Corporate Roundup: GWN Welcomes CEO, Morningstar Partners with SS&C Technologies
In this weeks corporate roundup, Global Wealth Management (GWM) names a new CEO, Morningstar announces its integration with SS&C Technologies’ wealth platform, Wilmington Trust names a new U.S. markets leader, and more in this latest issue of corporate news.
GWN Welcomes CEO
Global Wealth Management (GWM) named its new CEO on Wednesday, in alignment with its announcement of exceeding $1 billion in assets under advisement (AUA).
GWM announced the promotion of Ivan Minkov from chief financial officer (CFO) to chief executive officer.
“Exceeding $1 billion in AUA is a tremendous accomplishment that reflects the trust our clients place in us and the dedication of our team,” said Grant Conness, co-founder of Global Wealth Management. “Ivan has played a key role in our firm’s evolution, and his leadership will be instrumental in driving the next phase of growth.”
“Crossing the $1 billion mark in AUA is a milestone that fuels our vision for the future – one where innovation, personal relationships, and a simplified approach to retirement planning continue to drive our success,” added Andrew Costa, co-founder of Global Wealth Management. “Ivan has a deep understanding of our business, our culture, and our future goals, and we couldn’t be more excited to have him leading the firm as CEO.”
Under Minkov’s leadership, GWM will focus on enhancing client services, expanding its advisor network, and incorporating solutions aimed at improving efficiency and scalability.
Morningstar Partners with SS&C Technologies
Morningstar, Inc. and SS&C Technologies, Inc. announced an agreement that will make SS&C’s Black Diamond Wealth Platform the first wealth platform to integrate with the newly launched Direct Advisory Suite from Morningstar.
“This alliance makes Black Diamond the first platform of its kind to integrate Morningstar’s rich research and data capabilities advisors have relied on for decades,” said Steve Leivent, co-head of SS&C’s Wealth & Investment Technologies. “The Black Diamond Wealth Platform will offer seamless integration of Morningstar’s industry-leading data and analytics with client workflows.”
Direct Advisory Suite, the latest application built on the Direct Platform from Morningstar, is the next phase of Advisor Workstation, used by more than 175,000 advisors. The suite offers research tools to compare investment opportunities, portfolio analytics with customizable charting and comparison tools, and a user experience that includes AI-powered assistance to support client engagement. Advisors from the approximately 2,700 wealth management firms on the Black Diamond Wealth Platform will have the option to include direct access to these capabilities in the platform experience.
“Black Diamond has been driving innovation in the wealth platform space, and we are excited about the connected experience we can deliver to advisors together,” said Kunal Kapoor, chief executive officer of Morningstar. “Advisors are central to our mission of empowering investor success. We have a long history of serving them directly with content, technology, and investment products or indirectly through strategic alliances with businesses like Black Diamond that excel in their own areas of expertise.”
Alongside this news, Morningstar plans to retire Morningstar Office. The company has worked closely with Black Diamond to design a smooth transition with a highly customized migration process, saving users time and resources. Advisors who choose to transition to Black Diamond will continue to have access to the data and research they value from Morningstar.
“We look forward to welcoming Morningstar Office clients to the Black Diamond Wealth Platform, where we believe they will benefit from our standard-setting portfolio management features alongside access to Morningstar’s newest research and analytics capabilities,” Leivent said.
Wilmington Trust Taps U.S. Markets Leader
Wilmington Trust has named Dave DiLuigi as the new head of U.S. Markets for the firm’s Wealth division, effective February 17.
In this new role, DiLuigi will be responsible for helping set the strategic direction for Wilmington Trust’s Wealth business and managing the firm’s mission to provide comprehensive wealth management advice to its clients looking to fulfill financial goals.
Wilmington Trust’s Wealth business – a part of parent company M&T Bank Corp.– works closely with high- and ultra-high-net-worth individuals, families, entrepreneurs, business owners, foundations, and endowments and their advisors.
As part of his new responsibilities, DiLuigi will also be joining the Wilmington Trust Senior Leadership Team, which sets the overall strategy and direction of the business.
Based in Washington, D.C., DiLuigi had previously served as the regional president for the Greater Washington/Central Virginia and Greater Baltimore regions of Wilmington Trust, responsible for overseeing all Wealth Advisory Services in that market. In his new role, he succeeds Lisa Roberts, who became head of Wealth for Wilmington Trust last year.
“Dave is a strong leader, and he is well-respected throughout the industry, among his colleagues, and in his region,” said Roberts. “Having him in this role will help us continue to grow our team, deepen the service we provide to our clients, and expand our influence across the country. I’m looking forward to working together to achieve just that.”
DiLuigi will also be working closely with other businesses and their leaders around the bank to ensure that the Wealth Management business is aligned with M&T’s overall business goals.
DiLuigi joined M&T Bank in 1992, which acquired Wilmington Trust in 2011. During more than 30 years, he has led M&T’s commercial banking operations in the region, which includes the Government Contracting practice. He has also managed retail branches, directed the bank’s retirement plan sales team, and worked on integration-related projects for many M&T acquisitions.
He holds a master’s degree from The American University, a bachelor’s degree from Mount Saint Mary’s University, and completed an executive leadership program at Columbia University.
Prime Capital Partners with Sugarloaf on Client Experience
Prime Capital Financial has partnered with Sugarloaf Wealth Management (Sugarloaf), a full-service firm headquartered in Duluth, Georgia, with another office in Athens.
The partnership marks Prime Capital Financial’s first expansion into the Atlanta metro area, further enhancing its capabilities with nearly $1 billion in assets under management/advisement and a talented team of 13 professionals, including eight CFP Professionals, two MBAs, a CPA, a CIMA, and an AIF.
