RetireOne Partners with Wade Pfau on White Paper, “Unbundling Investments”

New Whitepaper Offers Insights about a New Tool for Mitigating Risk in the Fragile Decade

San Francisco, CA – December 2, 2021 – RetireOne® today announces the release of a new whitepaper penned by Wade Pfau, PhD, American College of Financial Services Professor of Retirement Income, entitled, “Unbundling Investments from Insurance to Solve for Lifetime Sequence-of-Return Risk.” Pfau explains his research on the unique problem presented by sequence-of-returns risk on a retiree’s “fragile decade” – the last five working years and first five years in retirement – and how ConstanceSM, a new Contingent Deferred Annuity (CDA) could help solve it. 

Created through a partnership between RetireOne and Midland National® Life Insurance Company, ConstanceSMunbundles the annuity’s insurance component from its underlying investments enabling Registered Investment Advisors (RIAs) to wrap client brokerage accounts, Individual Retirement Accounts (IRA), or Roth IRAs with lifetime income protection.1 By integrating annuities into client portfolios, RIAs can address sequence and longevity risk, while maintaining control of client assets and the flexibility to manage their own models, rebalance, buy, and sell and see the assets on their custodial platform(s) of choice. If the covered portfolio grows in value, so may the income derived from that asset. If the portfolio does not grow in value, then the income is based on the initial investment value.

“In the past, this type of approach could only be accomplished through a variable annuity with an optional guaranteed living benefit that required a greater degree of commitment and other potential downsides,” wrote Pfau. “But Constance is a new option that allows for a risk wrapper to be placed on an existing investment portfolio without creating a taxable event.”

The resulting portfolio protection offers a more flexible way to ‘wrap’ risk. “With Constance, the insurance protection can be dropped at any point, which may be useful for individual investors who navigate the fragile decade without experiencing a bad sequence of returns,” explains Pfau.

Because the sequence of returns can be critical to investing outcomes, retirees from different birth cohorts can be affected differently by the market despite making the same financial decisions. Constance provides RIAs with protections to help ensure a more stable income stream for clients throughout retirement. The new CDA is available exclusively through RetireOne. RIAs may offer protections in client portfolios by covering a variety of eligible mutual funds and ETFs from leading fund managers like BlackRock, Dimensional Fund Advisors, Vanguard Group, Charles Schwab, and more.2

“We’re looking down the barrel of the largest cohort of retirees we’ve ever seen,” said David Stone, RetireOne Founder and CEO. “Combine that with the disappearance of pensions and other economic factors, and it’s clear that we need new tools to meet the needs of Americans approaching retirement. Constance is designed to be one such tool.”

Unbundling Investments from Insurance to Solve for Lifetime Sequence-of-Return Risk” is a free download on RetireOne’s website. Advisors who would like to learn more about Constance can schedule a meeting or call their RetireOne Relationship Manager at (877) 575-2742. For additional information, please visit


About RetireOne

Serving over 1,000 RIAs and fee-based advisors since 2011, Aria Retirement Solutions’ RetireOne® is the leading, independent platform for fee-based insurance solutions. With offerings from multiple “A” rated companies, RIAs may access this fiduciary marketplace at no additional cost to them or their clients. Currently servicing over $1.4 billion of retirement savings and income investments, RetireOne continues to grow in its mission to provide advisors and their clients’ valuable retirement solutions that are simple to use, easy to understand, and delivered with outstanding service. Learn more at and follow us on LinkedIn and Twitter @RetireOne.

About Midland National Life Insurance Company

For more than 115 years, Midland National® Life Insurance Company (Midland National) has been an industry leader, crediting the company’s strength to its commitment to stability, innovation, and dedicated customer service. Midland National is accredited by the Better Business Bureau, and has earned an A+ (Superior) rating from A.M. Best, a large third-party independent reporting and rating company that rates an insurance company on the basis of the company’s financial strength, operating performance, and ability to meet its ongoing obligations to policyowners. This rating is the second highest out of 15 categories and was affirmed by A.M. Best for Midland National as part Sammons® Financial Group, Inc. on July 30, 2021. 

Founded as Dakota Mutual Life Insurance Company in 1906, Midland National has protected families and preserved legacies for generations. Midland National is one of the leading insurance companies in the United States. Midland National is a member of Sammons Financial Group, a subsidiary of Sammons Enterprises, Inc. With its annuity division in West Des Moines, Iowa, and its life insurance operations in Sioux Falls, South Dakota, Midland National operates in 49 states and the District of Columbia through its 12,000 licensed sales professionals. For more information, click here.

1Annuity payments are backed by the claims-paying ability of Midland National® Life Insurance Company.

2Only certain investments are available under the Certificate. You are required to invest assets in accordance with either a model portfolio or a restricted asset allocation portfolio. Your investments may experience a higher return if you were not subject to the investment requirements. We may change the requirements for the assets permissible under the coverage. We may remove a financial institution from our list of approved financial institutions at any time. Please review prospectus carefully. 

The ConstanceSM Group Contingent Deferred Annuity is issued by Midland National® Life Insurance Company, West Des Moines, Iowa 50266, offered by EF Legacy Securities, LLC (dba RetireOne), member FINRA and underwritten by Sammons Financial Network®, LLC., member FINRA Certificate Form AC206A and Contract Form AS206A (may vary by state). Sammons Financial Network®, LLC., and Midland National® Life Insurance Company are wholly owned subsidiaries of Sammons® Financial Group, Inc. and are not affiliated with EF Legacy Securities, LLC., and RetireOne. 

The ConstanceSM Group Contingent Deferred Annuity can play an important role in your retirement plan but may not be for everyone. Before investing, you and your financial advisor should discuss aspects that affect the appropriateness of your situation, including cost, investment timeframe and other retirement assets you may have. The Certificate is intended for long-term investment purposes. Excess withdrawals may significantly decrease and even terminate the benefits provided by the Certificate.

Media Contacts

Will Ruben

Midland National, a Sammons Financial Group company
Kevin Waetke