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Prudential Advisors expands advisory platform with fee-based annuities in integrated client-centered approach

Jun. 8, 2023

Prudential MyRock® Advisor, first product offered

Prudential Advisors, the closely aligned distribution arm of Prudential Financial’s U.S. Businesses, has introduced fee-based annuities to its expanding advisory platform. The new offering provides clients with investment advice for an asset-based fee when purchasing an annuity, and it can provide an integrated view of clients’ investments, including their annuity assets, in a single report. The first annuity available will be the Prudential MyRock® Advisor variable annuity. The product is issued by Pruco Life Insurance Company.

Prudential Advisors has evolved its focus from distribution of the company’s traditional insurance and retirement income products toward a holistic financial planning-based approach. As part of this shift, the business continues to add to its advisory and investments-oriented offerings, as seen in recent years through the expansion of its third-party strategist model with additional money managers and the addition of direct indexing and securities-based lines of credit.

“The addition of fee-based annuities was natural given the growth of our investments business,” said Pat Hynes, vice president and head of Field Sales at Prudential Advisors. “At the same time, it was important that we took the time to get the client and advisor experience right, providing a product offering that many clients prefer along with an experience that is integrated into their overall investment reporting.”

Prudential Advisors used the firm’s managed money platform provider, Envestnet, and its affiliated company FIDx, the team behind the Insurance Exchange, to help create the integrated client and advisor experience. The offering:

  • Fully integrates into the Prudential Financial ecosystem, enabling the potential for a 100% paperless experience, including e-signature.
  • Gives advisors the ability to research annuity products and subaccounts — all within their dashboard.
  • Solves most errors that lead to applications being not in good order (NIGOs).
  • Imports client data to prefill an annuity proposal.
  • Checks the licensing requirements of the advisor.
  • Confirms state availability of products.
  • Ensures the annuity aligns with a client’s needs.

Managed Income Solutions will initially feature the Prudential MyRock Advisor variable annuity, which offers the potential for tax-deferred growth and two optional protection features that can help clients meet their long-term investment goals.

MyRock Advisor offers clients:

  • Tax deferral1 and income tax-free transfers within the annuity – Help clients keep more of their money invested for the potential to accumulate quicker than a taxable account.
  • Protected Lifetime Income – MyRock Advisor variable annuity’s optional Dynamic Income Benefit®,2 available for an additional fee, can provide the potential to generate protected lifetime income based on the performance of the investment options.
  • Flexibility – A fully liquid, customizable product allows you to adjust some features as needs evolve over time.
  • Diversification3 – Access to a broad range of investments from well-known money managers, allowing you to customize portfolios tailored to a client’s risk profile and goals.
  • Beneficiary protection – Through the basic death benefit or by electing the optional Return of Adjusted Purchase Payments death benefit.

Media Contact(s)

Marisa Amador
(973) 802-8969
marisa.amador@prudential.com

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