Lincoln Financial Group Completes Sale of Wealth Management Business to Osaic, Inc.

Lincoln Financial Group (NYSE: LNC) today announced that it has completed the sale of its wealth management business, including all ownership interests in the Lincoln subsidiary entities comprising that business, to Osaic, Inc. (Osaic), one of the nation’s largest providers of wealth management solutions. The sale provides Lincoln with approximately $650 million of capital benefit, 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 enterprise strategic pillars, leverage our core strengths to grow our individual insurance solutions and workplace solutions businesses, and deliver long-term value for all of our stakeholders,” 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 best 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 close of today’s transaction, the entities, which comprise a national network of approximately 1,450 financial professionals, together with Lincoln’s home-office employees who support the wealth management business, will transition to Osaic.

Lincoln retains 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 retains its channel of independent agents, 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 that will transition as part of this transaction, and Osaic’s broader financial professional network.

About Lincoln Financial Group

Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust 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 account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

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