MassMutual retirement plan sales up 25 percent in February
By Paula Aven Gladych
The Retirement Services Division of Massachusetts Mutual Life Insurance is having a great 2013, following the acquisition of The Hartford’s retirement plans business.
Through February, MassMutual’s retirement plan sales results are ahead of plan by 25 percent.
While 71 percent of the overall sales pipeline is with large broker-dealer firms, independent firms are gaining share quickly.
"We are seeing excellent activity across the full spectrum of plan sizes, territories and markets," said Hugh O'Toole, senior vice president and head of sales and client management for MassMutual's Retirement Services Division. "It's clear that confidence in MassMutual is high, stemming from our reputation for delivering world-class service and the company's financial stability. We are committed to helping the members of our combined sales force, as well as their advisors and TPAs, to hit the ground running. The results and the feedback are extremely positive.”
MassMutual's proposal activity in the emerging markets (less than $5 million in assets under management) is its strongest ever, with 80 percent of new plans coming through third-party administrators. Month-over-month proposal activity in February increased over January, with March off to an even better start.
According to Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman, president and CEO of MassMutual International, MassMutual's momentum is also reinforced by strong advisor, TPA and sponsor satisfaction levels and a desire among all constituents for a provider with a long-term commitment to the retirement plan market.
"In 2012, MassMutual's Retirement Services Division achieved record results on virtually every metric. I am delighted to say that 2013 is shaping up to be another great year for MassMutual and all of our new employees and customers," she said.
Originally published on BenefitsPro.com