B-D giant Osaic reorganizes management team

investmentnews.com:

After Jen Roche, the architect of last year’s rebranding of the giant broker-dealer network Osaic, bolted this month to rival LPL Financial, more changes are coming for the company’s senior management team who report to CEO Jamie Price.

The moves, which will be announced externally next month, boost the authority of Tim Hodge and Dimple Shah in Osaic’s management structure, according to an internal memo from Price last week. Greg Cornickwill continue to lead the core advice and wealth management group at Osaic, which is owned by private equity manager Reverence Capital.

All three, like Roche, formerly worked at LPL Financial, the leading independent broker-dealer in terms of assets and number of financial advisors. The three will continue to report directly to Price.

Hodge is expanding his role to focus on service, operations, and technology capabilities for advisors, while Shah is widening her role to focus on advisor growth solutions, bringing products and platforms closer in line to those goals.

The changes at Osaic, with more than 11,000 financial advisors and $635 billion in client assets, come one-year into the company’s “power of one” initiative, which saw disparate broker-dealers rebrand and merge operations under the Osaic umbrella.

Shah is taking on a more significant role with her focus on organic growth at the network, which Cornick had focused on in the past, noted one industry executive, who spoke anonymously to InvestmentNews about the matter.

Along with its rebranding from Advisor Group, Osaic has been busy completing its most recent merger.

This May, Osaic closed its acquisition of the wealth management business of insurance company Lincoln National Corp… Osaic paid Lincoln National $700 million