Tag: Annuity Sales

3 Ways to Simplify the Annuities Experience

Earlier this year, annuity sales hit the highest quarterly sales mark — ever — with an increase of 22 percent to more than $77 billion. That’s nearly $9 billion more than the previous record set during 2008’s Great Recession.*

So, if sales of annuities are through the roof, why are they still so complex to sell?

We all know an annuity can be a vital tool in a retirement planning toolkit — but due to their complexity, they’ve been historically underused.

iPipeline believes that helping clients secure their financial future shouldn’t be that difficult.

As part of our dedicated commitment to helping people secure their financial futures, the iPipeline team focuses on streamlining and optimizing annuities and life insurance for wealth managers.

That’s why iPipeline and the Fiduciary Exchange LLC (FIDx) joined forces. FIDx’s technology-powered network seamlessly integrates various ecosystems to give best-in-class income and protection solutions from the industry’s leading carriers.

Together, we’re aiming to help simplify the experience of accessing and recommending annuities for clients. Our shared vision to remove the chaos and friction from the annuities experience, making it as quick and easy as managed accounts.

Here are 3 ways that iPipeline and FIDx are helping to make annuities easier to sell:

1. They’re Easier to Understand

Investing in an annuity can be a cumbersome, disjointed experience—for both you and your clients. In addition to understanding the various kinds of annuities, the wealth management workflow is complex. By simplifying the process, we put all the information needed at a user’s fingertips. Our partnership consolidates all the necessary requirements needed—including those from insurance carriers and distribution partners.

2. A Full Suite of Annuities on a Single Digital Platform

As a provider with complementary offerings to ours, FIDx offers a full-suite of commission and commission-free annuities from leading insurance carriers through its end-to-end digital marketplace.

This strategic alliance allows us to streamline annuities as much as possible, enabling them to be treated much like managed accounts. This creates a unified digital experience connecting financial professionals, home offices, end clients, and insurance carriers. This single-platform connectivity enables seamless management of annuities alongside managed accounts and other client assets, all while growing at scale.

3. Log Onto One System—Not Seven

The wealth management workflow for annuities involves many different steps, using countless different systems to complete research, generate proposals, draft an account opening, and run a report. In some cases, the workflow involves up to seven different technology solutions before even coming to order entry.

With iPipeline and FIDx, a user will no longer be required to log into multiple systems to complete workflows for annuities. All phases—planning, research, proposals, account opening, management, and reporting—will be completed within one unified ecosystem. Annuities will be displayed alongside all other assets in a holistic view of a client’s entire portfolio.

iPipeline and FIDx want to help financial professionals accelerate their businesses through a streamlined annuity experience. Our next goal: to make life insurance easier to sell, too. 

To find out more about our complementary solutions, and how you can benefit from these collaborative capabilities, contact us!

*Source: LIMRA.com