The Scalable Future of Annuity Management with Rich Romano

Rich Romano is the CEO and Co-Founder of FIDx, a technology-empowered network that seamlessly integrates the brokerage, insurance, and advisory ecosystems to offer best-in-class annuities and insurance solutions from the industry’s leading carriers.

In this episode, Rich discusses the transformation of the annuity business through FIDx’s integrated platform, addressing barriers faced by advisors, changing attitudes towards annuities, and plans to enhance scalability and adoption.

They also discussed:

  • Rich Romano’s background and career journey, highlighting his experience in actuarial work, product development, and consulting in the insurance industry.
  • The inception of FIDx and its mission to revolutionize the annuity business.
  • The development of an insurance exchange in collaboration with Envestnet to streamline processes for advisors working with multiple carriers.
  • The barriers faced by advisors in offering annuities.
  • Changing attitudes of advisors towards annuities, discussing the impact of market volatility, interest rates, and the evolution of insurance product offerings.
  • The role of education and technology in simplifying the annuity business for advisors, with a focus on the services provided by FIDx and its partners.
  • Trends to watch in 2024, particularly in the fee-based annuities sector, and the need for scalable solutions to enhance adoption.
  • FIDx’s plans for the future, including the development of an overlay marketplace that aligns with the practices of fee-based advisors, allowing for active management of assets with added insurance protection.

Resources: FIDx