Fi360 ex-president Matthew Wolniewicz has been named president of Income America, a new in-plan target-date series featuring guaranteed income. Income America was launched last week by a consortium of large retirement firms.
Backers include American Century Investments, Lincoln Financial Group, Nationwide, Prime Capital Investment Advisors, SS&C Technologies, Wilmington Trust, N.A., and Wilshire.
According to the companies, “Wolniewicz will be tasked with executing on the shared vision of these partner firms, along with overseeing the strategic growth of Income America.”
With a 25-year track record, Wolniewicz was head of sales, global advisor, and wealth solutions for Morningstar before becoming president of Fi360, something that “inspired Wolniewicz’s dedication to serving advisors in a fiduciary capacity.”
“It is unique to see someone like Matt whose whole career has been committed to functioning as the fiduciaries’ fiduciary,” Scott Colangelo, chairman at PCIA said in a statement. “In the world of fiduciaries, so many of us advisors have looked to Matt to help guide us around landmines that exist due to limited choice, unnecessary bias, and an ever-changing regulatory environment. Few leaders in the retirement community are as broadly trusted as Matt.”
Available in April, the Income America 5ForLife product will be structured as a multi-managed and multi-insured target-date fund that offers 3(38) and 3(21) fiduciary protection. The product also guarantees 5% per year, beginning at age 65, safeguarding against market uncertainty during retirement.
American workers see great value in products that provide guaranteed income in retirement, according to recent Lincoln Financial research.
More than seven in 10 surveyed said they would use a guaranteed income product if offered in their employer-sponsored retirement plan. The same number said these solutions would make it easier to budget their money in retirement, and they would feel more confident in preparing for retirement. Plan participants are also focused on protecting their savings from market volatility—as a result of the financial impacts of COVID-19, half of retirement savers are more concerned about future market volatility than they were before the pandemic.
“We believe our solution, Income America 5ForLife, fills a massive industry void by offering portable fiduciary products for investors as they search for sustainable retirement income,” Wolniewicz added.
Lifetime Income Symposium
As part of Income America’s objective to provide thought leadership around lifetime income in retirement plans, the provider will launch their Lifetime Income Symposium on April 8. The hands-on, virtual gathering will offer an industry update on the legal and regulatory environment and how guaranteed income in plans solves a need for participants.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
