Retirement Industry People Moves

Voya selects Armstrong to lead Midwest Wealth Solutions sales; Triterras announces Narganes as head of distribution and sales strategy; Mercer names Somers as investment director; and more.




Voya Selects Armstrong to Lead Midwest Wealth Solutions Sales

Dan Armstrong

Voya Financial has hired Dan Armstrong as a new sales director for the company’s wealth solutions sales team covering emerging corporate markets in the Midwest, including Minnesota, North Dakota and South Dakota.

Armstrong will be responsible for building new 401(k), 403(b), health savings account, non-qualified plan and emergency savings account business in the Midwest, focused primarily on employers within the emerging market segment, from startups to $50 million in assets.

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“Throughout my career, I have always admired Voya’s commitment to the retirement plan industry, as they have a strong reputation as a firm who genuinely cares about their employees and their clients’ well-being,” Armstrong said in statement.

Triterras Announces Narganes as Head of Distribution and Sales Strategy

Marina Narganes

Triterras Inc., a fintech company focused on trade finance, announced the appointment of Marina Narganes as head of distribution and sales strategy.

Narganes will provide leadership in assisting institutional investors in their endeavor to deploy capital in support of cross-border trade opportunities. Prior to joining Triterras, she was the director of origination at Demica, where she was responsible for origination and distribution in North America.

“I’m honored to join Triterras and be a part of the technology evolution that will bring innovative financing solutions to the micro, small, and medium-sized enterprises,” Narganes said in a statement.

Mercer Names Somers Regional Investment Director

Chris Somers has started a new position as Mercer’s investment director for the West region, Somers announced on LinkedIn.

He will be responsible for developing relationships and driving new business for Mercer’s defined contribution and wealth practices in Northern California, Oregon, Washington, Alaska and Hawaii.

Somers was previously vice president of business development at AIG Retirement Services. Prior to that, he was the institutional retirement sales director at Lincoln Financial Group.

Janus Henderson Appoints Trinks as New Head of US Product

Gregory Trinks

Janus Henderson Investors announced the appointment of Gregory Trinks as head of U.S. product, effective May 31.

Trinks will lead the U.S. product team, supporting the delivery of the firm’s strategic leadership team’s initiatives and firm-wide strategy to protect and grow investment capabilities.

He joins Janus Henderson from UBS Wealth Management, where he spent the last 20 years in various roles, including head of exchange-traded products and listed derivatives, head of manager research and fund solutions for the Americas and others.

George Joins Alight as Chief Commercial Officer

Alight Inc
., a cloud-based human capital and technology services provider, announced Gregory George as chief commercial officer for its North America employer solutions business.

He will be responsible for accelerating Alight’s North America growth strategy and leading all aspects of its commercial organization, including sales, strategic accounts, channels and partnerships. He joins Alight from Ceridian, where he served as senior vice president and head of sales for the Americas region.

“Greg’s expertise in driving business growth in cloud-based platforms that answer employees’ total wellbeing needs will play an important role in accelerating Alight’s growth trajectory and delivering exceptional value to our clients,” said Stephan Scholl, Alight’s CEO, in a statement.

Franzel Appointed Senior Director at National League of Cities

Joshua Franzel

Joshua Franzel joined the National League of Cities as senior executive and director of research and data analysis, he announced on LinkedIn.

In his new role, he will help municipal governments across the U.S. address key challenges through research and analysis. Previously, he spent 16 years with the Center for State and Local Government Excellence, now Mission Square Research Institute.

“I want to thank all of my MissionSquare Retirement and  International City/County Management Association colleagues for such a positive and educational experience over the past many years,” said Franzel in the LinkedIn post. “I am confident there will be numerous areas of potential collaboration well into the future.”

SEC Broadens Adviser Marketing Rule Compliance Exams

The regulator has added three new areas of review to the adviser marketing rule that has been in effect since late last year.

The Securities and Exchange Commission on Thursday issued a risk alert to advisers broadening the SEC’s focus areas when reviewing firms’ compliance with the adviser marketing rule that went into effect in November 2022.

The SEC’s risk alert reiterates prior examination guidance issued on September 19, 2022, addressing Rule 206(4)-1, which is aimed at preventing investment advisers from misleading clients. Thursday’s alert adds three new areas of focus by staff examiners: testimonials and endorsements; third-party ratings; and amended Form ADV filings showing information about investment adviser and business operations. The SEC wrote that while prior guidance should continue to be followed, “staff is also increasing its focus on other Marketing Rule-related areas during examinations.”

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The scope of the marketing rule and its enforcement have been the focus of adviser attention, as the rule seeks to ensure that any communication that discusses investment performance and is directed to one or more persons is an advertisement subject to the Investment Advisers Act of 1940.

In terms of third-party ratings, the SEC’s new risk alert announced that exams will focus on details of who is providing testimonials for marketing materials—including whether they are a client or investor, whether they are being compensated or if there is a material conflict of interest with the testimonial. The new alert also requires advisers to disclose when agreements have been signed if “promoters” of a product or service receive more than $1,000 or the equivalent value.

The SEC’s focus on third-party ratings in advertisements will focus on disclosures of the date on which a rating was given, the identity of the third party that created the rating and whether compensation was given by the adviser to obtain the rating, according to the alert. Examiners will also look at the questionnaires or surveys used to prepare the ratings to ensure they are not designed to produce favorable results for the firm’s cause.

Finally, the SEC noted that staff will review whether advisers accurately completed the newly amended Form ADV in annual filings.

“In sharing additional examination review areas for the marketing rule, the division encourages advisers to reflect upon their own practices, policies, and procedures and to implement any appropriate modifications to their training, supervisory, oversight, and compliance programs,” the SEC alert stated.

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