Osaic has recruited Virtus Wealth Solutions, a Morgantown, W.Va.-based firm previously affiliated with Commonwealth Financial Network, the independent broker/dealer recently acquired by LPL Financial. Virtus, which manages $460 million in client assets, joins Osaic’s supported independence channel, a W-2 employee model.
Rachel Wood, who began her career at MetLife Resources, founded the all-female practice. She’s joined by advisor Tressa Wood, her cousin-in-law, and five office support staff.
Rachel Wood has been developing the next generation of women advisors, including Tressa Wood, and will partner with Osaic’s business coaching and consulting team to help her continue that effort.
Under Osaic’s supported independence model, advisors join the firm as W-2 employees and access the firm’s operational support, including human resources and real estate services. They also have access to Osaic’s succession planning tools.
In fact, Osaic recently expanded its succession planning assistance by taking a majority stake in Innovative Wealth Team, a Nashville, Tenn.-based advisory group with $700 million in managed assets specializing in continuity planning for its affiliated advisors. The move brings the firm’s advisors a “turnkey succession and continuity partner.” Osaic CEO Jamie Price said the partnership would help the firm offer “flexible, scalable solutions for advisors at every stage of their journey.”
Speaking at the firm’s annual conference this week, Price said Osaic’s W-2 advisor channel across its hybrid and fee-only options has about $57 billion in client assets, with another $24 billion in the pipeline.
In recent months, Osaic has acquired several advisory teams in the wake of LPL’s acquisition of Commonwealth. These include Bridenback Wealth Management, which brings $90 million in assets to Osaic, and Spear Wealth Management, a Framingham, Mass.-based firm with approximately $170 million in assets under administration.
LPL closed the acquisition last month, saying it would meet its retention target of 90% of Commonwealth advisors.
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