Massachusetts Mutual Life Insurance Company (MassMutual) has completed the integration of its existing broker-dealer, MML Investors Services LLC, and MSI Financial Services Inc., the broker-dealer acquired as part of MassMutual’s July 2016 acquisition of the MetLife Premier Client Group. FINRA approved the merger of the broker-dealers earlier this month.
The newly combined entity, which will operate under the MML Investors Services (MMLIS) name, has approximately $206 billion in customer assets. MMLIS now has approximately 8,100 registered representatives set to offer a new product shelf that features combined advisory programs, streamlined annuity offerings and updates to existing products to meet customers’ wealth management and protection goals.
An anticipated outcome of the integration is the strengthening of MMLIS Wealth Management Services (WMS), a wealth management platform providing a broad scope of investment capabilities clients require, according to a press release issued by MassMutual. The enhanced WMS complements MassMutual’s offering of protection products, including the company’s whole life insurance.
Additionally, among the updated product offerings is a lineup of annuities featuring both MassMutual’s proprietary annuity products as well as those from other providers. Completing the product package are select third-party turnkey asset management programs, a brokerage offering, select bank and trust company referral offerings, as well as select third-party insurance products offered through MML Insurance Agency LLC.
“We are extremely excited about the future of our broker-dealer,” said Wendy Benson, president of MMLIS, in the release. “The big winners in all of this are our customers, who will have access not only to a wider range of products and services, but also a tremendous group of advisors – all of whom continue to be unwavering in their commitment to help them secure their future and protect the ones they love.”
Source: MassMutual
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