously been with LPL from 2010 to 2015.
Providence has continued adding talent: Its current team includes newer professionals such as Rick Higbee, who joined in late 2025, and Eric Johnson, who joined in 2026.
Both original affiliations remain visible today: Providence’s site discloses Osaic Wealth while Coastal’s site discloses LPL Financial.
Ameriprise won two different Osaic-related moves in the same roundup: It recruited Vince Abio from Merrill and took over ChoiceOne Bank’s $780 million investment program from Osaic.
The full-year scoreboard favored LPL: Wolfe Research data later cited by NJ Financial News showed LPL gaining 601 net advisors in 2025 while Osaic declined by 483. Different datasets can define advisor movement differently, so those figures should be treated as one industry measure rather than a perfect census.

One Recruiting Day Produced Four Different Practice Decisions

The InvestmentNews roundup becomes more informative when its moves are separated by the business problem each advisor organization was trying to solve.

Practice Or Program

Reported Assets

Move

Primary Strategic Need

Providence Wealth Planning

$275M

LPL → Osaic

Family succession, technology and long-term growth

Coastal Wealth Management

$175M

Osaic → LPL

Capacity, technology and acquisition support

Vince Abio

$120M+

Merrill → Ameriprise

Planning resources and bank-channel opportunity

ChoiceOne Wealth Management

$780M

Osaic → Ameriprise

Institutional wealth platform for a growing bank

All four changes moved assets between national firms.

They were not the same transaction repeated four times.

Providence was restructuring a family enterprise around its next generation. Coastal was looking outward toward acquisitions and specialized new markets. Abio was moving into an established bank-based practice, while ChoiceOne Bank was selecting infrastructure for an entire institutional wealth program.

That variety helps explain why advisor recruiting statistics can become misleading when every move is reduced to one column of assets won and another of assets lost.

The advisor is choosing a future operating model.

Providence Was A Succession Recruit Disguised As A Broker-Dealer Move

Providence Wealth Planning was founded in 2016 by Mark and Ian Massey and had offices in Corona and Mission Viejo when Osaic announced the affiliation. The practice focused on financial planning, wealth advice and retirement planning and had spent more than nine years with LPL.

Those facts alone would make Providence another midsize independent RIA changing broker-dealers.

Kyle Massey changed the meaning of the transaction.

One Platform Change Brought Three Masseys Into The Business

Kyle joined Providence as managing partner as the firm moved to Osaic. He brought approximately 20 years of experience, including more than 15 years with the E*TRADE and Morgan Stanley organization. Mark remained president and CEO, while Ian continued as a co-founder and financial advisor.

Providence’s own current marketing now explicitly describes Mark, Ian and Kyle as the owners of the family business.

That transforms succession from an abstract planning issue into a visible operating structure.

Mark has more than 30 years in financial services. Ian started his advisory career in 2013. Kyle brings another long career that included both advisor and branch-management responsibilities. The practice therefore has multiple generations and different forms of operating experience already inside the ownership group.

For Osaic, that makes the $275 million more durable if the family executes the transition successfully.

The platform is not simply supporting Mark Massey’s current client relationships.

It has an opportunity to remain underneath those relationships as leadership becomes more distributed among the next generation.

Succession Support Was Not Marketing Fluff For This Team

Providence specifically identified succession planning support as one of Osaic’s differentiators alongside technology and an advisor-first culture.

For a family practice, those capabilities can affect far more than a retirement date.

Succession can require decisions around:

ownership percentages,
management authority,
client segmentation,
compensation,
enterprise valuation,
financing,
leadership development,
continuity agreements,
and which family member handles which responsibilities.

A broker-dealer does not make those decisions for the family.

A platform can provide tools, consultants and infrastructure that make the transition easier to implement.

The Client Succession Comes Before The Ownership Succession

One of the biggest risks in multigenerational practices is confusing legal ownership with relationship ownership.

A younger family member may inherit equity.

Clients still decide whom they trust.

Providence therefore needs Mark’s clients to develop meaningful relationships with Ian, Kyle and the broader advisory staff before any eventual leadership transition becomes urgent.

That process can take years.

A client who has worked with the same advisor for decades may need repeated meetings with the next generation before viewing that person as a true successor rather than simply the founder’s son.

This is where the timing of Providence’s platform decision matters. The family made the change while all three Masseys could participate in the business instead of waiting for retirement to force a hurried transfer.

