American Advisors Group (AAG) announced on Wednesday the hiring of Joseph “Joe” Stephenson, a former Morgan Stanley, Bank of America and Wells Fargo executive, as its new senior vice president of operations.
Among his duties will be the oversight of all operational facets for AAG’s sales channels, including the national field sales division, retail call center and wholesale division. He will report jointly to Paul Fiore, AAG chief retail sales and operations officer and Jesse Allen, AAG EVP of alternative distribution.
“AAG presented an opportunity that fit perfectly in my career,” Stephenson said in an emailed statement to RMD announcing his hire. “The company’s accolades go beyond traditional business categories. AAG’s culture and commitment to improving the lives of seniors give it distinction in the financial industry. I’m excited to get started and help grow this company to its maximum potential.”
Stephenson’s 20 years of industry experience includes serving most recently as head of mortgage operations at Morgan Stanley. In the statement announcing his hire, AAG said that Stephenson’s background in retirement solutions for seniors was “exceptional,” which includes serving as COO for Bank of America’s reverse mortgage business.
The largest Home Equity Conversion Mortgage lender by volume, AAG endorsed 11,488 loans during the 12 months ended November 2018, according to the most recent data from Reverse Market Insight. For comparison, second-place firm Finance of America Reverse logged 4,221 in that same period.
Written by Chris Clow