Corporate Roundup: Capitalize Partners with M1 Finance, Creative Planning Acquires Edmonds Duncan
This week, Capitalize announces a new partnership with personal finance and investing platform M1 Finance, Creative Planning acquires Edmonds Duncan, MassMutual announces a CFO transition and appoints a chief actuary, and more.
Capitalize Partners with M1 Finance
Capitalize is partnering with personal finance and investing platform M1 Finance.
This collaboration will integrate Capitalize’s Enterprise Rollover solution into M1’s account transfer process, with an aim to streamline the transfer of legacy retirement accounts into M1 individual retirement accounts (IRAs). This integration will help clients consolidate their retirement savings more easily, setting them up for future growth.
“We’re thrilled to partner with Capitalize to enhance our clients’ retirement planning experience,” says Brian Barnes, CEO at M1. “By integrating Capitalize’s Enterprise Rollover solution, we’re making it easier for our clients to find and transfer their retirement assets seamlessly into M1, allowing them to focus on building and managing their wealth with greater ease and confidence.”
“We’re excited to partner with M1 Finance, a company that shares our commitment to improving clients’ financial well-being,” says Gaurav Sharma, CEO of Capitalize. “Many retirement savings are left behind in outdated employer-sponsored plans, making transfers difficult. This partnership will help M1 users easily locate and manage their retirement assets, enhancing their overall financial health.”
Creative Planning Buys Edmonds Duncan
Creative Planning has acquired Lawrence, Kansas-based Edmonds Duncan Registered Investment Advisors, LLC. The deal closed on October 1 with six employees at Edmonds Duncan formally joining Creative Planning.
“Edmonds Duncan has excelled in delivering a personalized approach similar to ours, offering clients tailored plans that truly reflect their goals and visions,” said Peter Mallouk, CEO of Creative Planning. “Their strong foundation and local presence in our home state significantly extends Creative Planning’s reach. With their commitment to customized wealth management and meaningful client relationships, we’re excited to enhance our services within the Lawrence area, providing clients with the insights and strategies needed for a confident and secure financial future.”
With over fifty years of service, Edmonds Duncan provides investment management, retirement income planning, and estate settlement services. As of September 30, 2024, Edmonds Duncan has $550 million in assets under management (AUM) and serves approximately 600 families.
“For us, this merger is the culmination of our efforts to bring a comprehensive suite of services to our clients under one roof. Ultimately, my partner Don and I concluded that we could most efficiently accomplish that objective for our clients by joining our friend Peter and his team at Creative Planning,” said Jason Edmonds, lead partner at Edmonds Duncan. “Our due diligence showed that, in addition to perfectly aligned investment and service philosophies, Creative Planning has built a best-in-class, fully integrated suite of financial planning, investment management, estate planning, tax, insurance, and trust services. Their advanced technology enables us to plug directly into that platform and begin adding value for our clients immediately. It is purely serendipitous that our office in Lawrence, home of the University of Kansas, is just 35 miles away from Creative Planning’s Overland Park Headquarters.”
Edmonds Duncan is Creative Planning’s ninth acquisition since the beginning of 2023, as the firm expands its geographical reach and wealth management services. Richard Tischler of RiezmanBerger served as legal counsel to Edmonds Duncan on the sale.
MassMutual Announces CFO Transition
MassMutual announced that after 30 years with the company, Betsy Ward, chief financial officer (CFO), will retire at the end of this year. Mary Jane Fortin has joined MassMutual as a member of the executive leadership team and will be appointed CFO on January 1, 2025.
“Betsy has played a key role in leading MassMutual through periods of unprecedented growth, serving as a driving force across multiple transformative transactions to help deliver long-term value to our policyowners – all while the company reached record levels of capital and maintained excellent financial strength and flexibility,” said Roger Crandall, MassMutual chairman, president and CEO. “We thank Betsy for her decades of service to our company and the significant contributions she has made to MassMutual’s success and wish her all the best as she prepares for retirement.”
Fortin joins MassMutual from Thrivent Financial, where she served as president and chief commercial officer, leading the company’s insurance and wealth management businesses. Prior to that, she served as president of Allstate Financial and led the development and execution of the go to market strategy for the life insurance, retirement and benefits businesses. She also held senior management positions at AIG, The Hartford and PwC. Fortin holds a bachelor’s degree in accounting from the University of Connecticut and a master’s degree from the Wharton School at the University of Pennsylvania.
Fortin will be responsible for overseeing MassMutual’s corporate strategy, corporate development, financial reporting and planning, treasury and capital management, and corporate actuarial functions. In the coming months, she will work closely with Ward and the leadership team to facilitate a seamless transition.
