Corporate Roundup: Wilshire Advisors Taps CEO, JPMorganChase Commits $14.5M to Benefit Programs
Wilshire Advisors Taps CEO
Wilshire Advisors LLC, a global financial services firm, has appointed Jason Schwarz to chief executive officer, effective immediately.
He succeeds current CEO, Andy Stewart, who will assume the role of executive chairman and continue to provide strategic guidance and support to the executive team, focusing on long-term vision, M&A, and growth initiatives.
“Jason’s appointment to CEO is a natural and exciting next step in our evolution that aligns with the path we’ve set for the future,” said Stewart. “Since joining the firm in 2005, his vision and dedication have been instrumental in expanding our capabilities and delivering meaningful results for those we serve. I am confident that under Jason’s leadership, Wilshire will continue to innovate and set new standards for client partnership and investment excellence.”
With more than 25 years of experience in financial services, Schwarz most recently served as president and deputy CEO at the firm. In this role, he was responsible for overseeing all facets of growth and execution across Wilshire’s business.
“I am honored to lead Wilshire as we embark on this exciting new chapter,” said Schwarz. “Our clients’ evolving needs inspire us to innovate and deliver solutions that drive their success. Building on Andy’s legacy, I look forward to working with our talented team to deepen our client relationships, expand our offerings, and set new standards for excellence in the industry.”
Additional leadership changes
Along with Schwarz’s appointment, Hanna Valva and Jason Hubschman will assume the roles of co-chief operating officers. They succeed Scott Condron who will be moving to a senior advisor role, providing support to the executive team before he retires later in the year.
Valva will continue in her role as chief technology officer, while Hubschman will maintain his co-leadership of the alternative managed account business.
AmericanTCS, 7 Simple Machines Partner on Census Reporting
AmericanTCS’s PensionPro, a provider of workflow automation software for third-party administrators (TPAs), is partnering with 7 Simple Machines, a builder of platforms that automate compliance and funding for retirement plans, to offer a new service designed to ease year-end census reporting for TPAs.
This joint service, to be launched later this year, is said to provide a more cohesive user experience and lessen the burden felt by TPAs during data collection, said PensionPro.
“This partnership allows us to offer TPAs a new level of visibility and control over their census data,” said Darren Conner, chief operating officer of PensionPro. “By integrating with the 7 Simple Machines platform, we’re giving TPAs a faster and more efficient way to handle year-end processes.”
Ted Youngs, director of Strategy of 7 Simple Machines, added, “Together, we’re helping TPAs dip a toe into the future of payroll data management without the massive financial investment traditionally required.”
JPMorganChase Commits $14.5M to Benefit Programs
JPMorganChase has announced philanthropic commitments totaling $14.5 million to support innovations in workplace and public benefits programs.
The initiatives are said to help individuals, including those living on low- to moderate-incomes (LMI), access to benefits such as education savings or retirement plans.
“Whether it’s building a buffer for emergencies, saving for higher education, or preparing for retirement, benefits play a crucial role in helping individuals improve their financial health and build greater wealth for themselves and their families,” said Carol Lake, global head of Philanthropy and president of the JPMorganChase Foundation. “Modernizing and connecting benefits across the public and private sectors is essential to supporting consumers at every stage of their financial journey, creating communities where economic opportunity is accessible to all.”
Funding to support organizations working to modernize the benefits systems and increase access to critical support for workers include:
- $7 million to Commonwealth: Commonwealth will partner with large employers and benefits providers in Columbus, Chicago, and nationally, to pilot and scale workplace benefits programs. $1 million of that commitment will touch down in Columbus to build a local cohort of employers and benefits providers committed to this work.
- $3 million to Code for America: Code for America’s AI Studio designs and deploys technology-enabled solutions in partnership with state agencies to increase access to public benefits for all Americans nationwide.
- $1.58 million to Washington University: Washington University is conducting research into the role of public and workplace benefits in supporting the financial well-being of LMI workers.
- $1.5 million to the Aspen Institute Financial Security Program: Through this funding, the Aspen Institute Financial Security Program works to scale workplace emergency and retirement savings programs and advance efforts to bridge public and private benefits systems.
- $500K to the Financial Health Network: The Financial Health Network will research to find key benefits and workplace policies that help improve workers’ financial health.
- $500K to Women’s Money Matters: Women’s Money Matters, as part of a coalition of groups with SpringfieldWORKS, will advance a new pilot helping low-income families in Massachusetts navigate the “benefits cliff” and transition to long-term economic mobility, while producing actionable insights to inform sustainable policy change.
- $500K to LiftUp Communities: Across Chicago, LiftUp is partnering with social enterprises to strengthen pathways to upward economic mobility for low-wage workers through innovations in employer benefits practices and tailored wraparound supports.
