Asset Managers: Digital Marketing Campaign of the Year - A New Approach to Income Generation
The winning campaign, spearheaded by Nationwide’s Investment Management Group Marketing team, involved the delivery of an innovative, digital marketing approach fundamentally designed to address the evolving investment education needs and thought leadership consumption habits of advisors and their clients in the wake of the COVID-19 pandemic. The campaign drove awareness of the newly launched Nationwide Risk-Managed Income ETF (NUSI), serving as a catalyst for both early stage and long-term market adoption. NUSI launched at the end of 2019 and has performed exceptionally well even during the market volatility of 2020, reaching $500 million in assets under management recently, making it the company’s top fund by sales, net flows and asset growth.

Asset Managers: Diversity Equity and Inclusion - Financial Alliance for Racial Equity
The Financial Alliance for Racial Equity was recognized in the Asset Managers: Diversity, Equity and Inclusion category. Nationwide Financial partnered with leading financial services organizations, associations and historically Black colleges and universities (HBCUs) to form FARE in late 2020. FARE’s focus is on increasing the number of Black professionals entering the financial services industry and supporting and investing in them once there.

“Seeing the efforts of our team and partners recognized among the very best and brightest individuals and companies in the financial services industry reinforces what I’ve known all along: we have a great team at Nationwide,” said John Carter, President and COO of Nationwide Financial. “The work of the Nationwide teams that contributed to these awards is nothing less than extraordinary and a clear demonstration of our peoples’ passion for driving change in our industry and helping more Americans achieve a secure retirement.”

View a complete recap of the WealthManagement.com Industry Awards.

NFM-21227AO

Since the tournament’s inception in 2007, more than $16 million has been raised to support pediatric cancer research and treatment at Nationwide Children’s Hospital in Columbus, Ohio. That philanthropic mission was on display last week as the 15^th annual event was contested August 25-29 at The Ohio State University Golf Club, Scarlet Course where 27-year-old Canadian Adam Svensson earned his second victory of the season and third of his Korn Ferry Tour career.

The week began with an announcement that the Nationwide Children’s Hospital Championship and the PGA TOUR reached a five-year extension to ensure that the tournament will continue as a Korn Ferry Tour Finals event at The Ohio State University Golf Club through 2026.

“Extending this event means we will continue to see the future stars of the PGA TOUR play in central Ohio while enabling us to continue raising awareness and much-needed funds for one of the premier pediatric hospitals in the country,” said John Carter, president of Nationwide Financial and chairman of the tournament’s host organization, Champions of the Community.

Beyond the fundraising, the tournament also offers an opportunity to provide unique experiences for young patients who have overcome serious health challenges thanks to treatment they received at Nationwide Children’s. During the annual Pros Fore Patients event, several Patient Champions and their families gathered at the golf course for some fun and crafts, along with two Korn Ferry Tour pros who helped assemble care packages that will be delivered to inpatients at the hospital.

To kick off the first morning of competition on Thursday, Kinley Strohl from Ashley, Ohio took the ceremonial First Shot to Fight Cancer. After battling a life-threatening form of leukemia as a six-year-old, she is now a thriving 16-year-old who is celebrating ten years cancer free. To honor Kinley’s journey and help her achieve her career goal of becoming a nurse, Nationwide surprised her with a $10,000 college scholarship.

Stories like Kinley’s personalize the purpose of the tournament while the event proceeds fund the hope. The millions of dollars raised each year support innovative research and treatment that is being pioneered by physician scientists and researchers at Nationwide Children’s.

Last year, Nationwide Children’s saw 1.3 million patient visits representing kids and families from nearly every U.S. state and 43 foreign countries. Nationwide Children’s Hospital Championship may be a local tournament on a national tour, but its giving is felt globally.

To learn more about one of the country’s largest not-for-profit pediatric health care systems, visit NationwideChildrens.org.   

This overwhelming support suggests the proposed legislation would be well-timed, with 77% of financial professionals agreeing that COVID-19 has led their clients to slow or stop contributions toward their retirement savings, and another 50% reporting that their clients’ financial security has been negatively impacted by COVID-19.

Financial professionals indicated that when the SECURE Act of 2019 passed, their clients updated their retirement plans (50%), were able to save more in general (48%), increased their retirement account contributions (48%), and increased their emergency savings (47%). Today, they agree that many of the proposed components of SECURE Act 2.0 would make it even easier for their clients to save for retirement and get back on track toward their goals.

