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Morgan Stanley Smith Barney Teams Up With Nationwide

To launch Select Retirement, an investment and income management strategy for retirees

Morgan Stanley Smith Barney (MSSB) has launched Select Retirement, an optional income protection feature, specially designed to augment the Select UMA unified managed account program. Morgan Stanley said that the Select Retirement employs a fixed income annuity issued by Nationwide Life Insurance (Nationwide), to provide a way to create guaranteed lifetime income from the Select UMA account.

It has been reported that Select Retirement creates an opportunity to offer clients income guarantees, that were not previously available for UMAs that include separately managed accounts (SMAs). Before and after activating Select Retirement, eligible investors can use Select UMA to help build assets. Select UMA provides a selection of diversified asset allocation strategies, and the ability to construct portfolios with a mix of separately managed accounts, mutual funds and/or exchange-traded funds (ETFs).

James Tracy, director of Consulting Group for MSSB, said: We expect that the ability to combine a UMA with access to guaranteed lifetime income will be viewed by our industry as an important step forward. The ability to combine Select Retirement with Select UMA provides Financial Advisors with a powerful program for clients who seek to balance asset growth potential while at the same time eliminating the worst-case scenario of outliving their income.

John Carter, president of Nationwide Financial Distributors, commented: By teaming with Morgan Stanley Smith Barney, we’re able to draw upon the collective financial strength and experience of both firms to build an investment and income strategy that Financial Advisors can provide to help clients preparing for or in retirement.

Marc Brookman, director of Product Development for MSSB, said: With Select UMA, investors receive the convenience and efficiencies of a single account that integrates asset allocation, product selection, account administration and performance reporting.

Ohio-based Nationwide is a diversified insurance and financial services firm. It provides auto insurance, life insurance, commercial insurance, annuities, mortgages, mutual funds, pensions and long-term savings plans.