My agent represents both Oppenheimer and Nationwide. He says i should put my new 403b contributions into Oppenheimer because even though their funds are load, it will end up costing me less than Nationwide's variable annuity fees. Can this be true?

Can be. Take a look at the overall expense ratios of the "sub-acounts" in the VA, perhaps your agent could put you into "B" shares with oppenheimer, which instead of a front-end load, have a load for withdrawals if taken within the first several years.

But then again maybe not.Particularly if the Nationwide annuity allows transfers between accounts managed by different investment companies, such as Fidelity, Vanguard and the like. Oppenheimer and others usually charge transaction fees for this. Also check out what the custodial fees may be in the mutual fund, as well as the 12(B)(1)fees. Some fees are also built into the return, so make sure you read the prospectus closely: even with a front end charge, there'll still be ongoing fees in the mutual fund. But I can't imagine paying a front end load in today's market.

Consider, too, that the distribution rules for the mutual funds will be more restrictive than under the annuity contract, and there are higher penalty taxes for excesses in the mutual fund.

Indeed there are many no-load places to put your money.