Osaic Takes Majority Interest in $700M Succession Planning-Focused Firm

Osaic Inc., a wealth management firm and independent broker-dealer, has acquired a majority interest in Innovative Wealth Team, a Nashville, Tenn.-based firm focused on succession planning for advisers approaching retirement.

“This partnership exemplifies our commitment to investing in the future of wealth management by offering flexible, scalable solutions for advisers at every stage of their journey, while ensuring their clients are cared for across generations,” said Jamie Price, president and chief executive officer of Osaic. “The Innovative Wealth Team enhances our supported independence model, helping advisers operate more efficiently, access capital, and eventually transition their practices smoothly.”

According to Osaic, the acquisition is part of the firm’s broader capital strategy. Osaic further added that the partnership provides the company with a “turnkey succession and continuity partner” that “enables advisers to realize the full value of their business while ensuring that the team taking over has the expertise and experience to serve their clients and uphold their legacy.”

Initially founded by Brian Heapps – who also founded Osaic-affiliated Innovative Financial Group – Innovative Wealth provides advisers nearing retirement with a succession planning process with the goal of ensuring that clients receive personalized, high-quality advice on their terms. Innovative Wealth oversees about $700 million in client assets.

This move by Osaic follows closely on the firm’s recent acquisition of CW Advisors, a Boston-based registered investment adviser managing $13.5 billion in assets. Earlier this year, Osaic also added Payant Wealth Management Group to its W-2 employee affiliation channel.

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

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