wells fargo retirement plan business

Principal ® Completes Integration of Wells Fargo Institutional Retirement Business

Principal now serves more than 10 million eligible participants and individual account holders representing over $537 billion

DES MOINES, Iowa--( BUSINESS WIRE )--Principal Financial Group ® , a global leader in retirement plan services and investment management, recently completed the integration of the Wells Fargo Institutional Retirement business. Principal acquired the Institutional Retirement and Trust business in July 2019 to enhance its retirement and income capabilities, achieve greater scale and balance, and drive business growth.

Through the acquisition and new business wins, Principal currently serves over 10 million eligible participants and individual account holders representing more than $537 billion in total account value. 1 Principal also added to and upgraded its retirement service offerings, furthering its market leadership positions in the full spectrum of retirement plans with Principal ® Total Retirement Solutions and including top-tier investment, income and financial wellness offerings.

“Our teams worked hard to ensure a successful integration for plan sponsors, participants, and financial professionals. Their dedication to our combined organization has positioned our business for continued growth,” said Renee Schaaf, president, Retirement and Income Solutions at Principal. “We remain committed to our customers and dedicated to advancing our services to deliver flexible, efficient, and personalized options to help more people feel secure in their retirement.”

As a result of the acquisition Principal added 4.3 million eligible participants, approximately $150 billion dollars in account value and welcomed 1,500 new employees. The company onboarded clients in a series of structured waves through the end of June 2021, resulting in the successful integration of thousands of plan sponsors.

Enhanced Retirement Offerings, Improved Savings Rates

The integration of the Wells Fargo Institutional Retirement and Trust business along with strategic investment and initiatives has enhanced and expanded the retirement offerings Principal provides to both participants and plan sponsors.

• In October of 2020 Principal started welcoming participants through Principal ® Real Start , a simplified and highly personalized onboarding experience available in both English and Spanish. This platform has helped increase savings rates for participants to an average of about 9 percent, and nearly 40 percent of participants are deferring 10 percent or more. 2
• Participants are also benefitting from a more robust financial wellness experience through award-winning online tools 3 and resources backed by specialized teams of education professionals and contact center licensed financial professionals. 4
• For plan sponsors, enhancements include more robust plan sponsor reporting and participant engagement dashboards.
• Sponsors also have access to new managed and self-directed brokerage account capabilities.
• The retirement business expanded Principal ® Total Retirement Solutions, which provides unmatched breadth, depth, and expertise for plan sponsors of all sizes and needs. These solutions include defined contribution plans, defined benefit plans, nonqualified deferred compensation plans, and stock plans including the recently added Principal ® Equity Compensation Solutions.
• Today, Principal ® Total Retirement Solutions helps thousands of employers manage multiple retirement plans.

“We are already seeing our expanded capabilities receive rave reviews from existing clients as well as attract new business,” Schaaf said. “We’re glad to now hold industry-leading market positions in all of the key retirement plan types with the ability and expertise to serve small, medium and large-sized plans. We look forward to more innovation and growth in the months and years ahead.”

Investment Solutions and Trust & Custody Business

After moving to Principal, customers now have access to top-tier, differentiated asset allocation and managed account alternatives from Principal, both in plans and for individual participants. Principal offers extensive choice across investment strategies and managers, including a full suite of actively managed and hybrid target-date funds that help meet customers’ unique investment and retirement needs.

Principal continues to integrate the Wells Fargo Trust & Custody business from the acquisition, which will enhance and add new capabilities to Principal ® Custody Solutions and increases assets under custody to over $1 trillion. The company plans for completion of the integration by March 2022.

Principal now holds leading positions in the retirement space that include:

• Top 3 defined contribution recordkeeper 5
• #1 employee stock ownership plans 6
• #1 defined benefit recordkeeper 7
• #1 nonqualified deferred compensation 8
• Top 3 pension risk transfer provider 9
• Top 5 leader across all major retirement market measures 10

For more information, visit us at: Principal.com.

