Investment/Annuity Platforms Now Designed For A Better Experience
Among the leaders in this new world are platform providers like the Envestnet Insurance Exchange, powered by FIDx, that make annuities an integrated part of portfolio management. Other annuity and insurance platform and support providers include SS&C, DPL Financial, RetireOne, True Choice and Financial Independence Group. Many of the top annuity companies such as Jackson National, Allianz, Prudential, Transamerica, Pacific Life, Global Atlantic, Brighthouse, Nationwide, AIG and many more are participating on these platforms.
Annuities And Fintechs Are Partnering To Create Portfolio Solutions
Insurance companies see fintech providers as ideal partners to highlight the role annuities can play in creating better client outcomes. What’s more, these partnerships can boost the efficiency and growth of advisor firms that take advantage of them.
We’ve seen MoneyGuidePro, eMoney, Riskalyze, LifeYield, Morningstar and others create tools that clearly highlight the appropriate annuity allocation to an individual portfolio while maximizing accumulation and drawdown across multiple accounts and investment products. These tools also show advisors and clients the optimal timing to take Social Security benefits while coordinating other income sources for tax efficiency. Advisors using these tools report increased asset consolidation as investors easily recognize the value of improved financial outcomes for the household portfolio that are quantified in dollars and cents.
Annuities have evolved far beyond their roots. They are now priced, designed and tech-enabled to meet specific needs as part of a household portfolio solution. Annuities have modernized to contribute what’s most important to both — improved financial outcomes for investors and a more efficient and profitable practice for advisors.
Jack Sharry is co-chair of MMI's Tech & Ops and Digital Advice Community, on the The Next Chapter Advisory Council and executive vice president of LifeYield.