Fidelity financial professionals will have access to a new annuity product through a partnership between Nationwide and Fidelity Investments, the two firms announced.

The product, the Nationwide Personal IncomeSM Annuity, will be distributed through the Fidelity Insurance Network’s 3,400 financial professionals. It is designed to provide investors with a product that will provide stability in volatile markets, the firms said.

“Nationwide created this new product, which is a variable annuity with guaranteed lifetime withdrawal benefit, to give Fidelity customers who may be looking for a solution that can provide retirement income while maintaining the ability to grow their savings with another option to consider,” Tina Ambrozy, senior vice president of Nationwide Financial Strategic Customer Solutions, said in an email. “This strategic relationship creates tremendous opportunities for Nationwide and Fidelity to deliver valuable solutions to more customers.”

The new annuity enables Fidelity’s financial professionals to offer clients a deferred variable annuity designed to provide growth potential, flexibility and guaranteed retirement income for life, the firms said. 

“Nationwide is committed to providing solutions that help financial professionals protect their clients,” Eric Henderson, president of Nationwide Annuity, said in a statement. “Fidelity will help us expand our reach to serve even more investors, offering a new solution that is well suited for the current economic environment.”

The annuity includes the Nationwide Retirement IncomeSM Rider, which provides lifetime withdrawal rate percentages ranging between 5.25% and 7.65%. The rate is based on the owner’s age when he or she takes the first withdrawal, Nationwide said. Nationwide has a long standing relationship with Fidelity, but the annuity is the first product partnership with Fidelity Life Insurance Company.

“This partnership is about two great financial services brands coming together to help more Americans achieve a secure retirement,” Ambrozy said. “We leaned into our deep product manufacturing expertise to create this new product. Fidelity will leverage its distribution network to offer this product as a solution to meet the needs of its customers that is well suited for the current economic environment.”