About Principal Financial Group ®

Principal Financial Group ® (Nasdaq: PFG) is a global financial company with 18,000 employees [1] passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 45.5 million customers [2] plan, insure, invest, and retire, while working to support the communities where we do business, improve our planet, and build a diverse, inclusive workforce. Principal ® is proud to be recognized as one of the World’s Most Ethical Companies [3] , a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management [4] .” Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com .

[1] As of June 30, 2020. [2] As of June 30, 2020. [3] Ethisphere Institute, 2021. [4] Pensions & Investments, 2020.

Custody and trust services are provided by Principal Bank ® , Member FDIC, and/or Principal Trust Company ® . These services are provided under the trade name Principal ® Custody Solutions, a division of Principal Bank. Principal Trust Company is a trade name of Delaware Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group ® , Des Moines, Iowa 50392.

Principal Financial Group closed the acquisition of certain assets of the Wells Fargo Institutional Retirement and Trust business (IRT) on July 1, 2019. The transition, transfer, and integration of IRT business operations, employees, and clients is scheduled to occur by March 2022. During the transition period, Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company, will continue to operate and service the IRT business for the benefit of Principal®, including providing recordkeeping, trustee, and/or custody services. Wells Fargo has not reviewed the content of the attached material and makes no judgment of its accuracy

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., 800-247-1737, member SIPC and/or independent broker/-dealers. Referenced companies are members of the Principal Financial Group ® , Des Moines, Iowa 50392. Principal Global Investors leads global asset management and is a member of the Principal Financial Group ® .

1 Principal Retirement and Income Solutions data including all employer retirement plans, individual annuity and individual retirement accounts, minus Trust & Custody, as of 6/30/21. 2 Principal data shows an average savings deferral rate on Principal Real Start of 8.87 percent, and 39 percent of participants are deferring 10 percent or more as of 6/30/21. 3 Principal received the DALBAR Communications Seal of Excellence for 2021. Dalbar is considered the financial community’s leading independent expert for evaluating, auditing, and rating business practices, customer performance, product quality and service. 4 Most representatives have registration. 5 Top 3 defined contribution provider by number of participants, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021. 6 No. 1 ESOP provider by number of plans, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021. 7 No. 1 defined benefit recordkeeper by number of plans, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, May 2021. 8 No. 1 non-qualified provider based on total number of Section 409A plans, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021. 9 No. 3 Pension risk transfer provider. Based on total PRT assets, LIMRA Secure Retirement Institute, as of 12/31/2019. 10 According to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021.

Alex Ortolani, [email protected] , 919-755-8671

Release Summary

Principal® announces completion of Wells Fargo Institutional Retirement business.

Principal ® completes integration of Wells Fargo Institutional Retirement business

Principal Financial Group ® , a global leader in retirement plan services and investment management, recently completed the integration of the Wells Fargo Institutional Retirement business. Principal ® acquired the Institutional Retirement and Trust business in July 2019 to enhance its retirement and income capabilities, achieve greater scale and balance, and drive business growth.

Through the acquisition and new business wins, Principal currently serves over 10 million eligible participants and individual account holders representing more than $537 billion in total account value. Principal also added to and upgraded its retirement service offerings, furthering its market leadership positions in the full spectrum of retirement plans with Principal ® Total Retirement Solutions and including top-tier investment, income and financial wellness offerings.

“Our teams worked hard to ensure a successful integration for plan sponsors, participants, and financial professionals. Their dedication to our combined organization has positioned our business for continued growth,” said Renee Schaaf, president, Retirement and Income Solutions at Principal. “We remain committed to our customers and dedicated to advancing our services to deliver flexible, efficient, and personalized options to help more people feel secure in their retirement.”

As a result of the acquisition Principal added 4.3 million eligible participants, approximately $150 billion dollars in account value and welcomed 1,500 new employees. The company onboarded clients in a series of structured waves through the end of June 2021, resulting in the successful integration of thousands of plan sponsors.

Enhanced retirement offerings, improved savings rates

The integration of the Wells Fargo Institutional Retirement and Trust business along with strategic investment and initiatives has enhanced and expanded the retirement offerings Principal provides to both participants and plan sponsors.