Notably, 93% believe allowing employers to match contributions under a 401(k) plan, 403(b) plan or Simple IRA while employees make student loan payments will increase their clients’ financial security. Eight in ten (81%) agree increasing the catch-up contribution limit for those 60+ to $10,000 for retirement plans and $5,000 for simple IRAs will do the same. Similarly, 79% support increasing the Required Minimum Distribution (RMD) age from 72 to 75 years old and 78% agree adding ETFs as an investment option to variable annuities would also be financially beneficial for clients.

Additionally, 93% of financial professionals are in favor of the proposed Saver’s Credit changes, which would simplify and increase tax incentives for low- and middle-income individuals saving for retirement, and 93% say it will promote healthy financial practices.

“The first SECURE Act legislation that passed in 2019 was a tremendous step forward in removing some of the obstacles people experience when saving for retirement,” said John Carter, president and COO of Nationwide Financial. “SECURE Act 2.0 is a significant next step that will help many Americans take control of their financial futures. It’s great to see that advisors and financial professionals helping Americans prepare for retirement also see significant opportunities for their clients in the proposed legislation. We’re encouraged by the bipartisan support taking shape on Capitol Hill.”

In terms of additional opportunities to help clients save for retirement, 94% of financial professionals agree that adding an emergency savings provision to the proposed legislation that would permit employees to withdraw or use limited retirement plan contributions for critical short-term financial needs without an early distribution tax penalty would help improve Americans’ financial security, and 91% agree that it should be included as part of the SECURE Act 2.0 legislation.

“We saw first-hand how many Americans turned to their retirement savings to bridge the gap when faced with a COVID-19-related emergency,” said Eric Stevenson, president of Nationwide Retirement Solutions. “By building an emergency savings component into a retirement plan, participants could tap funds without incurring excessive tax consequences or pulling their assets out at market lows. It’s our hope that lawmakers consider an emergency savings provision for SECURE Act 2.0 or in a separate piece of legislation to address lessons learned during the COVID crisis.”

Stevenson testified before a U.S. Senate subcommittee in support of the proposed legislation in December.

View an infographic highlighting survey results.

Methodology
Nationwide commissioned Edelman Data and Intelligence (DxI) to conduct a 13-question, online survey among 500 full-time U.S.-based financial advisors and financial professionals. Online fieldwork was completed between February 9 – 19, 2021.

“JJ’s proven leadership combined with his entrepreneurial mindset, business expertise, and knowledge of the financial services industry make him uniquely qualified to lead this important portfolio of businesses,” said John Carter, President and COO for Nationwide Financial. “His professional background, innovative thinking, and passion for the business – combined with his training as a corporate attorney – will help Corporate Solutions build on its already strong foundation.”

Since joining Nationwide in 2009, Perez has served in leadership roles of increasing accountability across Nationwide Financial Operations, Finance and Strategy, beginning as a fellow in the General Counsel Rotation Program. Prior to this announcement, he served as Vice President of Nationwide Financial Finance, in which he leads a team of over 100 associates who provide financial performance management and analysis, financial operations, sales compensation and strategic consulting in support of Nationwide Financial’s businesses. 

Previously, Perez served as Associate Vice President for Retirement Plans Finance and as Chief of Staff to the President of Nationwide Financial, where he helped lead key strategic projects across Nationwide Financial. He also was a leader in Retirement Plans Operations and the Office of Corporate Strategy, where he provided strategic planning for Nationwide Financial life and annuities businesses and made research-based recommendations for capitalizing on shifts in the competitive environment.

Prior to joining Nationwide, Perez worked at Sypherlink Inc., where he played a critical role in building the foundation for a start-up software company. Perez received his Juris Doctor-J.D. from Hofstra University in Hempstead, New York, and holds a dual Bachelor of Science degree in computer information systems and business administration from Lee University in Tennessee.

In addition to his commitment to driving results, Perez also is passionate about improving communities and serving individuals in need. He is the co-executive sponsor of Nationwide’s National Latino Alliance (NLA) Associate Resource Group and serves on a number of local Board of Directors.

On Wednesday, Dec. 16, officials from both tournaments announced that each event had set new charitable giving records despite an unparalleled year of challenges.

