Massmutual and Rsm Mcgladrey Team for insurance alliance: Accounting, tax and business consulting firm RSM McGladrey and global financial services conglomerate MassMutual, have partnered in an alliance that would provide life insurance solutions to RSM McGladrey clients. Under the terms of the agreement, a network of independent insurance professionals will work with RSM McGladrey wealth management planning teams to provide insurance services via MassMutual’s portfolio of products.
In a statement, McGladrey president and chief executive Tom Rotherham said, "Because we understand our clients, their companies and their financial structure, we are uniquely qualified to provide comprehensive financial planning assistance, including life insurance planning. This alliance adds another dimension to RSM McGladrey’s strategy to be the premier provider of financial services to its midsized business clients."
Money tree releases updated 2002 versions: Money Tree Software, a provider of financial planning solutions, has released updated software with new reports, features and tax rule changes. Also released was a conversion utility to import M-Plan data into the Money Tree Suite.
Money Tree Suite programs include Easy Money, Golden Years, Retirement Solutions and Money Tools. Enhancements include new stock option projections for ISO or NQSO transactions, updated Required Minimum Distribution life expectancy tables, updated Social Security calculations and much more. Silver Financial Planner has new cash flow projections, plus expanded estate planning.
Shipping with the updated products is a conversion utility allowing M-Plan users to transfer existing client and asset information to the Money Tree Suite. This simple utility gives users of the recently discontinued M-Plan software an easy transition to the Money Tree Suite.
The Money Tree Suite is a set of advanced planning tools integrated with a database system for client, asset and practice management. For additional information on Money Tree Software products, or for updated software demos visit www.moneytree.com.
Principal Financial Group announces 10 best companies for employee financial security: The Principal Financial Group, one of the leading providers of retirement solutions including 401(k) plans, has selected 10 United Statesbased companies from more than 1,000 nominations as The Principal 10 Best Companies for Employee Financial Security.
The program honors growing businesses (5 to 1000 employees) that excel in contributing to securing the financial futures of their employees, primarily by providing quality employee benefit offerings.
The Principal 10 Best Companies are Advanced Financial Solutions Inc. (AFS), Oklahoma City, Okla.; Applied Technology and Management Inc. (ATM), Gainesville, Fla.; Calence Inc., Tempe, Ariz.; ECS Inc., Davenport, Iowa; FGM Inc., Dulles, Va.; MARC USA Inc., Pittsburgh; Metropolitan Mortgage & Securities Co. Inc., Spokane, Wash.; Nordic Construction Ltd., Waipahu, Hawaii; PRE Holding Inc., Midlothian, Va.; and Tiller Corp., Maple Grove, Minn.
"As employees continue to feel unsettled by a shaky economy, The Principal 10 Best Companies stand out by demonstrating an unwavering commitment to enhancing the financial security of their people. These winning companies know that by helping secure the financial futures of their employees, they can also ensure a more productive and profitable workforce," said Carey Jury, vice president of the Principal Financial Group.
CFO pay up just 2 percent last year: In contrast to steep pay growth in recent years, average total remuneration for chief financial officers at leading U.S. companies grew only slightly in 2001, rising by just 2 percent, according to a study conducted by executive compensation consultants Pearl Meyer & Partners.
Average long-term incentive was the only pay component for CFOs to see double-digit growth, up by 12 percent to $522,000, followed by an 8 percent rise in salary to $535,000. Annual incentive declined by 5 percent to $444,000, while the imputed value of stock options fell by 2 percent, to $1.4 million. Stock options continue to dominate CFOs’ pay packages, accounting for about half of average total remuneration, with the remainder of pay comprised about equally of salary, annual incentive and long-term incentive.
The total compensation survey is conducted by Pearl Meyer & Partners each year in the third quarter, reflecting the responses of 50 service and industrial companies with average revenues of $27 billion.
Pearl Meyer & Partners, a Clark/Bardes consulting practice, is one of the leading consulting firms dedicated to executive and board compensation strategy and programs.
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