Deals and People December 8, 2023

Retirement Industry People Moves

Ascensus names Mehlman new CFO; Crain exits Bank of America; NEPC elects principals and partners; and more.

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Ascensus Names Mehlman New Chief Financial Officer

Marc Mehlman

Ascensus LLC has named Marc Mehlman its new chief financial officer. Mehlman will assume his new role in January 2024 and succeed Kate Brennan, who has served as interim CFO since this summer.

Mehlman will report to Ascensus Chair and CEO David Musto and join the Ascensus Operating Committee executive leadership team.

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“Marc’s skills and experiences position him well to excel as Ascensus’ CFO, and he will be an outstanding steward of our core values and culture,” Musto said in a statement. “He brings valued perspective as a chief financial officer leading growth and business transformation—as well as success in general management roles, including overseeing a $1 billion multinational P&L.”

Since 2020, Mehlman has served as CFO of publicly traded Avantax Wealth Management, a tax-focused broker/dealer. Prior to joining Avantax, Mehlman served in a variety of leadership positions at Thomson Reuters Corp. over 15 years, advancing through their leadership development program with a focus on finance, financial strategy and business operations.

BofA Promotes Firm Veteran as Retirement Research Head

Kai Walker

Bank of America Corp. promoted Kai Walker to head of retirement research, replacing Kevin Crain, according to a company spokesperson.

Walker is responsible for leading retirement research and inclusion transformation for Bank of America’s retirement and personal wealth solutions business, managing a team of professionals who create and deliver research focuses on workforce aging, longevity, diversity and inclusion, employee financial wellness and other workplace trends. Walker was previously Bank of America’s a managing director and head of inclusion transformation, working at the firm since 1998.   

Crain retired from BofA in August, according to the spokesperson, after working for 19 years at the firm, joining in 2004 as a managing director for institutional client relationships at Bank of America Merrill Lynch. In addition to Crain’s role as head of BofA’s retirement research, he was leader of the institutional retirement and benefits services division; head of workplace financial solutions; and head of workplace solutions integration.  

Crain’s last role at BofA was head of retirement research and insights. After retiring, Crain was named an advisory board member at the Global Coalition on Aging and a visiting executive at the Gerontological Society of America.  

“[I’m] now having fun in the next stage of life,” Crain says. “I am engaged with a number of industry associations.”

Crain is a member of the JASPER Forum and Defined Contribution Institutional Investment Association and remains very engaged with advocacy for healthy longevity, individual financial well-being, retirement policy, Social Security solvency and retirement plan coverage/access, he adds.

Retirement Plan Adviser Pat Cunnane Leaves LPL Financial

Pat Cunnane

Retirement plan adviser Pat Cunnane has joined Fidant Wealth Partners, the independent channel of Ameriprise Financial Inc., as a financial adviser, according to a press release.

Cunnane had served 35 years at Masters Consulting Group, a registered investment adviser and separate entity of LPL Financial.

“Pat and his team run a top-notch practice, and our skillsets, expertise and business goals complement each other nicely,” Doug Kisker, CEO at Fidant Wealth Partners, stated in a press release. “We’re thrilled they felt confident in our ability to transition their business and provide an outstanding experience for their clients backed by support from Ameriprise.”

Atlanta Benefits Firm Hires Senior Consultant

Michael Yaschik

Employee benefits consultant Strategic Benefits Advisors Inc. has hired Michael Yaschik to the role of senior benefits consultant.

Yaschik will be responsible for counseling SBA’s clients, supporting their strategic benefits initiatives and administration of pension, 401(k) and health and welfare plans, according to a press release. Yashchik will report to SBA Mindy Zatto, an SBA founding principal.

“At this time of sweeping transformation in the benefits landscape, employers need experienced advisors they can rely on for sound guidance and creative approaches for anticipating and solving problems,” Zatto stated in a press release. “SBA is proud to welcome Michael Yaschik as a senior benefits consultant. His quarter-century of experience significantly augments a team we are already proud to call one of the most tenured in the business.”

