Tim Hodge, an govt vp of operations and know-how options at Osaic, has left the corporate. Hodge is now not listed on Osaic’s govt web page, and his BrokerCheck profile signifies he’s now not registered with the agency as of Feb. 20.
Matt Schlueter, an govt vp of merchandise and platform, has taken Hodge’s title, based on Osaic’s web site. Previous to that, he was president of merchandise and platforms.
This follows a reorganization the corporate revamped the summer time, when Osaic expanded Hodge’s function to incorporate main the know-how and repair groups, based on revealed studies. He had beforehand served as govt vp of buying and selling and operations since 2022. Previous to becoming a member of Osaic, he was an govt vp at LPL Monetary.
At the moment, the agency additionally expanded Dimple Shah’s function to concentrate on advisor development options, based on revealed 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 govt vice presidents. Till lately, Schlueter additionally held a president title.
An Osaic spokesperson and Hodge didn’t return requests for remark previous to publication.
A supply acquainted with the corporate stated the title modifications reveal that the executives have been “levelized,” which just about actually got here with some discount of their govt compensation.
Cornick was in command of monetary advisor recruiting and retention, with Erinn Ford, govt vp of advisor engagement, and Kristen Kimmell, govt vp of enterprise growth, beforehand reporting to him.
“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 group 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 group 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 hitch 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 house. One supply near the corporate stated there have been frustrations within the C-suite on the progress of that initiative.
This follows the departure in August of Jen Roche, govt 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 development advertising, additionally left the corporate on the finish of final yr, based on an AdvisorHub report. Ball has since joined Hive Wealth, a group wealth planning app, as chief advertising and shopper expertise officer, based on her LinkedIn profile.
The modifications 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 often known as Advisor Group rebranded as Osaic, with a multi-year plan to combine its b/ds below 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.
Osaic has been backed by personal fairness agency Reverence Capital since 2019.
