Abacus Life, a publicly traded alternative asset originator and manager that specializes in life insurance products, is moving into offering wealth management services. The company has launched a wealth management division, ABL Wealth, with the support of Dynasty Financial Partners.
The new unit will target clients who have accessed liquidity from their life insurance policies with financial planning and investment management services. The division will be based in Orlando, Fla., and it will help clients invest policy proceeds or other assets into custom portfolios. It will also provide retirement planning and risk management.
Abacus Life went public in July via a Special Purpose Acquisition Company, merging with East Resources Acquisition Company. It now trades on the NASDAQ under the symbols “ABL” and “ABLLW.” The company purchases life insurance policies from consumers for cash.
“Over the past two decades, Abacus has built an extensive and proprietary lifespan database in concert with the deep client relationships we have developed, which has enabled us to establish valuable longevity-based liquidity options for life insurance policies and create $150 million of liquidity each year for our clients,” said Jay Jackson, Chief Executive Officer of Abacus, in a statement. “Utilizing our incredible wealth of lifespan data to be able to provide prospective and current clients with complementary custom financial planning and investment management services is the natural next step forward for Abacus.”
Abacus has serviced nearly $1 billion in life insurance policies over the past 19 years, the firm says.
Dynasty will help the new unit with its business strategy, as well provide access to the Dynasty network of firms, practice management and marketing resources, as well as technology and an investment management platform.