The Nationwide Financial Growth & Protection Index, which measures how consumers balance financial growth and financial protection, scored Americans at 54 on a 100-point scale, indicating consumers are slightly more protection-oriented than growth-oriented overall. That shift is reflected in how Americans now view financial success: 84% say the American Dream is now more about financial stability than building wealth, while the same percentage believe it is harder to get ahead financially than it was for previous generations.

For many Americans, this mindset is shaped by the pressures of everyday financial life. Nearly seven in 10 consumers (68%) reduced spending over the past year to improve their financial situation, while 45% dipped into savings to cover essential expenses. Three-quarters (75%) say their primary financial focus is covering basic expenses, and 74% say they are simply trying to stay financially afloat, suggesting many Americans are making financial decisions from a place of protection rather than ambition.

Together, the findings suggest Americans are not abandoning financial ambition, but they are making decisions from a more defensive position — focused first on protecting their households, preserving progress and avoiding setbacks.

"Financial progress still matters to Americans, but the path to achieving it has changed," said Craig Hawley, President and COO of Nationwide Financial. "People still want to build wealth, but today's environment has made financial stability and resilience just as important. Protecting what you've worked hard to build has become a critical part of achieving long-term financial success."

Optimism Outpaces Preparation
Despite today's financial pressures, Americans remain optimistic about their future. Seven in 10 consumers (70%) believe they can significantly improve their financial situation over the next five years, while nearly six in 10 (59%) expect their income to increase meaningfully over time.

However, many have yet to take steps to protect the financial future they expect. Just 30% have taken steps to protect against income loss due to illness or injury, and more than one-quarter (27%) say they would not be financially protected at all if their household's primary income earner could no longer work. The findings point to a growing gap between consumers' financial aspirations and the safeguards they have in place to protect them.

That disconnect is especially evident when it comes to retirement planning. More than eight in 10 consumers (81%) say they would prefer a guaranteed, predictable retirement income stream over higher-growth investments, yet only 24% currently have products or strategies designed to reduce market risk in retirement.

As Americans increasingly define financial success through the lens of stability, the findings suggest many are still looking for practical ways to translate that priority into a long-term strategy.

Helping Americans Balance Growth and Protection
The Index also points to an opportunity for financial guidance that reflects how consumers are thinking about their financial futures. Nearly three-quarters of consumers (74%) say they would be more likely to work with a financial advisor who could help protect them financially.

Employer-sponsored retirement plans remain the most common retirement savings vehicle among Americans, creating an important opportunity for retirement planning professionals, including financial advisors and those supporting workplace retirement plans, to help workers build strategies that support long-term growth while preparing for unexpected challenges.

"Our findings suggest retirement planning is entering a new chapter," said Hawley. "Building wealth remains essential, but consumers also want confidence that their savings can support them through market volatility, longer lifespans and life's unexpected challenges. That creates an opportunity for financial advisors and workplace retirement plans to bring growth and protection together in a way that better reflects how Americans are preparing for retirement today."

To learn more about the first-ever Nationwide Financial Growth & Protection Index, view an infographic, review the data or view a blog post from Craig Hawley.

Methodology
The Nationwide Financial Growth & Protection Index research was conducted online in the United States among 2,000 adults age 22 and older. The survey was fielded May 1–14, 2026. Respondents were nationally representative by age, gender, race/ethnicity, region, employment status and income level. The Index measures how consumers balance financial growth and financial protection by evaluating responses across three dimensions: mindset, actions and confidence. Individual pillar scores were weighted and combined to produce an overall Index score ranging from 0 to 100, with lower scores indicating a stronger growth orientation and higher scores indicating a stronger protection orientation.

“This agreement represents a tremendous opportunity to put our strong capital position to work and grow our life insurance business, which was designated the third largest writer of life insurance in 2025,” said Kirt Walker, CEO of Nationwide. "Bringing together two strong brands allows us to protect more Americans with life insurance.”

MassMutual will continue to administer these policies and remain the point of contact for policyowners.

“This deal marks a continued step forward for our life insurance business, which has established itself as a strong and stable industry leader with a deep portfolio of protection solutions,” said Craig Hawley, president of Nationwide Financial. 

Sidley Austin LLP served as Nationwide's legal counsel on the transaction.

Tournament officials recently gathered with partners and volunteers to announce that the 2025 Nationwide Children’s Hospital Championship generated a record-setting $3,708,805 for Nationwide Children’s, marking the fifth consecutive year in which the $3 million mark has been exceeded. Since its inception in 2007, the tournament has raised nearly $33 million for the hospital’s nationally recognized pediatric cancer program¹.

“This best-in-class event continues to set the standard on the Korn Ferry Tour for meaningful impact, and we’re deeply grateful to every partner, patron and volunteer whose support makes this tournament so special,” said Craig Hawley, president and chief operating officer for Nationwide Financial and chairman of Champions of the Community, the host organization for the Nationwide Children’s Hospital Championship. “We also want to extend sincere thanks to the Patient Champions and their families who join us during tournament week and whose stories of courage and resilience inspire us year after year.”     

“The tremendous generosity of the Nationwide Children’s Hospital Championship makes lifesaving work possible across so many different areas of the hospital,” said Tim Robinson, CEO of Nationwide Children’s Hospital. “The millions that have been raised from this tournament that support clinical care and groundbreaking cancer research help us reach best outcomes for our patients and families.” 

Since 2011, Nationwide’s sports marketing partnerships have contributed more than $74 million to Nationwide Children’s. Beyond the golf-related fundraising from Nationwide Children’s Hospital Championship and the Memorial Tournament’s Legends Luncheon, additional support comes from partnerships with the Nationwide Children’s Hospital Columbus Marathon & ½ Half Marathon, the Columbus Crew and The Dale Jr. Foundation.   

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

¹ U.S. News & World Report 

Nationwide Financial President Craig Hawley announced today that Kush Kotecha has been named leader of Nationwide Annuity. Kush fills the position which opened when Hawley was named leader of the company’s financial services business in August.  

Kush brings more than 20 years of financial services and insurance experience with deep expertise in business development, actuarial and risk management. He is known as an innovator and collaborator focused on leading and developing high-performing teams with a strong focus on using financial data to drive profitable growth.

Most recently, Kush worked for TIAA Financial Services as senior vice president of Product and Innovation, where he led product development with a focus on innovation and value-added growth. Prior to this role, he was TIAA’s senior vice president and CFO of Product and Business Development, where he developed and oversaw the methodology, governance and infrastructure for existing and new business. Under Kush's leadership, the team introduced new reporting to enable analytics, making data-driven decisions and increase awareness of product profitability.   

“Kush is a results-driven leader and innovator who brings a combination of industry expertise, strategic vision and operational excellence to this role,” Hawley said. “I am confident the Annuity business will continue to build on its strong performance under his leadership.”  

Prior to TIAA, Kush held roles as vice president of U.S. Business Strategy and Initiatives at Prudential Financial and senior vice president at Ohio National. Earlier in his career, Kush spent 13 years at Ernst & Young, where he was senior manager in the Insurance and Actuarial Advisory Services practice, serving as lead advisor to insurance companies, reinsurance companies and banks.

Kush holds a bachelor’s degree in math actuarial science from the University of Waterloo, Canada. He is a Fellow with the Society of Actuaries, Member of the American Academy of Actuaries and Associate with the Canadian Institute of Actuaries. He is an active member of several boards, including the Greater Cincinnati / Dayton Red Cross and the Living Arrangements for the Developmentally Disabled. 

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Eric Stevenson’s career of distinction at Nationwide 

Since joining Nationwide in 2006, Stevenson has made a lasting impact—beginning in life insurance marketing and rising through leadership roles in retirement plans marketing and distribution. As Senior Vice President of Retirement Plans Distribution, he led a national team supporting more than 2.5 million participants in preparing for and living in retirement. In 2019, Eric became President of Retirement Solutions, guiding the organization to over $200 billion in assets under management. Under his leadership, Nationwide Financial evolved beyond a retirement solutions recordkeeper, becoming a trusted partner in retirement readiness. His influence extended beyond the walls of Nationwide—testifying before Congress in support of the SECURE Act and other key legislation aimed at improving retirement outcomes for millions of Americans. As a result, Nationwide was an industry leader in launching a suite of in-plan protected retirement solutions and has since emerged as a leading force in that category.  

“Eric’s legacy is one of advocacy, innovation and a commitment to helping people achieve financial security in retirement,” Hawley said. “We wish him the best in his retirement.” 

Kevin Jestice well positioned to lead Nationwide Retirement Plans into the future 

Since 2023, Kevin Jestice has served as President of Nationwide’s Investment Management Group (IMG), leading a $77+ billion investment advisor with products distributed through financial intermediaries, retirement products, and variable annuity and life solutions. Under his leadership, IMG has elevated its partnerships with leading investment firms, delivered superior investment products at competitive prices, and accelerated profitable growth across Nationwide Financial’s businesses.   

