Among the top news this week includes new hires from Pentegra and FuturePlan by Ascensus, a new partnership from Nationwide and Fidelity, and an awards announcement by Morningstar.
Nationwide and Fidelity partner on variable annuity solution
Nationwide and Fidelity Investments are launching a new product for those seeking stability in volatile markets while providing Nationwide access to Fidelity’s network of financial professionals, available through the Fidelity Insurance Network.
As part of the new relationship, Fidelity is offering the Nationwide Personal Income Annuity, a deferred variable annuity designed to provide growth potential, flexibility and guaranteed retirement income for life. Fidelity says the product may be suitable for clients who are retired, semi-retired or approaching retirement and who want to continue growing their savings with a guaranteed income stream.
The annuity includes the Nationwide Retirement Income Rider. The rider will include lifetime withdrawal rate percentages ranging between 5.25% and 7.65% for Single Life election and will be based on the owner’s age when they take their first withdrawal. The Retirement Income Rider has a 5% simple interest roll-up rate to the income benefit base, which is a guaranteed increase applied to the initial investment each year on the rider anniversary for purposes of calculating the rider payout amount.
Pentegra hires national accounts director
Pentegra announced the addition of Carlo Guerrera as director of national accounts to its team.
In his new role, Guerrera will focus on developing Pentegra’s enterprise and advisory relationships. He will report to Pentegra executive vice president, Matthew P. Mintzer.
Most recently, Guerrera served as head of Institutional Sales at Future Plan/Ascensus, where he led a team responsible for identifying, managing, and expanding relationships and strategic alliances with recordkeeping, asset management, payroll and retirement advisory firms. He spent the majority of his career at MassMutual, where he oversaw MassMutual’s relationships across distribution channels.
Guerrera holds a master’s degree and a bachelor’s degree in business administration from the University of Hartford along with FINRA Series 6 & 26 licenses.
FuturePlan by Ascensus appoints sales divisional vice president
FuturePlan by Ascensus announced that Jeff Cricenti has assumed divisional vice president responsibilities for the organization’s north/west region. The change was effective as of February 27.
Cricenti will report to Aaron McIsaac, FuturePlan’s head of sales, who previously served in the same DVP role.
Cricenti will be responsible for delivering consultative support to retirement plan clients while expanding relationships with recordkeeping and financial advisor partners in the north/west region.
Prior to joining FuturePlan, Cricenti was a regional retirement plan director at Lincoln Financial Group, and previously served as a retirement product consultant at Mutual of Omaha. Cricenti earned his bachelor’s degree in economics from Creighton University.
Morningstar names winners for investing excellence
Morningstar, Inc. has announced the winners of the 2023 U.S. Morningstar Awards for Investing Excellence. The awards recognize portfolio managers and asset management firms who demonstrate the industry’s very best attributes, including investment skill and an alignment of interests with the strategies’ investors.
Morningstar selects leaders in two categories: Outstanding Portfolio Manager and Exemplary Stewardship.
“Our 2023 winners represent the best of the asset management industry, and their proven track records show their unwavering focus on serving the best interests of investors,” said Tim Strauts, Morningstar’s head of manager research, North America. “The manager and firm selected ground their strategies in deep fundamental research, which has produced strong results and rewarded investors in the long-term.”
The winners of the 2023 Morningstar Awards for Investing Excellence in the United States are:
Outstanding Portfolio Manager: Rick Rieder, BlackRock
Exemplary Stewardship: Capital Group (American Funds)
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