Providence Has Kept Building After The Osaic Move

The current Providence organization provides useful hindsight.

Its website continues identifying Osaic Wealth as the broker-dealer and advisory platform supporting the practice. It also lists a deeper team than the original 2025 announcement, including Rick Higbee and Eric Johnson as vice presidents of wealth planning along with additional operations and service personnel.

Higbee joined in December 2025 after 19 years with Trilogy Financial and an LPL affiliation, giving Providence another experienced advisor after the original Osaic move.

Johnson joined in 2026 after more than 12 years at his prior firm, according to Providence’s current biography.

Those additions do not prove Osaic caused Providence to grow.

They do show that the firm remained on the platform and continued expanding its advisor bench after the switch.

Succession Became A Broader Talent Strategy

Providence now has more than one way to create continuity.

The family ownership group provides generational succession.

Experienced outside recruits provide additional capacity.

Younger staff and client-service professionals broaden the operating organization.

That matters because a sustainable family business cannot depend solely on transferring one founder’s clients to one child.

A growing firm needs enough professionals to serve relationships that may continue expanding even as senior leadership changes.

Providence’s post-move development therefore looks more like enterprise building than a simple father-to-son succession.

Coastal Wealth Chose LPL For A Different Reason: It Wanted To Buy Growth

Coastal Wealth Management Group entered LPL through Financial Resources Group Investment Services with approximately $175 million in advisory, brokerage and retirement plan assets.

The Ocean Springs team included Lloyd Baxter, George Cumbest, Darryl Meadows and Timothy Taranto. All four had deep roots in the Mississippi Gulf Coast, and the group served business owners, pre-retirees and retirees.

The team also wanted to expand beyond those traditional segments.

LPL said Coastal had ambitions to work with musicians and college athletes, reflecting Cumbest’s involvement with the Mississippi Songwriter Alliance.

This was not a succession-first recruiting story.

It was a capacity and expansion story.

LPL’s Acquisition Infrastructure Was A Deciding Factor

Cumbest specifically cited LPL’s strong acquisition footprint as one reason the team moved.

That is one of the most strategically useful details in the entire InvestmentNews roundup.

Coastal was not evaluating the platform only for its current $175 million.

It was asking whether LPL could help the practice become larger.

LPL currently markets a dedicated M&A Solutions program covering valuation, due diligence, seller support and post-closing integration. The company positions the resources as a way to reduce the amount of advisor attention required to execute acquisitions.

For a growth-minded independent practice, that can become a recruiting advantage.

Buying another advisor’s book requires far more than finding a seller.

The buyer may need financing, valuation analysis, succession planning, client communication, data conversion and post-close integration.

A national platform that makes those tasks easier can increase the number of deals a smaller advisory business is capable of executing.

Coastal Did Not Rely On The Recruiter’s Pitch

Cumbest’s due diligence stands out because he said he spoke with approximately 30 advisors and assistants about their LPL experience before deciding to move.

He reported receiving positive feedback and pointed to updated technology, support resources, acquisition capabilities and expected stability as reasons the practice selected LPL.

That is a stronger recruiting mechanism than a presentation from business development alone.

Peer Validation Reduces Platform Risk

Changing broker-dealers exposes an independent practice to substantial operational uncertainty.

The advisor can read marketing materials.

Another advisor can explain:

whether service actually answers,
how technology performs during busy periods,
what transitions feel like,
whether compliance is predictable,
how quickly problems escalate,
and whether the recruiting experience matches daily life after the move.

Talking with 30 people gives Coastal a much broader sample than relying on one reference selected by the recruiter.

It also suggests the team viewed the transition as an enterprise-level decision rather than merely shopping for economics.

That diligence may be especially valuable because Cumbest already knew LPL.

He had been affiliated with the company from 2010 to 2015.

Returning after a decade meant he could compare the current platform with both his earlier LPL experience and the years spent elsewhere.

Financial Resources Group Was More Than A Name Between Coastal And LPL

Coastal did not join LPL as an isolated practice.

It entered through Financial Resources Group Investment Services.

That matters because LPL had already acquired Financial Resources Group in January 2023. The original transaction was intended to expand LPL’s addressable market and strengthen its growth capabilities, particularly around financial institutions and large advisor communities.