“With more than 35 years of experience in the financial services industry, a strong track record of leading organizations through change, and establishing and driving innovative growth strategies, I am confident in MJ’s ability to build upon our reputation for outstanding financial strength and capital management,” added Crandall. “Her deep understanding of our industry and extensive financial, operational and leadership experience will be invaluable as we continue to deliver on our purpose to help people secure their future and protect the ones they love.”
In addition, Vy Ho has been appointed chief actuary. Ho is an experienced actuarial and finance leader with nearly 30 years of industry experience, including four years with MassMutual where he most recently served as head of valuation and appointed actuary.
Prior to joining MassMutual, Ho spent almost 15 years at Prudential Financial where he held a variety of actuarial roles of increasing responsibility, including vice president and actuary and head of individual life pricing, where he oversaw product design, pricing and illustrations. Ho spent the early years of his career at Phoenix Life and Cigna.
Ho earned his bachelor’s degree in mathematics from the University of Connecticut. He is also a fellow of the Society of Actuaries (FSA) and a member of the American Academy of Actuaries.
Gallagher Appoints Retirement Services Managing Director
Gallagher has named Luke Kaplan as U.S. Financial & Retirement Services Managing Director.
In his new role, Kaplan will be overseeing the strategic growth of the business line’s practices: Defined Contribution Consulting, Defined Benefit Consulting & Administration, Institutional Investment Consulting, Financial Planning, Executive Planning, and the Life & Annuity Brokerage.
Kaplan brings more than 20 years of experience to the position, most recently as the leader of Gallagher’s US Executive Life & Benefits Practice. He will now be responsible for driving organic and M&A growth and integrating and expanding a suite of financial solutions.
“Luke’s strategic vision will be instrumental in accelerating the growth and success of Gallagher’s Financial & Retirement Services in the US,” said Jeff Leonard, global managing director of financial & retirement services at Gallagher. “His promotion is a testament to Luke’s exceptional leadership and the remarkable achievements he has made in his previous roles.”
“I am honored to take on this new role and excited about the opportunity to expand our capabilities and help improve all aspects of an individual’s and organization’s financial wellbeing. My goal is to continue building on our strong foundation, introduce new and innovative solutions, and ensure that we are meeting the unique financial needs of our diverse client base,” said Kaplan.
Waverly Advisors Acquires Buckingham
Waverly Advisors, LLC, a federally registered investment adviser that specializes in investment management, financial planning and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, has acquired Buckingham Advisors, an investment advisory firm headquartered in Dayton, Ohio.
The partnership marks Waverly’s second acquisition in Ohio since the acquisition of 9258 Wealth Management last month and adds four locations to Waverly’s growing footprint nationwide.
Buckingham was founded in 1987 by Jay Buckingham. The firm has built multi-generational relationships with high-net-worth families and business owners based on its philosophy of incorporating comprehensive tax and financial planning with investment management. Buckingham and his entire team of 38 professionals join Waverly and will add over $900 million to Waverly’s assets under management (AUM).
Buckingham will serve as regional director at Waverly, along with Jeff Groezinger. Groezinger will also serve as managing director of the newly introduced Waverly Business Services, which will offer clients a greater depth of tax planning expertise and add tax preparation and business services to Waverly’s client offerings.
“Partnering with Buckingham means that Waverly gains a robust tax preparation and planning service line that will enhance our ability to serve our high-net-worth clients,” said Justin Russell, president of Waverly. “Jay has built a team of talented professionals, and we are thrilled to welcome them to Waverly.”
“By joining Waverly our firm gains significant resources and infrastructure which will allow our team to concentrate on what matters most, our clients,” said Buckingham. “In addition, we are excited to contribute substantially to a new service line for the firm.”
The acquisition of Buckingham marks Waverly’s 19th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform. The transaction closed on November 8 and increases Waverly’s AUM to approximately $15.5 billion.
“Entering the Ohio region this year has exceeded our expectations, as we have welcomed outstanding advisors, 7 new Waverly office locations and new service lines with the addition of a combined $2.1 billion in AUM,” said Nick Trepp, WPCG Principal. “We are thrilled to be part of Waverly’s growth strategy.”
Financial and legal terms of the deal will not be disclosed.
The Standard Names Employee Benefits VP
Standard Insurance Company has promoted Melissa Anderson to vice president of Customer Service in Employee Benefits.
Anderson joined The Standard in 2012. She served most recently as assistant vice president of Employee Benefits Business Integration, leading newly acquired teams and maintaining continuity of service to customers following The Standard’s acquisition of the Anthem Life & Disability business from Elevance Health.
