The Evolving Relationship Between FinTech & Workplace Retirement Plans
Guest: George Castineiras
You ever go into a meeting thinking you are going to talk about one thing, but you pretty quickly realize that the person you are meeting with is going above and beyond your expectations? Well, that was my experience with this episode! My guest, George Castineiras brings a unique perspective to the 401(k) Fridays Podcast as he combines his background running the retirement practice for a large record keeper with his recent experience as an investor in multiple FinTech companies!
As I was sketching out this episode in my head, I figured we would talk about Robo Advice and how that is impacts both employers and employees in workplace retirement plans. That likely would have been interesting, timely and impactful, but as you will hear, George had bigger ideas! He took my robo advice premise and added in machine learning, artificial intelligence and other current and emerging technology trends employers should be aware of that will influence the workplace retirement plan market!
Widely recognized as an industry leader and innovator, Mr. Castineiras was Named “Top 100 Most Influential People in the Retirement Industry” and one of the “Top 25 Hispanic Executives” by respected industry publications, was Founder and CEO of 4 innovative companies and Chairman of the Board of Directors of 3 businesses affiliated with Prudential Financial, and holds 3 patents and 16 trademarks.
George is currently on a research sabbatical focused on the operating velocity and consequences of established, young, and nascent companies in banking, insurance, and retirement. Prior to his sabbatical he was the Managing Director of Gibraltar Ventures, the innovation lab and venture capital group of Prudential Financial, which is focused on exploring emerging business models, investing in ideas, and developing unique solutions for meeting unaddressed client needs. Under his guidance, Gibraltar made strategic investments in nine organizations and continually sourced deals and performed due diligence on new opportunities that meet the needs of Prudential’s customers.
Prior to his recent position, George, as Senior Vice President, was selected to architect and lead the turnaround of Prudential’s underperforming Total Retirement Solutions business unit with $180 billion of assets under administration and more than 6000 institutional clients nationwide. Providing strategy, tactical execution, and cross-functional leadership, he was successful in driving sales growth from $2.7 billion to $7.18 billion (2011 – 2014), reduced operating expenses by $45 million annually, raised profit margins above industry averages, improved client retention, and positioned the unit to achieve $10 billion in sales in 2015. Earlier successes with Prudential included the origination and building of the Stable Value Investment Only business from zero to $50 billion in 4 years post the 2008 market correction and leading an innovation team that launched the first defined contribution in-plan income solution, the most successful solution of its kind in the U.S., which positioned Prudential as a thought leader and innovator in the industry.
Prior to his outstanding 14-year career with Prudential Financial, he was Vice President and National Sales Director for Metropolitan Insurance, where he established leadership positions in three market segments and directed a national sales organization that consistently surpassed organizational revenue goals.
Mr. Castineiras is currently serving on the Board of Advisors of Pallantius, a start-up data-driven management consulting firm with talent from Harvard, MIT, and Stanford, and previously served as Chairman of the Boards of Directors of MullinTBG Insurance Agency Services LLC, MullinTBG Advisor Services LLC, and Global Portfolio Strategies, Inc. from 2011 through 2014.
He earned his MBA at the MIT Sloan School of Business and BA in Finance and Economics at Loyola Marymount University. Today, George resides in Farmington, Connecticut, with his wife of 21 years, Meg, and their three children.