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I suggest you to create test site and try with fresh joomla + jomsocial installation. with out any 3rd party extension first. after that you can installing some 3rd party extensions, until you can replicate this issue again.
I was able to resolve this issue finally. It had to do with the upgrade
So to find if you have this issue you can run the following in an sql manager of your choosing (mysql or phpmyadmin shoulden't make any differents, i did it in the cli mysql)
SELECT id,parent_id,title FROM `prefix_assets` WHERE parent_id=0;
If you find that there are multiple rows then hit the above do the following
UPDATE `prefix_assets` SET parent_id=1 WHERE parent_id=0 AND NOT id=1;
You should also verify that the "Root Asset" has id 1 and parent_id 0
SELECT id,parent_id,title FROM `prefix_assets` WHERE id=0 OR parent_id=0;