Osaic, previously Advisor Group, is lowering costs for its advisors and introducing a brand new advisor portal because it goals to advertise unity among the many ranks following its rebrand in June.
“We all know that our pricing may be obscure. To that finish, we’re simplifying pricing throughout our complete ecosystem,” Greg Cornick, president of recommendation and wealth administration at Osaic, mentioned on the agency’s 2023 ConnectED Convention on Monday.
For starters, Cornick mentioned the agency will make advisory pricing on its wealth administration platform “extra streamlined and cheaper.” Beginning in April subsequent 12 months, the agency will “simplify and decrease AMP [advisor managed portfolios] ticket and wrap pricing for advisors with advisory belongings above $50 million,” he mentioned.
Particularly, AMP ticket pricing for advisors can be seven foundation factors for these with $50 million to $100 million in consumer belongings, 5 foundation factors for these with $100 million to $150 million, three foundation factors for these with $150 million to $250 million, one foundation level for these with $250 million to $500 million and nil foundation factors for these with greater than $500 million, based on the agency. AMP wrap pricing can be 14 foundation factors, 11 foundation factors, 9 foundation factors, six foundation factors and 4 foundation factors for a similar consumer asset tiers, respectively, based on the agency.
An Osaic spokesperson didn’t present, as of this publication’s deadline, specifics on the agency’s present pricing however mentioned the modifications are “a primary step and the agency can be simplifying pricing for everybody because it continues to boost operations beneath the Osaic model.”
The agency additionally unveiled a brand new portal for advisors dubbed OneHub.
“While you have a look at what you might want to do immediately to seek out the digital instruments and content material that can provide help to develop your online business sooner, it may possibly really feel time consuming and irritating. We have now over 70 completely different apps on the market, a whole lot of information sources, completely different dashboards, completely different programs scattered throughout quite a few platforms. Our objective with OneHub was to deliver all of that collectively into one expertise,” Pete Clemson, govt vp and chief digital officer at Osaic, mentioned on the convention.
OneHub, which capabilities on desktop and cellular units, makes use of a single username and password to supply customers with entry to all of these platforms, based on Clemson. It options international navigation, content material comparable to information occasions, sources and alerts in addition to a brand new app retailer for locating and implementing apps, Clemson added.
The agency can also be creating a data-focused dashboard that gives advisors with visibility into enterprise efficiency, family knowledge, consumer knowledge and account-specific knowledge, based on Clemson.
In the meantime, as his agency seems to be to deliver the eight unbiased broker-dealer corporations on its community beneath a single banner, Osaic Chief Government Officer and President Jamie Worth performed down the likelihood that the agency’s rebrand is a pathway to taking the corporate public. The agency “might IPO immediately” however chooses to not, based on Worth.
“I don’t suppose it issues whether or not we’re one Osaic or whether or not we have been within the outdated mannequin. The rationale behind when to go public or to not go public actually has nothing to do with construction — it has extra to do with is it the correct time for our firm. I personally occur to love the truth that we’re personal,” he mentioned on the convention.
