Dynasty to Help Life Settlement Firm Add Wealth Services
The new Abacus unit will offer retirement planning services along with life policy advice.
Abacus Life, a life settlement company, has picked Dynasty Financial Partners to help it start a wealth division.
Abacus CEO Jay Jackson said working with Dynasty to provide financial planning and investment management services “is the natural next step forward for Abacus.”
Shirl Penney, Dynasty’s CEO, said his firm is thrilled to be working with Abacus.
“Jay and the team are well-positioned to hit the ground running,” Penney said.
What it means: Traditionally, life insurers and life insurance agents often expanded by offering wealth management services.
Today, providers of other, related types of financial services may be more likely to enter the wealth services market.
The players: Abacus is an Orlando, Florida-based company that began helping life policy owners sell their policies in 2004.
The firm used a special purpose acquisition company transaction to put its stock on Nasdaq in July. It ended the second quarter with about $57 million in life settlement policy assets.
Dynasty is a St. Petersburg, Florida-based company that supports 52 investment firms and about 330 advisors. The advisors have $80 billion in client assets under advisement.
ABL Wealth: Abacus expects the new ABL Wealth unit to serve clients who are thinking about selling their life insurance policies.
The unit will offer those clients “lifespan-based financial planning and investment management services,” including analyses of how long the clients might live.
The unit will also offer clients retirement planning services and general risk management services.
Dynasty will support the unit with compliance, technology, marketing, practice management and asset management services.
Jay Jackson. Credit: Abacus Life