Prudential Financial, and LPL Financial LLC have announced an expansion of their partnership, introducing an Insurance Overlay retirement lifetime income strategy for LPL’s managed accounts platform. The new solution is aimed at helping financial advisors bring greater retirement security to clients by integrating insurance-based protections into wealth management.
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This initiative comes at a time when more than 11,000 Americans are reaching the age of 65 every day, according to recent “Peak 65” research. Despite people living longer than ever, only a small fraction of the $34 trillion in retail retirement assets is currently protected against longevity risk and the impact of market volatility. The collaboration seeks to bridge that gap by making protected lifetime income more accessible to a broader range of clients.
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Ann Nanda, head of Future Growth Initiatives and Distribution Enablement at Prudential Retirement Strategies, emphasized the importance of this effort. “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,” she said.
The solution will make multiple Prudential insurance-based retirement products available to LPL’s network of 29,000 financial advisors. This move follows the earlier integration of Prudential Advisors, the company’s U.S. retail arm, onto LPL’s wealth management platform, further strengthening the ties between the two firms.
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Cheri Belski, executive vice president and head of LPL Investment Management Solutions, noted that retirement strategies remain central to the firm’s mission. “By investing deeply in retirement solutions like the Insurance Overlay, LPL is dedicated to helping advisors deliver lasting income security to clients today and for years to come,” she said.
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