Wealth management platform Osaic has expanded its network with the acquisition of independent wealth manager Nova Wealth, for an undisclosed sum.

Currently, Nova Wealth has $180m in client assets under administration. The company offers retirement income distribution planning services.

Osaic has 270 financial institutions, around 11,000 financial professionals, and over $653bn in assets under administration.

Nova Wealth co-founder and wealth manager Elizabeth Evanisko said: “By joining Osaic, we’re gaining even more independence, allowing us to more effectively choose the financial planning tools and resources that work best for our clients in helping them reach their goals.

Nova Wealth co-founder and wealth manager Jeffrey Gelormini said: “Retirees today are seeking solid financial planning that considers their lifestyle and prioritises their goals.

“Osaic provides the robust resources needed to provide best-in-class financial planning services to our clients.”

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Nova Wealth helps in creating specialised retirement income plans for clients to meet their specific goals and risk tolerance.

The company’s range of services include investments, financial planning and insurance.

Osaic business development executive vice-president Kristen Kimmell said: “Osaic is committed to partnering with advisors and providing technology, resources, and expertise so they can focus on their clients and their business.

“We are honoured to welcome Nova Wealth to Osaic, where they will join one of the nation’s largest networks of financial professionals and a thriving community dedicated to growth and collaboration.”

The incorporation of Nova Wealth into Osaic’s network follows the company’s recent advancements in its retirement income planning tool, NextPhase.

In July, Osaic announced new and improved versions of the NextPhase tool, called NextPhase Pro and NextPhase Plus.

Developed in collaboration with IncomeConductor, these updated tools aim to make creating personalised retirement income plans easier with a more user-friendly interface.

Currently, about 600 advisors use the original NextPhase platform, which helps manage over $4bn in retirement assets each year.