This week in our corporate roundup, Nuveen, the investment manager under TIAA, appoints a new CEO while Sequoia Financial Group and Cetera hire new leaders and Sharebuilder 401k announces a cut to its 401(k)-setup fee.
Nuveen Taps New CEO
TIAA’s $1.2 trillion investment manager Nuveen has named William Huffman as chief executive officer, succeeding former CEO Jose Minaya.
Minaya was formerly chosen as Nuveen’s CEO in 2020.
Huffman will chair the Nuveen Executive Leadership Team and serve as a member of TIAA’s Executive Committee. He has over 30 years of experience in asset management, most recently as president of Nuveen Asset Management and head of Equities and Fixed Income. In this role, Huffman led a team responsible for managing a global investment business with more than $1 trillion in assets under management across equities, fixed income, municipal bonds, multi-asset, private capital and C-PACE financing, providing the firm’s clients with diverse capabilities and solutions.
“Bill’s constant dedication to the best interests of clients and the advancement of the firm’s strategy have had a transformative impact on Nuveen’s business and culture, driving growth and innovation over the last 16 years,” said Thasunda Brown Duckett, CEO of TIAA. “I’m delighted to welcome Bill into this role and confident that Nuveen will go from strength to strength under his stewardship. We are grateful for all of Jose’s contributions and wish him every success in the future.”
As a member of the firm’s Executive Leadership Team, TIAA credits Huffman with being at the forefront of Nuveen’s evolution since he joined in 2008 and playing a significant role in growing the firm’s AUM to $1.2 trillion from $800 billion in 2014, when TIAA acquired Nuveen.
The expansion of Huffman’s role has included leading on multiple significant acquisitions while overseeing the investment teams responsible for managing more than $1 trillion across public and private markets.
“I’m proud to take on this role leading Nuveen’s exceptional and dedicated team. We will continue to succeed by reinforcing our position as a market leader in fixed income, delivering enhanced public market and alternative capabilities to clients, and investing in our wealth and institutional businesses in key segments including insurance and retirement,” said Huffman. “An increased international presence will enable Nuveen to serve clients in new ways, building on the strong foundation of our diverse and stable business.”
In addition to his roles above, Huffman also serves as an executive sponsor of Nuveen’s Philanthropic Steering Committee and the Nuveen Culture and Inclusion Council, which is tasked with building an engaging culture for all associates.
Huffman led the acquisition of FAF Advisors (the former asset management division of U.S. Bank), Greenworks Lending and Arcmont Asset Management, and the integration of affiliate businesses including Nuveen Asset Management, TIAA Public Investments, TIAA Private Investments, Symphony Asset Management, NWQ Investment Management, Santa Barbara Asset Management and Churchill Asset Management.
Prior to joining Nuveen, he was the chief executive officer of Northern Trust Global Investments Limited. He resides in the Chicago area and serves his community as vice chairman of the Board of Directors for the Boys and Girls Clubs of Chicago, and a Rush System Trustee Member and a Member of the Cancer Advisory Council.
Sequoia Financial Group Creates New Role to Fortify Business Relationships
Sequoia Financial Group has hired Chris Thom as chief strategy and partnerships officer.
Thom is a member of the executive committee, reporting to Tom Haught, CEO and founder of Sequoia Financial Group.
In this newly created role, Thom is responsible for leading efforts to build upon Sequoia Financial’s current strategic business partnerships. He will also lead brand strategy for the firm and oversee Sequoia’s marketing efforts.
With more than 20 years of wealth management experience, Thom joins Akron, Ohio-based Sequoia Financial from RWA Wealth Partners, where he served as a partner, director of business development, and head of wealth services. Earlier, he was a divisional vice president of the wealth planning group for Edelman Financial Engines, senior vice president at Schwab Wealth Advisory, and director of wealth management for USAA.
