Deals & People June 25, 2012

Sentinel Strengthens Sales Management and Hires Wholesaler

Sentinel Investments expanded the roles of two sales team members and hired a wholesaler.
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Timothy W. Call is now senior vice president and national sales manager for the external wholesaling team, while Jerrod DeShaw has been promoted to vice president of national sales to lead the firm’s national sales desk.

Call adds the national sales manager responsibilities to his current position as regional vice president for Southern New England. He has been with Sentinel since 2008. He has 20 years of experience in sales roles with Putnam, AllianceBernstein and Federated.

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DeShaw will lead the national sales desk after four years as vice president of national accounts. He has 12 years of experience and has managed key intermediary relationships for John Hancock and Guardian Investor Services.

Marc Jarman joined the firm as regional vice president for the New York metro area, Long Island and New Jersey.

Jarman joined Sentinel in June and will market the firm’s investment offerings to financial advisers in the greater New York City area, including Long Island and northeast New Jersey. He has held field sales roles at RS Investments, Arrow Funds and Putnam.

Compliance June 25, 2012

Majority of Plan Sponsors Ready for Participant Fee Disclosure

The Department of Labor’s (DOL) participant fee disclosure requirements go into effect August 30, and the majority of plan sponsors surveyed are ready.
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As of June 18, 24% of the 109 respondents to a survey by Broadridge Financial Solutions indicated they had not finalized processes to communicate the fees, and an additional 5% still need help understanding the regulation. Only 13% of respondents indicated they have not made any preparations for “day two” of the new regulations when participants receive their annual fee notice.

According to the survey, there is some concern about participant reaction to the new fee disclosures, with the majority of respondents (57%) noting they expect participants to be somewhat interested upon receipt of their annual fee notice, and 24% expecting participants to ask a lot of questions and even ask plan sponsors to change plan providers.

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“The key to staying ahead of participant reaction—whether positive or negative—is preparation and education,” said Timothy Slavin, senior vice president, defined contribution, Broadridge. “Firms need help to arm plan sponsors with detailed information to answer participants’ questions, as well as have call centers geared up and prepared to respond to inquiries in a timely fashion.”

Half the respondents stated they could use additional support in creating educational materials for participants, and 28% noted that they need help with e-delivery consent gathering.

Looking ahead, firms are already thinking about what changes they anticipate making for next year’s fee disclosures, with 29% hoping to introduce e-delivery for participants and 26% planning to look for new ways to stay competitive.

“This is just the beginning. There is great opportunity for firms to enhance their services and ensure that they are providing the best offering for plan sponsors and participants,” added Slavin.

Real-time results of the survey can be viewed online here.  

 

 

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