Retirement Industry People Moves

Art by Subin Yang

OneDigital Investment Advisors Expands to NQDC Market

OneDigital Investment Advisors has acquired the assets of Fulcrum Partners, marking the firm’s expansion into the nonqualified deferred compensation plan (NQDC) market.

As part of the agreement, OneDigital Investment Advisors will assume responsibility for advising approximately $7 billion in additional, nonqualified plan assets. This includes plans sponsored by publicly and privately held companies. Twelve advisers and 17 employees total have joined OneDigital from Fulcrum.

“The data shows American workers at all income levels are not saving enough for retirement,” says President of OneDigital Retirement + Wealth Vince Morris. “This includes owners and executives of companies that sponsor traditional retirement plans because highly compensated employees are capped at what they can contribute to a 401(k) account. Therefore, we are excited to expand our holistic benefits offerings to include executive compensation strategies. Our firm is focused upon helping employees of all ages and income levels financially prepare for retirement and then assisting them in retirement.”

“After significant due diligence, we determined that OneDigital is an organization whose culture, character and people emulate our values at Fulcrum Partners,” says Mike Powers, chief administrative officer, Fulcrum Partners. “It is an organization filled with people focused on integrity and service to others. Aligning our two organizations creates opportunities to secure our existing business while adding breadth and depth to our go-to-market strategies. All of this could be achieved without losing the hands-on approach our clients and partners expect from Fulcrum Partners. We are proud to be joining the OneDigital family.”

PWA Joins CAPTRUST

PWA Wealth Management (PWA) has joined CAPTRUST Financial Advisors. The Pittsburgh-based team is led by Founder and CEO Joe Scarpo and brings 15 employees, including seven financial advisers, to CAPTRUST. 

PWA was founded in 2003 and advises on more than $800 million in assets for individuals, small business owners and institutional clients. The firm provides wealth management and financial planning services out of its offices in Pittsburgh and Greensburg, Pennsylvania.

“Our team at PWA Wealth Management has always worked to ensure we truly understand our clients and that we deliver financial advice that supports their short- and long-term goals,” says Scarpo. “From our first meeting with CAPTRUST, we saw all of the synergies between our business model and theirs, and we cannot wait to leverage the firm’s deep resources and impressive scale to improve our service offering and bring greater growth opportunities for our clients and team members.”

“The team Joe has built out in Pittsburgh and the growth that it has been able to accomplish really stood out to us at CAPTRUST,” says Rush Benton, CAPTRUST senior director, strategic growth. “We are confident that the PWA team will fit perfectly into our business, and that these new team members will help expand CAPTRUST’s presence in Pennsylvania—enabling us to serve more clients nationwide.” 

The addition of PWA marks CAPTRUST’s first office in western Pennsylvania. Since 2006, a total of 45 firms have joined CAPTRUST and PWA was the seventh firm that joined CAPTRUST in 2020. As with all firms that join CAPTRUST, PWA Wealth Management will transition to the CAPTRUST name and branding. 

Mutual of Omaha Retirement Services Adds to Sales Team

Mutual of Omaha Retirement Services announced several recent hires to its sales team, including two graduates from the firm’s 2020 Sales Development Program.

Tom Fleming has been named regional sales development director covering the northeastern United States. Fleming, who joined the company in December, previously worked at Empower.  

Jeff Susie has been named regional sales director covering Ohio and Kentucky. Susie, who joined the company in January, previously worked at Principal. 

Mick Simmons has been named regional sales director covering Arizona, New Mexico, Utah, Idaho, Wyoming and Montana. Simmons, who joined the company in January, previously worked at Mass Mutual.

“I am excited for Tom, Jeff and Mick to join our sales team,” says Bob Woods, 401(k) national sales director at Mutual of Omaha. “They all bring a wealth of knowledge from their past experiences and I look forward to the success each of them will have in their new role.”

Meanwhile, Kyle Hart graduated from the 2020 Sales Development Program and will be transitioning into the internal wholesaler role. 

Drew Switzer also graduated from the 2020 Sales Development Program and will be transitioning into the internal wholesaler role. 

“Drew and Kyle have excelled since joining the Sales Development Program this past summer,” said Brandy Honeyman, internal sales team manager at Mutual of Omaha. “They will make a great addition to our internal sales team.”

Mutual of Omaha’s Retirement Services will be launching its 2021 Sales Development Program class this spring.

Transamerica Increases Mid-Market Retirement Sales Team

Transamerica has expanded its mid-market retirement sales team with the addition of a new territory dedicated solely to West Virginia, along with filling two other sales positions around the country. In December, the company says it fine-tuned its strategy with a renewed focus on serving small- and mid-sized companies with its suite of workplace solutions.

Kevin Shamblin joined Transamerica as regional vice president for West Virginia and is based in Charleston. With more than two decades of experience in the financial industry, Shamblin is a strategic sales leader with a strong performance record. Shamblin holds a bachelor’s degree in business administration from West Virginia State University. He is a certified trust and financial adviser (CTFA) through the Cannon Financial Institute at the University of Notre Dame and a certified 401(k) professional (C(k)P) from the Anderson School of Management at the University of California at Los Angeles (UCLA). He will report to Tim Lastivka, divisional vice president for Transamerica’s northeastern sales division.

