The Standard has added a professionally managed account solution, one which can be rebranded as adviser-managed accounts, to its workplace retirement plan offerings, the firm announced Thursday.
The Standard’s new offering, TargetPro Portfolios, is provided and monitored by Stadion Money Management LLC, a wholly owned division of Smart Communications Inc. It is available to plan sponsors as a turnkey solution on The Standard’s recordkeeping platform or through an adviser as an adviser-managed account.
The managed account is intended to be offered to plan participants to further personalize their investment allocations, advice and planning in pursuit of “their retirement goals,” the firm announced. The product is currently available to new retirement plan clients and will “later be available to existing clients,” according to Steven Chappell, The Standard’s vice president of distribution for retirement plan sales.
“One-size-fits-all is not an effective strategy to help improve retirement outcomes for participants,” Chappell says. “TargetPro Portfolios delivers a personalized investment strategy that accounts for individual circumstances and risk tolerances, as well as retirement goals and retirement income needs, without requiring additional engagement.”
Managed accounts are being offered to plan sponsors via recordkeepers’ proprietary offerings, as well as through providers such as Edelman Financial Engines, Morningstar Inc. and the Charles Schwab Corp. The nine largest defined contribution managed account sponsors reported assets of $434.6 billion in the second quarter of 2023, an increase from $316.7 billion in Q2 2022, according to the latest data from Cerulli Associates.
TargetPro’s managed account fees for the service are priced to be “extremely competitive in the marketplace to help employers and advisers feel comfortable using a personalized solution as a QDIA,” Chappell says.
The solution expands The Standard’s offering, adding to its Mainspring Managed personalized account management service, available since 2007, and offered through StanCorp Investment Advisers, a division of The Standard.
“Mainspring Managed is an extremely successful program for The Standard, but our Stadion relationship works with any investment line-up from an advisor and provides the building blocks for our Advisor Managed Account program,” Chappell says. “Stadion was selected for meeting our vision of being a flexible advice engine that can help us deliver personalization at a competitive cost without requiring additional participant engagement.”
Multiple national advisory firms have partnered with The Standard and Stadion to implement their own rebranded AMA solutions, the firm noted. With AMAs, advisers can choose the degree of fiduciary involvement, depending on their client’s wishes and costs.
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Alerus Financial Corp. hired Chris Bermel as a retirement plan sales consultant, according to a company spokesperson.
Bermel is responsible for collaborating with financial professionals in Arizona, Colorado, Hawaii, Nevada and Utah to help their employer clients achieve retirement plan goals and enable their employees to reach optimal retirement readiness, according to the spokesperson. Bermel also works with employers directly to create efficient plan designs and assists in managing their fiduciary responsibilities.
Bermel reports to Wade Dykema, director of retirement and benefits sales.
Prior to joining Alerus, Bermel was a regional sales director at Mutual of Omaha.
Voya Financial Hires Sales Director
Scott Pawlich
Voya Financial Inc. announced Thursday that it hired Scott Pawlich as a sales director for wealth solutions, covering emerging markets in the Central Southeast region.
Pawlich is responsible for the development of Voya’s emerging markets in the region and will support both corporate and tax-exempt businesses, along with building distribution relationships within the Michigan region, the announcement said.
Voya hired Pawlich because he brings more than 20 years of experience to the role.
“With more than 23 years of experience and his background as both a defined contribution investment only consultant and a retirement sales director, I’m confident that Scott will bring some new prospectives and sales strategies to our team,” said Bill Elmslie, senior vice president for emerging market sales at Voya, in a statement.
Pawlich reports to Elizabeth Pander, vice president foremerging market sales, who was recently promoted to that role. Prior to joining Voya, Pawlich was a vice president of DCIO sales at American Century Investments
PCS Retirement Names New CEO After PE Deal
Scott David
PCS Retirement LLC announced on Monday that Scott David will be the company’s new CEO, along with news that it received a majority investment from funds managed by Lee Equity Partners LLC, a middle-market private equity firm.
David succeeds Mark Klein, the company’s founder and former CEO, who will step away from day-to-day operations but remain a member of the board of directors.
