Osaic Launches Direct Billing for Fee-Based Variable Annuities

Osaic, Inc., a leading provider of wealth management solutions, has launched a new direct billing capability for select fee-based variable annuities on its platform. This innovation addresses a historical administrative challenge for financial advisors by allowing annuity fees to be processed directly within the annuity product, eliminating the need for separate managed investment accounts. The update streamlines operations, enhances flexibility, and simplifies the management of variable annuities, improving efficiency for financial professionals and their clients.

Previously, advisors faced additional administrative burdens when managing fee-based variable annuities, including identifying suitable linked accounts to handle fees. The direct billing function removes this requirement, reducing operational steps and facilitating smoother integration of annuities into client portfolios. This change is available through Osaic's Annuity Submission Platform (ASP) and supports select fee-based variable annuity products.

This feature forms part of Osaic's broader strategy to expand annuity flexibility and innovate within the fee-based investment product landscape. By delivering this capability rapidly, Osaic aims to enhance financial advisors' ability to provide integrated, transparent, and tax-efficient solutions, ultimately optimizing client outcomes. The company emphasizes that this technological enhancement helps advisors build more comprehensive financial plans without extra complexity.

Osaic serves approximately 11,000 financial professionals and operates as a portfolio company of Reverence Capital Partners. The firms under Osaic provide a range of securities and investment advisory services through registered broker-dealers and investment advisers, adhering to regulatory standards including FINRA and SIPC oversight. This announcement reflects ongoing efforts within the wealth management industry to leverage technology for improved product management and advisor support.