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Deals & People August 5, 2008
Nationwide Financial Network Merges Two B/Ds
Nationwide Financial Network (NFN) has merged broker/dealers 1717 Capital Management Company and Nationwide Securities, Inc. into Nationwide Securities, LLC (NSLLC).
Reported by PLANADVISER Staff
The new broker/dealer will provide support and oversight for all variable life insurance products and variable annuities, as well as non-proprietary mutual funds and general securities products offered by NSLLC registered representatives, the company said.
NFN, the affiliated retail distribution business of Nationwide Financial Services, Inc., received regulatory approval on May 19 from the Financial Industry Regulatory Authority (FINRA) on its merger request. All broker/dealer operations are now located at Nationwide’s Dublin, Ohio, office.
“This change allows Nationwide agents to offer their customers a more comprehensive portfolio of financial products and services,’ said Mike Hamilton, president of NFN, in a company statement. “Additionally, the single broker/dealer structure will provide agents and producers with a central point of contact, streamline processes and provide a more efficient infrastructure supporting operations, and help manage expenses compared to running two broker/dealers separately.’