Nationwide Financial has unveiled Nationwide Income Architect Annuity (NIAA) to assist fee-based Wells Fargo financial advisors to enhance income potential with reduced risk and guaranteed lifetime withdrawal benefit.

Nationwide Financial Individual Products and Solutions senior vice president Eric Henderson said: "NIAA is backed by credible research that will make it easy for Wells Fargo Advisors to help clients understand how a variable annuity with guaranteed lifetime withdrawal benefit can complement their existing portfolio."

In addition to providing lifetime income with the ability to cover a spouse, the Nationwide Income Architect provides tax deferred growth and asset allocation with diversification.

The new individual, flexible premium, deferred variable annuity provides a guaranteed lifetime withdrawal benefit for the clients with guaranteed retirement income.

The simplified, no-load variable annuity enables advisors to construct individual fund portfolios for their clients with product and living benefit fees of 1.0%.

Research by Ibbotson Associates reveals that adding a variable annuity with a guaranteed lifetime withdrawal benefit can increase retirement income potential when compare to traditional retirement portfolio while helping to decrease income risk.