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Wealthtech firm Orion Advisor Options has expanded its partnership with DPL Monetary Companions, an insurance coverage administration platform for registered funding advisors, to offer direct entry to DPL’s commission-free annuity market, Product Discovery Instruments, and its group of licensed insurance coverage consultants.
New to the mixing is a single sign-on and full direct entry for fee-based advisors utilizing the Orion Advisor Expertise platform.
Advisors on Orion’s platform with a DPL membership can evaluate annuities by sort, advantages and prices utilizing DPL’s proprietary instruments, bringing knowledge feeds immediately into the Orion platform.
When the 2 companies initially built-in in November 2021, advisors had entry to a restricted knowledge feed into Orion.
Advisors may extra simply handle annuity belongings alongside different investments in shopper portfolios.
Along with a alternative of commission-free annuities, advisors can discover life, incapacity and long-term care merchandise for his or her purchasers on {the marketplace}.
DPL founder and CEO David Lau stated the timing and expertise have been proper to see fee-based annuities take off amongst fiduciary RIAs. However he stated he had no real interest in promoting to any of the massive insurance coverage carriers.
“I need to personal fee-based annuity distribution,” he stated.
“If you consider the advisory world, every little thing is fee-based. They didn’t simply determine on their very own to maneuver from commissions to charges,” he stated, rattling off an inventory of many massive monetary companies corporations that initiated the shift.
DPL’s digital product catalog can at the moment mannequin over 3,200 annuities and over 100,000 riders.
Along with serving to an advisor greatest match an annuity to a shopper’s present state of affairs, the platform’s comparability engine may assist advisors working with present annuity holders.
“The platform is problem-centric, not product-centric,” he stated, that means that if a shopper’s present product will not be assembly their expectations or wants, it may be in comparison with others in the marketplace based mostly on many various parameters.
Based on the agency, greater than 5,500 RIA companies have entry to DPL both via direct membership or via partnerships with wealth administration platforms.
And Orion will not be the primary such platform to accomplice with DPL.
Wealth administration platform supplier Black Diamond, owned by SS&C Applied sciences, launched its personal insurance coverage market for RIAs in partnership with DPL in fall 2021.
That endeavor was extremely built-in with the Black Diamond Wealth Platform and allowed for comparable searches and comparisons; 100 RIA companies had piloted it throughout its improvement part, which started a 12 months earlier than.
As for price, companies pay DPL a membership charge that varies relying on AUM, with reductions for multi-year memberships. Charges begin at $1,000 per 12 months, and it’s per agency, not per seat, a DPL spokesperson stated. It permits all advisors to entry DPL’s product market, instruments, digital software and contract administration platform, in addition to the corporate’s group of insurance-licensed consultants.
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