Corporate Roundup: ALI Creates Retirement Assistant, Creative Planning Buys Maxwell Wealth Strategies
This week, the Alliance for Lifetime Income releases its virtual personal assistance aimed at helping participants understand retirement, Creative Planning acquires California-based Maxwell Wealth Strategies, and more.
ALI Creates Retirement Virtual Assistant
The Alliance for Lifetime Income (ALI) announced the launch of a virtual personal assistant tool, “Ask ALI”, to help consumers understand complex financial terminology along with concepts important for retirement income planning.
The launch comes as ALI found significant communication gaps between financial professionals and consumers in its recent Protected Retirement Income and Planning (PRIP) study. According to the findings, 62% of financial professionals say they discuss protection with their clients, but only 27% of clients recall these conversations.
Furthermore, 64% of consumers say annuities are the most difficult financial product to understand because of the way advisors describe them.
“Consumers tell us they are reluctant to talk about their finances, in part because they are uncomfortable with the terminology and jargon often used in those conversations,” said Cyrus Bamji, ALI chief strategy and communications officer. “A recent study of different industries ranked finance second when it comes to the most confusing language. We have got to simplify financial conversations and break through this wall of jargon, so people feel more confident about what they really want and need in retirement.”
Consumers can enter “Ask ALI”, a question-and-answer BOT available throughout ALI’s website, www.protectedincome.org. The tool is designed to provide concise answers to simple questions including, “how much money will I need in retirement?” and “how much of my retirement income should come from Social Security?”
“Ask ALI” does not offer financial advice but serves as an educational resource designed to help individuals understand basic retirement income planning concepts and key financial terms such as protected income, which they may have limited or no prior knowledge of.
“The concept of protection is simple, yet critical for financial security, and while advisors say they discuss it, clients overwhelmingly tell us they don’t,” said Bamji. “What’s worse is that trust can be lost when someone with low financial understanding works with an advisor that uses complex language. During our consumer language focus groups, we heard comments like ‘it’s almost like they don’t want us to understand’.”
“Ask ALI” will also tap into answers contained within a newly released “Understanding Protected Income” guide, a resource designed to help people understand the role Social Security, annuities, and pensions play within retirement plans. Among other things, resources include a RISE Score, aimed at helping consumers understand the gaps between their expected income and expenses in retirement. It also includes a glossary of terms, research studies, and videos interviewing top experts about retirement issues.
“With a record number of people leaving the workforce, and Gen Xers on the doorstep of retirement, it’s important people feel more educated and confident about how to talk about their finances and retirement needs,” Bamji said. “We believe ‘Ask ALI’ will help people get the answers they’re looking for and take the next steps toward planning for the lifestyle they want in retirement.”
Creative Planning Buys Maxwell
Creative Planning is acquiring Maxwell Wealth Strategies.
Based in Pleasanton, California, Maxwell Wealth Strategies works with clients seeking financial planning guidance. The deal was finalized on January 17, 2025.
“This acquisition marks the beginning of a transformative year ahead focused on expanding our reach and enhancing our commitment to exceptional client service. The Maxwell Wealth Strategies team has established themselves as trusted advisors through their dedication to client success,” said Peter Mallouk, CEO of Creative Planning. “Their client-centered philosophy and commitment to comprehensive financial planning make them a great addition to our team.”
Managing more than $290 million in assets as of December 2024, Maxwell Wealth Strategies brings financial advisory and wealth management services to their clients.
“Our clients have always been at the heart of every decision we make,” said Eric Maxwell, CEO of Maxwell Wealth Strategies. “Joining Creative Planning allows us to bring additional depth and resources to these valued relationships while maintaining the personal attention and customized service our clients expect.”
Decerno Advisors served as exclusive advisor while Carter West served as legal counsel to Maxwell Wealth Strategies in the transaction.
As of September 30, 2024, Creative Planning and its affiliates have combined assets under management (AUM) and advisement (AUA) exceeding $345 billion.
HUB Names Practice Leader
Hub International Limited (HUB), a global insurance brokerage and financial services firm, has appointed Carol Murphy as North American Casualty Practice Leader.
Murphy will lead the further development of HUB’s Casualty Practice.
“Continuing to invest in HUB’s commercial lines technical capabilities remains central to our growth strategy,” said Chris Treanor, HUB president of Programs & Specialties. “Carol’s deep casualty and alternative risk expertise, and strong global market relationships strengthen our ability to deliver customized solutions to help our clients.”
Murphy has received various industry honors, including Business Insurance Women to Watch (2009); Risk & Insurance Power Broker recognition for 10 years, Reactions Top 50 women in insurance (2013) and Insurance Business America Elite Women 2023.
“Organizations today are experiencing unprecedented increases in volatility due to growing challenges in casualty risk from rising violence, worsening highway safety and deteriorating legal climate, among others,” said Murphy. “My focus is to build and expand creative insurance solutions and services that complement HUB’s casualty experts and serve as a catalyst for attracting and expanding talent in North America.”
Mercer Acquires SECOR Asset Management
Mercer has reached an agreement to acquire SECOR Asset Management, a global provider of bespoke strategic and portfolio solutions.
Terms of the transaction, which is expected to close in the second quarter of 2025, subject to regulatory approvals and client consents, were not disclosed.
Founded in 2010 by Tony Kao, Ray Iwanowski and partners, SECOR services institutional investors in a variety of needs including pension funds, insurance companies, endowments and family offices, with a range of solutions comprising of investment advisory and implementation, fiduciary management and asset liability management. It has $13.8 billion in assets under advisement (AUA) and $21.5 billion in assets under management (AUM) as of September 30, 2024.
Michael Dempsey, Mercer’s Wealth president, said, “SECOR’s exceptional team is highly regarded in the industry for their extensive experience working with in-house investment teams and proven expertise in specialized investment implementation. We are thrilled at the opportunity to welcome this talented group and to continue developing a comprehensive and agile suite of solutions designed for the distinct needs of institutional investors.”
Kao, SECOR’s managing principal and chief investment officer, said, “It’s terrific that our colleagues will have the opportunity to advance their careers at Mercer and that our clients will benefit from access to Mercer’s extensive global resources, valued insights and seasoned investment talent once the transaction is finalized. Having served as both an in-house Chief Investment Officer and a partner to clients, I believe that Mercer is the ideal steward for our business’s future.”
As part of the agreement, SECOR’s more than 40 colleagues in New York and London will join Mercer upon completion of the transaction.
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