Prudential, LPL to Offer Insurance Overlay
Multiple Prudential insurance-based retirement products will be offered on LPL Financial’s wealth management platform.
Prudential Financial and LPL Financial announced Monday their collaboration on an insurance overlay retirement lifetime income strategy for LPL’s managed accounts platform.
Prudential Advisors, the U.S. retail arm of Prudential, is offering multiple Prudential individual, insurance-based retirement products to LPL’s 29,000 financial advisers. These retail retirement assets are protected against longevity risk and retirement sequence of returns risk caused by market volatility.
According to the announcement, the companies want to reach financial advisers who do not typically use protected lifetime income and other insurance-led retirement solutions in their wealth management practices.
“We are excited about this opportunity to deepen our already strong relationship, reaching an even broader set of advisers within LPL’s industry-leading network,” said Ann Nanda, Prudential Retirement Strategies’ head of future growth initiatives and distribution, in a statement. “Our pioneering work together will expand access to retirement security, helping more clients protect their life’s work, so they can live better lives, longer.”
Prudential Financial has approximately $1.6 trillion in assets under management, as of June 30, and provides more than $15 billion of protected income payments each year to more than 3 million individual and institutional customers and pension obligation participants.
LPL has approximately $1.9 trillion in brokerage and advisory assets on behalf of approximately 7 million U.S. customers.