Just weeks after losing one executive vice president, Osaic Inc. is watching another leave, with the firm confirming Monday afternoon that Kristen Kimmell, executive vice president, business development, is leaving the firm after almost five years.
It’s not clear why she chose to depart Osaic, a giant network of broker-dealers and registered investment advisors that works with more than 11,000 financial advisors that has seen a series of changes the past few years.
“We can confirm that Kristen Kimmell will depart Osaic,” a company spokesperson wrote in an email. “During her nearly five years with the firm, she was a valued leader. We thank her for her contributions and wish her well.”
“Osaic remains focused on attracting and supporting growth-oriented advisors – delivering the scale, resources and partnership they rely on to serve clients and build their businesses,” the spokesperson added.
Just a few weeks ago, Dimple Shah decided to leave Osaic Inc. She joined Osaic in 2022 and was executive vice president, strategy and client experience.
The writing was on the wall for Shah’s departure since the end of last year, industry executives said at the time, when Osaic said it was hiring Raymond James Financial Inc. veteran Shannon Reid as president, head of advisor growth and engagement, to work as CEO Jamie Price’s second in command.
Hiring Reid blocked Shah’s advancement at the network, executives said.
Recruiting at large firms like Osaic and its competitors LPL Financial and Cetera Financial Group can be volatile; missing targets of bringing in new advisors can lead to wholesale changes in some departments.
Although it’s not clear why Kimmell left Osaic, industry analysts have highlighted the firm losing advisors as it consolidated its various firms over the past few years.
Osaic’s advisors work with more than $700 billion in client assets.
Change has been a constant at Osaic, formerly Advisor Group, since 2020 when it was bought by private equity investor Reverence Capital Partners.
Osaic recently said it clinched more than $2 billion in new capital with Bain Capital joining existing investors Ares and Lexington Partners.
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