This week in our corporate roundup, Morningstar Retirement group and ADP team up to offer personalized advice, OneAmerica and Ensight collaborate on long-term care solutions, Innovest and Cetera add new members to their teams, and a Voya expert is appointed to the DCALTA board of directors.
Morningstar and ADP partner on personalized advice
The Morningstar Retirement group and ADP Retirement Services are working together to offer more employees—regardless of the size of the company they work for—access to personalized retirement investment and savings advice through managed accounts.
“Continued inflation and market volatility have made the need to help employees figure out how to maximize and invest their retirement savings greater than ever,” says Brock Johnson, president of Global Retirement and Workplace Services at Morningstar Investment Management. “This is especially true in the small end of the market, where access to personalized advice within retirement plans is often limited. ADP’s reach in the industry is so extensive that we believe this collaboration can really move the needle in improving retirement results, not only in the small end of the retirement plan market but across all types of plans.”
ADP Retirement Services is offering Morningstar Investment Management’s advisor managed accounts, alongside the traditional managed accounts service. Both services are powered by Morningstar Investment Management’s engine and methodologies to build a personalized investment portfolio for retirement plan participants, as well as to help them determine their savings rate and savings goals. The service then manages the participant’s retirement account for them, assuming discretionary authority over their investment portfolio.
Morningstar Investment Management’s advisor managed accounts services allows registered investment adviser (RIA) firms and their advisors to offer a co-branded managed accounts service to their retirement plan clients. This service is designed so participants receive personalized advice based on model portfolios aligned with the RIA firm’s investment expertise and philosophies. Morningstar Investment Management’s flagship managed account service uses its own investment portfolio and methodologies. ADP will make advisor managed accounts available to two national retirement-focused RIA firms.
OneAmerica and Ensight collaborate on LTC advice
OneAmerica, in collaboration with Ensight, a life, long-term care (LTC) and annuity digital sales acceleration platform, announced a new offering it says will promote stronger LTC planning conversations between clients and financial professionals.
The Asset Care Sales Story will be offered to turn coverage options into LTC solutions through personalization, said the organizations in a new release.
“We’re proud to take the lead on the crucial issue of long-term care planning,” said Jeff Levin, vice president, Care Solutions Distribution at OneAmerica. “It’s very clear that clients expect to be having conversations about LTC with their financial advisors, but that’s not happening enough. By leveraging Ensight’s sales story platform, more people will receive the information they need to make an informed and educated decision regarding LTC planning and be financially secure in their future.”
The new Ensight-based Asset Care Sales Story experience is now available to distribution partners.
Innovest adds VP and retirement plan consultant
Innovest Portfolio Solutions is expanding their west coast team with the addition of Tomas Jansson as a vice president and retirement plan consultant.
Based in the San Francisco Bay Area, Jansson is a member of Innovest’s Retirement Plan Practice Group. He focuses on helping clients design, optimize, and govern the retirement plan benefits they offer their employees.
Jansson has more than 20 years of experience in the retirement plan industry. Prior to joining Innovest, Jansson served as managing director of institutional consulting at First Republic Investment Management, where he led the development of the firm’s retirement plan offerings and advised a broad range of clients nationwide. Previously, he served as vice president at Newport Group, a comprehensive retirement plan service provider, and worked as a financial advisor with the Merrill Lynch Global Private Client Group in San Francisco.
“Innovest is excited to expand our west coast team with a veteran like Tomas Jansson,” said Wendy Dominguez, Innovest president and co-founder. “With his significant retirement plan expertise and years of experience, Tomas will help us continue to provide our clients with the industry’s best retirement plan consulting services. Tomas is a great addition to the Innovest team.”
Cetera expands specialist team with new advisor
Cetera Financial Group (Cetera) announced that David K. Sanford, CPA, has joined Cetera Financial Specialists.
Based in Springfield, Missouri, Sanford was previously affiliated with Securities America, Inc. He provides comprehensive wealth management and retirement planning strategies to clients with more than $110 million in a combination of assets under administration and assets under management as of June 1.
“Cetera Financial Specialists’ family culture paired with its high-touch support and unmatched resources make it an ideal fit for our team as we look to both grow business and enhance our client experience,” Sanford said. “I’ve worked with a Cetera community in the past and I’m excited to be back under the umbrella with like-minded advisors and tax professionals, where I know my team will receive boutique services that allow us to offer unique and flexible strategies to help clients achieve their financial goals.”
“David is a true master in the industry, who takes real pride in guiding his clients toward financial success no matter their station in life,” said Ron Krueger, president of Cetera Financial Specialists. “In an ever-changing financial climate, his expertise has remained a constant for so many. I’m excited to welcome David aboard and look forward to working with him to continue elevating his already thriving business.”
Sanford has worked in the wealth management industry since 1997, when he founded Sanford & Associates CPA. Sanford and his firm offer a suite of investment, financial planning and insurance services. He is a certified QuickBooks ProAdvisor and registered representative. He also holds a Bachelor of Science in accounting from Missouri State University.
Voya expert appointed to DCALTA board of directors
Voya Financial announced that Kirk Penland, senior vice president, Nonqualified Markets at Voya Financial, has been appointed to the board of directors of the Defined Contribution Alternatives Association (DCALTA).
DCALTA, a nonprofit organization that provides education about the benefits of including alternative investments within a defined contribution framework, is the retirement industry’s collective voice of plan sponsors, asset managers, asset servicers and many other stakeholders seeking to enhance and secure greater outcomes for retirement plan savers.
“I’m thrilled to be joining the DCALTA board of directors and teaming up with my industry peers who are equally as passionate about providing solutions to help overcome market bias when it comes to alternative investments within DC plans,” said Penland. “The retirement plan landscape is constantly evolving with regulatory mandates, product innovation and new approaches to investment strategies. With the right resources and information, access to alternative solutions within a retirement program could help plan participants achieve their long-term retirement goals. Working with DCALTA provides a great opportunity to push this message forward in the market.”
Prior to his role at Voya, Penland served as the CEO of Pen-Cal Administrators Inc.
SEE ALSO:
- Corporate Roundup: Cetera and Securian Financial Acquisition, Latest Products at The Standard
- Corporate Roundup: Mercer and Cetera Acquisitions, Ascensus Expansions
- Corporate Roundup: ShareBuilder Offers 401k Safe Harbor, TIAA RetirePlus Passes Milestone
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.
