After more than 18 years at Raymond James Financial Inc., most recently as the president of its independent broker-dealer group, Shannon Reid is moving to Osaic Inc., where she will have the title president, head of advisor growth and engagement.
Reid will fully assume the role of president January 12 and report directly to CEO Jamie Price, who previously held the position in tandem with his chief executive responsibilities.
Meanwhile, after less than two years at the firm, Alex David, the head of the northeast division for Raymond James Financial Services, is also leaving the firm to become CEO of Equity Services Inc., an independent broker-dealer that is part of National Life Group. He replaces company veteran Ata Azarshahi.
InvestmentNews in 2023 named David, who is African American, as the 2023 InvestmentNews Diversity, Equity and Inclusion honoree for Lifetime Achievement.
A spokesperson for Raymond James declined to comment. Raymond James Financial Services works with more than 4,900 financial advisors who are independent contractors and not employees of the firm.
Osaic has a history of hiring women to senior management positions in a brokerage industry that has been long dominated by men. As InvestmentNews noted in 2022, Osaic, then Advisor Group Inc., had assembled a leadership team with six of the 14 senior executive positions filled by women.
“I think the people at Osaic will love that another accomplished woman leader will be joining the firm at the most senior level,” said a top industry executive who spoke about the matter privately to InvestmentNews. “And I also believe Osaic recognizes that they need additional experienced talent to achieve its goals.”
Osaic is a giant network of broker-dealers and registered investment advisors, with more than 10,000 financial advisors across its platform. Private equity firm Reverence Capital Partners owns Osaic.
Reid’s “experience leading advisor recruiting, growth and engagement at scale strengthens our leadership team and elevates the entire organization,” Price said in a statement. “With Shannon in this role, we are well-positioned to build on our momentum and continue delivering long-term value for our affiliated advisors, their businesses and their clients.”
“I was drawn to Osaic by the strength of its leadership team and a culture defined by clarity, accountability and execution—combined with the agility and flexibility of a nimble organization built to drive results,” Reid said in the company statement. “We are aligned in our commitment to doing the right thing for advisors and their clients, which makes this opportunity especially compelling.”
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