2020 Memorial Tournament presented by Nationwide
The 45^th playing of the prestigious Memorial Tournament presented by Nationwide, contested annually at Muirfield Village Golf Club, raised a record-setting $3.1 million for Nationwide Children’s Hospital. It is the first time the Tournament’s yearly charitable giving total has topped $3 million.

“The 2020 Memorial was certainly unlike any other, but we never lost focus on the importance of charity,” said executive director Dan Sullivan. “Despite the extreme challenges, the Tournament overcame a lot of obstacles, and with the support of many, we raised the bar to set a single year giving record for Nationwide Children’s. This is an amazing accomplishment given all that we faced during the pandemic.”

Since its inception in 1976, the Memorial has eclipsed $38 million in donations to central Ohio Charities, with nearly $26 million going to Nationwide Children’s.

Nationwide Executive Vice President and Chief Marketing Officer, Ramon Jones, said the announcement is a “celebration of the collaborative success in raising essential dollars for Nationwide Children’s Hospital.”

“Nationwide and the Memorial share a similar tradition of support for the hospital. This record-setting gift is a terrific example of the power of partnerships among many organizations coming together to help kids and support the life-changing work happening every day at Nationwide Children’s,” Jones added.

2020 Nationwide Children’s Hospital Championship
The 14^th annual Nationwide Children’s Hospital Championship, hosted at The Ohio State University Golf Club – Scarlet Course, also generated record-setting charitable giving raising $2.67 million for central Ohio organizations, including $2.5 million for pediatric cancer research and treatment at Nationwide Children’s Hospital. The total marks the largest single-season charitable donation raised for the hospital in the 14-year history of the Korn Ferry Tour Finals event and the fourth consecutive time the $2 million mark has been exceeded.

“The commitment that our sponsors provide year after year never disappoints,” said John Carter, president and chief operating officer for Nationwide Financial and president of the Champions of the Community, the host organization for the Nationwide Children’s Hospital Championship. “Their unwavering generosity was on full display in 2020 as they went above and beyond to support the tournament and Hospital despite the unprecedented times that led to a condensed pro-am schedule and competition rounds conducted without fans. We are truly grateful for their continued partnership.”

“In a year of such uncertainty, we are humbled by the donation made through the Nationwide Children’s Hospital Championship to our pediatric cancer program,” said Tim Robinson, CEO, Nationwide Children’s Hospital. “We are making incredible strides in pediatric cancer care thanks to the charitable spirit of the tournament’s partners, the Korn Ferry Tour, The Ohio State University Department of Athletics and all of the volunteers who contribute to this fantastic event.”

Since its beginning in 2007, the Nationwide Children’s Hospital Championship has donated a total of over $16.2 million in support of the hospital’s pediatric cancer program.

For more information about Nationwide Children’s Hospital or to make a donation, visit nationwidechildrens.org.

The company has a deep commitment to recruiting and developing talent and ensuring a culture of inclusion where everyone is valued for their unique contributions. Nationwide Financial President & COO John Carter and Senior Vice President of Nationwide Financial Human Resources Mia Hairston recently shared their thoughts about working at Nationwide Financial and navigating their own career journeys at the National Black MBA virtual career fair.

Visit nationwide.com/careers to apply for openings.

NFM-20175AO

This sentiment is echoed by current Black advisors and financial professionals, with 87% agreeing Black professionals will face distinct challenges. Together, these and other findings from the RISE Research (which stands for Recruit, Invest, Sustain, Evolve), help paint a picture of the barriers to entry and growth facing Black advisors and financial professionals today. The Nationwide Retirement Institute^® initiated the RISE Research to identify insights that lead to actionable solutions to increase the number of Black advisors and financial professionals and improve their opportunities for success.

To advance actionable solutions and contribute to lasting change in the industry, Nationwide has partnered with leading financial services organizations, associations and historically Black colleges and universities (HBCUs) to form the Financial Alliance for Racial Equity. Founding Members of the Alliance include Morgan Stanley, M Financial Group, NFP, Employee Benefit Research Institute and Nationwide Financial, in partnership with HBCUs, including Hampton University, Virginia State University, Virginia Union University and Winston-Salem State University. An additional HBCU and more firms are expected to join the alliance in the future.

“It’s imperative we continue to make progress toward racial justice and inclusion in this country and within our own firms,” said John Carter, president of Nationwide Financial. “Nationwide has a long history of supporting diversity, inclusion and HBCUs, and we are dedicated to driving change in the financial services industry, which has been slow to evolve. We know Black college students and financial professionals need to see real change. This Alliance is the next step in our work to deliver that change and increase equity and representation in our industry.”

