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FIDx (Berwyn, Pa.) a product-agnostic platform designed to integrate annuity sales with investment products, has announced a strategic alliance with Transamerica (Cedar Rapids, Iowa) to provide annuities to investors and join the Insurance Exchange (Ix) platform. Acting as a bridge between insurance carriers and wealth management platforms, FIDx provides Transamerica access to a pool of advisors who previously could not integrate annuities alongside investment portfolios, further helping them to address the financial planning needs of their clients, according to a FIDx statement.
“We are excited to welcome Transamerica to join the FIDx platform,” comments Dan MacKinnon, CEO, FIDx. “We are dedicated to continuing to expand our offerings and integrate with the top insurance carriers in the industry in order to ensure advisors have a variety of applicable annuity products for their clients to better meet their individual needs.”
In its announcement on the alliance, FIDx characterizes Transamerica as an innovator in the marketplace with its fee-based annuities, noting that the integration enabled by their partnership will allow advisors participating in the Insurance Exchange to have access to Transamerica’s advisory annuities. Transamerica sees the alliance as a way of expanding its support of the advisor community with its thought leadership resources and tools designed to help advisors develop as professionals and build their practices, according to the announcement.
“Transamerica understands the important role annuities have in a well-developed retirement strategy,” says Joe Boan, Senior Managing Director, Individual Solutions, Transamerica. “The FIDx platform and alliance provides us with another outlet to serve those customers and their advisors in a way that is convenient for them. It was a natural opportunity, and we now can expand our client base and help more people to save, invest, protect and retire.”
Fully Integrated Financial Wellness Network
FIDx officially launched the Insurance Exchange (Ix) in June 2019, to fill what it calls a much-needed gap in the annuity and financial services space. As a product-agnostic exchange, the company acts as the middleman, seamlessly connecting advisors to leading insurance carriers and annuity products. Founded by notable industry problem solvers, FIDx puts annuity sales on par with mutual funds, exchange-traded funds, and separately managed accounts. FIDx is also the first annuity products platform provider supporting Envestnet’s Insurance Exchange.
“As we continue to onboard additional carriers, advisors participating in the Envestnet Insurance Exchange will benefit from expanded annuity offerings for their clients,” comments John Yackel, Head of Strategic Initiatives at Envestnet and strategic FIDx partner. “Envestnet will continue to add new carriers as part of our mission to build a fully integrated financial wellness network.”