Envestnet Insurance Exchange aims for June 2019 launch

The Exchange will give advisors access to variable, structured, fixed, and indexed annuities from Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company, Nationwide, and Prudential Financial.

Envestnet Insurance Exchange, which integrates insurance products into the Envestnet wealth management platform, will soon provide advisors with access to products from six major insurance carriers, it was announced this week.

“Envestnet is working to onboard advisors to the pilot program and plans a broad-market release of the Insurance Exchange in June 2019,” said an Envestnet release from Bill Crager, chief executive of Envestnet Wealth Solutions.

The carriers, Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company, Nationwide and Prudential Financial, will offer variable, structured, fixed and indexed annuities to advisors through the Envestnet Insurance Exchange.

Envestnet Insurance Exchange is powered by Fiduciary Exchange, LLC (FIDx), whose software integrates the brokerage, insurance and advisory ecosystems. The partnership was initially announced at the Envestnet Advisor Summit in May 2018.

Since then, Envestnet and FIDx have added prominent carriers and annuity products. FIDx’s technology unites insurance carriers and wealth management platform, allowing advisors to bring annuities into clients’ portfolios, either for long-term investing, tax deferral, guaranteed income or principal protection. Through Envestnet Insurance Exchange, advisors and their clients will benefit from the following:

  • Industry-recognized selection of carriers and annuity products.
  • Daily annuity performance reporting aligning with traditional asset classes.
  • Integration of annuities into asset allocation models.
  • Simplified account opening, processing and management of annuities on platform.
  • Ability to advise on annuities within the managed account and to conduct in-force transactions on platform.
  • Fee-based and commission-based annuity offerings.

Envestnet Insurance Exchange will be available through the sponsor and advisor portals on the Envestnet platform.

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