MetLife IM Announces Interim President
MetLife Investment Management, the institutional asset management business of MetLife, Inc., announced that Jude Driscoll will be retiring from the company, effective May 2. Brian Funk has been appointed as MIM’s interim president.
“On behalf of the entire MIM team, I want to thank Jude for his leadership and contributions and wish him all the best in retirement,” said John McCallion, chief financial officer and head of MIM.
Funk will work with McCallion and MIM’s leadership team to advance MIM’s New Frontier strategy, a five-year strategy that includes accelerating MIM’s growth.
Funk joined MIM in 2017 following its acquisition of Logan Circle Partners, where he was head of Credit Research. He held a similar role at MIM, covering corporate, municipal and sovereign credit, as well as sustainable fixed income strategies and special situations. In April 2024, he was named global head of Private Capital. He will continue to lead MIM’s Private Capital business while serving as interim president.
“Brian is an outstanding leader, performance driven and client focused. His insights were instrumental in developing the New Frontier strategy for MIM, which positions him well to drive its execution, including the integration of PineBridge Investments,” McCallion said.
The Standard Brings in Retirement Plans RVP
The Standard welcomes Mike Nanz as a regional vice president in Retirement Plans. In this role, he will collaborate with advisors, plan sponsors and third-party administrators within an assigned territory in Pennsylvania.
Nanz has more than 20 years of experience in the retirement industry and sales leadership, with previous roles as senior retirement sales executive at T. Rowe Price and regional sales director at Empower. He earned a bachelor’s degree in finance and international business from Pennsylvania State University and holds FINRA Series 7 and 66 licenses. Nanz also earned the Certified Financial Planner and Certified Retirement Plan Counselor designations.
“Mike is joining The Standard at an exciting time,” said Derek Fuller, divisional vice president at The Standard. “His strategic skillset and range of experience with building mutually beneficial relationships will be an asset to our partners.”
ShareBuilder 401k is waiving setup charges of up to $750 through May 23, with the aim of making it easier for small businesses to provide retirement benefits to their employees while creating a tax benefit.
“ShareBuilder 401k wants to make it easy and affordable for any size businesses to offer retirement plans to their employees including the self-employed,” said Stuart Robertson, president and CEO of ShareBuilder 401k. “With our free setup offer, low-expense solutions, and tax credits from the Secure Act 2.0, small businesses can start a no to low-cost 401(k) and help their employees, and themselves build for a secure retirement while lowering personal taxes, too.”
Passed in late 2022, Secure Act 2.0 eliminates most cost barriers for small businesses with employees. Businesses with employees who are starting their first 401(k) can qualify for tax credits which can offset ongoing administrative costs and applicable employer matching contributions too. For companies with 1 to 50 employees, the tax credits for employer admin costs are dollar for dollar up to $5,000 for each of the first three years of starting a 401(k). Most small businesses with employees will spend much less to offer a plan and can expect to spend $1,000 to $2,000 annually. Other tax credits and deductions help cover matching contributions an employer may choose to provide.
Note that while the self-employed starting a Solo 401(k) are not eligible for these tax credits, any setup or ongoing support costs are generally tax deductible for their business, ShareBuilder 401k adds.
Ascensus announced a new partnership with Janusea to deliver a financial technology solution that streamlines individual retirement account (IRA) and health savings account (HSA) administration for financial institutions.
Janusea’s product creates an integration between Ascensus’ technology platform and banks and credit unions, eliminating manual, dual entry of IRA and HSA transactions.
Ascensus, Janusea Collab to Offer Streamlined IRA, HSA Solutions
Ascensus currently offers full-service IRA and HSA administration as well as related services for approximately 5,500 financial organizations through its Retirement Products & Solutions (RPS) line of business.
“We’re thrilled to partner with Janusea to bring this innovative solution to our clients,” noted Anna Johnson, head of Ascensus Retirement Products & Solutions. “Janusea believes integration should never be a barrier to innovation and is passionate about unlocking and accelerating financial technology for banks and credit unions. We’re proud to offer this turn-key solution with minimal implementation effort on our clients’ behalf, so banks and credit unions can spend more time doing what they do best and leave the data sharing and reconciliation to us.”
Key highlights of the integrated solution include implementation and onboarding support, data entry error reduction, improved transaction efficiency, and more.
“Technology, expertise, and partnership are shared values for both of our companies, and we are excited to bring real-time, two-way communication with Ascensus to banks and credit unions,” said Kyle Stutzman, CEO and co-founder of Janusea. “Ascensus brings purpose-built IRA and HSA technology to financial institutions and offers expertise in retirement and other tax-advantaged savings accounts. Their partnership to expand services, deepen client relationships, and grow assets at banks and credit unions aligns perfectly with the value Janusea strives for in our business. Through our technology platform, integration expertise, and commitment to partnership, we believe we are stronger when working together.”
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