MSSB Launches UMA Annuity Feature with Nationwide

Select Retirement employs a fixed-income annuity issued by Nationwide Life Insurance Company (Nationwide) in order to create guaranteed lifetime income from the Select UMA account, according to a news release. Before and after activating Select Retirement, eligible investors can use Select UMA to help build assets. Select UMA provides a selection of diversified asset allocation strategies and the ability to construct portfolios with a mix of separately managed accounts, mutual funds, and/or exchange-traded funds (ETFs).

“The ability to combine Select Retirement with Select UMA provides financial advisers with a powerful program for clients who seek to balance asset growth potential while at the same time eliminating the worst-case scenario of outliving their income,” said James J. Tracy, director of Consulting Group for Morgan Stanley Smith Barney, in the release.