Deals and People

Retirement Industry People Moves

Nationwide Combines Public and Private Retirement Plan Teams; Lincoln Financial Names New President of Tax-Exempt Retirement Plans; Consequent Capital Management Acquires Gray & Company Assets; and more. 

By Javier Simon | February 10, 2017
Page 1 of 12
Nationwide Combines Public and Private Retirement Plan Teams

The public- and private-sector sales teams of Nationwide’s retirement services will now operate as a single entity headed by Eric Stevenson, who has led Nationwide’s public-sector sales team since 2010. The newly combined retirement plans distribution organization will report to John Carter, president of Nationwide’s retirement plans business.

“As one distribution team, our retirement plans business now has one of the largest, most tenured sales forces in the industry including NAPA-recognized top wholesalers,” says Stevenson. “The investments Nationwide has made in meeting the needs of advisers, plan sponsors and participants have been recognized by third-party industry experts, including DALBAR for our website and service, and PLANSPONSOR Magazine for best-in-class client satisfaction.”

Under Stevenson, Nationwide’s retirement plans business won or retained some of the largest retirement plans in the country. It serves more than 2.1 million retirement plan participants in nearly 39,000 plans.

“We’re investing more than ever in tools and technology to meet the needs of larger plans, and we will continue to provide access to customized retirement plans to America’s small and medium-sized businesses and public-sector plans,” says Carter.

Joe Frustaglio, leader of private-sector sales, recently decided to leave Nationwide after 32 years of service.

“Joe has been a valued member of the Retirement Plans leadership team and a dedicated leader to our private sector sales organization for the past 11 years,” says Carter. “His many contributions to our business and the industry will be long lasting.”

Nationwide will begin an immediate search for a new leader, reporting to Stevenson, who will assume responsibility for the adviser-sold 401(k) business.

NEXT: Lincoln Financial Names New President of Tax-Exempt Retirement Plans