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June 13, 2019 at 03:54 PM
Fiduciary Exchange LLC — FIDx — has started to open up the Envestnet Insurance Exchange for Envestnet Inc.
Exchange organizers are predicting the new exchange will help financial advisors do a better job of helping clients with retirement and income planning, by plugging an easy-to-use sales tool into the same systems many advisors already use to sell mutual funds, exchange-traded funds, and separately managed accounts.
(Related: Alliance Adds Advisor Version of Retirement Readiness Assessment Tool)
Envestnet is a company that builds information technology systems for financial advisors and financial institutions.
The company’s Envestnet Insurance Exchange team has recruited six carriers to offer annuities through the new FIDx exchange. The founding issuers are Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company, Nationwide and Prudential Financial.
The issuers will sell both fee-based and commission-based contracts through the exchange, according to Envestnet.
Envestnet expects the menu to include fixed annuities and indexed annuities as well as variable annuities and structured annuities.
The menu could, eventually, offer other types of insurance-based products as well: FIDx said last week, in an exchange launch announcement, that the exchange will connect advisors to “annuities and insurance solutions.”
FIDx: The Organization
Envestnet announced the annuity exchange project about a year ago. The company describes itself as having a partnership with FIDx.