By 2025, the acquired organization was helping recruit another former Osaic practice onto the LPL platform.

That makes Coastal an example of M&A supporting later recruiting.

LPL Bought A Recruiting Intermediary And Then Used It

Large branch organizations can provide more than supervision.

They can deliver:

recruiting,
practice consulting,
local support,
advisor relationships,
technology assistance,
transition help,
and M&A guidance.

NJ Financial News’ analysis of Financial Resources Group has examined why large OSJs and branch organizations can become strategic assets rather than merely compliance structures.

Coastal illustrates the model in practice.

LPL owned the national platform.

Financial Resources Group provided another relationship and consulting layer.

Coastal retained its local identity.

That architecture lets LPL recruit advisors without requiring every practice to experience the company in exactly the same way.

Coastal Remains On LPL’s Platform

Current Coastal Wealth Management Group materials still identify the practice in Ocean Springs and list an LPL email address for its team. The website states that securities and advisory services are offered through LPL Financial.

Again, staying does not prove every expectation behind the transition was fulfilled.

It confirms that the practice remains affiliated a year after the original recruiting announcement.

That is relevant because recruiting is only economically useful if the relationship survives after assets finish moving.

A broker-dealer wins twice when an advisor joins and then uses the platform to grow.

It wins far less if the recruit becomes another departure several years later.

Osaic And LPL Each Won The Practice That Better Matched Its Pitch

Viewed together, Providence and Coastal show two different recruiting propositions.

Providence / Osaic

Coastal / LPL

Family-owned practice

Multi-advisor regional practice

Three Masseys entering leadership structure

Four Gulf Coast advisors

Succession planning emphasized

Acquisitions emphasized

Culture and values emphasized

Technology and stability emphasized

Long-term family continuity

New client niches and inorganic growth

$275M client AUA

$175M advisory, brokerage and retirement assets

The distinction does not mean Osaic lacks acquisition support or LPL lacks succession resources.

Both large platforms offer broad capabilities.

It shows which capabilities mattered enough to these specific practices to appear in their explanations for moving.

That is increasingly how advisor recruiting works.

The broad product shelf has become table stakes.

The differentiator is whether the platform solves the practice’s next problem.

The Same-Day Exchange Shows Why Recruiting Press Releases Can Mislead

If Osaic had announced Providence alone, readers could conclude it was successfully taking business from LPL.

If LPL had announced Coastal alone, the opposite interpretation would be equally easy.

Both happened on the same day.

That is a useful warning about interpreting advisor moves one press release at a time.

Gross Recruiting And Net Recruiting Are Different Metrics

A platform can recruit billions of dollars and still shrink if more advisors leave.

Another can lose several visible teams while producing strong overall net growth.

Later Wolfe Research data cited by NJ Financial News showed LPL with a net gain of 601 advisors during 2025. The same analysis showed Osaic down 483.

Those figures provide broader context around the Providence-Coastal exchange.

Osaic’s Providence win was meaningful.

It did not erase the firm’s wider retention challenge.

LPL’s Coastal win was meaningful too, but its strong full-year number still included departures to firms such as Osaic, Raymond James and others.

This is why one advisor announcement should never become a universal verdict on a national platform.

LPL’s Scale Advantage Became Much Larger After 2025

LPL has continued expanding beyond the platform Providence left and Coastal joined.

Its second-quarter 2026 results reported $2.6 trillion in total client assets and $89 billion of recruited assets over the preceding 12 months.

The company has also continued acquiring and investing in advisor organizations, including the Commonwealth Financial Network transaction and its 2026 agreement involving Mariner Advisor Network and Private Advisor Group.

That scale strengthens LPL’s recruiting proposition around M&A and technology.

It also creates a countervailing risk.

Large organizations can become harder for midsize practices to navigate.

Scale Only Matters If Coastal Can Use It

A $175 million practice does not benefit because LPL has trillions in total assets by itself.

The value appears when LPL’s scale produces something Coastal can apply, such as:

acquisition assistance,
financing access,
technology,
marketing tools,
client-service capacity,
planning resources,
succession support,
or specialist expertise.

If those resources remain difficult to access, national scale becomes mostly an investor statistic.

Coastal’s original recruiting rationale gives LPL a measurable challenge.

The team joined partly because it wanted more capacity and a stronger acquisition footprint.

Future growth should show whether the proposition worked.

