Corporate Roundup: TRPG Acquires Wealth Manager, 401GO, Northwestern Mutual Hires
In this week’s corporate roundup, The Retirement Planning Group acquires Texas-based Parrot Wealth Management, while both 401GO and Northwestern Mutual welcome key leaders.
TRPG Acquires Parrot Wealth Management
Cetera Holdings, the parent company of Cetera Financial Group (collectively, Cetera) has announced that Cetera’s employee-based RIA, The Retirement Planning Group (TRPG), has acquired Parrott Wealth Management, LLC.
Led by William Parrott, the firm manages approximately $185 million in assets under management (AUM), as of December 31, 2023, and is based in Austin, Texas. Through the acquisition, three full-time professionals will become TRPG/Cetera employees.
“Bill and his team are welcome additions to TRPG, where they will be well positioned to serve their clients first and foremost,” said Kevin Conard, CEO at TRPG. “The Parrott Wealth team is the latest example of successful client-centric advisors looking to make a change to benefit their clients and their business by joining us. As TRPG’s growth trajectory continues, we expect to attract more independent advisors with similar aspirations to set their clients and businesses up for long-term success.”
“Kevin and the TRPG team deliver the resources, capabilities and expertise to empower the next chapter of success for our business,” Parrott said. “Joining a thriving business like TRPG is a great opportunity for our practice and our clients as we look to the future. We are pleased to be a part of the TRPG family and anticipate many promising opportunities ahead.”
The acquisition marks the fourth for TRPG since being acquired by Cetera in 2023. TRPG now oversees more than $2.6 billion in assets under management.
401GO Welcomes Plan Operations Leader
401GO announced that Sue Hardy, a 20-year retirement industry professional, has joined the company as head of plan operations.
“401GO is built upon industry-leading technology, but the key to our success is our conviction that technology does not replace real human connection. Our commitment to a live support staff helping our clients is reflected in the addition of Sue to our team. She has all the tools to make an already top-rated client success team even better,” said CEO and co-founder Dan Beck.
On the heels of a recent series A fundraising round, 401GO says it has focused on expanding the customer support team and launching a mobile app.
“Sue is an industry veteran with an unmatched skillset. Nobody else could do this job the way she will,” said COO and Co-founder Jared Porter.
Hardy has spent the majority of her career in the ERISA and compliance side of 401(k). She holds credentials from ASPPA (QPA and QKA), NIPA (ARA and APA), and IRS (ERPA). She has been a speaker at the NAFE conference and locally for the SLC chapter of Western Pension Benefits.
Northwestern Mutual Names New Senior Leadership
Northwestern Mutual has announced senior leadership changes as part of the company’s succession planning process.
Earlier this year, Northwestern Mutual announced that Chairman and CEO John Schlifske will retire December 31, 2024, and President Tim Gerend will succeed Schlifske in serving as the company’s next CEO, effective January 1, 2025. As a continuation of the recent CEO succession announcement, the company shared additional key senior leadership promotions approved by its Board of Trustees, specifically naming successors for the chief investment officer and chief human resources officer roles both of whom will report to Gerend.
Jeb Bentley, currently vice president, wealth and investment management, will succeed Jeff Lueken as executive vice president, chief investment officer, effective January 1, 2025. In the near-term, Bentley will be named vice president and co-chief investment officer and will join the company’s senior leadership team when he assumes full responsibility following Lueken’s retirement at the end of the year. In this role, he will be responsible for leading the teams managing the company’s more than $316 billion1 general account investment portfolio.
Bentley joined Northwestern Mutual in 2004 and held several leadership and investment roles for Northwestern Mutual’s general account investment portfolio across investment strategy, public and private markets. He also serves as president and CEO of Northwestern Mutual Wealth Management Company (NMWMC). Prior to Northwestern Mutual, Bentley held investment roles at Chicago-based private equity firm Wind Point Partners and was an investment banking analyst at Lehman Brothers in New York.
He received his bachelor’s degree in economics from Williams College and a master’s degree in finance from Northwestern University’s Kellogg School of Management. He is a chartered financial analyst (CFA) charterholder.
Kelly Culler, currently vice president, talent and senior HR business partner, will succeed Don Robertson as executive vice president, chief human resources officer effective January 1, 2025. Culler will join the company’s senior leadership team in January 2025. In this role, she will be responsible for the company’s human resources strategy and operations, talent management, employee experience, diversity and inclusion, and compensation and benefits.
Culler joined Northwestern Mutual in 2018 and brings more than two decades of HR experience across recruiting and developing talent, workforce planning and strategic realignments.
Currently, she is responsible for talent recruiting for the company and serves as a senior HR business partner to the company’s sales distribution, marketing and communications function in addition to its insurance and service business. Prior to Northwestern Mutual, Culler was in HR leadership roles at several technology companies, including Apttus, Sutherland, and TeleTech Holdings. She received her bachelor’s degree in organizational management from the University of Michigan.
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