Osaic Wealth has purchased a majority stake in a Nashville-based financial advisory firm, which manages about $700 million in assets. 

Innovative Wealth Team, founded by president Brian Heapps and launched in 2017, provides “personalized” wealth management, financial planning, retirement planning, and succession planning to high-net-worth individuals, according to the firm’s website.  

The team, which was rebranded from MyRemoteFA, also includes the head of innovative wealth teams Alex Petrovich, and Sean Bove, associate planners Garrett Smith, Devon Costa, Joseph Tassiello, and Michael Iannuzzi. Innovative Wealth is also supported by director of client experience Melissa Wiggins, and client experience associate Lisa Zdinak. 

The strategic investment marks a “significant step” in Osaic’s goal of gaining a “turnkey succession and continuity partner,” through the acquisition, and will further the firm’s assist the firm to provide capital and infrastructure for its financial advisors, the firm said. 

Recently, Osaic acquired Boston-based CW Advisors, a registered investment advisor that manages about $13.5 billion in client assets. CW Advisors was acquired by Audax Private Equity, which is one of the equity partners in the firm, an Osaic spokesperson confirmed to Connect Money. 

Following the acquisition, Osaic provides capital and strategic resources to support CW Advisors’ growth initiatives. 

“This partnership exemplifies our commitment to investing in the future of wealth management by offering flexible, scalable solutions for advisors at every stage of their journey, while ensuring their clients are cared for across generations,” Jamie Price, President and CEO of Osaic, said. 

Following its partnership with Osaic, Innovative Wealth will be joining the firm’s W-2 model, which was launched by Osaic in 2023, and Innovative Wealth’s accounts and custodians will remain unchanged, the firm said. 

This move comes as Osaic is seeking to broaden its capital approach for its financial advisors, as the industry faces a large shift in the transfer of wealth through various groups. 

Earlier this month, Osaic added a Hudson, OH-based financial advisor Daniel Leugers, from Corebridge Financial, where he oversaw about $400 million in client assets. 

Osaic Wealth oversees more than $700 billion in assets under management, serving more than 11,600 financial professionals across all 50 states, the firm said.