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Rating:New York Life Taps a Sales Chief for the Wirehouse Channel Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 02, 2011

New York Life Taps a Sales Chief for the Wirehouse Channel

Reported by Armie Margaret Lee

New York Life's retirement income group has hired Smith Barney alum Michael Stern as managing director and national sales manager for the wirehouse channel. Stern reports to senior managing director Allyson McDonald.

Stern leads a team that calls on wirehouses and regional broker-dealers to pitch mutual funds, annuities and guaranteed income offerings. The press release issued by New York Life on Wednesday did not specify how many wholesalers are on the team.

Stern, who had spent 11 years at Smith Barney, most recently as national sales manager for investment products and annuities, is one of three new faces in New York Life's retirement income security group.

New York Life also tapped Jason Buck as West Coast divisional sales maanger for the wirehouse channel. He reports to Stern. Buck previously worked for ING's individual retirement unit.

The company brought on board Eileen Sebold as managing director and national relationship manager, reporting to senior managing director Ben Woloshin. Sebold was previously a strategic relationship manager with JPMorgan Asset Management.

Stern and Sebold's posts are newly created. Buck, for his part, is replacing someone, according to a company spokesperson.
Company Press Release

NEW YORK LIFE INSURANCE COMPANY ANNOUNCES NEW HIRES FOR RETIREMENT INCOME SECURITY

NEW YORK, N.Y., February 2, 2011 – New York Life Insurance Company announced today that Eileen Sebold has joined the company as the managing director and national relationship manager for the wirehouse channel in the Retirement Income Security (RIS) area, one of the company’s four major business areas. She reports to Senior Managing Director Ben Woloshin. In addition, Michael Stern has joined RIS as managing director and national sales manager for the wirehouse channel reporting to Senior Managing Director Allyson McDonald. Also, joining RIS is Jason Buck who will be the west coast divisional sales manager for the wirehouse channel reporting to Michael Stern.

In her new role, Ms. Sebold leads the relationship management team responsible for managing third-party distribution relationships with national wirehouses and regional independent broker-dealers. Prior to joining New York Life, Ms. Sebold served as strategic relationship manager for JP Morgan Asset Management. Before that she was with Alliance Bernstein where she was responsible for the group’s relationship management efforts across the bank, independent broker-dealer and wirehouse channels. Ms. Sebold holds a bachelor's degree from Loyola College and an MBA from Dowling College.

In his new role, Mr. Stern is responsible for leading a national team of wholesalers calling on wirehouses and regional broker-dealers. These wholesalers will sell an array of products to advisers — including annuities, mutual funds and guaranteed income products. Prior to joining New York Life, Mr. Stern had spent the last eleven years with Smith Barney (now Morgan Stanley Smith Barney), most recently as the national sales manager for investment products and annuities. He holds a bachelor's degree from Lynchburg College.

Mr. Buck is responsible for managing the team of wirehouse wholesalers covering the west coast region. Prior to joining New York Life, he was vice president and divisional sales manager at ING Individual Retirement. Mr. Buck began his career at McGuinness Companies/Endeavor Group where he served as regional vice president. He holds a bachelor's degree from California State University–Fullerton.

Executive Vice President Chris Blunt in charge of the Retirement Income Security business unit at New York Life said, "We are very excited to add these experienced and talented individuals to our team. The ability to recruit top talent allows us to continue to grow our business and provide the retirement solutions required by so many Americans today."

New York Life is a leader in providing retirement income security. RIS was formed in 2008 to serve the growing need among Americans for the accumulation of retirement assets and the conversion of those assets into lifetime income. The business area is comprised of investment annuities, guaranteed lifetime income products, and mutual funds.

About New York Life

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
 

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