Investment Service and Product Launches

Savvy Wealth Introduces AI-Powered Adviser Platform

Savvy Wealth, a digital platform for financial advisers to use with clients, has launched an integrated adviser platform powered by artificial intelligence.

The new platform includes a customer relationship management system, client portal, marketing campaigns and compliance and back-office support for advisers, according to the announcement. The platform uses AI to automate and streamline account onboarding, client portfolio recommendations, financial planning and personalized communications.

The system will be made available to advisers at subsidiary Savvy Advisors Inc., a registered investment advisory, according to the announcement.

“Wealth management industry data tells us that ‘all-in-one’ platforms have failed to gain significant market share,” Savvy Wealth’s co-founder and CEO, Ritik Malhotra, said in a statement. “Realizing the largely untapped potential of AI-driven efficiency, we saw an opportunity for our talented team to change that narrative and build our own solution from the ground up.”

MassMutual Adds 1st Variable Annuity Buffer Fund Offering

The Massachusetts Mutual Life Insurance Co. has, for the first time, added a buffer fund to its variable annuity offering to cushion downside losses with participation in potential upside gains.

The Cboe Vest U.S. Large Cap 10% Buffer Strategies VI Fund is the first buffer fund available in the MassMutual Envision Variable Annuity lineup of more than 40 funds, according to an announcement. The fund is also available to contract owners who have elected MassMutual RetirePay.

The Cboe Vest US Large Cap 10% Buffer Strategies VI fund, offered by Cboe Vest Financial, invests in a laddered portfolio of one-year buffer strategies, with 10% downside buffers and caps that recalibrate to prevailing levels of the S&P 500 each month, according to the firm.

“In recent years as market volatility, inflation, interest rates, and overall uncertainty have risen, many near retirees and retirees have become increasingly concerned about their retirement portfolios and want to make sure their retirement assets grow and are protected at the same time,” Phil Michalowski, head of annuity product at MassMutual, said in a statement.

Nationwide Announced 2nd Annuity with Buffer

Nationwide has launched a registered index-linked annuity, or RILA, that offers a buffer protection against market losses.

The Nationwide Defender Annuity, which is Nationwide’s second buffer fund, offers two protection options—10% and 20% buffers—in which Nationwide takes on the first 10% or 20% of the loss and investors take on any loss beyond the buffer percentage, according to the firm.

The annuity offers customized growth potential and investment protection, with five different index investment options such as the S&P 500, MSCI EAFE and Russell 2000. It also includes a spousal protection feature with either of the two death benefit options offered within the annuity, so both spouses have access, no matter which officially owns the product.

“According to a recent Nationwide Retirement Institute survey, only 36% of investors feel confident they will survive the next financial crisis,” Mike Morrone, vice president of Nationwide Annuity business development, said in a statement. “With Nationwide Defender, we can help by offering customization that allows investors to pursue investment growth, protect against market risk and provide for their loved ones.”

Touchstone, Fort Washington Launch ETF Focused on Securitized Income

Touchstone Investments has launched an actively managed exchange-traded fund that seeks to invest in a diversified portfolio of fixed-income securities.

The Touchstone Securitized Income ETF, which began trading on July 19, includes investments such as residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and collateralized loan obligations, which may include U.S. Treasury securities, municipal bonds and cash equivalents, according to the firm.

The ETF is designed to offer a more tax-efficient, cost-competitive and transparent way of accessing Touchstone’s investment strategies with no investment minimum. The ETF is sub-advised by Forth Washington Investment Advisors.

“We believe specialization is required to generate returns in today’s increasingly complex marketplace,” Maribeth S. Rahe, president and CEO of Fort Washington, said in a statement. “We are honored to expand our partnership with Touchstone through the launch of TSEC, and we look forward to creating opportunities for investors seeking compelling risk-adjusted returns from securitized products.”