ARA Executive Interview

The role of personalization in retirement plans is an increasing industry focus as a way to potentially ensure successful outcomes. So, what is Morningstar Retirement’s view on the importance of personalization in the industry?

We asked Morningstar’s Chris Weirath, Head of Business Development and Client Success, that very question, as well as how managed accounts fit in. It’s a fascinating discussion that also touched on the convergence of wealth management and retirement planning.

We began by asking Chris a bit about herself, something not found in her LinkedIn profile.

©2024 Morningstar Investment Management LLC. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. Morningstar Retirement offers research- and technology-driven products and services to individuals, workplace retirement plans, and other industry players. Associated advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.

Advisor Managed Accounts intended for citizens or legal residents of the United States or its territories. The portfolio assignment delivered through Advisor Managed Accounts is provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc. Investment advice delivered by Morningstar Investment Management is based on information provided and limited to the investment options available in the participant's defined contribution plan. Projections and other information regarding the likelihood of various retirement income and/or investment outcomes are hypothetical in nature, do not reflect actual results, and are not guarantees of future results. Results may vary with each use and over time. Other investment advice delivered through Advisor Managed Accounts is provided by an unaffiliated investment adviser.

All investments involve risk, including the loss of principal. There can be no assurance that any financial strategy will be successful. Morningstar Retirement does not guarantee that the results of their advice, recommendations or objectives of a strategy will be achieved.

The 2Q 2024 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz) was recently published. The study provides valuable insights into participant demand for in-plan guaranteed lifetime income solutions, such as annuities, highlighting key differences among generations and demographic groups. Ben Thomason, Head of Defined Contribution Distribution at Allianz Life Insurance Company of North America, is here to discuss these insights.

He explains the various participant tools to help address their retirement concerns, awareness of those tools, and more.

A lot is happening with Collective Investment Trusts (CIT). Morningstar recently reported that they’ve finally overtaken mutual funds as the most popular target-date vehicle, and bills are now in the House and Senate to allow them in 403(b)s.

This means that firms like Great Gray Trust Company are well-positioned to take advantage of what’s ahead. The company has been around for quite some time but recently rebranded to better position itself in the CIT space. President and CEO Rob Barnett recently joined us to discuss the company’s past and future, as well as CIT innovation, trends, and misconceptions.

Sponsored by Great Gray Trust Company.

The landscape of retirement planning is undergoing a significant transformation. New challenges have emerged, demanding a more extensive approach than traditional models focused solely on wealth accumulation.

To tackle these issues, a closer examination of the risk landscape is necessary. This will pave the way for more holistic approaches to retirement income planning that prioritize risk management and securing sustainable income, rather than simply accumulating assets.

Recently, Allianz Life Insurance Company of North America released a whitepaper discussing this, and today I talk with the whitepaper’s authors, Matt Gray, Mark Paulson, and Meghan Farrell.

Sponsored by Allianz

Speakers:

Matt Gray, Allianz Life Assistant Vice President, Worksite and Middle Markets

Mark Paulson, Allianz Life Vice President, Hedging Business Development

Meghan Farrell, Allianz Life Marketing Manager, Employer Markets

What common services or actions make managing a retirement plan challenging for plan advisors and their clients? What are the main points plan advisors and plan sponsors should know about plan termination? How does auto portability benefit plan advisors, plan sponsors, and plan participants?

Pete Welsh, Managing Director of Retirement and Wealth at Inspira Financial, joins the American Retirement Association's John Sullivan to answer these questions and more.

*Inspira Financial Trust, LLC and its affiliates perform the duties of a directed custodian and/or an administrator of consumer-directed benefits and, as such, do not provide due diligence to third parties on prospective investments, platforms, sponsors, or service providers, and do not offer or sell investments or provide investment, tax, or legal advice.

What are the biggest challenges facing TPAs, RIAs and recordkeepers? And what will be most impactful from all that we’re seeing on the legislative and regulatory front? We turned to PenChecks’ President and CEO, Spiro Preovolos and Scott Okrasinski, the firm’s National Sales Director, to answer these important questions and more.

They joined us to discuss PenChecks' transformation into a true fintech solutions partner, its exponential growth and cultural transformation, and what it means for better retirement outcomes.

We also asked whether they’re optimistic or pessimistic about the prospects for meaningful retirement saving inroads in the near term.  Here's what they had to say. 

Sponsored By: PenChecks

Follow along with the Learning from the Success of Pension Risk Transfer .pdf. Click here to download.

What did the Setting Every Community Up for Retirement Enhancement (SECURE) Act’s passage in 2019 do for lifetime income in retirement plans, and what lessons can be learned from the success of pension risk transfer?

We turned to Securian Financial to help answer these increasingly important questions. Kent Peterson, Vice President of Institutional Retirement Solutions, and Nick Volkmann, Actuarial Director and CFO, join us with a lot to say on the topics.

They also emphasize that in the wake of its 2022 blockbuster deal with The Standard, Securian Financial is still very focused on the retirement market, particularly pension risk transfer and capital preservation.

We begin with, and Kent answers, a (very) blunt question.

Sponsored by: Securian Financial.

The momentum around retirement income products has gained steam as participants are increasingly interested in adding a strategy for guaranteed lifetime income. With a wide range of features, fee structures, and implementation options, it can be difficult to know where to get started.

Thankfully, we have Allianz Life Insurance Company of North America’s Michael De Feo to help explain. In this podcast episode, we’ll walk through different product types and provide guidance on how to evaluate and determine the most suitable option, or options, available for a plan.

Sponsored By: Allianz

M&A expert Peter Campagna, Managing Partner at Wise Rhino Group, has a list of common emotions that advisors face when they decide to sell their business.

“Fully 80% of M&A is managing emotions,” Campagna says. “The financial stuff is somewhat easy, but they’re selling their life’s work. They’re serial entrepreneurs who are going to become W-2 employees, and it’s a big mental shift.”

He joins us to run through the 13 emotions that happen in four phases during the process: 

• 1 . Preparation 
• 2. Marketing
• 3. Due Diligence
• 4. After the Close

As always, it's a fun and interesting conversation you won't want to miss. 

Sponsored by: Wise Rhino Group

Interest in guaranteed lifetime income is growing, but plan participants want more than just a reliable monthly income stream. Flexibility, accessibility, and other personalized features are paramount to helping participants achieve outcomes aligned with their unique priorities.

We sit down with Michael De Feo, Head of Defined Contribution Distribution at Allianz Life Insurance Company of North America (Allianz), to discuss how guaranteed lifetime income solutions, such as in-plan annuities, can help increase the likelihood of positive participant outcomes.