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Nationwide Helps Advisors Prepare for First Phase of Department of Labor Rule

June 07, 2017

Nationwide Retirement Institute® provides advisors tools, resources and support

Columbus, OH -

As the first phase of the Department of Labor's (DOL) Conflict of Interest Rule goes into effect this week, the Nationwide Retirement Institute® is providing resources and support to help advisors incorporate a best interest process with clients.

“Nationwide’s goal is to break down and simplify this complex issue so advisors can focus their attention on building client relationships,” said Kevin McGarry, director of the Nationwide Retirement Institute. “We’ve been working on making this transition as easy as possible, because clients need help and advisors are seeking clarity on the rule.”

Starting June 9, those who give advice on investments within retirement accounts will be held to the Impartial Conduct Standards, which have three requirements:

  • Advice is in the best interest of the customer 
  • Compensation is reasonable 
  • Statements about investment transactions, compensation and conflicts of interest are not misleading

The full requirements will go into effect on Jan. 1, barring further regulatory or legislative changes.

“Through our focused DOL implementation efforts over the past two years, Nationwide is more prepared than ever to position advisors for success,” McGarry said. “Nationwide has been meeting in person with advisors across the country about the DOL rule. Everyone has been busy developing their game plan. And they want our help.” 

Resources for advisors 

The Nationwide Retirement Institute’s DOL website provides resources for firms and advisors wrestling with the complexities of the fiduciary rule, such as identifying any new requirements as a fiduciary, taking a close look at the Best Interest Contract Exemption, understanding how the regulations may affect their business and how to address common client questions. These new tools will be available starting June 9, and will also help advisors implement a prudent process that puts clients’ interests at the center of advice-giving, simplifying complex topics like:

  • Optimizing Social Security filing decisions 
  • Estimating health care costs in retirement 
  • Planning for long-term care expenses 
  • Understanding market dynamics

Nationwide helps advisors serve a variety of client needs, whether working in a commission-based or fee-based model. With the acquisition of Jefferson National, operating as Nationwide’s advisory solutions business, Nationwide offers resources leveraging tax-deferred investing to accumulate wealth. Financial professionals can access the educational video on Maximizing Tax Deferral, visit the Knowledge Bank, or call the Advisor Support Desk at (866) 667-0564.

“As America’s largest and most affluent generation moves into retirement, they need help from professionals who can expertly and confidently develop retirement planning strategies,” McGarry said. “Through the Nationwide Retirement Institute, we help advisors provide effective guidance to clients tackling the toughest investment and retirement challenges – with tools, resources and hands-on support that fosters informed actions.”

About Nationwide Retirement Institute 

The Nationwide Retirement Institute provides practical thought leadership through timely insights and education, client-ready tools and consultative support. Our comprehensive approach helps financial advisors, plan sponsors and clients break down and simplify the most complex investment and retirement challenges.

About Jefferson National 

Jefferson National, now Nationwide’s advisory solutions business is a recognized innovator of a leading tax-advantaged investing solution for RIAs, fee-based advisors and the clients they serve. Trusted partner to a network of over 4,000 advisors, Jefferson National provides greater efficiency, transparency and choice through an adaptable technology platform, award-winning distribution strategy and cost-effective servicing capabilities. Named the industry “Gold Standard” as of 2012 and winner of more than 50 industry awards, including the DMA 2010 Financial Services Company of the Year. The company serves advisors and clients nationwide, through its subsidiaries Jefferson National Life Insurance Company and Jefferson National Life Insurance Company of New York. To reach our advisor support desk, please call 1-866-WHY-FLAT (1-866-949-3528). To learn more, please visit www.jeffnat.com.

About Nationwide 

Nationwide, a Fortune 100 company 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 both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.


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