Deals & People May 26, 2023

Retirement Industry People Moves

Cambridge Associates names Davidson president, head of investing; retirement consultant Mischell joins Agilis as managing director; ACA Group appoints Olson CEO; and more.

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Cambridge Associates Names Samantha Davidson President, Head of Investing

Samantha Davidson

Cambridge Associates appointed Samantha Davidson as the firm’s president and head of global investing, starting in July.

Davidson will be responsible for running the firm’s investment business and overseeing its global investment platform to ensure that clients’ return and partnership expectations are satisfied. Davidson, who was a senior partner in and U.S. investments leader at Mercer, will report to David Druley, Cambridge Associates’ CEO.

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“I have been following Cambridge Associates for almost two decades,” Davidson said in a statement. “I really value the firm’s focus on and alignment with clients and admire the passionate team of investors the firm has cultivated.”

Retirement Consultant Mischell Joins Agilis as MD

Agilis Partners LLC, an investment, actuarial and risk management group, has hired retirement industry specialist Bill Mischell as a managing director.

Mischell will be responsible for the delivery of services and strategic consulting for several of Agilis’s clients, as well as providing thought leadership for the firm. Mischell has more than 35 years of experience in actuarial and market leadership roles, as well as client management. Previously, he served as senior partner in Mercer.

“This could not be a more exciting time to join Agilis,” Mischell said in a statement. “Our team of best-in-class actuarial and investment professionals is always challenging and innovating to ensure that we can continue to bring the right solutions to the right clients at the right time.”

ACA Group Appoints Olson as CEO

Patrick Olson

ACA Group, a governance, risk and compliance adviser in financial services, announced the appointment of Patrick Olson as CEO and a member of the board of directors.

He joins ACA having previously held significant leadership roles over a 17-year career with BlackRock. Before BlackRock, he was a managing director with Merrill Lynch.

“I am truly excited and honored to be joining ACA at this time of exceptional opportunity,” said Olson in a statement. “The global trends in outsourcing and GRC have allowed ACA to establish itself as the leading provider of GRC solutions to the financial services industry. GRC at this level is not only about compliance but also about driving operational excellence for clients.”

KREST Names Butler as Chief Investment Officer

Julia Butler

KKR announced that the board of directors of KKR Real Estate Select Trust Inc. has appointed Julia Butler to the newly created role of chief investment officer of KREST.

Butler will oversee investment management for the fund as it continues to scale its global portfolio of private real estate equity and credit investments.

“Julia is a senior leader of our real estate business with two decades of experience investing across the real estate capital structure as both an equity and credit investor,” said Ralph Rosenberg, the chairman of KREST’s board, in a statement. “She has played an integral role in scaling KKR’s real estate business to over $65 billion in assets under management and she will be a key contributor to the continued commercial success of KREST.”

EP Wealth Advisors Announces CEO Transitions

Patrick Goshtigian

Ryan Parker

EP Wealth Advisors has announced Patrick Goshtigian will transition out of his role as CEO to become executive chair. Ryan Parker will move out of his position as president to become CEO. The transition will take place on July 1.

“I’m incredibly proud of the team we’ve built and the commitment we have to enriching lives,” said Goshtigian in a statement. “In my new role—working on a full-time basis as executive chair—I’ll be in a position to focus on specific strategic initiatives and M&A, while providing a sounding board for Ryan.”

“Patrick, along with our founders Derek Holman and Brian Parker, has set the bar incredibly high,” said Parker in a statement. “I’m honored and humbled by the opportunity to continue their vision of a client-led, national firm with a boutique/local delivery model.”

JP Morgan Asset Management Names Herr as US CIO

Kay Herr

J.P. Morgan Asset Management announced Kay Herr as U.S. CIO of global fixed income, currency and commodities, effective October 1.

Herr has 28 years of industry experience, including 23 years at J.P. Morgan, working in fixed income and equities as both a portfolio manager and a research analyst. She joined the global fixed income, currency and commodities team in 2019 to lead research after 17 years in global equity research.

She succeeds Steve Lear, who will retire in March 2024 after 15 years at J.P. Morgan. Samrawit Soquar will succeed Herr as the new global head of research for GFICC, also effective October 1.

Data & Research May 26, 2023

Most of Gen Z Respects Financial Professionals, Not Ready to Hire Them

The majority of Generation Z, including investors and non-investors, rely on social media and family members for financial information.

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Investors in Generation Z cited financial professionals as a highly trusted source, but they are least likely to learn about investing from a financial professional, according to a joint study released Wednesday by the FINRA Foundation and the CFA Institute. The study defined Generation Z as those born from 1997 through 2012, although all respondents were at least 18 years old when surveyed.

Only 30% of Gen Z investors learned about investing from a financial professional, falling behind information gleaned from social media (48%), internet search (47%) and family (45%), according to the nonprofit financial organizations. Despite that reality, when asked to identify their most trusted sources for financial information, Gen Z investors placed financial professionals second at 24%. Parents and family were considered most trusted, at 27% of participants.

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Like Gen Z investors, non-investors were least likely to learn about financial topics from a professional (12%). Gen Z non-investors reported relying on parents and family most (51%), followed by social media (47%) and internet searches (38%). Meanwhile, non-investors placed less trust in financial professionals than their investing counterparts: Just 9% of non-investors named professionals as most trusted, ranking them sixth among 11 sources.

“It likely comes down to a matter of both the real and perceived affordability of financial advice,” said FINRA Foundation President Gerri Walsh in an emailed response. “Some Gen Z investors may not feel that the size of their asset base warrants seeking out a financial professional. That said, nearly a third of Gen Z investors (30%) are learning about investing and other financial topics from financial professionals.”

Gen Z investors prioritized planning-oriented financial goals, such as saving for retirement and building an emergency fund, according to the research. In contrast, Gen Z non-investors were focused on immediate needs. However, both groups are keen to travel and take advantage of vacation time.

The top financial goal of Gen Z investors was having enough money to travel and take vacation (62%), followed by saving for unexpected expenses (55%). Being able to retire when they choose and live comfortably came third at 51%.

Gen Z non-investors had different financial goals in mind: 63% reported being able to pay monthly bills and not living paycheck-to-paycheck as their top priorities. They also wanted to have enough money to travel (61%).

“Bottom line: Gen Z investors have higher household income than their non-investing peers and presumably have the wherewithal to focus more intently on longer-range goals,” Walsh wrote. “Non-investing Gen Zs are worried about paying their monthly bills and getting by until the next paycheck comes in. It’s also worth noting that Gen Z investors are much more likely than non-investors to benefit from financial transfers from family members.”

Walsh said there is both an opportunity and a need for educating Gen Z about financial issues. She pointed to the fact that among Gen Zs who are not yet investing, more than half (56%) cite lack of knowledge about investing as a barrier to participation in the markets. Other significant barriers cited include financial constraints such as lack of savings and income.

“We know from the study that Gen Z investors and non-investors are getting about the same amount of financial education in high school,” said Walsh. “The big differences are seen in what happens after high school. Gen Z investors are much more likely to continue receiving formal financial education (in college, at work or from a professional body of some kind) than their non-investing peers. Financial professionals might look for ways to close the gap in the formal learning that happens after high school. To do this, financial professionals will need a strong online presence, and they might seek ways to engage parents and their Gen Z children in intergenerational conversations about finances.”

The total sample size of the study included 2,872 participants, comprising Gen Z investors and non-investors, as well as Millennial and Generation X investors, in the U.S., Canada, U.K. and China.

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