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AIG Forms Strategic Partnership with FIDx, Joining the Insurance Exchange (Ix)

November 6, 2019
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AIG
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AIG

BERWYN, Pa., Nov. 6, 2019 /PRNewswire/ -- FIDx, the first product-agnostic platform to integrate annuities with investment products, today announced a strategic partnership with AIG Life & Retirement, the leading provider of annuities.1 Financial advisors using the Envestnet Insurance Exchange platform, powered by FIDx technology, will be able to include AIG annuities as an important part of their clients’ retirement portfolios. Acting as a bridge between insurance carriers and wealth managers, FIDx provides advisors with a new platform to partner with AIG Life & Retirement to integrate annuities with investment portfolios, further helping advisors to address the financial planning needs of their clients.

“We are excited to welcome AIG to the FIDx platform,” said Dan MacKinnon, CEO of FIDx. “As we look to continue to expand our offering and provide best-in-class insurance carriers to users, partnering with companies such as AIG is essential. We have a joint mission – to make annuity offerings as accessible as possible to investors – and this partnership further demonstrates our dedication to the cause. We are thrilled to be partnering with AIG and excited to continue to develop the Insurance Exchange platform for those joining the ecosystem.”

AIG is a leading global insurance organization, and its Life & Retirement business offers a broad portfolio of protection, retirement savings, investment and lifetime income solutions. As part of the new partnership, FIDx will feature AIG fixed, indexed and variable annuities to advisors using this platform.

“Financial advisors play a critical role in helping individuals achieve financial and retirement security,” said Todd Solash, CEO, Individual Retirement at AIG. “As investors seek to address longer lives and retirements that could last three or four decades, it’s more important than ever to meet with an advisor and develop a plan that includes guaranteed lifetime income. We are excited to bring our strengths as the number one provider of annuities to those advisors leveraging the FIDx platform to help their clients enjoy a long, fulfilling retirement.”

The partnership between FIDx and AIG Life & Retirement combines data, platform, solutions and planning tools that provide advisors the ability to help clients achieve financial wellness and balance in their plans. Furthermore, the partnership facilitates data and protocol standards across the carrier and wealth management platform industry for ease of use and efficiency.

“We are proud that AIG, an insurance industry leader, recognizes the value of our unique approach to incorporate insurance solutions into a single, integrated financial wellness platform,” said John Yackel, head of strategic initiatives, Envestnet. “We anticipate seeing an increase in advisor productivity and efficacy in providing comprehensive integration with various advisor tools.”

FIDx officially launched the Insurance Exchange (Ix) in June 2019 to fill a much-needed gap in the annuity and financial services space. As a product-agnostic exchange, the company seamlessly connects advisors to leading insurance carriers and annuity products. Founded by notable industry problem solvers who recognize the important role of insurance solutions in financial plans, FIDx puts annuities on par with mutual funds, exchange-traded funds and separately managed accounts. As a demonstration of the notability of the technology, FIDx is responsible for supporting the development of Envestnet’s Insurance Exchange.

For more information on FIDx, please visit fid-x.com.

About Fiduciary Exchange, LLC (FIDx)
Fiduciary Exchange, LLC (FIDx) is a technology-empowered network that seamlessly integrates the brokerage, insurance and advisory ecosystems to offer best-in-class annuities and insurance solutions from the industry’s leading carriers. Motivated by its mission to expand the frontiers of the wealth management space and provide holistic solutions to address investors’ changing needs, FIDx enables advisors to offer guaranteed income and downside protection as core components of their clients’ portfolios—integrated within the same wealth management platforms they already use every day. An independent technology firm led by seasoned industry veterans and built from the ground up as an integrated platform, FIDx is providing a modern solution to bridge advisory firms to insurance carriers so advisors can truly deliver comprehensive advice, enabling their clients to achieve retirement security.

About AIG Life & Retirement
AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG), brings together a broad portfolio of protection, retirement savings, investment and lifetime income solutions to help people achieve financial and retirement security. The business consists of four operating segments – Individual Retirement, AIG Retirement Services, Life Insurance and Institutional Markets – and holds longstanding, leading market positions in many of the markets it serves.

AIG Life & Retirement includes AIG member insurance companies American General Life Insurance Company (Houston, TX), The United States Life Insurance Company in the City of New York, and The Variable Annuity Life Insurance Company (VALIC), Houston, TX as well as their affiliates. Securities products are distributed by AIG Capital Services, Inc., member FINRA. Additional information about AIG Life & Retirement can be found at www.linkedin.com/showcase/aig-life-&-retirement.

About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet’s unified technology empowers enterprises and advisors to more fully understand their clients and deliver actionable intelligence that drives better outcomes and improves lives.

Envestnet Wealth Solutions enables enterprises and advisors to better manage client outcomes and strengthen their practices through its leading Wealth Management Operating System and advanced portfolio solutions. Envestnet | Tamarac provides portfolio management, reporting, trading, rebalancing and client portal solutions for registered independent advisers (“RIAs”). Envestnet | MoneyGuide provides goals-based financial planning applications. Envestnet Data & Analytics enables innovation and insights through its Envestnet | Yodlee data aggregation platform.

More than 99,000 advisors and more than 4,100 companies including: 17 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences and help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet, please visit www.envestnet.com and follow us on twitter @ENVintel.

Envestnet, Inc. has a financial interest and occupies board of director positions in Fiduciary Exchange LLC (FIDx).

1 LIMRA, U.S. Individual Annuity Sales (2019 Second Quarter Results), https://www.limra.com/globalassets/limra/newsroom/fact-tank/sales-data/2019/q2/2q-2019-annuity-company-rankings.pdf

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SOURCE FIDx