• In October of 2020 Principal started welcoming participants through Principal ® Real Start, a simplified and highly personalized onboarding experience available in both English and Spanish. This platform has helped increase savings rates for participants to an average of about 9 percent, and nearly 40 percent of participants are deferring 10 percent or more.
• Participants are also benefitting from a more robust financial wellness experience through award-winning online tools and resources backed by specialized teams of education professionals and contact center licensed financial professionals.
• For plan sponsors, enhancements include more robust plan sponsor reporting and participant engagement dashboards.
• Sponsors also have access to new managed and self-directed brokerage account capabilities.
• The retirement business expanded Principal ® Total Retirement Solutions, which provides unmatched breadth, depth, and expertise for plan sponsors of all sizes and needs. These solutions include defined contribution plans, defined benefit plans, nonqualified deferred compensation plans, and stock plans including the recently added Principal ® Equity Compensation Solutions.
• Today, Principal ® Total Retirement Solutions helps thousands of employers manage multiple retirement plans.

“We are already seeing our expanded capabilities receive rave reviews from existing clients as well as attract new business,” Schaaf said. “We’re glad to now hold industry-leading market positions in all of the key retirement plan types with the ability and expertise to serve small, medium and large-sized plans. We look forward to more innovation and growth in the months and years ahead.”

Investment solutions and trust & custody business

After moving to Principal, customers now have access to top-tier, differentiated asset allocation and managed account alternatives from Principal, both in plans and for individual participants. Principal offers extensive choice across investment strategies and managers, including a full suite of actively managed and hybrid target-date funds that help meet customers’ unique investment and retirement needs.

Principal continues to integrate the Wells Fargo Trust & Custody business from the acquisition, which will enhance and add new capabilities to Principal® Custody Solutions and increases assets under custody to over $1 trillion. The company plans for completion of the integration by March 2022.

Principal now holds leading positions in the retirement space that include:

• Top 3 defined contribution recordkeeper 1
• #1 employee stock ownership plans 2
• #1 defined benefit recordkeeper 3
• #1 nonqualified deferred compensation 4
• Top 3 pension risk transfer provider 5
• Top 5 leader across all major retirement market measures 6

News Release Contact

US retirement

Phillip Nicolino , 515-362-0239

1 Top 3 defined contribution provider by number of participants, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021.

2 No. 1 ESOP provider by number of plans, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021.

3 No. 1 defined benefit recordkeeper by number of plans, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, May 2021.

4 No. 1 non-qualified provider based on total number of Section 409A plans, according to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021.

5 No. 3 Pension risk transfer provider. Based on total PRT assets, LIMRA Secure Retirement Institute, as of 12/31/2019.

6 According to the annual PLANSPONSOR Defined Contribution Recordkeeping Survey, July 2021.

About Principal Financial Group ®

Principal Financial Group ® (Nasdaq: PFG) is a global financial company with 18,000 employees 7 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 45.5 million customers 8 plan, insure, invest, and retire, while working to support the communities where we do business, improve our planet, and build a diverse, inclusive workforce. Principal ® is proud to be recognized as one of the World’s Most Ethical Companies 9 , a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management 10 .” Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.

7 As of June 30, 2020.

8 As of June 30, 2020.

9 Ethisphere Institute, 2021.

10 Pensions & Investments, 2020.

Custody and trust services are provided by Principal Bank ® , Member FDIC, and/or Principal Trust Company ® . These services are provided under the trade name Principal ® Custody Solutions, a division of Principal Bank. Principal Trust Company is a trade name of Delaware Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group ® , Des Moines, Iowa 50392.

Principal Financial Group closed the acquisition of certain assets of the Wells Fargo Institutional Retirement and Trust business (IRT) on July 1, 2019. The transition, transfer, and integration of IRT business operations, employees, and clients is scheduled to occur by March 2022. During the transition period, Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company, will continue to operate and service the IRT business for the benefit of Principal®, including providing recordkeeping, trustee, and/or custody services. Wells Fargo has not reviewed the content of the attached material and makes no judgment of its accuracy.

