Flourish, a leading fintech platform that aims to enhance financial outcomes for clients through registered investment advisors, has added to its shelf of offerings through a new partnership.
Under the alliance with Aspida Life Insurance Co., the advisor fintech provider will host Aspida's Advisory Multi-Year Guaranteed Annuity on its recently launched Flourish Annuities platform.
A fixed-income annuity product, Aspida's Advisory MYGA promises guaranteed growth for a single premium payment, without exposure to market risks. It also offers guaranteed income over durations of two, three, five or seven years for individuals planning their retirement.
Annuities can be a way for advisors to diversify their clients’ portfolios with low-risk income, enhancing the overall financial planning process and bolstering their clients’ confidence as they provide regular payouts.
Limra reports that 2023 was another record year for the US annuity market, with an estimated $385 billion sold in 2023.
"Our Aspida Advisory MYGA supplies a secure, low-risk option to grow tax-deferred money for retirement … while ensuring direct access to their money when they need it,” said Chad Burns, Aspida’s chief distribution officer.
Flourish first announced its Flourish Annuities platform in January, trumpeting it as a way to address the challenges holding RIAs back from offering annuities to clients, such as compensation methods that may conflict with a fiduciary approach.
In their strategic collaboration, Flourish and Aspida said they wanted to streamline the traditionally complex process of accessing annuities with a more efficient and user-friendly experience for RIAs and their clients.
"Flourish Annuities’ curated marketplace of fee-based annuities from carefully vetted carriers is a key part of bringing RIAs access to this growing asset class," said Flourish CEO Max Lane.
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