“Kevin Jestice’s proven leadership—combined with his extensive investment and asset management, retirement plans operations, sales and service expertise—make him the right person to lead Nationwide Retirement Solutions into the future,” Hawley said. “He brings a combination of strategic vision, operational excellence and deep industry expertise to this role. He is known for his empowering leadership style, ability to drive results, and passion for improving outcomes for investors.”  

Prior to this role, Jestice served as Vice President of Internal Sales and Service (ISS) at Nationwide, where he led the organization responsible for providing service to millions of members, financial professionals and firm partners. Before joining Nationwide, he spent more than 13 years at Vanguard in roles of increasing responsibility, including Principal, Head of Enterprise Advice, where he built a new sub-division focused on improving outcomes for individual investors through advice and education. He also served as Principal, Head of Institutional Investor Services, where he led a team of more than 250 investment professionals, relationship managers and operations professionals to serve Vanguard’s institutional asset management clients, primarily retirement focused.   

Jestice earned bachelor’s degrees in finance and management from Loras College in Dubuque, Iowa, and an MBA from the Wharton School at the University of Pennsylvania. He holds multiple industry credentials, including FINRA Series 6, 26 and 63 licenses; Chartered Financial Analyst (CFA); Certificate in Investment Performance Measurement (CIPM); and an Executive Certificate in Technology, Operations and Value Chain Management from MIT Sloan. He is also a member of the CFA Institute, the CIPM Association and the CFA Society of Columbus. He serves as a member of the Advisory Board for the Salvation Army in Central Ohio.  

“Kevin will work with Eric over the next several months to ensure a smooth transition leading up to Eric’s retirement,” Hawley said.  

Nationwide will conduct a search for Jestice’s replacement as leader of IMG starting immediately. 

Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect more than $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants. Nationwide services the highest volume of Governmental 457 plans and demonstrated significant growth in corporate 401(k) and not-for-profit 403(b) markets.¹ Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.  

¹ Plan Sponsor 2024 Recordkeeping Survey 

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Nationwide’s Monument Advisor and Advisory Retirement Income Annuity (NARIA) garnered top spots in Barron’s Best Traditional Variable Annuities for Tax-Deferred Savings category. The publication calculated the rankings by comparing annuities used for accumulating assets on a tax-deferred basis and invested in underlying mutual fund-like subaccounts. Barron’s analyzed features like annual contract fees, average subaccount expenses, surrender charges, total options and five-year annual returns.

“In today’s volatile economic landscape, annuities offer a powerful tool for long-term financial planning, allowing investors to grow their assets without the drag of annual taxation,” said Craig Hawley, president of Nationwide Annuity. “As the industry continues ongoing efforts to expand distribution to registered investment advisors (RIAs), annuities like Monument Advisor and NARIA become even more critical, helping RIAs and their clients defer taxes, compound growth and build a resilient financial future as interest rates and market dynamics continue to shift.”

Nationwide’s recognition for its advisory annuities comes shortly after announcing enhanced rates for the Nationwide Lifetime Income Rider+® (L.inc+) Suite available on NARIA. This adjustment allows Nationwide, the top wholesale distributor of advisory VAs¹, to offer some of the highest guaranteed income in the market.

¹ Wink’s Sales & Market Report 1^st Quarter, 2025

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08/2025

Nationwide CEO Kirt Walker announced today that Craig Hawley has been named the incoming president and COO of Nationwide Financial, effective Sept. 1. In January, John Carter announced his intention to retire as leader of the company’s financial services business. 

“With more than 30 years in the financial services industry, Craig Hawley is a results-driven leader and innovator who is committed to creating value for advisors and their clients,” Walker said. “His proven track record at Nationwide makes him a strong fit to lead our financial services business, which has become a $50 billion industry leader, consistently outperforming the competition in earnings and sales growth as we deliver on our mission to protect people, businesses and futures with extraordinary care.”  

Craig currently serves as President of Nationwide Annuity, a top 10 seller of annuity products in the U.S., representing more than $130 billion in assets in 2024. With a distinguished career of more than 30 years in the financial services industry, Craig is widely recognized as a visionary, results-driven leader and innovator. He previously led Nationwide Retirement Solutions Distribution, overseeing sales teams responsible for more than $175 billion in assets under management and supporting over 2.5 million participants in preparing for and living in retirement. 

Craig also played a pivotal role in Nationwide’s acquisition of Jefferson National in 2017, later leading the business—renamed Nationwide Advisory Solutions—until its integration into Nationwide Annuity in 2019. His earlier roles include serving as General Counsel and Secretary at Jefferson National, Assistant General Counsel at ARM Financial Group, and Associate at the law firm Wyatt, Tarrant & Combs. 

Craig holds a Juris Doctor and bachelor’s degree in business management from the University of Louisville. He is an active member of several boards, including the Insured Retirement Institute (IRI), LIMRA Annuity Advisory Board, University of Louisville College of Business Board of Advisors, and the Star House Board of Trustees.  

In the coming weeks, Craig and John Carter will work together as they transition responsibilities.  

Nationwide Annuity will continue to operate under Craig Hawley’s leadership until a new leader is announced.


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According to a recent survey from Nationwide, financial professionals who sell annuities are using a variety of software and financial technology platforms in their practices, including financial planning software (73%), customer relationship management (CRM) platforms (62%) and performance reporting software (56%). They are primarily gaining access to these programs through their firm or third-party providers, with some turning to financial services providers for solutions.

However, there remains a gap in the tasks these technology platforms address. Financial professionals listed examples such as digital new business application submissions (49%) and online capabilities to track pending business (38%) as digital solutions that would simplify the annuity sales process for themselves and their clients.

“It’s great to see financial professionals embracing technology, as digital tools can help ensure seamless transactions for clients. However, it’s clear there is still a need for more enhanced tools across the industry to make the sales process simpler,” said Craig Hawley, president of Nationwide Annuity. “The good news is this is an area the industry is actively addressing. In fact, it’s one of the reasons Nationwide is configuring and integrating a new policy administration system for our annuity business that will optimize digital business tools and processes, making simplicity a priority, while enabling a more efficient experience for our partners.” 

Financial professionals may be unaware of the ongoing work being led by industry groups like the Insured Retirement Institute that is shaping and defining the annuity industry’s digital standards, leading them to believe their concerns are not being addressed, Hawley said. This may be why two-thirds (66%) of financial professionals told Nationwide they are only somewhat or a little open to exploring new or additional FinTech platforms.

“If financial professionals feel their technology needs are not being listened to, they are going to be less open to trying out new platforms – meaning they may never discover existing financial software that solves challenges they may be facing,” Hawley said. “For example, Nationwide offers an online pending business tracker, as well as access to our annuity products on industry standard electronic order entry platforms. By seeking out and leveraging more digital tools, financial professionals will be able to differentiate themselves from the pack and create a more efficient and personalized experience for clients. He highlighted the following considerations for financial professionals when determining what FinTech tools may best help them sell and service customer accounts:

1. Integration: Look for digital tools that can integrate seamlessly with any existing systems you’re already leveraging or fit well into your sales process. For example, Nationwide offers pre-sale annuity tools to help financial professionals find the best product to fit clients’ needs. This can help build a cohesive, efficient workflow and eliminate disjointed technology use.

2. Scalability: Choose tools that can grow with your business. You want to make sure any digital tools you use can accommodate an increase in clients and operations.

3. User Experience: One of the most important things to consider is how user-friendly the digital tools you’re considering are for both you and your clients. Platforms that are easy to navigate and understand can significantly enhance customer satisfaction. 

“It’s going to be crucial for financial professionals to continue testing new digital solutions to stay ahead of the competition and ensure seamless transactions for clients,” Hawley said. “This is going to be particularly important as more annuity providers adopt fast, modern, streamlined processes for each step in the financial professional and consumer journey. Financial professionals don’t want to risk falling behind as their competitors find ways to make new technology work for their practice.”

About Nationwide’s Annuity Financial Professional Survey
The research was conducted online within the U.S. by Nationwide Mutual Insurance Company and Zeldis Research from September 5-24, 2024, among 504 financial professional respondents. Respondents had to be annuity-producing financial professionals with at least three years of experience as a financial professional.

The Nationwide Lifetime Income Rider+^® (L.inc+) Suite and Nationwide High Point 365^® Select Lifetime Income Rider with Bonus will now offer increased roll up rates – the guaranteed rate at which the annuity income base grows until payouts begin¹. The company is also offering enhanced dollar cost averaging (DCA) rates on variable annuities, a strategy that helps smooth out market fluctuations by allowing consumers to invest a fixed amount of their annuity portfolio at regular intervals, regardless of changing prices. These new rates give financial professionals more options when developing a retirement income plan to meet their clients’ unique needs, helping them navigate turbulent markets.

Nationwide L.inc+ Suite Rates
The roll-up rate on the L.inc+ Suite across Nationwide’s brokerage and advisory annuities will increase by one percentage point to 8%. The riders are available on Nationwide Destination 2.0 and Nationwide Advisory Retirement Income Annuity^SM (NARIA) variable annuities for an additional fee, offering options for income security, additional growth potential for the future or a way to fill an income gap in retirement.

