Kristy Britt Takes the Helm as Osaic’s New Chief Financial Officer
In a significant leadership transition, Kristy Britt has been appointed as Osaic’s new Chief Financial Officer, succeeding Jon Frojen, who held the position since 2020. Britt officially began her role on Monday, marking a new chapter for the financial services firm as it continues to navigate a complex landscape of mergers and acquisitions.
A Wealth of Experience from Thomson Reuters
Britt joins Osaic after an extensive career at Thomson Reuters, where she honed her financial acumen and strategic insight. Most recently, she served as the head of finance for operations and technology, where she led initiatives focused on digital enablement, enhancing customer experience, cost reduction, and leveraging generative AI for operational efficiency. Her diverse background equips her with the skills necessary to tackle the challenges ahead at Osaic.
Smooth Transition and Relocation
In an interview with WealthManagement.com, Britt shared that she collaborated closely with Frojen over the past month to ensure a seamless transition into her new role. This careful handover is crucial, especially as Osaic embarks on a transformative journey following its acquisition of Lincoln Financial’s $115 billion wealth business earlier this year. As part of her new position, Britt will relocate to Scottsdale, Arizona, to work from Osaic’s headquarters, further embedding herself in the company’s culture and operations.
Merging Legacy Broker/Dealers
Britt’s appointment comes at a pivotal time for Osaic, which is in the midst of merging its legacy broker/dealers with Lincoln Financial’s wealth management operations. The integration of these entities is set to culminate in January, and Britt is optimistic about the opportunities this presents. “I’m coming in at a really great time because since the data has all come together and the acquisitions have all come together, I now have this visibility into the whole of the organization in a far more standard way,” she noted. This newfound clarity will enable Osaic to better understand advisor operations and tailor services to meet their needs.
The Journey to One
In June 2023, Advisor Group rebranded itself as Osaic, signaling its commitment to streamline operations and unify its 11,000 affiliated advisors and eight broker/dealers into a single entity. CEO Jamie Price previously indicated that the firm was approximately 80% complete in integrating its advisors onto a unified technology platform. This initiative, dubbed the “Journey to One,” aims to enhance operational efficiency and scalability. Britt acknowledged the groundwork laid by her predecessors, stating, “The good news is they’ve done a lot of the heavy lifting already. So they’re well-positioned to drive that growth.”
Addressing Advisor Attrition
Despite the strategic advantages of the Lincoln acquisition, Osaic has faced challenges, including advisor attrition. Several former Lincoln advisors and teams managing billions in assets under management (AUM) have departed for competitors, citing concerns over Osaic’s private equity ownership and the potential for further consolidation. However, Price has expressed confidence in the firm’s projections regarding advisor attrition, indicating that they are “right on” track with their annual estimates.
Britt brings a wealth of experience in managing integrations from her time at Thomson Reuters. She emphasized the importance of recognizing the value of both the acquired and acquiring companies during such transitions. “Typically, when you acquire a business, you did it for a good reason,” she explained. “So you want to make sure you maintain those values and characteristics.” This approach will be vital as Osaic seeks to retain talent and foster a cohesive culture amid ongoing changes.
Looking Ahead
As Kristy Britt steps into her role as CFO, her extensive experience and strategic vision will be instrumental in guiding Osaic through its current phase of transformation. With a focus on leveraging data insights and best practices, she aims to enhance the firm’s service offerings and support its advisors in achieving growth. The coming months will be critical as Osaic continues to integrate its operations and solidify its position in the competitive wealth management landscape.