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Senior Retirement Tips :: Nationwide Retirement Solutions
Nationwide Retirement Solutions: A Review of the Nationwide Firm's Retirement Solutions
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Nationwide retirement solutions are offered by Nationwide Financial, a full-service insurance and financial firm that has offices across the United States.
But, as an insurance-based firm are they really qualified to offer retirement advice? How do their plans measure up? What's their customer service like? For the answers to these questions and more, keep reading for a full review of Nationwide and their retirement savings programs.
Programs and Options
Part of the Nationwide retirement solutions is their "Retirability Check," which provides clients with an “R-Score” that rates them on their readiness for retirement. The service is free and available on their website at http://www.nationwide.com/campaign/rcheck_landing.htm?Wt.svl=inv.retirability.
However, the retirement calculator is very basic and shouldn't be considered a replacement for in-person financial advice from a qualified retirement savings and investment professional.
The company also offers 401(k) advice, IRA plans 403b consultation and investment programs that are geared towards those planning for their retirement.
Customer Service
Overall, Nationwide score high on the customer service scale. Every client is matched with a professional advisor that they can meet with in-person and at a branch location. Rather than dealing with an unknown person over the phone, clients can interact personally with their retirement advisor.
However, Nationwide professionals aren't certified to offer you legal or tax advice, meaning you'll have to consult with your accountant or attorney in addition to your financial advisor. When compared to
other firms who offer on-site tax and law professionals, this can be a major drawback.
Another major drawback is that while Nationwide does offer retirement planning services, they are predominantly an insurance firm - meaning the majority of their employees are insurance professionals that focus on selling and providing insurance. Unless you're planning to combine your investments with insurance or insurance purchases, it may not be the right choice for you.
Performance
Overall, Nationwide rates fairly high for their investment portfolio performance. However, in the second-quarter of 2008, the firm's profits fell by 57% and lost over $41.5 million in its investments - this is owed, in part, to the recent downturn in the stock market.
Reputation
As an insurance provider, it's important to remember that Nationwide retirement solutions are regulated differently than those provided by a bank or other financial solutions.
Of course, IRAs and 401k services are all held to the same standards, but their requirements for customer privacy and reporting can be drastically different. However, Nationwide has a strong reputation.
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