Deals & People March 28, 2025

Retirement Industry People Moves – 3/28/25

IRI elects a new board chair; Janus Henderson hires a head of North America Institutional; MissionSquare Retirement hires a new vice president and head of firm strategy; and more.

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IRI Elects New Board Chair, Vice Chair

Corey Walther

The Insured Retirement Institute announced that the new chair of its board of directors is Corey Walther, president of Allianz Life Financial Services, LLC.

The new vice chair is Rob Jamieson, senior vice president and head of insurance/recordkeeper segment and investments at Fidelity Institutional Asset Management.

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Walther succeeds Phil Pellegrino, managing director and head of wealth planning and insured solutions at UBS, who remains on the IRI Executive Committee. Paula Nelson, managing director and head of strategic growth with Global Atlantic Financial Group, will continue as treasurer/secretary.

Janus Henderson Appoints Head of North America Institutional

Kelly Cavagnaro

Janus Henderson Investors announced the appointment of Kelly Cavagnaro as head of North America Institutional within its North America client group, effective immediately.

Cavagnaro will focus on expanding the firm’s institutional presence in North America by bringing the breadth and depth of Janus Henderson’s investment and solutions expertise to bear in helping clients define and achieve “superior financial outcomes.”

Based in Boston, Cavagnaro will report to Michael Schweitzer, the firm’s head of North America client Group.

Cavagnaro brings more than 20 years of experience in asset management. Prior to joining Janus Henderson, she served concurrently as head of North America institutional sales and head of global consultant relations at Columbia Threadneedle.

MissionSquare Retirement Hires New VP, Head of Firm Strategy

Joshua Hsu

MissionSquare Retirement announced the appointment of Joshua Hsu as the firm’s new vice president and head of firm strategy. Hsu joined the team in February, bringing a range of experience from his tenure at McKinsey & Company, where he previously served as an associate partner in the Wealth and Asset Management practice.

In his newly created post, Hsu will play a role in shaping the “strategic direction of MissionSquare.” He reports directly to Drue Holloway, chief strategy officer.

During his time at McKinsey, Hsu spearheaded the company’s consumer research around the latest shifts in pre-retiree and retiree needs to shape innovation in the retirement ecosystem.

“Joshua’s leadership will be crucial as we navigate the evolving landscape of retirement services,” said Holloway in a statement. “His focus on operational excellence and ability to drive innovation aligns perfectly with our mission to provide exceptional retirement solutions to our customers.”

Sterlington Adds Executive Compensation Partner

Kristy Fields

Strerlington PLLC announced that Kristy Fields, an executive compensation lawyer who most recently practiced as a partner at Simpson Thatcher & Bartlett LLP, has joined the firm as a partner.

Fields has experience negotiating and drafting compensation and benefits packages in connection with mergers and acquisitions, initial public offerings, restructurings, hirings, separations and other transformative moments for founders, CEOs and senior executives. She has worked across several regulated and unregulated industries, including oil and gas, real estate, technology, financial services and infrastructure.

Fields, who has spent her entire career in the executive compensation area, previously practiced at Vinson & Elkins, Perkins Coie and Cleary Gottlieb Steen & Hamilton.

Mesirow Expands Alternative Credit Team

Nicholas Paidas, Servia Rindfleish, Bryce Labonski

Mesirow, an independent, employee-owned financial services firm, announced the expansion of its alternative credit team with three new hires.

The new hires follow Mesirow’s December 2024 acquisition of Bastion Management, an asset-backed lender now operating as Mesirow Alternative Credit:

  • Nicholas Paidas joins as director of capital markets and sourcing, leading efforts in deal originations, structuring and strategic partnerships. He brings experience in capital markets, having previously held senior roles at Yieldstreet and Mission Capital Advisors, where he specialized in private credit and specialty finance structuring, underwriting and originations.
  • Servia Rindfleish was appointed as client portfolio manager, leveraging 14 years of investment management experience. In this role, she will drive business-development efforts, focusing on building and strengthening partnerships with existing and prospective clients, limited partners, consultants and other investor classes.
  • Bryce Labonski joins as an associate of asset management, bringing experience in portfolio monitoring and unit economic modeling.
Data & Research March 28, 2025

Less Than Half of Americans Satisfied With Their Financial Advice

A TIAA Institute and MIT AgeLab survey finds consumers working with advisers are more satisfied with financial advice, underscoring the value and need for greater access to financial professionals.

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Despite retirement planning being the top priority for financial advice, there’s a significant satisfaction gap in the financial advice people receive—perhaps understandably, as many people are getting financial advice from sources other than professionals, according to “The Future of Advice,” a new TIAA Institute study in collaboration with MIT AgeLab.

Only two in five Americans are satisfied with the financial advice they receive. However, of those who worked with a financial adviser, 62% reported higher levels of satisfaction, underscoring the value and need for greater access to financial professionals.

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The most useful sources differed from the most common sources, the survey of more than 1,000 people found. Although respondents said they commonly used internet/web search as a source of advice, it ranked toward the bottom in terms of usefulness. Although respondents were most inclined to designate people with whom they have personal relationships, such as friends and family, as a top source of advice, family and friends landed in the middle of usefulness rankings. However, professional sources of advice were rated most useful. This shows that even information is highly accessible in other venues, professionals retain their value as sources of advanced expertise.

“The ‘Future of Advice’ study is a unique opportunity to reshape how Americans across the generations receive and act on financial guidance,” said Joseph Coughlin, founder and Director of the MIT AgeLab, in a statement. “Our research shows that successful advisory relationships must combine both high touch and high tech to provide the expertise, efficiency, and empathy clients value.”

In implementing financial advice, the research shows that financial advisers use technology like AI to enhance, and not replace, the trusted adviser relationship. This appears to be for good reason, as many respondents do not want advice wholly from AI. In fact, despite generally high levels of familiarity with AI-enabled technologies among survey participants, levels of trust in an AI-enabled adviser giving good advice were mixed. Nearly one-quarter (21%) of participants indicated that they didn’t trust AI-enabled advisers at all, and only 13% of participants reported having “a lot” of trust.

Although traditional communication methods dominate advice delivery, the survey found digital channels are gaining traction among specific demographics. Younger respondents were more likely to use online sources like social media forums and video apps such as YouTube and TikTok, while consensus emerged, especially among the 55+ age group, around advice in the professional’s office, and via phone calls and email for all domains.

“At this pivotal moment in financial services, we’re witnessing more than just a change in how advice is delivered—we’re seeing a fundamental shift in what it means to secure financial futures,” said David Nason, CEO of TIAA Wealth Management and Advice Solutions. “As life expectancies extend and complexity increases, our industry’s true measure of success will be our ability to help millions of Americans transform financial guidance into lifetime financial security.”

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