LPL Financial has attracted an advisory team managing $615 million in client assets from rival firm Osaic.

As reported by AdvisorHub, Wealthstead Financial Advisors decided to join LPL after their previous affiliation with Lincoln Financial, which was acquired by Osaic in May.

The shift comes as part of a broader trend in the industry, where firms like LPL are capitalizing on transitions within competitors. LPL, the largest independent broker-dealer with over 23,000 advisors, has been particularly active in recruiting advisors from Osaic, following its internal consolidation efforts. Wealthstead's move marks the 13th team LPL has recruited from Osaic this year.

Osaic, formerly known as Advisor Group, has faced challenges during its rebranding and consolidation process, which has led to some advisor departures. Despite managing $653 billion in assets and having around 11,600 advisors, the firm continues to see key personnel and teams transition to competitors like LPL.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.