With the unique partnership of HBCUs and financial services organizations, members of the Alliance seek to build sustainable economic wealth in diverse communities and increase the number of Black advisors and financial professionals through expanded research, increased training, and mentorship opportunities—a critical component of success, as identified in the RISE Research. The Alliance will provide Black college students with direct access to executive mentors at member firms, while also creating a new talent pathway for students at member HBCUs and leading financial services firms.

“Our communities are wrestling with racial inequities, while consumers, business partners and our clients are looking to companies that not only say they are committed to diversity and inclusion but demonstrate action. As a product of an HBCU, I’m eager to work with our Alliance partners to create a network of opportunity which is essential to addressing the challenges Black college students and financial professionals face today. It will take time as we learn together, but I am excited for what we can accomplish as a group,” said Kristi Martin Rodriguez, leader of the Nationwide Retirement Institute^®.

Following Nationwide’s $1 million multi-year commitment to support programs that foster social justice, members of the Alliance will listen and learn from each other to identify needs and advance open dialogue while also taking the lead within their own organizations to foster inclusion.

“Joining this alliance reflects our belief that we will have a more meaningful and enduring impact when we collaborate with other organizations that share our dedication to eliminating racial inequity,” added Mike James, NFP’s head of Individual Solutions and president of NFP Life Solutions. “I’m looking forward to working together to remove barriers and create opportunities for Black professionals, while continuing to take steps to elevate diversity and inclusion within our respective companies and in communities across the country.”

“Creating an authentically inclusive and equitable business community requires tackling the root causes of systemic racism and a team effort. Talk alone is not enough. We need corporations to put their money where their mouths are and invest resources into student scholarships, faculty training and research at HBCUs, which have been the guiding light for the advancement of African Americans for centuries. No corporation or university can go it alone. That's why Hampton University is encouraged to be partnering with the financial industry and fellow HBCUs to launch the Financial Alliance for Racial Equity. The opportunity for our students will be immediate, while our partner firms take another meaningful step towards a truly inclusive corporate America,” added Dr. William R. Harvey, president of Hampton University.

Financial services firms interested in learning more about or joining the Financial Alliance for Racial Equity are encouraged to contact Kristi Rodriguez.

NFM-20117AO

About the RISE Research

The objective of the RISE research was to create knowledge that leads to actionable insights to increase the level of representation of black advisors in financial services. The first phase of the RISE project sought to understand the challenges and opportunities for Black financial professionals as perceived by both Black and non-Black individuals working in the financial services industry. Nationwide partnered with The American College of Financial Services to conduct a mixed-methods research study to identify key opportunities to promote the recruitment, promotion and overall success of Black financial professionals. Additionally, Nationwide partnered with Research for Action, a not-for- profit group that focuses on educational policy research, to conduct a mixed methods research project that investigated the perception of Black and non-Black college students, from both traditional white universities and HBCU’s, as well as administrators and faculty, on their perceptions of viability and opportunities of building a career in the financial services industry.

Consumers and business partners are making decisions on who to work with based partly on whether a financial services firm hires and promotes a diverse workforce and whether they see themselves represented among that firm’s professionals. They often select a company based on how inclusive and engaging the culture is. Nationwide® is strongly committed to creating a diverse and inclusive workplace and has received recognition for its efforts. Most recently, Nationwide once again scored in the top 10% of companies on the 2020 Diversity Best Practices (DBP) Inclusion Index.

As co-workers and colleagues, most employees want to help cultivate an inclusive culture, but they may not know where to start. Being an ally, mentor or sponsor is one way to build relationships and an inclusive culture.

Kristi Rodriguez and John Carter have different and complementary perspectives and have worked together for the past five years. Kristi, vice president of Nationwide Retirement Institute®, has more than 20 years of business-to-business and direct-to-consumer business experience. John became president and chief operating officer of Nationwide Financial in 2019 and has worked in financial services for more than 35 years. We asked for their thoughts on how to be an ally, centering on four core principles.

