Allianz Makes Entire Annuity Portfolio Available On Envestnet

Allianz, a big seller of annuities in the U.S., will make its entire fee- and commission-based annuity product portfolio available through the Envestnet Insurance Exchange.

The development provides a further boost for annuities, which many consumers like because the products protect income during downturns.

Advisors at banks, broker-dealers, independent insurance agencies and registered investment advisors will be able to research Allianz annuities using the exchange, which is connected to Envestnet’s wealth management platform.

“We have consistently heard from advisors that they want to offer more holistic solutions to help their client achieve their financial goals,” said Tom Burns, chief distribution officer for Allianz, in a news release. “Having our annuity products available on the new Envestnet Insurance Exchange helps meet that need with the added benefit of it being available on the easy-to-use online platform."

Based in Minneapolis, Allianz sold nearly $10 billion worth of fixed, index and variable annuities in the individual market last year, according to LIMRA.

Joining the Envestnet insurance exchange early amounts to a vote of confidence for the platform, for annuities and for RIAs who have traditionally stayed away from annuities.

“We’re proud to have Allianz Life as one of our partners on the new Envestnet Insurance Exchange,” said Bill Crager, president of Envestnet.

Second Seller to Join Exchange

Allianz is the second annuity seller to join Envestnet after Global Atlantic in June made its annuities available on the exchange.

Annuity experts say listing annuities on the exchange is a “game changer” for advisors who haven’t had seamless access to insurance products.

While insurers have worked to make annuities more attractive to RIAs in particular, annuities haven’t been tightly embedded into wealth management platforms, making it inconvenient for advisors to toggle back and forth between different screens and systems.

Envestnet overcomes that challenge by integrating the insurance piece with the wealth management piece -- giving advisors a complete view of a client’s retirement portfolio.

Other insurance companies are expected to announce annuity products on the Envestnet exchange in the coming months.

Insurers can list their products on other independent wealth management platforms, but Envestnet manages one of the largest with 87,000 advisors, 3,000 companies and 500 of the biggest RIAs using its services in one form or another.

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].

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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].