As a result of the partnership, the Nationwide Portfolio Innovator and Nationwide Income Architect Annuity are both scheduled to be released early in the second quarter of 2009, according to a press release.
The Nationwide Portfolio Innovator, an individual, supplemental, immediate fixed income annuity contract, is an income guarantee product issued by Nationwide Life Insurance Company, and is a stand-alone living benefit. This income insurance guarantee will be available for select proprietary investment solutions through Portfolio Management Consultants, the investment arm of Envestnet. It is designed to provide lifetime income withdrawals from the account, the announcement said.
The Nationwide Income Architect is a variable annuity, issued by Nationwide Life Insurance Company, with a built-in 5% guaranteed lifetime withdrawal benefit designed to complement fee-based managed account advisers’ business models. This investment product will be available through the Envestnet Platform as an individual offering and as an option within a new retirement strategy that Envestnet is scheduled to launch later this month, according to the press release.
More information is available by calling 1-888-612-9300.