Nationwide Financial Network, the sales and marketing arm of Nationwide Mutual Insurance Co., has pushed back by three months the previous deadline for 200 independent financial advisers to find new broker-dealers.
Nationwide Financial Network, the sales and marketing arm of Nationwide Mutual Insurance Co., has pushed back by three months the previous 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 brokerages 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 to not be identified. “I definitely feel less ill will toward the company for giving us more time.”
The change by NFN was the latest in a series of strategic moves aimed at distancing the firm from independent reps in order to concentrate on driving sales of property-and-casualty products through its 3,600 exclusive agents, according to Tom Houle, vice president, national sales manager.
