Osaic is acquiring Boston-based CW Advisors, an RIA managing $13.5 billion in assets for high-net-worth and ultra-high-net-worth clients, from Audax Private Equity. The advisory firm has 140 financial professionals and 17 offices.
Osaic (formerly Advisor Group) works with about 11,000 affiliated financial professionals and includes a mix of broker-dealers and RIAs with total assets under administration of over $700 billion. Reverence Capital Partners acquired a 75% stake in the Scottsdale, Arizona-based firm in 2019.
“CW Advisors brings tremendous strength in delivering an institutional-quality platform for fee-only RIA advisors at the upper tiers of the wealth spectrum,” said Jamie Price, Osaic's president and CEO. “Their scale, talent and infrastructure are highly complementary to our strategy of expanding Osaic’s presence across all models and segments of the wealth management industry.”
CW Advisors will keep its name and client service model after the deal is completed, continue to operate independently as a standalone RIA and maintain its custodial arrangements with Fidelity and Schwab, according to the two firms.
“Joining forces with Osaic represents a pivotal step forward for CW Advisors,” said Scott Dell’Orfano, CEO of the RIA. “This partnership provides us with access to permanent capital that aligns with our long-term vision and the needs of our clients and advisors. We're ... energized by the opportunity to grow our business with ongoing flexibility and strategic control.”
For its part, Osaic sees the deal as “a significant” step in the development of its employee model for independent RIAs who affiliate with Osaic's corporate RIA. In February, it purchased Payant Wealth Management Group of Sun City Center, Florida, as part of this strategy; Payant worked with $360 million of client assets.
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