After a flurry of senior executives recently leaving Osaic Inc., the giant broker-dealer and registered investment advisor network, Shannon Reid is now primed to bolster the firm, according to senior industry executives, although she faces plenty of headwinds and competition.
Reid, president of Osaic and the network’s number two executive to CEO Jamie Price, has plenty of challenges, executives said. Namely, the network has seen some financial advisors leave for other firms in recent years as it overhauled its operations and consolidated disparate firms.
Last Thursday, right before the holiday weekend, Osaic announced internally that chief financial officer Kristy Britt and executive vice president of Wealth Management Solutions, Greg Cornick, were leaving the company.
Cornick’s departure was prominent.
Hired in 2020 from rival LPL Financial Holdings Inc., Cornick had previously been second in command at the firm before losing power over the past two years.
Reid, a veteran of Raymond James Financial Inc., started at Osaic in January, and her title also includes “Head of Advisor Growth & Engagement.”
“She is very focused on streamlining functionality and ease of use for financial advisors,” said one senior industry executive, who spoke privately about the executive changes at Osaic. “That includes technology, product development and wealth management.”
“She is very proactive and hands on,” the executive said. “People at Raymond James were very loyal to her.”
Osaic’s 11,000 advisors work with more than $700 billion in client assets.
“It seems like Osaic realized it needed leadership with an ability to engage financial advisors and large teams of advisors,” said another senior industry executive who spoke confidentially about the matter. “Shannon Reid has a reputation that’s well earned to do just that.”
There has been plenty of change in Osaic’s leadership this year. At the start of June, the company said that Kristen Kimmell, executive vice president, business development, was leaving the firm after almost five years.
Just a few weeks earlier, Dimple Shah decided to leave Osaic. She joined the company 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 Reid.
"Kristy Britt and Greg Cornick will depart Osaic,” a company spokesperson said. “We thank them for their contributions during their tenure and wish them the best in the future.”
“Osaic has a strong leadership team in place and remains focused on executing our strategy and continuing to invest in the solutions, support, and client experience that drive advisor growth and success,” according to the spokesperson.
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.
A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.
The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.
Its SEC filings said one thing - a congressional probe said another.
Sham agreements allegedly padded revenue by 345%.
"Most pre-retirees are uncomfortable making key retirement income decisions without an advisor's help," said Chris Bailey of Cerulli.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
