One of the two appointees is also on the board of Pathstone, the US wealth management firm that has made acquisitions in recent years.

Definiti, a USA retirement services firm, has appointed former AssetMark chief executive Ronald Cordes and former US Senator Patrick Toomey to join its managers board. (Cordes is also a board member of Pathstone, the wealth management firm. See recent stories on that business here and here.)

Toomey and Cordes will serve alongside Definiti’s other managers, bringing nearly 75 years of regulatory affairs, retirement policy, and wealth management acumen to the board.

The appointments come after the recently announced investment in Definiti by Lovell Minnick Partners, which closed on March 16.

“Ron’s deep knowledge of the financial advisor ecosystem coupled with Pat’s extensive background in government service and financial services make them ideal additions to the Definiti Board,” Jason Barg, partner at LMP, said.  

Toomey represented Pennsylvania in the US Senate from 2011 to 2023, serving on the Senate Banking, Housing, and Urban Affairs; Budget; and Finance Committees, as well as the Joint Economic Committee and the Joint Select Committee on Deficit Reduction. Toomey was the Ranking Member of the Senate Banking Committee from 2021 to 2023 and previously chaired the Subcommittee on Financial Institutions and Consumer Protection. Before that, Toomey served in the US House of Representatives from 1999 to 2005, where he was a member of the House Financial Services and Budget Committees. 

Cordes co-founded and served as CEO and executive co-chairman of AssetMark, the US-managed account platform. He co-authored The Art of Investing published by McGraw Hill. Cordes is currently an Advisory Council Member to LMP, assisting in deal sourcing, evaluation and due diligence, and is co-founder of the Cordes Foundation with his wife. He serves on the boards of MicroVest Capital Management, ImpactAssets, Align Impact, Pathstone and the Social Impact Lab at Lynn University.