Lincoln Financial Group has realigned its employer markets and individual markets divisions into two new divisions: retirement solutions and insurance solutions.
The company believes that the new structure is more closely aligned with consumer needs and will lead to more coordinated product development and greater effectiveness across the enterprise.
Retirement solutions, headed by Westley Thompson, includes the defined contribution and individual annuity businesses. The new division’s focus on asset accumulation and income distribution closely follows customers through their cycle of investing, from their first employer-based retirement plan through their last income check from a rollover or annuity.
Insurance Solutions, headed by Mark Konen, includes individual life, group protection, and executive benefits. According to the company, placing these mortality- and morbidity-driven businesses into one division ensures a more holistic view of the customer’s wealth protection and wealth transfer needs throughout life.
As a result of the new structure, responsibility for defined contribution and executive benefit intermediary plan sales and relationship management will be transferred to the company’s wholesale distribution organization, Lincoln Financial Distributors.
Dennis Glass, president and CEO of Lincoln Financial Group, said: Long-term external trends and the evolving needs of consumers support a more focused approach to designing and delivering retirement and insurance solutions. This new structure will facilitate execution and accelerate achieving the objectives of our strategy.