In a surprise move that shifts its role from serial buyer to acquisition target, Boston-based CW Advisors has agreed to be acquired by Osaic, one of the largest independent wealth management firms in the US.
In the announcement of the deal Tuesday morning, Osaic said the transaction would give it a broader footprint in the high-net-worth advisory segment, potentially appealing to more advisors while advancing its employee-based RIA model.
CW Advisors, which currently manages $13.5 billion in fee-only assets, has been growing quickly over the past several months through a string of acquisitions. Most recently, the firm announced in March that it had added Delta Financial Group, a $1.3 billion RIA based in New Jersey.
Earlier in the year, it also acquired Aspire Wealth Management in Waltham and Fernwood Investment Management in Quincy. Those two Boston-based firms were snapped up in a February double-deal.
That steady activity had placed CW Advisors among the most acquisitive RIAs in the country during the first quarter of 2025, according to at least one count by DeVoe & Company.
Now Osaic, backed by private equity firm Reverence Capital Partners, is acquiring CW Advisors from Audax Private Equity. The firm will maintain its brand and operational independence but will now be positioned within Osaic’s “signature employee model,” which seeks to offer supported independence to growth-oriented advisory teams.
“CW Advisors brings tremendous strength in delivering an institutional-quality platform for fee-only RIA advisors at the upper tiers of the wealth spectrum,” Jamie Price, president and chief executive of Osaic, said Tuesday. “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.”
In a separate announcement, Audax managing director Bill Allen, who also heads its financial services unit, highlighted CW Advisors' strong management team, as well as its "track record of AUM and revenue growth."
"The pace and volume of growth have exceeded even our own expectations, which traces back to the sense of partnership between Audax and the entire CWA team," Jay Petricone, another managing director at Audax, said of the progress that happened during Audax Private Equity's roughly two-year hold over the firm.
All told, AUM at CWA mode than doubled through a combination of organic and inorganic expansion during that time, Audax said.
The 140-person team at CW Advisors operates across 17 offices and serves high-net-worth and ultra-high-net-worth households, with services spanning traditional wealth management and specialized family office solutions.
The firm also maintains custodial relationships with Schwab and Fidelity, both of which generate significant client referrals that Osaic plans to preserve and expand.
“Joining forces with Osaic represents a pivotal step forward for CW Advisors,” said Scott Dell’Orfano, chief executive of 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.”
The transaction gives Osaic which has grown through prior acquisitions, including Payant Wealth Management earlier this year. Osaic supports approximately 11,000 financial professionals across its platform.
CW Advisors is poised to continue pursuing its inorganic growth initiatives, now supported by permanent capital from its new parent company.
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