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Life Health > Annuities

RetireOne, Nationwide Partner on RIA Annuity Distribution

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What You Need to Know

  • Product providers are working to supply RIAs with insurance solutions that fit their fee-based business models.
  • More than a third of RIAs don't offer insurance, according to RetireOne.
  • With RetireOne, RIAs can access a zero-commission marketplace without an insurance license.

RetireOne and Nationwide announced Thursday that they are teaming up to expand the distribution of Nationwide’s advisory annuity products among RIAs.

RetireOne bills itself as an outsourced insurance desk for RIAs. According to a press release, the firm will soon begin distributing three of Nationwide’s advisory annuity solutions, as well as the Nationwide Advisory Variable Universal Life product, through its wholly owned broker-dealer, EF Legacy.

According to Jeff Cusack, chief distribution officer at RetireOne, this development reaffirms his company’s commitment to providing RIAs with “next-generation, protected accumulation and retirement income solutions.”

Cusack says RetireOne’s approach enables fee-based advisors to transfer certain risks from clients to insurance providers and to transfer transactional risk from their firms to RetireOne and EF Legacy Securities. Critically, Cusack says, 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.

Eric Henderson, president of Nationwide Annuity, says partnering with RetireOne demonstrates his firm’s commitment to providing a diverse solution set for today’s evolving advisory and investing marketplace.

“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,” Henderson adds.

The three Nationwide annuities set for expanded distribution include the Monument Advisor Investment Only Variable Annuity, billed as a flat-fee, investment-only variable annuity ideal for clients in need of additional tax deferral or for those looking for a less expensive annuity solution; the Nationwide Advisory Retirement Income Annuity, described as a fee-based variable annuity designed for tax-deferred accumulation and retirement income growth potential; and the Nationwide Advisory Income Annuity, which is a single premium immediate annuity built specifically for fee-based RIAs.

The other product, the Nationwide Advisory Variable Universal Life solution, is a fee-based variable universal life product “designed with RIAs in mind.” According to Nationwide, it features affordable and customizable life insurance protection, no surrender charges and no sales loads, among other features.

As Cusack points out, recent research from RetireOne shows that 37% of RIAs don’t have an insurance offering at all, meaning nearly four in 10 advisors are not able to provide the holistic advice their clients desire.

(Image: SmartPhotoLab/Shutterstock)


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