Innovator Advantage, which Nationwide advertises as designed by and for retirement plan advisers, aims to support an adviser’s efforts to sell and service retirement plans and mitigates the adviser’s burden via a built-in 3(21) fiduciary service from Morningstar Advisers. The new product joins Flexible Advantage, launched in 2011, on Nationwide’s retirement plan menu.
Innovator Advantage’s investment options range from customized to “do-it-for-me” solutions, and provide more than 400 mutual funds—target-date and lifestyle funds, as well as a variety of fixed investment choices. The product offers a self-directed brokerage account, fund window and managed accounts from multiple providers.
The integrated 3(21) fiduciary service from Morningstar provides menu design, investment recommendations and ongoing monitoring at no additional charge to the plan sponsor. Innovator Advantage also offers end-to-end sales support, plan reporting, participant education and an Employee Retirement Income Security Act (ERISA)/regulatory online resource.
Additional fiduciary support is available through the Nationwide Financial Fiduciary Series, Fiduciary Warranty and a 3(38) Investment Fiduciary service from IRON Financial.