“Prime Capital Financial actively seeks firms that share our dedication to providing tailored financial solutions and exceptional service,” said Glenn Spencer, chief executive officer at Prime Capital Financial. “Sugarloaf’s rich history and specialized expertise make them an ideal partner. Together, we’re well-positioned to broaden our support to individuals and families across the Southeast region.”
Sugarloaf, in turn, will tap into Prime Capital Financial’s platform to support the client experience.
“Becoming part of Prime Capital Financial allows us to build on the foundation we’ve spent decades creating while gaining access to enhanced resources and support,” said Jason Connolly at Sugarloaf. “This collaboration positions us to offer even greater benefits to those we serve while remaining true to the principles that define Sugarloaf.”
Prudential Promotes Leader to Chief People Officer
Prudential Financial, Inc. has appointed Vicki Walia as chief people officer, effective March 31. Walia currently leads human resources for the company’s U.S. Businesses and PGIM, Prudential’s global asset management business.
“Vicki is an exceptional leader who deeply cares about our people,” said Andrew Sullivan, head of International Businesses and Global Investment Management. “Her global experience and perspectives, combined with her knowledge of how talent and culture drive business outcomes, will be invaluable in empowering our workforce to capture opportunities at the intersection of insurance, asset management, and retirement.”
Walia succeeds Lucien Alziari, who will retire after serving as Prudential’s Chief Human Resources Officer for eight years.
“Lucien has been instrumental to transforming Prudential’s approach to talent management and helping us build a firm defined by world-class talent processes, programs, and people,” said Charles Lowrey, chairman and CEO. “Under his leadership, our talent programs and culture have evolved significantly to help our people compete, lead, and collaborate more effectively. We are a better company for his contributions.”
Walia first joined Prudential as chief talent and capability officer, overseeing talent and change management as well as teams focused on organizational effectiveness. Prior to Prudential, she held leadership roles in human resources, marketing, and digital strategy and innovation at Moody’s Analytics and AllianceBernstein.
Walia will report to Sullivan, who will succeed Lowrey as CEO effective March 31.
The Standard Hires RVP
The Standard named Rick Nowicki as a regional vice president in Retirement Plans. In this role, he will collaborate with advisors, plan sponsors and third-party administrators (TPAs) within an assigned territory in Michigan.
Nowicki has 20 years of experience in the retirement plan and financial services industry, with previous roles as retirement plans wholesaler, client relationship manager, third-party administrator and employee benefit consultant. In addition, he owned and operated a small business for 12 years. Nowicki holds FINRA Series 6 and 63 licenses.
“Rick is truly committed to always doing the right thing and I’m excited for him to join our team,” said Derek Fuller, divisional vice president of Retirement Plan Sales at The Standard. “His strategic skillset demonstrates our company’s commitment to building and nurturing relationships as well as doing what matters for our customers.”
AmericanTCS Partners ASC on Retirement Plan Software
AmericanTCS’s PensionPro, a provider of workflow automation software for third-party administrators (TPAs), is partnering with Actuarial Systems Corporation (ASC), a provider of retirement plan software. This collaboration aims to provide enhanced tools for TPAs to streamline their day-to-day operations and annual processes, including compliance reporting.
“We are extremely excited to partner with ASC, a long-trusted provider of compliance, document and forms software that many PensionPro customers utilize and love,” said Darren Conner, Chief Operating Officer at PensionPro. “This is an important step in bringing continued connectivity and automation to TPAs with the critical software they use. We look forward to growing the benefits for our mutual customers and continuing to solve problems for TPAs.”
“We are delighted to announce our partnership with PensionPro,” said Alan Gould, President of ASC. “Many ASC clients have chosen PensionPro as the operational hub of their entire business, demonstrating the strength of PensionPro. By partnering, our mutual clients can exponentially increase their efficiency by enabling data sharing between the two systems. Additionally, the connectedness of the systems mitigates risk and increases client satisfaction. We look forward to serving our clients together.”
Bluespring Acquires Reliant
Bluespring Wealth Partners (Bluespring), a leading acquirer of both independent RIAs and hybrid wealth management firms, today announced its acquisition of Reliant Wealth Planning (Reliant), a premier wealth management and financial advisory firm based in Louisville, Kentucky.
Reliant personnel currently oversee more than $560 million in assets under management, led by founding partners Shaun Chelf and Laura Clark. Founded in 2017, the firm consists of 13 team members who hold respected designations from across financial planning fields, including CFP®, RICP®, CFA®, and CRPC®.
Reliant offers a comprehensive suite of services, including wealth management, retirement planning and cash flow strategies, investment management, estate planning, charitable strategies, and risk management. With Bluespring’s robust offerings and resources, Reliant aims to build on its core principles of providing fiduciary services with a client-first mindset through expertise, trust and relationships.
“When searching for a partner, Bluespring truly stood out above everyone else Laura and I spoke to,” said Shaun Chelf, Founding Partner of Reliant. “They alone wanted us to keep doing the exact things in advanced planning and investing that made us very successful and unique. Their offer to come alongside to enhance, but not change, our DNA made them not just the obvious choice, but the only choice.”
Reliant has built a strong reputation for high-touch client services, technical expertise in financial planning and portfolio management, and exceptional due diligence. Their focus on client-centric strategies has helped Reliant earn the trust of clients across and beyond the Louisville area.
“We are excited to welcome Reliant to the Bluespring family and broader Kestra ecosystem of financial professionals and firms,” said Pradeep Jayaraman, President of Bluespring Wealth Partners. “Their expertise, dedication to excellence, and commitment to clients align perfectly with the profile of success-driven and entrepreneurial-focused financial professionals we seek to work with at Bluespring.”
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