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LPL Retirement Partners appoints new president

News from Prudential, SEI-Jefferson National deal

LPL Financial is traded on NASDAQ. (AP Photo/Seth Wenig)
LPL Financial is traded on NASDAQ. (AP Photo/Seth Wenig)

Bill Chetney has been named president of LPL Retirement Partners. The appointment is effective Jan. 1, 2014.

Currently the executive vice president of the company, Chetney previously served as founder, CEO and president of National Retirement Partners (NRP), which offered retirement-related services to employers nationwide as well as high-net-worth individuals. In 2010, LPL Financial acquired certain assets of NRP that created the basis of its just-launched retirement-focused division.

During Chetney’s tenure, LPL Retirement has recruited more than 400 advisors and grown its overall retirement plan asset base to more than $94 billion of assets under management as of Sept. 30, 2013. It services more than 32,000 retirement plans with approximately 3 million participants. Chetney reports to Robert Moore, president of LPL Financial Holdings, Inc.

 

Prudential Retirement has reached an agreement with DST Retirement Solutions to utilize its Retirement Income Clearing Calculator (RICC).

A middleware solution, RICC is designed to enable distribution of retirement income across traditional recordkeeping platforms. Prudential intends to use RICC to distribute retirement income products like its Prudential IncomeFlex Target. According to Jude Metcalfe, president of DST Retirement Solutions, RICC affords Prudential the ability to make its guaranteed retirement income products more available to distributors and large plan sponsors.

 

Jefferson National has selected SEI to provide asset allocation solutions for its Monument Advisor variable annuity. SEI offers a suite of six asset allocation portfolios.

SEI will be responsible for manager selection, performance monitoring and risk management. Currently, SEI manages or administers $529 billion in mutual fund and pooled or separately managed assets.

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