This week, we saw a sizable industry move from Citigroup, who will bring in former Merrill Lynch President Andy Sieg, along with the latest collaboration between FuturePlan by Ascensus and Voya, and moves from Mutual of America, Ascensus, and more.
Andy Sieg leaves Merrill Lynch for Citi
Andy Sieg is leaving Merrill Lynch after six years, the company announced on Thursday.
His next move will be back at Citigroup, where he will lead its Global Wealth division in September after a requisite six-month leave, per his Bank of America contract. Jim O’Donnell will head Citi’s global wealth management team until then.
“Growing Wealth is a core pillar of our strategy and will improve our business mix by adding more fee-based revenue and drive improved returns,” Citigroup CEO Jane Fraser said in an announcement, who Sieg will report to. “In my conversations with Andy, it is clear to him that our team is on a mission to transform Citi — and he is highly driven and motivated to play a central role in our firm’s leadership.”
Sieg had served as president of Merrill Lynch Wealth Management since 2017 and was a member of Bank of America’s executive management team. He originally joined Merrill Lynch in 1992 but left in 2005 to work in Citi’s wealth division, before leaving again for Merrill Lynch in 2009.
Sieg’s departure prompts two new appointees to Bank of America—the company named Lindsay Hans and Eric Schimpf as presidents and co-heads of Merill Wealth Management in a recent announcement.
Hans, who most recently served as head of Merrill’s Private Wealth Management, International and Institutional business, joined the company in 2014. Previously, she was a division executive for Merrill for six years.
Schimpf began his career as a Merrill financial advisor in 1994 and has held several leadership positions within the business. He has served for six years as division executive. He also has been serving as co-head of the Enterprise Advisor Development program.
Both Hans and Schimpf will report to Bank of America Chair and Chief Executive Officer Brian Moynihan.
FuturePlan by Ascensus and Voya collaborate on employer aggregated plan
FuturePlan by Ascensus and Voya Financial have announced their partnership with the introduction of FuturePlan EAP.
This solution offers employers the ability to ease administrative burdens and limit fiduciary risk while providing retirement plan access to more savers. Voya will serve as recordkeeper, FuturePlan will be the TPA and 3(16) service provider, and LeafHouse will provide 3(38) services.
FuturePlan EAP will streamline plan provisions for ease of onboarding and administration, backed by dedicated service and onboarding teams leveraging FuturePlan’s long-term experience as a preferred TPA partner. Additionally, plans with less than 10 participants will benefit from fewer decision points and key design defaults to get their plan up and running quickly, smoothly, and with minimal hassle.
“We’re excited to expand upon our successful relationship with Voya to deliver this affordable retirement plan option to an even broader group of plan sponsors and participants,” said Kasey Price, president of FuturePlan. “Everyone should have the opportunity to participate in a high-quality, well-managed retirement plan that offers the flexibility, protection, and value that savers want and deserve.”
“We are thrilled to be collaborating with the FuturePlan team on this new aggregation program,” added Ralph DelSesto, head of TPA & B/D Distribution and Support Strategy for Voya Financial. “As a leading provider across several markets, Voya has the breadth, scale, and resources to meet the needs of employers of all sizes. We look forward to working together with FuturePlan to bring to market a retirement program with expanded benefits and features that can ultimately help provide positive outcomes for all.”
Ascensus appoints NQDC sales lead
Ascensus named Clay Kennedy to lead the sales of nonqualified deferred compensation (NQDC) plans and insurance distribution under Ascensus’ Institutional Solutions line of business. He will report to Kurt Laning, president of Institutional Solutions.
As vice president, Insurance and Nonqualified Retirement Plan Sales, Kennedy will be responsible for building and directing the activities of the NQDC and insurance sales team to grow the distribution of nonqualified recordkeeping services and institutional life insurance programs.
Kennedy joined the firm in 2020 as a regional director responsible for distribution of nonqualified retirement plan sales. He has 22 years of sales and management experience in the financial services industry, with more than 10 years focused exclusively on the nonqualified and executive benefits markets.
Kennedy earned his bachelor’s degree in psychology from Texas Tech University. He holds FINRA Series 6 and 63 securities registrations, as well as a Group 1 Insurance License.
Mutual of America names national accounts for tribal markets VP
Lorilee Morsette has been named vice president of National Accounts for Tribal Markets for Mutual of America Financial Group.
Morsette will oversee Mutual of America’s nearly 90 tribal clients, working with tribal nations, native-owned businesses and nonprofits. S
Morsette is an enrolled member of the Suquamish Tribe of Washington and a Chippewa Cree, born and raised in Rocky Boy, Montana.
“Having worked for tribal organizations to help implement employee benefit policies for years, I’ve seen how important it is for a company to understand the needs of its clients,” said Morsette. “In my previous role, I worked on our retirement plan offerings with Mutual of America representatives and experienced first-hand their commitment to providing hands-on customer service. I’m excited to join Mutual of America and to bring that level of service to help tribal communities nationwide work towards achieving brighter financial futures.”
Before joining Mutual of America, Morsette was the human resources director and tribal employment rights officer for the Nisqually Indian Tribe in Olympia, Washington. Morsette represents Mutual of America as an active member and partner with the National Native American Human Resources Association and the Native American Finance Officers Association.
SEE MORE:
- Pontera Brings 401(k) Management Support to Lion Street
- EBRI Brings in Barb Marder as President and CEO
- Corporate Roundup: Pentegra and Ascensus Hires, Morningstar Awards
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
