SIMON Markets LLC revealed on December 5 that it will be expanding its online platform to help financial professionals in navigating the indexed annuities market. SIMON has teamed up with Prudential (NYSE: PRU) and aims to change the way that financial industry participants use annuities for retirement planning.
According to a release, the first product is Prudential’s PruSecure, which is a fixed indexed annuity. SIMON is currently being used by over 30,000 financial professionals who serve over $3 trillion worth of assets.
As noted in the announcement:
“SIMON’s in-depth education increases transparency of the multiple features inherent in annuities so financial professionals can better communicate and guide their clients’ retirement decisions…The SIMON Marketplace also contains … analytics that [help] professionals understand performance and efficiently allocate across available crediting options.”
These customizable tools assist professionals in engaging in long-term financial planning, which is based on their clients’ “risk profiles and investment horizons.”
Jason Broder, CEO at SIMON, stated:
“Our mission is to give financial professionals the tools needed to provide effective risk managed solutions to their clients. SIMON’s technology, including its analytics and education, provides a basis for financial professionals to evaluate and recommend retirement solutions.”
Broder added:
“We are excited to combine Prudential’s PruSecure® fixed indexed annuities with the dynamic functionality of the SIMON platform.”
Kathy Leckey, head of Strategic Distribution for the Individual Solutions Group at Prudential, noted:
“The SIMON platform aligns closely with Prudential’s goal to bring innovation to the annuities market. SIMON has provided financial professionals with unique tools and educational resources using a very intuitive platform for the structured notes business for years. Bringing the same type of access to more financial professionals in the annuity space is a key priority for us.”
SIMON is a Fintech firm that aims to enhance the digital experience for financial professionals by helping them make use of risk managed solutions to serve their clients. Introduced last year, the SIMON platform has been designed to meet the requirements of advisors serving clients with “structured investments.”
SIMON’s platform provides an end-to-end online suite of tools, which assists financial advisors by providing “on-demand education, an intuitive marketplace, real-time analytics, and lifecycle management.”