Nationwide High Point 365 Select Lifetime Income Rider with Bonus Rate
The roll-up rate on the High Point 365 Select rider with bonus will increase by one percentage point t0 9.5% when added to Nationwide New Heights Select fixed indexed annuities. High Point 365 Select offers instant income benefit base growth with its 30% bonus² and continued guaranteed growth potential for up to 12 years or when withdrawals begin, whichever comes first. It also offers the opportunity to start lifetime income payments after just one year.

DCA Rates
Nationwide will now offer a 6-month interest rate of 6% and a 12-month rate of 3% when clients choose to use dollar cost averaging with their annuity purchase – some of the highest DCA rates in the market today³. With clients only investing a portion of their annuity in the market at a given time when using a DCA strategy, the remainder stays in a fixed account and accrues interest. With DCA, investors can worry less about market fluctuations and choosing the right time to invest, helping to reduce volatility in their portfolio.

“Americans are in danger of outliving their retirement savings as ongoing volatility compounds the existing challenges of greater longevity and an eroding retirement safety net,” said Craig Hawley, president of Nationwide Annuity. “Nationwide’s enhanced rates offer a range of flexible options for investors’ own unique retirement vision, helping them achieve security and protected income even amidst a shifting economic environment. One of the upsides of high interest rates is that they allow us to produce better consumer value on almost all types of annuities – and it’s never been better for lifetime income.”

Financial professionals interested in Nationwide’s lifetime income riders or DCA rates should contact their Nationwide wholesaler, call the National Sales Desk at 800-321-6064 or visit https://nationwidefinancial.com/products/annuities/variable/destination-b-2/rider-lifetime-income-rider-plus or https://nationwidefinancial.com/products/annuities/fixed-indexed/new-heights-select-8/optional-riders to learn more.

¹ Roll-up rates are guaranteed increases to the rider’s income benefit base. Increases are credited on the first 10 contract anniversaries or the first withdrawal for L.inc+ riders. On the High Point 365 rider, the Minimum Income Benefit Value will continue to grow daily at a 9.5% compound annual rate until the earlier of 12 years or until lifetime income withdrawals begin.

² A 30% bonus calculated on the purchase payment will be added to the Minimum Income Benefit Value at contract issue.

³ Morningstar Fixed Rate analysis, April 2025

“Nationwide has a history of innovation in the annuity industry, launching the first variable annuity using unaffiliated mutual funds in 1980, which was a game changing product development that was quickly imitated by the industry at large,” said Craig Hawley, president of Nationwide Annuity. “We’re excited to build on our partnership with Capital Group to take that innovation one step further, offering strategies that will index to their highly respected American Funds Growth Fund of America mutual fund in our DPA 2.0 annuity. DPA’s unique features, built in partnership with Annexus, combined with Capital Group’s investment strength, will allow investors to pursue growth and protect against downside risk.”

American Funds Growth Fund of America is an actively managed mutual fund that offers a flexible approach to growth investing. The fund seeks opportunities in traditional growth stocks as well as cyclical companies and turnaround situations with significant potential for growth of capital to help investors pursue their long-term goals. Growth Fund of America distinguishes itself through Capital Group’s distinct multi-manager system, with a team of 12 portfolio managers averaging 27 years of experience.

“In our 11^th year of partnership with Nationwide, I am excited about another first-to-market innovation that includes an actively managed American Funds mutual fund from Capital Group to a RILA,” said Ron Shurts, CEO of Annexus. “Defined Protection Annuity 2.0 will now offer strategies that provide upside potential based on the total return of American Funds Growth Fund of America with access to three protection levels to help limit losses.”   

Created in collaboration with Annexus, DPA 2.0 features daily protection and floor levels, numerous index strategies and free withdrawals. It comes with a customizable selection of protection levels: 90%, 95% and 100%. The 90% and 95% options offer the potential for greater performance, while the 100% option provides complete principal protection from market losses. The product’s combination of features make it uniquely positioned to succeed with financial professionals and their clients in today’s environment.

“We are thrilled to partner with Nationwide and Annexus to offer American Funds Growth Fund of America in this innovative RILA solution,” said Melissa Buccilli, head of Insurance Strategy and Product at Capital Group. “We continue to look to expand access to our investment capabilities in innovative new ways within the annuity marketplace to help even more investors pursue their long-term investment goals.”

Financial professionals interested in Nationwide DPA 2.0 should contact their Nationwide wholesaler or call the National Sales Desk at 1-800-321-6064. Individual investors interested in learning more about the benefits of DPA 2.0 should contact their financial professional or visit www.definedprotection.com.

¹ American Funds Growth Fund of America – Class F-3 is not a market index. It is a mutual fund, and its index value reflects the mutual fund’s total return. If a mutual fund-linked index strategy is selected for investment, you will not be investing in the linked mutual fund. You will not be a shareholder or beneficial owner of the fund and you will have no rights with respect to the fund.
² Annuity Genius Research, 3/13/2025

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03/2025

More than half (56%) of Gen X investors currently provide financial support to their parents or children, according to Nationwide’s tenth annual Advisor Authority study, powered by the Nationwide Retirement Institute. Among them, more than one in five (21%) report taking on large levels of debt to manage this responsibility. To meet these financial commitments, a quarter (24%) of Gen X investors are taking on credit card debt, while more than a third (35%) are reducing nonessential expenses.

The financial responsibility of supporting both parents and children is also taking a toll on Gen X investors’ retirement savings. One in five (20%) report being unable to save for retirement, while 23% have reduced or halted retirement savings due to supporting their children and/or parents. What’s more, 16% have tapped into retirement accounts or investments to manage these financial pressures.

Beyond family responsibilities, broader economic factors are also compounding retirement challenges for Gen X investors. One in four (26%) non-retired Gen X investors feel they will retire later than planned because of inflation with more than two in five (44%) expecting to retire at age 66 or later. This prediction stands in contrast to a recent EBRI study¹ showing a median retirement age of 62.

With retirement obstacles mounting, many Gen X investors feel like they have a long way to go to reach retirement readiness. One in five (20%) believe they would need $2 million or more in retirement savings to feel comfortable about their financial future. However, only 7% report saving that amount, and just 16% report having half that amount saved ($1M). Alarmingly, three in ten (30%) report having less than $100,000 saved for retirement.

"Gen X investors have shouldered the impact of major economic events, from the dot-com crash in 2000 to the Great Recession in 2008, while also entering the workforce just as pensions were being phased out, leaving them responsible for building their own retirement savings," said Craig Hawley, president of Nationwide Annuity. "Though these experiences have built resilience, many now face the added financial strain of supporting both aging parents and children. For those Gen Xers struggling financially, it’s not too late to get back on track—with the right long-term plan developed alongside a trusted financial professional."

Despite pessimism, Gen X embrace pragmatism
Having weathered significant economic events during their careers, Gen X investors are less optimistic about their financial outlook but taking proactive steps to prepare for potential near-term volatility.

Compared to other generations, Gen X is the least optimistic about their financial outlook over the next year (36%), outpacing Gen Z (40%), Baby Boomers (45%) and Millennials (49%).

Even so, this group is taking steps to manage short-term disruptions. Six in ten (60%) pre-retiree (aged 55-59) Gen X investors have adjusted their portfolios in response to high inflation, and 67% report having sufficient savings to survive a potential recession in the next 12 months. Despite these efforts, one in ten (10%) say they struggle to afford basic household expenses like groceries and utilities.

“While it’s understandable that Gen X investors are less optimistic about their financial outlook, their life experience has also made them more pragmatic,” said Hawley. “A big challenge for the Sandwich Generation is that they often put the needs of their loved ones above their own, leaving them in a potentially precarious financial situation that can have long-term implications. It’s encouraging to see some are taking action to address these challenges.”

Gen X investors are increasingly turning to experts for financial guidance, with nearly four in ten (37%) currently paying for advisor services, up from 29% just six months ago. Additionally, 21% believe a financial professional helps them stay focused on long-term goals, and 32% of Gen X investors with an advisor frequently discuss retirement readiness.

Advisors confident in understanding Gen X needs
Financial professionals feel attuned to the unique challenges faced by their Gen X clients, developing strategies to enable a comfortable retirement. Nearly nine in ten (88%) advisors report their clients financially support aging parents or children, with 55% managing and paying caregiving costs.

Furthermore, six in ten (60%) advisors say their clients plan to continue supporting family members in retirement, with 35% balancing costs for both children and aging parents.

To address these mounting commitments, advisors are providing tailored tools and strategies for managing family-related expenses in retirement. Over four in ten (42%) of advisors whose clients support their children and/or aging parents are utilizing tax deductions and credits to help manage the financial pressures of familial expenses in retirement, while 36% suggest long-term care insurance for aging parents. Nearly the same share (35%) are helping clients prioritize retirement savings over other expenses, often using retirement investment vehicles like annuities (82%) to safeguard assets from market risks.

"Gen X investors are at an age where the financial decisions they make can carry massive implications for their retirement security,” said Hawley. “Financial professionals can help this group create a holistic plan for addressing factors like long-term care, taxes and income in retirement. Good advisors can identify gaps and create plans to help clients address them before it’s too late.”

