At a glance
- Next to the carrier count the functional additions are modest: a quoting tool that compares term rates across A and A+ rated carriers, a review feature that flags coverage gaps in policies a client already holds, both sitting on AIM's existing fee-based annuities and its life, disability and long-term care lines.
- Quoting term coverage, running in-depth policy reviews and managing insurance as an advisory asset inside the existing workflow is his account of the remedy.
- Put that way, the venue is doing the selling: seven carriers behind one workflow is a shelf, and in the RIA channel the shelf is where placement gets decided.
SS&C Technologies widened the Annuities & Insurance Marketplace inside Black Diamond Wealth Solutions on Wednesday, adding term life quoting and policy review tools plus carrier partners Jackson National Life Insurance and Protective Life, a DPL Financial Partners build that brings the integrated roster to seven.
Next to the carrier count the functional additions are modest: a quoting tool that compares term rates across A and A+ rated carriers, a review feature that flags coverage gaps in policies a client already holds, both sitting on AIM's existing fee-based annuities and its life, disability and long-term care lines. Since January, SS&C has also layered in pre-filled carrier applications, expanded scenario modeling and reporting, and a legacy annuity review tool that converts held-away commission-based contracts into fee-based advisory assets.
Steve Leivent, senior vice president and co-head of SS&C Wealth & Investment Technologies, describes the problem as visibility: insurance has been the last part of the client balance sheet advisors could see but not act on, with coverage sitting in a drawer or an annuity parked at a carrier and neither showing up in the plan. Quoting term coverage, running in-depth policy reviews and managing insurance as an advisory asset inside the existing workflow is his account of the remedy.
Put that way, the venue is doing the selling: seven carriers behind one workflow is a shelf, and in the RIA channel the shelf is where placement gets decided. Jackson frames its arrival as giving advisors annuities purpose-built for the RIA channel, tax-deferred growth and protected income folded into retirement plans; Protective brings annuity and life products for accumulation and protection planning. What carriers buy by joining is placement — the roster, not the wholesaler, is increasingly the point of sale.
Seven carriers, one workflow
The quieter piece of the expansion is the legacy review tool. New fee-based sales are flow, the commission-based contracts already stranded at carriers are stock, and converting that stock is where recurring advisory revenue gets manufactured. PWD's tracking has traced protected-income demand outrunning advisor delivery, with the gap sitting at the handoff rather than in client appetite, precisely the seam a quoting and review layer inside the system of record is built to close.
The market's composition is moving the same way. LIMRA's final second-quarter tally slipped, with fixed-rate deferred annuities carrying the miss, while fee-based sales keep climbing industry-wide, a rotation out of the rate-chasing products that built the boom and into advisory contracts that pay on a different schedule. MassMutual Ascend's $2 billion advisory milestone, close to half of its lifetime advisory sales arriving in two years, is that rotation measured at one carrier.
Watch the carrier count. Each addition makes the shelf harder for a rival to match, and SS&C is accumulating placement rights far more cheaply than it could build a distribution force. An eighth name with no RIA annuity franchise today would be the tell.
Reported by the Income & Annuities desk from InvestmentNews — Retirement. Published . Corrections