Deals and People December 29, 2023

Retirement Industry People Moves

Darrin Hebert joins Securian Financial; Vanguard announces senior leadership change.

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Darrin Hebert Joins Securian Financial as Senior Vice President and Chief Information Officer

Securian Financial has hired Darrin Hebert as senior vice president and chief information officer, reporting to Kristi Fox, Securian Financial executive vice president and chief administrative officer.

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“Darrin Hebert is a proven leader who will help advance Securian Financial’s success,” Fox said in a statement. “His experience leading technology teams for highly regulated financial services companies while driving continuous improvement makes him the perfect person to be our new CIO.”

As CIO, Hebert will lead the strategy and direction of Securian Financial’s enterprise technology operations, infrastructure, application development and cyber security. He also will serve as a member of the company’s executive leadership team, strategy council and risk council.

Hebert has more than 23 years of technology leadership experience with companies including GE Capital and US Bank. Most recently, he served as CIO for Aon’s Commercial Risk & Affinity business, where he led teams to digitally transform the company’s Commercial Risk & Affinity platforms. Hebert succeeds Pete Berlute, who now leads Securian Financial’s Affinity Solutions Division.

Vanguard Announces Senior Leadership Change

Vanguard announced the retirement of Tom Rampulla, managing director and head of Vanguard’s financial adviser services division.

“For more than 35 years, Tom has worked tirelessly for Vanguard clients and crew,” Tim Buckley, Vanguard chairman and CEO, said in a statement. “Tom and his entrepreneurial spirit set the course for our European business, launching our European ETF franchise and introducing our mission and investment philosophy to U.K. investors.”

Amma Boateng will join Vanguard’s senior leadership team and become the head of the financial adviser services division effective January 1, 2024. Boateng joined Vanguard in 2004 and currently leads the broker-dealer channel within FAS.

Before leading the broker-dealer division, Boateng built and led Vanguard’s Advisor Solutions function, delivering resources to Vanguard’s financial adviser clients. Prior this, she has held roles in Vanguard’s investment management, finance, and personal investor divisions.

Benefits December 29, 2023

Kansas Plan Sponsor Gives Workers Cash For Emergencies

The credit union aims to bolster each of its workers’ financial health with a $400 deposit.

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Attempting to support the financial wellbeing of its staff, the Meritrust Credit Union, headquartered in Wichita, Kansas, funded a one-time $400 cash deposit for every employee, December 22, according to a company media alert.

Meritrust urged workers to set aside the deposit to grow their emergency savings fund, or to begin one, but the credit union did not require the workforce, about 370 employees, to set up a dedicated account or reserve the money for emergencies, said James Nastars, president and CEO of Meritrust, by email.

The Economic Well-Being of U.S. Households in 2022 Survey, published last May by the Federal Reserve, found that 37% of Americans have too little savings to cover a $400 emergency.

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“This special allotment of dollars followed the normal account deposit path our employees utilize for paychecks,” Nastars wrote. “We encouraged the funds to be placed in their savings accounts, in multiple communications, but we are not monitoring the actual dollar flow.”

A Meritrust representative also noted in an email that the company’s employees have access to internal financial education specialists, who are available to help them navigate their finances.

Through the credit union’s financial education efforts and internal communications, education about the need for savings is “consistently communicated to employees as a critical step in their financial health journey,” the Meritrust representative added.

“We understand that, in order to best serve our members, we have to focus on financial health from within,” Nastars wrote. “Knowing that our employees are equipped to not be part of that 37% is just one step in the process of supporting their financial well-being.”

Meritrust Credit Union operates as a financial cooperative. It provides financial services and products including loans, insurance/investment sales, savings accounts, credit and debit cards, and online banking.

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