Mutual of Omaha has entered into a definitive agreement to acquire the assets and personnel of Retirement Marketing Services (RMS), a Dublin, Ohio-based independent wholesaler specializing in marketing retirement products in the 401(k), 403(b), 457 and individual rollover markets, the companies announced.
The transaction is expected to be complete within 30 days. The terms of the transaction were not disclosed.
Upon completion of the transaction, RMS will begin doing business as Retirement Marketing Solutions, Inc., a wholly owned Mutual of Omaha subsidiary.
Over the past two years, RMS became the primary distribution for Mutual of Omaha’s retirement plans, and Mutual of Omaha plans made up more than 60 percent of the firm’s new business, according to Bud Wright, Mutual Senior Vice President-Retirement Plans.
“Taking our successful relationship with RMS to the next level has advantages for both organizations,” Wright said. “Mutual of Omaha will have access to a superior sales force with a proven track record in the retirement plans marketplace, while RMS becomes part of a larger organization with the resources necessary to grow its business model.”
Chuck Lombardo, RMS president and founder, will continue to lead the organization and no personnel changes are anticipated. It will remain in Dublin, Ohio.
Founded in 2001, RMS has more than 50 wholesalers located across the United States. Annual sales exceed $500 million. Services include actuarial consulting, product design, marketing, information systems and technology, and internal sales support. RMS represents 401(k) and related retirement products from Mutual of Omaha and other national insurance companies.
Mutual of Omaha is a full-service, multi-line organization providing insurance and financial products for individuals, businesses and groups throughout the United States. For more information about Mutual of Omaha, visit www.mutualofomaha.com.