CW Advisors, the Boston-based registered investment advisor and subsidiary of Osaic, is extending its West Coast reach with the acquisition of a fee-only wealth firm in California.
CWA has agreed to acquire Torrance-headquartered Catalina Capital, marking the latest step in its inorganic growth strategy while representing its debut in the Los Angeles area market.
Catalina Capital Group, manages approximately $655 million in client assets, according to a Tuesday release announcing the deal. The firm specializes in wealth and investment management, tax planning, financial and retirement planning, and estate planning services, with a client base that spans high-net-worth individuals and institutional accounts.
Scott Dell'Orfano, chief executive of CWA in Boston, said the Catalina team's client-first philosophy made it a strong cultural fit.
"We are excited to welcome the Catalina Capital Group team to CW Advisors," Dell'Orfano said, highlighting the team's "commitment to delivering exceptional wealth management solutions and track record of client growth."
Chris Frantz, managing director of Catalina, said the relationship with CWA will allow his firm to "expand our offering to clients, leveraging resources and expertise across the platform."
Frantz spent the earlier years of his career as an investment advisor affiliated with Citi and Morgan Stanley, according to his public disclosure record with the SEC.
Over the past couple of years, CWA has established itself among the most active buyers in the RIA market, inking nearly 20 deals to buy firms before the news of its acquisition by Osaic last June. Its pre-Osaic track record includes a double-deal reveal for two Boston-area firms – Aspire Wealth Management in Waltham and Fernwood Investment Management in Quincy – in February last year.
More recently in February, CWA acquired Rovin Capital, a fee-only RIA with offices in Lehi, Utah, and Mesa, Arizona, bringing $849 million in combined assets under management and advisement into the fold. That deal gave the firm its first Utah office and a second Arizona location.
With Catalina, CWA has officially secured two California offices among its broader network of 24 offices nationwide. From around $13 billion at the time of Osaic's acquisition, CWA now oversees north of $16 billion in AUM for high-net-worth and UHNW clients.
CW Advisors was originally founded in 2009 under the name Congress Wealth Management as a specialist in acquiring fee-only firms – those whose advisors charge fees based on a percentage of client assets rather than product commissions.
Osaic said CW Advisors would retain its name and client service model, remain operationally independent, and continue to serve clients as a standalone RIA – a structure that has allowed the firm to keep acquiring without disrupting client relationships.
One element of CW Advisors' appeal to Osaic – and to the firms it acquires – is its custodial relationships. The firm maintains referral arrangements with both Schwab and Fidelity, two of the largest custodians in the US wealth management industry, which generate a steady stream of new client introductions for qualified RIA custody partners.
Osaic has said publicly that it plans to preserve and expand those pipelines as CW Advisors continues to scale.
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