Tim Hodge, an government vp of operations and expertise options at Osaic, has left the corporate. Hodge is not listed on Osaic’s government web page, and his BrokerCheck profile signifies he’s not registered with the agency as of Feb. 20.
Matt Schlueter, an government vp of merchandise and platform, has taken Hodge’s title, in line with Osaic’s web site. Previous to that, he was president of merchandise and platforms.
This follows a reorganization the corporate remodeled the summer time, when Osaic expanded Hodge’s function to incorporate main the expertise and repair groups, in line with printed studies. He had beforehand served as government vp of buying and selling and operations since 2022. Previous to becoming a member of Osaic, he was an government vp at LPL Monetary.
At the moment, the agency additionally expanded Dimple Shah’s function to concentrate on advisor progress options, in line with printed studies.
As well as, the titles for 2 different senior executives have modified. Greg Cornick, president of recommendation and wealth administration, and Ed Swenson, who was employed in 2023 as president of RIA Options, each of whom held the title of “president,” are actually listed as government vice presidents. Till just lately, Schlueter additionally held a president title.
Hodge didn’t return a request for remark.
A spokesman for Osaic stated Cornick’s function has not modified. He is nonetheless answerable for monetary advisor recruiting and retention, with Erinn Ford, government vp of advisor engagement, and Kristen Kimmell, government vp of enterprise growth, reporting to him.
“Greg’s function has not modified since he joined the agency,” stated a spokesman for Osaic, in a press release. “His (and a number of other different executives’) title adjustments had been a part of an general, ongoing effort inside Osaic to standardize roles by Journey to One. This came about with quite a few staff who had the title of president. Not one of the roles of those staff was modified, and Greg nonetheless has organizational accountability for the agency’s recruiting and retention efforts.”
A supply accustomed to the corporate stated the title adjustments exhibit that the executives have been “levelized.”
“Greg was the place the buck stopped so far as each advisor retention and recruiting,” neither of which appeared to have met the agency’s ambitions, the supply stated.
Because the integrations have progressed, quite a few groups left Osaic for different corporations, together with a California-based staff managing about $1 billion in belongings that joined LPL Monetary late final month.
Simply this week, a Florida workplace of supervisory jurisdiction managing greater than $1 billion moved to Ausdal Monetary Companions from Osaic Wealth. The staff of 15 advisors, led by OSJ Supervisor Richard Gerepka, was beforehand with American Portfolios, a dealer/supplier acquired by Osaic in 2022.
Final April, LPL scooped up Pilot Monetary, a $4.6 billion agency with 105 advisors, from Osaic, which was beforehand affiliated with Lincoln.
In September, long-time Osaic advisor Debra Brennan Tagg, who leads Dallas-based BFS Advisory Group with $318 million in shopper belongings, left to affix NewEdge Advisors, a New Orleans–primarily based RIA. Brennan Tagg began her profession in 1999 with FSC Securities, which was consolidated into Osaic in late 2023.
Swenson, the previous chief working officer at Dynasty Monetary Companions, was employed in 2023 to arrange a compelling, go-to-market technique for Osaic within the RIA area. One supply near the corporate stated there have been frustrations within the C-suite on the progress of that initiative.
Earlier this month, monetary advisor Tom Payant closed down his RIA, Payant Wealth Administration Group, to affix Osaic’s W-2 worker affiliation mannequin, launched in 2023 beneath Swenson’s management. Osaic’s W-2 mannequin permits the agency to buy books of companies and have advisors come beneath its company RIA as staff.
In January, Osaic closed on an RIA acquisition in Tampa, Fla., with six advisors and roughly $500 million in belongings. It additionally added its first W-2 workplace in Ft. Lauderdale, with a brand new producing advisor.
The agency’s company RIA, Osaic Advisory Companies, now has over 300 advisors and greater than $16.8 billion in belongings.
This follows the departure in August of Jen Roche, government vp of promoting and communications at Osaic. She joined LPL Monetary, the place she had labored beforehand in her profession, as a senior vp of company communications and public relations.
Kirsten Bosch, a senior vp of transitions and onboarding at Osaic, and Nicole Ball, a senior vp of progress advertising and marketing, additionally left the corporate on the finish of final 12 months, in line with an AdvisorHub report. Ball has since joined Hive Wealth, a group wealth planning app, as chief advertising and marketing and shopper expertise officer, in line with her LinkedIn profile.
The adjustments come as Osaic continues to consolidate its dealer/supplier entities as a part of its “Journey to One” initiative. In 2023, the community of dealer/sellers previously generally known as Advisor Group rebranded as Osaic, with a multi-year plan to combine its b/ds beneath the Osaic model. Moreover, Osaic closed its acquisition of Lincoln Monetary’s $115 billion wealth enterprise final Could, requiring the onboarding of greater than 1,400 advisors.
In a current credit score opinion following a scores affirmation, Moody’s stated that Osaic’s belongings beneath administration had grown considerably during the last 5 years to roughly $705 billion as of Sept. 30, 2024. The scores company stated that whereas it is “Journey to One” initially led to increased bills and “restricted profitability enhancements,” the hassle is anticipated to profit bills and increase EBITDA in 2025. “The brand new company construction expands the corporate’s addressable marketplace for acquisitions and facilitates the environment friendly switch of books of enterprise from retiring advisors onto its advisory platform,” the report stated.
Osaic has been backed by personal fairness agency Reverence Capital since 2019.
