Osaic, a company of Reverence Capital Partners, has acquired Boston-based CW Advisors, a registered investment advisor (RIA) managing $13.5bn in fee-only client assets.
Osaic is acquiring CW Advisors from Audax Private Equity, providing the RIA with increased capital access to support future growth.
CW Advisors will retain its name and client service model and operate independently.
The acquisition enhances Osaic’s signature employee model and provides CW Advisors with increased access to long-term capital and comprehensive wealth solutions.
CW Advisors, serving high net worth and ultra-high net worth clients, operates with 140 professionals across 17 offices.
Through its partnerships with Schwab and Fidelity, CW Advisors offers Osaic an opportunity to enhance its scale and capabilities as a leading non-self-clearing wealth management firm.
The RIA will benefit from Osaic’s wealth capabilities in the high net worth markets, supported by Premier Trust and Highland Capital Brokerage.
CW Advisors Chief Executive Officer Scott Dell’Orfano said: “Joining forces with Osaic represents a pivotal step forward for CW Advisors.
“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 grateful for the support we’ve received from our previous owner and are energised by the opportunity to grow our business with ongoing flexibility and strategic control.”
Osaic, one of the largest wealth management solution providers in the US, supports around 11,000 financial professionals.
The acquisition advances Osaic’s vision for its signature employee model, offering growth-oriented advisors resources and capital while alleviating business operation burdens.
CW Advisors’ strong client service and growth record, particularly through referral networks from Fidelity and Schwab, will continue to be supported by Osaic.
Earlier this year, Osaic acquired Payant Wealth Management and is open to discussions with advisors seeking capital support, succession planning, or moving to an independent environment.
Osaic president and CEO Jamie Price said: “CW Advisors brings tremendous strength in delivering an institutional-quality platform for fee-only RIA advisors at the upper tiers of the wealth spectrum.
“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.
“We also welcome CW’s management team, current private equity sponsor, and advisors to become Osaic shareholders, alongside our current advisor shareholders. We are delighted to welcome the CW family into the Osaic family.”
