While the coronavirus pandemic has put the retirement security of all Americans at risk, there are actions they can take to put themselves in a better position, retirement plan experts say.
Catherine Collinson, chief executive officer and president of the Transamerica Institute, says the first thing people should do is formulate a financial strategy for retirement that takes into account their whole financial picture and all sources of retirement income.
The second thing they should do is ensure they have an emergency savings fund to cover their expenses for six months to a year, Collinson says. Americans seem to be embracing this fact, as a recent survey Transamerica conducted identified emergency savings as the top financial concern of respondents.
“Other things that individuals should be doing, which transcend the current crisis, is to become savvy about finances and saving and investment for retirement,” Collinson says. “Many people don’t know as much as they should about retirement and investment. There is no time like the present to learn.”
Industry authorities agree that understanding even some of the nuances and technical complexities that underpin retirement investing can make a big difference over the long run. Collinson says people don’t need to become experts—but they should be asking good questions and working with someone who is an expert.
“Most are not using a financial adviser,” she says. “It’s an untapped opportunity.”
Chad Parks, founder and chief executive officer of Ubiquity Retirement + Savings, says people should make sure their investments are properly allocated for their age and risk tolerance.
Those who are fortunate enough to still be employed should make additional contributions to their retirement plan, says Kalimah White, vice president at TD Wealth. She agrees with Collinson that people who lack an adviser should use calculators and tools to best figure out a financial plan.
Fisher worries that the current recession will affect older workers more than their younger counterparts, especially because the coronavirus is more prevalent and deadly among those 65 and older. She says she hopes the government will respond by subsidizing some of the income of older Americans who have lost their jobs.
Harry Dalessio, head of institutional retirement plan services at Prudential Retirement, says he hopes that “as we come out of this crisis, sponsors and advisers will realize that the missing piece for retirement plans is creating a paycheck that will last through people’s retirement.”
As the coronavirus exposed the fact that many people do not have an emergency savings fund, Dalessio says he also hopes that more employers will offer “holistic financial wellness programs—covering budgeting, emergency savings and debt management counseling. All of that needs to come into play for a holistic experience.”
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Nationwide selects retention leader; Sikich adds senior specialist to retirement plan services team; DWS announces changes to global business side; and more.
Ricklin has more than 25 years of financial services industry experience, most recently serving as vice president and head of relationship management for retirement plan services at T. Rowe Price. Prior to that, she built and led the firm’s registered investment adviser (RIA) external wholesaling team. She has also held leadership roles in corporate marketing and communications, as well as had experience leading retail sales and retail investor centers.
“Suzanne’s extensive experience and impressive track record will enhance our strong retirement plans retention efforts,” says Scott Ramey, senior vice president of retirement plans distribution for Nationwide. “We welcome a true industry standout to our team and look forward to what she will contribute to our existing and new retirement plans partners.”
Ricklin received her bachelor’s degree in psychology from American University, Washington, D.C., and her master’s degree from the Sellinger School of Business at Loyola University in Baltimore.
Sikich Adds Senior Specialist to Retirement Plan Services Team
Marie Marks has recently joined Sikich as a senior specialist on the company’s retirement plan services team. Marks has spent the past 30 years advising businesses across industries about retirement plan options and strategy.
“Marie is a proven expert in the retirement plan services space who has earned the trust of business leaders in the Indianapolis market,” says Joe Connell, partner on Sikich’s wealth management team. “I’m confident in her ability to not only deliver strategic retirement plan guidance to our clients but also to spearhead our team’s growth in this market.”
Marks has worked with the city of Indianapolis, former Mayor Greg Ballard and the Financial Planning Association to establish the city’s annual financial planning day. She was recognized as a top female adviser by the National Association of Plan Advisors. Prior to joining Sikich, Marks worked as a retirement plan adviser at The Wellington Group, HRD Advisory Group and the Strategic Planning Group.
“Sikich’s entrepreneurial culture and commitment to client service aligns well with my own values,” Marks says. “The company’s broad scope of services and depth of expertise allow us to address clients’ full range of business challenges. I look forward to supporting the growth of the retirement plan services team.”
Marks attended the University of Indianapolis and the College for Financial Planning.
DWS Announces Changes to Global Business Side
DWS announced it is simplifying its global business structure.
