Wealthtech firm Orion Advisor Options has expanded its partnership with DPL Monetary Companions, an insurance coverage administration platform for registered funding advisors, to offer direct entry to DPL’s commission-free annuity market, Product Discovery Instruments, and its crew of licensed insurance coverage consultants.
New to the combination is a single sign-on and full direct entry for fee-based advisors utilizing the Orion Advisor Expertise platform.
Advisors on Orion’s platform with a DPL membership can evaluate annuities by sort, advantages and prices utilizing DPL’s proprietary instruments, bringing knowledge feeds straight into the Orion platform.
When the 2 corporations initially built-in in November 2021, advisors had entry to a restricted knowledge feed into Orion.
Advisors may also extra simply handle annuity property alongside different investments in shopper portfolios.
Along with a alternative of commission-free annuities, advisors can discover life, incapacity and long-term care merchandise for his or her purchasers on {the marketplace}.
DPL founder and CEO David Lau stated the timing and expertise have been proper to see fee-based annuities take off amongst fiduciary RIAs. However he stated he had no real interest in promoting to any of the big insurance coverage carriers.
“I need to personal fee-based annuity distribution,” he stated.
“If you consider the advisory world, all the pieces is fee-based. They didn’t simply determine on their very own to maneuver from commissions to charges,” he stated, rattling off an inventory of many giant monetary companies corporations that initiated the shift.
DPL’s digital product catalog can at the moment mannequin over 3,200 annuities and over 100,000 riders.
Along with serving to an advisor finest match an annuity to a shopper’s present state of affairs, the platform’s comparability engine may also assist advisors working with present annuity holders.
“The platform is problem-centric, not product-centric,” he stated, that means that if a shopper’s present product just isn’t assembly their expectations or wants, it may be in comparison with others available on the market based mostly on many various parameters.
In line with the agency, greater than 5,500 RIA corporations have entry to DPL both by way of direct membership or by way of partnerships with wealth administration platforms.
And Orion just isn’t the primary such platform to companion with DPL.
Wealth administration platform supplier Black Diamond, owned by SS&C Applied sciences, launched its personal insurance coverage market for RIAs in partnership with DPL in fall 2021.
That endeavor was extremely built-in with the Black Diamond Wealth Platform and allowed for related searches and comparisons; 100 RIA corporations had piloted it throughout its growth section, which started a yr earlier than.
As for price, corporations pay DPL a membership price that varies relying on AUM, with reductions for multi-year memberships. Charges begin at $1,000 per yr, and it’s per agency, not per seat, a DPL spokesperson stated. It allows all advisors to entry DPL’s product market, instruments, digital software and contract administration platform, in addition to the corporate’s crew of insurance-licensed consultants.
