Osaic rebuilds after Journey to One advisor exodus

Osaic reported 1,153 registered-representative departures in 2025, a 73% increase from 2021, during its Journey to One consolidation, and is working to rebuild staff and systems, according to chief executive Jamie Price.

Journey to One began in 2023 and combined eight broker-dealers under Osaic’s corporate structure: American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services. Osaic added wealth units acquired from Lincoln Financial in 2024. The company still operates two separate internal brokerages, Osaic Services and Osaic Institutions, in addition to Osaic Wealth.

Price traced the consolidation to fragmented operations and multiple technology and commission systems that made internal transfers difficult. He said executives led the decision and private equity owners were persuaded to back the plan. For the eight originally combined firms, headcount losses rose 23% from the start of the project to its conclusion.

Departures included advisors who moved to competitors, retired, or left the industry. The largest single external destination was LPL Financial, which hired 652 former Osaic registered reps in 2024 and 322 in 2025. Large advisory groups also split from Osaic; The AmeriFlex Group, with nearly 130 advisors and about $12 billion in assets, left in summer 2025. Osaic’s own recruiting efforts have replaced many of the losses, company executives report.

Senior executive turnover was notable. Recent exits included Ed Swenson, Greg Cornick, chief financial officer Kristy Britt, Dimple Shah, Kristen Kimmell, Kevin Peterson and Eric Hansen. Some departing executives accepted roles at other firms or startups; others sold holdings after a $2 billion capital infusion led by investors including Reverence Capital Partners, Bain Capital, Lexington Partners and an Ares Management affiliate. Osaic has filled key roles, naming Shannon Reid as president and Sayee Bellamkonda as chief AI and technology officer.

Price acknowledged operational missteps during the integration, including an early technology rollout. He said the firm introduced a new tech stack roughly four months before it was fully tested at large scale and that issues emerged when usage expanded beyond pilot groups. “We rolled out our new tech stack about four months too early,” he said, noting the company moved to correct problems.

Despite turnover, assets under custody and management rose 26% from 2023 to 2025 to $758.4 billion, aided by roughly $115 billion from the Lincoln Financial units. Osaic reports an asset-retention rate of about 97% and incoming advisor headcount was up 70% year over year through June.

Osaic does not operate a self-clearing business and continues to work with large custody partners such as Pershing and Fidelity. Company leadership says the consolidated operating model and fresh capital position Osaic to focus on growth and potential liquidity options, with debt obligations running through 2032.