Commonwealth to Continue Adviser Coaching Program

Commonwealth Financial Network’s Power in Practice business development coaching program will continue in 2012.  

Power in Practice was designed for Commonwealth advisers. The year-long inaugural intensive allowed advisers to lead their organizations toward their own specific goals, providing the infrastructure, guidance, tactical steps and built-in accountability advisers need to refine their business plan and enhance their competitive edge. The program was led by Commonwealth’s Managing Principal of Practice Management, Joni Youngwirth.

In the year-long inaugural program, 40 advisers worked together in two peer groups. According to Commonwealth, participating advisers generating between $200,000 and $475,000 in 2010 gross dealer concessions (GDC) and increased 2011 revenue by a weighted average of 24% more than advisers generating the same 2010 GDC who did not participate in the program. Participants generating greater than $475,000 in 2010 GDC (which included several million dollar-producing offices) increased 2011 revenue by 44% more than those in a similar revenue range who did not participate in the program.

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

“Our program was designed for the adviser who wants to evolve from a practice into a true business,” said Youngwirth.

The Power in Practice curriculum incorporated a series of peer workshops, one-on-one coaching sessions with Youngwirth and best-practices peer calls. Each participant set a goal of implementing a minimum of 10 best practices in his or her business by year-end, thereby instituting a system to efficiently manage the practice on an ongoing basis.

Power in Practice will continue in 2012 with 40 new participants. For more information, visit www.commonwealth.com.

 

Putnam Grows Adviser-Focused Sales Team

Putnam Investments has added three to its adviser-focused defined contribution sales team, and says more hires are to come.

Steven McKay has been named regional 401(k) sales director for New England and Upstate New York. Based in Boston, McKay joins Putnam after four years at Hartford Retirement Services, where he was most recently divisional vice president, northeast divisional sales manager.  McKay previously spent 15 years with MFS Retirement Services, including a ten-year role as 401(k) sales director for the Northeast.  McKay replaces Meredith Wolff, who was recently promoted to 401(k) national accounts manager, covering strategic broker/dealer relationships.

Joseph Kaplan has been hired as regional 401(k) sales director for New York City and surrounding areas, as well as New Jersey, a newly-created territory. Previously with ADP Retirement Services, Kaplan, who will be based in New York City, was responsible for managing relationships with financial advisers and distribution partners in the New York metro region.  Prior to ADP, Kaplan was vice president, and regional retirement plan specialist for RBC Wealth Management.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Additionally, Ryan Tolmie, formerly the Boston-based lead 401(k) sales team specialist, has been promoted to regional 401(k) sales director for a newly-created territory covering Arizona, New Mexico, Utah, Colorado, Wyoming and Nebraska.

McKay, Kaplan and Tolmie will report directly to James Brockelman, national sales manager, Adviser Sold Defined Contribution (see “Brockelman to Lead Putnam DC Adviser Sales”).

Edmund F. Murphy, III, head of defined contribution, said that the firm continues to actively recruit talent to deliver “the full Putnam retirement experience” to advisers, clients and prospective clients, and expects additional hiring in all facets of its defined contribution organization.  In particular, Murphy noted that the firm is aggressively bolstering its internal sales desk and key service roles and that additional hires are expected in the sales and service areas in the months ahead.

«