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DPL Financial Partners, an insurance network for RIAs, is giving non-member advisors immediate access to its turnkey insurance management platform free of charge, the firm announced this week.

DPL said it was responding to an outpouring of requests from clients asking advisors’ help in protecting their retirement savings from the coronavirus-related market upheaval of recent weeks.

Some 800 RIA firms representing nearly 3,000 advisors have joined the DPL network to access its commission-free annuities, life insurance and consulting team. Advisors who are not current DPL members can have free access to these services until June 1.

“The situation we find ourselves in with the market is impacting advisors and their clients in major ways and we’re hearing about it daily from our members as well as consumers calling us directly,” DPL’s founder and chief executive David Lau said in a statement.

“Sequence-of-returns risk is a real threat to retirees — both financially and emotionally — and annuities are uniquely suited to address this. Given that so many RIA clients are in investments-only portfolios, they have been especially hard hit by this financial crisis.”

Lau noted that DPL member advisors were reporting that they had lost assets to insurance brokers and agents selling their clients annuities in response to the crisis.

He said DPL’s initiative will empower fiduciary advisors to provide low-cost, commission-free versions of these solutions. DPL will provide additional support to both current members and those taking advantage of the initiative in several ways, including via a weekly webinar series on annuities for principal protection and secure income starting next week.

— Check out ‘Stan the Annuity Man’ Sees Business Booming as Investors Seek Safety on ThinkAdvisor.