Deals and People August 2, 2024

Retirement Industry People Moves

Wagner Law Group hires 3 senior attorneys; Petra Funds Group appoints Gajdjis as senior adviser; Prime Capital announces promotion of VanderLinde to president of Liberty Wealth Advisors; and more.

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Retirement Industry People Moves

Wagner Law Group Hires 3 Senior Attorneys

Denise Chicoine

The Wagner Law Group announced that Denise Chicoine, Edward Englander and Bill Hoch have joined the firm as partners in the Boston office. 

Chicoine’s practice is focused on employment law. She handles issues such as noncompete agreements, severance agreements, disability accommodation and employee benefits. She also represents management and individuals at the Massachusetts Commission Against Discrimination. 

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Edward Englander

Englander’s practice is concentrated on civil matters. He has litigated cases in Massachusetts and federal courts in real estate, employment, business disputes and municipal disputes. He has resolved cases involving employment disputes, noncompete agreements and beach rights, among other issues.  

Bill Hoch

Hoch is an employment law attorney, representing companies trying to manage workforce issues and defend against employee lawsuits. He has defended employment law cases before state and federal agencies, trial courts and appellate courts. 

Petra Funds Group Appoints Gajdjis as Senior Adviser 

Nicholas Gajdjis

Petra Funds Group, an independent private funds administrator, announced the addition of Nicholas Gajdjis as a senior adviser, expanding its group of professionals who help private equity, private debt and venture capital fund managers scale their operations.

Gajdjis joins Petra after nearly four decades at EY, where he worked with a broad range of financial services and investment management firms. For the last 20 years, he has specialized in private equity as an audit partner to private equity funds, investment advisers and regulated investment companies.  

He has advised clients on start-up operations, accounting policies and procedures, internal controls, regulatory matters, valuation, complex fund structures, and finance and reporting operating models. 

“Throughout his career, Nick has built deep and trusted relationships across the private markets ecosystem, working closely with general partners at leading private equity and alternative investment funds,” Stephen Coats, co-founder and managing partner of Petra, said in a statement. “We are thrilled to welcome Nick to Petra.” 

Prime Capital Promotes VanderLinde to President of Liberty Wealth Advisors 

Annette VanderLinde

Prime Capital Financial, formerly Prime Capital Investment Advisors, has promoted Annette VanderLinde to president of Liberty Wealth Advisors, a Prime Capital Financial company. 

Liberty Wealth Advisors provides financial services through its remote adviser business model, and VanderLinde has been a key driver in advancing this model, according to Prime Capital. The firm stated that VanderLinde has also been instrumental in elevating Liberty Wealth to a comprehensive wealth planning organization, expanding its services to include holistic financial planning.  

“I am thrilled to take on this new role and continue the immensely rewarding task of helping clients achieve their financial goals, and I look forward to welcoming new clients to Liberty Wealth,” said VanderLinde in a statement. 

401GO Joins the Retirement Advisor Council 

Retirement Advisor Council announced that 401GO, a fintech retirement plan provider, has joined the firm as a member-at-large.  

401GO offers businesses hands-off administration, practical pricing and customer support. The firm will be represented by Dan Beck, its CEO and co-founder. 

“We are excited to be joining the Retirement Advisor Council as a member-at-large, to further our commitment to making retirement a reality for every American,” said Beck in a statement.  

 

Deals and People August 2, 2024

Student Loan Benefit Provider Summer Acquires Vault

Vault previously worked with recordkeepers like Voya and Schwab to provide student loan benefits to employees. 

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Summer PBC, a startup that offers programs for student loan repayment and college savings, announced Thursday it has acquired Vault Student Loan Benefits, formerly Student Loan Genius. 

Founded in 2013, Austin, Texas-based Vault was an early financial wellness innovator, working with more than 3,000 employers and 401(k) recordkeepers like Voya and Schwab Retirement Plan Services. 

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Vault’s platform helped bolster HR leaders’ employee recruiting and retention efforts by offering student loan repayment services, contributing to employee 529 college savings plans and facilitating student loan retirement matching, according to Summer’s announcement.  

This acquisition “cements Summer’s status as a leader in the student loan and education benefits category and marks a significant milestone for the seven-year-old company,” according to the announcement.  

Summer partners with employers and institutions to deliver tailored student loan benefits that help employees save for education, better manage their student loans, find forgiveness options and lower monthly payments.  

By integrating Vault’s technology and expertise, Summer plans to further enhance its product suite for HR leaders looking to offer or enhance their for student loan benefits. 

“We are thrilled to welcome Vault into the Summer family,” said Will Sealy, Summer’s founder and CEO, in a statement. “This acquisition brings talent and expanded resources that will empower us to better serve our existing employer clients as well as grow to support many more.” 

Heather Lowe, Vault’s former chief operating officer who joined Summer as vice president, also said in a statement, “Summer’s technology platform immediately enhances our ability to tackle the major generational challenge of student debt and rising college costs for employees and their families across the country.” 

In an all-cash transaction, Summer is acquiring certain Vault assets, intellectual property and select client contracts. Following the acquisition, Vault’s existing products will be phased out, and Vault’s core team will join Summer. 

Some of Summer’s products include: 

  • Summer Save, a platform for student loan optimization and college savings; 
  • Summer Boost, which provides employer student loan contributions and tuition reimbursement; and 
  • Summer Secure, offering a student loan retirement matching compliant with the SECURE 2.0 Act of 2022. 

Summer also recently announced hiring Don Weinstein, ADP’s former chief product and technology officer, as Summer’s first chief innovation officer. Earlier this year, Summer partnered with ADP to enhance its capabilities for 401(k) student loan matching for retirement plan participants.  

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