Nationwide Financial Network® merges its two retail broker/dealers
FOR IMMEDIATE RELEASE
August 5, 2008
Columbus, OH — Nationwide Financial Network (NFN) today announced the merger of its two broker/dealers into one. 1717 Capital Management Company and Nationwide Securities, Inc. is now Nationwide Securities, LLC (NSLLC). NFN received regulatory approval on May 19 from the Financial Industry Regulatory Authority (FINRA) on its merger request.
“This change allows Nationwide agents to offer their customers a more comprehensive portfolio of financial products and services,” said Mike Hamilton, president of NFN. “Additionally, the single broker/dealer structure will provide agents and producers with a central point of contact, streamline processes and provide a more efficient infrastructure supporting operations, and help manage expenses compared to running two broker/dealers separately.”
NFN, which was known as Provident Mutual when it was acquired in 2002 by Nationwide Financial Services, Inc. (NYSE: NFS), is the affiliated retail distribution business of NFS and its largest affiliated firm, currently number one in fixed life insurance and fixed annuity and third largest in variable annuity.* The new broker/dealer will provide support and oversight for all variable life insurance products and variable annuities, as well as non-proprietary mutual funds and general securities products offered by NSLLC registered representatives.
“In addition to making our business more efficient, we believe this decision mutually benefits our customers, shareholders and associates,” Hamilton said. “Nationwide Financial Network will play a major role in providing consumers with Nationwide Financial’s broad product and service offerings.
“As Nationwide Financial’s only retail channel, NFN is in a unique position to deliver Nationwide’s On Your Side experience directly to consumers. Our goal is to build life-long consumer relationships as they save for, transition to and live in retirement,” he said.
* Commissionable Premium YTD May 2008.
As a part of this transaction, all broker/dealer operations are now located at Nationwide’s Dublin, Ohio, office. Current customers are being notified of the merger. Customers’ investments will not change and they will not incur any expenses as a result of the merger. Customers will continue to be served by their current registered representative or investment adviser representative of NSLLC.
Customers who have questions regarding this change or want more information should contact their registered representative or investment adviser representative. Contact information is listed on their account statement. Customers may also contact NSLLC at 877-233-3370.
About Nationwide Financial
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded company based in Columbus, Ohio, provides a variety of financial services that help consumers investi and protect their long-term assets, and offers retirement plans and services through both public-and private-sector employers.
It’s part of the Nationwide group of companies, which offers diversified insurance and financial services. The group is led by Nationwide Mutual Insurance Company, which is ranked No. 108 on the Fortune 500 based on 2007 revenue.ii For more information, visit www.nationwide.com.
Nationwide, Nationwide Financial, Nationwide Financial Network, On Your Side and the Nationwide Framemark are federally registered service marks of Nationwide Mutual Insurance Company.
Nationwide Securities, LLC is a subsidiary of Nationwide Financial Services, Inc., Securities and Investment Advisory Services offered through Nationwide Securities, LLC P.O. Box 183137, Columbus, OH 43218, (888) 753-7364. A Registered Investment Advisor. Member FINRA, SIPC. DBA Nationwide Advisory Services, Inc. in AR, FL, IL, WV. DBA Nationwide Advisory Services in MA, NY, OK.
i Nationwide Investment Services Corporation, member NASD. In MI
only: Nationwide Investment Svcs. Corporation.
ii Fortune Magazine, April 2008