Cannex and Luma Create Annuity Shopping Tool for Advisors

Two companies have teamed up to offer advisors a new annuity comparison system.

Cannex and Luma Financial Technologies launched the Cannex Annuity Marketplace Wednesday.

The new system comes stocked with detailed information about hundreds of annuities from about 60 issuers.

Gary Baker, president of Cannex USA, said advisors can use the system to meet regulators’ best- interest product recommendation requirements as well as to meet clients’ own income planning goals.

What it means: Tech companies are developing tools that can help advisors prove they did their best to find the best possible annuities, not just systems that can help consumers rank annuities from highest yield to lowest.

The system: Cannex is known for creating streams of financial product data. Luma is known for its institutional annuity sales systems. The new annuity marketplace system combines Cannex data with Luma tech.

Advisors can get details about yields, asset allocations, terms and riders for fixed annuities, variable annuities, index-linked annuities and income annuities, and they can filter products based on whether the client wants to accumulate assets or convert assets into a stream of lifetime income.

Advisors can also use the system to illustrate how products might perform in a wide range of scenarios.