Bard Financial Services, a Connecticut-based advisory firm with approximately $1.2 billion in client assets, has joined Osaic's W-2 employee independent channel after nearly four decades as an Osaic partner, according to Wealth Management.
Through Osaic's Empowered Independence channel, Bard Financial will convey a portion of its ownership interest to Osaic in exchange for centralized infrastructure, compliance oversight, and technology support. Cindy Hamel, head of Osaic Advisors, told Wealth Management that the structure appeals to firms seeking to develop next-generation advisors while leveraging institutional resources to support recruiting and staff development.
Spitzbard had already operated an independent RIA on Osaic's platform, which Osaic's independent channel currently accounts for approximately $5.7 billion in client assets. The firm anticipates continued expansion through internal transitions and external recruiting. Hamel noted that prospective participants may include hybrid RIAs seeking additional support as well as advisors departing wirehouse and bank platforms.
Participating firms may adopt the Osaic name, use it as a sub-brand, or retain their own branding where client relationships warrant it. Osaic also provides a fee-only RIA option through its prior acquisition of CW Advisors. Osaic, which Reverence Capital Partners owns, recently unified eight broker-dealers under a single brand and platform through its Journey to One initiative, Wealth Management reports.
After completing that consolidation, Osaic fielded increased interest in a W-2 model designed to support succession planning, growth, monetization, and operational capacity while preserving advisor autonomy. According to Wealth Management, Hamel emphasized that Osaic does not intend to standardize or control participating firms in the manner of some other W-2 platforms. Instead, the firm aims to deliver operational scale and flexibility while allowing advisors to maintain their entrepreneurial culture.
Financial Advisor Transitions consults with advisors nationwide regarding employment transition options and strategies to preserve and protect their practices during any transition.
