Osaic Wealth has named Tom Metzger, a veteran trade govt who most just lately led Residents Personal Wealth, to supervise its Empowered Independence worker section, in line with an announcement on Thursday.
Metzger, who will be part of on November 30, in line with an Osaic spokesperson, is taking up the function after the Empowered Independence channel quintupled belongings this 12 months to $25 billion. The unit launched in 2023 to provide Osaic a strategy to retain and purchase unbiased practices.
Osaic buys all or a part of a apply and brings advisors onto its payroll whereas the advisors can nonetheless function underneath their very own model and retain some management over shopper relationships.
Whereas it’s a small fraction of Osaic’s roughly $810 billion in belongings, the unit has change into an necessary a part of the agency’s technique, in line with President Shannon Reid.
“Empowered Independence represents an necessary space of development for Osaic, and Tom brings the strategic perspective and management wanted to construct on the channel’s momentum whereas increasing the alternatives and assist out there to advisors,” Reid stated in a press release.
Cindy Hamel, who had led the Empowered Independence unit, is shifting to change into head of enterprise operations and execution for the general agency.
Osaic’s broader worker channel additionally consists of CW Advisors, a separate fee-only RIA that acquires practices and has extra centralized operations. Most of Osaic’s 10,000 advisors stay affiliated as unbiased contractors.
Metzger, who joined Residents in January 2024 from JPMorgan Chase & Co., will relocate to Osaic’s Scottsdale, Arizona, headquarters from San Francisco. He had been with First Republic for simply eight months when it was offered at authorities public sale to JPMorgan in Might 2023.
Osaic’s announcement touted that Metzger helped develop Residents’ personal wealth unit to $30 billion in shopper belongings, 18 advisory groups and greater than 200 professionals.
Metzger didn’t reply to a request for remark. A Residents spokesperson declined to remark.
Metzger began his profession in 2007 as a bank-based advisor at Chase Funding Providers Corp. and served from 2010 to 2014 as a market director in Los Angeles, in line with his BrokerCheck report and LinkedIn profile. He moved to Wells Fargo Advisors in 2014 and had been one in all its high recruiters as market head of the Sierra Nevada market.
Earlier this week, Beacon Monetary Group, an Aurora, Ohio-based RIA with almost $1 billion in belongings, joined the Empowered Independence unit, in line with a Monday announcement.
Individually, Osaic on Thursday named Manish Shrivastava to be Chief Advertising Officer. He joins from PulteGroup, the place he served as chief advertising officer for 12 years, in line with one other announcement on Thursday.
Osaic recapitalized earlier this 12 months with a $2 billion funding led by its current backer, Reverence Capital Companions, together with Bain Capital and a gaggle of institutional traders.