Luma Financial Technologies has added an annuity comparison tool, “Luma Compare,” to its structured products and annuities distribution platform, according to a company release this week.
The new feature allows advisors to select, compare and test different annuity products, including variable annuities, fixed index annuities and registered index linked annuities, thus helping advisor comply with Regulation Best Interest (“Reg BI”), the release said.
“An advisor’s ability to ensure they’re offering annuity products that are appropriate and suitable for their clients’ goals, while remaining compliant with Reg BI requirements, is now a task that can be swiftly accomplished,” said Keith Burger, National Sales Director for Annuities at Luma Financial Technologies.
Morgan Stanley, UBS and Bank of America are direct investors in Luma, which was spun out of Navian Capital in 2018 to serve the structured product marketplace, and expanded into the annuity space in February 2021. For more on Luma, see the June 24, 2021 article in RIJ.
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