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., 800-247-1737, member SIPC and/or independent broker/-dealers. Referenced companies are members of the Principal Financial Group ® , Des Moines, Iowa 50392. Principal Global Investors leads global asset management and is a member of the Principal Financial Group ® .

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Senior Premier Banker - Southwest Plaza Branch - Littleton, CO

• Client Management
• 21 May 2024

Why Wells Fargo:

Are you ready for the next step in your career? This is where it begins – at a company known for our “Well Life” approach to supporting employees’ career aspirations, work-life balance, and mental and physical health. We ranked #2 on the 2023 LinkedIn Top Companies list – and #1 among financial services companies – as the best workplace “to grow your career” in the U.S. We’re especially proud of our tangible, meaningful commitment to diversity, equity, and inclusion in the workplace. When it comes to employees’ financial health, we offer competitive salaries and generous benefits package. Apply today.

About this role:

Wells Fargo is seeking a Senior Branch Premier Banker (SAFE) in Consumer and Small Business Banking, as part of Branch Banking. Learn more about the career areas and business divisions at wellsfargojobs.com .  Upon required licensing and SAFE registration, the Senior Branch Premier Banker LP (SAFE) employee will transition to the Senior Branch Premier Banker (SAFE) role.

The following job profile is intended to provide a general sense of what Senior Branch Premier Bankers do; however, the day-to-day duties and responsibilities will differ from branch to branch and even banker to banker depending on several variables, including (but not limited to) years of experience, complement of clients serviced, banking services and options of various clients, and client needs.

In this role you will:

• Employees who are not fully licensed at the time of hire will participate in the Branch Banking Licensed Banker licensing program as a Senior Branch Premier Banker LP (SAFE). This is a temporary position until employee has successfully completed licensing requirements. Upon successful completion, employees will transition to the Senior Branch Premier Banker (SAFE) role and perform the following duties:
• Proactively acquire new affluent consumer and small business customers, and deepen existing relationships, through outreach and pre-planned appointments
• Review and analyze moderately complex customer concerns for possible resolution though discretionary application of applicable resolution protocols
• Escalate banking related issues or business risks that require an in-depth evaluation
• Advise customers on various aspects of recommended and available financial options and services
• Maintain deep knowledge and understanding of Wells Fargo’s banking, credit and investment financial solutions and services
• Identify client needs and goals for business, mortgage, retirement, and investment services, then partner closely with peers in Business Banking Advisory Services, Mortgage and Wealth and Investment Management to best meet the previously identified needs and goals, consistent with clients’ overall financial circumstances and goals
• Understand and manage risks in the business by adhering to policies, procedures and controls and ensuring compliance with applicable laws, rules, and regulations
• Collect information directly from customers regarding income, assets, investments, and credit; analyze information to develop customized plans identifying Wells Fargo's banking options and services that will best meet customers’ financial needs and goals
• Build relationships with branch colleagues, affluent customers, and partners to acquire, deepen, and retain relationships, and to also help customers succeed financially
• Exercise independent judgement and discretion in managing client relationships through regular meetings to review financial condition and goals, provide advice regarding banking services and options to meet changing circumstances
• Be an active member of the branch team, including providing guidance to other branch employees on developing relationships and managing moderately complex to complex client needs
• May study and test for additional licenses (Series 7 and Series 66) once the minimum licensing requirements are met
• This SAFE position has customer contact and job duties which may include the offering/negotiating of terms and/or taking an application for a dwelling secured transaction. As such, this position requires compliance with the SAFE. Mortgage Licensing Act of 2008 and all related regulations. Ongoing employment is contingent upon meeting all such requirements, including acceptable background investigation results. Individuals in a SAFE position also must meet the Loan Originator requirements under Regulation Z (LO) outlined in the job expectations below

Required Qualifications:

• 4+ years of customer service experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education
• 3+ years of experience building and maintaining effective relationships with customers and partners
• 3+ years of experience recommending products and services

Desired Qualifications:

