With a team of more than 341 advisors, managers and support staff, the new agency will be led by Robert Fakhimi and Greg Cohn
MassMutual Pacific and MassMutual Northern California, two independent agencies of Massachusetts Mutual Life Insurance (MassMutual), have agreed to merge their operations.
The new company, MassMutual Northern California, will have a team of more than 341 advisors, managers and support staff. It will be led by Robert Fakhimi and Greg Cohn, as general managers.
MassMutual field management head Joe Sparacio said: “Bob and Greg are visionary leaders who each bring unique experiences and leadership to the financial services industry at large.
“Building on their excellent reputations and history, I am confident that MassMutual Northern California is well-positioned to maximise the tremendous opportunities for residents and businesses across the markets they serve.
“The resources available in the larger firm will provide a tremendous opportunity to invest in progressive strategies to serve the evolving needs of customers.”
MassMutual Northern California to be based in Walnut Creek, California.
The new company will be headquartered in Walnut Creek, California.
Fakhimi has been MassMutual Northern California’s CEO since 2001. Over the years, Fakhimi demonstrated his ability to recognise and recruit talented people in the agency.
For several years, Cohn has been MassMutual Northern California’s general agent, alongside Bob Fakhimi. He had been in the financial services field since 1996.
Since starting his career in 2001 in MassMutual, Cohn had been working with individuals and business owners, serving them in areas of wealth maximisation & preservation, investment & retirement strategies and insurance protection.
Cohn also focused on building the agency through recruiting, developing and coaching his advisors to success.
A few days ago, Great-West Lifeco’s subsidiary Empower Retirement had agreed to acquire the retirement services business of Massachusetts Mutual Life Insurance for $3.35bn.
The price includes a reinsurance ceding commission of $2.35bn and $1bn of capital needed to support the acquired business.