In her new role, Anderson will continue to lead the Employee Benefits Integration Management Office and Anthem Life & Disability Operations teams at The Standard. She will also take on the additional responsibility for The Standard’s Employee Benefits customer service organization.
“Melissa is passionate about seeing her teams succeed and has proven herself an effective leader through the challenges of many large-scale transformations at the company,” said David Payne, vice president of Employee Benefits at The Standard. “These traits, along with her intellectual curiosity, will position the company to continue delivering the excellent customer service we are known for.”
Anderson earned a bachelor’s degree in business administration from Portland State University and a master’s degree from the University of Denver. She holds the Certified Employee Benefits Specialist designation and serves on the board of directors of the local chapter of the National Charity League.
Mercer Acquires Chapel & Collins
Mercer Global Advisors, Inc., a national registered investment advisor (RIA), today announced the acquisition of Chapel & Collins, an RIA based in Fort Collins, Colorado.
Managing approximately $675 million for more than 500 individuals and families, Chapel & Collins specializes in serving business owners, retirees and pre-retirees, in addition to advising corporate retirement plans and providing institutional consulting services. The addition of Chapel & Collins pushes Mercer Advisors’ assets under management in Colorado to nearly $5 billion across its seven offices and over 150 employees in the Greater Denver Area.
Chapel & Collins offers in-depth financial planning to address the management, preservation and transfer of multigenerational wealth. Its seven-person team, including four CFP professionals, has more than 100 years of combined experience in the financial services industry. The firm provides services catered to high-net-worth investors, including estate, charitable, giving and trust planning; alternative investments; tax planning and more. Founding partner Dennis Collins sought out Mercer Advisors for its resources, specialized services and operational support, and believes the move will enable him and his team to provide a more personalized client experience, while leveraging Mercer Advisors’ teams for support.
“By leveraging Mercer Advisors’ tremendous scale and resources, we can devote more time and attention to helping our clients navigate their unique challenges and opportunities,” said Collins. “Families with multigenerational wealth are often confronted with complex financial lives that require a more nuanced, thoughtful approach. Partnering with a leading national fiduciary firm like Mercer Advisors helps empower our team of advisors to strengthen existing client relationships and develop new ones.”
For Mercer Advisors, Chapel & Collins brings additional financial planning depth and wealth advisor capacity to the region.
“Chapel & Collins is a shining example of a firm that shares our client-first philosophy, with financial planning at the center of every relationship,” said Martine Lellis,principal, M&A partner development at Mercer Advisors. “The highly experienced team is well-positioned to continue growing its client base, and we look forward to supporting them every step of the way.”
“Growing our footprint in Greater Denver and Fort Collins helps us deepen our roots in one of our key markets,” saidDave Welling, CEO of Mercer Advisors. “By extending our integrated wealth management experience to more families in the Denver area, we’re able to help amplify and simplify their financial lives. In doing so, we can make a meaningful impact on these vibrant local communities.”
Voya Launches Refreshed Digital Platform
Voya Financial, Inc. has announced enhancements to its online absence management platform, myBenefitsHub.
The enhancements come at a time when new Voya research has found a majority (93%) of employees consider an online employee benefits portal or enrollment platform to be “extremely” or “somewhat important” in helping them make decisions about their employee benefits.
“At Voya, we remain focused on evolving our benefits experience for both employers and employees to best meet the ongoing digital needs of today’s workforce,” said Maleiha Russell, VP, Life, Absence and Disability Product at Voya Financial. “We know that for both employers and employees, the claims experience can be daunting during a time that is often stressful. Our latest enhancements to myBenefitsHub are designed to deliver an integrated and intuitive digital experience, helping simplify the administrative burden for employers and support their employees at times when they need it most.”
Specifically, the myBenefitsHub enhancements will include:
- Intuitive claims: Making the claims-submission process through myBenefitsHub more intuitive than before, including a new claims progress tracker and supportive prompts throughout the process to clearly outline what the employee should expect during their claims filing experience.
- Education: Providing employees detailed and critical information related to the types of absence and disability coverage applicable and available to them through their employer or work state more efficiently.
- Absence dashboard: Creating greater visibility for supervisors, managers and human resource contacts to be able to answer employee questions easily and have relevant data at their fingertips.
Voya says its enhancements build upon Voya’s ongoing investments in health solutions experiences that help address the ongoing workplace benefits needs of individuals. Most recently, Voya announced its collaboration with Empathy to offer on-demand bereavement support and earlier this year launched Voya Protect, a group limited-benefit insurance offering designed to pay eligible benefits quickly and easily when covered conditions are diagnosed.
The refreshed myBenefitsHub experience will be available for new Voya absence management customers beginning January 1, 2025, with current clients expected to migrate to the new experience in December 2024.
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