Products March 30, 2009

Envestnet, Nationwide Team to Offer Retirement Income Solutions

Envestnet, a provider of solutions to financial advisers, and Nationwide have partnered to offer two annuity products.
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The Nationwide Portfolio Innovator and Nationwide Income Architect Annuity are both scheduled to be released early in the second quarter of this year, 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 release said.

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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.

Deals & People March 30, 2009

Transamerica Retirement CEO to Head New Unit of AEGON Companies

Transamerica Retirement Services announced the promotion of CEO and President Kent Callahan to group head of Employer Solutions and Pensions for the AEGON companies.
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In his expanded role, Callahan will oversee the operations of Diversified Investment Advisors, Inc.; Transamerica Retirement Services; Worksite Marketing; and Clark Consulting, Inc., according to an announcement. He will also retain his current role as president and CEO of Transamerica Retirement Services.

This newly formed group includes more than 3,000 employees of AEGON companies, the announcement said. It creates a new structure designed to enable the AEGON companies’ business customers to understand the broader portfolio of products and services offered by these four business units.

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Callahan joined Transamerica Retirement Services in 1986 and has served in several different roles prior to being promoted to president and CEO. He will continue to be based in Atlanta and will report to Mark Mullin, president of AEGON Americas.

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