• Reach Out: Don’t wait for someone to come to you; be proactive and intentional
• Offer Opportunity: Make a conscious effort to give someone a chance to grow
• Listen: Ask for and consider the perspectives of employees with diverse backgrounds and experiences
• Learn: Use these interactions and viewpoints for further development

Kristi Rodriguez, Vice President, Nationwide Retirement Institute

As a Black female executive who’s passionate about mentorship and talent development, I have certainly appreciated Nationwide President John Carter and others who have mentored me, and I recognize the privilege that I have myself, and it is my mission to pay that forward. Staying connected to people who are simply navigating through their career often provides a good reminder of my challenges and the things that helped me along the way.

Like many people who didn’t have family working in the business, I didn’t initially focus on a career in financial services. It’s more common for women and employees of color to have a nontraditional career path – but they often bring valuable, transferrable skills to the table. Here are my thoughts.

• Reach Out: I’ve always been one to raise my hand for stretch assignments and look for new and challenging leadership opportunities; however, I recognize it can honestly be difficult for others in non-majority communities. Knowing this, we have been very intentional in seeking out diverse talent for the Nationwide Retirement Institute (NRI). Our leadership team represents a wide variety of leaders from different backgrounds and experiences. We have been purposeful in staffing our team to include those diverse perspectives, and the results have been phenomenal. I can definitely say, we are tapping into new opportunities and partnerships as a result. The diverse mix of talent we have has helped us build a more dynamic, high-performing team.

• Offer Opportunity: I have to give a nod to John Carter here. He really helped guide me in my career at Nationwide by constantly challenging me and putting his faith in me. He’s inspired me to do the same for others. As a leader and sponsor, it’s important to be approachable, and for those who report to or mentor with me, I make an effort to actively find ways to offer guidance to those who may not feel comfortable asking for support. Creating a safe space for employees goes a long way in helping them grow, develop and even make that next potential career move.

• Listen: Find out what an employee finds fulfilling and try to leverage that. The thing that hooked me early on was helping others. I knew I’d found my calling when people responded positively and thanked me after a presentation about building generational wealth for their family. I realized that there was a great opportunity to combine my passion and purpose with my profession, and it’s equally important to give others the same opportunities. Being fully present and actively listening will help employees discover what’s possible. When I meet with mentees, we often talk about their true passion, which can lead to the next best development or career opportunity.

• Learn: Leaders learn from the people they work with or mentor every day. As the Executive Sponsor for an Associate Resource Group for Black women at Nationwide, the camaraderie and inspiration of these women from all levels of the company energizes me and reminds me that each person can bring something unique and wonderful to the table. We’re all different, so don’t ever think there is a cookie cutter approach to working with one group or another. We all truly have so much to learn from each other at all levels of an organization or team.

John Carter, President and COO, Nationwide Financial

Nationwide’s commitment to hiring and developing a diverse workforce (from interns to senior leadership roles) and creating an inclusive culture is one reason I joined the company, and it’s a key contributor to why I’ve stayed. Some say this is the right thing to do, and it is. But there is a business impact as well. In my career, I’ve found that companies and leaders who hire smart and competitive people with different backgrounds and experiences, then challenge them to meet and exceed expectations, almost always create stronger, high-performing teams. Here are my thoughts.

• Reach Out: Words and ideals aren’t enough: You must be intentional in providing opportunities to unleash an employee’s potential. Kristi Rodriguez is a great example. When Kristi joined Nationwide in 2015, she was hired to lead Marketing for our Retirement Plans organization, where at the time, I served as President. Kristi wasn’t a classically trained Marketing professional (her degree is in Finance), but she brought unique experience and knowledge to this role. Once I started working with Kristi, I quickly realized the impact she could have leading one of our businesses by using her passion and unique strengths to advocate for and educate individuals on issues impacting their retirement.

• Offer Opportunity: Not everyone feels confident asking for more opportunity. It’s part of your job as a leader to identify and develop talent. I’ve found that people will almost always surprise you with their talent and drive if you give them the opportunity and expect them to be successful.

• Listen: As a leader, I’m often asked for my thoughts and opinions. To be a good ally, you also need to listen. That means setting aside time to ask employees how they’re feeling and what they need to be successful. I’ve always placed a priority on creating diverse and inclusive teams, not only because it’s the right thing to do, but because I’ve found that the more experiences and perspectives you have at the table, the more high-performing the teams become. Unfortunately, the financial services industry is not exactly known for being diverse. Following the recent social unrest, I’ve realized there is even a greater purpose in ensuring we are being intentional about creating opportunities for diverse individuals in the financial services industry.

