Deals & People April 25, 2025

Retirement Industry People Moves – 4/25/2025

David Gillman joins Absolute Capital as regional VP; Hartford Funds expands RIA sales and business development teams; BNY Investments names Germano as COO; and more.

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David Gillman Joins Absolute Capital as Regional Vice President 

Absolute Capital has hired David A. Gillman as regional vice president, where he will be responsible for managing and growing the firm’s RIA relationships.  

In this role, Gillman will support independent RIAs as they use the firm’s Workplace Investment Navigator platform for the integration and direct management of held-away client assets in 401(k), 403(b), 401(a) and 457 plans. 

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Gillman most recently served as relationship manager for more than 300 RIA firms and thousands of financial advisers in the tax-exempt employer plans marketplace at Fidelity Investments. Gillman also worked on the development and rollout of self-directed brokerage accounts for retirement plans. 

Hartford Funds Expands RIA Sales and Business Development Teams 

Hartford Funds, Hartford Funds promoted four individuals within its sales team. 

Jen McFarland and Pat Coyle, adviser consultants at Hartford Funds, have been promoted to divisional sales managers.  

In support of the firm’s overarching growth goals, Hartford Funds is also building out a dedicated RIA Sales Team and a Business Development Consultants (BDC) Team. As Head of RIA Sales, Curtis Ranta will be responsible for increasing the breadth and depth of client relationships and will oversee a sales force focused specifically on this channel.  

Taking on the role Head of Business Development Consulting, Chris D’Angelo will oversee a dedicated group of hybrid wholesalers—for which Hartford Funds is actively recruiting—who will be responsible for broadening the firm’s presence throughout the country and expanding its network of financial professionals.  

“Our culture is one that prioritizes career development and advancement opportunities for our teammates, and we’re thrilled to be promoting four deserving individuals to new roles of increasing responsibility,” said Jon Mackay, head of distribution at Hartford Funds. 

BNY Investments Names Germano As COO 

Michael Germano has joined BNY Investments as chief operating officer.  

According to Germano’s LinkedIn, he is “responsible for commercial and investment operations, data and reporting operations across Mellon, Dreyfus, BNY Advisors, Newton, and distribution activities in North America, EMEA, and APAC.”  

Germano moves to BNY from Newton Investment Management Group, where he was global chief operating officer for two years.  

According to FundFire, Germano’s new role replaces the chief business officer title previously held by John Miller before he was promoted in January to COO of BNY Investments and Wealth. 

Alston Announces Departure from Employees’ Retirement Fund of the City of Dallas 

Cheryl D. Alston, executive director of the Employees’ Retirement Fund of the City of Dallas, is leaving ERF after 20 years of service. 

“Cheryl and her team have provided stable, responsible and creative leadership through two recessions and numerous economic challenges over the past twenty years. Thanks to her leadership the fund has reduced future liabilities by $2.5 billion and is on the path to being fully funded,” said ERF Board Chair T. Dupree Scovell, in an announcement. “There will be a smooth and seamless transition in leadership.”  

The board has appointed Deputy Executive Director David Etheridge, who has been in that role since 2010, as the acting executive director. Etheridge coordinated efforts with the ERF Board and Dallas City Council that led to the recent passage of Proposition A, which allowed for additional city and employee contributions to the plan to meet state requirements, according to the announcement. Plan A, which was overwhelmingly approved by Dallas voters, also allowed Dallas the opportunity for a more favorable amortization rate that will save an additional $150 million over 10 years. 

Data & Research April 25, 2025

Retirement Confidence Remains High, As Does Interest in Income Options

EBRI's most recent Retirement Confidence Survey found that 67% of workers and 78% of retirees reported being confident that they could live comfortably throughout retirement.

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A majority of American workers and retirees both remain confident about their retirement and have concerns about inflation and potential cuts to Social Security, according to the 2025 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute and Greenwald Research, released Thursday.

EBRI’s survey, conducted from January 2 through February 3, included responses from 2,767 Americans, nearly evenly split between workers and retirees.

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According to the survey, 67% of workers and 78% of retirees reported being confident that they could live comfortably throughout retirement. Retiree confidence increased four percentage points year over year, while worker confidence slipped one percentage point from last year’s survey.

Workers also reported being troubled by market volatility and rising health care costs. According to the EBRI study, 70% of workers fear they will need to significantly reduce spending due to inflation, stock market instability and soaring housing prices.

In addition, more than half of workers said rising medical expenses are making it harder to save for retirement. Meanwhile, 40% of retirees said their health care costs in retirement are higher than they anticipated.

In response, workers reported planning to delay retirement or continuing paid work after retirement. EBRI’s study found that 20% of workers in 2024 delayed their expected retirement. Still, expectations do not always match reality, since 60% of retirees reported having left the workforce before age 65, with the median retirement age of respondents landing at 62.

Guaranteed Income Gains Attention

Amid this uncertainty, many workers are turning to guaranteed income products to help ensure financial stability in retirement.

Roughly 30% of respondents with workplace retirement plans said guaranteed lifetime income options would be a top improvement to their plan. Nearly 70% of those surveyed find it appealing if plans have default investments that include guaranteed income, according to the survey.

The study also found that while many seek advice, professional guidance remains underutilized. Fewer than half of respondents reported working with a financial adviser, though 80% of retirees and 75% of workers surveyed said they have access to helpful financial resources. At the same time, 40% of workers and 20% of retirees said they were unsure where to find trustworthy financial advice.

Despite these challenges, confidence in the financial services industry remains strong:  About 70% of respondents reported they believe financial companies understand how to support them in retirement and financial planning, according to EBRI’s survey.

Concern About Social Security and Medicare

Surveyed workers and retirees also expressed increasing concern about changes to the retirement system, as cuts to Social Security and Medicare benefits appear likely because of the budget resolution passed by Congress earlier this month.

The budget resolution targets a significant tax cut and a sizeable decline in federal spending, which more than likely will affect federal benefits.

“If you start changing those programs that retirees are so reliant on, there’s going to be concern and therefore a lot of times these issues fall under third-rail politics,” says EBRI’s director of wealth benefits research, Craig Copeland, noting that the survey was conducted prior to the budget resolution.

Of those surveyed, 79% of workers and 71% of retirees reported being at least somewhat concerned about Social Security and Medicare, according to the study.

Further, 60% of workers and 80% of retirees said they expect changes could reduce their Social Security benefits, with 80% of retirees also concerned about a decline in their Medicare benefits, the survey found.

The concerns likely do not come as a surprise among Social Security beneficiaries aged 65 and older; 12% of men and 15% of women rely on Social Security for at least 90% of their income, according to a Social Security Administration fact sheet.

In EBRI’s study, 94% of retirees reported Social Security as a source of income, and 87% of retirees said they expect the program to serve as a source of income in retirement.

 

 

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