CHICAGO—March 17, 2021—Envestnet, Inc. (NYSE: ENV) announced today that its Variable Annuity Program is being expanded to become the Envestnet Insurance Exchange, powered by Fiduciary Exchange, LLC (FIDx). This innovation provides access to all types of annuities, enabling advisors to deliver fully integrated advice within Envestnet’s financial wellness ecosystem. Full integration will be completed by December 31, 2021.
The Envestnet Insurance Exchange provides end-to-end management of annuity solutions within the Envestnet platform. Upon completion of the onboarding process to the Envestnet Insurance Exchange, advisors will be able to seamlessly plan, research, propose, open, and actively manage annuities from leading carriers. For enterprises, the upgrade provides enhanced analytics, suitability, and compliance tools for greater efficiency and more transparent oversight across all annuity products—all within a unified platform.
“This upgrade introduces more advisors to the advantages of end-to-end annuity management, which are typically not available through an integrated advice framework,” said Donna Peeples, Chief Relationship Officer of Envestnet. “The Envestnet Insurance Exchange represents another leap forward in Envestnet’s commitment to deliver on financial wellness within an ecosystem that helps to create the Intelligent Financial Life™.”
The technical and feature enhancements advisors will receive through the upgrade include:
- Expanded Product Access Beyond Variable Annuities: Advisors can access far more than just variable annuity products, including fixed (FA/MYGA), indexed (FIA/IVA), and registered indexed (RILA) vehicles that encompass both commission- and fee-based annuities.
- Financial Planning: Advisors can implement annuity strategies within a client's financial plan via direct access to the Envestnet platform.
- Licensing & Appointment Checks: The enhanced compliance tools can help advisors reduce not-in-good-order occurrences due to licensing deficiencies, further decreasing service costs and time spent mending errors.
- Research: Advisors can access research on all annuity products available on the Envestnet Insurance Exchange, including rates and performance, and comprehensively demonstrate the benefits of each annuity under investment consideration through illustrations and side-by-side comparisons.
- Consolidated Proposal Capabilities: Insurance solutions can be seamlessly incorporated into proposals.
- Active Annuity Management: Advisors can access daily annuity reporting and a data-driven annuity analytics engine—and also implement in-force policy transactions. All of these features strengthen advisors’ ability to actively monitor and manage annuities.
“The Envestnet Insurance Exchange represents technology and solutions that come together to deliver ‘annuities made easy’ for advisors,” said Andrew Stavaridis, Group Head, Solutions Distribution at Envestnet. “We believe this upgrade will be instrumental in helping a greater number of Envestnet-empowered advisors to access industry-leading insurance carriers with transparency and efficiency—allowing them to help their clients achieve better outcomes, and ultimately, to expand their practices.”
Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 106,000 advisors across more than 5,100 companies—including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage the Envestnet platform to grow their businesses and client relationships.
Fiduciary Exchange, LLC (FIDx) is a technology-empowered network that seamlessly integrates the brokerage, insurance and advisory ecosystems to offer best-in-class annuities and insurance solutions from the industry's leading carriers. FIDx enables advisors to offer guaranteed income and downside protection as core components of their clients' portfolios, integrated within the same wealth management platforms they already use every day. An independent technology firm, FIDx connects advisory firms to insurance carriers through a seamless, digitally-enabled process so advisors can truly deliver comprehensive advice and help clients reach their goals.
Envestnet, Inc. has a financial interest and occupies board of director positions in Fiduciary Exchange, LLC (FIDx).
Neither Envestnet, nor Fiduciary Exchange, LLC are licensed insurance agencies and as such, do not sell or make recommendations related to the purchase of annuity or insurance products. Insurance products are only sold or recommended by insurance licensed financial professionals or through a third-party intermediary licensed as an insurance agency.
This press release refers to information products or services that may be in development and not yet available. Accordingly, nothing in this release should be construed as a representation or legal agreement by Envestnet to make available specific products or services (including, without limitation, concepts, systems, or techniques.)
JConnelly for Envestnet