• Learn: I’ve benefitted at least as much as the employees who I’ve worked with and mentored over the years. Each time you help someone on their journey, it teaches you something as well, which can only help you become a better leader.

Related News:

• Working to End Racism
• Nationwide Employees Commit to Action to End Racism
• Adding Investments to Fight Racism

Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.

Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Retirement Institute are service marks of Nationwide Mutual Insurance Company © Nationwide 2020

NFM-20055AO

“It has been just over one month since COVID-19 was declared a global pandemic, and it is taking a toll on every aspect of our lives,” said John Carter, President and COO, Nationwide Financial. “People are struggling, they are making sacrifices, and we firmly believe that their health and safety should be everyone’s top priority right now. We are also committed to helping Americans protect their financial health for the long term. Our latest research identifies areas where they are challenged and looking for guidance.”

Roughly one quarter of respondents (24%) and the subset of investors (26%) are seeking help by engaging a financial advisor for the first time ever as a result of the pandemic. These are among the findings revealed by a new study from the Nationwide Retirement Institute of more than 2,000 American adults age 18+, including over 600 U.S. investors with investable assets of $100,000 or more, conducted online by The Harris Poll. The poll was conducted in April 2020.

“Right now, Americans feel a lack of control and a need for more guidance,” said Kristi Rodriguez, leader of the Nationwide Retirement Institute. “Even if they do all the right things to manage their finances and investments, the vast majority of Americans, including 80% of all respondents and 85% of investors, agree they can still be blindsided by outside events. According to 49% of respondents and 52% of investors, the COVID-19 pandemic made them realize that they need help managing their finances and investments to succeed in the future.”

Loss of Control and Need for Guidance

When asked how they feel about the impact of COVID-19 on their current personal finances, all respondents and investors are most likely to say they are cautious (38% and 41%, respectively) or uncertain (32% and 28%). If there is any silver lining, it is that roughly two in ten say they feel optimistic (18% respondents and 22% investors) and only a few say they feel hopeless (7% and 5%, respectively).

Advisors top the list of trusted sources for general financial and money management advice during the pandemic. All respondents say their top choices include a financial advisor (37%), friends & family (29%), online investment management/financial planning tools (20%) and their employer sponsored retirement plan (20%). Investors say their top choices include a financial advisor (55%), with friends and family a distant second (26%), followed by online investment management/financial planning tools (25%) and their employer sponsored retirement plan (24%).

Less than one-third of respondents (31%) already had an advisor, compared to more than half of investors (58%). More than one-third of respondents (35%) and nearly half of investors (49%) are now relying on a financial advisor more than ever due to the impact of the COVID-19 pandemic. But nearly two in ten respondents (19%) and 14% of investors say they don’t trust anyone for financial advice during the pandemic.

Top Financial Concerns and Meeting Immediate Needs

While roughly one-quarter of respondents (24%) and one-third of investors (31%) do not expect the pandemic to impact their ability to meet their financial obligations, the majority of Americans are now feeling pressure.

Among all respondents, the top three financial concerns related to the COVID-19 pandemic are being unable to pay bills or meet their financial obligations (45%), losing their life's savings (33%) and losing their employment (30%). Among investors, the top three financial concerns related to the pandemic include losing their life’s savings (41%), being unable to pay bills or meet financial obligations (34%), while they are equally worried about being unable to afford healthcare and being unable to retire as planned (both 28%).

When it comes to meeting their financial obligations if impacted by COVID-19, roughly one-third of Americans, including 32% of all respondents and 36% of investors, will tap their savings. Respondents overall are somewhat more likely than the subset of investors to need other sources such as delaying paying bills (24% vs 19%, respectively), relying on one-time payment from the stimulus package (22% vs 15%), relying on help from family and friends (19% vs 15%), and relying on unemployment insurance (13% vs 10%). Both are almost equally likely to increase credit card debt (18% vs 17%).

Solutions for Protecting Financial Futures and Loved Ones 

Heightened uncertainty and complexity are driving a need for greater financial protection. Roughly half of respondents and investors agree that the COVID-19 pandemic has made them recognize the need for annuities to protect their investments against market risk (47% and 51%, respectively) and to protect their retirement income (48% and 51%). More than half of respondents and investors also say the pandemic has made them recognize the need for life insurance (57% and 55%).

