Scudder Kemper Retirement Services is currently in the process of consolidating its sales force to sell 401(k) products through both the direct and brokerage distribution channels.
Michael Refojo, national sales director with Scudder Kemper, said that the sales forces that distribute the Kemper
KemStar product, which was sold to middle market 401(k) plans through broker channels only, will be consolidated into one sales and marketing force which will now sell a product which has been renamed
COMPASS: The Mid-Market Solution.
"The trend in the marketplace over the last year and a half is that distribution channels are collapsing and there is no real need to maintain separate distinct sales forces that only handle one or the other distribution arms," Refojo said. There are currently 15 field sales people who sell the direct product and will now be trained and supported to sell to both the direct and indirect market.
"We can leverage our expertise and extend it to the broker community," Refojo added. The communication to the brokerage community is being handled by
John Blaze, vice president and director of broker relations, who reports to Refojo.
Another interesting aspect of the product realignment, that could improve and increase sales within the brokerage distribution channel, is the addition of a finders fee for consultants and/or brokers. Refojo said that prior to the consolidation, the KemStar product was not offering a finders fee to brokers. "The message to brokers is that the KemStar product is not going away, but is being enhanced," Refojo stressed.
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