Retirement Industry People Moves

Financial Engines announced a new strategic relationship to offer Financial Engines’ independent and comprehensive advisory services to employers of all sizes. Under the relationship agreement, ADP will make available to its Retirement Services clients the option to engage with Financial Engines and its full suite of investment advisory services.

The Financial Engines advisory service offering, on the ADP platform, will launch in the summer of 2018.  It will broaden ADP’s financial wellness capabilities that aim to help defined contribution (DC) plan participants better prepare for day-to-day expenses and for broader financial challenges.

The new relationship will bring Financial Engines’ full suite of advisory services to ADP retirement plan clients for the first time.  Financial Engines’ direct advisory services for participants include:

• Online Advice – personalized online savings and investment advice and retirement income services for employees who want to manage their retirement themselves

• Professional Management – a discretionary personalized management service for participants who want to partner with and delegate the management of their retirement accounts to a professional

• Income planning and Social Security claiming guidance – advice provided through Financial Engines’ nationally recognized Social Security Planner

• Personal Adviser – personalized professional management for all participant accounts (401(k), IRA and taxable accounts), comprehensive financial planning, and a dedicated adviser

In addition, participants will have access to Financial Engines’ non-commission based Investment Advisor Representatives, as well as to independent online investment advice, and to ongoing financial wellness programs and education.

Nuveen Expands DCIO Team with Promotions and New Hire

Nuveen has appointed several key executives to positions supporting its expanding Defined Contribution Investment Only (DCIO) enterprise. The move builds on the firm’s second consecutive year of growth since re-positioning its DCIO business in 2015.

“Demand for our retirement plan investment solutions has been robust with our active and index target date strategies seeing particularly high levels of inflows as a result of their competitive performance, strong showing in industry rankings and relatively low costs. Our DCIO business grew nearly 40% in 2017 which is a testament to the competitive offering we have for plan sponsors, consultants and advisers,” says Erin Donnelly, executive vice president and head of Nuveen’s DCIO business. “Our success in this business segment has certainly been an advantage in attracting top talent to support our plans to continue growing in this business in the year ahead.”

Additions to Nuveen’s DCIO team include:

• Peter Whitman joined the firm as managing director responsible for DCIO Strategic Accounts reporting directly to Donnelly. He will oversee the firm’s retirement presence across recordkeeping, retirement intermediary and other third-party retirement platforms and relationships. Whitman will also focus on building Nuveen’s retirement sub-advisory business. 
• Greg Koleno joined the DCIO sales team reporting to Brendan McCarthy, DCIO National Sales Director, and is based in Portland, Oregon. Koleno is responsible for DCIO sales in the Northwest. Previously, Koleno was vice president for DCIO sales covering the Pacific Northwest for American Century Investments. 
• James Polito joined the DCIO sales team, also reporting to McCarthy, and is based in Charlotte, North Carolina. Polito is responsible for DCIO sales in the Southeast. Most recently, Polito was vice president and retirement consultant for DCIO sales with BNY Mellon covering the southeastern United States.  

Complementing the new DCIO team hires, Nuveen hired Jeff Eng as managing director responsible for retirement solutions reporting to Martin Kremenstein, senior managing director and head of Nuveen’s retirement and ETF solutions business. In this role, Eng supports the firm’s retirement businesses by leading new product initiatives. Eng joins the firm from AB, where he was head of their custom defined contribution (DC) solutions business.

TRA Acquries APA

The Retirement Advantage (TRA) announced the acquisition of Applied Plan Administrators (APA), an independently owned 401(k) consulting and administrative services firm headquartered in Bingham Farms, Michigan. 

“We are very excited to welcome the APA team to the TRA family,” says Matt Schoneman, president of TRA. “APA brings a wealth of MEP/PEO expertise in the retirement plan industry and we’re delighted about our partnership and their capabilities. This acquisition strategically increases our footprint in Michigan and continues to expand our presence in the upper Midwest.”  

With the acquisition of APA on January 5, TRA now has retirement plan professionals in 30 states to support its financial adviser and recordkeeping partners with customized retirement plan design and solutions.

“We look forward to integrating our workforce, culture, and competencies right away,” says Lori Markert, director of operations and compliance manger from APA. “This transaction will connect our employees and customers with a wealth of resources and offerings from TRA. Further, it will strengthen and reinforce our local customized services for both existing clients and prospects. We couldn’t be happier.” 

HUB International of California announced that Lynn Greene has joined HUB International as vice president of the Employee Benefits practice. Her primary role with HUB International will be the design, placement, and maintenance of competitive health care programs and human-resource solutions for mid-market and large companies.

Greene has over twenty-five years’ experience in providing employer group clients with creative strategic approaches to their employee benefits packages. Her experience includes self-funding, fully insured, captive insurance structuring, wellness initiatives, benefit technologies, as well as cost-containment resources.  Most recently, Greene served as an assistant vice president, employee benefits consultant and client advocate for Woodruff-Sawyer. Prior industry experience includes positions with Athens Benefits Insurance Services and Putnam, Knudsen and Weiking.

Robert J. McVicar, executive vice president of HUB International Insurance Services, Inc., says of Greene’s hiring: “Lynn is a tremendous addition to our strong Employee Benefits team in Sacramento. Her experience in the Large Group space and value-driven approach to servicing clients enhances the offerings we deliver.”

Greene says of her decision to join the HUB International employee benefits consultancy: “My decision to align with HUB was made after meeting with Rob McVicar and Crystal Porras.  A combination of their ‘client-first’ focus and the overall positive workplace culture in the Sacramento office made this an easy decision.” She further says, “Here at HUB, I am able to offer clients additional services, a client-first focus and continue to use analytics and claims analysis to make a plan a stronger, while keeping an eye on the bottom line, for both small and large employers.  At the end of the day, serving my clients who become friends is both my passion and my reward.”  

Greene is a graduate of Eastern Illinois University with a Bachelor of Business Administration and Management degree.  She is currently a board member and vice president of Public Relations and Marketing for the Sacramento Area Human Resource Association (SAHRA).