Nationwide Financial tells its advisers to find new B-Ds

Nationwide Financial Network, the sales and marketing arm of Nationwide Mutual Insurance Co., is telling its independent financial advisers to find their own broker-dealers rather than continue to trade through its own brokerage arm, Nationwide Securities LLC... All of Nationwide's independent “personal-producing general agents,” who are financial advisers, will have to register with a new broker-dealer by April 30, according to an e-mail sent out to all of its PPGA reps last Thursday...

Furthermore, agents who want to continue to sell Nationwide products will have to do so through a “non-affiliated channel,” rather than go through Nationwide itself, according to an adviser...

Investment News: Nationwide Financial tells its advisers to find new B-Ds