A big insurer is trying to match the expertise of its retirement plan sellers with the needs of specific types of plan buyers.
New York Life Retirement Plan Services, Westwood, Mass., a unit of New York Life Insurance Company, New York, that administers about $39 billion in plan assets, says it is putting service team practice groups in 4 industry segments: Taft-Hartley, technology, finance and professional services, and manufacturing, materials and retail.
Each practice will have its own relationship managers, communications consultants, investment specialists, and benefits law consultants, New York Life says.
New York Life is hoping the advisors advising employers will now know more about those employers’ business climate, according to David Castellani, the chief executive of the retirement plan services unit.
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Joan Driscoll, an executive with 18 years of experience at New York Life, will be managing director of client strategy and the head of the new unit, the company says.