![]() “We founded our administrative outsourcing practice to help clients manage the rapid retirement industry changes brought on by legislative and COVID impacts,” Mike Duckett, Lockton’s director of outsourced administrative responsibilities, said in a statement. With the Lockton arm serving as the 3(38) fiduciary and Principal acting as pooled plan provider, the strategic partnership has lined up “dozens” of employers with between $10 million and $300 million in assets under management that have either “adopted the plan or are looking to do so,” according to the firms. “We were very impressed with the breadth of resources we and our clients would be able to access, as well as the culture,” Wade said of their new employer.Īfter the 2019 Secure Act created pooled employer plans, a 401(k) vehicle enabling participants from different companies to join the same plan, financial services giants Principal Financial Group and Lockton Investment Advisors collaborated on a PEP called the (k)Praetorian Retirement Plan. The duo managed $211 million in client assets with their prior firm, and Wade is branch manager of Stifel’s second office in the Nashville area. “Pam and Marc are held in high regard for the relationships they have built with their clients while guiding them toward their financial goals.”Īdditionally, Stifel launched a new branch in Brentwood, Tennessee, under former Merrill Lynch financial advisors Bill Wade and Reid Berry. “We are excited to be reunited with former colleagues Pam Shulack-Smith and Marc Parson, with whom we have a long working and personal relationship,” Branch Manager Rita Mahn said in a statement. The two advisors managed a combined $157 million in their respective practices with their prior firm. The company’s Series B round closed on $12m in 2016 and picked up commitments from IA Capital Group, TV Capital, Contour Ventures, Javelin Venture Partners, New York Life, Transamerica Ventures and Fitz Gate Ventures.Īs part of the transaction, Focus Financial co-founder Rajini Kodialam and principal Eric Amar will join SmartAsset’s board as a member and observer, respectively.Ex-Wells Fargo Advisors brokers Pam Shulack-Smith and Marc Parson left the wirehouse for Stifel Financial in Festus, Missouri. A scalable approach to digital client acquisition is an important lever for the wealth management industry and we believe that SmartAsset has the widest reach and the most advanced capabilities in this space.” Through the platform, users can also compare life insurance quotes, refinance, personal loans and student loans.įounded in 2012, SmartAsset is a Y Combinator company and services more than 45 million people a month, according to the company.įocus founder and CEO Rudy Adolf said, “SmartAdvisor is an innovative platform that delivers customized and qualified client leads to fiduciary financial advisors. Its automated personalised financial tools help consumers to find the best mortgage, calculate taxes, prepare for retirement, calculate savings, compare saving and checking accounts, compare credit cards, and access investment support. New York-based SmartAsset connects users with financial advisors and provides tools to support financial decisions for the future like home buying and retirement. The transaction sees Focus Financial Partners take a majority stake in SmartAsset and marks the firm’s first direct investment into FinTech. This line of funding will fuel the growth of the platform. Other participants to the round included Javelin Venture Partners, TTV Capital, IA Capital and Citi Ventures, among others. SmartAsset, a personal finance support tool, has closed its Series C on $28m, with Focus Financial Partners leading the round.
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