B-D giant Osaic reorganizes management team

B-D giant Osaic reorganizes management team
The moves boost the authority of Tim Hodge and Dimple Shah in Osaic's management structure.
AUG 26, 2024

After Jen Roche, the architect of last year's rebranding of the giant broker-dealer network Osaic, bolted this month to rival LPL Financial, more changes are coming for the company's senior management team who report to CEO Jamie Price.

The moves, which will be announced externally next month, boost the authority of Tim Hodge and Dimple Shah in Osaic's management structure, according to an internal memo from Price last week. Greg Cornick will continue to lead the core advice and wealth management group at Osaic, which is owned by private equity manager Reverence Capital.

All three, like Roche, formerly worked at LPL Financial, the leading independent broker-dealer in terms of assets and number of financial advisors. The three will continue to report directly to Price.

Hodge is expanding his role to focus on service, operations, and technology capabilities for advisors, while Shah is widening her role to focus on advisor growth solutions, bringing products and platforms closer in line to those goals.

The changes at Osaic, with more than 11,000 financial advisors and $635 billion in client assets, come one-year into the company's "power of one" initiative, which saw disparate broker-dealers rebrand and merge operations under the Osaic umbrella.

Shah is taking on a more significant role with her focus on organic growth at the network, which Cornick had focused on in the past, noted one industry executive, who spoke anonymously to InvestmentNews about the matter.

Along with its rebranding from Advisor Group, Osaic has been busy completing its most recent merger.

This May, Osaic closed its acquisition of the wealth management business of insurance company Lincoln National Corp.. Osaic paid Lincoln National $700 million in return for 1,450 financial advisors who oversee roughly $108 billion in assets.

Osaic this summer has watched some significant groups of financial advisors from the recent acquisition of Lincoln's wealth business jump recently to the competition. Just last week, LPL Financial said it had recruited more than 30 financial advisors from two firms that together managed approximately $4 billion in client assets. Both were former Lincoln Financial firms.

An Osaic spokesperson declined to respond to a question about Lincoln Financial advisors leaving Osaic.

Meanwhile, Hodge's group is now called operations and technology solutions.

Cindy Hamel, executive vice president, business transformation, and her team, as well as Ed Obuchowski, executive vice president, enterprise technology solutions and chief technology officer, and his team, will join that group and report to Hodge.

Hamel will continue to lead Osaic's mergers and acquisitions activities including the network's expansion into registered investment advisor and employee broker channels and will work directly with Ed Swenson and Price.

Shah's group will be called advisor growth and platform solutions, and Matt Schlueter, executive vice president, products and platforms, and his team, will join report to her.

Phil Blancato, chief market strategist, Osaic, and president, Ladenburg Thalmann Asset Management, and his organization, will transition to Cornick's team. Blancato will join Cornick's leadership team and report directly to him.

Also reporting to Price will be Jon Frojen, Jeffrey Green, Amy Hamilton, Nina McKenna, and Ed Swenson representing the wealth business. In addition, co-heads of the investment bank, Ladenburg Thalmann and Co., Mike Gideon and Barry Steiner, and special advisor/vice-chairman, Lon Dolber, will continue reporting to Price as well.

Growth opportunities abound if you find the right team, says Osaic strategist

Latest News

Northern Trust names new West Region president for wealth
Northern Trust names new West Region president for wealth

The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.

Capital Group extends retirement plan services further with a focus on advisors
Capital Group extends retirement plan services further with a focus on advisors

The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.

Why RIAs are the next growth frontier for annuities
Why RIAs are the next growth frontier for annuities

David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.

Supreme Court slaps down challenge to IRS summons for Coinbase user data
Supreme Court slaps down challenge to IRS summons for Coinbase user data

Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."

Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director
Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director

Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.