Allianz Life recently announced it is partnering with Envestnet to offer its entire portfolio of annuity products on the Envestnet Insurance Exchange, which integrates insurance solutions into the wealth management process on the Envestnet platform to further streamline and enhance advisors’ ability to deliver the lifecycle of advice.
On Monday, Pacific Life announced the launch of its Real-Time Activity Alert Service – a new feature that alerts financial professionals when there is a transaction on their clients’ annuity contracts.
Here’s the skinny on both of these new capabilities, from news releases from the companies involved.
Pacific Life launches real-time activity alerts for financial professionals
NEWPORT BEACH, Calif. — August 20, 2018 — Those involved in the fast-paced financial services industry understand the importance of being able to see and access updated contract information as quickly as possible. The Retirement Solutions Division of Pacific Life is ensuring financial professionals and broker/dealers are immediately aware of transactions submitted on their client’s behalf the moment they occur with its newly launched Real-Time Contract Activity Alerts.
The Real-Time Activity Alert Service is a new feature that alerts financial professionals when there is a transaction on their clients’ annuity contracts. The service is part of the division’s multi-year project focused on enhancing the customer experience, including getting more timely information into the hands of financial professionals.
Real-Time Activity Alert notifications include: issuance of new contracts, additional investments, distributions, key contract changes, and much more. Additionally, financial professionals have the option to customize how often they receive alerts. Alerts can be received via text message or email the moment a transaction is entered into Pacific Life’s administrative systems and will no longer require a call to confirm if a transaction was received and processed, as it will be immediately shown.
Financial professionals and broker/dealers are excited at having an innovative tool to stay on top of their clients’ contracts. They understand the benefits to financial professionals and their clients are significant. This new service eliminates the need to worry about the status of submitted items, while also allowing them to be made aware of potentially fraudulent transactions, an area that continues to be a growing issue in the financial services world.
About Pacific Life: Celebrating 150 years of service, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. For more information visit www.PacificLife.com.
Allianz Life partners with Envestnet to help advisors better integrate insurance solutions in client portfolios
MINNEAPOLIS — August 13, 2018 — Investment advisors have a new resource available on the Envestnet platform to help them better incorporate insurance solutions into their client’s portfolio through a strategic partnership announced in mid-August between Allianz Life Insurance Company of North America and Envestnet, a leading provider of intelligent systems for wealth management and financial wellness.
Allianz Life’s entire portfolio of annuity products will be available on the Envestnet Insurance Exchange, including both advisory- and commission-based annuities. The Envestnet Insurance Exchange, announced this past May, integrates insurance solutions into the wealth management process on the Envestnet platform to further streamline and enhance advisors’ ability to deliver the lifecycle of advice. With this new partnership, advisors at banks, broker-dealers, independent insurance agencies and registered investment advisors (RIAs) throughout the United States will be able to research and potentially recommend Allianz Life annuity solutions as an option for their clients.
“We have consistently heard from advisors that they want to offer more holistic solutions to help their clients achieve their financial goals,” said Tom Burns, chief distribution officer, at Minneapolis-based Allianz Life. “Having our annuity products available on the new Envestnet Insurance Exchange helps meet that need with the added benefit of it being available on an easy-to-use online platform.”
The Envestnet Insurance Exchange will help streamline the entire annuity sales process from start to finish, allowing advisors to offer their clients more comprehensive advice by incorporating insurance solutions into wealth management. RIAs can do everything from submitting an application to managing a client’s assets – all in one integrated technology platform. This means advisors will be able to better incorporate annuity and insurance solutions into their client’s portfolio, offering a more well-rounded wealth management approach.
“We’re proud to have Allianz Life as one of our partners on the new Envestnet Insurance Exchange,” said Bill Crager, President, Envestnet. “By offering the company’s annuities, advisors in the Envestnet network will have innovative retirement solutions at their fingertips and will be able to streamline their practice and provide more holistic advice to their clients.”
The Envestnet Insurance Exchange can be accessed through various tools and features on Envestnet’s Advisor Portal. Envestnet has partnered with Fiduciary Exchange LLC (FIDx), a firm specializing in integrating advisory and insurance ecosystems, to develop and manage its Insurance Exchange, and the platform additions are scheduled to be available at the end of the year. Financial advisors will need an insurance license to introduce insurance products. For those advisors who are not licensed, Envestnet will be offering a service called Guidance Desk that will allow unlicensed RIAs access to the consulting and fiduciary services that would enable them to use the Insurance Exchange. This service is still in development.
About Allianz Life: Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For® in 2018, helps Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. In 2017, Allianz Life provided a total of $2.7 billion in benefit payments that supported policyholders’ financial objectives. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 142,000 employees in more than 70 countries worldwide.
About Envestnet: Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet’s unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes. More than 88,000 advisors and 3,500 companies including: 15 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences and help drive better outcomes for enterprises, advisors and their clients. For more information visit www.envestnet.com.