The Nationwide Retirement Institute offers additional resources to help advisors facilitate conversations with clients.

For additional insights on this survey data, see our infographic.

Nationwide’s tenth annual Advisor Authority study powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

¹ EBRI 2024 Retirement Confidence Survey

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,496 investors ages 18+ with investable assets (IA) of $10K+, August 26-September 13, 2024. Among the investors, there were 319 Gen Z (18-27), 724 Millennials (28-43), 635 Gen X (44-59), and 741 Baby Boomers (60-78).

Respondents for this survey were selected from among those who have agreed to participate in our surveys.   The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within + 4.0 percentage points and for investors the sample data is accurate to within + 2.5 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed populations of interest. The sample data for the subset of pre-retiree investors age 55-65 who are not retired is accurate to within + 6.7 percentage points using a 95% confidence level. 

For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kristen Vasas-Samson.

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.

Rich Porter has been named leader of Nationwide Retirement Solutions Distribution, replacing Craig Hawley, effective Oct. 28. Craig Hawley recently transitioned to lead Nationwide’s annuity business.

Porter joins Nationwide Retirement Solutions after leading the company’s Annuity Distribution Brokerage team for the past two years. In his new role, he will oversee teams responsible for driving new plan acquisition, retention and relationship management. He will report to Eric Stevenson, president of Nationwide Retirement Solutions.

“It’s great to have a sales leader with a proven track record of delivering results and strong partnerships for Nationwide join the Retirement Solutions team,” said Eric Stevenson. “Rich brings a wealth of financial services experience and expertise, consistently driving sustained growth and innovation – most recently helping to deliver multiple years of record-breaking annuity sales for Nationwide.”

Before joining Nationwide, Porter served as Vice President and Divisional Sales Manager for the Advisor Channel at Prudential Financial where he led an external wholesaler team and served as a thought leader throughout the organization, with responsibility for sales management, team building and compliance. Prior to that, he practiced law in the Tax, Finance and Bankruptcy Group at Greenebaum, Doll & McDonald in Louisville, KY.

Porter earned his undergraduate degree and Juris Doctorate from the University of Louisville, and a Presidents and Key Executive MBA from Pepperdine University. He also holds FINRA Series 6, 26, 63 and 65 licenses, as well as life and health designations.

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio, that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect nearly $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants. Nationwide services the highest volume of Governmental 457 plans and demonstrated significant growth in corporate 401(k) and not-for-profit 403(b) markets.¹ Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service. 

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants. 

¹ Plan Sponsor 2024 Recordkeeping Survey
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“Our highest priority when choosing a new retirement services provider was ensuring that our employees have an excellent experience,” said Tom DeBord, President & CEO for Puget Sound Kidney Centers. “Nationwide’s award-winning customer service and ample educational resources will provide our employees with the tools and support they need to make the best financial decisions for themselves and their families.”

In addition to recordkeeping and administrative services, Nationwide will provide participants with holistic financial planning services and access to the online My Interactive Retirement Planner^SM a personalized, comprehensive financial planning tool that provides participants with a holistic view of their retirement readiness.

“We’re excited to welcome Puget Sound Kidney Centers and to serve the plan and their participants,” said Craig Hawley, leader of Retirement Solutions Distribution at Nationwide. “They represent a growing population of 403(b) plans that are turning to Nationwide and we look forward to having a positive impact on their plan participant’s financial futures.”

For the 10^th consecutive year, Nationwide Retirement Solutions has been awarded DALBAR's Plan Participant Service Award for its exceptional phone support.

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect nearly $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants.

Four in 10 participants struggle with understanding how much they’ll need to save to reach their retirement goals, according to recent Nationwide Retirement Institute® research.¹ With advisor managed accounts, participants will receive personalized retirement strategies, powered by Morningstar Retirement’s engine and methodologies, packaged with the expertise and consultation from their plan’s advisor to create and implement customized portfolios based on their needs.

“Managed Accounts are designed to help participants feel confident that they have the right strategies in place when it comes to saving and investing for retirement,” said Craig Hawley, senior vice president of Retirement Solutions Sales at Nationwide. “Through this collaboration with Morningstar Retirement, we’re able to offer a service that combines the best of both worlds: personalized advice and professional management from a trusted advisor and our award-winning service.² This service exemplifies our commitment to supporting financial professionals as they service and grow their plans.”

In addition to offering advisors greater autonomy over clients’ financial strategies, this service is also interactive and cost-effective. Advisors can closely collaborate with Plan Sponsors, demonstrating the value they offer in helping participants reach their retirement objectives, as well as monitor clients’ strategies online. Plans do not incur any additional cost for offering the service to participants as part of their overall benefits package and workers who enroll pay account management fees that are competitive with similar services on the open market.³

For Plan Sponsors, advisor managed accounts offers their employees the resources and personalized support needed to help meet their retirement goals. This can translate to better work results, too, as 73% of workers say their financial concerns severely impact their productivity at work.⁴

 “We are excited to collaborate with Nationwide to advance our commitment to improving the retirement planning process for investors,” said Brock Johnson, president of Global Retirement at Morningstar Investment Management LLC. "This service empowers advisors to help plan participants reach their retirement goals and deliver personalized and efficient retirement planning advice.”

Morningstar Retirement’s advisor managed accounts allows registered investment adviser firms and their advisors to offer a co-branded managed accounts service to their retirement plan clients that aligns with the firm’s investment expertise and philosophies.

Advisor managed accounts is the newest managed account alternative offered by Nationwide. Nationwide has been offering its ProAccount^® managed accounts service since 2006. Both services are designed to help take the guesswork out of retirement investing and keep participants on track to achieve their goals.

Advisors or Plan Sponsors interested in learning more about leveraging this new advisor managed account service can click here.

Morningstar Retirement empowers investor success by providing research- and technology-driven products and services that help individuals reach their retirement goals. Advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.

Nationwide Retirement Solutions administers nearly 32,000 retirement plans, helping protect more than $200 billion in participant assets, and helping secure financial futures for over 2.7 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.

“As a fiduciary committee, we chose Nationwide because of the user-friendly tools and resources that best enables our employees to be active participants in their retirement,” said Derek Orth, human resources manager for the City of West Jordan. 

In addition to recordkeeping and administrative services, Nationwide will provide participants with holistic financial planning services and access to the online My Interactive Retirement Planner^SM a personalized, comprehensive financial planning tool that provides participants with a holistic view of their retirement readiness.

“Nationwide and the City of West Jordan both believe in the importance of providing their employees retirement savers with the tools and resources they need to help them reach their retirement goals,” said Craig Hawley, senior vice president of Retirement Solutions Distribution at Nationwide. “We look forward to positively impacting their plan participants’ financial futures and delivering support through our award-winning customer service.”

DALBAR, a financial services market research firm, has awarded its Customer Experience Excellence Award to Nationwide for the past four years, and its Plan Participant Service Award for the ninth consecutive year. Nationwide has also been named to Fortune’s “100 Best Companies to Work For” for nine consecutive years.

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide Retirement Solutions administers nearly 32,000 retirement plans, protecting more than $166 billion in participant assets, and helping secure financial futures for over 2.7 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants.

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“Our highest priority when choosing a new retirement services provider was ensuring that our associates have an excellent experience, whether it be with online applications or person-to-person interaction, as they plan their financial future,” said Michael Latiolais, Executive Vice President & Chief Financial Officer for ISC. “We believe Nationwide’s award-winning customer service and ample resources will give our associates what they need to make the best financial decisions for themselves and their families and the service will complement ISC’s focus on providing associates with competitive compensation and benefits.”  

 In addition to recordkeeping and administrative services, Nationwide will provide participants with tools and resources to help with their retirement planning, including access to the online My Interactive Retirement Planner^SM which offers participants a way to track their retirement accounts and income. Participants will also have access to Income America^TM 5ForLife, a series of target date portfolios, that helps provide guaranteed lifetime income of 5% beginning at age 65 - offering protection against market uncertainty during retirement.  

“Nationwide is committed to providing a suite of tools and resources plan participants can utilize to help them reach their retirement goals,” said Craig Hawley, senior vice president of Retirement Solutions Distribution at Nationwide. “We are excited to partner with ISC Group and look forward to positively impacting their 401(k) participants’ financial futures.” 

DALBAR, a financial services market research firm, has awarded its Customer Experience Excellence Award to Nationwide for the past three years, and its Plan Participant Service Award for eight consecutive years. Nationwide has also been named to Fortune’s “100 Best Companies to Work For” for eight consecutive years. 

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide administers nearly 34,000 retirement plans, protecting more than $192.7 billion in participant assets as of Dec. 31, 2021, and helping secure financial futures for over 2.6 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service. 

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants. 

This material should not be used as a recommendation to buy or sell a financial product or adopt an investment strategy. Investors should discuss their specific situation with their financial professional. Investing involves market risk. Income America 5ForLife is a series of target date portfolios held in a collective investment trust. All contract guarantees, including those for guaranteed income, are subject to the claims-paying ability of the issuing insurance companies. The issuing insurance companies are not a trustee for any assets held in any of the collective trust funds. 

