Osaic Inc., the network of broker-dealers and registered investment advisors overseeing more than $700 billion in client assets, confirmed Monday that Kristen Kimmell, executive vice president of business development, will depart after nearly five years. The firm, which works with over 11,000 financial advisors, has experienced a series of leadership changes in recent months.
“We can confirm that Kristen Kimmell will depart Osaic,” a company spokesperson said in an email. “During her nearly five years with the firm, she was a valued leader. We thank her for her contributions and wish her well.” The spokesperson added that Osaic remains “focused on attracting and supporting growth-oriented advisors – delivering the scale, resources and partnership they rely on to serve clients and build their businesses.”
Kimmell is set to rejoin RBC Wealth Management in the United States as West Divisional Director, effective June 15, the firm announced after market close Tuesday. Her return to RBC comes after a tenure at Osaic that began in 2019.
The departure follows that of Dimple Shah, who left Osaic in recent weeks. Shah joined the firm in 2022 as executive vice president of strategy and client experience. Industry executives noted that Shah’s exit was anticipated after Osaic hired Raymond James Financial Inc. veteran Shannon Reid as president and head of advisor growth and engagement, effectively blocking Shah’s advancement.
Recruiting at large wealth management platforms like Osaic, LPL Financial, and Cetera Financial Group can be volatile. Missing targets for bringing in new advisors often leads to wholesale departmental changes. Osaic has been consolidating its various firms over the past few years, which industry analysts say has contributed to advisor attrition.
Despite these challenges, Osaic continues to attract teams. In recent months, the firm has added a $300 million team from Wells Fargo and a $1.1 billion team from Carson Group, as reported by InvestLin. The firm also deepened its technology ties with Envestnet, as covered in a previous article.
The leadership changes come as Osaic navigates a competitive recruiting landscape. Competitors like LPL Financial and Raymond James have been aggressively adding advisors, as highlighted in recent coverage. Osaic’s ability to retain and attract talent will be critical as it seeks to maintain its position among the largest independent broker-dealer networks.
