Osaic Lands $575 Million Tri-State Team as LPL Adds Wayne McCormick With $340 Million
Updated
Updated · InvestmentNews · Jun 30
Osaic Lands $575 Million Tri-State Team as LPL Adds Wayne McCormick With $340 Million
2 articles · Updated · InvestmentNews · Jun 30
Summary
Tri-State Financial Group shifted its $575 million Cincinnati practice into Osaic’s W-2 Empowered Independence channel, framing the move as a succession plan to preserve client continuity rather than a strategic break.
Wayne McCormick separately joined Linsco by LPL to launch McCormick Private Wealth with about $340 million, saying LPL’s technology and practice flexibility drove his exit from Steward Partners.
Osaic said the structure gives veteran teams a lower-burden path to continuity and next-generation leadership; advisor Rhonda Matarese said it also creates a gradual route to taking on a broader client base.
The Tri-State move extends a recent run of larger teams into Osaic’s channel, including Pointes North Wealth Management at $500 million and Gateway Investments at $1.5 billion.
LPL cast McCormick’s launch as another independent-practice win for a platform that supports more than 32,000 advisors and roughly $2.3 trillion in brokerage and advisory assets.