WealthManagement.com reported on October 20, 2026 that ICG next, a wealth management firm based in Wall Township, New Jersey, has left LPL Financial to join Osaic, an independent broker/dealer. The group launched with LPL in 2019 and is led by James Costabile. WealthManagement.com's report is the starting point for this article. Additional details come from AdvisorHub and from firm and regulatory records, as attributed below.
The size of the team is reported differently across outlets. AdvisorHub put the group at 22 advisors, saying they managed $2.3 billion in client assets at LPL, based on an announcement. WealthManagement.com gave a different count, roughly $2.3 billion in client assets and around 21 advisors, with client service and operations employees also counted as part of the team. Both figures measure client assets, not the price of the move or the firm's revenue. AdvisorHub also reported, citing registration records, that the team joined Osaic in Wall Township on a Friday and that the firm has an office in Melville, New York.
Costabile told AdvisorHub, as that outlet reported, that the group had spent close to a year seeking a new home before an industry recruiter brought Osaic to their attention. He told AdvisorHub that Osaic's approach to building a community with its advisors appealed to the group. WealthManagement.com summarized his reasoning as a preference for the large-scale resources Osaic offers, combined with a more personal, relationship-focused approach.
Shannon Reid, Osaic's president and head of advisor growth, told WealthManagement.com that the company wants to combine the resources of a large firm with a smaller-feeling, more personal environment for advisors. Reid further contended that Osaic is in competition with both big independent broker/dealers and RIA consolidators, and said consolidators fall short on the autonomy they claim to provide. Osaic stated that ICG next has grown to nearly three times its size since 2019, and that its growth plans rely on bringing in advisors, completing acquisitions and expanding organically.
Osaic is headquartered in Scottsdale, Arizona, and was formerly known as Advisor Group. The firm adopted the Osaic name on June 21, 2023, as part of an effort to combine its eight firms under a single brand. WealthManagement.com described the consolidation, which it said began in 2023, as involving the integration of eight affiliated broker/dealers, and noted that Osaic suffered advisor attrition during it. Osaic says it supports approximately 11,000 financial professionals and is a portfolio company of Reverence Capital Partners. Its president and chief executive is Jamie Price. In June 2025 Osaic announced it was acquiring CW Advisors, a Boston-based RIA with $13.5 billion in fee-only client assets. In July 2025, Osaic acquired a majority interest in Innovative Wealth Team, which focuses on succession planning and has roughly $700 million in assets. WealthManagement.com also noted that Osaic recently drew advisors away from Commonwealth Financial Network, which LPL acquired last year.
Costabile spent about 16 years as an advisor at Ameriprise before moving to LPL, according to BrokerCheck as cited by WealthManagement.com. AdvisorHub reported that he began his career at Ameriprise in 2002. Forbes lists the firm's principals as Costabile, Michael Bonevento and Craig Laday. The firm's own website describes an advisory practice serving multigenerational families and states an advisor-to-client ratio of 125 to 1, compared with an industry average it puts above 400 to 1. That ratio is a figure the firm itself states.
The move also runs in the other direction. AdvisorHub reported that LPL recently hired Legacy Financial Group, which oversaw $175 million at Osaic. WealthManagement.com noted that LPL's recruited assets rose 35% from a year earlier in the second quarter. The sources differ on the advisor headcount, and none of the reports describes the terms of the move. Osaic's stated plans center on recruiting, acquisitions and organic growth, and how ICG next's client relationships and staff settle into the new firm remains to be seen.