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Life Health > Annuities

Pershing to Add Luma Annuity Tools to NetX360+ Platform

By Allison Bell

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Managers of Pershing’s NetX360+ advisor platform are trying to improve the annuity selection process.

The BNY Mellon unit agreed this week to add annuity support tools from Luma Financial Technologies to the platform.

NetX360+ users will get access to Luma tools that can explain, analyze and compare different kinds of annuities and show which annuities appear to suit the needs of specific clients. Platform users will also get access to annuity training materials that meet National Association of Insurance Commissioners’ standards, according to Luma.

“We’re equipping advisors with the tools and knowledge that are essential for navigating the evolving annuity landscape,” said Tim Bonacci, Luma’s CEO.

What it means: Advisor platform managers are preparing for tougher annuity sales standards by improving their annuity shopping features.

The players: Pershing is a clearing and custody services firm that supports users with about $2 trillion in assets.

Luma is a Cincinnati-based financial technology firm that was founded in 2018. Its system helps advisors shop for annuities and structured products.

The relationship: Luma said Pershing NetX360+ users will get access to Luma tools through a single sign-on.

“Pershing will transmit brokerage account details to Luma, and Luma will provide brokerage account, product, and user information to Subscribe, Pershing’s proprietary annuity application,” Luma said.

(Credit: Shutterstock)

Allison Bell

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