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Deals & People February 26, 2008
Mutual of Omaha to Acquire Retirement Product Wholesaler
Mutual of Omaha has entered into a definitive agreement to acquire the assets and personnel of Retirement Marketing Services (RMS), a Dublin, Ohio-based independent wholesaler specializing in marketing retirement products in the 401(k), 403(b), 457, and individual rollover markets.
Reported by Rebecca Moore
The companies announced that upon completion of the transaction, expected within 30 days, RMS will begin doing business as Retirement Marketing Solutions, Inc., a wholly owned subsidiary of Mutual of Omaha. Chuck Lombardo, RMS president and founder, will continue to lead the organization and no personnel changes are anticipated.
Over the past two years, RMS became the primary distribution for Mutual of Omaha’s retirement plans, and Mutual of Omaha plans made up more than 60% of the firm’s new business, according to Bud Wright, Mutual Senior Vice President-Retirement Plans, a company announcement said.
Founded in 2001, RMS has more than 50 wholesalers located across the United States. Its services include actuarial consulting, product design, marketing, information systems and technology, and internal sales support.