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April 18, 2012 at 12:44 PM
Nationwide Financial, Columbus, Ohio, introduced INCOME Promise Select to help advisors with clients who want an income guarantee with the flexibility to adjust for unexpected financial needs that may arise. Promise Select builds on features of Nationwide Financial’s previously existing INCOME Promise fixed immediate annuity product.
INCOME Promise Select features include:
- Lump sum cash refunds for beneficiaries of clients who do not outlive their principal investment;
- Liquidity options that allow clients to make lump sum withdrawals in the event of emergency or the need for extra cash;
- Cost of living adjustment (COLA) option, which now offers up to 5%;
- A quote and illustration tool to help advisors demonstrate the benefits and features.
Advisors can help clients customize their guaranteed income by choosing to create income for an individual or two people (joint annuitants), for a specific period of time or for their lifetime — whichever best fits their clients’ needs.
“Too many retirement plans fail to take inflation into account,” said Eric Henderson, senior vice president of individual products and solutions for Nationwide Financial. “The threat of inflation, including skyrocketing health and long-term care costs, is a great reason for clients to consider taking advantage of the COLA feature. This will enhance their stream of income as the cost of goods and services increase during retirement.”
BPV Wealth Management, Knoxville, Tenn., changed its name to BPV Capital Management to better reflect its business and client base.
“We believe that BPV Capital Management more accurately defines who we are as a financial services company today,” explained Mike West, senior partner and CEO. “We are investors. We manage assets and have a passion for investing.”
This announcement comes on the heels of the company launching two NASDAQ listed mutual funds – the BPV Core Diversification Fund and the BPV Wealth Preservation Fund.
Oak Street Funding, Carmel, Ind., announced record first-quarter originations almost tripling the originations from the same period of the prior year.
“We are very happy with our first quarter performance,” said Rick Dennen, chief executive officer and president of Oak Street Funding. “Our aggressive growth strategy that began in 2010 across all divisions of the business, is starting to be realized. We feel that we are well positioned to build on this momentum for the second quarter and the remainder of 2012.”
Oak Street Funding is a family of diversified financial services companies that offers commission-based commercial financing exclusively for insurance professionals and third-party loan servicing for financial institutions.
LIMRA, Windsor, Conn., appointed Alison Salka to corporate vice president and director of its retirement research division.
Salka is responsible for the development and execution of LIMRA’s retirement research strategy. Under her supervision, LIMRA’s retirement research division will continue to conduct a wide variety of critical research, including insights and trends in consumer behavior and sentiment, sales and market benchmark studies, plan sponsor and advisor studies, and strategic white papers focused on helping member companies better understand issues and trends in the retirement market.
