This week in our corporate roundup, MissionSquare Retirement appoints a new CEO and board member, Sequoia Financial acquires Karpas Strategies, Prime Capital announces a promotion, and more.
MissionSquare Names CEO
MissionSquare Retirement announced that its Board of Directors has appointed Andre Robinson as chief executive officer and president of the organization, effective September 3. Robinson, who will also join the Board, will succeed Deanna J. Santana, who has served as acting CEO and president since 2023.
“With more than 25 years of experience in the retirement services and investment management industry, Andre is a seasoned leader who excels in driving high-performance businesses, and we are thrilled to welcome him as CEO and president of MissionSquare,” said Bob Jones, chairman of the Board. “Andre’s appointment follows an extensive year-long search for a permanent CEO, and it is clear that Andre’s deep passion for improving lives through financial wellness, and his exciting vision for innovation and driving growth through expanded offerings, make him the ideal leader for the next chapter of MissionSquare’s journey.”
“As the only company focused exclusively on financial security for the public sector, MissionSquare’s work is meaningful and truly impactful,” said Robinson. “I see immense opportunity to strengthen MissionSquare’s platform and build on its incredible 50+ year mission of helping customers build retirement and financial security. It is a privilege to join MissionSquare, and I look forward to partnering with the Board and the MissionSquare team to best position MissionSquare for the future and ensure that we are delivering the best service possible to our sponsors and plan participants.”
Jones continued, “The Board extends its deepest gratitude to Deanna J. Santana, whose leadership over the past nine years, including as a board member, chair of the Board, and most recently as acting CEO and president, has been invaluable to MissionSquare. Her ability to step in and lead the organization during a time of transition allowed the Board to take the time to find the right candidate for the role of permanent CEO. Deanna has well positioned MissionSquare for its next phase, and Deanna and Andre will work closely together to ensure a smooth and seamless transition.”
Robinson joins MissionSquare from Voya Financial where he was the Head of Advice and Guidance for the retirement business and served as President of Voya Financial Advisors, the company’s retail arm. In these roles, he oversaw strategic initiatives, including the optimization of technology platforms to enhance participant experiences and outcomes, and he launched and scaled new product offerings that provide participants with insights to inform their savings and investment decisions.
He also previously worked at BNY Pershing where he focused on driving institutional adoption of advisory-sponsored products and technology solutions. Robinson holds an Executive M.B.A. from St. Joseph’s University and a bachelor’s degree in business administration from Arcadia University. He also maintains FINRA series 4, 6, 7, 24, 63 and 66 licenses.
Sequoia Financial Acquires Wealth Manager
Sequoia Financial Group, LLC, an SEC-registered wealth manager with more than $19.3 billion in assets under management as of June 30, has acquired Karpas Strategies, LLC, an independent investment manager serving ultra-high-net-worth families, foundations and trusts for more than 30 years.
Karpas Strategies will become part of Sequoia Financial’s Sequoia Sentinel Family Office. The transaction closed July 31, 2024. Financial terms were not disclosed.
Founded in 1994 by Matthew Karpas, Litchfield, Connecticut-based Karpas Strategies is an SEC-registered investment advisor managing more than $420 million for its clients as of July 2024. More than 75% of the firm’s assets under management come from multigenerational relationships, and two-thirds of its assets under management are female-owned.
Akron, Ohio-based Sequoia Financial offers services to clients across the wealth continuum. Sequoia Financial has been serving high net worth individuals and families since 1991 and launched Sequoia Sentinel in 2023 to expand its family office services. These services include asset management, tax management, wealth transfer, asset transactions, and charitable planning to meet the challenges inherent to generational wealth.
“We’re pleased to join forces with Sequoia Financial, continuing our tradition of exceptional, highly personalized service for our clients,” Karpas said. “And we are especially excited for our clients to benefit from the broad and deep resources Sequoia Financial has built and the specialized services available within the Sequoia Sentinel Family Office.”
The three-person Karpas Strategies team, including Karpas, Zachary Chernus, and Liz Faraj, bring their combined experience and expertise to Sequoia Sentinel to serve the complex planning needs of clients.
“We are thrilled to welcome Karpas Strategies to the Sequoia Financial team,” said Tom Haught, CEO and president. “With its 30-year history of excellence in client service and multi-generational relationships, Karpas Strategies embodies our shared values. Together, we look forward to continuing its legacy of outstanding service and strengthening the bonds nurtured over generations.”
“We welcome our new colleagues and Karpas Strategies clients to the Sequoia Sentinel family,” said Gee Smith, head of the Sequoia Financial ultra-high-net-worth business. “We share a similar outlook and desire to support the unique needs of families with substantial and multigenerational wealth. And we look forward to leveraging Sequoia Financial’s deep technology, operational and planning resources in the service of our combined client base.”
Since the beginning of 2023, Sequoia Financial has made six acquisitions, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia Financial. Bell, Nunnally & Martin, LLP served as legal advisor to Karpas Strategies. DeVoe & Company, a leading consulting firm and investment bank to RIAs, served as Karpas Strategies’ financial advisor.
Prime Capital Appoints President
Prime Capital Financial, formerly Prime Capital Investment Advisors, has promoted Annette VanderLinde to president of Liberty Wealth Advisors, a Prime Capital Financial company.
“Our emphasis on quality staff and service is a cornerstone of our success,” said VanderLinde. “All of our advisors are certified financial planner professionals, ensuring that our clients receive the highest standard of financial advice,” VanderLinde said. “I am thrilled to take on this new role and continue the immensely rewarding task of helping clients achieve their financial goals, and I look forward to welcoming new clients to Liberty Wealth.”
Under VanderLinde’s leadership, the firm has expanded its services to include holistic financial planning, to address the diverse needs of individuals and families, the firm states.
“Annette’s exceptional track record and dedication to client service make her the perfect fit for this role,” said Glenn Spencer, chief executive officer of Prime Capital Financial. “Her leadership has been pivotal in driving the growth and success of Liberty Wealth, and we are confident that under her guidance, the firm will continue to thrive and deliver outstanding value to our clients.”
eMoney Advisor Enhances Interactive Tool
eMoney Advisor announced enhancements to its interactive planning tool, Decision Center.
Following Client Portal updates launched earlier this year, the redesigned Decision Center is expected to offer a more flexible, comprehensive, and modern workspace for advisors, eMoney stated in a release. With a “streamlined and intuitive user experience”, advisors can plan more collaboratively with their clients and demonstrate the impact of their actions. The firm also made aesthetic updates to its advisor experience as well.
“Designed for more flexibility, the new experience offers deeper engagement in the planning process, fosters more collaborative planning conversations, and strengthens advisor-client relationships,” said Chad Porche, SVP, product management at eMoney. “These updates set the stage for more exciting enhancements to come on our product roadmap.”
The enhanced Decision Center experience features the following updates:
- Enhanced user interface that reduces the number of clicks required for key actions, enabling the advisor to stay within one screen to showcase multiple scenarios and more easily display projected impact
- Updated navigation, fonts, footers and icons across the platform for a refreshed look
- New report navigation and modifiers to improve ease of use as the report library continues to grow
Additional enhancements to the advisor and client experiences are expected in 2024 and beyond, the firm adds.