Osaic Adds $530 Million Team from Primerica, Faces Poaching Lawsuit
Primerica Financial Services has filed a $50 million lawsuit in the U.S. District Court of Georgia, alleging that Osaic Wealth orchestrated an “illegal corporate raid” that stole away a branch office overseeing more than $530 million in client assets and $184 million in life insurance policies.
The dispute centers on Brian David Collins, who joined independent broker-dealer Osaic and launched Legacy Investment Advisors & Wealth Management. Osaic states that Collins previously oversaw $540 million in client assets at Primerica.
In the suit, Primerica said that Osaic – which reported $712 billion in assets as of May 2025 – systemically engages in a “pattern and practice of unlawful activity” to pirate sales representatives and clients from competitor firms. Primerica alleges that Osaic and Collins’ Legacy firm encouraged a team of Primerica’s Hurricane, W.V., representatives to defect and immediately reopen their branch under the Osaic brand.
While the branch had previously served more than 2,800 clients, according to Primerica, nearly the entire team – representing 96% of the branch’s assets – quit en masse over two days and began conducting business for Osaic.
Primerica alleges that instead of immediately departing Primerica, Collins stayed in his position to recruit other Primerica reps at the branch office to join him at Osaic and that he formed the Legacy firm days before resigning.
The lawsuit states that Osaic uses large cash bounty payments to poach advisers, thus breaching contractual, fiduciary duties and transferring clients and assets from competing firms.
According to Primerica, Osaic circumvents the process of developing talent by “taking unfair advantage of prior work” by other companies, and entices reps to break contracts with employers by providing monetary awards under the auspices of “forgivable loans.”
Causing “irreparable harm” to its business, Primerica said Osaic’s actions have led to the loss of confidential information, clients, and goodwill. The company is seeking compensatory and punitive damages exceeding $50 million, as well as temporary and permanent injunctions to stop Osaic and the former representatives from soliciting clients.
Although Osaic has declined to comment on the lawsuit, citing a policy against discussing pending litigation, it offered the following statement.
“We believe the allegations involving Brian Collins to be without merit. Brian has acted responsibly and within his contractual obligations every step of the way, including refraining from soliciting former clients, safeguarding any prior materials for Primerica’s retrieval, and relying solely on the personal relationships he has built independently over his 30-year career as a true business owner,” said an Osaic executive.
“Clients have the freedom to choose who they work with, and Brian continues to serve only those who seek him out. We look forward to the facts being fully examined through the legal process, and we remain focused on supporting advisers who prioritize doing what is right,” added the executive.
Osaic also commented on Collins’ roughly four decades of experience, “helping families navigate key financial milestones, such as retirement planning, education funding and income protection.”
Collin said Osaic was a natural fit for him and felt the firm aligned with his core values of integrity, respect and emphasis on client education, as well as a shared commitment to community service.
“The most rewarding part of my career has always been helping families understand their options and to help them feel confident about their financial future,” said Collins. “By joining Osaic, I now have access to the best technology, tools, and support to grow my firm and deliver the personalized education and service my clients deserve.”
Further explaining Collins’ transition, Kristen Kimmell, executive vice president of business development at Osaic, offered: “After several decades, much of Brian Collins’ primary client base [had] grown beyond middle-income status, and service of such a client base demands a far more sophisticated and broad product base such as offered through Osaic.”
Collins was registered with Primerica Advisors from 2011 to 2025, according to BrokerCheck. Prior to that and for more than 30 years, his registration was with PFS Investments Inc.
“Brian’s dedication to client education and community service perfectly reflects Osaic’s mission to empower advisers to enhance lives and legacies,” added Kimmell. “We’re proud to support him as he launches Legacy Investment Advisors & Wealth Management and takes this exciting step toward greater independence.”
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