Nationwide Financial creates specialized team and products to support fee-based advisors' retirement income solutions
FOR IMMEDIATE RELEASE
June 10, 2010
Jeff Whetzel (614) 249-6354
Chad Green (614) 677-1679
COLUMBUS, Ohio — Nationwide Financial Services, Inc. announced it has created a specialized sales team to provide retirement income solutions for fee-based advisors. This new team of Institutional Consultants will provide personalized service and support to make it easier for fee-based advisors to help clients grow and manage their retirement income.
The seven members of this new Institutional Consultant team, led by Karen Heath-Wade, vice president of sales and retention for Nationwide Financial, average 16 years of industry experience each and share a deep understanding of the unique needs of fee-based managed account advisors. The breadth of the team’s experience is evident in the variety of designations held by its members, which include CIMA, AIFA, CPA, MBA and CFP.
“A recent survey by the Financial Planning Association found that advisors spend 50 percent of their time on retirement income-related activities ,” said John Carter, president of Nationwide Financial Distributors, Inc. “We’re committed to providing customized solutions to help advisors address the retirement income challenges their clients face, and felt it necessary to create a sales team that could provide the products and support fee-based advisors are looking for in today’s marketplace.”
New solutions for fee-based advisors
Nationwide recently announced several new retirement income solutions that were specifically designed to meet the needs of fee-based managed account advisors and their clients, including:
Nationwide Income ArchitectSM – a no-load variable annuity, offered in connection with Envestnet and as a stand-alone product in select firms, that includes a built-in 4.5 percent minimum guaranteed lifetime withdrawal benefit designed to complement the business models of fee-based advisors.
Nationwide Portfolio InnovatorSM – a hybrid annuity, also known as a stand-alone living benefit, offered in connection with Envestnet. This product offers clients an income insurance guarantee to help them generate guaranteed lifelong income that can be tapped in retirement. Nationwide Portfolio Innovator is available for select proprietary investment solutions through Portfolio Management Consultants, Envestnet’s Portfolio Consulting Group.
Select Retirement – a hybrid annuity offered in partnership with Morgan Stanley Smith Barney, which combines the benefits of managed accounts with the guarantee of an insurance product to help ensure that clients will have enough assets to last throughout retirement.
IncomeInsightSM – a retirement income strategy, supported by research from Ibbotson Associates that was sponsored by Nationwide, which demonstrates that adding a variable annuity with a guaranteed minimum withdrawal benefit (GMWB) to a traditional retirement income portfolio can increase income potential while decreasing income risk.
Additional Nationwide products
Prior to launching the products above, Nationwide Financial had already been offering several other solutions that were designed with fee-based advisors in mind:
America’s marketFLEX®Advisor Annuity – a no-load variable annuity that offers underlying investment options in alternative asset classes.
The Best of America® Advisor Variable Annuity – a variable annuity that includes a broad selection of underlying investment options from some of the leading money managers in the world. This product does not have a contingent deferred sales charge (CDSC).
“The first wave of boomers retiring has shown that advisors have to be prepared with ways to tackle their clients’ retirement income needs as they transition from accumulation to distribution,” said Carter. “We’ll continue to develop new products and solutions to address this growing need and offer support through our dedicated distribution team to help advisors create retirement income strategies for their clients.”
In addition to the products and solutions mentioned above, Nationwide also plans to roll out a new web site in 2010 that will serve as a resource specifically for fee-based advisors.
Nationwide, based in Columbus, Ohio, is one of the largest and strongest diversified insurance
and financial services organizations in the U.S. and is rated A+ by A.M. Best2. The company provides a full range of personalized insurance and financial services, including auto insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com.
1Financial Adviser Attitudes and Perceptions About Retirement Income Distribution Market survey, Financial Planning Association, 2009
2A.M. Best, affirmed 3/25/10
Nationwide, Nationwide Financial, the Nationwide Framemark and On Your Side are registered service marks of Nationwide Mutual Insurance Company.
John Carter is a registered representative of Nationwide Investment Services Corporation, member FINRA. In MI only: Nationwide Investment Svcs. Corporation.
Variable products are sold by prospectus. Both the product prospectus and underlying fund prospectus can be obtained from your investment professional or by writing to Nationwide Life Insurance Company, P.O. Box 182021, Columbus, OH 43218-2021. Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. The product prospectus and underlying fund prospectus contain this and other important information. Read the prospectuses carefully before investing.
Nationwide variable annuities are issued by Nationwide Life Insurance Company, Columbus, Ohio. The general distributor for variable annuity contracts is Nationwide Investment Services Corporation, member FINRA. In MI Only: Nationwide Investment Svcs. Corporation.
The Nationwide Income ArchitectSM Annuity, an individual, flexible, deferred variable annuity is issued by Nationwide Life Insurance Company, Columbus, Ohio, a member of Nationwide Financial.
The Nationwide Portfolio InnovatorSM Annuity, an individual supplemental immediate fixed income annuity is issued by Nationwide Life Insurance Company, Columbus, Ohio, a member of Nationwide Financial. The prospectus for Nationwide Portfolio Innovator is available at https://ssc.nwservicecenter.com/pros/PortfolioInnovatorProspectus.pdf
Nationwide doesn’t endorse any investment model or strategy used by the investor and/or contract owner. Nationwide is not affiliated with any third party that may be authorized by the contract owner to direct allocations, including Envestnet and its affiliates.
Insurance products are offered by Nationwide and are recommended and sold by registered representatives. Envestnet Asset Management, Inc. (Envestnet) provides administrative and technology services in conjunction with insurance products. Envestnet does not provide any advice or make any solicitations, offers or recommendations with respect to insurance products.
Nationwide has filed a registration statement (including a prospectus) with the SEC for Nationwide Portfolio Innovator. The product prospectus can be obtained by writing Nationwide Life Insurance Company, P.O. Box 182021, Columbus, OH 43218-2021, calling 1-877-877-4217 or by visiting https://ssc.nwservicecenter.com/pros/PortfolioInnovatorProspectus.pdf. Before you invest, you should read the prospectus in that registration statement and other documents Nationwide has filed with the SEC for more complete information. You may also get the prospectus and other documents for free by visiting EDGAR on the SEC website atwww.sec.gov.
Nationwide has filed a registration statement (including a prospectus) with the SEC for Select Retirement. The product prospectus can be obtained by writing Nationwide Life Insurance Company, P.O. Box 182021, Columbus, OH 43218-2021, calling 1-877-877-4217 or by visiting www.nationwide.com/selectretirement. Before you invest, you should read the prospectus in that registration statement and other documents Nationwide has filed with the SEC for more complete information. You may also get the prospectus and other documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Select Retirement, an individual, supplemental, immediate fixed income annuity, is issued by Nationwide Life Insurance Company, Columbus, Ohio, a member of Nationwide Financial. Nationwide Investment Services Corporation (NISC) (in Michigan only: Nationwide Investment Svcs. Corporation), member of FINRA, acts as the national distributor of the contract sold through prospectus. NISC does not sell contracts directly to purchasers.
It’s important to understand that the guarantees and protections offered as part of the Select Retirement contract are subject to the claims-paying ability of Nationwide Life Insurance Company and are not backed by Morgan Stanley Smith Barney. Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Select UMA and Select Retirement are available at an additional cost only to clients of certain Morgan Stanley Smith Barney branch offices.
Nationwide and its subsidiaries are not affiliated with Morgan Stanley Smith Barney or any of its subsidiaries.