Benefits newsmakers: A roundup of new roles & partnerships in retirement, finance

While there is a looming retirement-readiness (and weariness) problem as we continue to navigate through 2023, there’s nothing like a shakeup – acquiring a new firm or putting a new leader in a top spot – to perhaps help those in the benefits industry take a new direction to help investors or employers.

Yes, the passage of SECURE 2.0, the sweeping new retirement legislation, has and will continue to have an impact on retirement savings for millions of employees moving forward, but it’s seeing what the competition is up to that can shed light on what administrative or technological adjustments might need to be made, all in the name of guaranteed retirement plans for all employees.

New acquisitions/partnerships

SMB component: Vestwell, a leading small business retirement provider and individual savings platform, announced a new partnership with Carson Group. Vestwell will provide a SMB component to Carson Group’s new Carson Complete 401(k) offering, a program that will allow advisors to seamlessly scale their small and midsize business retirement plan practices. “We are thrilled to launch Carson Complete 401(k) and partner with a leader in the advisor-sold small plan market,” said Jamie Hopkins, managing partner of wealth solutions for Carson Group. “We are committed to enhancing our industry-leading advisory offerings and provide advisors with the best solutions in the market to help ensure they’re set up for success.”

Fintech solution: Fidelity announced the acquisition of Shoobx, a leading global fintech providing automated equity management operations and financing software to private companies at all growth stages, up to and including an initial public offering (IPO). The acquisition is another sign of Fidelity’s commitment to the private market and will help to satisfy an increasing demand Fidelity sees from private companies to support them as they scale and grow. Shoobx will join Fidelity’s Stock Plan Services business, a leading provider of equity compensation plan recordkeeping and administration services to nearly 700 companies with 2.5 million plan participants, totaling over $250 billion in plan value. Stock Plan Services is part of Fidelity’s Workplace Investing division, one of the country’s leading workplace benefits providers.

Increased wealth: FNZ, the global wealth management platform, has agreed to acquire YieldX, a U.S.-based provider of fixed income portfolio management technology, optimization services and direct indexing tools for the wealth management industry. Financial institutions, advisors and their clients will benefit from the unique combination of FNZ’s full-service, end-to-end platform and YieldX’s digital infrastructure and technology solutions. These innovative capabilities, which will be integrated into FNZ’s wealth platform, enable clients to scan the universe of fixed-income opportunities globally, and quickly identify the outcomes that mirror their desired term and yield, based on their risk profile. The acquisition will further meet FNZ’s mission to deliver personalized investment solutions to more people across the wealth management industry.

Private credit boost: MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc.,announced that it has entered into a definitive agreement to acquire Raven Capital Management, a privately-owned alternative investment firm. As of December 31, 2022, Raven’s assets under management totaled $2.1 billion. Raven invests across the private credit spectrum, with a specialization in primary origination, underwriting, execution and management of middle market direct asset-based investments. It is expected that the acquisition of Raven will significantly advance MIM’s ability to grow its higher yielding private credit offerings as well as its overall origination in the asset classes and sectors in which Raven specializes.

Data-driven move: Blueboard partnered up with HUB International, a leading global insurance brokerage and financial services firm, to incorporate Blueboard’s services into its personalized and data-driven benefits plan. Blueboard and HUB already share 100 mutual clients, many of which have been seeking innovative ways to more closely tie rewards and recognition to their business goals. HR professionals at these organizations are rethinking their operating models to put employee experience front and center as a way to increase employee engagement and decrease attrition.

Women-focused firm: Mercer Global Advisors, Inc., a national Registered Investment Adviser (RIA), announced the acquisition of Empyrion Wealth Management, Inc. Empyrion is a comprehensive wealth management firm located in Roseville, California focusing on serving the financial needs of family stewards, women in transition, and thriving retirees. President and Founder Kimberly Foss founded Empyrion in 2002, and she and her team service 90 clients with assets under management (“AUM”) of approximately $250 million. Empyrion is the fifteenth women-owned advisory practice that Mercer Advisors has acquired since 2016.