Osaic’s Scale Story Is Now In Its Post-Integration Phase

Osaic has also changed materially since Providence joined.

Reverence Capital Partners said in April 2026 that Osaic supported approximately 10,000 financial professionals and $747 billion in client assets under administration as of March 31. The company simultaneously completed a recapitalization involving more than $2 billion of new capital funded at closing.

Osaic has described its Journey to One consolidation as complete, shifting the strategic focus toward advisor growth and making the unified platform work more effectively.

That matters for Providence.

The Masseys selected Osaic partly for technology and long-term growth support.

The post-integration period is when Osaic has to prove those promises translate into an easier business environment.

Providence Can Become A Useful Retention Proof Point

Providence remained with Osaic and subsequently added experienced advisors.

That does not erase Osaic’s broader 2025 net advisor decline.

It provides a narrower piece of evidence that a family-oriented practice could join during the consolidation period and continue building afterward.

For Osaic’s recruiters, those examples matter.

Competitors can point to headline attrition.

Osaic needs practices capable of saying the platform is working for their specific business.

Ameriprise Quietly Won The Largest Asset Relationship In The Roundup

The Providence and Coastal moves received the clearest head-to-head framing because they exchanged advisors between Osaic and LPL.

Ameriprise actually announced the largest asset relationship covered in the original roundup.

ChoiceOne Bank selected Ameriprise Financial Institutions Group to support a wealth program consisting of 10 financial advisors and two support professionals overseeing approximately $780 million. The relationship moved from Osaic.

ChoiceOne had more than $4.3 billion in bank assets and 56 Michigan branches at the time, according to the InvestmentNews report.

The distinction from Providence and Coastal is crucial.

Ameriprise was not simply recruiting one independent advisor business.

It was winning a financial institution.

Bank Programs Create A Different Kind Of Platform Leverage

A bank wealth relationship can provide access to customers who already use the institution for deposits, loans and business banking.

That gives advisors a potential referral ecosystem unavailable to an ordinary stand-alone practice.

ChoiceOne’s current website continues directing wealth-management visitors to Ameriprise, confirming the relationship remains in place.

For Ameriprise, the economic opportunity is therefore larger than the original $780 million book.

The platform can potentially support future referrals from the bank’s broader customer base.

Institutional Recruiting Is About Distribution, Not Portability

When an independent advisor changes broker-dealers, the key question is how much client business follows.

A bank program creates another layer.

The institution itself can continue producing prospective wealth relationships.

That means the platform competes for:

existing assets,
advisor talent,
bank referrals,
future affluent clients,
business-owner relationships,
and the institution’s local brand.

This is why the ChoiceOne move should not simply be placed below Providence because the asset figures differ.

The economics work differently.

Vince Abio Added The Individual-Advisor Version Of Ameriprise’s Strategy

Ameriprise also recruited Vince Abio, a 28-year industry veteran who had managed more than $120 million at Merrill Lynch.

He joined S&T Financial Services, an Ameriprise Financial Institutions Group practice tied to S&T Bank. The broader S&T operation had 15 advisors and four support professionals managing more than $1.4 billion in brokerage assets when Ameriprise announced the recruit.

This created another variation on the bank-channel model.

Abio was an individual advisor recruit.

He joined a distribution environment already attached to a banking institution.

The Bank Can Become Part Of The Recruiting Proposition

A veteran Merrill advisor moving into a bank-affiliated practice is not simply comparing home-office technology.

The destination may provide access to an established local client ecosystem.

For Ameriprise, the financial institutions channel therefore serves two purposes.

It recruits banks.

It can also help recruit advisors into those banks.

That creates a reinforcing growth model if both sides work well.

Three Platforms Were Really Competing Over The Next Stage Of Each Business

The original roundup appears to be about assets moving among firms.

The deeper competition was over what each practice hoped to become.

Providence wanted a durable family enterprise.

Coastal wanted a larger regional practice with acquisition capacity.

ChoiceOne wanted a stronger institutional wealth program.

Abio moved into an established bank-advisor organization.

That suggests a useful recruiting framework.

Advisors Should Ask A Different Question Before Comparing Platforms

Instead of starting with:

Which broker-dealer is biggest?

A practice can start with:

What do we need to become over the next five years?

The answer may expose the more relevant platform requirements.

A family practice may prioritize succession, equity and next-generation development.

