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.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
