Midwestern-based Allianz Life Insurance and Orion Advisor Services Enter Partnership

Midwestern-based Allianz Life Insurance and Orion Advisor Services Enter Partnership

The two companies aim to create holistic financial retirement plans for clients.

Two Midwestern companies are teaming up to streamline retirement investment processes. Allianz Life Insurance Company of North America has partnered with Orion Advisor Services to create a more comprehensive platform for various investment components.

“People’s financial lives can change rapidly before and during retirement. This partnership arms advisors with timely data to better adapt their financial plans as needed,” said Orion CEO and founder Eric Clarke, in prepared remarks.

Orion, a Nebraska-based company, is comprised of a network of advisors who already use Orion resources to create plans for clients. However, annuities – an investment option that results in a retirement-era steady income supplementary to common staples like Social Security and 401K – have not been included in the platform. Advisors have had to conduct extensive research elsewhere to determine appropriate annuities products.

Per the arrangement, Allianz Life’s annuities offerings will now be listed on the Orion platform, in a sort of marketplace, says Brett Weinberg, director of external communications for the Minneapolis-based life insurance company.

“[The advisor] can just look at things in one spot. The whole idea is that your investment advisor can work in a complete, holistic plan for you,” Weinberg says.

It’s not an exclusive partnership, as Allianz annuities products will be listed alongside other brands, but it puts all investment elements in one comprehensive resource. Weinberg says Allianz doesn’t mind the competition, though, because it’s healthy for the market for the consumer’s sake, the company is confident in its offerings, and because the agreement holds value for Allianz regardless.

“The Orion platform allows us access to an additional number of investment advisors who we may not have reached [otherwise],” says Weinberg.

The partnership stemmed from an increase demand across the industry for more annuities.

“We are pleased to partner with Orion,” said Tom Burns, Allianz Life chief distribution officer, in a statement. “The service they provide in connecting advisors with up-to-date annuity data for their clients is of increasing importance as more Americans realize the need for proper income planning within retirement.”