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“Nationwide has a large presence in California along with strong brand recognition,” said Brandi Hopkins, director of human resources and deferred compensation plan administrator for San Joaquin County. “Their approach toward providing education and financial planning will give our employees what they need to make the best financial decisions for themselves and their families.”

In addition to recordkeeping and administrative services, Nationwide will provide participants with holistic financial planning services and access to the online My Interactive Retirement Planner^SM a personalized, comprehensive financial planning tool that provides participants with a holistic view of their retirement readiness.

“Nationwide and San Joaquin County both believe in the importance of providing their employees with the tools and resources they need to help them reach their retirement goals,” said Craig Hawley, senior vice president of Retirement Solutions Distribution at Nationwide. “We are excited to partner with San Joaquin County and look forward to positively impacting their plan participants’ financial futures, including delivering support through our award-winning customer service.”

DALBAR, a financial services market research firm, has awarded its Customer Experience Excellence Award to Nationwide for the past three years, and its Plan Participant Service Award for eight consecutive years. Nationwide has also been named to Fortune’s “100 Best Companies to Work For” for eight consecutive years.

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide administers nearly 34,000 retirement plans, protecting more than $192.7 billion in participant assets as of Dec. 31 2021, and helping secure financial futures for over 2.6 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.

Visit nrsforu.com for more information about the tools and services Nationwide provides to retirement plan participants.

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The plan has more than $1.8 billion in assets and nearly 11,000 participants.

“We’re proud to extend this partnership with the City of Seattle and continuing to provide service, solutions and extraordinary care as we help its plan participants prepare for a financially secure retirement,” said Craig Hawley, leader of Retirement Solutions Distribution at Nationwide.

In addition to recordkeeping and administrative services, Nationwide will provide participants with financial planning services and access to the online Interactive Retirement Planner^SM a personalized, comprehensive financial planning tool that provides a holistic view of retirement readiness.

Nationwide Retirement Solutions is a business within Nationwide, a Fortune 100 company based in Columbus, Ohio, that is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide administers nearly 34,000 retirement plans, protecting more than $173.9 billion in participant assets and helping secure financial futures for more than 2.6 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.

Nationwide has received DALBAR’S Customer Experience Excellence Award for the past two years, has won DALBAR’S Plan Participant Service Award for seven consecutive years and has been named to Fortune’s “100 Best Companies to Work For” for seven consecutive years.

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With a distinguished career spanning more than 20 years, Hawley is an innovator and a tenured financial services industry leader, with demonstrated commitment to creating greater value for advisors and their practice. Hawley most recently led Nationwide’s Annuity Distribution team, evolving the team to optimize territory coverage, drive down acquisition cost and gain market share in every sales territory. His strategic leadership helped drive record sales results for the Nationwide Annuity business in 2021.

“This transition is exciting and incredibly positive for Nationwide,” said Eric Stevenson, President of Nationwide Retirement Solutions. “By adding a proven leader like Craig to our team, we’re in a strong position to build on our strengths as a leading provider of Retirement Solutions, Annuities and now In-Plan Guarantees. Craig is widely known within Nationwide and across the financial services industry as disciplined, innovative and a champion for strategic sales growth for both our company and our distribution partners.”

Prior to leading Annuity Distribution, Craig oversaw Nationwide’s innovative fee-based annuity distribution channel, serving a network of more than 6,000 Registered Investment Advisors (RIAs) and fee-based advisors. During his time at Nationwide Advisory Solutions (formerly Jefferson National), he helped shape the company into a recognized innovator of financial products and services for RIAs, fee-based advisors, and the clients they serve.

Outside of work, Craig serves as a director for both Dare to Care and the University of Louisville Real Estate Foundation. 

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“Our seventh annual Advisor Authority study makes it clear that working with an advisor or financial professional on a holistic plan is fundamental for investors to have the confidence they need to confront the impact of compounding financial crises,” said Craig Hawley, Head of Nationwide Annuity Distribution. “Last year was a powerful reminder that the unexpected can shock the system, re-define our lives and our finances, and have an outsized impact on everything from portfolios and retirement plans to investors’ psyches and their advisors’ practices.”

85% Blindsided by Outside Events
Investors with investable assets of $100,000 or more were most likely to say the 2008 Crash and subsequent Global Financial Crisis (37%) had the most profound impact on their approach to finances and investments. This clearly surpassed the 2020 COVID-19 Crash and Recession (28%), and substantially exceeded the impact of every other major financial crisis over the past century, including the 2001 Dot-Com Crash (9%), the 1990 Recession (6%), Black Monday in 1987 (4%) the 1981 Recession (6%), the OPEC Embargo in 1973 (3%), the Bear Market of 1968 (2%) and the Crash of 1929 and Great Depression (5%).

Yet it is also clear that financial pressures from the pandemic are not over yet. While investors with an optimistic financial outlook increased 13 points from last year (49% in 2021 vs 36% in 2020), this is still down from prior years (55% in 2019, 62% in 2018, 51% in 2017). In fact, 65% of investors are still concerned about a U.S. Bear Market over the next 12 months, 61% anticipate market volatility will increase and 69% are concerned about a U.S. economic recession. It is also sobering to learn that just like last year, during the height of the pandemic, 85% of investors continue to say they can do all the right things to manage their finances and still be blindsided by outside events.

“Investors’ demand for advice and the need for holistic planning will continue to rise as multiple factors keep chipping away at their confidence, their outlook becomes increasingly uncertain, and goals difficult to achieve,” said Mark Hackett, Chief of Investment Research, Nationwide Investment Management Group. “Economic and earnings headwinds have emerged, compounded by ongoing supply chain issues and uncertainty in Washington, and volatility ramps up, as the Fed signaled a shift in policy, including the start of the taper, rising rates and the steepest yield curve in months.”

More than two-thirds of investors (68%) expect to live through more financial crises. While 11% expect to live through one more crisis, 22% expect to live through two more crises and 35% expect to live through three or more additional crises in their lifetime. Nearly one-third (32%) say they don’t know or are unsure how many more crises to expect.

But there is good news. A full 91% of investors who have an advisor or financial professional say that working with their advisor or financial professional helps them feel more confident that they can make the right investment decisions—even during an extreme financial crisis. And 89% of investors say that having a plan for their investments helps them feel in control—even if they can’t plan for everything.

Financial Professionals Regain their Footing Faster
On the other hand, advisors and financial professionals with an optimistic financial outlook not only increased 25 points over last year (63% in 2021 vs 38% in 2020), their level of optimism this year is equal to or greater than four of the past five years (50% in 2019, 64% in 2018, 54% in 2017, 63% in 2016). But while advisors and financial professionals are much more positive about the year ahead, they remain clear-eyed about the challenges, with 77% still concerned about a U.S. Bear Market over the next 12 months, 79% anticipating market volatility will increase and 76% concerned about a U.S. economic recession.

Rising optimism in the face of outsized challenges reveals that advisors and financial professionals have built more confidence than investors after confronting the impact of compounding financial crises. In fact, after living through prior crises, 70% of financial professionals feel more confident about their ability to help protect their clients’ finances and investments should another crisis arise, compared to only 44% of investors. Likewise, 69% of financial professionals feel more confident about their ability to help clients prepare for and live in retirement, compared to only 41% of investors. Meanwhile, 66% of financial professionals feel more confident about investing their clients’ assets in the stock market, compared to just 38% of investors.

Investors See Opportunity—But Proceed with Caution
Many investors changed their behavior in response to the crisis that had the most profound impact on them—some for the better and some for the worse. Investors’ top three changes to their personal finances were proactive and practical. These included establishing and following a budget (22%), starting to work with an advisor or financial professional (21%) and starting a “rainy day" fund and/or “emergency fund" (21%). Meanwhile, 39% said they made no changes when it came to their personal finances and they “stayed the course” with their long-term financial plan.

Likewise, investors’ top three changes to their investing approach showed a sense of caution, as well as a sense of opportunity. These included managing investments more conservatively (20%) and adopting a new strategy to protect assets against market risk (17%) while at the same time using the market decline as a buying opportunity (17%).However, 37% said they made no changes when it came to their investing approach and they “stayed the course” with their long-term financial plan.

But some investors made less beneficial financial and investing decisions in response to the crisis that had the most profound impact on them. These included liquidating assets from qualified retirement savings plans to cover financial obligations (12%), liquidating assets from non-qualified investment accounts to cover financial obligations (12%), moving the majority of their investments from stocks to cash (9%) and panicking and selling investments at a loss (7%).

Creating Control in Times of Crises
To create a sense of control and security for clients during recent market crises, advisors and financial professionals were most likely to educate clients on market cycles (44%), listen to their needs and concerns (43%), focus on holistic financial planning (38%) and identify buying opportunities (36%).

But despite the fact that 91% of investors who work with an advisor or financial professional say that this helps them feel more confident they can make the right investment decisions, only 63% of investors are currently working with one. So there is room to grow and the opportunity is huge. And while 89% of investors say that having a plan for their investments helps them feel in control, it’s clear that there is a preparation gap and many could benefit from more comprehensive holistic planning.

