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. At almost 25 years old, OMC has weathered wars, market corrections, the junk bond scandal, terrorist activities, corporate malfeasance, tax law changes, political uncertainties, the worst market decline since World War II, the "Tech Wreck" and "irrational exuberance."
We remain committed to the principles that got us to this point and look forward to what the future holds and the opportunities that lie ahead.
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