In 1982, Cynthia Scott moved to Syracuse, New York, with the goal of providing her clients with a level of advice and service that went beyond what the large brokerage firms offered by creating her own independent investment firm. Cynthia was convinced that if she combined institutional-type money management, exceptional service and sound financial advice delivered on a personal, one-on-one basis both her business and her clients would thrive. OMC Financial Services was born.
After the “Black Monday” stock market decline in 1987, Cynthia determined that, going forward, OMC would offer even greater value operating on a fee-only system rather than a commission-basis. By 1988, OMC was transformed into a fee-only Registered Investment Advisory firm (Registration does not imply a certain level of skill or training), one of the few such businesses owned by a woman at that time.
Her reward, at first, was disheartening: she lost half of her client base! Clients were used to the conventional commission-based relationship and peers thought the concept was a fad. In fact, it wasn't until almost a decade later that the fee-only model gained traction with consumers and the financial industry. Cynthia stuck with her convictions, though, and forged ahead.
In 1994, Greg Jennings became associated with OMC to help with new business development, portfolio management and strategy, and marketing.
In 2000, OMC selected Charles Schwab & Co., Inc. ("Schwab") as primary custodian for our clients’ accounts. Schwab Advisor Services serves independent investment advisory firms like ours and includes the custody, trading and support services of Schwab. This decision allows OMC to remain focused on its clients.
For 41 years OMC has navigated its clients through the junk bond scandal, the Savings and Loan crisis, wars, terrorist attacks, corporate fraud, tax law changes, political uncertainties, "Irrational Exuberance", the "Tech Wreck", the collapse of the housing bubble, the demise of major investment firms, the sub-prime mortgage crisis, and the “Fiscal Cliff.” During that time, OMC has been there working side by side with our clients and guiding them through some extremely challenging times. Even now, with over 70 years of combined experience between them, Cynthia and Greg still work directly with each and every client.
Today, OMC Financial Services is a true Central New York success story. We remain committed to the principles that have led us to this point and look forward to what the future holds and the opportunities that lie ahead. If we are the type of firm you have been looking for, Let’s Talk.