Data and Research February 23, 2023

Innovest Portfolio Solutions Fills Retirement Consulting Role

The investing and retirement plan consultant firm is hiring to support growth trajectory, according to the co-founder and CEO.

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Innovest Portfolio Solutions, an investment consulting services provider, hired Nancy Rimington as a vice president in the client-facing group, the firm announced this week in a press release.   

Rimington will provide consulting services to retirement plans, nonprofits, high net worth families and individuals, in the newly created position, says a spokesperson for Innovest.

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“Nancy aligns with Innovest’s core values and her dedication to helping clients succeed,” says Richard Todd, Innovest co-founder, CEO and principal. “We are adding to our staff based on growth.”

Rimington was named a member of the Innovest capital markets research group—responsible for monitoring the global macro-environment, asset allocation modeling and portfolio construction. She was also named a member of Innovest’s retirement plan and nonprofit practices groups—according to the release.

In the new role at Innovest, Rimington reports to Todd; Wendy Dominguez, co-founder, president and principal; and Peter Mustian, principal and COO.  

Prior to joining Innovest, Rimington was a vice president for institutional business development and relationship management at GW&K Investment Management.

Innovest Portfolio Solutions’ total assets under advisement are almost $33 billion, with retirement only AUA comprising $28 billion. 

Rimington will be based in the firm’s Denver office, the release states. Innovest is headquartered in Denver.

Deals and People February 23, 2023

Aon Builds PEP Business With Four New Positions

Aon is betting on further pooled employer plan growth with added headcount.

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Aon bolstered its pooled employer plan business, hiring for three newly created positions, including a new director, a spokesperson confirmed.  

Aon earlier this month hired Chris Han to the newly created role, director of pooled employer plan 401(k) sales. The company also added two sales executives for pooled employer plans, Thomas Geraghty and Alexander Xie.

Rick Jones, senior partner and head of PEPs at Aon, said in an email that the time is right for Aon to commit resources to build the PEP business and grow market share. 

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“We believe that PEPs are the next generation of retirement savings because they reduce work for employers, reduce risk for fiduciaries and reduce costs and improve results for employees,” Jones explains. “We are ready to target this multi-trillion-dollar market with a dedicated sales team that will give clients the clarity and confidence they need to make better decisions to protect and grow their business.”

Geraghty and Xie both report to Jones, the spokesperson says.

Aon is building up its team even as competitors enter the market. On Thursday, Willis Towers Watson announced a new PEP that the firm said will build on its experience with pooled employer plans in the U.K.  

In October, AON said it had accumulated $1 billion in plan assets and commitments for its PEPs, with benefits for more than 30,000 participants from 40 employers.

Pooled employer plans were established by the SECURE Act of 2019 and introduced to the market in 2021. The goal was to encourage employers that didn’t provide retirement plans to participants to offer one.

PEPs allow unrelated employers to convene to participate in a single 401(k) defined contribution plan sponsored by a registered pooled plan provider. The SECURE Act 2.0, passed in December 2022, permits certain 403(b) plans to be operated as PEPs as well.

Geraghty is responsible for PEP sales coverage in the mid-Atlantic and southeast. He was previously a regional sales director, at Empower.

Xie is responsible for sales covering the West region, says the spokesperson. Xie has worked at Aon since 2010, as an actuary and retirement plan strategist, within the firm’s wealth solutions practice.

After passage of the SECURE Act of 2019, Xie helped design, build and launch the Aon PEP, adds the spokesperson. A final position on the Aon PEP team is yet to be filled, the spokesperson adds.

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