Osaic Adds Ex-Commonwealth Firm Managing $460M in Client Assets

Osaic Inc., a wealth management firm and independent broker-dealer, announced that Virtus Wealth Solutions – a Morgantown, W.V.-based firm with $460 million in client assets – has joined its supported independence (W-2) channel. The all-female team, founded by financial planner Rachel Wood, said it transitioned from Commonwealth Financial Network to leverage Osaic’s expanded technology, enhanced support, and flexible succession planning options.

Virtus Wealth Solutions is a family- and community-focused firm serving clients nationwide, with a strong presence in the Morgantown community. The team, which includes Tressa Wood and five additional staff members, many of whom are on the path to becoming certified financial planner-licensed advisers, will utilize Osaic’s resources to support its next phase of growth.

“We’ve gotten to know the Osaic team well and we have the utmost confidence in the support we will receive to help us achieve our goals on behalf of our clients,” said Rachel Wood. She added that Osaic’s vision aligns with her firm’s focus on family and community.

“Our clients trust us for personalized, values-driven guidance,” added Tressa Wood. “With Osaic’s support, we are positioned to enhance the client experience, expand our capabilities, and deepen our impact.”

Virtus Wealth’s fee-centric model aligns seamlessly with Osaic’s supported independence channel. Rachel is committed to developing the next generations of women advisers, which includes Tressa as part of the second generation. Rachel is already partnering with Osaic’s business coaching and consulting team as she develops the third generation of advisers.

“Rachel and the Virtus Wealth team embody the entrepreneurial spirit and client-first focus that thrive on our platform,” said Jamie Price, president and chief executive officer of Osaic. “We are especially proud to support an all-women team committed to mentoring the next two generations of advisers.”

The move by Virtus Wealth Solutions follows several other firms, including Washington-based Bridenback Wealth Management and Massachusetts-based Spear Wealth Management, who have joined Osaic from Commonwealth in recent months. LPL Financial completed its $2.7 billion acquisition of Commonwealth in early August.

Also, earlier this summer, Osaic acquired a majority interest in Innovative Wealth Team, a Nashville, Tenn.-based $700 million-asset firm focused on succession planning for advisers approaching retirement.

Osaic is backed by Reverence Capital Partners and supports more than 11,000 financial professionals nationwide.

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