SPARK and the SPARK Institute, two industry organizations representing retirement plan service providers and asset managers, have been purchased from their founder and reorganized as a single non-profit, member-driven association.
Founded by Robert Wuelfing in 1988, the Society of Professional Asset-Managers and Record Keepers was the oldest organization serving retirement plan professionals, with membership from more than 250 companies in the field. The SPARK Institute was founded as the organization's lobbying wing in 2000.
Ten member companies of SPARK, including DST Retirement Solutions, funded the transaction, which will continue to operate as the SPARK Institute. Jude Metcalfe, DST's president, will also serve as SPARK's new president.
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"This reorganization is an important step in the evolution of The SPARK Institute," he said. "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.
Wuelfing will continue to serve as executive director of the organization. "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," he said. "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 institute to the next level as an advocacy organization."
Wuelfing says that 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.
"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," Wuelflig added.
The 10 companies funding the reorganization 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.
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