Insurance companies American Equity and Eagle Life will make annuity products available to 401k advisors through a new deal with centralized retirement marketplace Fiduciary Exchange LL (FIDx).
The agreement, announced in late November, means Berwyn, Pa.-based “product-agnostic retirement platform solution” FIDx will make annuity solutions from both insurance companies available to financial advisors by way of the Envestnet, Envestnet | MoneyGuide and Halo platforms, as well as directly through FIDx’s Protection Intelligence platform.
The deal is the latest in a series of partnerships FIDx has forged with the intention, FIDx said in a statement, of “meeting financial advisors where and how they do business.” FIDx enables advisors to offer guaranteed income and downside protection via annuities as core components of their clients’ portfolios—integrated within the same wealth management platforms they already use every day.
“American Equity and Eagle Life are industry leaders who add depth and breadth to our product offering,” said Rich Romano, Chief Executive Officer at FIDx. “At FIDx, we are embarking on a mission to completely revolutionize the industry and this addition of American Equity and Eagle Life underscores our commitment to delivering on our promise of names you know and products you need by being a platform you’ll love.”
ForWest Des Moines, Iowa-based American Equity and its wholly owned subsidiary Eagle Life, the partnership opens access to their annuity products during a time when many individuals are worried about having enough income to last through retirement.
“This partnership furthers our mission of providing income stability for retirees through innovative and secure products,” said Anant Bhalla, CEO at American Equity. “We are proud to partner with FIDx and advance our technological platforms to more seamlessly connect financial advisors with our annuity products to better address the needs and goals of individuals entering retirement.”
Ted Hughes, Chief Information Technology Officer at American Equity, said the partnership will help American Equity improve the digital experience of its customers. “Our partnership with FIDx will help us accomplish that goal and accelerate the execution of our AEL 2.0 strategic plan by helping evolve our digital and technological capabilities through online marketplaces,” Hughes said.
With this agreement, FIDx now offers a lineup of both commission- and fee-based annuities from AIG Life & Retirement, American Equity, Allianz Life, Brighthouse Financial, Eagle Life, Global Atlantic Financial Group, Jackson National Life Insurance Co., Nationwide, Prudential Financial, and Transamerica.
Financial advisors can access FIDx to plan, research, compare, propose and manage income and protection solutions through Envestnet, Envestnet | MoneyGuide and Halo, as well as directly through FIDx Protection Intelligence.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
