Prudential is moving to extend its leadership in the retirement income space through a new three-way strategic partnership.
On Tuesday, the insurance giant revealed plans to collaborate with asset management giant Dimensional Fund Advisors and Fiduciary Exchange, an insurance technology platform that integrates the brokerage, insurance and advisory ecosystems, to offer protected lifetime income strategies within managed accounts.
“Working with Dimensional and FIDx to bring protected lifetime income strategies to managed accounts is a key step in advancing Prudential’s commitment to expanding access to retirement security for more people,” Ann Nanda, head of future growth initiatives at Prudential Retirement Strategies, said in a statement Tuesday.
Prudential is among the top players in the US individual annuity space. According to figures from Limra, it achieved $11.32 billion in total annuity sales during the third quarter, making it the 10th largest seller out of all the providers tracked by Limra. Over the same period, its variable annuity sales of $6.33 billion placed it 5th in the category, while its fixed annuity sales reached $4.99 billion, ranking 15th.
The collaboration expands Prudential’s existing retirement income offerings, including its MyRock Advisor Variable Annuity, already available to RIAs through FIDx. It also deepens the annuity giant's relationship with Dimensional, which provides the index underlying a RILA suite currently offered by Prudential.
“We are committed to delivering the best possible investment experience to financial professionals and their clients,” said Savina Rizova, co-chief investment officer and global head of research at Dimensional.
Last July, Dimensional expanded its managed accounts business by launching a UMA platform aimed at independent advisors.The partnership will FIDx’s Insurance Overlay marketplace to address the evolving needs of retirement investors and the RIAs who serve them.
Rich Romano, CEO of FIDx, highlighted how his firm's platform helps simplify the way retirement solutions are distributed to the industry.
"Our Insurance Overlay marketplace lets advisors easily add longevity, income and protection directly to a managed account, enabling them to remain focused on helping clients achieve their retirement goals,” he said.
In December, Allianz Life announced a separate partnership with Empower, a top player in the retirement plan space, to incorporate a fixed index annuity offering into Empower's managed accounts platform.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.
The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.
The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.
Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
