FIDX Desk OID Launches For Advisors

The New Outsourced Insurance Desk Makes It Easy For Advisors To Include Annuity Products, FIDX Says.
Scott Bowers, CEO, FIDX Desk
Scott Bowers, CEO, FIDX Desk

Fiduciary Exchange (FIDX) and its broker-dealer (BD), FIDX Markets, on Tuesday announced the launch of FIDX Desk, an outsourced insurance desk (OID) that the firm said will enable RIAs and fee-based advisors to easily integrate annuity products into their offerings, regardless of their insurance licensing status.

The new OID is a comprehensive digital solution for annuity management that FIDX said “tackles the obstacles” that RIAs typically face when they discuss the potential advantages of annuity solutions including income and legacy planning with their clients.

FIDX Desk will work closely with advisors to facilitate the creation of these accounts, according to FIDX, which Envestnet has a stake in,

The OID also helps advisors to manage investments in annuities that were previously bought through prior BDs, FIDX said.

There is no additional fee for advisors to use FIDX Desk, the company said.

FIDX Desk is available to all advisors now. Those who use the Envestnet | Tamarac platform will have access to an integration with Envestnet’s Tamarac reporting system, according to FIDX, which Envestnet owns a stake in.

“The benefits annuities can add to investment portfolios are well-documented, yet their integration has been largely overlooked by independent RIAs due to the cumbersome and inefficient processes involved,” according to Scott Bowers, FIDX Desk CEO.

Phill Rogerson, Head of RIA Channel at Envestnet
Phill Rogerson, Head of RIA Channel at Envestnet

“By simplifying access to the annuity market, we’re enabling financial professionals to significantly enhance their portfolio services,” he said. “With the introduction of FIDX Desk, RIAs now have access to a user-friendly platform offering a curated selection of fee-only annuities, paving the way for tax-efficient investment strategies for their clients.”

Full lifecycle annuity management is one of the major highlights of FIDX Desk, according to the firm. “With an easy-to-navigate dashboard, financial professionals can research products, oversee the application process, and advise on a client’s annuity, all from one platform,” it pointed out.

Other key features include RIA transition services that enable advisors to efficiently transition to a fee-based business, letting FIDX Desk act as the agent of record, and tailored, fee-based solutions for RIAs, the company said.

“Partnering with FIDX Desk further diversifies our suite of offerings to meet the evolving needs of RIAs, fee-based financial professionals, and their clients,” according to Phill Rogerson, Head of RIA Channel at Envestnet.

“The seamless integration of FIDX Desk within the Envestnet platform allows for annuity integration and enriches our ecosystem, empowering advisors with comprehensive, efficient tools to drive client success,” Rogerson said.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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