Widely regarded as a rising star in the wealth management industry, Dimple Shah has decided to leave Osaic Inc., a giant network of broker-dealers and registered investment advisors with more than 11,000 financial advisors that has seen a series of changes the past few years.
The writing has been on the wall for Shah’s departure since the end of last year, industry executives said, when Osaic said it was hiring Raymond James Financial Inc. veteran Shannon Reid as president, head of advisor growth and engagement, to work as CEO Jamie Price’s second in command.
Hiring Reid blocked Shah’s advancement at the network, executives said in interviews Tuesday morning. She joined Osaic in 2022 and was executive vice president, strategy and client experience.
“Dimple Shah was an extraordinary executive, and it’s obvious with someone else getting the job as president, where was she going to go at Osaic,” said one senior industry executive, who spoke privately to InvestmentNews about the matter. “I think it’s a loss for that firm.”
“Shah was engaged with all facets of Osaic and was well liked and respected,” said another senior industry executive who also spoke privately about Shah leaving. “I am shocked to see her go, but with Shannon Reid there, what upward track was left for her?”
Osaic’s advisors work with more than $700 billion in client assets.
Industry news website WealthManagement.com first reported Shah leaving Osaic. She could not be reached for comment but is reportedly moving to a portfolio company of Vestigo Ventures, a financial technology and venture capital investor cofounded by Mark Casady, former CEO of LPL Financial.
Change has been a constant at Osaic, formerly Advisor Group, since 2020 when it was bought by private equity investor Reverence Capital Partners.
Osaic recently said it clinched more than $2 billion in new capital with Bain Capital joining existing investors Ares and Lexington Partners.
The network’s disparate broker-dealers were consolidated and rebranded as Osaic, financial advisors have left for competitors and management has been reshuffled, with former president and number two to PrIce Greg Cornick last year moving to an executive vice president’s role.
Sudhakar Kanagarajan also resigned from Osaic as head of application engineering and architecture, the company confirmed. He is returning to Fidelity Investments.
“We thank Dimple for her contributions during her four years at the firm and wish her the best in her next chapter,” a company spokesperson wrote in an email. “Osaic has a strong leadership team in place and remains focused on executing our strategy and continuing to invest in the solutions, support and client experience that drive advisor growth and success.”
Also on Tuesday, Osaic said it had recruited its sixth team of financial advisors this year from rival LPL Financial, with those groups managing $1.2 billion in client assets.
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