Columbus, Ohio-based Nationwide announced on Friday that it received a private letter ruling from the IRS stating that the payment of advisory fees from variable, fixed-indexed or hybrid non-qualified annuities would not cause a taxable distribution.

“It’s a big win for our industry,” said Craig Hawley, head of Nationwide Advisory Solutions. “Over the last decade, we’ev been focused on building out in the fee-based advisory space, and one of the biggest friction points has been the ability to pull an advisory fee out of a non-qualified annuity. We’re excited that we’ve gotten this accomplished.”