An advisor and Marine Corps veteran with $190 million in managed assets is the latest departure from Osaic for LPL Financial, according to the independent broker/dealer.
Michael Carmichael has over 20 years of experience in the industry and is joining LPL with five support staff members. The company has registered offices in Tucson, Ariz., Englishtown, N.J. and Logan, Utah. The team offers clients various services, including investment, risk management, tax, retirement income and estate planning.
Carmichael said he gravitated toward LPL because they’re in a “better position” and growth opportunities are plentiful. He said LPL had already connected him with other advisors who were looking to retire soon as a way to grow his book of business.
“LPL is in growth mode, and so is my business,” he said in a statement. “As I look to expand my firm, I appreciate knowing I have the support and M&A experience of LPL behind me.”
Before becoming an advisor, Carmichael served in the Marines for eight years, including during the Gulf War. According to FINRA records, Carmichael joined the industry in 2001 before registering with Voya Financial Advisors for 16 years.
In 2020, he joined SagePoint Financial, a b/d of Advisor Group, which rebranded to Osaic in 2023. The rebranding included a plan to integrate all eight legacy b/ds (including SagePoint) under one entity. Osaic also purchased Lincoln Financial’s $115 billion wealth business, expecting to onboard 1,400 advisors.
But as the rebranding (and integration of the legacy b/ds) progressed, more teams departed Osaic for other firms, with LPL Financial significantly benefitting. Last month, a California-based team with $1 billion in assets joined LPL. Last April, LPL acquired Pilot Financial, a $4.6 billion firm with 105 advisors that had previously joined Osaic through its Lincoln acquisition.
In previous interviews with WealthManagement.com, some former Osaic advisors who left for LPL said they felt they were in a difficult situation, with the firm prioritizing scale at the expense of back-office support. Others said LPL was the better bet because it was unlikely to gain new ownership (private equity firm Reverence Capital currently owns Osaic).
In an interview with WealthManagement.com, Osaic CEO Jamie Price said he wasn’t concerned by the rate of departures, which he said was in line with the advisor attrition expected during the integration. He also said the idea that Reverence Capital had required the integration was a “misnomer.” Tim Hodge, an executive vice president of operations and technology solutions with Osaic, has also left the company. His BrokerCheck profile indicates he’s no longer registered with the firm as of Feb. 20. The company expanded Hodge’s role last summer to include leading the tech and service teams.
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