Yaschik was previously a senior project manager at Aon PLC.

NEPC Names New Partners, Principals

Investment consultant NEPC announced the election of six new partners and the promotion of five new principals across the firm, effective January 1, according to a press release.

“These well-deserved appointments are a testament to our culture and core beliefs of elevating the experience and value we bring to the table to provide our clients with best-in-class solutions,” stated Michael Manning, NEPC’s managing partner.

The newly elected partners are:

  • Rick Ciccione, senior consultant
  • Rose Dean, CFA, senior consultant
  • Oliver Fadly, head of private debt investments
  • Joe Nankof, ASA, senior consultant
  • Deirdre Robert, CFA, CAIA, senior consultant; and
  • Daniel Runnals, CFA, CAIA, senior consultant

NEPC’s new principals are:

  • David Barnes, CFA, CAIA, senior consultant
  • Peggy Boraks, senior controller
  • Aaron Chastain, CFA, senior consultant
  • Nick Mann, senior investment director, private markets
  • Emma O’Brien, senior consultant
Deals and People December 7, 2023

Industry Group Awards Senators Smith, Tillis Federal Retirement Security Award

IRI recognized the senators for creating more transparency about retirement income investment products.

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Wayne Chopus and Sen. Tina Smith

The Insured Retirement Institute on Thursday awarded Senator Tina Smith, D-Minnesota, and Senator Thom Tillis, R-North Carolina, its annual retirement security award for leadership in advancing retirement security for workers and retirees, the Federal Champion of Retirement Security Award. 

Smith and Tillis were honored, in part, for sponsoring the Registration for Index-Linked Annuities Act, designed to bring transparency to the investors considering a registered index-linked annuity by calling for clear, direct information about the financial product, according to the IRI’s announcement.  

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“Senators Smith’s and Tillis’ leadership was a critical element in enacting the Registered Index Linked Annuities Act, which will spur further product innovation and competition for these unique products,” Wayne Chopus, IRI’s president and CEO, said in a statement. “The laws provide more opportunities to save for retirement and foster innovation to facilitate the greater use of protected, guaranteed lifetime income solutions.” 

RILA products have hit sales records in 2023, as investors seek a tax-deferred vehicle with the potential for higher growth rate than fixed-rate deferred and fixed-indexed annuities, with a measure of risk protection, according to insurance industry association LIMRA. In the first nine months of 2023, RILA sales totaled $34.4 billion, an 11% increase from the same period last year. The organization is forecasting record RILA sales in 2023 and nearly 10% growth in 2024. 

According to IRI’s statement, Smith and Tillis were pivotal in liaising with the Securities and Exchange Commission to ensure enactment of the bill’s objectives. The act directed the SEC to adopt a new registration form for RILAs within 18 months of its enactment, according to a September statement from the SEC. 

Smith serves on the Senate committee on banking, housing and urban affairs and the Senate committee on health, education, labor and pensions. Tillis serves on the Senate committee on finance and the Senate committee on banking, housing and urban affairs. 

“Everyone deserves to retire with dignity and financial security,” Smith said in a statement. “We should be doing everything we can to help ensure Americans are on stable financial footing when they step away from their jobs.” 

Wayne Chopus and Sen. Thom Tillis

“I am honored to accept the 2023 Champion of Retirement Security Award,” Tillis said in a statement. “As a strong advocate for the more than 1.7 million retirees across North Carolina, I remain committed to supporting legislation that ensures their financial well-being and security.” 

The IRI Champion of Retirement Security Award was launched in 2013 and recognizes policymakers dedicated to improving retirement security in the United States. 

Last year’s winners were Representative Kevin Brady, R-Texas, and Representative Mike Thompson, D-California, in part for their work in sponsoring SECURE 2.0 retirement legislation. 

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