Pershing Expands Fee-Based Annuity Offering for the Advisory Segment

May 21, 2021

Expands both carrier and insurance referral program to help advisors deliver a holistic wealth management experience and drive organic growth

BNY Mellon’s Pershing (“Pershing”) has expanded its fee-based annuity offering for the registered investment advisor (RIA) segment to respond to the growing interest by RIAs in incorporating annuities into their clients’ portfolios.

“As life expectancy increases, advisors are increasingly looking for ways to offer their clients downside protection or a steady income stream in later stages of life,” said Hans Schemmel, Director of Retirement, Insurance-based & Cash Management Solutions, Pershing. “And with the advent of commission-free variable, fixed, and indexed annuities, we are seeing a renewed interest from advisors in these products. We are thrilled to roll out this expanded solution to our advisory clients to make it easier for them to tap into annuities regardless of their business model.”

Pershing’s enhanced fee-based annuity offering for advisory clients comprises two components:

  • Expanded number of carriers to 20, and products to 70: Pershing will now offer networking with 20 carriers, up from seven, and 70 products. In addition, Pershing is introducing access to over 55 carriers for corporate and hybrid RIAs. Advisors will easily be able to integrate any 1Subscribe® annuity into account and view alongside other portfolio holdings, allowing for a holistic wealth management experience.
  • Expanded insurance referral program: Pershing will now offer an expanded referral program, which will include Brokerage General Agencies (BGAs) and Insurance Marketing Organization (IMOs), moving suitability reviews to IMOs and BGAs, thus allowing breakaway teams to move insurance products with them as they transition to independence.

“Financial advisors play a critical role in guiding their clients to the right products,” added Schemmel. “We continue to look for ways to give advisors more choice and more flexibility so they can decide what’s best for their clients.”

For more information, please visit: Pershing’s Annuity and Insurance Solutions.

1 Available through Pershing’s NetX360® platform, Subscribe enables advisors to electronically submit annuity transactions and interface with many of the country’s leading insurance companies. It also features an Annuity Analytics Dashboard as well as Pershing’s approval and oversight tools—all designed to help firms and advisors increase efficiencies and transparency and achieve improved oversight. Subscribe allows networking of contracts to brokerage accounts, helping advisors and clients get a more complete picture of their portfolios.