New leadership

Dualing directors: Joanna Smith-Ramani has been named co-Executive Director of the Aspen Financial Security Program.  As one of the first hires to join the newly re-imagined Financial Security Program eight years ago, Joanna’s leadership and strategic contributions have been instrumental in building FSP’s capacity and impact. As co-executive directors, Smith-Ramani and Ida Rademacher will bring renewed energy to FSP’s ambitious goals and will work together to change the conversation about wealth in America.

New regulatory chair: The SPARK Institute announced its Governing Board elections. Kevin Collins, Head of Retirement Plan Services at T. Rowe Price, has been elected Chair and will succeed outgoing Chair Ralph Ferraro, Head of Retirement Plan Services at Lincoln Financial. “During Ralph’s tenure as Chair that began in 2020, the SPARK Institute has achieved significant legislative and regulatory success – particularly with the passage of the most recent SECURE 2.0 Act.” said Tim Rouse, Executive Director of the SPARK Institute.

Succession plans: Scott Boutin has been named President of Standard Security Life, and will succeed retiring Gary Balzofiore, effective February 28, 2023. Boutin, senior vice president and Chief Claims Officer for Reliance Standard Life Insurance Company and Matrix Absence Management, has been named his successor, according to Reliance President Chris Fazzini. Reliance Standard acquired SSL as a wholly owned operating subsidiary as of January 1, 2022. “Gary’s contributions to SSL’s culture and success across five decades can’t be overstated,” Fazzini said. “In the time we’ve worked together, from prior to the acquisition through successful completion and operational integration, he and his leadership team have been outstanding colleagues.”

New VPs: OneDigital, a leading insurance brokerage, financial services and HR consulting firm, has hired Andrew Jefferys as National Vice President, Wealth Management Solutions and Chris Conyers as Vice President, Investment Management Operations and Trading. Both announcements come at the heels of OneDigital’s 22% growth in managed assets last year. Jeffrys and Connors bring decades of wealth management experience to OneDigital’s growing practice. Both were partners at NJ based financial planning consultancy Gouldin & McCarthy, which was acquired by OneDigital in December of 2021.

PBGC promotion: The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of John Hanley as Chief of Negotiations and Restructuring. “John Hanley is an excellent fit to lead the Office of Negotiations and Restructuring,” said PBGC Director Gordon Hartogensis. “He understands the challenges facing the plans we insure, and he’s been a key player in getting the Special Financial Assistance Program up and running.” Hanley has served in several leadership positions, including Deputy Chief of Negotiations and Restructuring, since joining PBGC in 2005. He has worked on a wide variety of matters during his tenure with the agency, including complex casework and settlement negotiations. Since June 2022, Hanley has served as the Acting Chief of Negotiations and Restructuring and has demonstrated his ability to lead the Office of Negotiations & Restructuring through many challenges facing Multiemployer and Single-Employer Program operations.

Related: Benefits roundup: New financial wellness, fintech and insurance solutions

New managing directors: UHY Advisors announced the promotion of two local professionals, Stacy Farber and Neha Nathwani, to managing director. Farber works with clients to address their audit and consulting needs and Nathwani advises clients regarding tax issues. Both provide strategic business guidance to clients spanning various industries and company sizes in the firm’s northeast region. Stacy Farber has more than 20 years of experience in financial leadership and accounting. Farber serves as an active member of many professional organizations, with membership in the Middlesex, West Hartford and Glastonbury Chambers of Commerce; and serves as an active member of the Connecticut Society of Certified Public Accountants (CTCPA).

New board chair: Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that Daniel Moisand, CFP® has ascended to the role of chair of its Board of Directors. In this leadership role, Moisand takes the reins of the professional body that certifies more than 95,000 financial planning professionals across the United States. Moisand was elected by his Board of Director peers in 2021 to serve as 2022 Board Chair-elect. On January 1, 2023, he began serving in his new Board chair role.