Deals and People March 6, 2023

Retirement Industry People Moves

Wagner Law names new Chicago-based ERISA attorney; Franklin Templeton appoints senior alternatives strategist; WTW names director of retirement; and more.

Reported by

The Wagner Law Group Announces Lee T. Polk as Chicago-Based Partner


The Wagner Law Group announced that attorney Lee T. Polk has joined the firm as a partner in its Chicago office.

“Lee is a highly accomplished ERISA and employee benefits attorney with decades of experience in his areas of practice,” Marcia S. Wagner, founder and managing partner of The Wagner Law Group, said in a statement. “He is an outstanding addition to our firm and we are delighted he is joining us.”

Polk is experienced in ERISA and employee benefits compliance, planning and dispute resolution. He regularly advises clients on the design, establishment, administration and termination of pension and welfare benefits plans.

Franklin Templeton Appoints Davidow as Senior Alternatives Strategist

Get more!  Sign up for PLANSPONSOR newsletters.

Franklin Templeton has appointed Tony Davidow as a senior alternative investment strategist at the Franklin Templeton Institute.

Davidow will be responsible for developing insights into the use of alternative investments. He will conduct independent research, present at industry conferences and webinars and engage directly with key partners and clients.

“Tony’s efforts will support our mission to deliver research-driven insights, expert views and industry-leading events for clients and investors globally, through the diverse expertise of our specialized alternative investment managers and select academic partners,” said Stephen Dover, chief market strategist and head of the Franklin Templeton Institute, in a statement.

WTW Names Tiffany Velez Director of Retirement

British-American multinational company WTW has named Tiffany Velez as director of retirement.

According to LinkedIn, Velez has more than 20 years of experience leading cross-functional teams. She has delivered technology and product solutions on all aspects of product management, user experience design, application development and system implementations.

Before joining WTW, Velez worked at Mercer and at ACS, a Xerox company, implementing technical projects.

Ascensus Names Bradley Strock to Board of Directors


Ascensus LLC announced that Bradley Strock has joined its board of directors.

“Brad brings a wealth of highly relevant technology and business leadership experience across the global financial services industry to the Ascensus Board,” David Musto, president of Ascensus, said in a statement.

Strock most recently held the position of global CIO at PayPal, where he oversaw all internal technologies. He led the company’s use of data to improve service capabilities and customer-centric experiences.

He previously served as senior vice president with Bank of America, overseeing end-to-end technology. He has also held leadership roles in marketing operations technology at JPMorgan Chase and business process improvement at First USA/Bank One.

CastleKeep Adds Industry Veteran Mike Benevento as Partner

CastleKeep Investment Advisers LLC announced the addition of Mike Benevento as partner.

“Having explored multiple opportunities across the wealth management spectrum, I can confidently say CastleKeep is a world class investment firm,” Benevento said in a statement. “It combines all of the capabilities of a global private bank, but delivers solutions to clients without bias and the bureaucracy that comes along with larger organizations.”

Prior to joining CastleKeep, Benevento was a portfolio manager at Millennium Management, a global alternative investment platform with more than $58 billion in assets. He has also held portfolio manager and analyst roles at Bronson Point Management, Hilltop Park Associates and Pequot Capital Management.


Snowden Lane Partners Adds New Adviser Eduardo Alvarez Andreu in Coral Gables


Snowden Lane Partners announced that Eduardo Alvarez Andreu has joined the firm with $132 million in client assets. Alvarez Andreu will serve as a partner and managing director in the Coral Gables, Florida office.

He has nearly two decades of experience in financial services, with expertise in international wealth management and alternative investments.

“We are thrilled to welcome Eduardo to the firm, as he has built a strong track record in the wealth management space and will be a major asset for us moving forward,” said Greg Franks, managing partner, president and COO of Snowden Lane Partners, in a statement.


Matt Berman Adds Canada to Foresters Financial US Presidential Duties


Foresters Financial announced the appointment of Matt Berman as president of Foresters Financial U.S. and Canada, effective immediately.

Previously, Berman was president of only the company’s U.S. operations. He has also served as chief distribution officer and president of the former subsidiary, Foresters Life Insurance and Annuity Company. 

“I am truly honored to be appointed president of the US and Canadian divisions,” Berman said in a statement. “I am eager to continue our strong momentum in both markets by executing our long-term strategic goals and providing customers with best-in-class solutions and service.”


TIAA Names Zara Mirza Chief Brand Officer


TIAA has named Zara Mirza as chief brand officer. Mirza will lead the brand strategy, brand marketing, creative and corporate social responsibility teams for TIAA and Nuveen.

Mirza was previously chief brand officer at GE, where she was responsible for ensuring the brand remained relevant to key audiences.

“Zara brings extensive experience transforming how brands go to market and will continue to elevate TIAA so that more institutional partners and new generations of consumers embrace the power of securing lifetime income,” TIAA chief marketing officer Mickey Onvural said in a statement.


Cambridge Associates Expands Executive Leadership

Cambridge Associates appointed Harinder Soin and Adam Lester to its executive leadership team.

Soin, the company’s chief data officer, oversees the firm’s data strategy, governance and execution. He joined Cambridge Associates in 2016 and became the firm’s first chief data officer in 2019.

Lester, head of corporate strategy, joined Cambridge Associates in November 2022. He will work closely with the CEO and leadership team to define Cambridge Associates’ strategic direction.

Insured Retirement Institute Names New Director, Government and Political Affairs

John Jennings was promoted to director of government and political affairs at the Insured Retirement Institute, headquartered in Washington, D.C.

