Debra Brennan Tagg, who leads Dallas-based BFS Advisory Group with $318 million in consumer property, has left Osaic to hitch NewEdge Advisors, a New Orleans–based mostly registered funding advisory platform with $28.5 billion in property.
Brennan Tagg is joined by Affiliate Wealth Advisors Erin Neece and Hollis Stuckert, Portfolio Analyst Bradley Rouse and three agency and consumer assist employees.
Brennan Tagg began her profession in 1999 with FSC Securities, which was consolidated into Osaic late final 12 months. Final April, the outdated Advisor Group, one of many largest networks of impartial dealer/sellers, introduced it could merge its multi-brand community right into a single entity with a brand new title. Just a few months later, the corporate rebranded as Osaic.
“At BFS Advisory Group, we continually try to enhance our consumer expertise in order that our shoppers are assured of their monetary selections, and we need to carry that confidence to a wider group of individuals,” Brennan Tagg stated in an announcement. “It’s this strategy that additionally attracts prime advisors and repair professionals to hitch our staff. After a rigorous due diligence course of, we selected NewEdge Advisors as our associate for the following part of our agency so we are able to present an enhanced funding platform with the expertise and companies that our shoppers and advisors want.”
Her staff is the most recent of a number of departures from Osaic in latest months. Final month, two advisory groups representing greater than 30 advisors and $4 billion in consumer property, decamped for LPL Monetary. Lutherville, Md.-based Academy Monetary and Berwyn, Pa.-based PFG Advisors have been beforehand with Lincoln Monetary’s wealth enterprise, earlier than Osaic acquired it earlier this 12 months.
In an interview with WealthManagement.com, Osaic CEO Jamie Value stated the agency anticipated some advisor attrition when launching the mixing of the legacy b/ds, noting that there was “no shock” on their attrition numbers and that they have been “proper on plan’ with what they anticipated going by way of the Osaic rebranding.
Value additionally stated it was “self-evident” that recruiters would reap the benefits of the adjustments (which Osaic calls the ‘Journey to One’) to attempt to entice advisors to different companies and disputed that the agency’s personal fairness possession was inspiring advisors’ departures.
“I feel it is extra across the change inside the corporate,” he stated. “And I feel there is a misnomer {that a} personal fairness agency is available in they usually say, ‘properly, you are going to do ‘Journey to One,’ and it isn’t how they work.”
NewEdge Advisors is a part of the NewEdge Capital ecosystem that features two RIAs and a dealer/vendor. It represents the agency’s standard impartial channel, whereas NewEdge Wealth predominantly works with ultra-high-net-worth households. The RIA has added 24 different groups representing 56 new advisors, with one other 18 built-in into present groups.
