Pasadena, Calif.-based Retirement Revolution, a recordkeeping and custodial service provider to third party administrators and plan sponsors, has named Frank Bruno as its new national sales director. Bruno will be in charge of managing the sales team for all of Retirement Revolution products.
“The expansion of our sales team further strengthens the existing staff to better cover the nationwide inquires for our services” stated Donna Ross, president of Retirement Revolution. Ross also told Money Management Executive that Ricky King, former director at Prudential Retirement, is also slated to start his new wholesaler gig with Retirement Revolution on March 1. She added that she is looking to bring on board two more wholesalers this year.
Previously, Bruno served as senior vice president of Union Bank of California, Institutional Retirement Plan Sales, which Ross headed before joining Vertical Management Systems, Inc., Retirement Revolution’s parent company, in January 2009 to serve as president of Retirement Revolution. Union Bank’s Retirement Plan Services division before the unit was sold to Pru in 2007 for $103 million, netting Pru 600 defined contribution retirement plans with around 175,000 participants, and around 60 defined benefit retirement plans, which together account for about $8 billion in total plan-sponsored assets. Pru also added Union Bank's Highmark mutual funds to its product offering as a result of the sale. The bank earlier this month sold off the rest of its retirement business to U.S. Bank for an undisclosed amount.
Retirement Revolution is currently in talks with a large insurance company to further expand its distribution capabilities in the DC space. Ross declined to comment on her firm’s expansion plans.
Vertical Management Systems, Inc., which services over $500 billion in trust and custodial assets for firms like Wells Fargo Bank, SEI Investments, Ascensus and The Standard.