Annuity products took another step further into the retirement plan space today with the announcement of a new partnership between RetireOne and Nationwide.
RetireOne’s independent platform for fee-based insurance solutions gets a major boost from the deal that will expand retirement advisors’ access to guaranteed income products from the Columbus, Ohio-based insurance giant.
Under the agreement, San Francisco-based RetireOne will begin distributing three of Nationwide’s advisory annuity solutions and the Nationwide Advisory Variable Universal Life product through its wholly owned broker-dealer, EF Legacy.
“Partnering with RetireOne demonstrates our commitment to providing a diverse portfolio that enables advisors and financial professionals to provide more holistic services to their clients,” said Eric Henderson, President of Nationwide Annuity. “Research shows that allocating a portion of a portfolio to guaranteed income can improve client outcomes, which is why we’re so passionate about creating access and building awareness of these solutions.”
The advisory solution additions include:
- Monument Advisor Investment-Only Variable Annuity: The first flat-fee, investment-only variable annuity that serves as a simple, low-cost solution with more than 350 investment options. This solution may be ideal for clients in need of additional tax deferral or for those looking for a less expensive annuity solution.
- Nationwide Advisory Retirement Income Annuity: A fee-based variable annuity designed for tax-deferred accumulation and retirement income growth potential. An additional living benefit rider can be purchased for added protection that provides clients with a guaranteed retirement income stream, while still allowing market participation.
- Nationwide Advisory Income: The Single Premium Immediate Annuity built for RIAs, fee-based financial professionals and their clients, that provides a guaranteed retirement income stream, while also offering inflation protection through an optional Cost of Living Adjustment and an optional Liquidity Feature that allows for a lump sum withdrawal in case of emergency.
- Nationwide Advisory Variable Universal Life: A fee-based variable universal life designed with RIAs in mind that features affordable and customizable life insurance protection, no surrender charges, no sales loads, Long-term Care Rider II and Living Access Benefits.
RetireOne enables fee-based advisors to transfer certain risks from clients to insurance providers and to transfer transactional risk from their firms to RetireOne and their wholly owned broker-dealer, EF Legacy Securities. Advisors without insurance licenses can partner with RetireOne to access a marketplace of zero-commission insurance and annuity solutions designed to fit the needs of the end-client.
“Americans deserve peace of mind in retirement without worry that they will run out of money or that they may need to return to the workforce,” said Jeff Cusack, CIMA, Chief Distribution Officer at RetireOne. “We’re proud to partner with Nationwide to empower financial advisors with solutions that will protect their clients from the risks posed by market volatility, inflation and longevity.”
This is the latest move from RetireOne in an effort to provide RIAs with next-gen retirement income solutions from leaders in the advisory space. Earlier this year, the company announced several new enhancements to Constance, its zero-commission portfolio income insurance solutions designed expressly for RIAs.
SEE ALSO:
• With Most Americans Concerned About Outliving Retirement Savings, Are Advisors Doing Enough to Help?
• ‘Income Blueprint’ Tool Evaluates In-Plan Guaranteed Income Options
• Nationwide, Annexus Roll Out ‘Next-Gen’ In-Plan Guaranteed Income Solution
• Why Investors are ‘Terrified’ About Retirement Savings
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