Jennings will assist in the overall development and execution of IRI’s legislative and political strategy. He will advocate on IRI’s behalf to advance federal legislative objectives in Congress and serve as a liaison to other industry trade associations and coalitions. He will also provide input on political strategies associated with [the political action committee] IRIPAC.

Bank of America Hires Director of Equity and Consultant Relations

Danyle Anderson has joined Bank of America as director of equity industry and consultant relations. Anderson will be responsible for driving insights and strategies across the Bank of America product portfolio. She will also manage relationships with strategic industry partners.

“We are committed to helping our clients stay informed about changes in the market and to growing our business. Danyle will play a key role in sharing insights and best practices with our clients,” Erin Donnelly, managing director of institutional retirement product and distribution at Bank of America, said in a statement.

Previously Anderson was CEO and executive director at the Global Equity Organization.


Stonebridge Group Hires Two Advisers

Lonn Lebo and Parker Marsh joined Pennsylvania wealth manager Stonebridge Financial Group as financial advisers. They will report to managing directors Jonathan Freeman and Brian McCarver. Parker and Lebo will work with personal wealth management clients to maximize and preserve their wealth and combining traditional investment management with holistic financial planning.

Benefits March 3, 2023

How Plan Sponsors Can Best Communicate With Participants

Experts suggest plan sponsors use direct and personalized messaging when communicating about benefits.

Reported by

If plan sponsors are struggling to engage their participants and find that employees are not fully taking advantage of the benefits offered to them, there are a variety of strategies they can use to improve communications.

Megan Yost, the senior vice president and engagement strategist at Segal Benz, said one way for plan sponsors to build trust with employees is to “be direct and communicate frequently.”

Get more!  Sign up for PLANSPONSOR newsletters.

“Sometimes when there’s an absence of communication, participants can create their own stories about what might be happening in the organization,” Yost says.

A 2022 LIMRA study, Benefits and Employee Attitude Tracker, revealed that 60% of employees felt employer communications on benefits were ineffective.

Based on the study’s findings, LIMRA says one way plan sponsors can improve employees’ awareness of their benefits package is by providing information on a regular basis throughout the year—not just when open enrollment comes around.

The LIMRA research also revealed that workers typically spend less than an hour reviewing and enrolling in their benefits during open enrollment, which they argue is not nearly enough time to fully digest the material.

Yost says it is important that plan sponsors are aware of the financial literacy levels of their employees and make sure sponsor messaging is clear and understandable for everyone. She recommends hosting online focus groups or employee resource groups, which target specific communities of workers, to ask people what they are struggling with and gauge whether the benefits being offered are meeting their needs.

David Swallow, the senior managing director and head of consultant relations at TIAA, says using a “multi-channel approach” is an effective way for plan sponsors to communicate with participants. This means using videos, webinars and emails to showcase benefits an employer is offering, as well as face-to-face meetings.

Swallow emphasizes that plan sponsors should focus on “meeting participants where they are.”

“[If] you have a younger generation of participants, how you engage with those folks is different than how you engage with more senior or tenured folks,” Swallow says.

As people tend to have short attention spans, Swallow also suggests that plan sponsors provide information briefly and stay away from overly complicated, detailed messages about benefits.

Measuring the Effectiveness of Communications

According to Swallow, plan sponsors should look at web traffic and email click-through rates to see how much their participants are engaging with communications they send out. Swallow says analyzing this data can help plan sponsors see if employees are even reading the material.

“But to really measure the effectiveness, we look [at] how many people are taking action [and whether] they are taking the right actions,” Swallow says.

Because of the volatile investment market, Swallow says it is important to assess whether people are making decisions that are reactionary or will benefit their long-term retirement savings.

Yost suggests that plan sponsors evaluate participants’ balances in their 401(k) and 403(b) plans to determine demographics that may be less engaged with their benefits. If a certain demographic tends to have a lower balance in its retirement plans, this can be a signal to plan sponsors to adjust their communication method for that specific group of people.

New and Creative Ways To Engage

Over the last several years, Yost says recent trends show that plan sponsors are opting for more digital communications, as opposed to blasting out printed documents and flyers.

Segal Benz, an employee benefits and HR consulting firm, recently held a conference in which representatives from the companies BlackRock, Krispy Kreme and PayPal shared some of the ways they adjusted their benefits communication strategies during the pandemic, when most people were working remotely.

For instance, BlackRock started using a variety of digital pieces such as banners, screen savers and infographics to steer people to the company’s benefits website. Krispy Kreme launched a benefits microsite that completely replaced the need for its printed benefits guide, and the site is accessible on a mobile device or browser outside the Krispy Kreme firewall.

PayPal also replaced its annual enrollment fairs with virtual “Ask Me Anything” sessions and HR training during the pandemic.

Besides using digital techniques, other plan sponsors have taken a personalized approach to their communications. In September 2022, Delta Air Lines sent personal messages to its employees, showing a snapshot of each individual’s plan retirement plan balance compared to what a target balance is for someone their age.

If the individual’s balance was below the target, the statements provided suggestions to get closer to that target amount.

Swallow says using this personalized strategy is a good way to get people engaged, because they can relate more to the material they are seeing. But he also points out that a company like Delta Air Lines has a large HR and benefits staff and has the resources to implement more personalized communications.

For plan sponsors who want to implement these types of customized communications, Swallow recommends they partner with their recordkeepers or consultants.

«