Prudential Clarifies Key Account Structure

George Castineiras, senior vice president of Client Relations and Business Development for Prudential Retirement spoke to PLANADVISER to clarify details of Prudential’s new key account team structure.  

Last month, Prudential Retirement announced it was changing its client-facing service personnel into 10 “key account” teams based in three U.S. regions; five teams servicing East Coast clients, and another five focusing on clients in the Midwest and the West Coast  (see “Pru Retirement Moving to ‘Key Account’ Team Structure“).

Changes have already been announced to staff, advisers, and clients, Castineiras said. Affected employees have been told that their roles are not what Prudential Retirement will be supporting in the future.  However, instead of hand-picking individuals to make up each team, Castineras said employees have been asked to “give serious consideration to a series of new roles,” and apply for the positions on the new key account teams.

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Although Castineras said he has had a couple of people say that they would rather retire or have their previous job, overall, he said he has “been surprised and excited by the level of excitement and engagement” of employees.

While Castineras said he cannot guarantee this, he did note that it is very likely advisers will still be working with some of the same people they have had relationships with at Prudential. Further, every one of Prudential’s accounts will continue to have an assigned relationship manager – that is not changing, he said.

Last month, Castineiras said he anticipated a “small” reduction in staff as a result of the changes as well as the need to relocate some employees to other offices, and he reiterated to PLANADVISER that he does not yet know what the reduction in the size of staff will be.

Key Account Structure 

There is no asset threshold to be covered by key accounts. Prudential will determine what clients are covered by key accounts according to the level of complexity of the plan, and which advisers work with which plans.

Each key account team has a VP leader, with the title of Director, and another two to three individuals. Each team is “running a small business” and has collective accountability for 40 to 50 clients. A large benefit of the model is how easy it is to scale up, Castineiras noted.  For example, Castineras said, one of the regional teams is now overloaded, as that region has many more clients than originally expected.  That key account team is growing and will have an additional member.

Castineiras said his goal is to have the new alignment rolled out by mid-November.

As for industry rumors that the change had something to do with cutting costs, or was in some way related to Prudential’s IncomeFlex product, Castineras said, it “unequivocally absolutely has nothing to do with that.”
 

Mutual of Omaha Teams Up With the 401k Coach

Mutual of Omaha has enlisted the help of Charles Epstein, the creator and “coach” of “The 401k Coach” program, to provide advisers with training and business support.

“Coach” Epstein and Mutual of Omaha said in a news release that they’ve designed a year-long program for advisers which will give them the “clarity, confidence, and capabilities” they need to build and grow a practice.   

The program begins with an intensive, full-day “boot camp” training experience, which consists of the following parts:

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  • The Impact Formula – a way to move beyond your “value proposition” and show clients how you plan to measure success.
  • Pre-Call Reconnaissance: The 5500 and Beyond – preparation tips before that first meeting with a prospective client.
  • Command and Control: Conducting Extraordinary Meetings – the “Coach” will demonstrate various scenarios and case studies that will increase your closing ratio.
  • The Positioning Marketing System – tools to develop a consistent marketing message.
  • 12 Critical Actions for Increased 401(k) Sales and Plan Servicing Success – self-assessment tool for eliminating pitfalls and focusing on your best opportunities.
  • Action Hour – creating a successful action plan and a system for communicating, documenting, and monitoring your team’s progress and success.

After the boot camp, attendees have access to a 12-month educational program that includes e-newsletters, webinars, and resources and tools from The 401k Coach Program.  They’ll also have ongoing access to member-only online resources as well as support and consultation from Mutual of Omaha and The 401k Coach team.

The first boot camp was held in Lansing, Michigan on September 23rd.  Five additional boot camps are scheduled for:

  • Pittsburgh, October 14th  
  • Orlando, October 28th  
  • Minneapolis, November 4th  
  • Kansas City, November 11th  
  • Dallas, December 9th  

 

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