Osaic and NewEdge Advisors have each added new entries to their M&A calendars, with Osaic taking a strategic majority stake in a succession-focused team and NewEdge Advisors breaking into a new market.
On Wednesday, Osaic revealed its majority investment in Innovative Wealth Team, a group focused on succession planning for advisors approaching retirement. The Scottsdale, Arizona-based firm said the partnership is part of a broader effort to offer capital and infrastructure to advisors seeking continuity solutions as they transition out of the industry.
"This partnership exemplifies our commitment to investing in the future of wealth management by offering flexible, scalable solutions for advisors at every stage of their journey, while ensuring their clients are cared for across generations,” Jamie Price, president and chief executive of Osaic, said Wednesday.
Price added that the addition of Innovative Wealth Team will help advisors operate more efficiently, access capital, and eventually transition their practices smoothly.
Innovative Wealth, founded by Brian Heapps, specializes in providing advisors nearing retirement with a streamlined succession process, aiming to maintain continuity and personalized advice for clients.
The move comes as the industry faces a generational shift, with more than one-third of advisors nearing retirement and $124 trillion expected to change hands by 2048. Amping up the pressure, Schwab's latest benchmarking study projects the RIA industry will need to hire four new roles in the next five years amid a looming talent crunch.
Osaic’s initiative follows its recent acquisition of Boston-based CW Advisors and the addition of Payant Wealth Management Group to its supported independence model earlier this year.
Meanwhile, NewEdge Advisors, a New Orleans-based RIA, announced that Cleartrek Wealth Partners has joined its platform, marking the firm’s first team in Nebraska and expanding its national footprint.
Cleartrek Wealth Partners, led by founders Loy Olson, Matt Olson, Mike Todd, and Mitch Bergen, previously managed approximately $650 million in client assets at Stifel before launching their independent practice in Lincoln.
Alex Goss, chief executive of NewEdge Advisors, said, “Their addition to the NewEdge network expands our footprint into Nebraska, our thirty-ninth state, and it’s an honor to have such a respected, forward-thinking group representing us.”
Loy Olson, co-founder and chairman at Cleartrek Wealth Partners – whose record as an investment advisor and registered broker stretches back 48 years – highlighted the shared client-first mindset and collaborative approach between NewEdge and his firm.
The independent team's departure from Stifel coincides with a period of disruption at the firm, with a once-star broker representing the firm in Miami recently getting barred after having been at the center of a maelstrom of complaints involving a structured note strategy he recommended to clients.
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