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The fintech agency Flourish introduced Wednesday the launch of a brand new annuity distribution platform for fee-based fiduciary monetary advisors.
Talking with ThinkAdvisor concerning the information, the agency’s president, Ben Cruikshank, stated the platform was constructed from scratch over the previous two years to handle three key ache factors which have traditionally prevented fiduciary advisors from together with annuities in shopper portfolios. These embody a burdensome and complex paper software course of, fee constructions that may battle with a fiduciary strategy, and RIA insurance coverage license necessities.
“The standard RIA is excellent at managing no matter sits within the inventory and bond portfolio and giving recommendation on that,” Cruikshank stated. “The truth at present is that issues have modified and shopper wants have grown extra advanced — particularly within the areas we deal with, that are banking wants and insurance coverage wants. The fashionable shopper has totally different expectations.”
To assist handle this problem, Cruikshank stated, Flourish has developed a streamlined digital software course of with the flexibility for advisors to pre-fill annuity functions on behalf of shoppers. The platform additionally offers RIA professionals with entry to an outsourced insurance coverage desk, eliminating the necessity for advisors themselves to carry insurance coverage licenses.
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