Jessica Espinoza, national practice leader of Retirement Advisory and Stephen Jans, national practice leader of Wealth Management at NFP.
The top-level changes come in the wake of the Aon-owned firm’s divestment of Wealthspire and other affiliated wealth businesses to PE firm Madison Dearborn Partners.
NFP has appointed Jessica Espinoza and Stephen Jans as national practice leaders for its retirement advisory and wealth management businesses, respectively, as the firm refocuses on the middle market following a major divestment by its parent insurer Aon.
Espinoza, based in Bethesda, Maryland, will oversee NFP’s retirement advisory business, while Jans, based in Minneapolis, will lead the wealth management practice. Both will report to Ed O’Malley, executive vice president and head of insurance brokerage and consulting at NFP.
The appointments come just days after Aon completed the sale of several NFP wealth and retirement businesses – including Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth – to Madison Dearborn Partners, a deal valued at around $2.7 billion when it was first announced in September,
O’Malley said that NFP is “deeply committed” to its retirement and wealth businesses and will “continue to serve clients with the same level of expertise and care they’ve come to expect.
“While some components of our business are evolving, retirement and wealth remain integral to our strategy and service model,” he said on Monday.
Espinoza, who joined NFP in 2006, has nearly 20 years of experience advising retirement plan sponsors in the middle market. Her new role expands her oversight from the Atlantic region to a national focus.
“I’m honored to lead our retirement business and build on NFP’s legacy of delivering exceptional value to plan sponsors and participants,” Espinoza said, emphasizing the firm’s commitment to “comprehensive, end-to-end retirement solutions that support participant financial wellness and long-term security.”
Jans, who began his career as a financial advisor and joined NFP in 2007, brings more than three decades of experience in wealth management. He said he is “thrilled to begin this new chapter leading our wealth management practice,” and that NFP will “continue to deliver personalized, high-impact wealth guidance to individuals, families and institutions across the country.”
Aon’s sale of Wealthspire Advisors and related businesses to Madison Dearborn Partners marks another twist in its knotted history with MDP, which previously acquired NFP in 2013 before selling it back to the London-headquartered insurer in late 2023.
The newly independent Wealthspire now oversees more than $580 billion in assets – including $80 billion in AUM and $500 billion in retirement plans, according to Barron’s – and is led by CEO Michael LaMena and president Carl Nelson.
For LaMena, the reincarnation of the Wealthspire brand under MDP marks an opportunity to reintroduce its capabilities to the market at large.
“I think rather than our story being lost in that arc of insurance brokerage, now we have the ability to highlight to the industry and our clients the full breadth of capabilities that we possess in the individual and institutional space,” he said in an interview with InvestmentNews.
