Custodial shakeup: Fidelity RIA head Bob Oros will exit
In a surprise move, Fidelity RIA chief Bob Oros will leave the company at the end of the month after a five-year stint with the industry's second-largest custodian.
Oros took over as executive vice president and head of the RIA segment in the firm’s Clearing & Custody Solutions division in February 2015. He had served as head of sales and relationship management for Fidelity Institutional Wealth Services before the launch of the unit.
The division’s seven regional managing directors, who oversee almost 3,300 RIAs across the country, will report directly to President Sanjiv Mirchandani until the company finds a replacement for Oros, says Fidelity spokeswoman Erica Birke.
Fidelity will begin an “active search” right away, Birke says.
“One big investment has been the talent on his team,” She says. “That’s a great legacy to leave because we now have a deep bench of talent at the organization, so we can continue to move forward.”
Oros, a nine-year veteran of Charles Schwab joined Fidelity in 2011 after one year as national sales manager for Trust Company of America. He worked in various positions at LPL Financial from 2008 to 2010 after his stint at Schwab.
Oros “made a personal decision to leave Fidelity in order to take on a unique, new professional challenge,” according to a company statement. Birke said that no more details on his plans for the future were immediately available on Friday morning.