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Money Management Executive

Nationwide Introduces Fee-Based 401(k) Plan

April 30, 2003, 1:00 a.m. EDT 1 Min Read

Nationwide Financial will introduce Plan Advisory Service, a fee-based payment option to be available to Registered Investment Advisors and Certified Public Accountants who provide qualified retirement plans to clients through a fee arrangement rather a commissioned basis.

With this option, RIAs and CPAs can now advise on Nationwide’s retirement plan without being a registered rep. "This new option provides a fee-only choice for RIAs and CPAs to offer business-owner clients quality retirement programs aimed at attracting and retaining valuable employees," said Michael Butler, senior vice president of retirement plan sales for NFS Distributors, Nationwide’s distribution arm.

RIAs and CPAs can select from several fee-based options, including a percentage of plan assets, a specified fee per participant, or a specified fee for the plan.

Nationwide, a provider of defined contribution plans, had assets of more than $95 billion in 2002. The firm also provides retirement plans, annuities, life insurance and other financial services.

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