Americans are also worried about protecting their families and loved ones. Roughly four in ten of all respondents and investors are concerned the COVID-19 pandemic will impact their ability to fulfill potential caregiving responsibilities for others due to financial strain (44% and 41%) or due to their own illness caused by COVID-19 (42% and 40%). The majority of respondents and investors (56% and 57%) also say that the pandemic has made them recognize the need for long-term care insurance for themselves and the people they care about.

Staying the Course for the Long Term 

While the pandemic impacts immediate financial needs and the ability to care for family and loved ones, 42% of Americans say they are staying the course with their long-term investments.

When managing their qualified retirement savings plans, such as their 401(k), 403(b), 457 and IRA, in response to COVID-19, nearly half of all respondents and investors say they will make no change and stay the course (42% vs 50%, respectively). If making changes to their qualified plans, respondents and investors are somewhat more likely to move to a more conservative allocation (14% and 19%, respectively), and somewhat less likely to move to a more aggressive allocation (10% and 15%). However, respondents overall are less likely than the subset of investors to increase contributions (10% vs 16%) but also somewhat less likely to decrease contributions (10% vs 14%).

When managing their other investments, such as stocks, bonds, mutual funds and ETFs, in response to the COVID-19 pandemic, many respondents and investors also say they will make no change and stay the course (35% and 42%). If making changes to their other investments, respondents are most likely to move their portfolio to a more conservative allocation (14%) or invest more in the stock market (13%), while only 10% would take money out of the stock market and only 9% would move their portfolio to a more aggressive allocation. Investors making changes to their other investments are most likely to invest more in the stock market (22%) or move their portfolio to a more conservative allocation (19%), while 15% would take money out of the stock market and 14% would move their portfolio to a more aggressive allocation.

While respondents overall are somewhat less likely than the subset of investors to meet financial obligations, if impacted by COVID-19, by selling shares in qualified retirement plans (10% vs 16%), this may in part reflect the fact that nearly two in ten respondents (18%) don’t have a qualified retirement savings plan, whereas only 4% of investors do not. Likewise, while respondents overall are less likely than the subset of investors to meet their financial obligations by selling shares in non-qualified investments (8% vs 16%), this may also reflect the fact that nearly one quarter of respondents (24%) don’t have these other investments, whereas just 6% of investors do not.

Nationwide offers this resource to help consumers find a financial advisor that’s right for them.

Methodology

This survey was conducted online within the United States between April 8-10, 2020 among 2,042 adults (aged 18 and over) by The Harris Poll on behalf of Nationwide via its Harris On Demand omnibus product. This sample included 603 investors defined as those adults with investable assets of $100K+. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

“The SECURE Act is a much-needed and highly anticipated step in creating new pathways to retirement security. We have new opportunities today to protect people, businesses and futures in proven and innovative ways,” said John Carter, president and COO of Nationwide Financial.

Emphasizing the importance of this legislation, according to Nationwide’s recent business owner survey1, 80% of small business owners believe the SECURE Act will allow them to offer a 401(k) plan that rivals those offered at large corporations. Among those who are familiar with the SECURE Act, 84% believe the legislation should make it easier for small business owners to offer a 401(k). In addition, nearly nine in 10 agree that the legislation provides both their business and employees tax advantages (88%), helps attract and recruit top talent (88%) and helps improve employee retention (86%).

“With record low unemployment rates making it harder for small businesses to retain top talent, paired with America’s growing retirement preparedness challenge, the SECURE Act offers a solution for making workplace retirement plans easier to offer: open Multiple Employer Plans (MEPs). MEPs allow small businesses to pool their resources to offer a workplace retirement plan that is cost effective and administratively simpler,” Carter added.

For the past decade, Nationwide has engaged with lawmakers on additional legislative reforms to ensure private-sector small businesses’ needs are addressed and their employees are supported. As part of the retirement reform discussions, Nationwide helped to develop the open MEPs concept that is a key part of the SECURE Act.

In addition to MEPs, the passage of the SECURE Act also advances a provision that provides small business owners a financial incentive to offer their employees a plan, thus increasing American workers’ access to workplace retirement plans. The legislation provides an annual tax credit that covers up to $5,000 of plan costs for the first three years that an employer offers a workplace retirement plan.

“Nationwide is a strong supporter of enhancements to our retirement system that enable and protect the future for Americans and small businesses. We applaud Congress for the bipartisan support of this legislation and urge the president’s swift signature,” Carter said.

Carter added the company will be working with firms and advisors during the implementation phase of the new provisions.