Two senior executives at Osaic have stepped down from their roles this week, including Dimple Shah, head of strategy and client experience, and Sudhakar Kanagarajan, head of application engineering and architecture, the firm confirmed. Osaic has not hired replacements for either role.
An Osaic spokesman said Shah decided to depart to pursue a new opportunity.
“We thank Dimple for her contributions during her four years at the firm and wish her the best in her next chapter,” the spokesman said. “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.”
A source familiar with the industry said Shah is joining one of Vestigo Ventures’ portfolio companies. Vestigo is the venture capital firm created by Mark Casady, the former CEO of LPL Financial.
Kanagarajan is joining Fidelity Investments, where he worked for 16 years prior to joining Osaic in 2023. He was serving as vice president of wealth management technology before departing Fidelity. Osaic uses Fidelity as one of its custodians.
“We are grateful for his contributions to Osaic and wish him success as he returns to Fidelity Investments, one of our strategic partners,” the Osaic spokesman said. “We have a strong, experienced team in place and remain focused on continuing to advance our technology roadmap and empowering financial professionals in support of their clients.”
Shah joined Osaic in 2022 as executive vice president of corporate strategy, with more than two decades of experience in designing corporate strategies. Since joining, Osaic has gone through a rebranding and the consolidation of its eight broker/dealers via the firm’s “Journey to One” initiative.
“It is a huge loss. I think people really saw her as one of the potential successors for the president and CEO over time,” the source told Wealth Management.
Prior to joining Osaic, Shah was a managing principal at Cielo Advisor, an independent strategy consulting firm. Prior to that, she was head of corporate strategy for LPL. When she was at LPL in 2019, Wealth Management named her one of its “Ten to Watch” for the year.
Some of Shah’s direct reports may go to Shannon Reid, who was hired in December as president and head of advisor growth and engagement, a newly created position.
This follows news late last month that Osaic’s private equity owner Reverence Capital Partners closed on a recapitalization of the broker/dealer, with Bain Capital entering as a new investor. The deal raised more than $2 billion in fresh capital for Osaic, and allowed Reverence to retain majority ownership.
