Following a recent rise in the sale of annuities through a fee-based platform, Nationwide Financial has introduced Nationwide Income Architect Annuity (NIAA) to help fee-based Wells Fargo financial advisors help maximize income potential, while helping to reduce risk for clients.

As reported yesterday, sales of variable annuities sold through a fee-based platform have increased by 36 percent from 2008 to 2011.

Nationwide says the product is an individual, flexible-premium, deferred variable annuity with a guaranteed lifetime withdrawal benefit that provides clients with guaranteed retirement income. It does this in the form of a simplified, no-load variable annuity that allows advisors to construct individual fund portfolios for their clients with product and living benefit fees of just 1 percent.

Nationwide-sponsored research by Ibbotson Associates finds adding a variable annuity with a guaranteed lifetime withdrawal benefit to a traditional retirement portfolio can increase retirement income potential, while helping to decrease income risk, according to Nationwide.

Nationwide says Income Architect is a comprehensive product that offers value to clients by way of lifetime income with the ability to cover a spouse; tax-deferred growth; and asset allocation with diversification.

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