Nationwide, Morningstar Partner to Offer Advisor Managed Accounts
Nationwide Retirement Solutions, an arm of the insurer, has collaborated with Morningstar Inc.’s retirement group to launch an advisor-managed account solution for advisors working with institutional and government plans.
The advisor-managed account will enable advisors to provide “professional advice and savings strategies for plan participants in an easy, accessible way,” according to Nationwide. Participants will have access to tailored retirement solutions, Morningstar’s retirement engine, and methodology developed by the advisers.
Morningstar’s advisor-managed account enables RIA firms to provide co-branded services. Plans incur no additional costs for providing the service, and enrollees will pay “account management fees that are competitive with similar services on the open market.”
“Managed accounts are designed to help participants feel confident that they have the right strategies in place when it comes to saving and investing for retirement,” Craig Hawley, SVP of retirement solutions sales at Nationwide, said.
The offering adds to Nationwide’s ProAccount managed account service, which it has been offering since 2006. Nationwide Retirement Solutions administers nearly 32,000 retirement plans with more than $200 billion in assets.
