Envestnet has introduced the Envestnet Insurance Exchange, a new program that integrates insurance solutions into wealth management process on its Platform to further streamline and enhance advisors' ability to deliver the lifecycle of advice.

The offering was announced today during the Envestnet Advisor Summit, which is currently underway at the Ernest N. Morial Convention Center in New Orleans.

The Envestnet Insurance Exchange will seamlessly connect select insurance carriers and established account processing vendors with Envestnet enterprise clients, allowing advisors to deliver cohesive and consistent holistic advice by incorporating insurance solutions into the wealth management process.

The exchange will service large financial institutions including bank wealth management, independent advisors, broker-dealers and Registered Investment Advisors (RIAs), among others.  It will offer fixed, fixed-indexed, variable, contingent-deferred, and private placement annuities with leading insurance carriers.

Envestnet president Bill Crager said: “We’re launching the Envestnet Insurance Exchange in response to the growing demand for integrated advice and the growing need for retirement income solutions.

“Our mission at Envestnet is to help advisors not only streamline their wealth management practice but to also help them guide their clients towards their financial goals.  The Insurance Exchange does both of these things.”

Insurance solutions offer several advantages to goals-based investing including: tax deferral, death benefits, guaranteed income, principle protection and estate planning.

Through the Envestnet Insurance Exchange, advisors’ will benefit from:

A curated selection of next-generation, fiduciary-focused insurance products

Insurance solutions tailored to the investor’s needs

Fee-based and commission-based insurance offerings

Simplified fee structure with increased transparency and liquidity

A guided selection process helping to ensure the product fits the benefit needs

An integrated solution to streamline workflows with carriers on one platform

The Envestnet Insurance Exchange will be available through various tools and features within the advisor portal of the Envestnet Platform later this 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.

Source: Company Press Release