• Financial services industry experience in one or a combination of the following: corporate, consumer, mortgage, investments, brokerage, or private banking 
• Experience recommending financial services products and services 
• Successfully completed FINRA Series 6 and 63 exams (or recognized FINRA equivalents) to qualify for immediate registration
• State Insurance license(s)
• 3+ years of experience in a licensed financial services position
• Customer service focus with experience handling complex transactions across multiple systems
• Proficient with proactively sourcing, acquiring, building, and maintaining relationships with customers and colleagues
• Excellent verbal, written, and interpersonal communication skills
• Knowledge and understanding of book of business processes to actively manage a group of Wells Fargo customers to meet their needs and grow the business
• Knowledge and understanding of Branch Banking compliance controls, risk management, and loss prevention
• Ability to follow policies, procedures, and regulations
• Ability to educate and connect customers to technology and share the value of self-service digital banking options
• Experience using strong business acumen to provide financial services consultation to small business customers
• Knowledge and understanding of financial services consumer lending products
• Ability to interact with integrity and professionalism with customers and employees
• High motivation with ability to successfully meet team objectives while maintaining individual performance
• Experience mentoring and peer-coaching others

Job Expectations:

• Ability to work holidays and weekends
• Adherence to Wells Fargo sales practices risk management culture
• Current registration for FINRA Series 6 and Series 63 (or FINRA recognized equivalents) is required for this role or must be completed within a specified period. For specific FINRA qualification exams obtained after 9/30/2018, the Securities Industry Essentials (SIE) exam co-requisite will be required
• For the following states where hired, FINRA Series 65 (or equivalent) will also be required to be completed within a specified period: AK, AL, CT, DE, HI, IA, ID, IN, KS, MD, MI, MN, MS, MT, NC, ND, NE, NM, OR, SC, SD, TN, TX, UT, VA, WA, WI, and WY. The State of WY permits referral-only licensed bankers to receive the IAR registration without completing the Series 65/66 exam requirement.  This list of states is subject to change and Series 65 (or equivalent) licensing requirement would be based on current state requirements during employment
• State Insurance license(s) are required for this role and must be completed within a specified period
• Licensing requirements and expected completion timeline determined by the number of licenses needed) will be communicated to the candidate upon offer acceptance
• Obtaining and/or maintaining appropriate Financial Industry Regulatory Authority (FINRA) license(s) is required for ongoing employment in this position.   Additional requirements include meeting enhanced financial fitness and criminal background standards. Wells Fargo will initiate the FINRA review process at the time of offer acceptance. This position requires SAFE registration at the time of employment.  Wells Fargo will initiate the SAFE registration process immediately after your employment start date. The Nationwide Mortgage Licensing System (NMLS) website (http://fedregistry.nationwidelicensingsystem.org) provides the MU4R questions and registration required for employment in this position
•  Individuals in Loan Originator (LO) positions must meet the Consumer Financial Protection Bureau qualification requirements and comply with related Wells Fargo policies. The LO qualification requirements include meeting applicable financial responsibility, character, general financial fitness, and criminal background standards.
• A current credit report will be used to assess your financial responsibility and credit fitness; however, a credit score is not included as part of the evaluation. Successful candidates must also meet ongoing regulatory requirements including additional screening, if necessary
• This position is not eligible for Visa sponsorship

Wells Fargo provides all eligible full- and part-time employees with a comprehensive set of benefits designed to protect their physical and financial health and to help them make the most of their financial future. Visit  Benefits - Wells Fargo Careers  for an overview of the following benefit plans and programs offered to employees.

• 401(k) Plan
• Paid Time Off
• Parental Leave
• Critical Caregiving Leave
• Discounts and Savings
• Health Benefits
• Commuter Benefits
• Tuition Reimbursement
• Scholarships for dependent children
• Adoption Reimbursement

Posting End Date:

* Job posting may come down early due to volume of applicants.

We Value Diversity

At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.

Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.

Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other legally protected characteristic.

Applicants with Disabilities

To request a medical accommodation during the application or interview process, visit  Disability Inclusion at Wells Fargo .

Drug and Alcohol Policy

Wells Fargo maintains a drug free workplace.  Please see our Drug and Alcohol Policy to learn more.

