Tim Hodge, an executive vice president of operations and technology solutions in Osaic, has left the company. Hodge is no longer listed on the executive site of Osaic, and his Brokercheck profile shows that he has not been registered in the firm since February 20th.
Matt Schlueter, an executive vice president of products and platform, has received the title of Hodge, according to the Osaic website. Before that, he was president of products and platforms.
This follows a reorganization the company made over the summer, when Osaic expanded Hodge's role to include the leadership of technology and services teams, according to published reports. He had previously served as an executive vice president of trading and operations since 2022. Before joining Osaic, he was an executive vice president at the LPL Financial.
At that time, the firm also expanded the role of Dimple chess to focus on advisory growth solutions, according to published reports.
In addition, the titles for two other older executives have changed. Greg Cornick, President of Property Counsel and Management, and Ed Swenson, who was employed in 2023 as President of Ria SolutionsBoth held the title of “President”, are now listed as an executive vice president. Until recently, Schlueter also held a president's title.
A spokesman for Osaic and Hodge did not return the requests for comment before the publication.
A source known to the company said title changes demonstrate that executives are “level”, which almost certainly came up with a decrease in their executive compensation.
Cornick was responsible for recruiting and holding financial advisers, with Erinn Ford, executive vice president of councilors' engagement and Kristen Kimmell, Executive Business Development, reporting to him.
“Greg was where Buck stopped in terms of holding and recruiting councilors,” none of which seemed to have fulfilled the firm's ambitions, the source said.
As integrations have advanced, numerous teams left Osaic for other firms, including a California -based team managing about $ 1 billion in wealth that jOined LPL Financial at the end of last month.
Only this week, a Florida Supervisory Jurisdiction office managing more than $ 1 billion was transferred to Ausdal Financial Partners by Osaic Wealth. The team of 15 councilors, led by OSJ supervisor Richard Gerepka, was previously with American portfolios, a Broker/trader acquired by Osaic in 2022.
Last April, the LPL scored a financial pilot, a $ 4.6 billion firm with 105 advisers, from Osaic, who was previously linked to Lincoln.
In September, long -term Osaic councilor Debra Brennan Tagg, who runs BFS Advisory Group based in Dallas with $ 318 million in customer assets, left to join Newedge advisersA New Orleans -based Ria. Brennan Tagg began her career in 1999 with FSC Securities, which was consolidated in Osaic at the end of 2023.
Swenson, the former Operating Officer at Dynasty Financial Partners, was hired in 2023 to set up a compelling strategy for the market for Osaic in RIA. A source close to the company said there were disappointments in C-SUITE for the advancement of that initiative.
This follows Departure in August Jen RocheExecutive Vice President of Marketing and Communications in Osaic. She joined the Financial LPL, where she had previously worked in her career, as a senior Vice President of Corporate Communications and Public Relations.
Kirsten Bosch, a senior Vice President of Transitions and Board in Osaic, and Nicole Ball, a senior vice president of growth marketing, also left the company at the end of last year, according to an Advisorhub report. Ball has since joined Hive Wealth, a community asset planning application, such as the chief of marketing and customer experience, according to its LinkedIn profile.
The changes come while Osaic continues to consolidate its mediator/commercial units as part of its “Traveling to One” initiative. In 2023, the network of mediator/traders previously known as an adviser re-raised group as Osaic, with a multi-year plan to integrate his B/DS under the Osaic brand. Moreover, Osaic closed its purchase of Lincoln Financial's wealth business $ 115 billion last May, demanding the board of more than 1,400 advisers.
Osaic has been supported by the Firm of Private Capital Reverence Capital since 2019.