Deals & People September 28, 2023

Creative Planning CIO Jim Williams Dies at 46

The CIO was ‘admired by clients and colleagues’ and a ‘devoted husband and father.’

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Jim Williams

Creative Planning CIO Jim Williams passed away over the weekend at the age of 46. The CIO had been with Creative Planning for 18 years, based in Leawood, Kansas.

As CIO, Williams contributed to the firm’s investment strategy, the way it managed and traded portfolios, and the investment products and solutions offered to clients, according to the advisory. His work was “instrumental in the success and growth” of the firm,” says Molly Rothove, Creative Planning’s vice president and a wealth manager.

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“[Jim] was admired by clients and colleagues for his vast knowledge of markets, investments and the economy and his calm and reassuring demeanor in turbulent times,” Rothove says. “He had a great sense of humor, a deep belief in Creative Planning’s client-centric mission and a vested interest in helping others within the organization succeed.”

The cause of Williams’ death has not been released.

Jamie Battmer, who had been CIO of the retirement services division, will be taking over the role, Rothove says, noting that Battmer had worked closely with Williams. Battmer joined from Creative Planning’s 2021 Lockton acquisition.

Rothove says condolences for Williams have been coming in from colleagues within the organization, as well as clients.

“Jim had a wonderful sense of humor, and he always made sure that people were taken care of and that they were getting everything that they needed,” Rothove says. “He was truly vested in so many people’s individual success.”

Williams, she says, was particularly known for giving time to new employees or those from newly acquired companies to make sure they felt at home and ready to succeed at the firm.

He was also a devoted husband and father, Rothove notes, known for attending his kids’ sporting events and often being “the driver” for his kids and their friends for after-school activities.

Colleagues will be invited to a celebration of Williams’ life at an upcoming date to be determined.
Deals & People September 28, 2023

Investment Product & Service Launches – 9/28/23

Vanguard expands active fixed-income lineup; Brandywine announces suite of new investment strategies; RiXtrema launches AI tools for 401(k) plan; and more.

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Vanguard to Expand Active Fixed-Income Lineup With Launch of Active Bond ETFs

Vanguard announced plans to introduce two active, fixed-income exchange-traded funds—Vanguard Core Bond ETF and Vanguard Core-Plus Bond ETF—that will be managed by Vanguard’s fixed income group. Vanguard intends to launch the ETFs at the end of the year.

“These new ETFs will offer investors access to Vanguard’s world-class active investment talent at a low cost and with the convenience and flexibility offered by the ETF structure,” Dan Reyes, head of Vanguard’s portfolio review department, said in a statement.

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Vanguard Core Bond ETF and Core-Plus Bond ETF are designed to provide clients with single-fund, fixed-income holdings that are broadly diversified across a range of sectors, credit qualities and maturities.

Vanguard Core Bond ETF will offer exposure primarily to U.S. investment-grade securities with modest allocations to riskier sectors, such as U.S. high-yield corporates and emerging markets. Vanguard Core-Plus Bond ETF will be similarly constructed but will have flexibility to add greater allocations in both U.S. high-yield corporates and emerging markets.

Brandywine’s Enhanced Strategies Mitigate Sequence of Return Risk

Brandywine Asset Management announced a suite of 14 new investment strategies using Brandywine’s innovation of risk replacement, which protects investors against significant bear market losses.

Risk replacement retains the profit potential of a high-return investment such as growth stocks or the S&P 500, while replacing that risk with the lower risk of a more broadly diversified and balanced portfolio. According to the firm, the risk of 20% loss is dramatically reduced with risk replacement.

“Risk Replacement helps solve for Sequence of Return risk,” Brandywine’s founder, Michael Dever, said in a statement. “It reduces the probability of a large loss occurring near retirement.”

As a result, retirees are able to maintain larger equity exposure, providing them with more money to spend in retirement.

RiXtrema Launches Versions 2.0 of AdvisorAI and 401kAI

RiXtrema Inc., a financial planning software company, announced the launch of version 2.0 of its artificial intelligence tools, AdvisorAI and 401kAI.

The new tools will streamline how advisers work with client statements and documents. The new functionality revolves around analysis, recognition of PDFs, research, quick analysis of large portfolios or 401(k) plans. The tools will employ advanced computer vision technology and multiple language models.

The solution can deliver actionable reports to a prospect within minutes of seeing a statement. Additionally, these tools protect data privacy, a capability unique to AdvisorAI and 401kAI and new in the AI and finance industries.

“With the release of AdvisorAI 2.0 and 401kAI 2.0, advisor technology will not be the same,” Daniel Satchkov, RiXtrema’s co-founder and president, said in a statement. “Our new AI model for AdvisorAI and 401kAI is strictly gated, ensuring complete data privacy for advisers. Our model sits on a server that is completely protected. Each client’s data is siloed, and it goes nowhere else.”

NFP Introduces Totalis Program Underwriters

NFP Corp. introduced Totalis Program Underwriters, a new brand for its specialty program business.

Totalis consolidates top specialty underwriters into a single integrated platform, offering niche specialty solutions across many industries with a full suite of services, including underwriting, product development and distribution.

Totalis is led by Tom Gillingham, head of programs at NFP, and includes 17 distinct programs representing $750 million in annual gross written premium.

“We are proud to introduce the Totalis brand to enhance the momentum of our specialty program business,” said Gillingham in a statement. “The Totalis brand provides flexibility for our program businesses to operate independently from each other, while leveraging shared resources of the broader organization. With a growing collection of highly regarded businesses, Totalis is well positioned to serve the distinct needs of our distribution and carrier partners and insureds.”

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