Corporate Roundup: Janney Names CEO, Equitable Launches 401(k) PEP

This week, Janney Montgomery Scott appoints a new chief executive officer, Equitable releases a PEP under its Equitable Retirement Access, John Hancock Retirement names a vice president for their Strategic Partnerships team, and more.

Janney Names CEO

Janney Montgomery Scott LLC has named Tony Miller as chief executive officer. Miller will also continue in his current role as president, a position he has held since 2023.

In addition, Janney has also announced that Tim Scheve has joined Janney’s board of managers as an independent board director. Scheve served as Janney’s president and CEO from 2007 to 2023.

“It’s an honor to now serve as Janney’s CEO and President,” said Miller. “The future is bright at Janney, as evidenced by four consecutive years of record revenue—a testament to our commitment to delivering personalized advice and exceptional client service. At the core of our success are our talented employees, who are all now proud owners of the firm. I’m also delighted that Tim has joined Janney’s Board of Managers. His historical perspectives and strategic insights will be invaluable as we move forward.”

Miller joined Janney in 2002 and has held progressive leadership roles, including director of Internal Audit, Treasurer, chief financial officer, and chief administrative officer, where he led the operations, technology, finance, and corporate services divisions. He is a board member of the Depository Trust and Clearing Corporation, and a member of the SIFMA Board of Directors, where he serves on the Private Client & Wealth Management, Capital Markets, and Legal & Compliance subcommittees.

Scheve is an independent board director and senior advisor at Accenture. Currently, he is a director at Smarsh and a past member of the Board of Governors of FINRA and a director of SIFMA.

Equitable Launches 401(k) PEP

Equitable has launched its pooled employer plan (PEP), Equitable Retirement Access. 

The new offering is designed to provide small and medium-sized businesses (SMBs) with a scalable and cost-efficient way to offer their employees a workplace retirement plan.

“Small businesses are an important growth engine for the U.S. economy, creating two-thirds of new jobs in recent decades. Yet, millions of these employees lack access to workplace retirement savings plans, hindering the ability of small business owners to attract and retain talent,” said Jim Kais, head of Group Retirement at Equitable. “Our new 401(k) PEP offering makes it easier for small business owners to provide an affordable solution to help their employees build a secure financial future, while alleviating the administrative burdens of running a retirement plan.”

Equitable’s new 401(k) PEP offering is available through the Equitable Retirement Vision platform. PlanConnect LLC, an affiliate of Equitable, serves as the recordkeeper for Equitable Retirement Access. Pension Plan Specialists will act as the pooled plan provider, third-party administrator and 3(16) administrative fiduciary. SWBC Retirement Plan Services will function as the 3(38)-investment fiduciary, and Plan Notice LLC will handle notice delivery services.

John Hancock Retirement Hires Strategic Partnerships Head

John Hancock Retirement has appointed Abigail Benham as head of Strategic Partnerships, effective February 1.

In this new role, Benham will lead home office relationships with broker-dealers, registered investment advisors (RIAs), aggregators, consultants, TPAs, defined contribution investment only (DCIO) partners, and payroll firms. She will report directly to Wayne Park, CEO of John Hancock Retirement and will join the organization’s leadership team.

“Abigail has been a valuable asset to John Hancock for the past 26 years, most recently leading our national accounts team,” said Wayne. “Her relationships with industry stakeholders, coupled with her thoughtful and proactive leadership, make her the ideal candidate to spearhead our strategic partnership efforts. We are excited to explore new opportunities for our stakeholders as a result of Abigail’s new mandate.”

As part of this appointment, the TPA Services team will now report to Benham, and the current National Accounts team will continue to report to her as well.

“I am thrilled to take on this new role at John Hancock Retirement, where I will continue to advance our commitment to being the partner of choice for financial advisors and TPAs,” said Benham. “Amid the evolving retirement landscape, as well as the shifting needs of our clients, we recognize the invaluable expertise our partners bring to employer retirement programs. We are committed to supporting them in enhancing the overall experience and helping participants achieve the best possible retirement outcomes.”

Ameritas Appoints VP

CEO Bob Jurgensmeier has announced Barbara Redstone as its new vice president of sales and distribution, retirement plans, with an effective board action date of Jan. 1, 2025

Redstone earned her four-year degree from Louisiana State University and has over 25 years of experience in the retirement plans services industry. She holds FINRA series 7, 66 and state insurance licenses.

Redstone’s career expertise lies in defined contribution retirement plans, including 401(k), 403(b) and governmental 457(b) plans, as well as cash balance plans and pooled employer plans.

Cetera Advisor Networks Welcomes Summit Financial

Cetera Financial Group announced that Arco Capital Partners has joined Summit Financial Networks, a community within Cetera Advisor Networks LLC.