“Chris is a well-rounded leader with experience building and managing referral partnerships with professional services firms. We are excited to have him on our leadership team, where he will be instrumental in guiding our strategy, partnerships and marketing initiatives,” Haught said.
Sequoia Financial Group offers services to clients across the wealth continuum, including several specialized resource groups focused on business owners, medical professionals, and special-needs planning, among others. The wealth manager has over $18 billion in assets under management as of March 31, 2024.
Cetera Hires Wealth Solutions Leader
Cetera Financial Group, the premier financial advisor Wealth Hub, appointed Jerry Patterson as head of Advanced Wealth Solutions.
In this role, he is responsible for building Cetera’s retirement, life insurance and annuity offerings to help advisors provide financial security to their clients. He will lead both the Insurance and Workplace & Retirement Solutions groups at Cetera and oversee the design, development, and management of insurance and retirement products that meet clients’ changing needs. He will also provide strategic leadership in defining and implementing distribution strategies to maximize market expansion and enhance distribution channel partnerships. He is based in Cetera’s Des Moines, Iowa location.
“As we continue to expand our suite of offerings to help advisors across our channels and communities succeed and best serve their clients, Jerry’s leadership will be instrumental in delivering innovative advanced wealth solutions,” said Adam Antoniades, CEO at Cetera Financial Group. “Jerry will play a critical role in elevating our insurance solutions and expanding our already successful workplace and retirement offerings, which Jon Anderson continues to lead. Jerry brings a unique combination of expertise and background and I can think of no one better suited for this role in growing this important segment of Cetera’s business.”
“I have long admired Cetera’s industry leadership and am excited to join the team at a time of great opportunity for growth,” Patterson said. “There is a clear need for comprehensive and strategic wealth solutions in today’s marketplace and I look forward to building on the success Cetera has already established in this area. I welcome close collaboration with the Cetera team in helping advisors provide financial security to their clients.”
Prior to joining Cetera, Patterson was president of Fidelity Investments Life Insurance Company. In this role, he worked with Fidelity advisors and RIA network partners to incorporate insurance solutions into wealth management practices. Prior to that, he spent two decades at Principal Financial Group and spent his early career working directly with advisors and their clients as an advanced planner and estate planning attorney.
He holds a bachelor’s degree in accounting from Lubar College of Business in Milwaukee, Wisconsin and a juris doctor degree from Drake Law School. He currently serves on the Life Insurance Marketing and Research Association (LIMRA) Annuity Advisory Board and served previously on the Insured Retirement Institute (IRI) Board of Directors and Executive Committee, and on several working committees with the American Council of Life Insurers (ACLI).
Patterson’s appointment is one of the latest additions to Cetera, which recently named Scott Baker as head of Corporate Strategy and Dan Burkott as chief compliance officer for Cetera’s tax channel. Cetera also recently added several new team members as part of an expanded investment in advisory solutions, appointed industry veteran Marten Hoekstra to the Cetera board of directors and named Michael Molnar head of corporate development.
Sharebuilder 401k Slashes Setup Fee for New Clients
Small business retirement plan provider ShareBuilder 401k announced it is waiving the $150 set-up charge on its retirement plans, in an effort to encourage businesses to offer 401(k) plans.
New Sharebuilder 401k clients will be able to take advantage of the offering now through July 1.
A recent survey by ShareBuilder 401k showed that 76% of small businesses do not offer 401(k) plans, with perceived costs to offer a plan being cited as a notable barrier. Solo 401(k) plans are open to the self-employed and any owner-only business without full-time employees. Spouses may also be included in a Solo 401(k). This plan offers both tax-deferred and Roth 401(k) options, as well as penalty-free 401(k) loans in case of an emergency.
“Solo 401(k)s are great for any self-employed business looking to contribute at least $7,000 per year,” said Stuart Robertson, president and CEO of ShareBuilder 401k. “In a Solo 401(k), the owner is both the employer and employee, enabling the business owner to sock away $69,000 in 2024, which might drop them a tax bracket too.”
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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.