Osaic’s head of advice and wealth management Greg Cornick was recently moved to a new position in the firm overseeing wealth solutions as the broker/dealer continues to settle from its multi-year effort to unify its past acquisitions and advisor networks under a single brand and business structure.
Cornick, who joined Osaic from LPL Financial in 2020, was previously head of advice and wealth management, a position overseeing recruitment and growth initiatives for the broker/dealer’s roughly 11,000 advisors.
His new role, announced internally, is executive vice president in the firm’s wealth solutions division. According to the firm and his updated bio page, he will now work on Osaic’s investment strategies to try to grow advisor and on-platform assets. He is also the executive sponsor of Osaic’s ConnectED conference, its annual event for affiliated advisors, employees and other partners.
“In his new capacity, Greg will leverage the experience and insights gained over the past five years as EVP, advice and wealth management to advance existing advisor and on-platform asset growth through an expanded, comprehensive wealth strategy,” according to an Osaic statement. “Given Greg’s experience and expertise, we are confident that this new role will bring meaningful benefits to our affiliated advisors and their clients.”
The move is Cornick’s second change this year. In February, his title changed from “president” to “executive vice president” of advice and wealth management. According to a company spokesperson, that did not indicate that his job responsibilities had changed; instead, it was part of a wider set of executive title changes.
Osaic declined to say whether the company will seek to fill that position.
The broker/dealer, owned by private equity firm Reverence Capital Partners, said it is moving to “refine its organizational alignment” after completing what it calls its “Journey to One,” internally bringing together all of the legacy brands and businesses the broker/dealer acquired over the past several years.
“This ongoing effort is focused on maintaining our momentum and growth, delivering leading solutions and support to our clients, offering industry-leading flexibility, and enhancing advisor productivity and growth,” the firm wrote. “Additionally, we occasionally place leaders into new roles to foster their personal growth and bring fresh perspectives to our organization through diverse leadership experiences.”
The realignment period has seen a number of other advisor and executive departures this year for Osaic.
This week, it was announced that Scott Hadley, Osaic’s senior vice president of RIA Solutions, left for Hightower. And earlier this month, former executive vice president of RIA solutions and sourcing and acquisition lead Ed Swenson left the firm after about two years in his role, according to a statement from Osaic.
According to the firm, Jeff Rosenthal is now leading RIA solutions, and Cindy Hamel is in an interim role as head of Osaic’s advisor channel.
In February, Tim Hodge, an executive vice president of operations and technology solutions at Osaic, left the firm.
In June, Osaic lost its hybrid RIA, The AmeriFlex Group, which oversees about $12 billion in client assets, to rival Cambridge Investment Research. According to a memo reviewed by WealthManagement.com, about $1.5 billion of those assets remained with Osaic. Separately, published reports cited Cornick noting that some of the assets were never on the Osaic platform to begin with. Also in July, Osaic lost a $1.5 billion New York-based advisor team that left for Commonwealth.
The broker/dealer has also been adding advisors and making acquisitions.
In the first quarter, it recruited at a record rate for assets under advisement for affiliated advisors, according to a spokesperson. Among those wins were bringing on advisors from competitors, including from Commonwealth, LPL and Raymond James.
In June, Osaic made a splash in the RIA space by acquiring CW Advisors, a $13.5 billion fee-only registered investment advisor.
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