Arco Capital Partners, which is led by advisor and Founder Robert Aiken, and which has $287 million in assets under administration, as of Dec. 31, 2024, joined Cetera from Raymond James.

“At Arco Capital Partners, we pride ourselves in providing clients with resources typical of a larger firm while offering the kind of consideration and service typically reserved for smaller boutiques. It’s been refreshing to see that Summit Financial Networks and Cetera offer a similar mix of resources and service,” Aiken said. “In Cetera, we see a partner that will provide us the best opportunity to grow organically, recruiting the best advisors to increase our enterprise value over time. I look forward to this beneficial opportunity.”

“I am pleased Robert and his team see the capability of both Summit Financial Networks and Cetera Advisor Networks LLC to uplift their already thriving practice,” said Tom Halloran, head of Advisor Channel communities at Cetera. “I know Arco Capital Partners presents a beneficial cultural fit with Cetera and I look forward to seeing what we accomplish together moving forward.”

Aiken has 32 years of industry experience and holds his Series 7, Series 8, Series 9, Series 10, Series 31, Series 63 and Series 65 registrations. He founded Arco Capital Partners in 2015, after serving in various roles at Wachovia and Wells Fargo Advisors. Today, the firm provides personalized and custom financial and investment planning focused on serving individuals, families, businesses, retirees and women investors.

Aiken is joined in his practice by Senior Registered Client Assistant Tina L. Shue, who has 27 years in the financial industry and holds her Series 7 and Series 63 registrations. Prior to joining Arco Capital Partners, Shue served as a registered client associate with Wells Fargo Advisors and as a retirement plans consultant and compliance assistant at Interstate/Johnson Lane Inc.

Robinhood Joins SS&C’s RolloverCentral as IRA Provider

SS&C Technologies Holdings has announced that Robinhood Markets, Inc. a financial has joined RolloverCentral as an IRA provider. SS&C’s RolloverCentral platform connects the account opening systems of IRA providers like Robinhood with the processing platforms of third-party administrators to create a rollover process for participants.

“We are pleased to join RolloverCentral as an IRA provider. Partnering with SS&C’s RolloverCentral allows us to seamlessly integrate into the greater retirement ecosystem, making it easier for our customers to consolidate and manage their retirement savings,” said Steve Quirk, chief brokerage officer at Robinhood. “SS&C’s simple IRA account opening process will help us reduce inefficiencies and support the influx of rollovers as our business grows.”

“We are excited to welcome Robinhood to the RolloverCentral platform,” said Larry McQuaid, chief revenue officer of SS&C Retirement Solutions. “As rollover IRAs continue to grow in popularity among investors, the market need for a simplified, technology-enabled rollover process is abundantly clear. By connecting leading IRA providers like Robinhood with recordkeepers, SS&C RolloverCentral lightens the burden on investors, advisors, recordkeepers, and providers. The integrated solution modernizes the current check-based process, helping participants more easily choose, open and fund the rollover IRA account to meet their investment needs.”

Sequoia Financial Acquires CCM

Sequoia Financial Group, LLC, an SEC-registered wealth manager with $22.6 billion in assets under management (AUM), and Carlson Capital Management, LLC, a Northfield, Minnesota-based investment advisory firm with $3.8 billion in client assets, have reached an agreement for Sequoia Financial to acquire CCM.

The firms expect to complete the transaction on March 31. Financial terms were not disclosed.

Founded in 1987, CCM provides integrated wealth management services including investment, retirement, tax, estate, risk management, and philanthropic planning to approximately 1,300 clients, primarily in the greater Minneapolis-St. Paul area. CCM has 80 team members, including 30 wealth advisors.

Upon completion of the acquisition, co-founders Gregory Carlson and Jeffrey Carlson will become senior strategic advisors, and CEO Justin Stets will be executive vice president of integrated wealth services for Sequoia Financial, reporting to CEO Tom Haught.

“In Sequoia Financial, we have found a partner that embodies our values of integrity, teamwork, and extraordinary service,” said Justin Stets, CEO of CCM. “This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience. By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”

“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades. We are thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service,” said Tom Haught, CEO of Sequoia Financial. “CCM expands our growing national presence, has a deep bench of innovative advisors, and adds a highly regarded tax planning and tax compliance capability to our practice.”

With CCM’s four Minnesota locations, Sequoia Financial will have 34 offices in 19 states. Sequoia Financial has grown organically and through acquisitions to expand its services and geographic footprint.

Faegre Drinker Biddle & Reath LLP served as legal counsel and Turkey Hill Management, LLC served as financial advisor to CCM. Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia Financial.

SEE ALSO:

Corporate Roundup: Creative Planning Buys $1.3B RIA, New Board Chair Joins IRIC

Corporate Roundup: Capital Group Expands ICanRetire Program, Alera Group Names Director

Corporate Roundup: 401GO Names CGO, PSCA Launches Retirement Income Education Program