Deals & People September 15, 2023

Retirement Industry People Moves

Hopkins parts ways with Carson Group; CalPERS CIO Musicco will step down; Nuveen names Nelson global head of public product; and more.

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Carson Group Announces Departure of Wealth Solutions Managing Partner Hopkins

Jamie Hopkins

Jamie Hopkins, Carson Group’s managing partner of wealth solutions, announced he is leaving the firm at the end of September. His decision was made to prioritize spending more time with his wife and three children, while also wanting to pursue making a larger impact in his local community, according to an emailed response from a company spokesperson.

“[Jamie’s] role in elevating the Carson brand over the past five years and serving as a vocal advocate on the importance of financial planning was a testament to furthering a mission larger than any one person or company,” Burt White, Carson Group’s managing partner and chief strategy officer, said in a statement.

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Hopkins will remain on the board of directors of the FinServ Foundation, alongside Aaron Schaben, Carson’s divisional president of partners; and Kelsey Ruwe, Carson’s chief human resources officer.

“I’ve worked alongside some incredibly talented colleagues and partners while here, and I’m excited for what that means for Carson’s mission in the years ahead,” said Hopkins in a statement. “I’ll always feel a part of this passionate community and am so grateful to be an avid supporter of Carson’s mission from afar.”

CalPERS CIO Musicco Will Step Down

The California Public Employees’ Retirement System announced the departure of Nicole Musicco, the fund’s CIO, effective September 29. Musicco cited attending to the “immediate needs of family” in Toronto as her reason for leaving CalPERS.

Deputy CIO Dan Bienvenue, who has been with CalPERS since 2004 and has held several leadership roles with the office, will serve as interim CIO until a replacement is found.

“Leading the CalPERS investment office has been an honor, and I am proud of the work my team has done to fulfill the retirement promises made to the 2 million Californians who have spent their lives in public service,” Musicco said in a statement. “However, at this time I need to prioritize those who need me the most, my family and children.”
Musicco, the second woman to ever lead the investment division, took the role in March 2022, more than a year after the departure of Ben Meng, who was embroiled in controversy after he approved a $1 billion investment into a Blackstone private equity fund while personally holding $100,000 in Blackstone shares in 2021.

Nuveen Names Nelson Global Head of Public Product

James Nelson

Nuveen has named James Nelson to the role of head of global public product, according to a memo provided by the asset manager.

Nelson will lead equity and fixed-income product development and management across mutual funds, closed-end funds, exchange-traded funds, interval funds, separately managed accounts and collective investment trusts, stated Mike Perry, head of Nuveen’s global client group and head of global product, in announcing Nelson’s appointment.

“James will be critical in engaging with our mutual fund board, driving the modernization of our retail SMA platform and innovating across our investment platforms, and ensuring we have the right investment offerings for our wealth and Institutional clients,” Perry stated. “Equally important, the Global Public Product team will continue to be a critical partner to TIAA Wealth and Retirement while growing our Nuveen lifetime income business.”

The investment oversight; fund finance and treasury leverage; and capital market teams at Nuveen, a wholly-owned subsidiary of TIAA, will report to Nelson. Nelson replaces Christopher Stickrod, who TIAA promoted to product general manager for institutional managed solutions earlier this year, a spokesperson said by email.

Orion Names Wolfsen as CEO

Natalie Wolfsen

Orion Advisor Solutions’ board of directors named Natalie Wolfsen as the firm’s new CEO, effective in mid-October. Wolfsen will also join Orion’s board of directors on that date.

“On behalf of Orion’s Board of Directors, I am thrilled to welcome Natalie Wolfsen next month as we usher in a new era of growth and innovation at Orion,” Charles Goldman, executive chair of the board, said in a statement.

Wolfsen is the outgoing CEO of AssetMark, a TAMP and technology solutions provider, and has nearly 30 years of financial services industry experience. Prior to joining AssetMark in 2014, Wolfsen previously held digital and investment platform development, investment solution management, strategy and marketing roles at First Eagle Investment Management, Pershing, Charles Schwab and American Express.

