Nationwide Retirement Solutions is launching a platform aimed towards smaller advisor-sold 401(k) and 403(b) plans.
The solution, RetireAssist, is a multi-product solution for advisor-sold 401(k) and 403(b) plans with less than $25 million in assets. The launch is intended to provide customization and tailored options for plans that have historically been underserved with limited retirement solutions, despite research showing that nearly half of the U.S. population works for small businesses.
“Advisors know that employer-sponsored retirement plans aren’t ‘one size fits all.’ That’s why we created Nationwide RetireAssist as a suite of solutions helping advisors recommend a plan that meets the varying needs of their clients and fits well within their own business strategies,” said Rich Porter, senior vice president of Nationwide Retirement Solutions Distribution. “This suite helps position advisors for success with their retirement plans business, meets plan sponsor needs and includes high-touch service and support for participants.”
The platform offers two services, the Nationwide RetireAssist Core and its Flex solution. The Core design provides a team of specialists and over 300 funds to streamline plan set-up and management at a single price. It is also more compatible for smaller plans with less than $10 million in assets, Nationwide says.
The Core design is regarded as Nationwide’s more simplified solution compared to the Flex option, which provides better customization with a la carte options for generally has better plan design and pricing flexibility. The Flex option also offers over 2,000 funds and is best suited for plans between $10 million and $25 million in assets.
Nationwide says it will incorporate added features for both services and also expects to launch a new product focusing on group plans in the future.
Nationwide Retirement Solutions, a unit within Nationwide, administers close to 32,000 retirement plans and services over 2.7 million plan participants with nearly $200 billion in assets.
SEE ALSO:
Small Businesses Still Avoid Offering Retirement Plans
Small Businesses: Overcoming Barriers to Retirement Plans
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.