Roundtable Q&A: How Are Large Enterprises Affiliated With Dual Registrant Platforms Positioned For Future Growth?

Three large enterprises associated with IBD / Corporate RIA firms each share a different success strategy

The nomenclature for firms in this segment of the independent wealth management channel has varied considerably over the years: Large enterprises, Super-OSJ groups, independent branches, independent teams, and so forth.

Regardless of the terminology, these firms tend to share the following key attributes: They are affiliated with a dual registrant enterprise (enterprises with both a broker-dealer and corporate RIA) that serves independent hybrid advisors.

With compliance and supervision as traditional core functions, these firms grow by recruiting financial advisors who might not be the right fit for direct home office supervision, by acquiring other independent financial advisor businesses, or both.  Many, but not all, have their own Form ADV as hybrid RIA firms.

As the wealth management industry’s evolution continues at a breakneck pace, acquisition and growth strategies among firms that support independent advisors are becoming increasingly refined. In a roundtable Q&A with three industry leaders navigating the changing landscape, AdvisorHub asks about their approach to procuring new books of business as they seek to grow their firms and meet advisor and client demand in an ever-changing world of wealth management.

We spoke with Greg Raines, CEO of TAG Advisors, Shehab Mohammad, President and CEO of Artisan Capital Partners, and Jason Inglis, Chief Development Officer of Trilogy Financial, to hear how firms across the industry are growing while they create sustainable enterprise value and prioritize advisor autonomy, continuity and culture.

Highlighting the various ways firms are approaching scale, succession and advisor support, these conversations offer a look into the future of advisor-focused growth.

Sander Ressler: It’s increasingly rare to encounter large enterprises that actively embrace the term “OSJ†in any form, yet TAG Advisors actively positions itself as an “enterprise OSJ.† How is this model different from the traditional OSJ model and how is it driving growth?

Greg Raines, CEO, TAG Advisors: While many large firms are moving away from the term “OSJ,†TAG Advisors continues to embrace it — because we’ve redefined what it means. “Enterprise OSJ†reflects both our structure and our scale, setting us apart from the limited, traditional model.

In the conventional OSJ framework, advisors often submit business through their OSJ with little interaction or added value. It is primarily a compliance checkpoint. TAG is different. We’ve built a true enterprise, with infrastructure, staff, and systems that complement the broker-dealer and RIA relationship. Our model supports advisors strategically, operationally, through every stage of growth.

Entrepreneurial advisors can offload non-core functions — from compliance and transition to marketing, investment management, virtual support and beyond — all while maintaining their independence. This comprehensive support model is driving TAG’s growth by attracting advisors who want more from their OSJ. They’re looking for partnership, community, and resources to scale their practice. They want a relationship that mirrors what they have with their clients, one with depth and meaning. I can still recognize most of our 425-plus advisors by voice — a testament to the culture we protect amid the consolidation reshaping the industry.

The advisors who thrive within TAG tend to be independent-minded, growth-oriented, and client-focused. They value personal connection, strategic collaboration, and the stability of a large organization without the bureaucracy. Many of our advisors come from wirehouses, regional firms, or other OSJs that lack depth. What draws them in is our boutique-level attention combined with enterprise-level capability — and what keeps them here is the culture of shared success.

SR: Artisan has found somewhat of a niche in acquiring large enterprises. How does Artisan help them structure meaningful succession or monetization plans that align with their goals?

Shehab Mohammad, President and CEO, Artisan Capital Partners: At Artisan, we’re guiding large enterprises through succession and monetization by providing a clear, value-driven exit path that many of them struggle to find in today’s environment. We’re increasingly working with enterprises that want to remove themselves from compliance and supervision responsibilities but don’t know how to transition without negatively impacting their advisors or losing their override. Enter Artisan.

Having successfully integrated multiple large enterprises over the years, we’ve created a flexible framework. They can sell their override right away, receiving compensation upfront while Artisan takes on compliance and supervision duties. We also offer a phased approach, steadily transitioning these responsibilities over time while the advisor focuses on their book of business. And for those looking to retire, we help them structure a complete exit that transfers operational duties and advisor support.

What makes Artisan’s model effective is that we are adding value, not just absorbing advisors. With our robust infrastructure, advisor-centric culture, compliance and supervisory support and practice management capabilities, we’ve created a platform through which advisors can thrive.

SR: During an acquisition, Trilogy Financial offers sellers both sell-and-stay and sell-and-go options. What does this approach look like, and how does it serve your firm’s long-term strategy?

Jason Inglis, Chief Development Officer, Trilogy Financial: Trilogy Financial’s long-term vision is rooted in delivering personalized financial guidance at scale while preserving deep client relationships and advisor continuity. Both sell-and-stay and sell-and-go succession strategies align with this mission, offering complementary pathways to growth and legacy planning.

The Strategic Acquisition or sell-and-stay model is particularly aligned with Trilogy’s relationship-driven approach. It enables seasoned advisors to begin monetizing their life’s work while remaining actively engaged in client service and mentoring the next generation. This phased transition allows for greater cultural alignment, retention of firm values, and the preservation of high-touch client experiences. It also provides Trilogy with the opportunity to embed institutional support, training, and operational efficiencies into the advisor’s practice, ultimately enhancing enterprise value for both parties.

Conversely, the Regional Succession Planning or sell-and-go strategy supports Trilogy’s expansion by creating opportunities to integrate books of business from advisors seeking a clean exit. This is especially relevant for smaller or lifestyle practices with limited internal succession options. Trilogy’s nine regional offices, infrastructure and centralized planning capabilities allow for a smooth transition of client relationships, minimizing disruption and ensuring continuity. These acquisitions serve as entry points for long-term client engagement and cross-generational planning in the advisor’s local area.

By leveraging both succession pathways, Trilogy can strategically grow its national advisor footprint, enhance client service continuity, and honor the personal and professional goals of independent advisors. This dual-track approach ensures that every advisor—regardless of age, AUM, or retirement horizon—can find a meaningful path forward within Trilogy’s collaborative model.

Sander Ressler is Managing Partner of Essential Edge, a wealth management-focused compliance consultancy that delivers outsourced compliance supervision to independent broker-dealers and RIA firms