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.
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.
RMS also will distribute group annuity products through brokers and Mutual of Omaha agents, Mutual of Omaha says.
Mutual of Omaha will be filling the 9 new RMS sales team positions with current Mutual of Omaha employees, and most of the new sales team positions will be housed in a new RMS Omaha office that will open in July, according to Dave Ahrendt, a Mutual of Omaha vice president.
“The consolidation of our sales resources enables us to better leverage the strengths of RMS and Mutual of Omaha,” Lombardo says in a statement. “Sales associates will share common management and objectives, thus enhancing collaboration and encouraging cross selling across product lines.”
Mutual of Omaha also will be expanding RMS internal wholesaler capabilities, and that effort will create new jobs both in Omaha and in Dublin, Lombardo says.
Eventually, RMS also will have sales offices in Boston, Denver and Minneapolis, Mutual of Omaha says.