Another retirement income product/partnership has entered the market.
Morningstar Investment Management LLC and Hueler Income Solutions®, LLC., are linking services so that retirement savers can incorporate guaranteed income products into their personalized advice plan through Morningstar Retirement Manager.
According to a press release, managed accounts and advisor managed accounts, which deliver personalized investment advice to investors using the Morningstar Retirement Manager user platform, will now connect to Hueler Income Solutions®, a marketplace of institutionally priced, customizable guaranteed income products.
When a plan sponsor or fiduciary adviser indicates they want to make annuities available as an option to their participants, Morningstar Retirement Manager will recommend how much, if any, of each investor’s retirement portfolio balance to allocate to a lifetime income annuity based on their specific situation. Hueler Income Solutions then interacts with the investor to provide real-time, annuity quotes at institutional prices and offers personalized guidance to investors regarding the most appropriate annuity features to meet their personal circumstances.
The firms note that by enabling Morningstar Retirement Manager to communicate with Hueler Income Solutions, investors are empowered to decide whether an annuity can fit into their financial plan. Investors receive guidance from Hueler Income Solutions throughout the selection and purchasing process tailored to their specific needs. Once the annuity is purchased, Morningstar Investment Management is notified, and manages and allocates the remaining balance of the client's retirement plan account through its managed accounts or advisor managed accounts services.
The offering is one of a half-dozen that have been announced in recent months, including TIAA, Fidelity and BlackRock, as well as a consortium of providers (American Century Investments, Lincoln Financial Group, Nationwide, Prime Capital Investment Advisors, SS&C Technologies, Wilmington Trust, N.A. and Wilshire) that had collaborated on a new in-plan target-date fund series with guaranteed income for life baked in.
