Handshake through a computer screenAllianz Life Insurance Company of North America is the second insurance company to join the Envestnet Insurance Exchange, which will integrate insurance solutions into the wealth management process on the Envestnet platform, to be available later this year. Global Atlantic Financial Group was the first insurance company to join the platform in late June.

The exchange, unveiled by Envestnet in May, will integrate insurance solutions into its platform to allow advisors to “seamlessly” access various types of annuities as well as provide other solutions for tax deferral, death benefits, guaranteed income, principal protection and estate planning.

Allianz Life will offer its entire portfolio of annuity products on the exchange, including both advisory- and commission-based annuities, the company said in a release. By joining the platform, Allianz Life products will be available to RIAs, broker-dealers and others on the Envestnet platform.

“By offering the company’s annuities, advisors in the Envestnet network will have innovative retirement solutions at their fingertips and will be able to streamline their practice and provide more holistic advice to their clients,” said Envestnet President Bill Crager, in a statement.

The exchange will be available through tools on the Envestnet Advisor Portal. Advisors will need to have an insurance license to introduce these insurance products, however, Envestnet is developing a “Guidance Desk” that will allow unlicensed RIAs access to the consulting and fiduciary services to enable them to use the Insurance Exchange, the company said.

– Related on ThinkAdvisor: