Two advisory practices representing nearly $1 billion in combined client assets have shifted to employee-based models at major firms this week, underscoring the growing appeal of W-2 structures for succession-minded advisors.
Osaic announced that Tri-State Financial Group, a Cincinnati-based team overseeing roughly $575 million in client assets, has moved into the firm's Empowered Independence channel. The team has been affiliated with Osaic for decades; managing director Michael George has been with the network since 1981, and Michelle Metzger since 1999. The group operates as two advisory practices sharing a single branch location, also including advisors Rhonda Matarese and Michael Metzger.
The transition to the W-2 channel is driven primarily by succession planning rather than a strategic pivot. “Our clients have trusted us through many important life and financial decisions, and we take seriously the responsibility of ensuring they continue to receive the same level of care and attention well into the future,” George said in a statement. “Osaic's Empowered Independence model gives us the ability to keep doing the work we love while putting a strong plan in place for continuity, succession and the next generation of client relationships.”
For Matarese, the move provides a structured path to assume a broader client base over time without the financial burden typical of conventional succession arrangements. Cindy Hamel, head of Empowered Independence at Osaic, noted that the transition highlights the channel's value for established practices evaluating long-term options. Tri-State joins a growing list of experienced teams that have made the same shift, following Pointes North Wealth Management ($500 million) and Gateway Investments ($1.5 billion). Bard Financial Services also entered the channel earlier this year.
Separately, LPL Financial announced that Wayne McCormick, CFP, ChFC, has joined Linsco by LPL Financial to launch McCormick Private Wealth with approximately $340 million in advisory, brokerage and retirement plan assets. McCormick previously worked at Steward Partners and is based in Bedford, N.H. The new practice includes team members Michelle Lauder, CFP, and Bo Denniston, focusing on clients approaching or in retirement as well as multigenerational families.
McCormick brings three decades of financial services experience, including lending, credit, retirement planning and insurance, with the past 16 years as a financial advisor. “At the center of our work is trust,” he said. “When clients choose to work with us, they are placing confidence in the guidance we provide, and we take that responsibility seriously.” He cited LPL's technology platform and practice flexibility as key factors in his decision after an extensive review process.
LPL chief growth officer Marc Cohen said the firm was pleased to support McCormick's move into independent practice. “His commitment to building trusted relationships and delivering thoughtful, planning-focused advice aligns with LPL's purpose to support advisors with the technology, resources and flexibility they need to serve clients effectively,” Cohen said.
These moves come amid a broader trend of advisors seeking W-2 models that offer succession support and operational flexibility. For more on succession planning dynamics, see Wealth Management M&A Timing: Advisors Cite Readiness, Metrics, and Succession Planning. For recent team movements, see LPL Adds $500M Team from United Planners; Osaic Gains Fidelity Veteran; Citizens Hires $800M Trio.
