Nationwide Financial grows retirement income planning team
FOR IMMEDIATE RELEASE
November 3, 2010
Jeff Whetzel (614) 249-6354
Chad Green (614) 677-1679
Columbus, OH — A recent survey by Nationwide Financial Services, Inc. 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.1
Nationwide continues to enhance its retirement income team to help advisors take advantage of this opportunity and today announced that Carlo Cordasco has been selected as income planning specialist covering the Northeast region.
In addition to educating advisors on the latest research and trends in retirement income planning, Cordasco will also be responsible for helping them make the most 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.
“The income planning landscape is constantly shifting and we are dedicated to providing advisors with the tools and resources they need to help their clients prepare for the future,” said John Carter, president of Nationwide Financial Distributors, Inc. “Carlo will play an important role on our sales team and will work closely with our field wholesalers and relationship managers to ensure that advisors receive the income planning support they need.”
Cordasco will report to Kevin McGarry, director, retirement incomes strategies for Nationwide Financial. He joins Nationwide with nearly 20 years experience in the investments and retirement marketplace. Most recently, Carlo served as Regional Director for RS Investments in the Northeast/mid-Atlantic region where he more than doubled sales during the past 12 months. He began his career with American Funds, working for nearly 17 years specifically with insurance companies to advance the sales for annuity, life and retirement plan products throughout various distribution channels.
Cordasco earned a Bachelor of Science degree in Business Administration and Finance from Charter Oak State College in New Britain, Connecticut and currently holds series 6, 63 and 26 licenses.
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 can generate 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. 2 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.
1 401(k) public policy research, Nationwide Financial Services,
2 A.M. Best, affirmed 3/25/10