SS&C Adds Allianz Retirement Income Annuity to DC Plan Platform

Volatile markets amid high interest rates have driven asset growth on SS&C’s retirement income platform to more than $1 billion.

SS&C Technologies Holdings Inc. announced Wednesday that it added the first fixed-index annuity to its defined contribution retirement income platform as demand for guaranteed income grows among participants.

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SS&C is adding the Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit to its recordkeeper clients and their participants. The partnership comes as SS&C has seen its annuity product offering—which has been in place for more than a decade—gaining traction. 

“We’ve seen growth from the fourth quarter [of 2022] through the end of the first quarter has been dramatic,” says Larry McQuaid, vice president and head of business development for SS&C’s retirement solutions division. “We just crossed $1 billion in assets on the platform mark. It was a significant jump, as we’ve started to see a good portion of that just come on this year.”

The guaranteed-income option, which comes from the Allianz Life Insurance Co. of North America, adds to other annuities available on SS&C’s retirement income platform with annuity providers that include Equitable, Lincoln Financial Group and Income America 5ForLife. The latest addition from Allianz is portable, so participants can carry it with them if they move employers, a key factor that SS&C is glad the industry has been able to solve, according to McQuaid.

“That portability option is so important, so when someone goes from one recordkeeper to another, they can keep their investment with them,” he says.

Retail annuity sales have been booming for similar reasons as cited by McQuaid. On Tuesday, insurance industry trade group LIMRA announced that fixed-annuity sales doubled in the first quarter of 2023 to $70.9 billion, driving record sales for the fourth consecutive quarter. Sales of annuities within defined contribution plans, however, are still a nascent market, as plan sponsors have not traditionally offered them directly to participants in their workplace plans.

SS&C’s annuities are provided via recordkeepers through three main channels, according to McQuaid. One is a guaranteed minimum withdrawal benefit, which can be offered within a DC plan. Another is through a managed account offered to participants. A third is purchasing an annuity outside of the plan but on the platform, using work income.

“A lot of people use the model of having your expenses covered through protected income … and I think that is starting to resonate with a lot of people,” McQuaid says.

SS&C, which is based in Windsor, Connecticut, declined to name the recordkeepers with which it works, noting partnerships with “numerous leading providers in the industry.” McQuaid says the firm started offering annuities in workplace retirement plans in 2008, when the financial crisis made protecting against downside risk important. At that time, he says, the market was not ready.

Now the firm provides a micro-site to recordkeepers that explains the annuity offering to participants, including comparisons of the different retirement income options, and also feeds that information to retirement plan advisers.

“That education element is so important,” McQuaid says.

Adviser Product Partnership

HilltopSecurities works with Broadridge Financial; DFD Partners partners with AdvisorHub; Advyzon, TradePMR launch expanded integration; and more.


HilltopSecurities Selects Broadridge for Regulatory, Customer Communications Processing

Hilltop Securities Inc. has selected Broadridge Financial Solutions Inc. to provide new regulatory communications tools and expanded market coverage.

“We are excited to have HilltopSecurities back with Broadridge, working with them to provide the best in market communication tools and a better and stronger adviser and investor communications experience,” said Doug DeSchutter, president of customer communications at Broadridge, in a statement.

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The collaboration aims to transform the communications experience for advisers, correspondents and investors while driving engagement and greater digital adoption.   

“Broadridge is a leader in transforming regulatory and customer communications and helping firms drive digital adoption by providing an improved experience for advisers and wealth management firms,” said David Holleran, HilltopSecurities’ COO, in a statement.

DFD Partners Partners With AdvisorHub to Expand Advisor Access, Marketing Opportunities

DFD Partners, a software as a service platform and marketplace, announced a strategic partnership with AdvisorHub, a news site for brokers and investment advisers.

“AdvisorHub and DFD Partners’ new partnership works to marry the essential building blocks advisers can use to grow their practice,” said Tony Sirianni, AdvisorHub’s CEO and publisher, in a statement.

The partnership will provide members of both organizations enhanced exposure and discounted access to a full suite of tools and information to further scale their business.

“By providing discounted and complimentary avenues to both platforms, we can help encourage industry democratization and pursue a more connected and educated adviser community,” said Devon Drew, DFD Partners’ CEO and CIO, in a statement.

Advyzon, TradePMR Launch Expanded Integration

TradePMR Group Inc., a technology and custodial services provider for registered investment advisers, announced an expanded technology integration with Advyzon Investment Management LLC, a cloud-based financial adviser technology platform.

The integration intends to streamline workflows for RIAs. It provides RIAs working with TradePMR with single sign-on capabilities, data feed connectivity and a FIX trading connection with the Advyzon platform.

“We’re excited to launch this new integration with TradePMR—we feel that this streamlined connectivity can bring some immediate operational efficiencies to RIAs,” said John Mackowiak, chief revenue officer at Advyzon, in a statement. “As TradePMR’s Fusion platform continues to evolve, we believe that our offerings can work together to help promote RIA growth.”

Prime Capital Expands With Goldman Sachs Advisor Solutions

Prime Capital Investment Advisors LLC has partnered with Goldman Sachs Advisor Solutions as an additional custody provider.

“Prime Capital Investment Advisors is committed to helping its clients, associates, advisers, and partners achieve their life ambitions,” said Glenn Spencer, PCIA’s CEO, in a statement. “GSAS offers the services, technology, and support to serve an important and growing segment of our client base with even more care and attention.”

The partnership follows PCIA’s double-digit annualized organic growth and the addition of 43 advisers over the last 18 months. As of April, PCIA has more than $20 billion of assets under advisement.

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