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.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
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Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
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