Candidly, intellicents collab on debt solutions
Candidly is teaming up with intellicents to bring its student debt solutions to plan sponsors and their plan participants.
An announcement on the collaboration states the partnership will support intellicents on its mission to help the typical American worker get their financial house in order by helping them plan and pay for college, repay student debt, and build savings via access to Candidly.
For the majority of Americans who carry student debt, the return of federal student loan repayment has proved challenging, both groups state.
“The average American’s poor overall financial health was exposed during the covid pandemic as they struggled with nonexistent budgeting skills, no emergency savings, and an enormous debt load. These issues plague every demographic, regardless of age, gender, race, and income,” said Brad Arends, Co-Founder and CEO of intellicents. “Like intellicents, Candidly recognizes the terminal impact poor debt management can have on the finances of the American worker and their families. They are the industry leader in providing student debt solutions and together we are on a crusade to ‘over-serve the Underserved.’ Thank you Laurel Taylor for your vision, commitment, and passion on this issue.”
Since the resumption of student loan repayments last fall, Candidly says it has realized an increase of utilization upwards of 460%. Data from the firm shows that through Candidly, workers who qualify for the new Save on A Valuable Education (SAVE) Plan have saved an average of $453 on their monthly payments.
PCS Retirement welcomes industry leaders
PCS Retirement has appointed two industry veterans to its executive team.
Joining PCS are John Kahle as head of Sales and Marketing and Dave Jones as head of Operations and Client Services.
Kahle steps into his role with 30 years in the retirement industry and personal financial planning. His background includes stints at TIAA, Charles Schwab Retirement Plan Services, and Fidelity Investments.
Jones brings three decades of industry knowledge to his new position as the head of Operations and Client Services. His experience includes roles at Fidelity Investments and T. Rowe Price.
Along with the new roles, PCS Retirement announced the introduction of the Strategic Account Management function under Kahle’s leadership.
“We are excited about the expected growth these changes represent. These additions signify more than just an expansion of personnel; they embody our unwavering dedication to remaining at the pinnacle of retirement plan solutions,” said PCS Retirement’s president, Mike Coluzzi. “The future of retirement planning is founded on trust, innovation, and excellence. PCS Retirement stays ahead by not only meeting but exceeding industry standards with these strategic appointments.”
Pensionmark, Vestmark partner on wealth management
Pensionmark Financial Group has formed a strategic partnership with wealth management software provider Vestmark, Inc.
The collaboration will result in a wealth management platform powered by Vestmark, enabling advisors to access a wide range of offerings, including separately managed accounts and unified managed accounts, investment options that are managed by the advisor and more. Furthermore, the partnership will facilitate asset transition services, helping advisors transition assets to the Pensionmark platform and providing ongoing tax management.
“At Pensionmark, we seek to be premier partners to our advisors and take the back-office burden off their shoulders so they can focus on what they do best – serve their clients,” said Nate Garrison, chief investment officer of Pensionmark. “In order for us to onboard that burden successfully and at scale, Pensionmark partners with leading technology providers. For wealth management, we are confident we found that in Vestmark.”
“Pensionmark’s extensive expertise in the retirement space and commitment to the wealth management space, combined with Vestmark’s innovative technology platform VestmarkONE, and breakthrough outsourced portfolio management solution VAST, positions us to deliver front-line solutions to Pensionmark’s advisors,” said Vestmark chief executive officer Karl Roessner. “This partnership represents our ongoing commitment to shaping the future of wealth management by empowering advisors to provide exceptional service and outcomes.”
OneDigital acquires HR-leader CBR
OneDigital has acquired Creative Business Resources (CBR), a human resources (HR) outsourcing leader in Phoenix, Arizona.
Creative Business Resources is a provider of customized outsourced human resources, employee benefits, retirement plans, risk management and payroll services to small-to-medium-sized businesses throughout the Southwest. The addition of CBR expands the OneDigital Resourcing Edge portfolio to the Arizona area.
“We’re thrilled to welcome Michael to our management team as we expand our PEO solutions within the western region. Together with the entire Creative Business Resources team, OneDigital’s fast-growing PEO solution will continue to serve SMBs with unmatched expertise and innovation. This partnership marks a significant step forward, solidifying OneDigital Resourcing Edge’s position in the PEO marketplace,” commented Ted Crawford, president of OneDigital Resourcing Edge.
