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Morgan Stanley Smith Barney, Nationwide Launch Select Retirement UMA Program

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Morgan Stanley Smith Barney has introduced Select Retirement, an optional income protection feature that is specially designed to augment the Select UMA unified managed account program.

“We expect that the ability to combine a UMA with access to guaranteed lifetime income will be viewed by our industry as an important step forward,” said James J. Tracy, director of the consulting group for Morgan Stanley Smith Barney, which includes about 18,450 advisors.

Select Retirement employs a fixed income annuity issued by Nationwide Life Insurance to provide a distinct way to create guaranteed lifetime income from the Select UMA account, according to a press release issued jointly by the two firms.

“The ability to combine Select Retirement with Select UMA provides financial advisors with a powerful program for clients who seek to balance asset growth potential while at the same time eliminating the worst-case scenario of outliving their income,” adds Tracy. “This may prove to be an especially helpful strategy for near-retirees and retirees who are hesitant to return to the equities markets at this time.”

Select Retirement creates an opportunity to offer clients income guarantees that were not previously available for UMAs that include separately managed accounts (SMAs), the companies state.

“By teaming with Morgan Stanley Smith Barney, we’re able to draw upon the collective financial strength and experience of both firms to build an investment and income strategy that financial advisors can provide to help clients preparing for or in retirement,” says John Carter, president of Nationwide Financial Distributors, Inc.

Before and after activating Select Retirement, eligible investors can use Select UMA to help build assets. Select UMA provides a selection of diversified asset allocation strategies and the ability to construct portfolios with a mix of separately managed accounts, mutual funds and/or exchange traded funds (ETFs).

“With Select UMA, investors receive the convenience and efficiencies of a single account that integrates asset allocation, product selection, account administration and performance reporting,” explains Marc Brookman, director of product development for Morgan Stanley Smith Barney.


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