Product Partnerships – 2/7/24

Pacific Life SPIA Added to Fidelity Platform

Pacific Life Insurance Co. has collaborated with Fidelity Investments to provide its Pacific Lifetime Income, a single premium immediate annuity, or SPIA, on Fidelity’s new retirement income solution platform, Guaranteed Income Direct.

The collaboration is part of Fidelity’s new offering that includes other annuity providers. Pacific Life wrote in its announcement that the program will serve the “evolving needs in retirement planning and the increasing demand for retirement income solutions that are easily accessed from an employer-sponsored plan.”

Pacific Life’s SPIA provides employers with the option of an immediate income annuity through which participants can begin receiving payments immediately, according to the announcement. Purchasers can convert any amount of their retirement plan savings into a regular paycheck.

Micruity Inc. is the middleware firm that provides the digital platform for users to purchase the annuity.

Steward Partners Adds Pontera 401(k) Account Management

Steward Partners Global Advisory LLC, an employee-owned registered investment advisory and broker/dealer, announced a partnership with Pontera Solutions Inc. for its advisers to manage client 401(k) accounts.

Steward, which oversees more than $32 billion in client assets, will offer its advisers access to its Advised Retirement Plan Account platform being run by Pontera, the firms announced. The setup is designed for advisers to have “secure and comprehensive 401(k) account management and reporting capabilities.”

“Pontera’s technology elevates our capabilities in managing retirement assets, which is crucial for our clients’ long-term financial well-being,” said Jim Gold,  Steward Partners’ CEO, in a statement. “It’s about giving our advisers the best tools to effectively serve our clients.”

Pontera provides a client-permissioned platform for financial advisers to manage 401(k)s, 403(b)s and other held-away retirement plan assets. The firm integrates with portfolio reporting, billing and other technology on account management.

Elements Launches Free Planning Service for New Advisories

Elements Technology Inc. has launched a free client financial tracking system for advisers that have fewer than four clients, as recorded on their Form ADV.

The firm’s “financial vitals system” is designed to speed the process of gathering client data, pre-planning, preparing for client interactions and creating marketing material, according to the announcement. The partnership with these “nascent” registered investment advisers and broker/dealers is intended to help advisers guide clients to better decisions in a “significantly reduced timeframe.”

“Our platform is specifically designed to showcase the unique value advisers bring to the table, and we believe it’s essential to arm emerging startups with its powerful tools,” said Reese Harper, Elements’ CEO, in a statement. “By providing our platform free of charge to startup advisers, we’re not just offering a resource; we’re investing in the future of the industry and in the success of tomorrow’s financial leaders.”

Elements’ platform facilitates financial assessments using 11 financial vitals.