Hartford consolidates distribution units for retirement plans, individuals

The Hartford Financial Services Group Inc. yesterday formed Hartford Life Distributors, an entity that consolidates its distribution forces for 401(k) plans and individual products.
The unit combines the internal and external sales units, as well as the sales support teams for the insurer’s mutual funds, annuities, 401(k) plans and Section 529 programs.
In the 12-month period ended June 30, the four businesses raked in $25 billion in deposits. Its field sales force comprises 240 people.
The move is an attempt to combine distribution and marketing sources at the insurer, said Tim Benedict, spokesman for The Hartford.
Despite the consolidation, the company said, its advisers will have the same level of product support that they had earlier.
The insurer also named executive vice president Kevin Connor to lead the newly established unit, where he will oversee business developing, marketing and sales support.
Once a managing partner at The Hartford’s Planco unit, he most recently led marketing and business development for the insurer’s investment and retirement products.