Laurie Nordquist, a co-director of Wells Fargo Institutional Retirement and Trust (IRT), will become head of the firm’s Personal and Small Business Insurance division, effective December 16. Joe Ready, executive vice president and director of Wells Fargo IRT, will become the sole director of the firm’s institutional retirement business and continue to report to John Papadopulos, head of Wells Fargo Retirement.
In a comment to PLANSPONSOR, Ready said: “Laurie’s partnership and contributions to the foundation of our institutional retirement business have been critical to our success and the position of our business going forward, and now Wells Fargo Insurance will benefit from her many strengths and talents as a leader.”
He added: “The breadth of what Wells Fargo has to offer its customers, along with the ability to help meet the retirement needs of millions of Americans, makes a great business opportunity that I’m excited to be part of. I come to work every day thinking about ways to help companies prepare their employees for retirement, and I look forward to continuing that work in the years to come.”
Ready has responsibility for products and services for more than 5,200 retirement plans and custody accounts with 3.8 million employees, supported by more than 2,200 team members. His leadership focuses on client services and relationship management, operations, technology, strategic business solutions, risk and compliance, and total retirement outsourcing (TRO).
With his newly expanded role as the sole leader of Wells Fargo’s institutional retirement business, he will also be responsible for sales, investments, product strategy, participant services and benefits consulting.
Ready has more than 25 years of leadership experience in relationship management, sales, investments, trust administration, operations and systems. He has served in a variety of leadership roles in the institutional and investment areas including the mutual funds business, pension and employee benefits and institutional custody division.
He earned a bachelor’s degree from Franklin and Marshall College and is currently vice president and board member of the Society of Professional Asset-Managers and Recordkeepers (SPARK). He also serves on the board of directors for the LIMRA LOMA Secure Retirement Institute (SRI).