Nationwide Financial selects Kevin McGarry to lead sales team dedicated to retirement income
FOR IMMEDIATE RELEASE
August 19, 2010
Jeff Whetzel (614) 249-6354
Chad Green (614) 677-1679
Columbus, OH — Research by the Financial Planning Association found that 50 percent of the time that advisors spend on retirement planning is focused on retirement income related activities.1 Nationwide Financial Services, Inc. continues to enhance its service for advisors and recruit top talent to help support their retirement income needs. The newest addition to Nationwide’s retirement income team is Kevin McGarry, who will serve as director, retirement income strategies for Nationwide Financial.
In his new role, McGarry will lead a sales team dedicated to helping advisors across all channels take full advantage of Nationwide’s income planning capabilities, such as:
- RetireSense® – an innovative investment and draw-down strategy that helps investment professionals address their clients' individual needs. It provides them with a clear road map for retirement income planning that helps identify which investments to consider harvesting for income, and when to do so.
- Income Insight – a retirement income strategy, supported by Nationwide sponsored research from Ibbotson Associates, which demonstrates that adding a variable annuity with a guaranteed minimum withdrawal benefit (GMWB), an optional rider for an additional fee, to a traditional retirement income portfolio can increase income potential while decreasing income risk.
- Income Planning Desk – a team of retirement income specialists who are available to help advisors with specific retirement income planning questions.
McGarry will report to Tim Long, vice president of independent channel sales for Nationwide Financial.
A recent survey by Nationwide Financial found that 39 percent of Americans who have given thought to their financial retirement plan have no other sources of guaranteed income besides Social Security.2
“Retirement income is becoming a top priority for advisors and we continue to look for new ways to enhance the support that we provide them in this important area,” said John Carter, president of Nationwide Financial Distributors, Inc. “We’re excited to have Kevin join Nationwide’s sales team and are confident that his experience and passion for retirement income planning will help advisors address their clients’ retirement income needs.”
Prior to joining Nationwide, McGarry was Eastern divisional sales manager for AllianceBernstein’s Subadvisory Group. He joined AllianceBernstein in 2006 covering New England and working with all channels. Before joining AllianceBernstein, McGarry was vice president for MFS Subadvisory Service covering the Midwest. He began his career in 1995 working as a variable annuity wholesaler for Travelers Insurance covering Texas, Oklahoma, Arkansas, and Louisiana.
McGarry earned his undergraduate degree in Finance from the University
He holds a number of industry designations including Certified Investment Management Consultant and Chartered Retirement Planning Counselor.
Investment strategies do not guarantee or protect against a loss in a declining market. Investment strategies offering the potential for higher rates of return also involve a higher degree of risk to principal.
RetireSense is a retirement income strategy developed by Nationwide Financial. The strategy is customized for the client through the use of the R-IncomeAnalyzer, a proprietary investment analysis tool that runs simulations, calculates the amount of money suggested for each investment and performs a statistical analysis that presents the likelihood of meeting specific income needs in retirement if certain types of suggested investments are made. This analysis is designed to enhance the investor’s evaluation and understanding of how the RetireSense strategy generates retirement income as well as the potential risks and returns associated with investment choices. The information generated by the Analyzer regarding the likelihood of various investment outcomes is hypothetical in nature, does not reflect actual investment results and is not a guarantee of future results.
Please remember, no product, rider, service or strategy is suitable for all clients. It is your responsibility as a registered representative of a broker/dealer to carefully consider the client’s needs, objectives, risk tolerance and overall suitability before recommending any product, rider, service, or implementing any strategy
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, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com.
An annuity is a long-term, tax-deferred investment designed for retirement that will fluctuate in value. It allows you to create a fixed or variable stream of income through a process called annuitization and also provides a variable rate of return based on the performance of the underlying investments.
But, as with most things in life, an annuity does have limitations. If you decide to take your money out early, you may face fees called surrender charges. Plus, if you're not yet 59½, you may also have to pay an additional 10% tax penalty on top of ordinary income taxes. A death benefit is available with most variable annuities and naturally, if you do take an early withdrawal, your death benefit and the cash value of the annuity contract will be reduced.
You should also know that an annuity contains guarantees and protections that are subject to the issuing insurance company’s ability to pay for them. But these guarantees don’t apply to any variable accounts that are subject to investment risk, including possible loss of your principal.
An annuity is a contract between you and an insurance company and it’s sold by prospectus. While it may take some time, you should read these documents. They describe risk factors, fees and charges that may apply to you. Variable annuities have fees and charges that include mortality and expense, administrative fees, contract fees, and the expense of the underlying investment options.
Nationwide, Nationwide Financial, the Nationwide Framemark, RetireSense and On Your Side are registered service marks of Nationwide Mutual Insurance Company.
1 Financial Adviser Attitudes and Perceptions About Retirement
Income Distribution Market survey, Financial Planning Association,
2 401(k) public policy research, Nationwide Financial Services, April 2010