Luma Financial Technologies will make its annuity products available to advisors at BNY Mellon Pershing, the companies announced.

Advisors who use the NetX360+ platform will have access to Luma’s products and its marketing and education tools, the companies said in a press release. 

“Offering our clients easy access to Luma provides an enhanced annuity and retirement planning experience,” Sareena Dalla Brookshire, chief product officer at BNY Mellon’s Pershing, said in a prepared statement.

“Through Subscribe, our proprietary annuity application, Pershing clients have access to a robust set of features to help them manage their annuity business,” Brookshire added.

The educational elements Luma will provide will clearly explain the benefits of annuities and how they compare to others, said Jay Charles, director of annuity products at Luma.

“We’re really simplifying it to a point where advisors can easily interpret it and easily communicate the benefits of the product to their end-client,” he said in an interview with Financial Advisor. “We believe that gets the important product set into more clients’ hands by way of getting more advisors comfortable with it.”

The partnership between the two firms will help advisors have a better understanding of annuities and use them more in their client’s portfolio, Charles said.

“I believe that the annuity has a place in just about every individual’s portfolio as they’re thinking about retirement,” he said. “I think it should absolutely stand side-by-side as part of the asset allocation sleeve with equities, fixed income, and some other alternatives.”