New York Life Aims for Your Executive Clients' Retirement Money
The company has hired Joe Grieco to make the non-qualified deferred comp market a focus.
New York Life wants to help more top executives save for retirement.
The company has hired Joe Grieco to head distribution for efforts to use corporate-owned life insurance to fund small non-qualified deferred compensation programs. He will market the program to registered investment advisors as well as through other channels.
Grieco previously has been an executive at Fidelity Investments, State Street, Aon and North Pier Fiduciary Management.
New York Life’s expression of interest in expanding COLI sales comes as OneAmerica Financial has added a non-qualified deferred compensation program.
Nationwide and some other large mutual life insurers have also been promoting efforts to serve that market more aggressively.
What it means: For clients, the news means that more could come to you with cash in executive retirement plans served by New York Life.
For advisors who serve retirement plans as well as individuals, the news may mean you will see an increase in activity from COLI providers.
The future: One question for the future is how COLI arrangements and non-qualified deferred compensation arrangements will fare in budget negotiations in Washington.
Election season turmoil may keep Congress from making any big changes in the near future.
Joe Grieco. Credit: New York Life