Pershing, a BNY Mellon Company, announced the launch of the Subscribe Annuity Analytics Dashboard – an annuity data, reporting and presentation tool powered by Albridge Analytics.
The new solution provides Pershing’s clients with an integrated, efficient solution for managing annuity sales flows and more transparency of new and existing business for improved oversight, compliance, and regulatory review.
The dashboard allows firms to address tactical and strategic concerns, and more effectively monitor, manage, report, share and forecast key aspects of their annuity business. Available as a premium offering through Subscribe and accessible through Pershing’s NetX360 platform, it combines the flexibility of the Albridge Analytics dashboard technology with Subscribe’s firm-specific annuity business information to offer a powerful, one-of-a-kind solution for annuity management and compliance oversight.
"Annuities contracts and purchases are being examined more closely. As a result, monitoring of these products has become increasingly important for firms," said Rob Cirrotti, head of retirement solutions at Pershing. "We created the Subscribe Annuity Analytics Dashboard to help broker-dealers better understand and report on all of their annuity business, to become more strategic, and to more effectively navigate compliance."
Using information from more than 50 individual insurance carriers, the Subscribe Annuity Analytics Dashboard can help distributors evaluate the annuity business of their financial advisors using a number of factors, including annuity type, transaction type, IRS qualification and detailed attributes about the annuity owner. The dashboard can also assist firm management and marketing professionals to identify offices or advisors that may need additional support.
The dashboard includes information on both networked and non-networked positions across two modules:
A positions module, sortable by carrier, plan type, issue and surrender date, owner or advisor available for both networked and non-networked positions sent to Pershing by carriers. Data includes date of issuance, surrender date, current value, owner/annuitant demographic information and all advisor information.
An order module, containing data associated with new and subsequent premium transactions, which can help firms better understand carrier concentrations, monitor exchange activities and regulatory detail in the event of a FINRA audit or regulatory visit.
Detail in this module includes identifying 1035 exchanges and qualified transfers, product type, issuing carrier, state of solicitation, qualified vs. nonqualified and advisor information.
Data from both modules can be easily filtered, sorted and exported to Excel, providing added flexibility.