John Grosso joined Transamerica as regional vice president for Delaware, southern New Jersey and eastern Pennsylvania. Grosso holds a master’s degree in business administration from Rider University and a bachelor’s degree in business administration from Bloomsburg University. Grosso’s other credentials include being an accredited investment fiduciary (AIF) from the Center for Fiduciary Studies, a qualified 401(k) administrator (QKA) from the American Society of Pension Professionals & Actuaries and a (C(k)P) from UCLA. He is based in Chalfont, Pennsylvania, and reports to Lastivka.

Paul Murphy joined Transamerica as regional vice president for Washington, Alaska and Northern Idaho. He is an accredited retirement plan consultant (ARPC) through SPARK [the Society of Pension Actuaries and Recordkeepers]. Murphy is based in Seattle and reports to Tom Briggs, divisional vice president for Transamerica’s western sales division.

Voya Financial Hires RVPs on Retirement Side

Voya Financial’s Retirement business recently hired Kari Lusby, Roger Reynolds and Gary Reznik as regional vice presidents of sales for the company’s small-mid corporate market business. 

Joining Voya in mid-January, Lusby, Reynolds and Reznik are responsible for collaborating with advisers, consultants and third-party administrators (TPAs) to generate new 401(k) plan business by building  distribution relationships. They will work through all channels, including wirehouses, banks, independents and TPAs, that serve employers with small- to mid-size plans up to $75 million in assets under management (AUM).

Lusby serves as regional vice president of sales and is responsible for growing Voya’s retirement plan business in Sacramento, the Central Valley and northwestern Nevada. Lusby is a military veteran with nearly 20 years of experience in the financial services industry. Most recently, she held the position of managing director for emerging markets at MassMutual Workplace Solutions.

Reynolds has been hired as regional vice president of sales for the greater Los Angeles area. With more than 20 years of industry experience, Reynolds specializes in managing 401(k) platform sales and external wholesaling. Most recently, he held the position of managing director, emerging markets, for the west region at MassMutual. He maintains his C(k)P and ARPC designations.

Reznik has been hired as regional vice president of sales for the northern New Jersey territory. Reznik has been covering the region for 12 years. Most recently, he served as managing director at MassMutual.

Both Lusby and Reynolds report to Nick Wilson, senior vice president of sales, west division. Reznik reports to Chris Ekstrom, senior vice president of sales, northeast division. This group is part of Voya’s broader national intermediary distribution team managed by Bill Elmslie, senior vice president of sales for the small-mid corporate market.

Prudential Selects CEO of U.S. Insurance & Retirement Business

Prudential Financial Inc. has appointed Caroline Feeney as CEO of its U.S. Insurance & Retirement Businesses. Feeney will immediately assume the newly created role and will be responsible for driving growth across the consolidated portfolio of U.S. businesses, while ensuring alignment with PGIM, the company’s asset management business.

Feeney’s expanded role will include oversight of group insurance, individual life insurance, Prudential annuities, Prudential retirement, and the retail advice and solutions organization. She will also oversee several enabling functions, including the group charged with enhancing and unifying the service experience for Prudential’s retail and institutional customers in the U.S.

Feeney most recently served as CEO of individual solutions. Previously, she served as president of Prudential Advisors and president of individual life insurance, and spent time in field leadership roles, providing her firsthand experience with customers and the company’s financial professionals.

Feeney also leads the company’s Women Empowered business resource group and champions women’s financial issues, diversity and professional development both within and outside of Prudential.

In her new role, Feeney will continue to report to Andy Sullivan, executive vice president and head of U.S. businesses for Prudential.

“Caroline’s business savvy, deep industry expertise and people-centric leadership style will help us realize the full potential of our businesses,” says Sullivan. “She is a true ambassador for the Prudential brand and a passionate advocate for our company’s purpose: to make lives better by solving the financial challenges of our changing world.”

Feeney represents Prudential on several boards, including The Alliance for Lifetime Income, and is a member of Fortune’s Most Powerful Women and the National Association for Female Executives’ Executive Roundtable. She also serves as a trustee of Prudential’s Corporate Social Responsibility Oversight Committee, which guides the company’s foundation and its investments.

OneAmerica Hires Regional Sales Director

OneAmerica has hired Chris Browne to build the company’s base in South Carolina as regional sales director.

Browne is focusing on primarily serving core retirement plans. The 18-year industry veteran joined OneAmerica after previously working eight years as a Charleston, South Carolina-based wholesaler for MassMutual Financial Group.

“I was really attracted to OneAmerica because of its industry-known relationship strategy, award-winning client focus and fresh, world-class custom communications,” Browne says. “Combined with its outstanding culture and values, OneAmerica checks all the boxes, and I’m thrilled to be joining the team and enhancing our presence in South Carolina.”

Browne reports to Todd Smiser, east region regional vice president. OneAmerica had a presence already in the Palmetto State through the contributions of wholesaler Chuck Stinson, who also continues to build sales in North Carolina.

“Chris has the experience, energy and enthusiasm to drive results,” says Pete Schroedle, vice president of distribution for retirement services at OneAmerica. “Given all the unprecedented upheaval and challenges in our industry, it’s more important than ever to have someone of his background step up with optimal solutions on behalf of advisers, sponsors and participants.”

Prior to MassMutual, Browne was at John Hancock Life Insurance Co. and at Guardian Life.