Firms compared · Updated October 10, 2026
Kestra vs. Osaic: Comparing two private equity-owned platforms
The short answer
Osaic is the larger network, reporting about 10,000 advisors and about $747 billion in assets under administration as of March 31, 2026, compared with more than 1,300 producing financial professionals and about $142 billion in assets under advisement at Kestra as of April 2025. Both are private equity-backed: Stone Point Capital funds became Kestra's majority owner in February 2025, while Osaic is owned by Reverence Capital Partners. Each pairs an independent broker-dealer with an employee option, Kestra through its RIA acquirer Bluespring and Osaic through its W-2 corporate RIA. Neither profile includes a published payout rate.
Independent BD
- Producing financial professionals · Apr 2025
- more than 1,3001
- Assets under advisement · Apr 2025
- about $142 billion1
- Kestra Investment Management AUM · Jun 2026
- more than $5 billion10
- Headquarters
- Austin, Texas4
- Parent company
- Kestra Holdings3
How advisors affiliate
- Independent (broker-dealer)
- Supported independence (Kestra Private Wealth Services)
- Sell to or join Bluespring (employee model)
Full Kestra profile and news →Independent BD
- Financial advisors · Mar 2026
- about 10,0002
- Assets under administration · Mar 2026
- about $747 billion2
- Headquarters
- Phoenix, Ariz.5
- Ownership
- Private; portfolio company of Reverence Capital Partners. A recapitalization of more than $2 billion closed April 30, 2026, led by Ares secondaries funds and Lexington Partners, with Bain Capital joining as a new investor and Reverence putting in new money from its Fund IV2
- Former name
- Advisor Group (renamed Osaic on June 21, 2023)5
How advisors affiliate
- Independent contractor (1099)
- W-2 corporate RIA (Empowered Independence)
- Fee-only RIA
- Bank and credit union programs
Full Osaic profile and news →Key differences
- Size: Kestra reported more than 1,300 producing financial professionals and about $142 billion in assets under advisement as of April 24, 2025. Osaic reported about 10,000 advisors and about $747 billion in assets under administration as of March 31, 2026.1,2
- Ownership: Stone Point Capital funds became Kestra's majority owner on Feb. 3, 2025, with Oak Hill Capital as a minority owner and management and advisors holding equity. Osaic is owned by Reverence Capital Partners, which closed a recapitalization of more than $2 billion, adding Bain Capital, on April 30, 2026.2,3
- Headquarters and history: Kestra is based in Austin, Texas, and was established in 1997. Osaic is based in Phoenix and renamed itself from Advisor Group in June 2023.4,5
- Supported and employee models: Kestra Private Wealth Services targets wirehouse breakaways seeking operational support, and Bluespring Wealth Partners buys fee-only firms whose advisors become W-2 employees. Osaic's Empowered Independence channel makes advisors W-2 employees of its corporate RIA.6,7,8
- Acquisitions: Bluespring booked a record $6 billion in acquired client assets in 2025. Osaic agreed in June 2025 to buy CW Advisors, which managed about $13.5 billion, adding a fee-only RIA option.7,9
Is Kestra bigger than Osaic?
No. Osaic reported about 10,000 advisors and about $747 billion in assets under administration as of March 31, 2026. Kestra reported more than 1,300 producing financial professionals and about $142 billion in assets under advisement as of April 2025.
Who owns Kestra and Osaic?
Kestra's parent, Kestra Holdings, has been majority owned by Stone Point Capital funds since Feb. 3, 2025. Osaic is owned by Reverence Capital Partners, with Bain Capital joining in an April 2026 recapitalization.
Which pays advisors more, Kestra or Osaic?
Our profiles don't include published payout rates for either firm, so we can't compare them.
Built only from each firm’s sourced Financial ADVSR profile; figures carry their own as-of dates and may measure different things at each firm. Not investment or career advice. Spot an error? Tell the editors.