Financial advisor Tom Payant has closed down his registered investment advisor firm, Payant Wealth Management Group, to join Osaic’s W-2 employee affiliation model, launched in 2023 under President of RIA Solutions Ed Swenson’s leadership.
Osaic’s W-2 model allows the firm to purchase books of businesses and have advisors come under its corporate RIA as employees.
Payant, who has run his own RIA for 20 years, used SagePoint Financial for brokerage business before that broker/dealer was consolidated into Osaic. His team, which manages about $360 million in AUM, also includes Glenn Krcmaric, Jay Mulligan and Jonathan Wilkins.
“Like many entrepreneurial financial advisors, I have spent my entire career building my practice to support my clients current and future goals,” Payant said in a statement. “Affiliating with Osaic’s W-2 channel has given me the peace of mind that my wife, my colleagues and our clients will be set up for success.”
Osaic launched its employee model in 2023 to accommodate independent RIAs who wanted to use the firm’s corporate RIA to take over the day-to-day burdens of managing the business. The model also allows advisors to get some liquidity for expansion or succession.
“We continue to see interest from internal and external advisory teams in our new model,” Swenson said in a statement. “There is very little friction for our internal advisors that chose this path and external teams are increasingly intrigued by our platform capabilities, flexibility and deep resources supporting these advisors.”
In 2023, Advisor Group, one of the largest networks of independent broker/dealers, announced it would merge its multibrand network into a single entity with a new name, Osaic.
