Luma forges annuity management alliance with Pershing

Luma forges annuity management alliance with Pershing
The partnership will unlock educational resources, analytics, and tools to help advisors manage annuity sales on Pershing’s platform.
APR 02, 2024

Luma Financial Technologies is helping more advisors get access to its annuity management capabilities through a new partnership.

The platform provider announced a collaboration with BNY Mellon's Pershing platform to provide a best-in-class annuity management experience through Pershing's acclaimed custodial platform, NetX360.

The collaboration introduces financial advisors to a comprehensive suite of tools and resources, including Luma's educational content, analytics, and suitability tools designed to streamline the sales and management process across all types of annuity products.

“Our primary mission has always been to empower the industry and financial advisors to better understand, objectively analyze, purchase, and manage products on behalf of their clients,” Luma president and CEO Tim Bonacci said in a statement.

By integrating Luma's services into Pershing's NetX360 platform, the partnership aims to give advisors a seamless experience that enhances their ability to research, compare, and manage annuity products tailored to their clients' unique financial goals.

Pershing's integration with Luma also facilitates single sign-on access to Luma's learning center, letting advisors engage with personalized educational tools and undergo product training in line with the National Association of Insurance Commissioners’ standards.

The partnership will also see a two-way exchange of information between platforms, with Pershing transmitting brokerage account details to Luma, while Luma shares brokerage account, product, and user information with Subscribe, Pershing’s proprietary annuity application capability.

“Offering our clients easy access to Luma provides an enhanced annuity and retirement planning experience,” said Sareena Dalla Brookshire, chief product officer at BNY Mellon's Pershing.

Push for more insurance and annuities in retirement accounts far from over

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave