National Financial today said it has added seven new insurance carriers to its existing annuity program for broker/dealers. The new participants are Hartford Life, Lincoln Financial Group, Massachusetts Mutual Life Insurance Company, New York Life Insurance Company, Sun Life Financial, Western-Southern Life Assurance Company, and Integrity Life Insurance Company/National Integrity Life InsuranceCompany.
The additions are part of National Financial's Streetscape workstation, a Web-based annuity program that enables broker/dealers to automate the processing and settlement of annuity products from more than 20 carriers. The program's features include annuity processing, compliance and suitability review tools, aggregation of annuity positions, and settlement of commission payments to broker/dealer firms.
As of October 31, the Boston-based company has processed more than $20 billion in annuity assets.
National Financial, a Fidelity Investments company, serves nearly 340 clients ranging from retail broker/dealers to institutional investment firms. Its client network includes more than 86,000 brokers. As of September 30, National Financial custodied almost $713 billion in assets representing more than 5.5 million customer accounts.