Insurance Exchange Combines Technology, Data & Service to Deliver ‘Annuities Made Easy’ to Envestnet-Empowered Advisors
Envestnet, Inc. announced that its Variable Annuity Program is being expanded to become the Envestnet Insurance Exchange, powered by Fiduciary Exchange, LLC (FIDx). This innovation provides access to all types of annuities, enabling advisors to deliver fully integrated advice within Envestnet’s financial wellness ecosystem. Full integration will be completed by December 31, 2021.
The Envestnet Insurance Exchange provides end-to-end management of annuity solutions within the Envestnet platform. Upon completion of the onboarding process to the Envestnet Insurance Exchange, advisors will be able to seamlessly plan, research, propose, open, and actively manage annuities from leading carriers. For enterprises, the upgrade provides enhanced analytics, suitability, and compliance tools for greater efficiency and more transparent oversight across all annuity products—all within a unified platform.
“This upgrade introduces more advisors to the advantages of end-to-end annuity management, which are typically not available through an integrated advice framework,” said Donna Peeples, Chief Relationship Officer of Envestnet. “The Envestnet Insurance Exchange represents another leap forward in Envestnet’s commitment to deliver on financial wellness within an ecosystem that helps to create the Intelligent Financial Life™.”
The technical and feature enhancements advisors will receive through the upgrade include:
- Expanded Product Access Beyond Variable Annuities: Advisors can access far more than just variable annuity products, including fixed (FA/MYGA), indexed (FIA/IVA), and registered indexed (RILA) vehicles that encompass both commission- and fee-based annuities.
- Financial Planning: Advisors can implement annuity strategies within a client’s financial plan via direct access to the Envestnet platform.
- Licensing & Appointment Checks: The enhanced compliance tools can help advisors reduce not-in-good-order occurrences due to licensing deficiencies, further decreasing service costs and time spent mending errors.
- Research: Advisors can access research on all annuity products available on the Envestnet Insurance Exchange, including rates and performance, and comprehensively demonstrate the benefits of each annuity under investment consideration through illustrations and side by side comparisons.
- Consolidated Proposal Capabilities: Insurance solutions can be seamlessly incorporated into proposals.
- Active Annuity Management: Advisors can access daily annuity reporting and a data-driven annuity analytics engine—and also implement in-force policy transactions. All of these features strengthen advisors’ ability to actively monitor and manage annuities.
“The Envestnet Insurance Exchange represents technology and solutions that come together to deliver ‘annuities made easy’ for advisors,” said Andrew Stavaridis, Group Head, Solutions Distribution at Envestnet. “We believe this upgrade will be instrumental in helping a greater number of Envestnet-empowered advisors to access industry leading insurance carriers with transparency and efficiency—allowing them to help their clients achieve better outcomes, and ultimately, to expand their practices.”
