As Lau careworn, Orion’s advisors will achieve entry to a complete lineup of commission-free annuities and “best-in-class” life, incapacity and long-term care merchandise. Orion advisors will moreover have direct, built-in entry to DPL’s proprietary instruments for locating and evaluating annuities by kind, advantages and prices. Lastly, information feeds from DPL into the Orion Advisor Know-how platform allow administration of annuity property alongside different investments within the consumer’s portfolio.
A Massive Milestone for DPL
Reflecting on the progress his agency has revamped the previous 5 years since its founding, Lau mentioned he was gratified to see the platform cross $1 billion in complete annuity gross sales final yr, whereas the mixed property below administration of advisors on the platform has crossed $1 trillion. He mentioned he all the time anticipated to hit these ranges, however not essentially this rapidly.
“These have been each actually cool milestones to have the ability to go in 2023,” Lau mentioned. “Because it associated to working with Orion, the primary causes advisors have shied away from utilizing annuities on a charge foundation previously have been structural. The best product codecs didn’t exist and the tech didn’t exist — or the tech didn’t work on their techniques or desktops. We’ve been centered on breaking all that down, and to associate with the likes of Orion is essential to reaching the general imaginative and prescient.”
Lau mentioned the agency goals to proceed to innovate and pursue new integrations in 2024, particularly in relation to enhancing advisors’ capability to help annuity purchases at scale.
“Annuities have historically been bought on a person, one-off foundation,” Lau defined. “Purchases have been taken place between one consumer and one dealer. Properly, now we have these mega-RIAs on the market as we speak that handle many billions of {dollars}, and so they don’t wish to open up 10,000 particular person annuities. Identical to should you’re promoting an answer on the asset administration facet, you don’t need it to be a person consumer portfolio factor. We all know our options need to be scalable.”
Pictured: David Lau