MassMutual has announced a key change in its organization as it elevates a regional veteran to lead its formidable advisor network.
Massachusetts Mutual Life Insurance Company has appointed Joe Mallee to lead its network of financial professionals, succeeding John Vaccaro, who plans to retire after nearly 20 years with the company. Mallee will report to Paul LaPiana, head of brand, product, and affiliated distribution.
With nearly 15 years as CEO of MassMutual Eastern Pennsylvania under his belt, Mallee brings experience in field leadership to his new role. He also previously held positions at Merrill Lynch, Guardian, and Penn Mutual, as well as a two-year director stint at Independence Financial Associates, according to his LinkedIn profile. As head of MassMutual Financial Advisors, he will focus on expanding the firm’s reach while increasing productivity and efficiency among its financial professionals.
“A proven leader in our network, Joe is well-positioned to build on John’s legacy and continue to attract top financial experts to help meet their clients’ protection and wealth management needs,” LaPiana said in a statement Thursday.
MassMutual Financial Advisors is a nationwide network of professionals affiliated with MassMutual. The group provides a range of services, including financial planning, wealth management, retirement planning, and insurance solutions. Its advisors also assist clients with estate planning strategies, tax-efficient wealth transfers, and business solutions such as key employee benefits and succession planning.
Over the course of Vaccaro’s tenure, MassMutual reached over $1 trillion in life insurance protection in force. The company’s wealth management business, under its broker-dealer and RIA subsidiary MML Investors Services, grew client assets to $274 billion.
It's through MML Investors Services that MassMutual has slowly but surely been making a foray into offering alternative investments, inking a partnership with alts platform providers iCapital in May last year and another one with SUBSCRIBE in August.
MassMutual’s network now includes more than 6,500 financial professionals.
“John helped to build a distribution powerhouse during his tenure with MassMutual, attracting and retaining an enviable network of top-tier financial professionals and reaching millions of people to help them secure their future and protect the ones they love,” LaPiana said.
Apart from numerous roles in which he's helped lead various nonprofits, Mallee has also been involved in industry leadership roles, serving as a political ambassador for Finseca and as past president of the Lehigh Valley chapter of NAIFA.
“Joe’s dedication to giving back extends not only to his community but also to shaping the future of the financial services industry and profession,” LaPiana added. “I look forward to the valuable contributions he will make to MassMutual, our network of financial professionals, and the clients they serve.”
It's unclear at this point when Mallee's promotion will take effect, or whether he's already taken the baton from Vaccaro. What's clear is that it coincides with a similar development at Prudential Life, which on Wednesday revealed the next president of its own retail and advice division as part of a broader slew of executive changes.
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