Alliance Brings Fidelity Annuity to Fee-Based Advisers
November 30, 2009 (PLANSPONSOR.com) – Clients of fee-based financial advisers will now have access to the Fidelity Personal Retirement Annuity (FPRA) product because of a new alliance between Fidelity Investments Life Insurance Company (FILI) and FundQuest, a fee-based managed account services provider.
A news release announcing the alliance said it is the first of its kind for Fidelity’s annuity and insurance business and represents its entry into the turnkey asset management channel.
The announcement said FundQuest has integrated FPRA into its asset allocation modeling capabilities for fee-based advisers. Fidelity will provide annuity-related sales support and access to Fidelity’s insurance-licensed sales representatives.
FPRA has been integrated into FundQuest’s Wealth Architect offering. Advisory firms employ Wealth Architect to deliver fee-based mutual fund models, unified managed accounts (UMAs), income portfolios, ActivePassive Portfolios, and Advisor Choice portfolios, according to the announcement.
“We believe FPRA will provide advisers with an investment option for managing complex retirement and tax-planning strategies for their clients’ portfolios,” said Andrew Stavaridis, vice president, National Accounts, at FundQuest, in the news release. “FPRA can also help advisers make their management of portfolios more tax efficient.”
FPRA is now available to more than 40 registered investment advisory firms via FundQuest. More information is available at www.fundquest.com/usa or www.fidelityinsuranceagency.com/advisor.