Morgan Stanley Smith Barney has introduced Select Retirement, an optional income protection feature that is specially designed to augment the Select UMA unified managed account program.
"We expect that the ability to combine a UMA with access to guaranteed lifetime income will be viewed by our industry as an important step forward," said James J. Tracy, director of the consulting group for Morgan Stanley Smith Barney, which includes about 18,450 advisors.
Select Retirement employs a fixed income annuity issued by Nationwide Life Insurance to provide a distinct way to create guaranteed lifetime income from the Select UMA account, according to a press release issued jointly by the two firms.
"The ability to combine Select Retirement with Select UMA provides financial advisors 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," adds Tracy. "This may prove to be an especially helpful strategy for near-retirees and retirees who are hesitant to return to the equities markets at this time."
