DRESHER, PA — Ascensus, the Pennsylvania-based retirement plan administrator, has announced a significant restructuring of its retirement line of business. The company is dividing its operations into four distinct segments, each tailored to cater to the specific needs of its clients, advisors, and partners.
This move comes as Ascensus has seen a significant expansion in recent years. The company now partners with over 154,000 retirement plans across the industry, making it the top administrator in terms of the number of plans under its management.
The four new business segments are as follows:
- Core Retirement, led by Jason Crane, will focus on Ascensus-branded defined contribution offerings. Crane will also continue to oversee distribution for all of Retirement.
- Partner Solutions, spearheaded by Jay Candelmo, will serve Ascensus’ broad range of private-label partnerships with leading financial institutions.
- Small Business, for which a leader is yet to be appointed, will cover the company’s CoPilot, Individual(K), SEP, and SIMPLE plan products and solutions.
- Retirement Products & Solutions, continuing under the leadership of Steve Christenson, will provide customized solutions to banks, credit unions, and other entities.
Ascensus President Nick Good explained that the restructuring will enable the company to better meet the unique requirements of its diverse clientele. “Creating defined segments allows us to tailor our business even more effectively to the specific needs of those we serve,” said Good.
He also praised the newly appointed segment leaders. “Jason, Jay, and Steve are talented and proven leaders with strong partner relationships and deep industry experience,” said Good. He expressed confidence in their abilities and commitment to success, and expressed eagerness to welcome a new leader for the Small Business segment soon.
Despite the changes, Ascensus’ leadership in the retirement, 529 education savings, and state-facilitated retirement plan (SFRP) marketplaces remains steadfast. The firm administers 43 state 529 plans and manages 75% of SFRP assets. It is also a leading provider in the Nonqualified Retirement plan segment, and its FuturePlan by Ascensus is the nation’s largest independent retirement third-party administrator.
The restructuring aims to build on the firm’s successes and accelerate its growth strategy. Good highlighted key areas of focus, including enhancing the client experience through technology and innovation, expanding into new markets, and delivering comprehensive solutions to meet the evolving needs of clients.
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