Nationwide has created a variable universal life insurance product for fee-based investment advisers that allows for management of funds within the product without a life license.
The product, Nationwide Advisory Variable Universal Life, is a permanent life insurance policy with a customizable guarantee that separates the cost of protection from the rest of the investment.
“With no surrender charges, the product keeps clients’ investment money completely liquid,” said Holly Snyder, president of Nationwide’s life insurance business. “It also has an investment component and allows an adviser to integrate the policy’s subaccounts into the adviser’s assets under management and collect the customary asset management fee.”
The product features investments from over 30 fund managers, including Vanguard, DFA, PIMCO, American Funds and Fidelity. Clients can authorize their investment adviser to take their advisory fee from the policy as an advisory loan or as a withdrawal.
RBT CPAs combination lifts assets at UHY's fledgling RIA unit more than tenfold in the firm's first year.
Financial services trade groups back new authority letting mutual funds pause suspicious redemptions from vulnerable investors
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
