Retirement Industry People Moves

Principal Acquires Finance Tech Company to Offer Adviser Solutions; Voya Promotes Industry Veteran to Regional VP of Small-Mid Corporate Markets; CAPTRUST Board of Advisors Sees Leadership Changes; and more.

Capital Group, in an effort to expand its liability driven investment (LDI) team, has added Colyar Pridgen as senior LDI strategist, based in Los Angeles. 

Prior to joining Capital, Pridgen was a senior LDI strategist at Standish Mellon Asset Management.  Before that, he was a consultant and actuary at Willis Towers Watson. Pridgen obtained his bachelor’s degree in economics from Cornell University.  He is a credentialed actuary (FSA, EA) and also holds the Chartered Financial Analyst designation. 


Gary Veerman, head of LDI Solutions at Capital Group, says, “We are very happy to have Colyar joining our team at Capital Group.  Colyar’s experience and background make him an ideal addition to our growing LDI business.  Companies are looking for LDI managers with leading fixed income platforms and an understanding of complex, long-term pension issues and our LDI team is growing with those priorities in mind.”


“I am very pleased to be joining Capital Group given its stellar reputation in the institutional space,” says Pridgen. “Capital Group’s fundamental credit research approach and LDI implementation experience are what plans will continue to need as they expand their LDI programs, and I greatly look forward to helping grow our presence.”


Principal Acquires Finance Tech Company to Offer Adviser Solutions


Principal Financial Group will acquire RobustWealth, a financial technology company. RobustWealth provides a suite of white label solutions for investment advisers including a digital advice platform, goal-based investment tools and client onboarding processes.


“We have to acknowledge people’s needs and wants: there is an unprecedented need for financial advice. And, in today’s fast-paced, always on, digital world, people have a strong desire for personalization, convenience and 24/7 access to their money,” says Tim Dunbar, executive vice president and chief investment officer. “The role of the financial adviser—a real person across the table—remains critical. But, we must combine the best of people with the best of technology to meet clients when, where and how they want to be met. Adding RobustWealth’s digital capabilities to Principal’s deep industry knowledge, asset management experience and technology creates a powerful force to help clients in their quest to save more, invest more and protect more for their financial futures.”


Principal has worked with RobustWealth since August 2017. The new Principal platform will seamlessly integrate an array of adviser practice features into one suite, including: automated rebalancing, billing/remittance, document vaults, electronic account opening, institutional quality goals-and-risk based investment portfolios, and the open architecture use of investment options.


“From employee culture to investment philosophy and a client-focused approach, Principal and RobustWealth have a lot in common.” says Mike Kerinsfounder and chief executive officer of RobustWealth. “Together we will continue to evolve a digital advice platform that is sophisticated, but simple. Ultimately, these interactions combine our financial expertise with personalized digital advice that helps consumers meet their financial goals.” 


RobustWealth will remain under the management of Kerins, as part of Principal. The RobustWealth platform will retain its open architecture philosophy and operate independently under a management committee within Principal. RobustWealth will continue to sell their platform to firms outside Principal as part of their growth strategy.


Voya Promotes Industry Veteran to Regional VP of Small-Mid Corporate Markets


Voya Retirement promoted Larry Boesch to the position of regional vice president, Northern Illinois market, for the company’s small-mid corporate market business


In this role, Boesch will be responsible for developing distribution relationships and increasing retirement plan sales in the Northern Illinois territory. He will be working through all distribution channels, including retirement investment advisers (RIAs), broker dealer firms, banks, and independents serving employers with ERISA [Employee Retirement Income Security Act] plans up to $75 million in assets.


“I am extremely excited for the opportunity to leverage my previous Voya experience in a broader capacity, extending my skill set and learning to a larger market and across channels,” says Boesch. 


Boesch is a veteran in the retirement industry and most recently held the position of regional vice president of sales for Voya Financial since June 2010.


“Larry’s history of success in helping to grow key markets and channels, developing familiarity with the Northern Illinois market and deep knowledge of Voya’s products and services will enable him to hit the ground running,” adds Frank Snodgrass, senior vice president, Small-Mid Corporate Markets at Voya. “Expanding our team with the addition of Larry to cover this significant market for Voya provides us with greater bench strength to become a leading retirement provider in the area.”


