Deals & People April 23, 2024

Eric Henderson Retiring as Head of Nationwide’s Annuity Business

He plans to depart at the end of 2024 after nearly 40 years with the firm.

Reported by

The head of Nationwide’s annuity business, Eric Henderson, will be departing the firm at the end of the year after nearly four-decades at the company, according to a Tuesday announcement. Nationwide will be conducting an internal and external search for his replacement. 

Leading Nationwide’s annuity team since 2007 and serving as president of Nationwide Annuity since 2019, Henderson is ending his career after leading the annuity business to three consecutive record sales years, according to the company, making it Nationwide’s most profitable business line.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Eric Henderson

Henderson began his career at Nationwide as an actuarial assistant and 1985. He held positions of increasing responsibility until assuming leadership of the annuity team in 2007. He will continue to lead the annuity team until his retirement and “help ensure a smooth leadership transition when his successor is named.”

Under his leadership, Nationwide’s annuity business grew to produce $150 billion in sales for the company between 2007 and 2023.

Henderson also oversaw all aspects of the company’s individual annuity segment, including product innovation, sales and distribution.

“Throughout his career, Eric has displayed tremendous resiliency and courage to successfully manage risk and lead teams through challenging economic conditions and turbulent markets,” said John Carter, president and COO of Nationwide Financial, in a press release. “When headwinds began to impact the variable annuity business during the pandemic, Eric and his leadership team quickly pivoted focus to our portfolio of fixed products. That shift paid off, with nearly $10 billion in fixed annuity sales in 2023, at a time when others in the industry were forced to exit business lines.”

“A hallmark of admired leaders is their ability to recruit and develop high-performing leadership teams and organizations,” Carter stated. “Eric has built a high-performing and inclusive leadership team that is well positioned to lead our annuity business for years to come.”

Henderson also serves as a board member on the Insured Retirement Institute and the LIMRA Annuity Executive Advisory Board.

Deals & People April 23, 2024

Betterment to Acquire Robo-Investing Accounts from Goldman Sachs

Goldman is shedding Marcus Invest accounts less than one year after exiting its personal finance management division; will keep Marcus savings accounts.

Reported by

Betterment has signed a deal with Goldman Sachs to take over the digital investment accounts of the investment bank’s Marcus Invest, according to a Monday announcement.

The accounts, which provide tailored investment portfolios online, will be shifted to Betterment in the upcoming months, according to the firm, who did not disclose details of the transaction. The digital wealth manager will only be acquiring Marcus Invest accounts and assets under management. No additional accounts, technology, staff, or operations are being acquired in the transaction, the firms noted.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

The transfer of digital investment accounts to Betterment is scheduled for June 29, pending closing requirements. Customers have the option to decline the transfer.

Goldman Sachs will continue to expand its Marcus Deposits platform, which serves over three million customers worldwide and holds more than $100 billion in consumer deposits.

“As we increase our focus on our growing Marcus Deposits platform, we made the decision to transition away from our digital investment advisor offering and wanted to find a great home for those customers,” Marcos Rosenberg, global head of Goldman Sachs Marcus, said in a statement. “Betterment was the obvious choice for those accounts as we share a deep commitment to customer satisfaction. We look forward to continuing to serve our Marcus Deposits customers with great products and a great experience.”

Goldman opened Marcus in 2016, and Marcus Invest in 2021 targeting retail investors with a digital banking and investment platform.

Goldman makes the move after, last August, shedding its personal finance division created from the purchase of United Capital Financial Partners Inc. In 2019. The firm sold the unit, which had been renamed as Goldman Sachs Personal Financial Management, to Creative Planning LLC, noting at the time it followed the bank’s strategy of focusing on ultra-high-net-worth wealth management and workplace growth strategy through RIA and other wealth management clients including Creative Planning.

Clients moving their accounts from Marcus Invest to Betterment will receive automated investment services, varied investment portfolios and tax-efficient tools, according to the firm. Additionally, they’ll have access to diverse account options, planning aids, educational materials and the choice of human advisory services. Betterment has more than 850,000 clients and assets exceeding $45 billion under management.

“This acquisition further cements our leadership in the digital investing space,” Sarah Levy, Betterment’s CEO, said in a statement. “We are excited to welcome these customers to Betterment where our scalable technology platform will continue to support them on their investing journeys.”

«