Structured Capital Strategies Plus 21 - Wells Fargo review

It depends heavily on where you are in the buying process. If you are already a Wells Fargo client looking for a RILA with structured buffer protection, this is a genuine option — Equitable is a solid carrier, the buffer menu is real, and the segment variety is more creative than most competing RILAs at the six-year mark. If you are shopping openly across carriers and channels, the restriction itself is a problem: you cannot access this product outside Wells Fargo, which makes head-to-head comparison difficult. I think the product earns its keep for buyers already in the channel, but the channel limitation is a real cost.

The main reason is structured market participation with downside protection, delivered through a carrier and channel someone already has a relationship with. Equitable's RILA platform is well-established, and the SCS Plus design has meaningful segment flexibility — particularly the Dual Direction option, which lets buyers participate in modest index losses as gains. A Wells Fargo client who wants more market upside than a traditional fixed annuity allows but is not willing to take full market risk has a credible reason to look here.

I think this product is best suited for pre-retirees or early retirees in their mid-50s to mid-70s who have money sitting in a Wells Fargo brokerage or IRA and want to move it into something with defined downside protection and market-linked growth potential. It works for qualified and nonqualified money alike. It is not the right fit for someone who needs income now, expects to draw on the principal within the surrender period, or is shopping independently across multiple carriers and channels.

You are buying a structured buffer contract, not a traditional fixed annuity and not a direct investment. The core mechanics are: at the start of each segment, you select an index, a buffer level, a segment type, and a term. The buffer absorbs losses up to the selected threshold — if you choose a -20% buffer and the index falls 15%, you absorb none of it. If it falls 30%, you absorb only the 10% beyond the buffer. The upside is shaped by a performance cap, a participation rate, or a step-up rate depending on the segment type. No income rider is layered on top, so this is purely an accumulation vehicle.

Each segment is a standalone crediting period — typically one year — with a specific index, buffer level, and crediting structure selected at the start. The six available indices are S&P 500, Russell 2000, MSCI EAFE, NASDAQ 100, MSCI Emerging Markets, and Euro Stoxx 50. Buffer levels range from -10% to -40%, and the segment types include Standard (capped upside), Dual Direction (credits limited gains when the index finishes modestly negative), Step Up (all-or-nothing: if index is flat or positive, you get a fixed rate), Dual Step Up, Annual Lock (locks in any positive index move above a threshold mid-segment), and Enhanced Upside (higher cap with an embedded fee, based on spec materials).

The cap rates disclosed in the spec vary from 6.50% to 300.00% annually depending on the segment type and index — the wide range reflects the Dual Direction, Step Up, and participation-based segments rather than a single simple cap. Actual rates in any given segment depend on market conditions at the time of segment creation.

The Dual Direction segment is the most distinctive feature in the lineup and worth understanding on its own. In a standard RILA segment, if the index finishes below zero, your buffer absorbs losses up to the buffer level and the segment credits zero — the protection kicks in but you earn nothing. In a Dual Direction segment, a modest index decline can actually credit a positive gain. The mechanics: if the index falls within the Dual Direction threshold, the absolute value of that decline is credited as a gain instead. That means a -5% index return could become a +5% credited result. This does not apply to larger declines beyond the threshold, but it adds a layer of return potential in flat-to-slightly-negative markets that most RILAs do not offer.

The surrender schedule runs six years at 7%, 7%, 6%, 5%, 4%, 3%. There is no MVA (market value adjustment) on this product — that is a genuine advantage compared to many FIA and RILA designs that layer MVA on top of surrender charges. Free withdrawals are available at 10% of account value per year (10% of premiums paid in the first 90 days in year one, 10% of account value from year two onward). Required minimum distributions in excess of the free withdrawal amount are waived from surrender charges, and the contract includes automatic RMD service — a meaningful convenience for IRA holders. Nursing home, terminal illness, and disability penalty-free withdrawal provisions are also available, which broadens the liquidity profile beyond the standard free-withdrawal window. Still, this is a 6-year commitment and should be treated as such.

There is no base contract fee and no income rider fee because no income rider is offered. The one optional fee is the Return of Premium Death Benefit rider at 0.20% annually, available for buyers ages 0-75. The standard death benefit returns account value at the time of claim — reasonable for an accumulation product — and the optional ROP rider guarantees premiums paid regardless of account value performance, which adds a floor for legacy-minded buyers at a modest annual cost.

The spec notes that expenses related to administration, sales, and certain risks are factored into the Performance Cap Rate rather than disclosed as explicit charges. That is standard practice for RILAs — you pay through a lower cap rather than a visible fee line — but it is worth understanding that the cap is not purely market-driven. The subaccount fee range disclosed is 0.67% to 0.71% for applicable segments.

Legal Entity: Equitable Financial Life Insurance Company of America

Parent: Equitable Holdings Inc.

A.M. Best Rating: A