Eyeing Fiduciary Rule Needs, Protective Names Senior Execs to Sales Supervision, Compliance Roles
May 23, 2016 by Dennis Gorski
BIRMINGHAM, Ala. – Protective Life Corp. has brought aboard two senior executives for its independent broker/dealer unit to supervise sales and compliance according to the new federal fiduciary standards.
ProEquities Inc., a wholly owned subsidiary of Protective Life, has named Blaine Miller as chief supervision officer and Steve Youhn as chief compliance officer, a company statement said. They will be responsible for leading all facets of ProEquities’ sales supervision and compliance functions, Protective said.
Their hiring “further demonstrates our commitment to the firm’s sales supervision and compliance program in a rapidly evolving industry,” said Chris Flint, president and chief executive officer of ProEquities, in the statement. “It is particularly opportune as the firm moves toward full compliance with the Department of Labor’s new rules relating to the activities of fiduciaries with respect to retirement plans and IRAs.”
Miller and Youhn will both report to Flint, according to the statement.
Miller joins ProEquities with 15 years of experience in operations and compliance. He most recently served as manager of retail surveillance and examinations and as senior compliance officer for the independent and captive agencies at Sterne Agee & Leach, a division of Stifel. He has also worked for MetLife, Axa and Colonial Bank, according to the statement.
Youhn joins ProEquities with more than 20 years of experience, most recently with Vanguard Group in Malvern, Pennsylvania. Before that, he was chief compliance officer for Lincoln Financial Advisors Corp., Lincoln Financial Securities Corp. and M Financial Group. Youhn started his legal career with the Securities & Commission in Washington, D.C., before moving to the Chicago Board Options Exchange, the statement said.
ProEquities supports more than 1,100 independent advisers nationwide as registered representatives, investment adviser representatives and registered investment advisers. Protective Life produces, distributes and administers insurance and investment products nationwide. Its products include individual life, credit life and disability insurance, guaranteed investment contracts, guaranteed funding agreements and fixed and variable annuities, according to BestLink.
Protective Life is the U.S.-based life and annuity platform for Tokyo-based Dai-ichi Life Insurance Co. Dai-ichi acquired Protective in 2015 (Best’s News Service, Feb. 2, 2015).
Protective Life Insurance Co. and Dai-ichi Life Insurance Co. both currently have a Best’s Financial Strength Rating of A+ (Superior).
(By Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com)
