Retirement Industry People Moves

Betterment Expands Board of Advisors  

Tech-focused 401(k) provider Betterment for Business welcomes Judy Mares and Laraine McKinnon to its Board of Advisors. Each brings more than 20 years of experience in the defined contribution (DC) market to the table.

Mares served as deputy assistant secretary for Policy in the Employee Benefits Security Administration of the U.S. Department of Labor (DOL) from 2013 until January 2017. While at the DOL, she was part of the team that designed the fiduciary rule as well as guidance on ESG investing. She’s also served as a chief investment officer for several Fortune 500 companies.

McKinnon spent more than two decades at BlackRock, where she most recently served as a retirement readiness strategist. McKinnon built and delivered DC tools and analytics to support senior finance and human resources executives as well as top financial advisers.

“We are thrilled to have Judy and Laraine join our Board of Advisors,” says Cynthia Loh, general manager of Betterment for Business. “Their deep expertise in the defined contribution space and strong advocacy for retirees will help further our mission to empower people to take control of their financial futures and make the most of everything they earn.” 

NEXT: Northern Trust Hires Two for Taft-Hartley Business

Northern Trust Hires Two for Taft-Hartley Business

Northern Trust Asset Management welcomes two industry veterans to its sales team serving the Public funds and Taft-Hartley community.

Tamara Doi Beck, director of Public Funds and Taft-Hartley plans, will be based out of Denver and serve the West Coast. Ashley Hartman Alson, director of Public Funds and Taft-Hartley-plans, will be based out of Dallas and serve the Southern Midwest and Southeast regions.

Both specialize in public, corporate, endowment and foundations plans. Most recently, Beck was a managing director responsible for new business development for such plans at Janus Capital Group. She also served as director of business development for LMCG Investments and senior vice president for Neuberger Berman. Alson also comes from Janus Capital Group, where she served public, corporate, endowment and foundation plans as a client executive. Previously, she was a senior relationship manager for Morgan Stanley Investment Management, focusing on large corporate liquidity sales. She also held several roles at JPMorgan.

“Tamara and Ashley bring extensive capital markets expertise, client relationship management and new business development skills to an already strong client facing team within Northern Trust Asset Management,” says Bob Parise, practice lead for Public Funds and Taft-Hartley.

NEXT: SSGA Names Head of Americas Institutional Partnership Sales

SSGA Names Head of Americas Institutional Partnership Sales

State Street Global Advisors (SSGA) has named Robert McGowan as head of Americas Institutional Partnership Sales. In this newly created position, McGowan will be responsible integrating sub-advisory, OCIO partnerships and DC platform sales.

McGowan brings more than 15 years of sales and management experience across the sub-advisory and financial institutions channels. He’s served as head of Third Party Retail and Financial Institutions Group at UBS. He’s also held various leadership positions throughout UBS and Deutsche Asset Management.

He will report to Kevin Smith, head of Sales for Americas ICG. He will lead his efforts alongside Smith; Kelly Cavagnaro, head of OCIO Partnerships; Greg Porteous, head of Defined Contribution Intermediary Strategy; and Tony Scola, head of U.S. Sub-Advisory.

NEXT: MassMutual Rebrands

MassMutual Rebrands

After operating in the industry for more than a century, Massachusetts Mutual Life Insurance Company has unveiled a new brand in an attempt to better reflect its core values and the idea of interdependence.

“Since 1851, MassMutual has been guided by our founding principle—we are people coming together to look out for one another,” says Gareth Ross, MassMutual chief digital and customer experience officer. “We know people are inherently reliant on one another, whether that’s at home, in the workplace or in the community. Our new positioning celebrates these relationships, underscoring that when we depend on each other, we are not only more secure—but life is also happier and more fulfilling.”

Jennifer Halloran, MassMutual head of brand and advertising adds, “Much has changed in the past decade—we live our lives differently, connecting on social media and depending on each other at all stages of life. As we took a close look at the key attributes that distinguish us from our competitors, we saw this as not only an opportunity to communicate who we are, but to also help more Americans with holistic financial solutions at a time they need the help the most.”

MassMutual points to research indicating that nearly one-third (32%) of young adults between the ages of 18 and 34 now live at home with their parents, and only one-third of Baby Boomers are confident they will have enough money to last through their retirement. In addition, a vast amount of Americans, particularly those that belong to Generation X are taking care of both parents and children.

Moreover, Millennials are the largest living generation and the biggest group in the workforce, but they are burdened with more than $1.3 trillion in student loan debt^, according to MassMutual. Furthermore, median middle class income fell 4% in the past decade.

“This is just the beginning of the next chapter in MassMutual’s long journey of helping people secure their future and protect the ones they love,” says Ross.

NEXT: Bank of America Merrill Lynch Expands Retirement Business

Bank of America Merrill Lynch Expands Retirement Business

Bank of America Merrill Lynch has hired Lisa Margeson to lead the newly formed Retirement Client Experience & Communications group, which is responsible for engaging both personal and institutional retirement clients along with plan participants.

Led by Margeson, the team will oversee the firm’s various offerings including its financial wellness program, benefits online portal and Life Priorities framework. Margeson brings years of industry experience to her new role.Previously, she served as head of Marketing and Creative Services for Retirement Solutions at Voya Financial. She joined Voya (formerly ING US) through the firm’s purchase of CitiStreet, where she served as chief marketing officer at the time of the acquisition. Margeson also spent nine years at Fidelity Investments as director of institutional bank marketing. Prior to Fidelity, she worked as an account representative at a Boston-based financial planning and investment management firm where she held a variety of client and investment portfolio service positions.

Margeson earned a bachelor’s degree in math and economics from Brown University in Providence, Rhode Island and a master’s degree in business administration from Boston University. 

NEXT: The Standard Hires Retirement Consultant

The Standard Hires Retirement Consultant

Ryan Racine has joined The Standard as a retirement plan consultant for its Central Sales Region. Based in Tampa, he has more than a decade of experience in the financial services industry behind him. Prior to joining The Standard, Racine was the regional sales manager for the southeast region at Aspire.

Racine received the Chartered Retirement Plans Specialist designation in 2015 and Professional Plan Consultant credential in 2016. He was also recognized in 2016 as one of NAPA’s 100 Top Wholesalers.

“Ryan has been recognized in the industry for his ability to partner well with advisers and plan sponsors,” says Rita Taylor-Rodriguez, regional sales director for The Standard’s Central Sales Region. “He brings energy, experience and perspective to this position. We are excited to have him on board.”