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Envestnet Aims to Open Its Insurance Exchange in June

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Envestnet Inc. hopes to start a broad release of its new insurance exchange program in June, the company announced today.

The Chicago-based company said it’s now working to get advisors onto a pilot version of the Envestnent Insurance Exchange.

(Related: Brighthouse to Use Envestnet Insurance Exchange)

Six life insurers have agreed to put annuities on the exchange program’s shelves.

The issuers are Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National, Nationwide and Prudential Financial, according to Envestnet.

The issuers will offer commission-based annuities through the exchange as well as fee-based contracts.

Envestnet runs a financial services distribution platform that has connections with about 96,000 financial professionals.

The company is working with Fiduciary Exchange LLC, or FIDx, to get the new insurance exchange arm up and running.

The insurance exchange will be available both through the platform portal for financial professionals and the portal for employer plan sponsors, Envestnet says.

— Read Envestnet Annuity Exchange Adds Jacksonon ThinkAdvisor.

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