Puritan Financial announced it has appointed six-year company veteran Sandy McDonald as president of the brokerage and advisory affiliates. Puritan Financial, based in Addison, Texas, specializes in retirement, health care and education planning.
McDonald will lead Puritan Brokerage Services and Puritan Investment Advisors.
Puritan Financial chief executive officer Matt McIntyre said McDonald had been in her previous role of chief compliance officer long enough to have “earned the position and responsibilities of being the president of these two divisions.”
McDonald, who joined the company in 2008, holds two master’s degrees. She will continue to serve as chief compliance officer, the company said.
“The most satisfying part of my job is educating the clients, and knowing that they are aware of their options,” McDonald said in a news release. “That is what I would want for my own parents.”
Puritan brokers and investment advisors sell mainly into the senior market, to people who are preparing for retirement or to those who are already retired.
Products sold though advisors include single premium life insurance, life insurance for seniors, fixed and indexed annuities, Medicare supplements, college savings plans, brokerage products and dental plans through 14 locations around the country.
With huge numbers of baby boomers entering retirement, the market for retirement services is only getting bigger. Demand for asset protection and income is rising.
Medicare supplements, also known as Medigap, consist of private health insurance plans sold to the Medicare-eligible population to supplement their government-sponsored Medicare health insurance, which leaves some coverage areas bare.
Baby boomers stand to inherit wealth from the World War II generation, and boomers will also pass on their accumulated wealth to their children. Estate planning, therefore, is an important part of serving the senior market.
“Our clientele is unique, in that we deal mostly with the senior market,” McDonald said. “They count on us to take care of them and the assets they have worked a lifetime to accumulate. We really get to know them and their needs before making recommendations.”
Puritan Financial Companies comprises Puritan Financial Group, Puritan Life Insurance, Puritan Brokerage Services and Puritan Investment Advisors.
Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].