# Osaic vs. Cetera: Two private equity-backed IBD networks

URL: https://www.financialadvsr.com/compare/osaic-vs-cetera
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

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.

## 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. [4] [1] [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. [9] [10] [3]
- 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]

## Questions

**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.

Sources:
[1] Reverence Capital Partners (PR Newswire): Reverence Capital Partners Closes More Than $2 Billion Recapitalization of Osaic (https://www.prnewswire.com/news-releases/reverence-capital-partners-closes-more-than-2-billion-recapitalization-of-osaic-302759117.html)
[2] Cetera: Cetera Welcomes Honeycomb Wealth Advisors (https://cetera.com/press/cetera-welcomes-honeycomb-wealth-advisors)
[3] Cetera (PR Newswire): Sierra Ridge Advisor Group with Approximately $2.1 Billion in AUA Selects Cetera to Help Fuel its National Expansion (https://cetera.com/press-room/cetera-welcomes-sierra-ridge-advisor-group)
[4] InvestmentNews: Forget Advisor Group. It's now Osaic (https://www.investmentnews.com/forget-advisor-group-its-now-osaic-238998)
[5] InvestmentNews: Cetera lands $2.1 billion LPL OSJ in latest West Coast move (https://www.investmentnews.com/independent-broker-dealers/cetera-lands-21-billion-lpl-osj-in-latest-west-coast-move/268003)
[6] Cetera (PR Newswire): Cetera Announces Close of Equity Reinvestment from Genstar Capital (https://www.prnewswire.com/news-releases/cetera-announces-close-of-equity-reinvestment-from-genstar-capital-302021965.html)
[7] Osaic (Business Wire): Osaic Expands Empowered Independence Channel with $575 Million Tri-State Financial Group (https://www.businesswire.com/news/home/20260630329262/en/Osaic-Expands-Empowered-Independence-Channel-with-$575-Million-Tri-State-Financial-Group)
[8] Cetera: Cetera Planning Partners (https://cetera.com/press-room/cetera-planning-partners)
[9] Wealth Solutions Report: Osaic to add $13.5 billion in AUM with CW Advisors acquisition (https://wealthsolutionsreport.com/2025/06/18/osaic-to-add-13-5-billion-in-aum-with-cw-advisors-acquisition/)
[10] Cetera: Cetera Launches Dedicated RIA and Branches Channel to be Led by Wealth Management Industry Veteran Jen Hanau (https://cetera.com/press-room/cetera-launches-dedicated-ria-and-branches-channel-to-be-led-by-wealth-management-industry-veteran-jen-hanau)
[11] WealthManagement.com: Large IBDs Sweeten Their Recruiting Deals for Commonwealth FAs (https://www.wealthmanagement.com/ibd-news/large-ibds-sweeten-their-recruiting-deals-for-commonwealth-fas)
[12] WealthManagement.com: Large IBDs Sweeten Their Recruiting Deals for Commonwealth FAs (https://www.wealthmanagement.com/ibd-news/large-ibds-sweeten-their-recruiting-deals-for-commonwealth-fas)