Manda Ghaferi – AuguStar Retirement

Manda Ghaferi did not step into her role as general counsel for AuguStar Retirement with the intention of simply maintaining the status quo. She joined a leadership team determined to reinvent a century-old company and position it for a rapidly evolving financial landscape. In an industry often characterized by tradition and caution, Ghaferi and her colleagues are leaning into innovation, technology, and a startup mindset to reshape how retirement products are built and delivered.

Manda Ghaferi | AuguStar Retirement | General Counsel

Based in Cincinnati, AuguStar Retirement brings more than a century of experience helping individuals plan for their financial futures through life insurance and annuity products. In 2022, the business was acquired by Constellation, backed by two Canadian pension funds, and later relaunched as AuguStar Retirement, its retail retirement platform.

Today, the company operates as a multi-channel, multi-product organization, guided by a new leadership team and a bold, reimagined vision for the future. Internally, leaders often describe the organization in a way that captures both its history and its ambition.

“We call ourselves a 100-year-old startup,” Ghaferi says.

Reinventing a legacy

That phrase reflects a mindset central to AuguStar’s strategy. While many insurance companies still rely on decades-old systems and conservative operating models, AuguStar is pushing toward automation, digital tools, and faster product development cycles.

For Ghaferi, the opportunity to help guide that transformation made the role compelling. Her legal team is not positioned as a gatekeeper but as a strategic partner in building the company’s future.

“In a risk management environment, legal and compliance are often labeled as the office of ‘no’,” Ghaferi says. “Our approach is to figure out how we can meet the business need while still protecting the company.”

The leadership team’s vision centers on using modern tools and technologies to accelerate innovation while maintaining strong governance and compliance. Automation and artificial intelligence are beginning to play a role in areas like contract drafting and internal workflows, helping a lean organization move faster.

“If you’re not using AI and the latest technology, you’re rapidly falling behind,” Ghaferi says.

That philosophy matters for a mid-sized company competing against both massive global insurers and smaller niche players. By strategically investing in automation and digital capabilities, AuguStar aims to accelerate time-to-market while maintaining disciplined cost management.

Modernizing the consumer experience

One of the most significant initiatives under Ghaferi’s leadership has been modernizing the company’s disclosure framework. Retirement and annuity products can be complex and helping consumers clearly understand what they are purchasing is both a regulatory requirement and a trust-building exercise.

The effort involves overhauling disclosure documents, language, and presentation. Instead of dense legal text that customers struggle to interpret, the goal is to deliver information that is clearer and easier to navigate.

The project also aligns with AuguStar’s growth strategy. The company is reentering segments of the market it had previously exited and expanding distribution channels that were historically underdeveloped.

Ghaferi’s experience makes her well-suited to support that effort. Much of her career has been spent in the annuity business, navigating the legal frameworks governing the manufacturing and distribution of financial products. That background allows her to contribute not only as a legal advisor but also as a strategic voice as new offerings are developed.

“It’s a combination of the foundational work I have done throughout my career and the opportunity to apply that knowledge in building something new,” she says.

Building a small but mighty team

Another defining aspect of Ghaferi’s role is leading an efficient legal and compliance department. AuguStar intentionally maintains a relatively small workforce compared to many industry peers, requiring teams to collaborate closely and operate with focus.

The result is what Ghaferi describes as a small but mighty team that supports multiple business units across the organization.

For Ghaferi, mentorship is one of the most meaningful parts of her career.

“Growing and developing legal talent has been the most treasured experience of my professional life. Every person I’ve mentored across my career remains a part of my work family,” Ghaferi says.

She encourages new lawyers and legal/compliance professionals to stretch beyond their comfort zones and be open to how their careers might evolve, especially with the help of a mentor.

“The best sign of growth for a developing employee is to get comfortable with the discomfort of change and uncertainty, and to never stop learning,” Ghaferi says.

AuguStar’s distributed workforce adds another dimension to leadership. Employees are spread across the country rather than concentrated in a single headquarters.

To maintain strong collaboration, Ghaferi emphasizes intentional communication and frequent video meetings to keep teams connected despite distance.

“It’s all about the people for me. It’s the single biggest factor to workplace satisfaction,” she says.

A personal perspective

Ghaferi’s path to her current role reflects both resilience and reinvention. She spent nearly 22 years at AIG, where she built deep expertise in the retail annuity business.

For much of that time, she assumed she would spend her entire career there. A series of professional changes eventually forced her to reconsider that assumption.

“Change can be uncomfortable, but sometimes it’s exactly what you need,” Ghaferi says.

Before joining AuguStar in 2024, she served as general counsel and secretary for Everly, a tech insurance start-up, for two years. The experience broadened her perspective and positioned her to help reshape a retirement organization as it entered its next chapter.

Her interest in law traces back even further. Ghaferi immigrated from Iran to the United States with her parents in 1981 during a period marked by political tension between the two countries. As a young student in California during the early 1980s, she often felt marginalized amid lingering backlashes.

An episode of the legal drama L.A. Law depicting an Iranian plaintiff seeking justice after a civilian aircraft was shot down by the US military left a deep impression on her.

“For the first time, I felt there was a platform where someone like me could have a voice,” Ghaferi says.

The moment helped solidify her interest in law. She later earned a degree in political science from UCLA and a law degree from Loyola Law School in Los Angeles.

Today, her professional life is balanced by a lifestyle shaped by Southern California’s outdoor culture. She spends much of her free time outside, often heading to the beach simply to enjoy the environment.

She caught the “fútbol is life” bug from her son, a devoted fan of European soccer, and is especially excited for the upcoming FIFA World Cup matches scheduled across North America.

Another milestone recently arrived in her family life. Her daughter has been accepted to the University of California, Berkeley School of Law, an achievement that fills Ghaferi with pride.

As she looks ahead, Ghaferi remains focused on continuing to grow alongside the company she joined during a pivotal moment in its evolution. AuguStar’s leaders believe they are rebuilding something special, and she sees the opportunity to help guide that transformation as one of the most rewarding chapters of her career.