Retirement Industry People Moves – 10/11/24

Hederick joins Prime Capital Financial; Russell Investments hires Heier and Parra; Gallagher adds Adams to retirement plan consulting practice; and more.

Hederick Joins Prime Capital Financial

Josh Hederick

Prime Capital Financial announced the addition of Josh Hederick. Based in Raleigh, North Carolina, Hederick will help expand Prime Capital Financial’s presence in the region.

Most recently, Hederick served as director of financial planning at Edelman Financial Engines, where he spent eight years providing comprehensive financial planning solutions to clients in the Raleigh and Greensboro areas.

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Prior to that, Hederick was managing partner, owner and adviser at the Mutual Fund Store, where he spent more than 10 years managing operations and advising clients. His early career included roles as an investment adviser at State Farm Financial Services, where he was one of the first participants in the company’s pilot financial services program, and as a senior financial consultant at Merrill Lynch.

“Josh’s client-first approach and commitment to delivering exceptional financial outcomes align perfectly with our values at Prime Capital Financial,” Glenn Spencer, Prime Capital Financial’s CEO, said in a statement. “His deep understanding of the complexities clients face in managing their wealth, coupled with his desire to alleviate the stress of financial planning, will be invaluable.”

Russell Investments Hires Heier, Parra

Shelly Heier

Ayesha Parra

Russell Investments announced that Shelly Heier has joined the firm as global head of institutional client service, a newly created role, and Ayesha Parra has joined to lead the global business strategy for the firm’s alternatives platform.

Heier most recently served as president and senior consultant at Verus Investments. She will focus on enhancing the delivery of Russell Investments’ holistic investment solutions and implementation services. Heier will lead a team of client chief investment officers, account executives and client-service associates to strengthen and expand the firm’s international institutional relationships.

Parra, who joined in July, leads a team of alternatives specialists who incorporate private markets into the firm’s solutions business to deliver more efficient diversification, as well as expand the firm’s alternative capabilities. Based in New York, Parra also serves as a member of the firm’s operating committee.

“Ayesha’s expertise in portfolio management, product development, and distribution strategy will drive our efforts to deliver innovative solutions to clients,” Kate El-Hillow, president and CIO at Russell Investments, said in a statement. “Her leadership and experience will leverage our network of alternatives specialists to develop solutions that help both institutional and retail investors tap into private market opportunities.”

Gallagher Adds Adams to Retirement Plan Consulting Practice

Carissa Adams

Arthur J. Gallagher & Co. has added Carissa Adams to its national retirement plan consulting practice, serving retirement plan sponsors and participants from the Central U.S.

Adams graduated from the Canfield Business Honors Program at the University of Texas at Austin in 2020 with a degree in marketing. She joined WealthWise Financial Services following her graduation.

At WealthWise, Adams focused on servicing clients, assisting with financial planning and leading the marketing efforts. She holds FINRA Series 7 and 66 registrations through LPL Financial and achieved the Accredited Investment Fiduciary designation.

PGIM Multi-Asset Solutions Hires Dong as Co-Head of Portfolio Management

Mao Dong

PGIM Multi-Asset Solutions has appointed Mao Dong as co-head of portfolio management.

Dong joins PGIM from Goldman Sachs Asset Management, where he spent more than 14 years, most recently as co-head of OCIO portfolio management and head of portfolio construction and manager research.

At GSAM, he led a team of portfolio managers in overseeing strategic and dynamic asset allocation, manager selection, portfolio implementation and risk management for OCIO portfolios globally. Dong also served as senior portfolio manager for several of GSAM’s multi-asset class funds across global equity, fixed income and public real assets.

At PMA, Dong will be responsible for designing and managing multi-asset portfolios for institutional clients, including developing and applying relative value views across public and private investment strategies.

CFP Board Receives $150,000 Donation for Women’s Scholarship

The donation from Schwab Advisor Services will be used to support the Women’s Initiative Endowed Scholarship.

The Certified Financial Planner Board of Standards Inc. has announced a $150,000 donation from Charles Schwab Corp.’s Schwab Advisor Services, in partnership with the Charles Schwab Foundation, to support the CFP Board’s Women’s Initiative Endowed Scholarship.

This contribution brings the total scholarship fund to $500,000, reaching the threshold needed for the scholarship to begin making its first awards, according to an announcement from the CFP Board, which provides the Certified Financial Professional designation. The initiative is aimed at supporting women pursuing CFP certification by providing financial aid to eligible women students and professionals.

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Scholarship recipients will receive up to $5,000 to complete CFP Board registered programs at the undergraduate or certificate level. After completing the required coursework, they will be eligible to sit for the CFP exam and pursue certification. The Women’s Initiative Endowed Scholarship launched in March 2023.

Schwab Advisor Services and the Charles Schwab Foundation have partnered with the CFP Board since 2015. As founding sponsors of the CFP Board Center for Financial Planning, they have helped fund several initiatives with the goal of building an inclusive workforce.

“Schwab’s contribution to the WIN Endowed Scholarship program opens doors for more women, helping us expand the number of women in the financial planning profession,” CFP Board CEO Kevin Keller said in a statement.

The CFP Board credited programs like the WIN Advocate and mentorship program, along with research and events, with playing a role in breaking down gender and diversity barriers. The board stated that the certificate class of 2023 was the most diverse in the board’s history, with nearly 30% of new CFP professionals identifying as women.

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