Envestnet, Inc. announces the advancement of its Envestnet Insurance Exchange through a new collaboration between Fiduciary Exchange LLC (FIDx) and SIMON Markets LLC, which will establish a unified platform for financial advisors to assess annuity products from high-quality insurance carriers and incorporate them into client portfolios. The integrated platform will offer full retail annuities lifecycle functionality, bringing together the best technology from FIDx and SIMON to power the Envestnet Insurance Exchange and enhance the end-to-end experience for advisors. This partnership delivers a consistent user experience, whether advisors access the integrated platform directly via either SIMON or FIDx, or via the Envestnet Insurance Exchange.
“This exciting partnership makes it easier for advisors to offer innovative income and protection solutions for their clients’ portfolios. Additionally, it broadens our suite of solutions and furthers our mission to help our advisors’ clients achieve an intelligently connected financial life,” said Tom Sipp, Group Head of Envestnet Solutions. “By leveraging the best of what the Envestnet Insurance Exchange, FIDx, and SIMON offer, we are creating a truly holistic, unified solution for managing annuities in client portfolios. We believe this changes the game by mitigating disparate points of access with solutions designed to help investors protect what they have earned and give them options to generate a lifetime stream of income.”
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“The Envestnet Insurance Exchange has changed the way advisors are able to evaluate both commission-based and commission-free annuities. Our carrier partners are finally reaching new advisors who’ve been difficult to reach in the past,” said Rich Romano, CEO of FIDx. “The Insurance Exchange has broadened the reach of carriers, making it easier for more advisors to include annuities in their portfolio construction process. Now, with the addition of SIMON, the integrated platform will be supercharged and much more intuitive.”
“We listen when the industry speaks, and this collaboration resolves some of the most significant barriers to entry—the difficulties in understanding and purchasing annuities,” said Jason Broder, CEO of SIMON. “Today, we introduce our collaboration with FIDx as the next big step toward advancing the advisor experience with insurtech. We are leveraging the strengths we each bring to the table to deliver a streamlined experience within Envestnet’s ecosystem—a unified, end-to-end platform for brokerage and fee-based annuities.”