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Firms Form Income Alliance

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Envestnet Asset Management Inc. will be marketing income annuities and stand-alone income guarantees from Nationwide Life Insurance Company.

Envestnet, Chicago, sells asset management services and support services to 10,000 financial advisors.

The firm will be marketing a new Nationwide Income Architect Annuity from Nationwide Life, a unit of Nationwide Mutual Insurance Company, Columbus, Ohio, along with a new Nationwide Portfolio Innovator product, Envestnet says.

The Nationwide Portfolio Innovator product is an individual, supplemental, immediate fixed income annuity contract, according to Nationwide. The product provides a stand-alone living benefit.

Envestnet will be offering the guarantee along some proprietary investment products from Envestnet’s Portfolio Management Consultants unit.

The Nationwide Income Architect contract is a deferred variable annuity with a built-in 5% guaranteed lifetime withdrawal benefit. The contract is designed to complement fee-based managed account advisors’ business models, Nationwide says.

Envestnet will be offering the Nationwide Income Architect contract both as a stand-alone product and as an option within a new retirement strategy product.

Nationwide Life is responsible for backing the annuity guarantees.