Deals & People January 23, 2013

BMO Retirement Adds DCIO Manager

Ben Jones was appointed manager, defined contribution investment-only (DCIO) by BMO Retirement Services at BMO Global Asset Management.
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In this newly created position, Jones reports to Matt Smith, head of sales and strategy for the retirement services division. Jones is responsible for overseeing BMO’s investment product sales in defined contribution markets across the country. He is based in Park City, Utah.

Before joining BMO, Jones was director of defined contribution at Russell Investments, where he was responsible for managing all aspects of its intermediary retirement plan distribution across the U.S.

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A Chartered Retirement Plan Specialist (CRPS), Jones is a member of the DCIO Forum and the Defined Contribution Institutional Investment Association (DCIIA). He was nominated as one of 401kWire’s 100 Most Influential People in Defined Contribution in 2010 and 2011.

Data & Research January 23, 2013

Parents Play Vital Role in Financial Education

A majority of retirement plan participants who responded to a recent survey said they learned about finances from their parents.
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According to the American United Life Insurance Company (AUL), a OneAmerica company, 56% of respondents said their parents taught them about finances. Thirty-eight percent indicated they learned about finances from books.  

Twenty percent of respondents said a teacher in school taught them about finances, 12% learned from their spouse, and 8% learned from another family member.  

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According to the survey, younger adults, between the ages of 20 and 30, were much more likely (71%) to have learned about finance from parents than other age groups.  

“These findings tell us that there’s opportunity for our industry to fill in knowledge gaps,” said Marsha Whitehead, vice president of marketing communications for the retirement services division. “We need to pool our resources and help parents raise financially literate children. Better educating participants about their own retirement plans could have a ripple effect on future generations of retirement plan participants.”

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