Osaic, previously Advisor Group, says it’s shopping for broker-dealers and RIAs Lincoln Monetary Advisors and Lincoln Monetary Securities. The 2 wealth administration corporations are owned by Lincoln Nationwide Corp., which does enterprise as Lincoln Monetary Group.

The transaction, based on Lincoln, ought to present it with some $700 million upon closing,

The deal might add about 1,450 advisors and roughly $108 billion in property — $71 billion in property below administration and $38 billion in property below administration — to Osaic’s 10,500-plus monetary professionals and its over $500 billion in AUA. 

“We’re excited to welcome Lincoln Wealth’s spectacular management workforce, monetary advisors and different devoted staff to Osaic. This acquisition was pushed by the robust partnership between Osaic and Lincoln Monetary Group which is able to proceed into the longer term,” mentioned Osaic CEO Jamie Value.

Lincoln’s wealth enterprise was based in 1969. It’s led by David Berkowitz and its two wealth teams will be a part of Osaic as stand-alone entities following the completion of the transaction, based on a press launch.

“Osaic is an organization we’ve come to know properly. … and we imagine that collectively, we are able to support advisors’ progress in new methods,” mentioned Berkowitz, in a press release.

Osaic is owned by Reverence Capital Companions, a financial-services centered personal fairness group, which is looking for to promote as much as 20% of its stake within the wealth administration agency, it was reported earlier this month.

Its stake in Osaic — which incorporates Osaic Wealth, Triad Advisors, Osaic Establishments and Woodbury Monetary Companies — is estimated to be price $2.5 billion.