After launching an initiative to revamp its wealth management business in April, Hartford Financial Services Group said John C. Walters, current president of wealth management, will leave Hartford at the end of July to "pursue other opportunities."
The Hartford, Conn., company said David N. Levenson will replace Walters. The move was announced Wednesday.
Hartford is attempting to expand its wealth management group to improve cross-selling and assets under management.
It is changing its dual-silo structure so that Hartford acts as one company with three consumer divisions: commercial markets, consumer markets and wealth management.
Analysts have said it would be an enormous challenge for Hartford to compete with Vanguard Group, Fidelity Investments and Charles Schwab Corp.
That's because in certain areas, Hartford's distribution relies heavily on these firms, and they may be less apt to distribute Hartford's products if they are competing directly with them.
Walters, who has worked for Hartford since 2000, was promoted to the helm of the wealth management business in April.
Levenson joined Hartford 15 years ago from Fidelity Investments and has worked in nearly every aspect of the company's wealth management business.
In 2005, he joined Hartford Investment Management Co. as managing director in charge of sales and marketing.
