With a new year comes new opportunities in the retirement industry, whether that means merger and acquisition announcements, partnership deals, or the latest hirings.
The first being a new partnership between Prime Capital Investment Advisors (PCIA) and Earth Equity Advisors, an SRI firm. The new partnership is set to add $151 million in assets under management (AUM) for PCIA.
Founded by the firm’s CEO and Director of Investments Peter Krull, Earth Equity specializes in fossil fuel-free, sustainable, responsible, and impact investment portfolios. The firm offers its Green Sage Sustainability Portfolio, its Green Sage DeCarb Portfolio and screened SRI mutual fund and ETF portfolios. The portfolios focus on investing in companies that are making a positive impact on the planet by investing in industries like clean energy, energy efficiency, battery technology, green transportation, sustainable real estate, plant-based foods, and more.
Headquartered in Asheville, N.C, Earth Equity is a Certified B Corporation and offers other financial advisors access to its portfolios via third-party investment platforms, including Envestnet and SMArtX. In Krull’s new role, he will continue to direct SRI investments and develop SRI education for all PCIA advisors and clients.
“When looking for a firm to partner with, it was imperative that we joined forces with a company whose culture aligned with ours,” says Krull. “Like myself and our team, our clients are passionate about saving the planet. We wanted to ensure that our services and investment portfolios had the resources necessary to scale, so we can help more clients and advisors invest responsibly. We are thrilled that we found Prime Capital Investment Advisors, who will help us enhance our current offerings and spread our mission to the masses.”
ECHELON Partners acted as the exclusive financial advisor, and Warner Norcross + Judd LLP served as legal counsel to Earth Equity.
OneDigital Brings in Retirement Services Director
OneDigital Investment Advisors, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital, has hired Matthew J. Hedley, CFP as director of Retirement Services.
Hedley comes to OneDigital with over 15 years of retirement plan industry experience. Most recently serving as director, lead consultant retirement plan advisory with Lowe Brockenbrough, Hedley was primarily responsible for leading the for-profit and not-for-profit retirement plan strategies and solutions for the firm’s institutional clients.
Hedley’s expertise spans participant outcome optimization consulting, fee benchmarking, legislative & regulatory updates and investment analysis. In 2021, Hedley was recognized by the National Association of Plan Advisors as a Top Retirement Plan Advisor Under 40.
“It was an intentional decision to partner with OneDigital and I look forward to integrating with a team of incredibly established and versatile professionals that I have long admired and utilizing the resources that OneDigital provides employers,” said Matthew J. Hedley, director, OneDigital Retirement Services.
“We are excited about the opportunity that Matt Hedley will have with OneDigital. We know that the former retirement plan clients of Brockenbrough are looking forward to continuing the outstanding service that they are used to receiving from Matt and now with his new team at OneDigital,” commented Austin Brockenbrough IV, CEO, Brockenbrough, Inc.
Empower Appoints President to Lead Individual Investor Unit
Empower has announced that Carol Waddell is taking on broader responsibilities as president of a newly created organization within Empower that will deliver consumer wealth management services for individual investors.
Waddell will assume business leadership of all phases of the unit’s outreach and engagement with individuals and their advisors who wish to work with Empower on any aspect of their financial picture, including planning, investment strategies, savings, goal setting, and liability management.
In this new role, Waddell will continue to have responsibility for the existing Empower consumer division as well as Personal Capital, a leading wealth manager and registered investment adviser Empower acquired in 2020. The new combined division will be called “Empower Personal Wealth.”
Waddell takes the reins of the combined unit from her role as executive vice president over the firm’s Retirement Solutions Group (RSG), a division established upon the creation of Empower in 2014. Initially built as a means of providing IRA rollovers to retirement plan participants, over the ensuing eight years RSG has developed into a full-service retail investment offering featuring brokerage services, advice, managed accounts, and other investor services.
Waddell will be managing a dedicated unit of some 1,500 associates serving more than 260,000 investors. Waddell will continue to report to Empower President and CEO Edmund F. Murphy III. The appointment was effective on January 1.
“Our vision is to transform the financial lives of those we serve through the delivery of world-class personal wealth management products and services, advice, and education,” said Murphy. “Under Carol’s leadership Empower will continue its legacy of being a respected and valued provider of services to people who need financial advice, education, and investment expertise across the income spectrum.”
Waddell said that the key components of the new division are in place and staffed by industry-leading talent.
“Our new organization is built upon two incredibly successful teams supported by well-established capabilities that can help more people on the path to building financial freedom,” she said. “Everyone has questions about their money, and we stand ready to help them get the answers they need.”
Waddell previously served as managing director and head of marketing and products at J.P. Morgan Retirement Plan Services, which Empower acquired in 2014. Waddell joined J.P. Morgan after 18 years with T. Rowe Price in product management and development. Previously she served at Citibank.
Jay Shah, president of Personal Capital, who has led the company since 2017, departed Empower on Dec. 31.
“Jay has been an incredible thought leader, the architect of the most important digital-first wealth management and investment advisory firm in the market, and a terrific advocate for consumers,” said Murphy.
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