Firms compared · Updated October 10, 2026
Osaic vs. Cetera: Two private equity-backed IBD networks
The short answer
Osaic and Cetera are both private equity-backed networks of independent advisors. Osaic reported about 10,000 advisors and about $747 billion in assets under administration as of March 31, 2026, while Cetera reported about 12,000 financial professionals and institutions in June 2026 and about $688 billion in assets under administration at June 30, 2026. Osaic is owned by Reverence Capital Partners, and Cetera is majority owned by Genstar Capital. Both run W-2 employee RIAs alongside their independent channels, and both pitched Commonwealth advisors with offers of about 115 to 125 basis points in 2025, according to recruiters.
Independent BD
- Financial advisors · Mar 2026
- about 10,0001
- Assets under administration · Mar 2026
- about $747 billion1
- Headquarters
- Phoenix, Ariz.4
- 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 IV1
- Former name
- Advisor Group (renamed Osaic on June 21, 2023)4
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 →Independent BD
- Financial professionals and institutions · Jun 2026
- about 12,0002
- Assets under administration · Jun 2026
- about $688 billion3
- Assets under management · Jun 2026
- about $330 billion3
- Headquarters
- San Diego, Calif.5
- Ownership
- Private; majority-owned by Genstar Capital since 2018, which reinvested through a newer fund in December 2023 and remains majority investor6
- Channels
- Advisor, Institutions, Large Enterprise, Tax & Accounting, and RIA and Branches (launched June 2025)10
How advisors affiliate
- Independent contractor (1099)
- Hybrid RIA (advisor-owned RIA)
- Employee advisor (W-2 corporate RIA)
- Supported independence branches
- Large enterprises and OSJs
- Financial institutions and tax professionals
Full Cetera profile and news →Key differences
- Size: Osaic reported about 10,000 advisors and about $747 billion in assets under administration at March 31, 2026. Cetera reported about 12,000 financial professionals and institutions as of June 9, 2026, and about $688 billion in assets under administration at June 30, 2026.1,2,3
- Ownership and base: Osaic, based in Phoenix, is owned by Reverence Capital Partners, which closed a recapitalization of more than $2 billion on April 30, 2026. Cetera, based in San Diego, has been majority owned by Genstar Capital since 2018.1,4,5,6
- Employee channels: Osaic's Empowered Independence lets advisors work as W-2 employees of its corporate RIA, launched in 2023. Cetera Planning Partners, formed in April 2026, is an employee-advisor RIA with roughly $19 billion in assets.7,8
- Other models: Osaic added a fee-only RIA option through its June 2025 agreement to buy CW Advisors, which managed about $13.5 billion. Cetera launched an RIA and Branches channel in June 2025 and offers a hybrid RIA option on its Blueprint platform.3,9,10
- Recruiting deals for Commonwealth advisors (April 2025, per recruiters): Osaic offered 115 to 125 basis points on AUM, possibly up to 150. Cetera offered 120 to 125 basis points on platform assets and 25 to 50 on off-platform assets.11,12
Is Osaic bigger than Cetera?
Osaic reports more assets: about $747 billion in assets under administration at March 31, 2026, versus about $688 billion for Cetera at June 30, 2026. Cetera reports a larger headcount, about 12,000 financial professionals and institutions, versus about 10,000 advisors at Osaic, but the counts aren't defined the same way.
Who owns Osaic and Cetera?
Osaic is a portfolio company of Reverence Capital Partners, with Bain Capital added as an investor in an April 2026 recapitalization. Cetera is majority owned by Genstar Capital.
What recruiting deals do Osaic and Cetera offer?
In April 2025 recruiters told WealthManagement.com that Osaic was offering Commonwealth advisors 115 to 125 basis points on AUM, possibly reaching 150, and Cetera was offering 120 to 125 basis points on platform assets and 25 to 50 basis points on off-platform assets.
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.