Primerica Financial Services is suing Osaic Wealth, along with Legacy Investment Advisors and Wealth Management LLC, for more than $50 million, saying they orchestrated a raid of its branch office in Hurricane, West Virginia.
The lawsuit, filed in U.S. District Court for the Northern District of Georgia, claims that the defendants orchestrated the mass departure of six representatives who served 2,800 clients with $530 million in assets and life insurance policies valued at more than $184 million in force.
Primerica alleges that Osaic and Legacy — a company formed on Oct. 7, according to the suit — used cash payments disguised as forgivable loans to induce the departures while reps systematically downloaded confidential client information before resigning on Oct. 17, 2025.
Osaic announced on Oct. 29 the official launch of Legacy Investment Advisors & Wealth Management, headed by Brian Collins, which has affiliated with Osaic. Collins previously served clients as a representative with Primerica, overseeing approximately $540 million in client assets.
Primerica contends in the suit that Osaic is operating under an improper business model, and asks the court to "stop illegal corporate raiding and other improper attacks" on Primerica's business. "Osaic deploys a pattern and practice of unlawful activity to pirate licensed sales representatives and valuable customer relationships from its competitor firms," the suit states.
"We disagree with the characterization of the conduct alleged by Primerica and believe this suit to be without merit," an Osaic spokesperson told ThinkAdvisor in an email.
Osaic also has enlisted Legacy as "a joint participant and coconspirator in that scheme and is actively using Legacy as a corporate shill to complete its pirating activity," according to the suit.
In a two-business day period, beginning on Friday, Oct. 17, 2025, six of the active Primerica reps in the branch office — who serviced $530 million, more than 96% of the assets under management of the branch — were "induced to quit Primerica en masse and to immediately re-purpose that branch office location to conduct business for Osaic," the suit states.
Osaic also targeted one additional Primerica regional vice president in a nearby location.
"Almost immediately after announcing they were leaving Primerica, the representatives changed the office signage and actively made the office 'open for business' selling products for Osaic," the suit continues.
"Osaic is attempting to build a financial services business by unlawfully taking Primerica’s agent sales force, Primerica’s confidential and proprietary business information, and the valuable client relationships served by Primerica and its representatives," the suit maintains. "Osaic’s scheme is to replace the insurance and investment products previously purchased (and paid for) by the Primerica customers with duplicative or unnecessary new transactions generating millions of dollars in extra fees for Osaic."
Punitive Damages
Primerica seeks punitive damages against Osaic, saying the conduct alleged in the suit is "deeply ingrained into its business model and its corporate culture."
A critical component of Osaic’s strategy "relies on providing large cash bounty payments, which are mischaracterized as supposed 'forgivable loans,' to induce onboarding representatives to both join Osaic and to ignore their prior contracts and improperly move to Osaic (or entirely replace) the investment products previously purchased by clients, for which the representatives already have been paid," the suit states.
"In effect, Osaic pays representatives a lucrative bounty to reward them for taking other firms’ business and misappropriating it for Osaic."
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