DC record keeper consolidation is heating up affecting almost every RPA who now must decide which providers will prevail in a highly competitive market.
Here from Ascensus CEO David Musto about their pending acquisition of the Newport Group and what it means for their clients as well as plans for the future of the combined companies.
In this episode, Fred Barstein, contributing editor for RPA Edge, is joined by David Musto, CEO of Ascensus. David shares his experience within the company, discussing why Ascensus decided to acquire Newport and how they can compete with the Fab Five.
David and Fred discuss:
- The rationale behind the acquisition of Newport by Ascensus
- Integration plans and the impact on clients
- Will record keeper consolidation continue and what will the profile of the winning organizations look like
- Why financial advisors struggle to change platforms
- What does the future horizon look like for Ascensus?
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As President and CEO of Ascensus, David is responsible for leading execution of the firm’s overall corporate strategy as well as overseeing all facets of its Retirement, FuturePlan, Government Savings, and Health & Benefits lines of business. He has more than 30 years of experience in the retirement, investment, and insurance industries. Prior to joining Ascensus, David was president of Great-West Investments. He earned a master’s degree in finance and international business from NYU, Stern School of Business, and a bachelor’s degree in finance from The College of William and Mary.