History of OMC
The early years
In 1982, as a single mother new to the Central New York region, Cynthia
Scott moved to Syracuse to open her own financial services company. Her
goal was to provide her clients with a level of advice and service that
went beyond the traditional brokerage business model. She also desired
to marry institutional-type money management with a personal, one-on-one
working relationship.
After the stock market decline in 1987, Cynthia reviewed OMC's business
model and decided that, going forward, OMC would be a fee-based rather
than a commission-based business. By 1988, OMC was transformed into a
fee-based Registered Investment Advisory firm, one of the few such
businesses owned by a woman at that time.
Cynthia's reward was to lose half of her client base. Clients were used
to a commission type relationship and peers thought the concept was a
fad. In fact, it wasn't until almost a decade later that the fee-based
model really caught on with consumers. She stuck with her convictions,
however, and the firm thrived.
In 1994, Greg Jennings was brought on to help with new business
development, portfolio management and marketing. In 2000, OMC partnered
with Charles Schwab & Co's institutional division. Schwab Institutional
provides the custodial services, trading and back office support
necessary to keep OMC moving forward.
Today, OMC Financial Services is a true Central New York success story.
After almost 30 years in business OMC has navigated its clients through
the junk bond scandal, the Savings and Loan crisis, wars, terrorist
attacks, corporate malfeasance, tax law changes, political
uncertainties, "Irrational Exuberance", the "Tech Wreck", the collapse
of the housing bubble and the sub-prime mortgage crisis that led to the
most fragile economy in the U.S. since the Great Depression.
We remain committed to the principals that have led us to this point and
look forward to what the future holds and the opportunities that lie
ahead.
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