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Principal Completes Wells Fargo Custody Client Transitions

With the integration completed, Principal Custody Solutions now serves nearly 3,000 institutional clients representing more than $1 trillion in assets.

It has been nearly three years since Principal Financial Group announced its intention to acquire multiple business lines from Wells Fargo , including the retirement plan business as well as the trust and custody business.

Through the acquisition, Principal effectively doubled the size of its U.S. retirement business by the amount of total recordkeeping assets, while bringing on institutional trust and custody offerings for the non-retirement market. In addition to increased overall scale, Principal gained a stronger foothold with mid-sized employers, as more than two-thirds of Wells Fargo’s institutional retirement assets were in plans ranging from $10 million to $1 billion.

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In an interview with PLANSPONSOR, Sri Reddy, senior vice president, retirement and income solutions at Principal, said the integration of the retirement business was completed in June 2021. Just this week, the firm completed the integration of the trust and custody side of the business.

Reddy says the integration marks an important milestone for Principal, one that positions the firm, via its Principal Custody Solutions unit, to better serve institutional clients of all sizes, across both retirement and non-retirement custodial and trust solutions. With the integration completed, Principal Custody Solutions now serves nearly 3,000 institutional clients representing more than $1 trillion in assets. Clients include corporations, government institutions, insurance firms, other financial institutions, endowments, foundations and non-profits.

As Reddy highlights, Principal Custody Solutions offers clients a “full scope of financial services,” including custody account services, trust/fiduciary services, financial analytics, specialty reporting and benefit payment services. Additionally, the company has rolled out a new user interface accessible through a single web-based application, alongside a self-service platform for pension plan managers, investment managers and retirement plan distribution recipients.

“We have completed this integration and client transfer at just the right moment, with an increasing call from clients to provide trust and custody services to meet their often-complex financial needs,” Reddy says. “We’re pleased now to be able to offer these services with the high-touch, tailored solutions we give to all our clients at Principal.”

Discussing the integration process, Reddy says he and his colleagues took significant steps to limit client disruption, following a detailed and strategic communications plan that sought to ensure no clients faced surprises or serious disruptions.

“For example, one of the things our clients told us is that they would really like to keep the same account numbers and to keep the same access to their transaction histories,” Reddy says. “We told them we understood how important that was, and we made it a central part of the process. That strategy served us well. The other thing I can say about the process is that our clients have been patient, and they have been patient because we have been in constant communication with them.”

Reddy says the firm put in a substantial effort to create client readiness and confidence before any transitions happened. His leadership team even offered their personal cell phone numbers to the biggest marquee clients to ensure any questions they had were answered quickly and accurately.

“Now that we are finished with the integration, there is no question in my mind just how important those steps were,” Reddy recalls. “By creating this open lane of communication, we were able to generate, in real time, many useful insights about what was working well and where potential problems could emerge. In the end, the transition was seamless.”

Reddy says he and his colleagues are optimistic about the direction and momentum of both the retirement side of the business and the trust/custody side. He says the firm will pursue continued growth well beyond the defined contribution marketplace, with an emphasis on serving defined benefit pension plans and companies considering enacting pension risk transfers. He also foresees strong growth of non-qualified deferred compensation plan services.

“The nonqualified business is one to watch,” Reddy says. “In this tight labor market, companies are looking for new and creative ways to attract and retain key talent. One way they can do this is by helping executive leadership minimize taxes by smartly leveraging nonqualified deferred compensation arrangements.”

Asked if he has any words of wisdom for industry peers that are also engaged in mergers and acquisitions of this magnitude, Reddy says there is no substitute for hard work, collaboration and careful planning across all levels of an organization.

“It took months and months of meticulous planning to get it right,” he notes. “To give you a sense of the amount of work that went into the actual client transition, we stood up almost 140 different information technology applications over the past two years. We completed four separate migration dry runs over the past six months, as well. The final dry run gave us total confidence that the move itself would go smoothly. I’m extremely proud of the more than 350 project management staff who made this possible.”

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