Osaic Expands W2 Affiliation Channel With $360 Million Team
Provider of wealth management solutions Osaic announced the addition of Florida-based Payant Wealth Management Group to its W2 employee affiliation channel. The team manages approximately $360 million in assets under management.
Osaic said that it launched its W2 channel in 2023 to accommodate independent registered investment advisers who choose to affiliate with Osaic’s corporate RIA in order to relieve the day-to-day stress of managing the business, gain access to liquidity for needed expansion or succession, and leverage the scale of Osaic technology, partners, and benefits.
Tom Payant, chairman and chief executive officer of Payant Wealth Management Group, chose to move his practice to Osaic’s W2 channel after decades. The team includes financial advisers Glenn Krcmaric, Jay Mulligan, and Jonathan Wilkins.
“Like many entrepreneurial financial advisers, I have spent my entire career building my practice to support my clients current and future goals. Affiliating with Osaic’s W2 channel has given me the peace of mind that my wife, my colleagues, and our clients will be set up for success,” said Payant. “Beyond the initial transition, the partnership with Osaic positions us for continued success, allowing us to focus on delivering exceptional value to our clients while pursuing new opportunities for growth together.”
Ed Swenson, head of RIA and the W2 channels at Osaic, welcomed the RIA to the Osaic family and emphasized his firm’s expertise in supporting the team.
“We continue to see interest from internal and external advisory teams in our new model. There is very little friction for our internal advisers that chose this path and external teams are increasingly intrigued by our platform capabilities, flexibility, and deep resources supporting these advisers,” said Swenson. I am excited to integrate Payant Wealth Management Group’s expertise into our growing community of growth-minded W2 advisory firms.”
In May 2024, Osaic closed on the acquisition of Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation – the wealth management firms that make up Lincoln Wealth from Lincoln National Corporation. As a result of the transaction, more than 1,400 advisers overseeing approximately $115 billion in assets were onboarded to Osaic. Alts Wire previously reported on the then-pending $700 million acquisition in December 2023 when 1,450 advisers were expected to make the move.
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