Data & Research July 26, 2012

Adviser Education a Priority in 2012

Financial services firms are making adviser education a priority and expanding the scope of retirement goals, a survey found.
Reported by

According to the Hearts & Wallets 2012 Retirement Income Competitive Landscape Survey, which captured retirement income priorities of nearly two dozen financial services firms in spring 2012, financial firms said adviser education was most important (32%) or very important (27%) in helping with retirement income planning.

“I think people are realizing that the adviser is really the linchpin here,” Chris Brown, principal at Hearts & Wallets, told PLANADVISER.

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

This emphasis on adviser education seems to be increasing, Brown said, as 2012’s survey showed the highest results for adviser education being “most important.” The same question in a 2010 survey found that 22% of firms said adviser education was most important and 35% said it was very important. In 2007, 27% of survey respondents said it was most important, and 37% said it was very important.

Hearts & Wallets found that advisers need more support to execute expanded scope, and illustrate tradeoffs, annuity optimization and advice on account drawdown and savings. It also saw a trend in offerings being expanded to present the whole financial picture, including health (life and long-term care insurance included), taxes, real estate, lifestyle considerations (estate planning and couples’ dialogue), and optimal timing on how to take Social Security.

“Firms are responding to investor needs to assess their entire financial picture from when to take Social Security to real estate, taxes and health care, reversing a pullback we saw in 2010,” said Laura Varas, Hearts & Wallets principal. “As the scope and offerings of retirement income expand, advisers will be supported with more training and smart tools. And firms are finally beginning to devote more resources to young and mass-market investors.”

The importance of marketing and/or developing retirement income offerings jumped in importance 39% among strategic priorities in just two years, according to the survey. In 2012, 77% of firms rated retirement income as vital or very important to strategic planning initiatives over the next one to three years, compared with 57% in 2010.

Brown said this year the industry “definitely saw a broadening of scope in terms of the [retirement income] solutions that are offered out there."

Deals & People July 26, 2012

Mutual of Omaha Appoints Three to Leadership Positions

Mutual of Omaha’s Retirement Plans Division named Diane Kolvek and J. Michael Peddicord as regional sales directors, and Robert Nourse as national accounts channel manager. 
Reported by

Kolvek will support the company’s regional sales managers located in the Western region of the U.S., fostering relationships with third-party administrators (TPAs), and is based in Omaha, Nebraska. She joined Mutual of Omaha in 2008 as a Retirement Plans senior channel manager, and has nearly 20 years of experience in sales and relationship management supporting 401(k) product areas at Fidelity, Guardian Life Insurance Company and ReliaStar. Kolvek earned her bachelor’s degree from Northwest Missouri State University.

Peddicord will be responsible for leading the Retirement Plans Division’s TPA Channel. He will also support company’s regional sales managers located in the Eastern region of the country by cultivating relationships with TPAs in this area. He is based in Columbus, Ohio. Since receiving his bachelor’s degree from Capital University, Peddicord gained experience from various leadership roles at Legg Mason and Nationwide Financial Services, and most recently served as vice president of sales for Principal Financial Group.

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

Nourse brings more than 25 years of experience in financial services to his position, most recently as vice president and senior relationship manager at Nationwide Financial, and with sales and leadership positions at The Guardian Life Insurance Company before that. He will be responsible for managing relationships with the company’s national broker/dealer alliances, and is based in Cincinnati, Ohio. Nourse holds a bachelor’s degree from Xavier University.

“One of our strategic initiatives is to place top talent into leadership positions that support the sustainable growth and distribution of our product line,” said Seth Friedman, 401(k) national sales director for Mutual of Omaha. “These individuals will bring solid leadership support to our regional sales managers and advisers, helping Mutual of Omaha continue to build a competitive retirement plan experience that benefits both the plan sponsor and their participants.”

 

«