Deals & People January 5, 2012

The Principal, Edward Jones Enter Sales Alliance

The Principal Financial Group has entered a retirement plan sales alliance relationship with Edward Jones.
Reported by

The Principal is now approved as a preferred retirement plan product provider for Edward Jones’ clients. The formal agreement allows Edward Jones’ financial advisers to sell defined contribution plans with The Principal.   

Of Edward Jones’ 12,000-plus financial advisers, 7,000 market 401(k), 403(b) or 457 plans.   

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“Our relationship with Edward Jones significantly broadens our distribution channels and will help continue the strong sales growth we’ve experienced through national broker-dealers,” said Dan McGee, vice president, managing director of distribution, retirement and investor services for The Principal.   

“We believe this relationship with The Principal is a great fit for Edward Jones,” said Edward O’Neal, principal at Edward Jones. “The retirement plan market is a strong focus of Edward Jones, and the quality of our strategic alliance is very important to providing a strong menu of products, services and solutions to help our financial advisers serve the needs of plan sponsors in their communities.”
Products January 5, 2012

Spark and The Spark Institute Reorganized into One Association

SPARK and The SPARK Institute were purchased from Robert Wuelfing and reorganized as a single non-profit, member-driven association.
Reported by

Ten companies are funding the reorganization, and include: Ascensus, BlackRock, DST Retirement Solutions, Great-West Retirement Services, The Guardian Life Insurance Company of America, J.P. Morgan Asset Management, Lincoln Financial Group, Prudential Retirement, SunGard and Wells Fargo & Company. The resulting entity will operate as The SPARK Institute.

“This reorganization is an important step in the evolution of The SPARK Institute,” said Jude Metcalfe, president of DST Retirement Solutions, and president of the new organization. “It provides the Institute with the structure and resources necessary to support a broader and more active public policy agenda, provide greater flexibility to increase partnerships with other non-profit advocacy and industry organizations, and assure the permanency of the association,” he said. 

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Wuelfing, who will continue to serve as executive director of the organization, said, “Our basic mission remains the same as it has been for the last decade—to be the leading voice in Washington for the retirement services industry. In fact, the reorganization was motivated largely by the recognition that we are at a critical time in the evolution of the employer-based retirement system and there was a need for more resources to take The SPARK Institute to the next level as an advocacy organization.”

Metcalfe added, “We are now able to broaden our support of employer-sponsored retirement plans, continuing to develop strong positions and data that portray the value of the current system and the industry that makes it possible.” 

Wuelfing also noted the reorganization will not change the benefits for former SPARK and SPARK Institute members and that Larry Goldbrum, general counsel, and other staff will continue in their positions.

 

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