Is this what you’re after:
This is with a widget component set to screen space. It seems to work fine regardless of the static mesh being the root or not. Also, I did not need to change the relative / world rotation as I suggested in my original post (it would be needed if you needed this in world-space). It seems to work out of the box on my end.
Anything else that is unique about the setup you have there?
edit: just to confirm:
