A Midwestern insurer is expanding and realigning the sales force of a newly acquired retirement products wholesale firm.
Mutual of Omaha Insurance Company, Omaha, Neb., says it will be increasing the size of the staff at Retirement Marketing Solutions Inc., Dublin, Ohio, to 9, from 5, and basing the team in Omaha, rather than in Dublin, Mutual of Omaha says.
RMS, founded in 2001, has been an independent distributor of 401(k) plans, 403(b) plans, 457 plans and individual retirement account rollover plans through a network of about 50 wholesalers throughout the United States.
The firm increased sales to about $500 million per year by becoming the primary distributors of Mutual of Omaha retirement plans.
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In February, Mutual of Omaha agreed to acquire the assets of the firm and to keep Chuck Lombardo, the president and founder of RMS, as the head of the firm.
Now that the RMS deal has closed and the firm is part of Mutual of Omaha, RMS will focus on selling Mutual of Omaha’s 401(k) plans through third-party administrators, wirehouses, banks, independent financial planners and Mutual of Omaha agents, Mutual of Omaha says.