To provide low cost, tax-deferred variable annuity solution to independent advisors

Fidelity Investments Life Insurance and FundQuest have entered into an alliance that allows FundQuest to make Fidelity Personal Retirement Annuity 2, a low-cost, tax-deferred variable annuity, available to fee-based advisors and their clients.

According to FundQuest, it has integrated FPRA into its asset allocation modeling capabilities for fee-based advisors. On the other hand, Fidelity will provide annuity-related sales support and access to its insurance-licensed sales representatives.

Fidelity’s FPRA has been integrated into FundQuest’s Wealth Architect offering, an advisor back-office and investment management platform. Wealth Architect is employed by advisory firms to deliver fee-based mutual fund models, unified managed accounts, income portfolios, ActivePassive Portfolios, and Advisor Choice portfolios.

Joan Bloom, executive vice president of Fidelity Investments Life Insurance Company, said: “At a time when many investors are looking for ways to get their retirement investments back on track, we are pleased to be able to make FPRA available to fee-based advisors seeking ways to further help their clients maximize their tax-deferred investment strategies.”

Andrew Stavaridis, vice president of national accounts at FundQuest, said: “We believe FPRA will provide advisors with an investment option for managing complex retirement and tax-planning strategies for their clients’ portfolios. FPRA can also help advisors make their management of portfolios more tax efficient.”