Lincoln Financial Group Completes Sale of Wealth Management Business to Osaic, Inc.
RADNOR, Pennsylvania, May 6, 2024–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) announced today that it has completed the sale of its wealth management business, including all equity interests in the Lincoln subsidiary entities comprising that business, to Osaic, Inc. ), one of the largest providers of wealth management solutions in the country. The sale provides Lincoln with approximately $650 million in capital benefits, which the company will primarily use to increase its risk-based capital ratio. Lincoln also plans to use a portion of the capital benefit to reduce its leverage ratio.
“Lincoln is focused on continuing to execute on our strategic business pillars, leveraging our core strengths to expand our individual insurance solutions and workplace solutions businesses and providing long-term value to all of our stakeholders,” he said. Ellen Cooper, Chairman, President and CEO of Lincoln Financial Group. “We look forward to our long-term strategic partnership with Osaic as we continue to provide financial professionals with products and solutions that will help them better serve their clients.”
Lincoln first announced its definitive agreement to sell its independent broker-dealer and registered investment advisory firms – Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS) – to Osaic in December 2023. As a result of the closing As of today’s transaction, the entities, which comprise a nationwide network of approximately 1,450 financial professionals, along with Lincoln’s remote employees supporting the wealth management business, will transition to Osaic.
Lincoln maintains all aspects of Lincoln Financial Distributors (LFD), its industry-leading wholesale distribution franchise, which drives organic growth across Lincoln’s distinct retail product value propositions through a broad distribution network. Lincoln also maintains its independent agent channel, which is now part of LFD. Additionally, as part of the transaction, LFD is further expanding its strong distribution relationship with Osaic, including the network of financial professionals who will transition as part of this transaction, and Osaic’s broader network of financial professionals.
About Lincoln Financial Group
Lincoln Financial Group helps people plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers rely on our guidance and solutions across four core businesses – annuities, life insurance, group protection and retirement plan services. As of March 31, 2024, the company had $310 billion in end-of-period book balances, net of reinsurance. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the trade name of Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
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