The IPX Platform Opens Distribution For Annuity Product Providers – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Annuity News
Newswires RSS Get our newsletter
Order Prints
April 14, 2020 Newswires No comments
Share
Share
Tweet
Email

The IPX Platform Opens Distribution For Annuity Product Providers

Business Wire

Platform enhancement allows 403(b) advisors to access annuity products alongside other investment vehicles and promote stronger participant outcomes

CENTENNIAL, Colo.--(BUSINESS WIRE)-- The Investment Provider Xchange (“IPX”), an innovative solutions provider for retirement plan professionals, plan sponsors and participants in the 403(b) and 457(b) space, is making additional annuity products available for distribution. The move directly supports the needs and business objectives of fee-based advisors. At its core, IPX is an enhanced retirement plan recordkeeping application that is fully optimized for fee-based advisors in the governmental space.

“Because of the unique individual advisor-to-participant relationships in the governmental space, IPX maintains those relationships while also permitting self-directing individuals to make investment choices from a wide selection of low-cost institutional share classes. That’s simple open architecture and a term we’ve all been familiar with for years,” said James Olson, Managing Director with IPX. “I call it Open Architecture Plus when referring to IPX and our unique annuity processing capabilities.”

The December 2019 passage of the SECURE Act drove heightened interest in IPX from annuity product providers. The legislation mandates that participants’ accrued benefits must be expressed as a guaranteed lifetime income stream. IPX plans to make additional annuity products available throughout this year as it streamlines the process for advisors.

“Processing transactions with annuity product providers is complex,” noted Kevin Loffredi, IPX’s Chief Product Officer. “Annuity transactions aren’t processed in the same way mutual funds are via common industry platforms, like DTCC’s Fund/SERV. Because IPX’s Annuity Processing Portal handles the interaction with annuity products, we can allow advisors to distribute annuity products and mutual funds from a single platform.”

IPX does not play an advisory role and is agnostic to the products selected for use on its platform. Olson commented: “We leave it to the product providers and their distributors to determine the appropriate mix of investments for any retirement plan or individual. IPX was built for distribution of whatever the product manufacturers design and the plan approves, and that includes annuities as well as mutual funds, ETFs and models.”

GLP Investment Services, LLC, an investment advisory firm headquartered in Farmington Hills, Michigan, serves thousands of participants in more than three hundred 403(b) plans on IPX and is an early adopter of the expanded offering.

“Our reps use a mix of annuities and our strategic portfolios when arranging retirement plans for their clients,” said Alex Kocoves, CEO of GLP. “Working with a single independent platform to distribute annuities as well as our portfolios is clearly an advantage for both our reps and clients, and knowing our plan administrator has complete integration with IPX for their needs makes placing our plans on IPX even more appealing.”

Notably, IPX offers a single online experience, as well as consolidated statements and enhanced communication interfaces with third-party administrators, all significant benefits to advisors.

“The services provided by the TPA in the governmental space are enhanced when they interface with IPX,” according to Olson. “IPX makes plan governance and control manageable even when multiple products are available in the plan. The platform can be easily configured to maintain strict adherence to product eligibility while also limiting distribution to approved advisors. We give sponsors and their consultants confidence that rogue sales practices at the expense of their public employees can become a rare occurrence.”

About IPX and FPS Group, LLC

FPS Group, LLC operates out of Centennial, CO. Its flagship offering is the Investment Provider Xchange (“IPX”), which is a single-source, end-to-end solution for providers in the 403(b) and 457(b) plan markets, offering the benefits of a multiple-provider approach with the simplicity of a single provider. IPX combines a technology platform for fund trading, recordkeeping and online account access with a custom plan design and third-party administrator support. Features include transaction processing for contributions, distributions and participant loans, aggregated participant data accessed via an award-winning, robust web portal and the ability to access mutual funds and annuities on one platform. Custodial services are offered via FPS Trust Company, LLC, a non-depository Colorado trust company. For more information, please visit www.ipxplatform.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200414005537/en/

Media
Marissa Comerford
Gregory FCA for IPX
[email protected]
610-228-2104

Source: FPS Group, LLC

Older

Virtual Delivery Model Enables Personal Capital to Thrive Despite COVID-19 and Market Headwinds

Newer

B.O.S.S. Retirement Solutions Wins Best of State Awards for Retirement Planning and Investment Advisory Services

Advisor News

  • Teach your clients effective strategies for today’s retirement
  • Consumers are pulling back on spending. They're also tapping savings and taking on debt.
  • Banks announce dividend plansTruist, Wells Fargo, Bank of America announce dividend hike plans
  • Jerry Shenk: Social Security demagoguery
  • Rick Kahler: My state flunked financial literacy. How about yours?
More Advisor News

Annuity News

  • Winning $300 million Powerball ticket purchased in Middlebury
  • Sammons names Kevin Mechtley to newly created product innovation role
  • Athene completes pension group annuity deal with Lockheed Martin
  • Integrity expands annuity, life insurance distribution with Annuity Agents Alliance
  • Nationwide increases roll-up rate, payout percentage on L.inc+ suite
Sponsor
More Annuity News

Health/Employee Benefits News

  • Aetna drops prior authorization for most cataract surgeries
  • Despite recession fears, employers look to enhance benefits in 2023
  • How will Roe v. Wade reversal impact employee health plans?
  • Jury still out on new insurance plan for Idaho schools
  • Citadel reaches $7.85M settlement over switching patients to boost Medicare payments
More Health/Employee Benefits News

Life Insurance

  • Wisconsin seeks policyholders of insolvent Time Insurance Co. products
  • 4 things to know about the return of premium life insurance
  • Murdaugh, Curtis Smith hit with new SC grand jury indictments
  • Foresters Financial boosts UL crediting rate to 4.75%
  • Protective Life releases 2021 sustainability report
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

It’s time for John Hancock Insurance • See how our cutting-edge solutions can help you grow your life insurance business. Get to know us.
Grow your life insurance business with John Hancock • It’s time to see how our cutting-edge solutions can help you and your clients get to know us.

Press ReleasesAll press releases

  • iPipeline® Provides Advisors Excel with Unified Path Toward Accessing Core Data Analytics in Financial Services
  • iPipeline® Adds Speed of Underwriting to Quote Engine with Ethos to Deliver Insurance to Agents in Minutes
  • National Life Will Host Annual Investor Call
  • RFP #T01622
  • OneAmerica Commits $1 Million Toward Financial Literacy
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.