Closing the Preparation Gap to Help Protect Assets
When it comes to protecting assets, it’s obvious that many investors could be better prepared. While 93% of advisors and financial professionals have a strategy in place to protect their clients’ assets against market risk, only 66% of investors have a strategy—an almost 30-point preparation gap.

While advisors and financial professionals (55%) and investors (49%) say they are most likely to rely on diversification to manage market risk, our findings also reveal that investors have a shortfall—and financial professionals have an opportunity for educating clients. First, advisors and financial professionals are much more likely than investors to deploy a broad range of risk management solutions, including Hedging Strategies (39% vs 20%), Liquid Alternatives (38% vs 23%), Smart Beta ETFs (31% vs 11%) and Non-Correlated Assets (31% vs 10%).

In addition, advisors and financial professionals are also much more likely than investors to use a range of annuities for protecting assets against market risk—including Fixed Annuities (48% vs 29%), Fixed Indexed Annuities (46% vs 23%), In-Plan Principal Protection Guarantees (38% vs 22%) and Registered Index Linked Annuities (35% vs 11%). Likewise, 88% of financial professionals compared to just 55% of investors are likely to use an annuity to protect against market risk as part of a holistic financial plan in the next 12 months.

Protecting Retirement Against Future Crises
It’s encouraging that 87% of advisors and financial professionals and 82% of investors have a strategy to generate guaranteed income in retirement. Yet 92% of financial professionals compared to just 74% of investors have a strategy in place to help protect against outliving savings. This nearly 20-point preparation gap reflects the fact that investors are more reliant on Social Security and less adept at leveraging other solutions at a time when pensions plans are disappearing, the safety net is under threat, and people are living longer.

In fact, while advisors and financial professionals (51%) and investors (62%) are both very likely to use Social Security to help protect against outliving savings, advisors and financial professionals are more likely than investors to use a wider range of solutions including Dividend Yielding Stocks (49% vs 37%), Fixed Income Ladders / Bond Ladders (46% vs 16%), Yield Generating ETFs / Income Generating ETFs / Multi-Asset ETFs (46% vs 19%), and Defined Benefit Plan / Pension (42% vs 37%).

In addition, advisors and financial professionals are roughly two to three times more likely than investors to use a range of annuities which can guarantee income for life that will never run out, including Variable Annuities with living benefit riders (48% vs 26%), In-Plan Income Guarantees (42% vs 29%), Single Premium Immediate Annuities (38% vs 10%), Longevity Insurance / Deferred Income Annuities (36% vs 14%) Qualifying Longevity Annuity Contracts (36% vs 12%) and Contingent Deferred Annuities (30% vs 13%). Likewise, 89% of advisors and financial professionals compared to only 58% of investors will use an annuity to protect against outliving savings as part of a holistic financial plans in the next 12 months.

For additional insights on Confronting the Impact of Compounding Financial Crises, financial professionals can also download the latest infographic from the seventh annual Advisor Authority study at: https://news.nationwide.com/rising-above-compounding-financial-crisis-infographic/ 

Nationwide’s seventh annual Advisor Authority study powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market. This is the second in a series of ongoing releases from the seventh annual study.

About Advisor Authority: Methodology
The seventh annual Advisory Authority Survey was conducted online within the United States by The Harris Poll on behalf of Nationwide from July 22 – August 17, 2021 among 1,632 advisors and financial professionals and 839 investors, ages 18+. Among the 1,632 advisors and financial professionals, there were 790 RIAs, 790 broker-dealer, 501 wirehouse and 160 other financial professionals. Among the 839 investors, there were 210 Mass Affluent, 210 Emerging High Net Worth, 210 High Net Worth and 209 Ultra High Net Worth. Investors are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, investable assets and propensity to be online to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. Because the sample is based on those who were invited to participate in Harris Poll online research, 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 demand for annuities is growing as retirees today seek solutions to incorporate predicable streams of guaranteed income and protect their portfolios against market risk, according to Nationwide’s sixth annual Advisor Authority study. SIMON’s platform gives financial professionals a streamlined digital experience to navigate the annuities landscape via its growing Marketplace—now including a suite of offerings from Nationwide. As one of the strongest, most diversified insurance and financial services companies in the U.S., Nationwide can provide financial professionals with a wide range of solutions to help solve their clients’ evolving investing and retirement needs.

“Nationwide has an incredible history of innovation and advocacy and we couldn’t be more thrilled to collaborate with their team and make their products available in our Marketplace,” commented Scott Beshany, Chief Distribution Officer at SIMON. “Both firms are strongly aligned in the value we seek to create for financial professionals. SIMON’s dedication to delivering intuitive technology that builds simplicity and transparency around annuity offerings supports Nationwide in its mission of helping people prepare for and protect their financial future.”

Craig Hawley, Head of Annuity Distribution at Nationwide, added: “Nationwide has a decades-long track record of incorporating smart technology into the financial professional’s day-to-day workflow. This is another big step forward in that effort, with a proven, innovative partner at our side. With SIMON’s platform, financial professionals can seamlessly integrate a range of annuities into their holistic planning process, creating greater efficiencies for their practice and a more comprehensive wealth management experience for their clients.”

Multiple Nationwide annuities will be made available in SIMON’s Marketplace, where professionals have on-demand, real-time access to powerful allocation analysis tools and product-specific educational resources to better serve the retirement and legacy goals of clients.

About SIMON
An award-winning fintech company, SIMON is committed to transforming the digital experience for financial professionals, enabling them to better serve their clients. SIMON’s intelligent and innovative platform delivers an end-to-end digital suite of tools to more than 85,000 financial professionals, who serve more than $3 trillion in assets, empowering them with on-demand education, an intuitive marketplace, real-time analytics, and lifecycle management. With a focus on reshaping the advisor experience, SIMON is setting new industry standards, simplifying the complex, and delivering structured investment, annuity, and defined outcome ETF solutions to investment professionals, centralized within one unique ecosystem.

For more information about SIMON, visit www.simon.io and follow the company on Instagram, LinkedIn, and Twitter. Securities products and services offered by SIMON Markets LLC, a broker-dealer registered with the SEC, Member FINRA / SIPC. Annuities and insurance services provided by SIMON Annuities and Insurance Services LLC.

With the addition of two exclusive new indices, BlackRock Select Factor Index and SG Macro Compass Index, plus the S&P 500^® Average Daily Risk Control 10% USD Price Return Index, Nationwide DPA’s index lineup now includes a total of seven complementary global and domestic indices, to better meet the goals and risk tolerances of conservative to moderate clients who are approaching or living in retirement.

Unique Combination: Expanded Index Lineup plus Floor Structure
DPA is uniquely positioned by offering this broad range of indices in combination with a floor structure that provides three defined protection levels which limit negative performance. This allows clients to select how much of their investment—90%, 95% or 100%—will be protected from market losses and helps determine their performance opportunities.

“For clients who are concerned about significant losses, but still need growth potential, Nationwide’s Defined Protection Annuity is uniquely designed to help capture and lock in earnings, with a defined level of protection to limit their losses, and the flexibility to reset new allocations for future growth potential—as well as to adjust as their risk tolerance changes over time,” said Eric Henderson, president, Nationwide Annuity at Nationwide Financial. “Expanding the DPA index lineup of complementary global and domestic indices, including two exclusive new indices, helps meet an even broader range of clients’ goals and risk tolerance, so they can balance the right level of protection they need with the greater growth potential they want.”

“Nationwide’s Defined Protection Annuity gives financial professionals a solution to help address clients’ complex challenges in this ongoing low interest rate environment, by offering an expanded lineup of seven indices combined with a floor structure, to provide a unique balance of performance potential and defined protection,” said Craig Hawley, Head of Nationwide’s Annuity Distribution. “Year over year, investors consistently say that protecting assets is a top financial concern, and more than half would feel more secure if a portion of their assets were invested in an annuity to protect assets against market risk, according to Nationwide’s sixth annual Advisor Authority study.”

Three New Indices: Rounding Out Robust Lineup
Exclusive to Nationwide is the dynamic BlackRock Select Factor Index from BlackRock, currently the world’s largest asset manager. The index seeks to deliver a diversified multi-asset exposure and targets five equity style factors each backed by academic research. The index dynamically adjusts factor holdings to emphasize attractive opportunities and targets a consistent level of volatility with a focus on stability during market extremes.

Also exclusive to Nationwide, the dynamic SG Macro Compass Index is from leading European financial services group Societe Generale. The global multi-asset index seeks to identify expected changes in economic growth and inflation to forecast the market environment and make strategic allocations based on the forecast.

The third new addition is the S&P 500^® Average Daily Risk Control 10% USD Price Return Index, a traditional index option that seeks to limit the volatility of the S&P 500^® to a target level of 10% by allocating to cash based upon an algorithm. From leading index provider Standard & Poor’s, the index helps to reduce exposure to dramatic fluctuations that can occur during unstable market conditions.

