Shannon Reid, president of Osaic Inc. and the firm’s second-highest-ranking executive, is now under intensified scrutiny after the sudden exit of two senior leaders. The departures of Chief Financial Officer Kristy Britt and Executive Vice President of Wealth Management Solutions Greg Cornick, announced internally on the Thursday before the Memorial Day weekend, leave Reid to steer the $700 billion-asset network through a period of internal upheaval and competitive pressure.
Reid, who joined Osaic in January from Raymond James Financial Inc., holds the additional title of Head of Advisor Growth & Engagement. Industry executives describe her as hands-on and proactive, with a reputation for fostering loyalty among advisors. “She is very focused on streamlining functionality and ease of use for financial advisors,” said one senior industry executive who spoke on condition of anonymity. “That includes technology, product development and wealth management.”
The leadership shakeup comes as Osaic continues to consolidate a patchwork of acquired firms and overhaul its operations. The network, which supports roughly 11,000 advisors, has seen some financial advisors defect to rivals in recent years. In June, the company lost Executive Vice President of Business Development Kristen Kimmell after nearly five years. Earlier, in late 2023, Dimple Shah, executive vice president of strategy and client experience, left the firm; she joined Osaic in 2022 and has since moved to Humanity Labs to lead AI adoption in wealth management.
Cornick’s departure is particularly notable. Hired in 2020 from LPL Financial Holdings Inc., he was once considered the firm’s second-in-command but saw his influence wane over the past two years. His exit, along with Britt’s, raises questions about the stability of Osaic’s C-suite. A company spokesperson said, “Kristy Britt and Greg Cornick will depart Osaic. We thank them for their contributions during their tenure and wish them the best in the future.” The spokesperson added that Osaic has “a strong leadership team in place” and remains focused on executing its strategy.
Reid’s challenge is to reassure advisors and recruit new talent amid a competitive landscape where rivals like LPL Financial and Cetera have been aggressive. Osaic has recently attracted some teams, including a $300 million group from Wells Fargo, but has also lost a $1.1 billion Florida team to Carson Group. The firm’s ability to retain and grow its advisor base will be a key test of Reid’s leadership.
“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. “Shannon Reid has a reputation that’s well earned to do just that.”
Osaic’s consolidation strategy, which involves integrating multiple legacy platforms, has created operational friction. Reid’s mandate includes simplifying technology and product offerings to improve the advisor experience. The firm’s scale—$700 billion in client assets—gives it resources, but the recent executive turnover could slow momentum.
For context, Osaic’s moves come as the broader independent broker-dealer space sees heightened recruiting activity. LPL added a $500 million team from United Planners, while Cetera, Osaic, and Ameriprise collectively recruited $950 million in assets from Commonwealth, LPL, and Thrivent. The competition for top advisors remains fierce.
Reid’s background at Raymond James, where she was known for building strong advisor relationships, may prove valuable. However, the departure of two senior executives so soon after her arrival suggests that Osaic’s leadership transition is still in flux. The coming quarters will reveal whether she can stabilize the firm and reverse advisor attrition.
