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FIDx Partners with TruChoice

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TruChoice Financial Group, LLC (TruChoice), a provider of insurance solutions for a network of investment advisors, registered representatives, and insurance professionals, has launched the Envestnet Insurance Exchange, an insurance network providing access to insurance carriers and their annuity products alongside traditional managed account investments on the Envestnet platform.The implementation stems from a strategic partnership between TruChoice and Fiduciary Exchange LLC (FIDx), the product-agnostic technology platform that powers the Envestnet Insurance Exchange. The Envestnet Insurance Exchange connects the brokerage, insurance, and advisory ecosystems, and provides management of annuity solutions from pre- to post-issuance. Investment advisors and registered representatives utilising TruChoice can seamlessly plan, research, generate proposals, open policies, manage in-force transactions, and create client reports within the Envestnet platform.

 
“For more than 30 years, financial professionals have been relying upon TruChoice’s founding firms for research and guidance in providing guaranteed retirement insurance products,” says Rich Romano, Chief Executive Officer of FIDx. “They demonstrate a deep understanding of the systemic risks facing individual investors, and as such, have responded with the necessary tools and solutions for financial professionals to serve clients who need protection strategies.”
 
Minneapolis-based TruChoice was established in early 2018 as an umbrella for its four founding firms—American Financial, Ann Arbor Annuity Exchange, GamePlan Financial Marketing, and The Annuity Store. These four organisations have collectively wholesaled fixed-income annuities, life insurance, and long-term care insurance for more than 110 years. In 2018, they empowered financial professionals to close over USD2.85 billion in sales of fixed-income annuities, and USD25 million in life insurance business.
 
“America’s retirees desire meaningful conversations with financial professionals on ideas around protecting their retirement nest egg from the inherent risks involved with planning a 30-year retirement,” says Brian Peterson, CEO of TruChoice. “We have the tools and solutions to help financial professionals with these conversations and we are honored to come alongside FIDx and Envestnet in this important integrated offering.”
 
Together, Envestnet and FIDx have secured a strong line-up of annuity solutions from AIG Life & Retirement, Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Co., Nationwide, Prudential Financial, and Transamerica. The Envestnet Insurance Exchange supports a wide range of commission- and fee-based annuities.
 
“The Envestnet Insurance Exchange delivers seamless access to insurance products from some of the top insurance carriers in the industry on the Envestnet platform,” says John Yackel, Head of Strategic Initiatives at Envestnet. “Integrating annuities and other insurance solutions as part of a holistic wealth planning approach is crucial for helping clients achieve true financial wellness.”
 

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