![]() “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. Ex-Wells Fargo Advisors brokers Pam Shulack-Smith and Marc Parson left the wirehouse for Stifel Financial in Festus, Missouri.
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