As part of the transaction, private equity firm LLR Partners will exit its investment in PCS. Terms of the deal were not disclosed.
Prior to joining PCS, David was self-employed and previously was head of U.S. individual investors and retirement plan services at T. Rowe Price.
“Mark, the entire management team and I share a common view of the needs of the small business community and non-ERISA 403b space and understand the opportunity available to innovate on how these markets are served,” said David in a statement. “I am looking forward to building on the strong foundation that Mark and his incredible team have laid.”
Great Gray Trust Co. Hires New Head of Sales
Craig McKenna
Great Gray Trust Co. has hired Craig McKenna as head of sales, according to a spokesperson.
McKenna will focus on deepening relationships with recordkeepers, distributors and defined contribution retirement plan consultants, according to Great Gray Trust. His role will also including building on “his established track record to measure and elevate our customer service and satisfaction,” expanding the firm’s reach and partnering with its marketing division to amplify its messaging to the market.
Prior to joining Great Gray, McKenna was director of national accounts at MFS Investment Management.
Craig reports to Robert Barnett, the company’s president and CEO.
Aon Adds Managing Director to Chicago Office
Brad Ray
Aon plc announced February 29 that it hired Brad as a managing director in Chicago.
Ray is responsible for counseling companies regarding acquisitions, divestitures and other material corporate transactions. He will also lead teams in the development and implementation of benefits and rewards strategies for portfolio companies.
Ray was previously a partner at Mercer and brings 20 years of experience in areas including helping investors find and acquire companies, offering advisory services to portfolio companies and executing financing advising on deal types, according to a company spokesperson.
He will report to Steve Carleton, regional sales leader for greater Chicago.
“Brad is recognized as a top dealmaker in the industry who provides strategic advice to clients as they navigate their human capital decisions,” Carleton said via email.
Principal Hires Forsythe to AVP
Kenneth Forsythe
Principal Financial Group hired Kenneth Forsythe as an assistant vice president of workplace savings and retirement solutions, according to a spokesperson.
Forsythe will oversee the firm’s total retirement solutions strategy, including oversight of defined contribution plans, defined benefit plans, non-qualified deferred compensation plans, employee stock ownership plans and pension risk transfer.
“Forsythe will focus on strengthening operating and service strategies to enhance how Principal serves clients seeking multiple retirement offerings that can help attract and retain employees,” the spokesperson wrote via email.
Forsythe reports to Teresa Hassara, senior vice president of workplace savings and retirement solutions at Principal.
Forsythe joined Principal from a startup company and previously worked as an assistant vice president of business development at Empower.
Vestwell Adds Regional Vice President
Zaac Cook
Vestwell hired Zaac Cook to the role of regional vice president on February 12, according to a spokesperson.
Cook is responsible for the Great Plains territory and reports to Tim Susoev, Vestwell’s West divisional vice president.
Prior to Vestwell, Cook was a regional vice president at Transamerica.
National Bank Joins Personal and Institutional Trust Units, Names Leader to Expanded Role
Phillip Strickland
First Citizens Wealth Management announced Tuesday that it appointed Phillip Strickland to lead the bank’s newly combined personal and institutional trust division.
In Strickland’s expanded role as executive director of managing trust and fiduciary services, he will oversee all trust and fiduciary areas of the bank nationally while also leading the personal and institutional trust organization, according to the announcement.
The First Citizens Wealth institutional and personal trust group provides a wide range of fiduciary and advisory services and financial solutions to organizations, including collaborating with employer-sponsored benefits plans, institutional investors, retirement plan sponsors and independent advisers.
Strickland reports to Michael Wilson, managing director of wealth management.
“Phillip is well versed in the trust and fiduciary world and has been a valuable part of First Citizens Wealth since he joined the bank in 2005,” Wilson said via email. “I’m confident his expertise and leadership abilities will help us realize the full potential of our newly combined personal and institutional trust organization.”
For the last four years, Strickland has led First Citizens Wealth’s institutional trust group.
First Citizens Wealth is a division of Raleigh, North Carolina-based First-Citizens Bank & Trust Co., owned by commercial banking company First Citizens BancShares Inc. First Citizens Bank operates more than 500 branches in 30 states.
