Lincoln Financial Group sells wealth management business

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Radnor-based Lincoln Financial Group recently sold its wealth management business to Osaic, a provider of wealth management solutions. The sale includes all ownership interests in the Lincoln subsidiary entities comprising the business.

Lincoln receives approximately $650 million in capital benefit that it will use to increase its risk-based capital ratio and 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,” Ellen Cooper, Lincoln Financial Group chairwoman, president and CEO, said. “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 retains all aspects of its wholesale distribution franchise, Lincoln Financial Distributors, which is expanding its distribution relationship with Osaic, and its channel of independent agents.

Approximately 1,450 financial professionals will transition to Osaic.

Lincoln Financial Group is the marketing name for Lincoln National Corp. and its affiliates. It has four core businesses – annuities, life insurance, group protection, and retirement plan services.

The company had $310 billion in end-of-period account balances, net of reinsurance, as of March 31.