DPL Financial Partners doubles annuity sales to $2B in little more than a year

investmentnews.com:

A growing market has helped DPL Financial Partners accelerate its sales of commission-free annuities to surpass $2 billion.

Breakaway advisors transitioning from brokerage to fiduciary practice and RIAs adopting fee-based products have been key components of the firm’s sales doubling in just 14 months, while its first billion dollar milestone took three and a half years.

“We’ve seen an acceleration in use among RIAs who have been in business for years but now are experiencing the positive impact commission-free annuities can have on both client outcomes and growth of their practices; that message was clear in this year’s member survey,” David Lau, DPL founder and CEO, said in a statement. “And, adding fuel to this year’s growth was our Breakaway Accelerator Program, which provides a seamless path for advisors who are leaving their broker-dealers to transition their annuity business from commission products to fee-based.”

Another growing part of the market is self-directed individual investors seeking value-driven retirement income solutions. Sales from this cohort has tripled year-over-year and Lau expects further expansion of DPL’s consumer channel as it expands consumer-focused services.

DPL Financial offers more than 60 commission-free annuities though an advisor user base of more than 5,500.