Marcks Discusses Pru Retirement Changes

October 19, 2011 (PLANSPONSOR.com) - The realignment of the company’s business into three business lines is an “evolution of the previous structure,” said Christine Marcks, president of Prudential Retirement. 

Previously, Prudential Retirement’s business had been organized by function, but the reorganization into integrates products and services to better align with the goals of the company, she said (see “Prudential Retirement Reorganizes“).

Deciding to put the Strategic Relationships unit reporting directly to her was a recognition that the company works with many types of intermediaries and their importance to Prudential Retirement’s business. Intermediaries include advisers, actuarial consultants, investment banks, and recordkeepers with which Prudential has an investment-only relationship, she noted. “I will have that insight to intermediaries at the table with Harry,” Marcks said, referring to Harry Dalessio, who previously reported to George Castineiras, head of .    

As part of the reorganization, MullinTBG, the nonqualified plan provider within Prudential Retirement (see Prudential Retirement, MullinTBG Meld Platforms ), has now been brought into the Total Retirement Solutions unit now led by George Castineiras. Previously, this group reported directly to Marcks.

Bringing together the previously separate units of client relationships and business development and plan operations together into a single Total Retirement Solutions unit allows the company to build on its total retirement offerings, including its consulting capabilities, plan administration and recordkeeping functions, and its participant and plan sponsor communication. Also contained within this unit are the day-to-day relationships with intermediaries, though the planning of those relationships falls under Strategic Relationships.