The new organizational design is intended to enhance collaboration and remove silos so DWS can emphasize other responsibilities the business has as a fiduciary asset manager, including strong investment performance, client services and product innovation.
The company is shifting to a unified global Investment Division. The Client Coverage Division will be globally aligned, yet regionally suited; it will also focus on identifying and targeting client segments more effectively, according to DWS. The firm is also adding a Product Division team that will be fully responsible for the entire product lifecycle across the firm, and it is ensuring the business is efficiently supported with asset management specific controls and transparent financial and risk reporting. The control units will move to the Chief Operating Officer (COO) Division, while the risk function will move into the Chief Financial Officer (CFO) Division.
DWS’s new structure will come into full effect on July 1, following subsequent changes to the leadership composition. Asoka Woehrmannwill continue as CEO and will lead the Executive Division. He will also represent the Asia-Pacific region on the executive board. Woehrmann will continue to be based in Frankfurt, Germany. Claire Peel will continue as CFO and will lead the CFO Division, incorporating the risk function. She will also have coordinating responsibilities for the entire business in Europe, the Middle East and Africa as regional head. She will be based in London. Mark Cullenwill continue as COO and will lead the COO Division. Additionally, he will serve as regional head of Americas and CEO of DWS Americas. He will be based in the New York office and will also continue to spend time in London. Stefan Kreuzkampwill remain global chief investment officer (CIO) and will head the Investment Division, encompassing the entire investment platform across active, passive and alternatives. He will be based in Frankfurt. Dirk Goergenwill lead the Client Coverage Division globally, consolidating all distribution teams of the firm into one. He will be based in Frankfurt. Manfred Bauer will join the executive board as head of the Product Division on July 1. He will be based in Frankfurt. Pierre Cherki, Bob Kendall and Nikolaus von Tippelskirch will all step down from the executive board and leave DWS.
In addition, DWS has formed a Global Leadership Team (GLT), which will be responsible for discussing growth opportunities for the firm and preparing for strategic decisionmaking by the executive board.
PenChecks Elects New CEO
The Board of Directors for PenChecks Inc.has announced that company President Spiro G. Preovolos has been elected as the new CEO.
Prior to his role as president, Preovolos held a variety of other senior management and leadership positions at the company over the past 18 years.
“Spiro has proved himself to be a highly capable manager and leader in every position he has held at PenChecks,” says board member Jeff Kukowski. “His broad experience in the business and in-depth knowledge of the retirement industry make him ideally suited to assume the mantle of CEO. The PenChecks Board is confident Spiro will continue the company’s growth and success even as the landscape becomes increasingly regulated and competitive.”
The company also announced the retirement of company co-founder and CEO Peter E. Preovolos. He will remain an active board member and become chairman emeritus.
OneAmerica Announces Latest Hires to Relationship Management
OneAmericahas announced new hires to its relationship management team.
The new hires, made at various points this year, will serve or be involved with clients in the $3M to $30M sized retirement plan category and are under the direction of Alan Blaskowski, Retirement Services (RS) relationship management leader.
“We were looking for proven professionals who understand how to bring a consultative approach to relationships and retirement plan advisors they are working with and feel good about how their industry experience aligns with our approach to client service,” says Blaskowski. “They are also seasoned to know how to succeed in this new hybrid virtual environment.”
OneAmerica has added Bob Blumberg as regional vice president, relationship management, east region. Blumberg comes to OneAmerica after 15 years with John Hancock, where he was divisional vice president, relationship management. Prior to that role he’d spent two years as a financial adviser at Prudential. Blumberg is based in Atlanta.
Christa Fandrich will oversee the Southern California territory, and will be based in San Diego. was previously with ADP in retirement services for seven years as part of a financial services career that began in 2001. Previous roles before ADP were with Wells Fargo Advisors and UBS.
Stacey Hoffman oversees the Kansas City metropolitan area, Iowa, Nebraska and Kansas, and will be based in Overland Park. She was previously with Personal Financial Group/LPL Financial. She has more than 25 years of sales and marketing experience in the financial services and healthcare industries.
Kadrina Turnerwill manage the D.C. metro area, Maryland and Virginia, and will work out of Washington, D.C. She previously was at Nationwide Financial for four years. She has been in the financial services sector since 2003.