Michael Tope, CBR’s founder, has joined OneDigital Resourcing Edge as its west region vice president. In addition, over 40 CBR employees in Phoenix and Idaho Falls have joined the OneDigital team.
“Within the dynamic framework of the OneDigital Resourcing Edge solution, we are empowered with the resources to expand our portfolio of offerings for our clients,” commented Tope. “We have found a great partnership with the OneDigital team and are excited to contribute to the growth of its PEO solution for the company’s base of SMBs. The key criteria in the selection of a partner were to find a firm with similar values and a desire to have a west region service center while retaining our team to support their proven organic growth success.”
The Standard brings in regional VPs
The Standard has welcomed three new regional vice presidents in Retirement Plans — James Gilligan, Lauren Davi and Mathew Nesbitt.
Gilligan will work with advisors, plan sponsors and third-party administrators (TPAs) in South Florida. He has 30 years of experience in the retirement plan and financial services industry, with previous roles as regional director, managing director and sales consultant. Gilligan graduated from Villanova University with a bachelor’s degree in business administration and holds FINRA Series 7 and Series 63 licenses.
Davi will work with advisors, plan sponsors and third-party administrators in Missouri, Arkansas and Eastern Iowa. She has 13 years of experience in the retirement plan and financial services industry, with previous roles in participant service, client relationship management and sales. Davi graduated from Saint Louis University with a bachelor’s degree in business administration and holds FINRA Series 7 and Series 65 licenses.
Nesbitt will work with advisors, plan sponsors and third-party administrators in Virginia. He has eight years of experience in the retirement plan and financial services industry, with previous roles as business development director and sales consultant. Nesbitt graduated from St. Bonaventure University with a master’s degree in business administration and holds FINRA Series 7 and Series 66 licenses.
“Lauren, James and Mathew each demonstrate our company’s commitment to building and nurturing relationships as well as doing what matters for our customers,” said Jason Burlie, vice president of Retirement Plan Sales at The Standard. “I’m excited to add such amazing talent to our sales team.”
Nationwide increases annuity payout rates
Nationwide has added updates to the Nationwide Advisory Retirement Income Annuity (NARIA) and the Nationwide Lifetime Income Rider+ (L.inc+) Advisory suite, a set of optional riders with features designed to turn investors’ savings into a predictable stream of income in retirement.
Nationwide’s updates to NARIA include increased withdrawal rates on its riders, L.inc+ Core Advisory, L.inc+ Accelerated Advisory and L.inc+ Empire Advisory. NARIA will also now offer advisors the ability to create investment models using the company’s technology platform.
Payout percentages on L.inc+ Core Advisory are increasing by five to 40 basis points at key retirement ages, highlighted by a 40-basis point increase for single and joint investors who take their first withdrawal at 65 years old.
L.inc+ Accelerated Advisory payout percentages are increasing by ten to 45 basis points at key retirement ages, highlighted by a 45-basis point increase for joint investors who take their first withdrawal at 65 years old.
Payout percentages on L.inc+ Empire Advisory, available exclusively in New York, are increasing by ten to 70 basis points at key retirement ages.
Nationwide began offering L.inc+ Core Advisory, L.inc+ Accelerated Advisory and L.inc+ Empire Advisory on NARIA in late 2023 for an additional cost.
Betterment updates RIA division with mutual funds
Betterment has announced that Betterment for Advisors, its RIA custody division, is adding thousands of mutual funds to its custom portfolio construction menu.
“Betterment for Advisors is laser-focused on delivering a holistic platform that includes flexible portfolio options for RIAs across retirement and wealth,” said Tom Moore, head of Betterment for Advisors. “Adding mutual funds has long been advisors’ top request, and we are thrilled to be able to offer this capability.”
Roughly $20 trillion in assets are held in mutual funds in the United States today, according to Federal Reserve Statistics. Offering advisors a custodial platform that can manage those funds for clients is essential, Betterment for Advisors reports.
With this update, financial advisors can now combine mutual funds and exchange-traded funds (ETFs) in their custom models on the Betterment for Advisors platform. Options include funds from such firms as Vanguard, PIMCO, T. Rowe Price, and Fidelity with many more to be added in the coming weeks.
SEE ALSO:
- Empower Introduces Newest Suite of Retirement Income Partnerships
- HSA Bank Adds Emergency Savings Account Solution
- Penelope, Navia Partner on White-Label 401(k) Plans
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.
