Osaic Draws $460M Women-Led Firm from Commonwealth 

Osaic Wealth has added a women-led financial planning firm, which oversees about $460 million in assets under management, to its W-2 advisor channel from Commonwealth Financial Network. 

Morgantown, West Virginia-based Virtus Wealth Solutions, which was founded by financial planner Rachel Wood and financial advisor Tressa Wood, includes five other staff members, Osaic Wealth said. 

Virtus Wealth provides wealth management, financial planning, risk management, retirement planning, tax and estate planning, and charitable giving strategies to high-net-worth clients, per the firm’s website. 

“Our clients trust us for personalized, values-driven guidance,” Tressa Wood said. “With Osaic’s support, we are positioned to enhance the client experience, expand our capabilities, and deepen our impact.” 

Virtus Wealth’s team has joined Osaic’s W-2 employee model through its ‘supported independence’ channel, which launched in 2023. 

Rachel Wood has been working on developing the next generation of women advisors, including Tressa Wood, and following the deal, Virtus Wealth will partner with Osaic’s business coaching and consulting team to further her goal. 

This addition comes off the back of Osaic’s handful of acquisitions from Commonwealth, including its recent acquisition of Farmingham, MA-based Spear Wealth Management, which manages about $170 million in assets under administration. 

In August, LPL Financial closed its acquisition of Commonwealth, as to which the firm states it plans on retaining approximately 90% of Commonwealth advisors. 

Pictured: Rachel Wood (Left) and Tressa Wood (Right)