Nationwide Financial expands fiduciary offerings
IRON Financial to offer 3(38) Investment Fiduciary Service
FOR IMMEDIATE RELEASE
June 28, 2011
Nationwide Financial Contact:
Erica Lewis (614) 249-0184
IRON Financial Contact:
Philip Nunes (617) 552-9982, 227
Columbus, OH — Half of Nationwide’s plan sponsors state that one of their top three challenges is managing fiduciary risk. In response, Nationwide Financial is expanding its comprehensive lineup of fiduciary tools and services for retirement plan sponsors and financial professionals by providing them with a 3(38) Investment Fiduciary Service from IRON Financial.
Under section 3(38) of the Employee Retirement Income Security Act of 1974 (ERISA), an investment manager is given authority to direct and monitor investment options for a retirement plan. This new Nationwide service, if selected, enables the plan sponsor to transfer the responsibility and legal liabilities associated with the selection and monitoring of plan investment options to IRON Financial, which offers fully independent fiduciary services as a component of its retirement plan platform. Unlike the 3(21) solutions offered by many providers, this comprehensive 3(38) investment fiduciary service provides plan sponsors with relief from investment liability.
“Investment selection and the ongoing due diligence are important, and often intimidating, fiduciary responsibilities for a plan sponsor,” said Anne Arvia, senior vice president of Retirement Plans for Nationwide Financial. “We’re excited to offer this new service, and feel it’s a great addition to our comprehensive lineup of fiduciary tools and services.”
The new service also provides timely support to financial professionals as the industry prepares for new regulations regarding the definition of a fiduciary. The new regulations once enacted will require financial advisors to disclose whether they act as a fiduciary and, if so, in what capacity.
"Our new 3(38) investment manager service will provide financial professionals with more flexibility in addressing key aspects of the new federal regulations,” said Arvia. “It also reduces the time commitment required by plan sponsors to meet their fiduciary obligations, allowing them to focus more time on running their business.”
“Nationwide Financial is a leader in retirement plans and we’re excited to be working with them to offer this important service to retirement plan sponsors and financial professionals,” said Dick Friedman, managing director of Corporate Retirement Services for IRON Financial. “As an independent investment fiduciary, IRON is able to provide its retirement plan sponsors with unbiased advice.”
IRON Financial recently received a CEFEX designation from the Centre for Fiduciary Excellence and is one of the first investment advisors globally to achieve this certification. According to the General Manager of the Centre for Fiduciary Excellence, Carlos Panksep, “Through CEFEX’s independent assessment, the certification provides assurance to investors, both institutional and individual, that Iron Financial has demonstrated adherence to the industry’s best fiduciary practices.”
To learn more about the new 3(38) Investment Fiduciary Service, please call 800-626-3112.
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. Best. 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 and long-term savings plans. For more information, visit www.nationwide.com.
About IRON Financial
IRON Financial is an asset management firm which delivers investment strategies and solutions to financial intermediaries and institutions across core and alternative asset classes. IRON Financial also provides comprehensive solutions in the qualified retirement plan marketplace. Founded in 1994, IRON’s mission is to provide investment strategies that help mitigate risk, generate attractive relative returns, and help financial intermediaries, foundations, and institutions preserve and grow capital. IRON recently earned certification for fiduciary excellence from the Centre for Fiduciary Excellence LLC —being amongst the first investment advisors globally to successfully complete the independent certification process. For more information, please visit www.ironfinancial.com.
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The Nationwide® Group Retirement Series includes unregistered group fixed and variable annuities and trust programs. The unregistered group fixed and variable annuities are issued by Nationwide Life Insurance Company. Trust programs and trust services are offered by Nationwide Trust Company, FSB a division of Nationwide Bank®. Nationwide Investment Services Corporation, member FINRA. In MI only: Nationwide Investment Svcs. Corporation. Nationwide Mutual Insurance Company and Affiliated Companies, Home Office: Columbus, OH 43215-2220.