Retirement Industry People Moves – 2/23/24

Alerus Financial Names Wilson Chief Retirement Services Officer

Forrest Wilson

Alerus Financial Corporation has named Forrest Wilson to the role of executive vice president and chief retirement services officer, effective February 26.

In the new position, Wilson will be responsible for the leadership and direction of Alerus’ retirement and benefits division, which serves thousands of third-party advisers, over 8,000 employer-sponsored retirement plans, and about 474,000 plan participants, according to the announcement.

He will report to CEO Katie Lorenson, who said in a statement that: “Forrest is widely experienced and well known in the retirement services industry. His career path has led him from the ground up through many years of leadership positions, which has provided him with a deep understanding of every aspect of the business, a unique ability to lead and develop high performing teams, and the depth of experience to repeatedly identify and implement successful growth strategies.”

Wilson joins the firm from Ameritas Mutual Holding Company, where he was senior vice president of retirement plan sales and distribution, and before that sales leadership roles at Alliance Global Investors, Aspire Financial Services, Empower, and Voya. He has 25 years of retirement experience in both recordkeeping and investments, with knowledge of sales and distribution growth, product oversight and strategy, acquisitions, digital engagement, implementation, and service delivery, according to the announcement.

FINRA Announces Three New Board Members

Derrick Roman

Naureen Hassan

FINRA has named three new governors to its board. They are:

• Derrick Roman, former partner of PricewaterhouseCoopers LLP, has been named to the board of governors;
• Gus Sauter, current member of FINRA’s Investment Committee and previously the first global chief investment officer at Vanguard, has also been named to the board of governors; and
• Naureen Hassan, president of UBS Americas and CEO of UBS Holdings, as well as former COO and first vice president of the Federal Reserve Bank of New York, has been appointed as an industry governor to the floor member governor seat.

Gus Sauter

FINRA has appointed the group to bring experience in audit, risk management, regulatory policy and investing experience to the board, the industry regulatory body said in the announcement.

“Their combined expertise complements their commitment to advance FINRA’s mission to protect investors and promote the integrity of the markets,” said FINRA Board Chair Eric Noll, in a statement.

T. Rowe Price Board Chair Stromberg Steps Down and CEO Sharps Steps In

Robert Sharps

The Board of Directors of T. Rowe Price Group Inc. announced that William J. Stromberg, its non-executive chair, and Dr. Freeman A. Hrabowski, its chair of the nominating and corporate governance committee, will retire from the board as of the May 7 annual stockholder meeting. CEO and president of the firm, Robert W. Sharps, will take the role of chair, according to the announcement.

Alan Wilson, lead independent director of the board, noted Stromberg’s “significant contributions” during his time, including launching T. Rowe Price Investment Management and the firm’s global expansion.

In terms of Freeman, he noted his work toward the firm’s corporate social responsibility and environmental, social and governance efforts, as well as her supporting the board’s self-evaluation and nomination processes.

Sharps took the CEO role from Stromberg at the end of 2021, with Stromberg moving into the role of non-executive board chair.

Wilson wrote in a statement with the announcement of Stromberg’s stepping down, that: “As a result of his strong leadership of the firm through challenging times, the board felt combining the chair and CEO roles was the right choice, and we are excited about the steps he’s taken and his vision for the future of the firm.”

Newport Hires Regional Vice President for Nonqualified Plans

Ryan Moore

Newport, an Ascensus company, has hired Ryan Moore as a regional vice president based in Denver for distribution of nonqualified deferred compensation and executive benefit plans.

In the role, Moore is responsible for developing NQDC business relationships with advisers, helping them “identify market opportunities and offering their clients an effective, efficient, and contemporary NQDC or executive benefit plan,” according to a spokesperson. He will report to Clay Kennedy, vice president, insurance & nonqualified retirement plan sales.

Moore joins the firm from Tandem Wealth Advisors, where he was a vice president with Tandem Institutional.