Corporate Roundup: PCS Retirement Adds Leaders to Bolster Cybersecurity, Cetera Welcomes Advisors

Amanda Umpierrez

3 months ago

This week in our corporate roundup, PCS Retirement welcomes two executives to strengthen its information security strategies, Cetera brings in an independent advisor along with a family advisor team, and T. Rowe Price announces its new tax-free fixed income exchange-traded fund (ETF).

PCS Retirement Appoints Leaders to Bolster Cybersecurity

PCS Retirement has appointed Colleen Duffy as general counsel and head of Legal, Risk, and Compliance, and Kumar Ampani as the head of Technology, in an effort to strengthening its executive team in addressing the risks of information security and legal liability in the retirement industry.

“The addition of Kumar and Colleen marks a significant step in enhancing our capabilities and ensuring sustainable growth,” says Scott David, CEO of PCS Retirement. “We are thrilled that they have chosen to join us at PCS Retirement. Each brings a wealth of experience and proven expertise that will undoubtedly bolster our mission to deliver unparalleled retirement solutions to our clients.”

David added that their leadership in the areas of technology and compliance will play a critical role in driving the company forward.

Ampani brings over three decades of experience in architecting, designing, and securely implementing complex business and technology solutions.

Duffy brings more than twenty years of legal experience in the financial industry. She formerly worked as an ERISA attorney in Vanguard’s Office of the General Counsel and most recently as head of Operational Risk and Controls overseeing third-party vendor relationships, privacy, fraud, and cyber resiliency for Vanguard’s institutional retirement plans.

PCS Retirement’s president, Mike Coluzzi says that bolstering the company’s technical and compliance capabilities will ensure that PCS Retirement remains steadfast in its mission to deliver exceptional retirement solutions. “The addition of these distinguished leaders marks a new chapter of innovation and progress,” Coluzzi said.

Cetera Welcomes Advisors

Cetera Financial Group has made a series of new advisory partnership announcements.

Rally Wealth and Benefits, a financially advisory firm with $325 million in assets under administration (AUA), has joined Summit Financial Networks, Cetera announced. The firm, led by President Bruce Glenn and his daughter Managing Partner Kristina Strickland, provides comprehensive financial planning and investment advice.

Glenn and Strickland have a combined 26 years of industry experience, with Glenn entering the securities industry in 2008 and Strickland joining the firm in 2013. Glenn holds his Series 6, Series 7, Series 24, Series 63 and Series 66 registrations and his designations include CRPS and AAMS. Meanwhile, Strickland holds her Series 6, Series 63 and Series 65 registrations as well as her CPFA designation.

“Right away, the whole team was interested in the way Cetera and Summit Financial can provide us a boutique feeling while also giving us access to the unparalleled resources and services of Cetera, a large player in the space,” Glenn said. “In particular, we are eager to take advantage of Cetera’s Retirement Solutions, which we know has been accelerating recently. Overall, we anticipate seeing a boon to our practice while at Cetera, and we believe our clients will feel the difference, too.”

Cetera also announced that Steven Dalton, an advisor with $146 million in AUA, is joining Cetera Advisor Networks via Cetera Wealth Partners. Dalton holds his Series 7, Series 63 and Series 66 registrations, and runs a holistic financial planning and wealth management service practice working mainly with retirees and those aiming toward early retirement. When he’s not working, Dalton serves on the board of the Mary Gale Foundation, which supports low-income women aged 65 or older in Manchester, New Hampshire.

“I’m happy to welcome Steven to Cetera Wealth Partners and I look forward to working with him to enhance his already robust practice,” said Tom Halloran, president of Cetera Wealth Partners. “Cetera Wealth Partners is an ideal fit for advisors serious about growing and providing the most robust opportunities for clients. I know Steven’s practice – and his clients – will thrive in this environment.”

T. Rowe Price Launches Tax-Free ETF

T. Rowe Price is adding its first federally tax-free fixed income exchange-traded fund (ETF) to its active ETF roster. T. Rowe Price Intermediate Municipal Income ETF (Ticker: TAXE) began trading on July 10 on the NASDAQ exchange.

The Intermediate Municipal Income strategy focuses on investment-grade intermediate-term municipal bonds with a weighted average effective maturity of four to 12 years. T. Rowe Price Intermediate Municipal Income ETF is co-managed by James Lynch and Charlie Hill, who collectively have 53 years of investment experience, and have served in portfolio management roles for other T. Rowe Price intermediate-term municipal bond strategies.

This ETF is a new strategy, the first of the firm’s fixed income active ETFs that is distinct from existing T. Rowe Price mutual funds.

Specifically, the T. Rowe Price Intermediate Municipal Income ETF seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation and has a net expense ratio is 0.24%.

T. Rowe Price introduced its first active ETFs in August 2020, and today’s launch expands the firm’s active ETF lineup to 16, including five semi-transparent equity ETFs, six transparent fixed income ETFs, and five transparent equity ETFs. The active ETFs complement the firm’s traditional mutual fund offerings and deliver key features associated with ETFs that some investors may prefer, such as more competitive expense ratios, tax efficiency, and the flexibility to buy and sell shares throughout the trading day.

“For four years, we’ve continued to expand our ETF offerings to offer key strategies that meet the evolving needs and interests of our clients,” said Tim Coyne, global head of Exchange-Traded Funds. “With the launch of the Intermediate Municipal Income ETF, it was important for us to establish an offering in the federally tax-free category. We remain dedicated to delivering attractive ETFs that pair our long history of active management expertise and investment insights with the benefits of the ETF vehicle.”

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