John Simmers, one of the most widely respected executives in the independent-contractor brokerage business, is stepping down from the ING Advisors Network.
Mr. Simmers, chairman and CEO of the network, told advisers about his decision to retire on a conference call yesterday afternoon.
His successor has not yet been named, said Dana Ripley, a spokesman for ING Americas who is based in Atlanta.
Mr. Simmers has been in charge of the network since 2001.
He said he was well aware of the persistent rumors and speculation around parent company Amsterdam, Netherlands -based ING Groep NV’s commitment to the retail brokerage business in the United States.
Retirement was an opportunity “to transfer the reins” when the firms were doing well, said Mr. Simmers, adding that there is strength in the network’s earnings, capital and recruiting pipeline.
Still, he didn’t pretend to predict the future.
“I don’t know what ING is going to do,” Mr. Simmers said, stressing that his decision to retire was “about me, not anyone else,” and noting that ING's global team is reviewing its strategy.
Mark Marr, currently executive vice president and chief administrative officer of ING Advisors Network, has been named interim CEO.
Mr. Simmers plans to continue working in the industry, and expressed interest in lobbying lawmakers and policymakers in Washington, particularly as the financial services industry appears on the brink of a vast regulation overhaul.
The ING Advisors Network is the largest insurance company-owned grouping of independent broker-dealers in the industry.
It consists of Financial Network Investment Corp. of El Segundo, Calif.; ING Financial Partners Inc. of Des Moines, Iowa; Multi-Financial Securities Corp. of Denver and Primevest Financial Services Inc. of St. Cloud, Minn..
The network has more than 7,000 reps and advisers affiliated to those firms.
Mr. Simmers, 58, has more than 30 years of experience in the retail and independent brokerage business.
He has had many roles as an advocate in the industry, and is past chairman of the Financial Services Institute of Atlanta, a leading trade organization for independent firms and their advisers.
Mr. Simmers will remain in an advisory role with the broker-dealer network in order to ensure a smooth transition to his successor, the company said this morning in a statement.
He will also complete his term on the
Financial Industry Regulatory Authority Inc. of New York and Washington’s Board of Governors.