Boesch will be starting his new position at Voya on June 1 and is in the process of relocating to the Chicago-area.


CAPTRUST Board of Advisors Sees Leadership Changes  


CAPTRUST Financial Advisors (CAPTRUST) has announced the appointment of Mark S. Wilson to its Board of Advisors. 


Wilson is past chairman of Kimley-Horn and Associates, Inc., where he joined in 1989. In 1992, he became chief financial officer. As president (2002-2009) and chairman (2009-2015), he oversaw years of strong growth for the firm and its initial ranking among Fortune‘s “100 Best Companies to Work For,” where Kimley-Horn has now appeared 11 times.


“Those familiar with CAPTRUST know that our company culture is the foundation on which we stand and serve our clients every day,” says CAPTRUST CEO, J. Fielding Miller. “Mark shares these values and successfully led amazing growth at Kimley-Horn. We are honored to welcome him and his unique expertise to our Board of Advisors.”


Formed in 2005, the CAPTRUST Board of Advisors is composed of prominent business leaders from varying fields of expertise, including employee benefits law, technology, marketing, business finance, and the retirement industry at large. Leveraging the Board’s collective wisdom enables CAPTRUST to withstand ongoing growth opportunities and enhance its service offerings.


Charlie Ruffel, executive chairman and managing partner of Kudu Investment Management, a New York City-based fund that takes minority stakes in asset management firms, will step off the Board to focus on the growth of Kudu, but will remain a trusted counsel to CAPTRUST leadership.


“I want to thank Charlie for his many years of service and friendship to our leadership team at CAPTRUST. We are grateful for his expertise and counsel as a member of our Board, and look forward to working with him in this new capacity for years to come,” adds Miller.

T. Rowe Price to Close Tampa Office in 2019 

T. Rowe Price Group announced that it will not be renewing its office lease in Tampa, Florida, and plans to close its Tampa Operations Center in June 2019, consolidating into the firm’s two other sites servicing individual investors and retirement plan participants. The remaining locations are owned multi-building campuses in Owings Mills, Maryland, and Colorado Springs, Colorado.


According to the company, the decision was made after careful consideration and responds to a growing client preference to engage digitally after the firm saw success in its digital transformation and technology innovations.


Currently, about 400 associates work in the Tampa office, with the majority in phone support and other client service roles. Approximately 30 associates with assigned client relationships, including regional relationship managers and members of the retirement plan employee meeting team, will remain in the area working remotely. All other associates are being encouraged to consider relocation by pursuing roles at other sites. The firm continues to hire in Maryland and Colorado and also plans to transfer approximately 220 positions from Tampa to these locations. Given ongoing efficiency efforts and through the site consolidation, the firm ultimately expects that approximately 150 positions will not be replaced during this period. The firm will provide associates with appropriate resources and dedicated transition support.

“This strategic business decision was difficult because of the significant impact it will have on our Tampa associates,” says William J. Stromberg, president and CEO. “We are grateful for the many contributions they have made to our clients, the firm, and the community. By sharing this news well in advance we hope to provide them with ample opportunity and support to plan for the transition.”

Trinity Pension Consultants Promotes Consultant

Trinity Pension Consultants, Ohio’s largest third-party administration (TPA) firm focusing exclusively on qualified retirement plans, announced the promotion of Thomas Carline to regional retirement plan consultant for all of its Cincinnati, Ohio, and Kentucky clientele. 

Carline has served as a Trinity retirement plan consultant since 2013, most recently as the lead consultant for the Kentucky market. Based in Louisville, Kentucky, he will continue to serve this territory while also spending time in Trinity’s Mason, Ohio, sales office. 

“Tom has provided key strategic recommendations on complex cases nationwide,” says Kevin Bergdorf, Trinity principal and founder and author of “The Cash Balance Conversion.” Bergdorf, who spearheaded the firm’s expansion into Kentucky in 2014, adds, “He is a creative problem-solver with experience in all aspects of the qualified retirement plan space. Tom will be a true asset to Cincinnati business owners and financial advisers alike.”

Prior to Trinity, Carline worked as a financial adviser and an investment consultant at the Kemelgor Financial Group and PNC Investments, respectively. He holds a B.S. in Finance from The Ohio State University and is a current member of the American Society of Pension Professionals & Actuaries.