Nationwide gives 200 reps more time to find new B-Ds

Nationwide Financial Network, the sales and marketing arm of Nationwide Mutual Insurance Co., has pushed back by three months the deadline for 200 independent financial advisers to find new broker-dealers. Those advisers, most of whom joined the organization through Nationwide's 2002 acquisition of Provident Mutual Life Insurance Co., will now be able to clear through Nationwide Securities, the company's brokerage arm, until July 30. After that, they will have to use outside brokerage firms for clearing. The firm has extended the deadline to ensure that the affected advisers have the time and the resources to make the transition, said Chad Green, a spokesman for Nationwide. “It makes the switch a bit easier,” said one adviser affected by the transition, who asked not to be identified. “I definitely feel less ill will toward the company for giving us more time.” The change by Nationwide Financial Network was the latest in a series of strategic moves aimed at distancing the firm from independent representatives in order to concentrate on driving sales of property-and-casualty products through its 3,600 exclusive agents, according to Tom Houle, vice president and national sales manager. E-mail Jessica Toonkel Marquez at jmarquez@investmentnews.com.