This week, MetLife partners with digital platform Nayya to offer employee benefits to companies with over 1,000 employees, Sequoia Financial Group acquires M Capital Advisors, Nationwide Retirement Solutions appoints new Protected Retirement Leader, and more.
MetLife partners with Nayya on employee benefits
MetLife announced a new strategic relationship with Nayya, a leading digital platform provider of benefits decision support and engagement, whereby MetLife will become the exclusive insurance carrier to offer Nayya’s capabilities to employers with more than 1,000 U.S. employees on a go forward basis.
By expanding its standard offering to include Nayya’s artificial intelligence-powered solution, MetLife says it will deliver enhanced benefits experiences to millions of individuals.
Nayya’s benefits decision support year-round engagement solutions that will be offered at no cost to companies with more than 1,000 U.S. employees and is fully integrated within MetLife’s Upwise platform. In addition, MetLife will continue to work with other platforms that work with their customers and brokers.
“Through a mix of vision, culture and technology, MetLife and Nayya are embracing the challenges around benefits engagement and comprehension by joining best-in-class products with best-in-class consumer experiences,” says Sina Chehrazi, CEO & Founder of Nayya. “This collaboration couldn’t come at a more critical time to support today’s employees’ holistic health. Together, we’re paving the way to deliver on the full promise and potential of the U.S. benefits industry.”
Sequoia acquires Nashville-based advisory firm
Sequoia Financial Group, LLC has entered into an agreement to acquire M Capital Advisors, which has been providing customized portfolio management services to individuals and institutions for more than three decades. The firms expect the transaction to close by October 31. Financial terms were not disclosed.
Founded in 1991, Akron, Ohio-based Sequoia provides asset management and wealth planning services across the wealth continuum—from individuals to family offices—with locations throughout the United States.
M Capital, based in Nashville, Tenn. and with an office in San Antonio, Texas, is an SEC-registered firm with $930 million in assets under management as of September 30. Its clients are high net worth individuals, families, and institutions. Formed in 1993, M Capital employs a team of 13 professionals. The firm is led by Frank Mastrapasqua, founder and chairman; Mauro Mastrapasqua, CEO; Edwin Barton, chief portfolio strategist; Patrick Snell, chief investment officer; and Claude Koontz, principal and portfolio manager.
“M Capital has demonstrated its investment acumen on behalf of clients for decades, and its exceptional investment management capabilities will further strengthen ours,” said Tom Haught, founder and CEO of Sequoia. “The leadership team at M Capital shares our commitment to providing service offerings that are built expressly for clients, and we look forward to doing just that as we join forces.”
“Becoming part of Sequoia Financial will provide M Capital clients with broader and more tailored wealth management solutions, especially in the high and ultra-high net worth areas, supported by Sequoia’s extensive operational, technological, and financial resources,” said Frank Mastrapasqua. “Sequoia’s talented national wealth advisor team is second to none.”
Sequoia has grown organically and through acquisitions to expand its services and geographic footprint. In 2023, Sequoia has announced four acquisitions, including Zeke Capital Advisors, Cirrus Wealth Management, and Affinia Financial Group. With the addition of the M Capital team, Sequoia will employ 250 people.
Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia. Bradley Arant Boult Cummings, LLP served as legal advisor to M Capital.
Nationwide announces new Protected Retirement leader
Nationwide Retirement Solutions has appointed Cathy Marasco, current associate vice president of Retirement Solutions product development, to lead its new Protected Retirement team.
In this role, Marasco will integrate and build a coordinated team responsible for advancing awareness and adoption of in-plan guarantee solutions.
“Cathy is well positioned to be successful in this new role. She has vast subject matter expertise and has been instrumental in furthering our in-plan guarantee strategy,” said Eric Stevenson, president of Nationwide Retirement Solutions. “We’re confident the team will reach even greater heights and deliver even stronger results with these dedicated resources and the ability to focus fully on driving Protected Retirement solutions.”
New Nationwide survey data shows that plan sponsors have high levels of favorability, interest and comfort with these solutions and employees are ready to act if employers provide them. Nearly nine in 10 employees ages 45+ (87%) say they would be at least somewhat likely to rollover their retirement savings into a guaranteed lifetime income investment option if they had the ability.
“I’m excited to see rapidly growing interest in protected income solutions from both retirement savers and plan sponsors,” Marasco said. “That’s why it’s a great time to accelerate our efforts to enhance our solutions and make them available to even more Americans who want to ensure they don’t outlive their income and protect their hard-earned retirement savings from market volatility.”
Alera Group adds plan consultant to retirement division
Alera Group, a top independent national insurance and financial services firm, has added Matthew Rockefeller as a retirement plan consultant at the Rochester, New York-based The Waterford Group, an Alera Group Company.
Part of Alera Group’s Retirement Plan Services division, The Waterford Group is led by longtime industry professional Brian Costello, who founded the group in 2011. Costello said, “Matthew’s deep experience working with clients throughout the Northeast, together with his strong talent for zeroing in on their pain points and solving them, makes him an ideal addition to our team.”
“Brian Costello and Mike Merriman with The Waterford Group have been a wonderful addition to Alera Group since joining in 2021”, said Christian Mango, executive vice president & national practice leader, Retirement Plan Services. “Their disciplined approach is driving client outcomes and tremendous growth, and Matt’s addition will expand their capabilities in the Northeast.”
Rockefeller will serve clients across investments, fiduciary solutions, plan design and administration, and retirement education. He is based from The Waterford Group’s headquarters in Rochester.
Previously, Rockefeller was a longtime account manager and human resources (HR) benefits consultant with a national payroll and benefits company, where he spent the bulk of his 17 years’ experience in financial services. Rockefeller is a graduate of State University of New York Cortland.
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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.