Strategic Advisor to Financial Industry Add Services, Staff
EMERYVILLE, CA. October 8, 2003 -- McHenry Consulting Group today announced a range of strategic initiatives designed to enhance and expand its offerings to the financial services industry.
Going forward, The McHenry Group (www.mchenrygroup.com) will operate as a diversified service firm, providing risk management and business development support to the investment based benefits marketplace. Clients include service providers, institutions, advisors and technology firms, as well as employers and employer groups.
McHenry was founded by Ward Harris in April, 1998 following his early retirement from Charles Schwab & Co. During the last five years, it has served a number of the retirement industry's leading firms, including Schwab, Milliman, USA, Union Bank of California and many others. Services have been focused upon strategic assessment, due diligence, research and marketing strategy.
"We realized that it was time to harvest some of the substantial brand equity that McHenry has created, by extending our range of services beyond traditional marketing-centered support," said Harris. "Demand for our services has increased dramatically over the last several years, as clients struggle with business management decisions and risk management practices."
To date, management of the firm has resided with Harris and Ken Nelson, formerly of MetLife, AIG and several other New York-based financial institutions.
The McHenry management team has been expanded with the addition of two new members; Cindy Hargadon and Peter Sorensen. Enhanced services in addition to advisory services in product menu offerings will include strategic technical decision support for the question of 'Should I build, buy or borrow retirement service capacity?' as well as support for mutual fund directors' annual compliance review under SEC 15(c).
Ms. Hargadon is also Chief Investment Officer of an affiliated firm, Normandie Institutional Advisors, LLC and serves on the boards of several mutual fund families. In her new role, she will provide consulting support to retirement services providers, in the assessment, selection and monitoring of platform investment menus. "In today's environment, a significant risk to bundled service providers is not having a documented and objective method of selecting funds for their offerings," she stated.
"Revenue sharing, conflicts of interest and the appearance of fairness are all high on critical issue lists of 401k provider firms in the industry," Ms. Hargadon continued. She was formerly Chief Investment Officer of both ICMA Retirement Corporation and The National Auto Dealers Association Retirement Trust; as well President of The Stable Value Investment Association, all based in Washington, DC where she has established an office of McHenry.
Sorensen comes to McHenry from DC Global Networks where he was instrumental in forming and funding that early stage company focused on developing enterprise software for financial institutions' retirement savings clients. Previously, he was Director of Client Services for Financial Engines and a member of the management team for the MasterWorks DC platform during ownership of that unit by Wells Fargo, Barclays Global Investors and Merrill Lynch. He was also a consultant with Watson Wyatt Worldwide and Buck. He will be based in McHenry's Emeryville office.
Both will share the title of Managing Director with Harris and Nelson, who will continue to work from McHenry's Emeryville and New York offices, respectively.
About The McHenry Group
The McHenry Group is a diversified service firm, providing risk management and business development support to the investment based benefits marketplace. Clients include service providers, institutions, advisors and technology firms, as well as employers and employer groups. McHenry maintains offices in Emeryville, CA; Washington, NY and Irvington, NY and additional information may be found at www.mchenrygroup.com.
