Product & Service Launches – 10/3/24

Ascensus, Financial Wellness Re-Up Partnership

Ascensus LLC has extended its relationship with financial coaching and employer-paid benefit provider Financial Finesse.

The recordkeeper will continue to offer Financial Finesse’s services to plan sponsor clients and their participants, according to an announcement. The deal keeps the partnership going beyond its current eight-year span, with the two firms first working together in 2018.

Ascensus integrates Financial Finesse’s offering with its own wellness tools and resources, and it was the first recordkeeper to introduce Financial Finesse’s artificial intelligence-powered financial coach, Aimee, in 2021. In 2023, users who utilized Aimee saw a 60% increase in their overall financial wellness score, according to the firms.

“We’re committed to empowering savers to take control of their financial wellness and prepare for the future, and Financial Finesse has proven to be an effective partner in helping to boost plan engagement and get more savers saving more,” Jason Crane, head of core retirement at Ascensus, said in a statement.

Franklin Templeton Expands Partnership With Envestnet

Franklin Templeton announced an expanded partnership with Envestnet Inc., which is owned by Bain Capital, to deliver tax-managed, personalized strategies at scale through its Canvas Custom Indexing platform as a component of the previously announced strategic partnership between the firms.

Canvas will be available to Envestnet’s extensive client base of advisers across banks, wealth management and brokerage firms, as well as registered investment advisers.

“The integration of Canvas on to the Envestnet platform is an exciting partnership that allows us to jointly bring more high-net-worth capabilities to the mass affluent investing community,” Roger Paradiso, head of product solutions for Franklin Templeton, said in a statement. “Advisers using Envestnet will now have access to Canvas’ differentiated digital solutions and operational assurance to strengthen client relationships by further personalizing investment management.”

Canvas’ web-based platform allows advisers to create personalized and diversified portfolios with a focus on tax management. Going beyond traditional direct indexing, Canvas is focused on giving advisers more investment solutions, increased control and the tools to scale their businesses.

Security Benefit Introduces TopRidge Bonus Fixed-Index Annuity

Security Benefit Life Insurance Co. introduced the TopRidge Bonus Annuity that delivers a combination of a 20% premium bonus, a broad set of index crediting strategies and a cumulative withdrawal option. The TopRidge bonus applies on all premiums received within the first year of the contract.

“We are excited to offer the new TopRidge Bonus Annuity which is packed with features to help financial professionals jumpstart the accumulation potential of clients’ retirement assets, and also offers flexibility in how clients can access their funds via the cumulative free withdrawal rider,” Justin Jacquinot, head of IMO and RIA distribution at Security Benefit, said in a statement.

The cumulative free withdrawal rider with rider charge refund allows clients to withdraw up to 30% of their total premiums without charges or penalties. If a client does not take the 10% free withdrawal, excluding the bonus, it starts to roll up the following year to a maximum of 30% for any 3-year contract period.

The free withdrawals are made without a surrender charge, bonus recapture or market value adjustment. If a partial amount of the free withdrawal is taken, the remaining amount cannot be carried over; however, the cumulative free withdrawal will restart in subsequent contract years.