On Wolfsen’s official start date, Orion founder and outgoing CEO Eric Clarke will transition to a supporting leadership role until the end of 2023. He will continue providing strategic counsel as an active member of Orion’s board of directors.

Client Service September 15, 2023

The Psychology of Financial Planning

Understanding how a client thinks and feels about money guides an adviser’s communication with them.

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The psychology of financial planning is about how people think and feel about money, and leveraging its findings in an advisory practice can help get better results for both parties involved, according to Sonya Britt-Lutter, director of financial health and wellness at Texas Tech University’s School of Financial Planning.

The study of financial planning differs from behavioral finance, which is often cited by advisers and providers in retirement savings, in that the psychology of financial planning considers the way the mind works, not the practice of telling someone what they should think and feel, Britt-Lutter said during a fireside chat with Alison Mintzer, ISS Media publisher, at the 2023 PLANADVISER National Conference.

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“It’s how they think and feel that guides how we communicate with them,” Britt-Lutter said. “It’s not therapy; advisers are not treating.”

She added that behavioral finance is a tiny segment of the psychology of financial planning, and it is what we use to make suggestions to help people improve financial behaviors.

According to Britt-Lutter, advisers’ own psychology about money will impact clients. “If we can check our own psychological stress, it will have an influence on clients,” she said.

Advisers can check for psychological stress, she noted, by considering their reactions to terms such as “old money” or hearing from a client who is part of “Generation Z.”

Britt-Lutter also suggested to the audience of advisers that they get into the habit of checking their hand temperature. She explained that when people feel stress, they go into fight-or-flight mode, and when that happens, blood goes from their extremities to their heart to prepare. Therefore, when a person is under stress, the temperature of their fingers goes down.

When advisers are feeling stressed, they should consider whether they are being authentic, Britt-Lutter said.

When it comes to clients’ psychological stress, the quickest way for advisers to recognize it is when they shake the client’s hand. “When the client is having a difficult time, their body goes into self-protection mode,” Britt-Lutter said. “They might make statements to prove they’re in charge or start arguing.”

If advisers recognize a client is feeling stressed and not prepared for a conversation, Britt-Lutter suggested asking the client how their day or week is going or, if they know the client well, ask about their family. “Within a matter of seconds, this light conversation can raise the temperature of their extremities,” Britt-Lutter said.

Ready for Change?

Advisers can also listen with their eyes, Britt-Lutter suggested. “When you say, ‘Let’s talk about retirement,’ does the client start shifting around, look at their spouse or change the subject?”

She said advisers should be comfortable saying what they see. For example, they can say, “This doesn’t seem important to you right now. Why is that?” or, “This seems not to align with your goals. Why is that?”

In a short time, advisers can focus on whether the client is ready for change or not. “If they’re saying, ‘I’m good,’ or ‘I’m just here because my friend/spouse suggested it,’ they are not motivated to change,” Britt-Lutter said.

If a client says they are only there because of someone else, extrinsic value will move them to be ready for change, she said. For example, the adviser can ask the client a question such as, “If you don’t change, how will this affect your children?”

If a client shows ambivalence, Britt-Lutter suggested that advisers focus on education and building confidence.

Focus on the Future

Another way to get a sense of a client’s thoughts and feelings about money and potential for change, according to Britt-Lutter, is to ask them about how their allowance (or lack of one) was handled while growing up. “Ask them what they are doing now and how that compares to what it was like growing up,” she said. “Ask them if they want to align with how it was growing up or do it differently.”

In terms of generational differences, Britt-Lutter said those in Generation Z and Millennials often value experiences and impact over building wealth.

“Turn the conversation into how they can have experiences and/or make a difference in the future,” she said.

Speaking to the idea that the industry is having a hard time defining financial wellness, Britt-Lutter said she is confident most people actually have a good idea of what financial wellness means.

“Looking at what people think, feel and do with money, when all three are in line, that is financial wellness,” she said. “If we can influence any one of these three, it will impact all three.”

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