Debra Brennan Tagg, who leads Dallas-based BFS Advisory Group with $318 million in shopper property, has left Osaic to hitch NewEdge Advisors, a New Orleans–primarily based 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 shopper help workers.
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 Final April, the outdated Advisor Group, one of many largest networks of impartial dealer/sellers, introduced it could merge its multi-brand community right into a single entity with a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 identify. Just a few months later, the firm rebranded as Osaic.
“At BFS Advisory Group, we continually attempt to enhance our shopper expertise in order that our purchasers are assured of their monetary selections, and we need to deliver that confidence to a wider group of individuals,” Brennan Tagg stated in a press release. “It’s this method that additionally attracts prime advisors and repair professionals to hitch our workforce. After a rigorous due diligence course of, we selected NewEdge Advisors as our companion for the following part of our agency so we will present an enhanced funding platform with the know-how and companies that our purchasers and advisors want.”
Her workforce is the newest of a number of departures from Osaic in current months. Final month, two advisory groups representing greater than 30 advisors and $4 billion in shopper 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 Worth stated the agency anticipated some advisor attrition when launching the combination 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 means of the Osaic rebranding.
Worth additionally stated it was “self-evident” that recruiters would reap the benefits of the modifications (which Osaic calls the ‘Journey to One’) to attempt to entice advisors to different corporations 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 is not how they work.”
NewEdge Advisors is a part of the NewEdge Capital ecosystem that features two RIAs and a dealer/seller. 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 current groups.