Financial products provider Flourish, which serves RIAs, announced the launch of Flourish Annuities, a platform and marketplace designed to address problems RIAs frequently encounter with insurance products in the areas of remuneration, licensing requirements and administrative complications. The new platform takes aim at the annuities market, which the Life Insurance Marketing and Research Association (LIMRA) projects to exceed $350 billion.
The platform will provide annuities for advisors to place in their clients’ portfolios. It incorporates a digital application process that advisors can pre-fill on behalf of clients to address the issue of complicated paper applications. To eliminate the need for advisors to gain insurance licensing, the platform utilizes an outsourced insurance desk through the Flourish Insurance Agency. It provides a marketplace of fee-based annuities to address fiduciary compensation.
Max Lane, CEO of Flourish, said, “Annuities can bring clear benefits to client portfolios. Until now, the user experience for both advisors and clients has made annuities more trouble than they’re worth for independent RIAs. We’ve confronted these challenges head-on to deliver easy-to-use, compliant access to the world of annuities for advisors looking for better, more differentiated portfolio options.”
Flourish Annuities will include integrations with reporting and billing platforms and, at launch, a marketplace that offers fee-based multi-year guaranteed annuities. The firm plans to offer additional annuity types in the future.
“Flourish Annuities introduces a convenient way for RIAs to open the door to these tax-advantaged investments for their clients.”Max Lane
Lane continued, “Flourish Annuities introduces a convenient way for RIAs to open the door to these tax-advantaged investments for their clients. As a marketplace of fee-based annuities for RIAs and their clients, Flourish Annuities offers RIAs a truly new opportunity to effortlessly differentiate their client portfolios and improve outcomes.”
A subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), Flourish supports over $4.1 billion in assets under custody and is used by more than 700 wealth management firms. In October, it announced that its cash management solution, Flourish Cash, raised its FDIC insurance coverage through its program banks.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at email@example.com.