These three new indices round out an already robust lineup of index strategies that can offer upside potential and be tailored to fit a broad range of investment objectives. This includes traditional equity indices S&P 500^® Price Index and MSCI EAFE, as well as multi-asset indices NYSE^® Zebra Edge^® Index and J.P. Morgan Mozaic II℠ Index.

Financial professionals interested in the Nationwide Defined Protection Annuity should contact their Nationwide wholesaler or call the National Sales Desk at 800-321-6064. Individual investors interested in learning more about the benefits of defined protection, should contact their financial professional and visit www.definedprotection.com.

Nationwide Defined Protection is an individual single purchase payment deferred annuity with index-linked strategies issued by Nationwide Life Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, member FINRA. Please note, the contract does not directly participate in any stock or equity investments. Withdrawals are subject to income tax, and withdrawals before age 59½ may be subject to a 10% early withdrawal federal tax penalty. The contract prospectus contains information about the contract’s features, risks, charges, and expenses. Prospectuses are available from Nationwide. Clients should read the prospectus carefully before investing.

When evaluating the purchase of an annuity, your clients should be aware that annuities have limitations. They are long-term vehicles designed for retirement purposes. They are not intended to replace emergency funds, to be used as income for day-to-day expenses or to fund short-term savings goals. Please read the contract for complete details. Withdrawals are subject to income tax, and withdrawals before age 59½ may be subject to a 10% early withdrawal federal tax penalty.

Guarantees and protections referenced within are subject to the claims-paying ability of Nationwide Life Insurance Company.

Nationwide Defined Protection Annuity does not directly participate in any stock or equity investments or index. It is not possible to invest directly in an index. Please consult the prospectus for more information on the available index options.

The BlackRock Select Factor Index (“Index”) is a product of BlackRock Index Services, LLC and has been licensed for use by Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (“Licensee”). BlackRock^®, BlackRock Select Factor Index and the corresponding logos are registered and unregistered trademarks of BlackRock. This Product is not sponsored, endorsed, sold or promoted by BlackRock Index Services, LLC, BlackRock, Inc., or any of its affiliates, or any of their respective third party licensors (including the Index calculation agent, as applicable) (collectively, “BlackRock”). BlackRock has no obligation or liability in connection with the administration or marketing of this Product. BlackRock makes no representation or warranty, express or implied, to the owners of this Product or any member of the public regarding the advisability of investing in this Product or the ability of the Index to track general market performance. BlackRock does not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Index or any data or communication related thereto nor does it have any liability for any errors, omissions or interruptions of the Index.

The product referred to herein is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such product or any index on which such product is based. The Contract contains a more detailed description of the limited relationship MSCI has with Nationwide and any related funds.

The SG Macro Compass Index (the “SG Index”) is the exclusive property of SG Americas Securities, LLC (together with its affiliates, “SG”). SG has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P”) to maintain and calculate the SG Index. “SG Americas Securities, LLC”, “SGAS”, “Société Générale”, “SG”, “Société Générale Indices”, “SGI”, and “SG Macro Compass Index” (collectively, the “SG Marks”) are trademarks or service marks of SG. The SG Index has been licensed to Nationwide Life Insurance Company (the “Licensee”) for use in the Nationwide Defined Protection^® Annuity (the “Product”). SG’s sole contractual relationship with the Licensee is as licensor of the SG Index and the SG Marks. SG has no obligation to make payments under the Product. None of SG, S&P or other third-party licensor (collectively, the “SG Index Parties”) to SG is acting, or has been authorized to act, as agent of the Licensee or has sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced any Product or provided investment advice to the Licensee. The SG Index Parties make no representation or warranty, express or implied, to investors in the Product and hereby disclaim all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use): (a) regarding the advisability of investing in any products linked to the SG Index or (b) the suitability or appropriateness of an exposure to the SG Index in seeking to achieve any particular objective, including meeting its stated target volatility. No SG Index Party shall have any responsibility or liability for any losses in connection with the Product, including with respect to design, issuance, administration, actions of the Licensee, marketing, trading or performance of the Product. SG has not prepared any part of this document and no statements made herein can be attributed to SG. SG does not act as an investment adviser or provide investment advice in respect of the SG Index or the Product and does not accept any fiduciary or other duties in relation to the SG Index, the Licensee, the Product or any investors in the Product. SG shall have no liability for any act or failure to act in connection with the determination, adjustment or maintenance of the SG Index. Without limiting the foregoing, SG shall have no liability for any damages or lost profits, even if notified of the possibility of such damages. In calculating the daily performance of the SG Index, SG deducts fixed transaction and replication costs that cover, among other things, rebalancing and replicating the SG Index. The total amount of these embedded costs is unpredictable and depends on numerous factors, including leverage of the SG Index, which may be as high as 200%, performance of indexes underlying the SG Index, market conditions and changes in the macro regimes, among other factors. The embedded costs, which are increased by the SG Index’s leverage, will reduce the performance of the SG Index. The volatility control applied by the SG Index may also reduce the overall return.

S&P 500 Average Daily Risk Control 10% USD Price Return Index (“S&P 500 Average Daily Risk Control USD Price Return Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Nationwide. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Nationwide. The Product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Average Daily Risk Control 10% USD Price Return Index.

The “S&P 500” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Nationwide Life Insurance Company (“Nationwide”). Standard & Poor’s^®, S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); DJIA^®, The Dow^®, Dow Jones^® and Dow Jones Industrial Average are trademarks of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Nationwide. the Product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.

The J.P. Morgan Mozaic II℠ Index (“Index”) has been licensed to Nationwide Life Insurance Company (the “Licensee”) for the Licensee’s benefit. Neither the Licensee nor Nationwide Defined Protection Annuity, (the “Product”) is sponsored, operated, endorsed, recommended, sold or promoted by J.P. Morgan Securities LLC (“JPMS”) or any of its affiliates (together and individually, “JPMorgan”). JPMorgan makes no representation and gives no warranty, express or implied, to contract owners taking exposure to the Product. Such persons should seek appropriate professional advice before making any investment. The Index has been designed and is compiled, calculated, maintained and sponsored by JPMS without regard to the Licensee, the Product or any contract owner. JPMorgan is under no obligation to continue compiling, calculating, maintaining or sponsoring the Index. JPMorgan may independently issue or sponsor other indices or products that are similar to and may compete with the

Index and the Product. JPMorgan may also transact in assets referenced in the Index (or in financial instruments such as derivatives that reference those assets). These activities could have a positive or negative effect on the value of the Index and the Product.

The NYSE^® Zebra Edge^® Index has been licensed by ICE Data Indices, LLC (together with its subsidiaries and affiliates, “ICE Data Indices”) to UBS AG and sub-licensed by UBS AG (together with its subsidiaries and affiliates, “UBS”) to Nationwide Life Insurance Company (“Nationwide”). Neither Nationwide nor the Product is sponsored, operated, endorsed, recommended, sold or promoted by Zebra Capital Management, LLC (together with its subsidiaries and affiliates, “Zebra”), ICE Data Indices or UBS and in no event shall Zebra, ICE Data Indices or UBS have any liability with respect to the Product or the Index. Zebra, ICE Data Indices and UBS make no representations, give no express or implied warranties and have no obligations with regard to the Index, the Product, the client or other third party.

The mark NYSE^® is a registered trademark of NYSE Group, Inc., Intercontinental Exchange, Inc. (“ICE”) or their affiliates and is being utilized by ICE Data Indices under license and agreement. The marks Zebra^® and Zebra Edge^® are registered trademarks of Zebra Capital Management, LLC, may not be used without prior authorization from Zebra Capital Management, LLC, and are being utilized by ICE Data Indices under license and agreement.

Neither Nationwide nor any of its associated subsidiaries are affiliated with Annexus.

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, and Nationwide Defined Protection® are service marks of Nationwide Mutual Insurance Company.© 2021 Nationwide

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J.P. Morgan Multi-Asset Choice^SM allows clients working with a dedicated J.P. Morgan advisor to build a diversified portfolio tailored to their objectives and risk tolerance, with ongoing, dynamic direction to manage today’s complex market conditions. In addition to expert investment advice, clients can benefit from the tax-deferral features of the annuity to minimize the current impact of taxes and maximize accumulation potential. This product was developed by J.P. Morgan Private Bank and J.P. Morgan Wealth Management exclusively for their clients.

“At J.P. Morgan we strive to provide our clients with choices and flexibility that can be customized for their unique needs at every stage of their financial lifecycle,” said Laura Pantaleo, Head of Insurance & Retirement Solutions at J.P. Morgan. “Our new partnership with Nationwide to launch J.P. Morgan Multi-Asset Choice is the latest example of our commitment to innovative products and services that can help clients develop holistic financial plans to meet their long-term goals.”

By providing fiduciary investment advice on this highly customizable investment advisory annuity, J.P. Morgan is enabling clients to work with an advisor to personalize their portfolio. Clients can choose from a wide selection of underlying tax-deferred investment options associated with a choice of seven asset allocation models - US Conservative, Global Conservative, US Balanced, Global Balanced, US Growth, Global Growth, and Global Aggressive Growth. Tax deferral allows clients to buy or sell underlying fund options without triggering any taxable events. All principal and growth remain tax-deferred until the time of withdrawal. Unlike many other tax-deferred vehicles, there is no cap on yearly contributions.