An acquisition-minded firm may prioritize capital and integration support.

A high-net-worth practice may prioritize alternatives and lending.

A bank program may prioritize referrals, compliance and institution-specific technology.

A solo advisor may prioritize administrative support.

Platform fit becomes easier to evaluate once the future business model is defined.

Succession And M&A Are Increasingly Becoming The Same Conversation

Providence and Coastal initially look like opposites.

One emphasizes family succession.

The other emphasizes acquisitions.

Those paths can eventually converge.

A retiring advisor without an internal successor may sell a book to a firm such as Coastal.

A family practice such as Providence may someday acquire another advisor to create scale for its next generation.

That is why large broker-dealers invest in both succession and acquisition infrastructure.

An Advisor’s Exit Can Become Another Advisor’s Growth Strategy

Consider the market mechanics:

A veteran advisor approaches retirement.
No internal successor exists.
The practice seeks an external buyer.
A younger or multigenerational firm acquires the relationships.
The broker-dealer helps finance or transition the transaction.
Client assets remain on the platform if buyer and seller share the same custodian or broker-dealer.

The platform benefits because assets that might otherwise leave can stay inside its ecosystem.

This is one reason M&A assistance has become a competitive recruiting capability rather than a niche succession service.

NJ Financial News’ recent analysis of RIA consolidation has similarly emphasized aging founders and succession gaps as major drivers of advisor M&A.

Providence and Coastal simply approach that same market from different sides.

Clients Should Care About The Reason Their Advisor Moved

Broker-dealer changes are often explained to clients in broad terms about better technology and more resources.

Those statements become more useful when translated into specific outcomes.

Providence clients should ultimately see whether Osaic helps maintain continuity as the Massey family transitions responsibilities and expands the advisory organization.

Coastal clients should see whether LPL helps the practice serve them more efficiently while expanding capabilities.

ChoiceOne clients should see whether the Ameriprise partnership creates stronger wealth planning while maintaining clear separation between bank products and investment products.

A Platform Move Should Solve A Client Problem Eventually

For Providence, that might mean knowing another generation of advisors is ready to continue the relationship.

For Coastal, it might mean deeper planning resources or specialists added as the practice grows.

For ChoiceOne, it might mean easier access to financial advice through an institution clients already know.

The transition itself creates inconvenience.

The long-term improvement should justify it.

The 2025 Recruiting Scoreboard Shows Why Isolated Wins Need Context

By the end of 2025, Wolfe Research data cited by NJ Financial News put LPL at a net gain of 601 advisors and Osaic at a net loss of 483. Raymond James added 313, while several other large institutions also experienced meaningful movement.

Those figures do not make Providence’s move unimportant.

They put it into perspective.

Osaic Could Win Providence And Still Have A Retention Problem

A strong recruiting organization can simultaneously add valuable practices and lose others.

The same applies to LPL.

Its strong full-year number did not stop firms such as Providence from choosing competitors.

That is normal in a market containing tens of thousands of financial professionals.

The important strategic question is whether a firm consistently attracts the types of practices it wants to build around while retaining enough of its existing advisor base to produce positive net growth.

For Osaic, that remains a critical post-consolidation test.

For LPL, the challenge is keeping service and flexibility strong as its scale becomes dramatically larger.

The Providence-Coastal Exchange Is A Better Recruiting Case Study Than A Winner-Loser Story

One firm gained $275 million.

The other gained $175 million.

It would be easy to award Osaic a $100 million victory based on the two announced numbers.

That calculation would be almost meaningless.

The asset figures were calculated differently, represent different practice structures and say nothing about future growth, profitability or retention.

Providence could become significantly more valuable if the next generation expands the family enterprise.

Coastal could become significantly more valuable if it executes multiple acquisitions.

The platform that received fewer assets on day one could eventually receive more value.

Future Growth Changes The Recruiting Economics

A useful recruiting analysis therefore needs at least four time horizons:

Day one: How many assets transitioned?
Year one: How many clients and advisors stayed?
Years two to five: Did the practice generate organic or acquisition growth?
Succession: Did the assets remain when founders retired?

The press release only answers the first.

The business case depends on all four.

Bottom Line: Osaic And LPL Did Not Trade The Same Kind Of Advisor Business

InvestmentNews captured a rare same-day exchange in August 2025.

