TruChoice Financial Group has launched an insurance network called Envestnet Insurance Exchange to provide advisors with access to annuity products.

The move follows a strategic partnership between TruChoice and Fiduciary Exchange (FIDx), the technology platform that powers the newly launched insurance network.

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The Envestnet Insurance Exchange will enable investment advisors and registered representatives, who use TruChoice, to plan and generate proposals, open policies, manage in-force transactions and create client reports.

The network is said to provide access to prominent insurance carriers.

FIDx CEO Rich Romano said: “For more than 30 years, financial professionals have been relying upon TruChoice’s founding firms for research and guidance in providing guaranteed retirement insurance products.

“They demonstrate a deep understanding of the systemic risks facing individual investors, and as such, have responded with the necessary tools and solutions for financial professionals to serve clients who need protection strategies.”

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Envestnet Strategic Initiatives head John Yackel said: “The Envestnet Insurance Exchange delivers seamless access to insurance products from some of the top insurance carriers in the industry on the Envestnet platform.

“Integrating annuities and other insurance solutions as part of a holistic wealth planning approach is crucial for helping clients achieve true financial wellness.”

In 2018, TruChoice was established as an umbrella unit for its four founding firms American Financial, Ann Arbor Annuity Exchange, GamePlan Financial Marketing, and The Annuity Store.

Collectively, these four organisations assisted financial professionals to close more than $2.85bn in sales of fixed-income annuities in 2018.