Nationwide Introduces First Fee-based Fixed Indexed Annuity to Trust Company of America’s Liberty Platform

Nationwide Summit Helps to Solve Friction Points for Adoption of Fee-based Annuities by RIAs

Nationwide and Trust Company of America (TCA) partnered to announce today that the fee-based Nationwide Summit® fixed indexed annuity (FIA) has been added to TCA’s Liberty platform.

Pending DOL regulation has shifted the focus of insured retirement products to fee-based designs, but the initial adoption by RIAs has been slow as fee-based advisors struggle to find a solution to householding this portion of the portfolio and charging a fee on the FIA. The addition of Nationwide Summit to TCA’s Liberty platform addresses both issues, allowing the FIA to be viewed as part of the overall client portfolio and providing the technology to bill on the entire portfolio.

With equity markets at or near all-time highs and as more clients near or enter retirement, we are seeing a fundamental shift in advisors moving from traditional asset managers to risk managers,” said Nationwide associate vice president of fixed annuity product strategy Mike Morrone. “Summit is perfectly positioned to help protect a larger portion of the client’s portfolio and help improve the risk-adjusted returns.”

TCA is driven by providing advisors with advanced technological solutions and diverse resources that can help streamline their businesses and expand their offerings,” said TCA president and CEO Joshua Pace. “The addition of Nationwide Summit to the Liberty platform provides advisors with an even more diverse lineup that aligns with our innovative business model and the way advisors run their practices.”

The ability to seamlessly integrate an FIA into an advisor’s models is a game-changer for RIAs and fee-based planners,” said Nationwide senior vice president of life insurance and annuities Eric Henderson. “We’re excited to bring Nationwide Summit to a technology as innovative as TCA’s Liberty platform.”

The fee-based Summit is exclusively available through the Annexus network of independent distribution companies. Nationwide and Annexus plan to continue to develop additional fee-based products that will help advisors meet an even broader range of client needs.

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Author: Dylan Jones