Osaic recruited Providence Wealth Planning from LPL with approximately $275 million. LPL and Financial Resources Group recruited Coastal Wealth Management Group from Osaic with approximately $175 million.

At first glance, Osaic won the larger book.

The strategic details tell a different story.

Providence arrived with a family succession transition already underway. Mark and Ian Massey had founded the firm together, and Kyle Massey joined as managing partner at the same time the practice moved. Osaic’s succession support, technology and culture therefore addressed a very specific business need.

That relationship remains intact today. Providence continues disclosing Osaic Wealth and has expanded its advisory bench with additional professionals since the move.

Coastal arrived at LPL with different ambitions.

The Mississippi group wanted more service capacity, newer technology and stronger acquisition resources. Cumbest interviewed roughly 30 LPL advisors and assistants before making the decision and specifically cited the company’s acquisition capabilities as part of the appeal.

Coastal also remains on LPL today.

Ameriprise added another dimension by taking ChoiceOne Bank’s approximately $780 million investment program from Osaic and recruiting Vince Abio into another bank-affiliated practice. Those moves were about institutional distribution and advisor access to established banking relationships rather than the operating needs of an independent family RIA.

The full 2025 recruiting data later showed LPL producing far stronger net advisor growth than Osaic, reminding readers that one press release can never serve as a platform-wide scoreboard.

The real lesson from the August exchange is more useful.

Advisors are not simply choosing broker-dealers.

They are choosing infrastructure for the business they want to build next.

Providence needed a platform for generational continuity.

Coastal wanted infrastructure for expansion.

ChoiceOne needed an institutional wealth partner.

Abio wanted a new environment for a veteran advisory career.

The winning firm is therefore not always the one offering the largest platform or the biggest recruiting check.

It is the one whose resources match the practice’s next problem closely enough that the advisor is willing to move clients to get them.

Frequently Asked Questions About The Osaic And LPL Advisor Moves

Why Did Providence Wealth Planning Leave LPL For Osaic?
Providence Wealth Planning said it selected Osaic because of shared values, technology, succession-planning support and an advisor-first culture. The timing was especially important because the $275 million Southern California practice was expanding its family leadership structure. Founders Mark and Ian Massey were joined by Mark’s other son and Ian’s brother Kyle Massey, who became managing partner after a 20-year career that included more than 15 years with E*TRADE and Morgan Stanley. Providence remains affiliated with Osaic today and has continued adding advisory and support professionals.
Who Joined LPL From Osaic In Mississippi?
Coastal Wealth Management Group joined LPL through Financial Resources Group Investment Services with approximately $175 million in advisory, brokerage and retirement plan assets. The Ocean Springs, Mississippi team included Lloyd Baxter, George Cumbest, Darryl Meadows and Timothy Taranto. The practice serves business owners, retirees and pre-retirees and has also discussed expanding into niches such as musicians and college athletes. Coastal’s current website continues identifying LPL Financial as its broker-dealer and registered investment adviser.
Why Did Coastal Wealth Management Choose LPL?
Coastal said it wanted to increase its ability to serve clients, improve technology and gain resources for future growth. Cumbest also specifically cited LPL’s acquisition capabilities. He said he spoke with approximately 30 LPL advisors and assistants before moving and received positive feedback about their experiences. Cumbest had previously been affiliated with LPL from 2010 through 2015, making the 2025 transition a return to a platform he already knew in an earlier form.
Did LPL Or Osaic Win The 2025 Recruiting Battle?
One pair of advisor moves cannot answer that question, but later industry data provide wider context. Wolfe Research figures cited by NJ Financial News showed LPL posting a net gain of 601 advisors in 2025 while Osaic recorded a net decline of 483. Those figures represent one research methodology and do not make every Osaic recruiting announcement unsuccessful. Providence was a genuine Osaic win and remains on the platform. The broader figures simply show why gross recruiting announcements and net advisor growth should be analyzed separately.
What Other Advisor Moves Were Included In The InvestmentNews Report?
InvestmentNews also reported that Ameriprise recruited 28-year veteran Vince Abio from Merrill Lynch with more than $120 million in client assets. Abio joined S&T Financial Services within Ameriprise’s financial institutions channel. Separately, ChoiceOne Bank moved its roughly $780 million investment program from Osaic to Ameriprise. That program included 10 financial advisors and two support professionals, making it the largest asset relationship discussed in the original roundup.