A SPIA For RIAs
September 26, 2018 by Nationwide Advisory Solutions
Nationwide Advisory Solutions Launches Industry’s First Single Premium Immediate Annuity Designed Expressly for RIAs and Fee-Based Advisors
Nationwide Advisory Income℠ Helps Expand Insurance Opportunities for RIAs and Fee-Based Advisors—and Helps Solve Retirement Income Challenge for Clients They Serve
Louisville, KY – September 25, 2018 – Nationwide Advisory Solutions, a leading innovator of investing solutions for registered investment advisors (RIAs), fee-based advisors and the clients they serve, has launched Nationwide Advisory Income℠, the industry’s first single-premium immediate annuity (SPIA) designed expressly for RIAs and fee-based advisors. Nationwide Advisory Income offers RIAs and fee-based advisors a simple and transparent choice for insurance that eliminates complexity, aligns with their values, fits the way they work and helps them meet their clients’ need for guaranteed retirement income as part of a holistic financial plan.
Expanding the category of insurance products expressly designed for RIAs and fee-based advisors marks another key integration milestone for Nationwide Advisory Solutions and its Fortune 100 parent. The company formerly known as Jefferson National, creator of Monument Advisor, the industry’s first[i] Flat-Fee[ii] Investment-Only Variable Annuity (IOVA), was acquired last year by Nationwide, one of the largest providers of insurance and financial services products in the U.S.
The Retirement Income Challenge
“The ‘Retirement Income Challenge’ is real and growing, as 10,000 Boomers a day leave the workforce to begin a retirement that can last two decades or more. As lifespans increase and the safety net erodes, many say that their number-one concern is outliving their savings,” said Craig Hawley, head of Nationwide Advisory Solutions. “Our new SPIA helps expand insurance opportunities for RIAs and fee-based advisors, and helps them solve the retirement income challenge for their clients. While more companies claim to offer insurance for the independent fee-based channel, none have our expertise and proven track record of designing insurance products from the ground up to meet the unique needs of RIAs and fee-based advisors.”
Nationwide Advisory Income is designed to fit the way RIAs and fee-based advisors work, with simplicity, transparency, no commission, lower costs, fee-deduction capabilities—and will soon be rolling out direct data feeds into the advisor’s workstation. Nationwide Advisory Solutions’ award-winning advisor experience is built using advanced analytics and artificial intelligence and is based on more than a decade of expertise in meeting the unique needs of RIAs and fee-based advisors. Seamless integration into the independent advisor’s existing technology platform will streamline and simplify the often complex process of managing insurance products alongside clients’ other tax-deferred vehicles and taxable accounts. For RIAs who don’t hold an insurance license, Nationwide Advisory Solutions recognizes the importance of helping these advisors enhance their client relationship by providing a licensed insurance agent service direct to the advisor at no additional cost.
Numerous studies show that outliving their savings is among retirees’ major concerns, and nearly two-thirds of RIAs and fee-based advisors (64%) say that their clients today are more likely to seek guaranteed retirement income, according to a recent survey. Nationwide Advisory Income will offer capabilities to seamlessly integrate guaranteed income into the client’s portfolio for a more holistic and comprehensive approach to financial planning.
This new SPIA designed for RIAs and fee-based advisors can serve as a part of a multipronged solution that can include Monument Advisor[iii] to maximize tax-deferred accumulation and Nationwide Advisory Income[iv] to turn on a guaranteed income stream. With a portion of assets allocated to Nationwide Advisory Income, advisors can help clients cover essential expenses—independent of the market’s impact—and keep a portion of assets invested more aggressively for greater growth potential. Nationwide Advisory Income can also help supplement and maximize Social Security, help clients in some states with Medicaid planning, provide inflation protection through an optional Cost of Living Adjustment and an optional Liquidity Feature allows for a lump sum withdrawal in case of emergency.[v]
About Nationwide Advisory Solutions
Nationwide Advisory Solutions, formerly known as Jefferson National, is a recognized innovator with a mission to help RIAs and fee-based advisors build their practice by helping their clients to potentially accumulate more wealth and reach their financial goals. It does this by developing and delivering value-added investment products, services and technologies that dovetail with fiduciary obligations—wrapped in an industry-leading customer experience. To learn more, please visit www.nationwideadvisory.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.
Nationwide, Nationwide is on your side, the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2018
[i] Mogel, Gary S. (2005, June 6), Flat-fee variable annuity makes its debut. Investment News. Retrieved from http://www.investmentnews.com/article/20050606/SUB/506060708
[ii] Jefferson National’s Monument Advisor has a $20 monthly flat insurance fee. Additional low-cost fund platform fees ranging from .10% – .35% will be assessed for investors wishing to purchase shares of low-cost funds. See the prospectus for details.
[iii] Monument Advisor is issued in all states, except NY, by Jefferson National Life Insurance Company (Louisville, KY). In New York, Monument Advisor is issued by Jefferson National Life Insurance Company of New York (New York, NY).
[iv] Nationwide Advisory Income is issued by Nationwide Life Insurance Company, Columbus, Ohio.
[v] $50 will be deducted from the remaining Liquidity value or lump-sum withdrawals for each withdrawal taken
