Deals & People August 17, 2023

Voya Adds New Roles, Expanding Wealth Solutions Team

Shelly Nolfi and Holly Monday will join in the newly created positions of assistant vice president for client management and expansion.

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Voya Financial has expanded its retirement products wealth solutions distribution team, adding two positions focused on new-market growth, the firm announced Monday.

Shelly Nolfi.

Voya appointed Shelly Nolfi and Holly Monday to the newly created positions of assistant vice president for client management and expansion, with both starting last week.

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Nolfi and Monday are responsible for leading the New York City recordkeeper and investment manager’s strategic growth in emerging, mid-market, large and government market segments. 

“Voya has an opportunity to expand our presence and further growth, particularly within the mid-market, which is why Voya is investing in additional resources within distribution to support this [market segment],” Sheila McCullough, Voya’s senior vice president and wealth solutions client engagement leader, said in a statement.

Voya considers plans with assets between $50 million and $250 million the mid-market retirement plan segment. Voya representatives did not provide details for how the moves may affect their work with existing plan sponsor clients.

“These newly created positions within our client engagement team will allow for an even greater focus on being able to execute Voya’s plans to grow our existing scale and workplace benefits and savings products with our clients today, including solutions such as an entrance to the [health account solutions] market, managed accounts, executive benefits, emergency savings and Voya’s broader guidance and advice solutions,” McCullough wrote by email. “As we continue to purposefully expand our offerings where additional solutions may advance our customers’ overall experience, Shelly and Holly will play a critical role in our future success, given their broad breadth of client experience.”

Holly Monday.

Nolfi joined Voya eight years ago, working most recently with the client engagement division as a senior director focused on strategic planning and service delivery. Monday joins Voya from Fidelity Investments, working most recently as a vice president and managing director, and has extensive experience in sales, strategic planning, business development, relationship building and customer service.

The new roles at Voya were added to build on “recently introduced positions” within the broader distribution team and, more specifically, Voya’s intermediary relations team, according to the company.

The firm expanded its wealth solutions retirement distribution earlier this month, moving to develop enhanced dual investment defaults.

Two of Voya’s competitors, Principal Asset Management and T. Rowe Price, expanded their retirement planning and product distribution capabilities with internal promotions and outside hires in July.

Products August 16, 2023

Millennium Trust to Rebrand as Inspira Financial

The rebranding comes after acquisitions including the purchase of CVS’s Payflex, which brought more employer-based solutions to the trust and custody provider.

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Millennium Trust Company LLC will be rebranding in early 2024 to Inspira Financial in part to position itself as a full-service employment solutions provider poised for further growth, the firm announced Tuesday.

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With the new name, the firm will seek to expand its employment and consumer solutions businesses across health, wealth, retirement, and benefits, according to the announcement.

“Inspira Financial is your devoted health, wealth, retirement, and benefits partner, working with businesses and people to turn everyday actions into life-changing impact,” CEO Dan Laszlo said in a statement. “Our new brand positions us for today and for the future, moving beyond a trust and custody company to a full-scale solutions provider that can nimbly move our industry forward.”

The move comes just a few months after Millennium completed an acquisition of Benefit Resource LLC, a health and benefits firm with more than 400,000 participants across more than 5,500 employer plans. It is also a little over one year since Millennium acquired Payflex from CVS, bringing on more than 2,500 plans, 2.4 million participants, and $47 billion of assets under administration.

Millennium was founded in 2000 with a focus on individual retirement account custody and administration, and over time broadened its offerings to cover a wider range of retirement, wealth, health, and benefitsofferings. Laszlo became CEO of the company last November, succeeding CEO Gary Anetsberger, who continues serve as executive chairman on its board of directors.

The newly named Inspira will focus on building partnerships, expanding its portfolio of business offerings, with “no interruption to client service,” the company stated.

“With several years of rapid growth and more anticipated in our future, we are excited to move forward as Inspira and are eager to continue to shape solutions that drive lasting results,” Laszlo said.

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