“At a time when concerns about taxes are on the rise, and the demand for more holistic financial planning continues to grow, Nationwide is proud to join forces with market leader J.P. Morgan to launch J.P. Morgan Multi-Asset Choice, a powerful approach to tax-deferred investing,” said Craig Hawley, Head of Nationwide’s Annuity Distribution. “This partnership draws on our decades-long track record of developing annuity solutions that can seamlessly integrate into the platforms that advisors and financial professionals use to provide their clients with a more tax-efficient approach to holistic financial planning.”

Taxes have consistently been a top three financial concern of affluent investors, according to Nationwide’s sixth annual Advisor Authority Study. In fact, nearly two-thirds of Americans (60%) expect their taxes to increase in the next four years, according to the 2021 NRI Tax-Efficient Retirement Income Survey.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.

J.P. Morgan Wealth Management is the U.S. wealth management business of JPMorgan Chase. The Unit has ~4,000 advisors and ~$630 billion of assets under supervision offering clients the option to invest when and how they want to. Clients can invest digitally, with no commissions, remotely, or in person with an Advisor in one of 3,500 Chase branches, or by scheduling a meeting with a Wealth Partner in one of our 21 offices. For more information, go to jpmorganwealthmanagement.com.

J.P. Morgan Private Bank provides customized financial advice and strategies to help wealthy clients and their families plan, invest, borrow and bank with intent. Leveraging global capabilities in investing, philanthropy, family office management, credit, fiduciary services, special advisory services and more, the Private Bank brings clients’ investments and financial assets together into one comprehensive strategy to help them achieve their goals and secure the legacy they envision. More information about J.P. Morgan Private Bank is available at privatebank.jpmorgan.com/.

These are among the latest findings revealed in Nationwide’s sixth annual Advisor Authority study, powered by the Nationwide Retirement Institute, reflecting the responses of more than 1,800 advisors, financial professionals and individual investors with investable assets of $100,000 or more.

“Recent market turbulence and changing regulations have put a new lens on retirement needs. The pandemic is driving greater volatility, confidence in Social Security is eroding, access to defined benefits are on the decline and systemic shifts continue placing greater responsibility—and greater pressure—on individuals to fund their own retirement,” said Eric Stevenson, President of Nationwide Retirement Plans. “As defined contribution plans have become a predominant vehicle for retirement savings in the workplace, the SECURE Act will now help more plans to adopt in-plan guarantees, a crucial new solution with the potential to provide what Americans are looking for in the post-COVID world: A guarantee.”

The Setting Every Community Up for Retirement Enhancement (SECURE) Act removes existing barriers for plans adopting in-plan guarantees, to protect retirement savings and provide guaranteed income for life within defined contribution plans, including 401(k)s and 403(b)s, as well as Governmental 457(b) plans. Passed with bi-partisan support in late 2019, the SECURE Act is considered the most comprehensive retirement legislation since the Pension Protection Act of 2006, providing more opportunities for participants to access retirement planning solutions that can help them not only reach retirement, but also live in it.

Financial Professionals Predict Strong Adoption for In-Plan Guarantees

Following the passage of the SECURE Act, nearly two-thirds of advisors and financial professionals (64%) say they are likely to adopt in-plan guarantees to provide guaranteed income within clients’ defined contribution plans. More than one-third (39%) of advisors and financial professionals currently use in-plan guarantees to protect clients against outliving savings.

When asked for which net worth segment of clients they are most likely to recommend in-plan guarantees, advisors and financial professionals say Emerging High Net Worth clients ($500,000 to less than $1 million in investable assets). Likewise, Emerging High Net Worth investors are the net worth segment most likely to incorporate in-plan guarantees within their defined contribution plans. It is also important to note that Millennial and Gen X investors are the generations most likely to adopt in-plan guarantees, as detailed below.

In-plan guarantees are also proving popular with employers. Following the passage of the SECURE Act, 60% of employers also say they would consider offering employees lifetime income solutions according to a 2019 survey by Willis Tower Watson.

Millennials and Gen X also Favor In-Plan Guarantees

The need for guaranteed income among investors who are ages 55 and younger is clear, as they face greater responsibility to save for their retirement than preceding generations, and they are likely to spend more years in retirement. The SECURE Act will not only give Millennials and Gen X investors the opportunity to potentially save more, by taking advantage of tax-deferred and tax-free accumulation over time, it also gives them the opportunity to generate a protected stream of lifetime income in retirement by leveraging in-plan guarantees.

While potential adoption is lower among the overall population of investors, with only 43% likely to incorporate in-plan guarantees within their defined contribution plans and nearly one quarter (22%) saying they do not know, investors who are ages 55 and younger are far more likely to adopt in-plan guarantees as a result of the SECURE Act. In fact, two-thirds of both Millennial investors (65%) and Gen X investors (66%) are likely to incorporate in-plan guarantees within their defined contribution plans, compared to only 28% of Boomer investors. While 24% of investors overall currently use in-plan guarantees within their defined contribution plans, more Millennial investors (30%) and Gen X investors (37%) use in-plan guarantees than Boomer investors (17%).

SECURE Act Drives Use of Annuities

By raising awareness about the importance of guaranteed income, the SECURE Act is also driving greater usage of annuities. As a result of the SECURE Act, 70% of advisors and financial professionals also say they will increase their usage of annuities. Likewise, investors ages 55 and younger are more likely than the overall population of investors to say they will increase their usage of annuities as a result of the SECURE Act.

While only 42% of the overall population of investors plan to increase their use of annuities due to the SECURE Act, adoption among younger investors is far greater. Nearly three-fourths of Millennial investors (70%) and nearly two-thirds of Gen X investors (63%) are likely to increase their use of annuities due to the SECURE Act, compared to only one-quarter of Boomer investors (25%).

“The fallout from COVID-19 continues to challenge investors and threaten the security of their retirement, driving greater demand for guarantees both inside and outside of their qualified plans,” said Craig Hawley, head of Nationwide’s Annuity Distribution. “In fact, months after the coronavirus was declared a pandemic, 85% of investors continue to say they can do all the right things to manage their finances, yet still be blindsided by outside events.”

More than three-fourths of advisors and financial professionals (79%) are likely to choose an annuity as part of a holistic financial plan to protect clients against outliving their savings, according to Advisor Authority. In addition, 84% of advisors and financial professionals say annuities with income guarantees are important for supporting a sustainable withdrawal rate that will generate income in retirement and protect against outliving savings.

Likewise, more than half of investors (54%) are likely to choose an annuity as part of their holistic plan to protect against outliving their savings, including 71% of Millennial investors and 69% of Gen X investors vs 44% of Boomer investors. Notably, more than half of investors (53%) say they would feel more secure if a portion of their portfolio was invested in an annuity to protect against outliving their savings, including 73% of Millennial investors and 65% of Gen X investors vs just 42% of Boomer investors.

Protecting Retirement is a Top Priority

More than 9 in 10 advisors and financial professionals (94%) have a strategy in place to protect their clients against outliving their savings, according to Advisor Authority. Social Security (59%), dividend yielding stocks (55%) and variable annuities with living benefit riders (55%) are their top three solutions. In addition, the vast majority of advisors and financial professionals (83%) have a strategy in place to generate guaranteed income in retirement for their clients.

In comparison, roughly 8 in 10 investors (81%) have a strategy in place to protect themselves against outliving their savings. Investors are somewhat more likely than financial professionals to say they rely on Social Security (68%), and among investor’s top three most common solutions, they also cite defined benefit plan/pension (44%) and dividend yielding stocks (39%). Likewise, 80% of investors also have a strategy to generate guaranteed income.

“To confront today’s complex dynamics, planning and professional advice are more important than ever,” said Craig Hawley. “More than 9 in 10 investors say that having a plan for their investments helps them feel in control, even if they can’t plan for everything, and their number-one reason for working with an advisor is to feel more confident in their financial future.”

For more insights on the importance of the SECURE Act and in-plan guarantees, advisors and financial professionals can also view the latest Advisor Authority infographic:

Nationwide’s sixth annual Advisor Authority study powered by the Nationwide Retirement Institute explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market. This is the first in a series of ongoing releases from the sixth annual study.

About Advisor Authority: Methodology

The sixth annual Advisory Authority Survey was conducted online within the United States by The Harris Poll on behalf of Nationwide from May 27 – June 25, 2020 among 1,768 financial advisors and 817 investors, ages 18+. Among the 1,768 financial advisors, there were 758 RIAs, 642 Registered Reps, 500 Wirehouse and 165 other advisors. Among the 817 investors, there were 131 Millennials (Ages 18 – 39), 161 Generation X (Ages 40 – 55), 433 Boomers (Ages 56 – 74) and 92 Matures (Ages 75+). Investors are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, investable assets and propensity to be online to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. Because the sample is based on those who were invited to participate in the Harris Poll online research panel, no estimates of theoretical sampling error can be calculated.