FIDx Partners with TruChoice to Provide Advisors with High-Quality Annuity Solutions Through Envestnet Insurance Exchange

TruChoice Diversifies Selection of Insurance Carriers Offering Guaranteed Income & Protection Strategies

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Jun 09, 2020, 08:38 ET

BERWYN, Pa., June 9, 2020 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV) announces that TruChoice Financial Group, LLC (TruChoice), a provider of insurance solutions for a network of investment advisors, registered representatives, and insurance professionals, has launched the Envestnet Insurance Exchange, an insurance network providing access to reputable insurance carriers and their annuity products alongside traditional managed account investments on the Envestnet platform.

The implementation stems from a strategic partnership between TruChoice and Fiduciary Exchange LLC (FIDx), the product-agnostic technology platform that powers the Envestnet Insurance Exchange. The Envestnet Insurance Exchange connects the brokerage, insurance, and advisory ecosystems, and provides management of annuity solutions from pre- to post-issuance. Investment advisors and registered representatives utilizing TruChoice can seamlessly plan, research, generate proposals, open policies, manage in-force transactions, and create client reports within the Envestnet platform.

"For more than 30 years, financial professionals have been relying upon TruChoice's founding firms for research and guidance in providing guaranteed retirement insurance products," said Rich Romano, Chief Executive Officer of FIDx. "They demonstrate a deep understanding of the systemic risks facing individual investors, and as such, have responded with the necessary tools and solutions for financial professionals to serve clients who need protection strategies."

Minneapolis-based TruChoice was established in early 2018 as an umbrella for its four founding firms—American Financial, Ann Arbor Annuity Exchange, GamePlan Financial Marketing, and The Annuity Store. These four organizations have collectively wholesaled fixed-income annuities, life insurance, and long-term care insurance for more than 110 years. In 2018, they empowered financial professionals to close over $2.85 billion in sales of fixed-income annuities, and $25 million in life insurance business.

"America's retirees desire meaningful conversations with financial professionals on ideas around protecting their retirement nest egg from the inherent risks involved with planning a 30-year retirement," said Brian Peterson, CEO of TruChoice. "We have the tools and solutions to help financial professionals with these conversations and we are honored to come alongside FIDx and Envestnet in this important integrated offering."

Together, Envestnet and FIDx have secured a strong line-up of annuity solutions from AIG Life & Retirement, Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Co., Nationwide, Prudential Financial, and Transamerica. The Envestnet Insurance Exchange supports a wide range of commission- and fee-based annuities.

"The Envestnet Insurance Exchange delivers seamless access to insurance products from some of the top insurance carriers in the industry on the Envestnet platform," said John Yackel, Head of Strategic Initiatives at Envestnet. "Integrating annuities and other insurance solutions as part of a holistic wealth planning approach is crucial for helping clients achieve true financial wellness."

About TruChoice Financial Group, LLC

TruChoice is a dynamic sales and marketing organization and one of the largest distributors of financial services products in the insurance industry. They are designed to function as a foundation for the success of the independent financial professionals that they serve, leveraging the resources that only a large company can provide, while offering the individualized service of a much smaller one. TruChoice is committed to remaining an industry thought leader and innovator and will continue to use our unmatched service model to allow financial professionals to focus on what matters most: helping clients achieve their retirement goals. For more information, please visit www.TruChoiceFinancial.com follow us on Twitter at @TruchoiceFMO and on LinkedIn.

About FIDx

FIDx is a technology solution that seamlessly connects the brokerage, insurance and advisory ecosystems to offer best-in-class annuities and insurance solutions from the industry's leading carriers. 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 built from the ground up as an integrated platform, FIDx provides a future-ready solution to bridge advisory firms to insurance carriers so advisors can truly deliver comprehensive advice. To learn more, please visit https://fid-x.com/ and follow FIDx on LinkedIn.

Envestnet, Inc. has a financial interest and occupies board of director positions in FIDx.

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 investment 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 103,000 advisors and more than 4,900 companies, including 16 of the 20 largest U.S. banks, 46 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, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.

Media Contacts

Dana Taormina
JConnelly for FiDx/Envestnet
973.850.7305
[email protected]

Angi Reeves
TruChoice Financial Group
800.886.4757
[email protected]

SOURCE Fiduciary Exchange, LLC (FIDx)